Despite months of sideways BTC price action, Bitcoin remains “largely profitable,” according to new research.
In the latest edition of its weekly newsletter, “The Week On-Chain,” published on June 18, analytics firm Glassnode dispelled myths about investors’ unrealized losses.
Bitcoin may be trading within a narrow corridor, but the majority of hodlers are not seeing their returns on investment evaporate.
Glassnode summarized current BTC price behavior as “establishing equilibrium,” highlighting multiple on-chain metrics that show Bitcoin is in a period of consolidation rather than capitulation.
“Sideways price movement tends to manifest as investor boredom and apathy, which appears to be the dominant response across all Bitcoin markets,” the report stated.
“BTC prices are consolidating within a well-established trade range.
“Investors remain in a generally favorable position, with over 87% of the circulating supply held in profit, with a cost basis below the spot price.”
Using the market value to realized value (MVRV) metric, researchers showed that, on aggregate, a given amount of BTC is still up by more than two times, or 120%, versus its purchase price in United States dollar terms. The one-year average value of MVRV is currently 86%.
“The MVRV Ratio remains above its yearly baseline, suggesting that the macro uptrend remains intact,” the accompanying commentary added.
The newsletter’s mood contrasts with some of the more panicked reactions to this week’s BTC price drop.
As Cointelegraph continues to report, traders are wary of support trendlines disintegrating and multimonth lows reappearing as a result.
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One key level now on the radar is the aggregate purchase price for Bitcoin’s speculative investor base, known as short-term holders (STHs).
According to the latest data from statistics resource LookIntoBitcoin, the STH cost basis is $64,000.
Despite seeing unrealized gains fading, STH entities are not preparing for a mass sell-off at current prices.
Glassnode notes, “At present, Short-Term Holders are sending around +17.4k BTC/day to exchanges,” which is significantly lower than the peak of +55k BTC/day recorded when the market hit the $73k ATH in March, where speculation levels were excessive.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
T-Mobile Deutsche Telekom has announced its plans to start mining Bitcoin, expanding its engagement in the cryptocurrency space.
The telecommunications giant, which has been involved in crypto activities, has operated a Bitcoin node since 2023 and is currently running Bitcoin Lightning Network nodes.
At BTC Prague, Dirk Röder, head of Web3 infrastructure and solutions at Deutsche Telekom, shared:
“Since 2023, we are running a Bitcoin node, and we are running Bitcoin Lightning nodes as well […] I like to let you in on a little secret we will engage in digital monetary photosynthesis soon.”
When asked by former Cointelegraph contributor Joseph Hall to elaborate on “digital monetary photosynthesis,” Röder responded with, “We will.”
Deutsche Telekom has been deeply involved in Web3 activities as a Polygon validator since June 2023, utilizing its infrastructure to secure new revenue streams.
As one of 100 validators, Deutsche Telekom has provided staking and validation services on Polygon for over a year, supporting the platform’s proof-of-stake consensus mechanism.
In February, Deutsche Telekom partnered with Fetch.ai, a decentralized artificial intelligence (AI) platform, to establish enterprise AI initiatives.
Acting as a validator on the Fetch.ai blockchain, Deutsche Telekom supports the AI-driven autonomous agents developed by Fetch.ai.
READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement
These agents offer services across various sectors, including healthcare, automotive, supply chain management, and digital identities.
They manage resources, conduct transactions, and analyze traffic flows to enhance operational efficiency.
The move to start mining Bitcoin marks a significant expansion of Deutsche Telekom’s blockchain and cryptocurrency activities.
By leveraging its existing technological infrastructure and expertise, the company aims to explore new opportunities and revenue models within the digital economy.
This step highlights Deutsche Telekom’s commitment to advancing its involvement in emerging technologies and its proactive approach to integrating blockchain solutions into its operations.
Overall, Deutsche Telekom’s entry into Bitcoin mining reflects its broader strategy to innovate and adapt to the evolving digital landscape, positioning itself at the forefront of the intersection between telecommunications and blockchain technology.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
T-Mobile Deutsche Telekom has announced its plans to start mining Bitcoin, expanding its engagement in the cryptocurrency space.
