Are whales slowing down the Bitcoin price rally: 73% of all BTC is profitable
Bitcoin holders are engaging in profit-taking as the asset crosses a key level, $28,000. Plan B, the creator of the Bitcoin Stock-to-Flow valuation model identified that 73% of all BTC is profitable at the current price. On-chain data shows that short-term BTC holders are taking profits at the highest margin.
Bitcoin on-chain data from crypto intelligence tracker Santiment has shown an interesting find. There is a decline in holdings of large wallet investors with 100 to 100,000 Bitcoin. Whales are shedding their Bitcoin as seen in the chart below:
Despite the US financial regulator’s crackdown on cryptocurrency exchanges and assets, BTC price climbed past resistance at $28,000.
Ethereum Shanghai Upgrade is nearing; what to expect from ETH and LSD tokens
Dune analytics shows that Ethereum has over 16.3 million Ethereum staked on the network but cannot be withdrawn. The Shanghai upgrade, slated for April 12, 2023 at around 10:27:35 PM UTC will change this, allowing Ethereum stakers, including individuals and larger staking outfits to withdraw their staked ETH freely, something that is currently impossible.
The Shanghai/Capella upgrade, christened Shapella, the upgrade will enable ETH withdrawals for various users who staked their Ethereum on the network as early as December 2020. After withdrawals are enabled, experts say it will reduce the risk of holding the staked versions of Ethereum, including Lido’s stETH and Frax’s frxETH because they will finally become redeemable.
Ripple price party not over yet as this entry level can still bring 40% gain going forward
Ripple (XRP) price is jumping higher on several positive headlines as the Securities & Exchange Commission (SEC) is close to losing its lawsuit against Ripple. After the Commodity Futures Trading Commission (CFTC) stepped in and marked several cryptocurrencies as a commodity that falls under the supervision of that same CFTC, the SEC is set to be simply overruled on its jurisdiction. This has unleashed a substantial rally for XRP price that could still add another leg higher and target $0.73 on the topside.
Ripple price has been on a tear these past few days as not only this week but the whole month will end with a stellar performance. Chasing that rally now is a bit late and risky, although there are some levels to keep an eye on. Those levels offer a window of opportunity to get in again and sit tight for that slingshot up toward $0.73.
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