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[Blockchain Today Reporter Jihye Han] Rothschild Investments has acquired more than 250,000 shares of Grayscale’s ETH trust and has added 8,000 shares of BTC trust, Cointelegraph reported. This company is not affiliated with the famous Rothschild royal family.
According to data filed on April 15 to the Securities and Exchange Commission (SEC), Chicago-based financial institution Rothschild Investment Corp. has acquired 265,302 shares from Grayscale’s ETH trust.
The company has also added Grayscale Bitcoin Trust shares to its holdings, and its latest SEC report says its holdings have increased from 30,454 January to 38,346 this month.
Rothschild Investors have been accumulating GBTC since 2017, and according to the latest report, the company’s preference for cryptocurrency exposure continues. Ethereum advocate and cryptocurrency investment firm Mythos Capital and Bankless founder Ryan Adams commented on the recent move: “BTC is a gateway drug to ETH.”
The brokerage firm’s history dates back to 1908, and has been investing in cryptocurrencies for a relatively long time compared to the massive influx of institutions that have exploded over the past 12 months. According to a report filed with the SEC, the company owned $210,000 worth of GBTC at the time the BTC price was around $2,000 in July 2017.
Founding members, Monroe Rothchild and Maggie Samuel Karger are known to have nothing to do with the famous Rothschild family. Despite the fact that the New York Times reported an article explaining the situation in 1995, the association with the famous Rothschild family in the cryptocurrency world is still controversial.
Grayscale is America’s premier digital asset manager, providing cryptocurrency exposure to institutions and holding around 660,000 BTC, accounting for 3.5% of BTC.
The company said its current assets totaled $50.6 billion, the ETH Trust, or ETHE, now has an AUM of more than $7 billion, and shares are currently trading at around $24. GTBC has surpassed $41 billion at AUM and shares are trading at around $59.
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Bitcoin’s weekly futures and options trading volume both increased by more than 20% from the previous month, while Ethereum’s trading volume both contracted. The ratio of Bitcoin holdings to PCR reached 0.9, a record high since mid-2019. On March 26, Bitcoin and Ethereum option contracts worth over US$6.7 billion and US$2 billion will expire respectively.
Written by: Karen
Weekly market dynamics
- Binance lists BTC and ETH 1-75 times the 0625 U standard delivery contract for the second quarter.
- Binance lists MANA, HEAR, ALICE, ONE, LINA 1-25 times U standard perpetual contracts.
Futures market
Overview of extreme market liquidation
In the past week, Bitcoin has reached a new high and broke through the $60,000 mark. Within an hour from 17:00 on Monday, Bitcoin dropped by nearly $3,600 to around $55,000. During this period, it was liquidated by $750 million and the amount of liquidation on the day reached 1.9 billion. US dollars. Starting at 8:30 on Tuesday, within one hour of Bitcoin’s drop of nearly 2,000 US dollars, 420 million US dollars were liquidated, and a total of more than 800 million US dollars were liquidated that day.
Futures liquidation statistics on BitMEX, Binance, Bybit, Huobi, MXC, OKEx, source: Coin
Trading volume and open positions
The statistical scope of Bitcoin futures includes BitMEX, Binance, Bitfinex, Bakkt, Bybit, CME, Deribit, FTX, Huobi and OKEx. The scope of Ethereum futures statistics includes BitMEX, Binance, Bitfinex, Bybit, CME (launched on February 7), Deribit, FTX, Huobi and OKEx.
In the past week (March 12 to March 18), as Bitcoin once again set a new historical high, Bitcoin futures trading volume increased by more than 20% month-on-month, and positions were still near the peak, which was a change of 1% from a week ago. Inside.
Bitcoin futures contract trading volume, source: Skew
Open positions in Bitcoin futures contracts, source: Skew
The price of Ethereum has been consolidating around US$1,800 in the past week, and has not broken the previous high. Futures trading volume has also shrunk slightly, down 7% from the previous month, reflecting the slight decline in investor interest in Ethereum. In addition, there were no significant changes in open positions. It can be seen that compared to Bitcoin, investors are more cautious and wait-and-see about the current state of the Ethereum market.
Ethereum futures contract daily trading volume, source: Skew
Open positions in Ethereum futures, source: Skew
Option market
Trading volume and open positions
The scope of Bitcoin options statistics includes Binance, Bakkt, Bit.com, CME, Deribit, Huobi, LedgerX and OKEx. The scope of Ethereum options statistics is Bit.com, Deribit, Huobi and OKEx.
In the past week, the trading volume of Bitcoin options also increased by about 20% month-on-month to US$7.6 billion, and the value of holdings also rose slowly to about US$14 billion, continuing to refresh historical highs.