The telecommunications giant, which has been involved in crypto activities, has operated a Bitcoin node since 2023 and is currently running Bitcoin Lightning Network nodes.
At BTC Prague, Dirk Röder, head of Web3 infrastructure and solutions at Deutsche Telekom, shared:
“Since 2023, we are running a Bitcoin node, and we are running Bitcoin Lightning nodes as well […] I like to let you in on a little secret we will engage in digital monetary photosynthesis soon.”
When asked by former Cointelegraph contributor Joseph Hall to elaborate on “digital monetary photosynthesis,” Röder responded with, “We will.”
Deutsche Telekom has been deeply involved in Web3 activities as a Polygon validator since June 2023, utilizing its infrastructure to secure new revenue streams.
As one of 100 validators, Deutsche Telekom has provided staking and validation services on Polygon for over a year, supporting the platform’s proof-of-stake consensus mechanism.
In February, Deutsche Telekom partnered with Fetch.ai, a decentralized artificial intelligence (AI) platform, to establish enterprise AI initiatives.
Acting as a validator on the Fetch.ai blockchain, Deutsche Telekom supports the AI-driven autonomous agents developed by Fetch.ai.
READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement
These agents offer services across various sectors, including healthcare, automotive, supply chain management, and digital identities.
They manage resources, conduct transactions, and analyze traffic flows to enhance operational efficiency.
The move to start mining Bitcoin marks a significant expansion of Deutsche Telekom’s blockchain and cryptocurrency activities.
By leveraging its existing technological infrastructure and expertise, the company aims to explore new opportunities and revenue models within the digital economy.
This step highlights Deutsche Telekom’s commitment to advancing its involvement in emerging technologies and its proactive approach to integrating blockchain solutions into its operations.
Overall, Deutsche Telekom’s entry into Bitcoin mining reflects its broader strategy to innovate and adapt to the evolving digital landscape, positioning itself at the forefront of the intersection between telecommunications and blockchain technology.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Tracking the wallet movements of Bitcoin whales—those holding a significant amount of BTC—has been popular for speculating on market sentiment.
However, traders argue that it doesn’t lead to “true alpha.”
“Don’t whale watch kids, it’s not useful information,” stated James Check, lead analyst at Glassnode, in a June 15 X post.
He added, “Not once have I seen true alpha extracted from whale watching. It’s good for social media, but is almost never serious nor valuable analysis.”
Crypto traders commonly believe that Bitcoin whales can influence the market with their trading tactics. While whales can impact the market, their movements can be interpreted in various ways, making the data inconclusive.
For instance, if dormant addresses with large holdings suddenly become active, it might indicate selling, especially if they transfer to an exchange deposit address.
Pseudonymous crypto analyst TXMC, host of the YouTube channel Alpha Beta Soup, cautioned against using “whale” metrics to make definitive claims in a June 15 X post.
They noted that large-scale Bitcoin sales by whales don’t always signal a sell-off.
“The mechanical stepwise drawdown here speaks to wallet management, and you are only seeing part of a larger pie.
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“These are sometimes firms & institutions with multiple wallets and hundreds/thousands of clients,” they explained.
Check further elaborated in a May 7 post, “Data around these entities is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges.”
He described whale-watching as “cheap engagement bait.”
Despite this, social media posts about whale movements attract significant interest.
A recent post by pseudonymous trader Marty Party, discussing Bitcoin whale activity, garnered over 205,000 views.
“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.
Analysts often use this data to illustrate differing market views among whales.
For example, Vivek Sen of Bitgrow Lab highlighted a graphic from CryptoQuant showing whales buying $1.3 billion worth of Bitcoin on June 14.
On May 15, CryptoQuant noted that Bitcoin whale demand was in “acceleration mode” after a two-month downtrend, indicating potential stabilization and a need for further demand growth to sustain the price rally.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Tracking the wallet movements of Bitcoin whales—those holding a significant amount of BTC—has been popular for speculating on market sentiment.
However, traders argue that it doesn’t lead to “true alpha.”
