As the world’s best investment manager and financial market’s journalist, I bring you the latest updates on the top stories shaping the financial world today.
Is Satoshi About to Lose His Crown?
According to Eric Balchunas, senior ETF analyst at Bloomberg, U.S. spot Bitcoin ETFs are on the verge of catching up with Satoshi Nakamoto in terms of Bitcoin holdings. With 921,540 BTC compared to Nakamoto’s 1.1 million BTC, U.S. spot Bitcoin ETFs now control close to 84% of the Bitcoin that Satoshi holds. Balchunas predicts that Satoshi might lose his status as the largest holder of Bitcoin by Halloween. Following Nakamoto on the list are Binance and BlackRock.
SHIB Burn Rate Plummets: What’s Happening on Shibarium?
The burn rate of SHIB tokens has seen a drastic decrease, with only 261,691 coins burned in the last 24 hours. The weekly burn rate shows an 843% increase, with 114,255,785 SHIB tokens burned over the past seven days. Additionally, the situation on Shibarium has slowed down after a recent upgrade, with daily transactions dropping by more than 88% in the last week.
Bitcoin Bulls Face Massive Liquidations
Bullish traders in the Bitcoin market have experienced significant liquidations, with over $3 million worth of long positions being liquidated in just one hour. In contrast, short liquidations totaled only $51,000, resulting in an imbalance of 7,023%. The market is currently in a bearish state, with a 0.6% decline in Bitcoin’s price adding to the pain for bullish traders. The question remains whether this signifies the end of Bitcoin’s rally or just a normal correction.
Analysis:
For investors and traders, the potential loss of Satoshi’s crown to U.S. spot Bitcoin ETFs could have significant implications for the market. The decrease in SHIB token burn rate and the high liquidations in the Bitcoin market indicate a shifting landscape that investors need to be aware of. Understanding these trends and their impact on the market can help individuals make informed decisions about their finances and investments.