Bitcoin options contract trading volume, source: Skew
Bitcoin options contract trading volume, source: Skew
In Ethereum, the weekly trading volume decreased by nearly 8% month-on-month to around US$1 billion, and the open positions fell slightly, down nearly 4% from a week ago.
Ethereum option contract trading volume, source: Skew
Open positions in Ethereum options contracts, source: Skew
Ratio of open interest PCR
The Put/Call Ratio (PCR) is an indicator used to measure the ratio of bearish calls. If the PCR value is greater than 1, it means that the short is greater than the long; if it is less than 1, the short is less than the long.
From the perspective of a longer range, as Bitcoin continues to refresh its peak highs, the ratio of position PCRs has also continued to rise, and there is no sign of easing. It currently reaches 0.9, a new high since mid-2019, which means that the long-short game continues. Escalation, although the multi-party forces still control the situation, the air side is also constantly accumulating power.
Ratio of Bitcoin options open interest and trading volume PCR
In Ethereum, the ratio of open PCRs has not changed significantly, and has mostly remained between 0.7 and 0.8 this year.
The ratio of Ethereum options open interest and trading volume PCR
Option expiration
Today, 21,100 Bitcoin option contracts and 119,400 Ethereum option contracts will expire, with nominal values ​​of US$1.232 billion and US$215 million, respectively. There will be 115,100 Bitcoin option contracts on March 26. Valued at over US$6.7 billion, 666,100 Ethereum option contracts expired, with a nominal value of nearly US$2 billion.
Bitcoin option expiration, source: Skew
Ethereum option expiration status, source: Skew
Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.
VANCOUVER, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, today announces that its Board of Directors has approved, along with its self-mining, to incorporate a Bitcoin accumulation strategy to significantly increase the Company’s Bitcoin (“BTC”) treasury holdings. After watching for buying opportunities in the market over the last few days and weeks, DMG has started to implement this plan by executing Bitcoin purchases in the amount of roughly 220 BTC since Monday afternoon through customary cryptocurrency exchanges and direct over-the-counter (“OTC”) trades. DMG intends to periodically purchase BTC, based on market conditions, trends and corporate opportunities.
Over the long term, DMG intends to increase its Bitcoin treasury by mining and holding it. In addition, the Company will, from time to time, acquire Bitcoin through a direct investment model such as using funds which are budgeted for later capital deployments. This will allow DMG to use Bitcoin as an ideal store of value, and also as a means to transact, as needed.
“Buying Bitcoin helps to efficiently diversify DMG’s monetary holdings away from cash, and over time we intend to make BTC our treasury currency of choice,” said DMG’s COO, Sheldon Bennett. “We are well connected in this industry and therefore know that many more companies will shortly begin to add Bitcoin to their balance sheets as a hedge against the ongoing dilution and inflation. We believe this will contribute to an even stronger Bitcoin price in the coming weeks and months, from which DMG is positioned to significantly benefit.”
Moving forward, DMG will continue to implement its two-fold business strategy: to grow the corporate blockchain businesses in all of its three divisions (including but not limited to Bitcoin mining and Bitcoin pool management), and to hold newly-mined Bitcoin rewards and acquire additional Bitcoin as a treasury reserve asset, when possible.
“Just as an individual or corporate investor might hold large cash positions, so they might face significant risk of loss of value due to inflation alone. However, that risk doesn’t exist with Bitcoin, which is a deflationary asset by default, with an ever-increasing demand for this superior cryptocurrency. This demand is mainly driven by rapidly growing institutional adoption and an increasingly large demand by retail investors. Coupled with a drastically declining supply of new coins, ultimately, we expect continuously rising Bitcoin prices, which is exactly what we’ve been witnessing in the last few months. We believe Bitcoin has and will continue to have greater value than traditional currencies such as the US dollar,” added DMG’s CEO, Daniel Reitzik.Â
About DMG Blockchain Solutions Inc.
DMG is a vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s businesses are segmented into three main divisions: data centre operations, data analytics and forensics and developing enterprise blockchains. DMG’s data centre operations focus on earning revenues from block rewards and transaction fees by mining primarily bitcoin as well as providing hosting services for industrial mining clients. DMG’s data analytics and forensic services provide technical expertise software products such as Blockseer Pool, Mine Manager and Walletscore, as well as working with auditors, law firms, and law enforcement organizations. DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on. DMG’s management team includes seasoned crypto experts, forensic & financial professionals and blockchain developers with deep relationships throughout the industry.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of Bitcoin, and future operational results could also be materially affected by the price of Bitcoin and an increase in hashrate mining difficulty.