“Don’t whale watch kids, it’s not useful information,” stated James Check, lead analyst at Glassnode, in a June 15 X post.
He added, “Not once have I seen true alpha extracted from whale watching. It’s good for social media, but is almost never serious nor valuable analysis.”
Crypto traders commonly believe that Bitcoin whales can influence the market with their trading tactics. While whales can impact the market, their movements can be interpreted in various ways, making the data inconclusive.
For instance, if dormant addresses with large holdings suddenly become active, it might indicate selling, especially if they transfer to an exchange deposit address.
Pseudonymous crypto analyst TXMC, host of the YouTube channel Alpha Beta Soup, cautioned against using “whale” metrics to make definitive claims in a June 15 X post.
They noted that large-scale Bitcoin sales by whales don’t always signal a sell-off.
“The mechanical stepwise drawdown here speaks to wallet management, and you are only seeing part of a larger pie.
READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by End of Summer
“These are sometimes firms & institutions with multiple wallets and hundreds/thousands of clients,” they explained.
Check further elaborated in a May 7 post, “Data around these entities is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges.”
He described whale-watching as “cheap engagement bait.”
Despite this, social media posts about whale movements attract significant interest.
A recent post by pseudonymous trader Marty Party, discussing Bitcoin whale activity, garnered over 205,000 views.
“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.
Analysts often use this data to illustrate differing market views among whales.
For example, Vivek Sen of Bitgrow Lab highlighted a graphic from CryptoQuant showing whales buying $1.3 billion worth of Bitcoin on June 14.
On May 15, CryptoQuant noted that Bitcoin whale demand was in “acceleration mode” after a two-month downtrend, indicating potential stabilization and a need for further demand growth to sustain the price rally.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.
The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.
MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.
The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.
These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.
Interest will be payable semi-annually in arrears on June 15 and December 15 each year.
The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.
“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”
MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.
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If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.
The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.
It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).
Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.
The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.
MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.
The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.
These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.
Interest will be payable semi-annually in arrears on June 15 and December 15 each year.
The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.
“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”
MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.
READ MORE: Kerrisdale Capital Launches Aggressive Campaign Against Bitcoin Miners, Targeting Riot Platforms
If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.
The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.
It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).
Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Major financial institutions on Wall Street should be held responsible for bankrolling the emissions-heavy Bitcoin mining industry, according to a new report by Greenpeace USA.
The report, titled “Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat,” diverges from previous Greenpeace papers on the Bitcoin mining industry. Instead of focusing on BTC miners, the report targets Wall Street and the banking sector.
Greenpeace claims that big finance supports Bitcoin mining by creating economic incentives, thereby perpetuating the ecological threat the industry represents.
The report names Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the top five financiers of carbon pollution from Bitcoin mining companies.
Together, they accounted for over 1.7 million metric tons of CO2 in 2022, equivalent to the emissions of over 335,000 American homes using electricity for a year.
Greenpeace stated that Bitcoin mining has grown into a large commercial industry, where companies need significant capital to build facilities and purchase computing equipment.
Miners rely on support from banks and asset managers, eager for their share of the spoils.
The report says companies such as BlackRock should be accountable for fostering the mining industry: “Banks and asset managers have a duty to disclose risks to their shareholders and clients who are currently missing vital information on the climate risks from Bitcoin.”
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Greenpeace criticizes the lack of scrutiny regarding how investments from traditional finance companies enable carbon-intensive Bitcoin mining operations.
Greenpeace also states that the crypto mining industry lacks disclosure and transparency, which “enables Bitcoin mining companies to avoid accountability and obscures the scale of Bitcoin’s climate problem.”
This “lack of reputable electricity and emissions reporting” makes it difficult for investors, stakeholders, and regulators to make informed decisions if they wish to follow green policies.
In the United States, Texas has become a global hub for Bitcoin miners, absorbing many who abandoned China after its mining ban.
Greenpeace accuses Wall Street companies of financing this new gold rush, highlighting Riot Platforms’ facility near Rockdale as an example.
Citing data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), Greenpeace said that the Riot facility alone accounted for 526,000 metric tons of CO2, equivalent to the carbon emitted from 100,000 U.S. homes a year.
Greenpeace highlighted the paradox of BlackRock, which is a supposed leader in sustainable investment, yet had the third-highest carbon emissions from its investments in Bitcoin mining among the 540 financial institutions in Greenpeace’s study.
The NGO emphasized that financial companies involved in Bitcoin mining should report the emissions associated with their investments and underwriting services for Bitcoin mining companies.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin’s hashrate, a key measure of mining difficulty, has broken down from an 18-month uptrend, suggesting potential miner capitulation.
The true hashrate recently fell to around 600 exahashes per second (EH/s).
This breakdown might indicate that some mining firms are selling their BTC, as noted by Ki Young Ju, founder and CEO of CryptoQuant.
He stated in a June 13 X post, “Bitcoin hash rate’s 18-month upward trend has broken, suggesting some miners are capitulating.”
However, data shows that Bitcoin mining firms haven’t been selling significant amounts of Bitcoin despite the drop in hashrate.
According to CryptoQuant, miner flows to cryptocurrency exchanges decreased from a monthly peak of 15,470 BTC on May 21 to just 7,239 BTC on June 13.
The recent decline in Bitcoin’s price, falling from over $71,100 on June 5 to $66,800, doesn’t appear to be driven by miner capitulation.
Instead, the price drop occurred while daily miner flows to exchanges continued to decline.
The decline in hashrate could be due to mining firms turning off older generation ASIC chip mining rigs, which have become unprofitable since the fourth Bitcoin halving.
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On June 12, Bitcoin’s total hashrate fell to 586,377 terahashes per second (TH/s), according to Blockchain.com.
An April 19 report by CoinShares predicted this temporary drop, forecasting the hash rate to rise to 700 exahash by 2025 but potentially falling by up to 10% post-halving as miners shut down unprofitable ASICs.
The report attributes the temporary reduction to increased mining costs due to the halving and rising electricity prices.
The profitability of mining operations largely depends on electricity costs.
According to a May 2 X post by Hashrate Index, older ASIC models like the S19 XP and M50S++ operate at a loss if electricity costs exceed $0.09 per kilowatt-hour.
The S19j Pro+, j Pros, and M30S++ will struggle if costs are between $0.06 and $0.07 per kilowatt-hour.
The situation underscores the delicate balance between mining profitability and operational costs, with electricity prices playing a crucial role in the sustainability of mining operations.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
American software technology firm MicroStrategy has announced the pricing of a new $700 million debt offering due in 2032, intended to fund further Bitcoin purchases.
The official press release states that the notes will be sold in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
Initially announced at $500 million, the offering has been increased to a $700 million aggregate principal amount.
MicroStrategy plans to allocate part of the proceeds to acquiring more Bitcoin for its corporate treasury.
The company has already amassed 214,400 BTC, valued at approximately $14 billion, according to its Q1 2024 financial results.
These notes, which are unsecured senior obligations of MicroStrategy, will bear interest at a rate of 2.25% per annum.
Interest will be payable semi-annually in arrears on June 15 and December 15 each year.
The notes will mature on June 15, 2032, “unless earlier repurchased, redeemed or converted” as per their terms.
“Subject to certain conditions, on or after June 20, 2029, MicroStrategy may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed.”
MicroStrategy estimates that the net proceeds from the sale will be approximately $687.8 million after deducting initial purchasers’ discounts, commissions, and estimated offering expenses.
READ MORE: Kerrisdale Capital Launches Aggressive Campaign Against Bitcoin Miners, Targeting Riot Platforms
If the initial purchasers exercise their option to purchase additional notes in full, the total proceeds could reach around $786 million.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
This move follows the firm’s announcement on June 13 to raise $500 million through a similar offering.
The expansion to $700 million underscores the Bitcoin-maxi firm’s strategy to strengthen its BTC holdings and position in the crypto market.
It’s important to note that since the notes are sold under Rule 144A of the Securities Act of 1933, they will not be officially registered with the United States Securities and Exchange Commission (SEC).
Notes traded under Rule 144A cannot be sold or bought in public markets without meeting SEC legal prerequisites.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.