For more information on DMG Blockchain Solutions visit:Â www.dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web:Â www.dmgblockchain.com
For Media Inquiries:
Jules Abraham, Head of Public Relations
CORE IR
jabraham@coreir.com
Investor Relations Contact:
CORE IR 516-222-2560
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information or statements” based on current expectations. Statements about the Company’s plans for purchasing Bitcoin, mining and holding Bitcoin, the expected price of Bitcoin, growing the corporate blockchain businesses, to increase petahash (PH) by self-mining, price of bitcoin, plans and intentions, other potential transactions, acquisition of customers, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, decrease in the price of Bitcoin and other cryptocurrencies, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
Ethereum has seen some incredibly strong price action throughout the past few days and weeks, with buyers taking full control of its price action as they hold it above $500 for an extended period of time.
The selling pressure seen here has proven to be quite significant, as its rally has halted in its tracks as sellers move to force it below this key level.
That being said, where it trends in the mid-term may depend largely on whether or not it can post a weekly candle close above this level this Sunday evening.
Where it trends next will depend almost entirely on its continued reaction to the new price region it is venturing into, as a sustained bout of trading here could open the gates for it to see significantly further upwards momentum in the near-term.
One bullish sign for the crypto’s near-term outlook is that large wallets have been rapidly accumulating the cryptocurrency throughout the past few weeks.
While speaking about this trend, one analytics firm explained that ETH’s top-10 wallets have been rapidly increasing their positions in the cryptocurrency.
Ethereum Rallies Past $500 as Sellers Disappear
At the time of writing, Ethereum is trading up nearly 8% at its current price of $507, which marks a massive rise from its recent lows of $470 set around this time yesterday.
The recent upswing intensity also comes as BTC inches closer and closer to the key $19,000 level.
The strength seen by BTC has spanned across the entire market, with ETH and smaller altcoins alike all pushing higher in tandem.
This trend may persist, as bulls show no signs of loosening up their control over the market.
Top ETH Holders Start Increasing Their ETH Exposure
One trend that undeniably favors bulls is that the top-10 Ethereum holders have all been rapidly moving to increase their cryptocurrency exposure.
This also comes as exchanges see a higher coin supply, pointing to a trend of retail buying.
“Following in BTC’s footsteps, ETH has hit a 29-month high of $509. June 21, 2018 was the last time the price was this high for the #2 market cap asset. Ethereum’s top 10 holders rising, combined with coin supply on exchanges, have fueled this rally.”
Image Courtesy of Santiment.
The coming weekend trading session should provide some serious insights into Ethereum’s mid-term outlook.
Featured image from Unsplash. ETHUSD pricing data from TradingView.
Image Credit: Refer to Source
Author: Refer to Source Cole Petersen
Chainlink’s price action has been rather lackluster as of late, with its price lacking a clear trend as it consolidates alongside Ethereum and the rest of the crypto market.
However, there’s a strong possibility that this will soon shift as Bitcoin’s ongoing uptrend will eventually lead to a capital rotation even that causes significant inflows of capital to move from BTC and into higher-risk assets like altcoins.
Once this occurs, LINK will likely be one of the first altcoins to gain some serious momentum due to its tendency to post parabolic movements.
Not only is Chainlink bullish from a technical standpoint, with strong support below $11.00 sparking rebounds with every attempted selloff, but the cryptocurrency also has some fundamental factors playing in its favor.
According to one analytics firm, the top 100 Chainlink holders have been aggressively accumulating at these price levels, providing it with strong buy-side support and showing that large investors are confident that upside is imminent.
Chainlink Continues Consolidating Above $11.00 as Altcoins Struggle to Gain Momentum
At the time of writing, Chainlink is trading up just under 1% at its current price of $11.15. This is around where it has been trading for the past several days.
Overnight, LINK’s price dipped as low as $10.80, but the buying pressure here was significant and stopped it from seeing any intense selloff.
It has been struggling to gain any momentum as of late, and it is becoming closely tied to Ethereum’s price action.
ETH has been guiding most altcoins, so until it catches a tailwind from Bitcoin and pushes higher, there’s a strong chance that Chainlink and most other altcoins will also continue consolidating.
Analytics Firm: Top LINK Investors are Accumulating
Per a recent report from analytics firm Santiment, the top Chainlink holders have been taking the recent consolidation phase as an opportunity to accumulate large positions.
“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”
Image Courtesy of Santiment.
It could be quite a while before Chainlink breaks its current accumulation phase and rallies higher, but when it does, it could see some immense gains that allow it to gain ground against Bitcoin.
Featured image from Unsplash. Charts from TradingView.
Image Credit: Refer to Source
Author: Refer to Source Cole Petersen
Chainlink’s price action throughout the past few days and weeks has done little to provide investors with insight into its near-term outlook, as it has mainly been consolidating between lows of $7.50 and highs of $11.00.
The cryptocurrency has seen some notable momentum throughout the past 24-hours, but it is struggling to push higher as it begins approaching the heavy resistance that sits at $11.00.
It has been rejected here on multiple occasions over the past month, with each one catalyzing far-reaching selloffs that damage its market structure.
Although analysts are torn as to whether or not LINK’s ongoing upswing will be different than those seen in recent weeks, one on-chain trend is undeniably bullish for the cryptocurrency’s outlook.
One analytics firm explained in a recent tweet that data shows whales have been accumulating massive amounts of Chainlink in recent times.
This shows that large investors are confident in its near-term outlook and may also continue providing the token with some significant buying pressure to lift it higher.
Chainlink Nears Key Resistance Level as Momentum Stalls
In the time following Chainlink’s plunge to its recent lows of $7.50, the cryptocurrency has been rapidly climbing higher, reaching monthly highs of just under $11.00 earlier today.
At the time of writing, Chainlink is trading down slightly from these highs at its current price of $10.89. This is around where it has been trading throughout the past couple of days.
So far, each visit to $11.000 over the past month has catalyzed strong rejections. Unless Bitcoin makes a serious push higher that carries the entire market with it, it is unlikely that this will change anytime soon.
On-Chain Metrics Show Whales are Rapidly Accumulating LINK
One analytics firm explained in a recent tweet that data points to a strong accumulation trend amongst large LINK wallets.
They note that this indicates large buyers are still confident in Chainlink’s outlook, despite the 50% decline from its recent highs.
“The top LINK non-exchange whales continue their gradual accumulation pattern. As seen on our chart, the top 100 non-addresses held 735.64M a year ago. Now up to 771.15M, the ~5% increase is indicative of clear whale confidence in the asset’s longevity.”
Image Courtesy of Santiment.
This trend suggests that serious upside could be in store for LINK, but it first must shatter the selling pressure that exists at $11.00.
Featured image from Unsplash. Charts from TradingView.
Image Credit: Refer to Source
Author: Refer to Source Cole Petersen
It’s been a tough past few days for the entire crypto market. Synthetix Network Token (SNX), in particular, has dropped rather hard: the coin is down 5% in the past 24 hours alone and nearly 20% below the local highs.
Despite the drop and widespread range trading seen over the past month, investors are bullish.
Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Synthetix Network Token (SNX) Is Being Accumulated En-Masse: Blockchain Data
According to Matt Casto, a crypto-asset analyst working for CMT Digital, there are clear signs that SNX is being accumulated en-masse. He shared on the data he compiled:
“September had the two largest daily quantites of SNX bought on DEXs (9/5 and 9/6) so far this year and was the month with the most SNX acquired. Large holders have been accumulating since July, and large buys posted last month with lower trader counts. Disclosure: I am long SNX.”
September had the two largest daily quantites of SNX bought on DEXs (9/5 and 9/6) so far this year and was the month with the most SNX acquired. Large holders have been accumulating since July, and large buys posted last month with lower trader counts.
Disclosure: I am long SNX pic.twitter.com/9H1QVBS2DN
— Matt Casto (@mcasto_) October 1, 2020
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
Reasons to Be Excited
SNX holders have reason to be excited.
Over recent weeks, Synthetix has been rolling out a test layer-two scaling solution in collaboration with Optimism.
Optimism is an Ethereum-focused developer group working primarily on a network called Optimistic Ethereum. The network is a second-layer chain that uses a technology called Optimistic Rollups to decrease the cost of transactions while also increasing throughput.
The solution rolled out right now is only a test/beta for retail users that hold one to 2,500 SNX tokens. However, soon, Synthetix is expected to have much of its operations on this scaling solution.
Kain Warwick, the founder of Synthetix, recently commented on Optimistic Ethereum’s prospects:
“Optimistic Ethereum will be the DeFi chain over the next 12-24 months. Nothing is even close. Mainnet is coming and it’s going to melt your fucking faces.
@clembalestrat should have a sneak peak for you all very soon…”
Optimistic Ethereum will be the DeFi chain over the next 12-24 months. Nothing is even close. Mainnet is coming and it’s going to melt your fucking faces. @clembalestrat should have a sneak peak for you all very soon…
— kain.eth (@kaiynne) October 1, 2020
Adding to SNX’s bull trend, there has been an uptick in active addresses as per Santiment:
“SNX has rebounded nicely over the past week (+19.4%). Network activity, such as on-chain circulation and active addresses, indicated a bullish divergence when it dropped to $3.55. Both metrics sustained high levels to allow price to jump back above $5.00.”
Santiment is a blockchain analytics firm that closely tracks top altcoins.
Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase
Featured Image from Shutterstock Price tags: snxusd, snxbtc Charts from TradingView.com Data: Synthetix (SNX) Investors Are Accumulating the Coin In Waves
Image Credit: Refer to Source
Author: Refer to Source Nick Chong
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