From the observation that Bitcoin whales withdrew millions of USD from exchanges as new buyers surged to Hong Kong approving Ethereum ETF staking, here are some notable news in the crypto market.
Bitcoin News
Hundreds of millions of USD worth of Bitcoin have been withdrawn from major exchanges, drawing attention in the crypto community.
However, if Bitcoin does not break the $86,000 barrier, a correction is still possible, especially in the context of wavering investor confidence.
Data from OnchainDataNerd on April 17 shows that some large Bitcoin whales have made withdrawals from top exchanges.
Among them, Galaxy Digital withdrew 554 BTC, worth approximately 76.74 million USD, from OKX and Binance. Abraxas Capital withdrew 1,854 BTC, worth approximately 157.26 million USD from Binance and Kraken.
Two other whales, identified by addresses 1MNqX and 1BERu, withdrew 545.5 BTC (45.5 million USD) and 535.2 BTC (45.44 million USD) from Coinbase, respectively. In just one day, over 280 million USD worth of Bitcoin was withdrawn from exchanges.
Such withdrawals from Bitcoin whales, like those of Galaxy Digital and Abraxas Capital, often signal a strategy to transfer BTC to cold storage. This is usually seen as a bullish signal, reducing selling pressure and reflecting expectations of future price increases.
Reports from Glassnode on X highlight a strong increase in first-time Bitcoin buyers. This new influx of investors could drive short-term price increases. However, long-term holders (LTH) have paused accumulation, signaling caution in a highly volatile market.
The number of first-time buyers is increasing | Source: Glassnode
In a post on X, analyst Ali used the TD Sequential technical indicator to forecast Bitcoin's price trend, as this indicator flashed a buy signal on the weekly chart.
BTC Buy Signal on Weekly Chart | Source: Ali
If Bitcoin continues to close above $86,000, the price is likely to increase further. Currently, Bitcoin is trading above $80,000, indicating growth potential. However, overcoming the key resistance level of $86,000 is essential to confirm the bullish trend.
Inflow to Bitcoin ETF has decreased | Source: Farside
Despite recent whale accumulation, not all signals are positive. Inflows to Bitcoin ETFs have significantly decreased. This indicates weakening investor confidence, which could put downward pressure if there are no new catalysts.
Additionally, data from Lookonchain indicates that Babylon has unstaked over 1.26 billion USD in Bitcoin. If this capital flows back to exchanges, selling pressure may increase, making it harder for Bitcoin to surpass key resistance levels.
Ethereum News
More than a week ago, the Hong Kong Securities and Futures Commission (SFC) approved staking services in an effort to 'rewrite the rules' on finance.
According to the statement, the SFC's approval has paved the way for China Asset Management (ChinaAMC) to launch an Ethereum ETF supporting staking in collaboration with OSL Digital Securities on May 15.
Yields from regulated platforms like OSL emerge as Hong Kong creates favorable rules, with the aim of making the city a digital asset hub in Asia.
Earlier this month, Bosera International and HashKey Capital Limited launched their own fund with staking terms. This ETF fund is expected to launch on April 25.
The collaboration between the two parties turns ChinaAMC's Ether ETF from a passive investment product into an active participant in the Ethereum ecosystem, allowing investors to earn rewards from the proof-of-stake network.
SHIB News
According to new data from Shibburn, the burn rate of Shiba Inu (SHIB) is slowly but noticeably recovering after weeks of low burn activity.
Data shows that the daily burn rate of SHIB has increased by 111.43%, with a 19.48% increase over the week, marking the return of the SHIB deflationary mechanism.
Although this week's metrics do not record spikes like in the past, this upward momentum is generating optimism in the SHIB community.
Previously, the team had reduced burn activity, reflecting weak on-chain demand and low trading interest. However, this new token burn trend suggests that the market may be heating up again.
The recovery in SHIB's burn rate is believed to stem from increased accumulation by whales, following significant cash inflow into SHIB in recent days.
Source: Shibburn
WLFI News
Crypto market maker DWF Labs announced a $25 million investment in World Liberty Financial, the decentralized finance (DeFi) project supported by U.S. President Donald Trump, as the company expands into the U.S. with an office in New York City.
On April 16, Dubai-based DWF Labs announced that it had purchased World Liberty Financial (WLFI) tokens through a private transaction.
The company stated that this transaction reflects the intention to participate in the governance of WLFI. As a token holder, DWF Labs will be able to vote on decisions affecting the ecosystem.
WLFI is set to launch on September 16, 2024, to promote DeFi and USD-pegged stablecoins. At the launch, Trump stated that the family is 'embracing the future of crypto and leaving behind slow, outdated big banks.'
a16z News
Andreessen Horowitz (a16z) called on the U.S. Securities and Exchange Commission (SEC) to modernize custody regulations for crypto assets.
The venture capital firm supports a principle-based legal framework where registered investment advisors (RIAs) can self-custody digital assets under defined conditions.
a16z has written a detailed article in response to the SEC's request for information on the custody of investment advisors. The article outlines a balanced approach to protecting investors while managing blockchain-based assets.
Scott Walker, Compliance Director at a16z, noted that crypto custody has particular risks and RIAs need clearer guidance to address those challenges responsibly.
Other News
Bhutan's Bitcoin Mining Strategy and 'Green Cryptocurrency'
Bhutan, the kingdom famous for prioritizing happiness over wealth, is quietly stepping into the crypto space.
Harnessing abundant clean hydropower, this country is tapping into green cryptocurrency and exploring how blockchain can shape the future of its economy.
Green cryptocurrency refers to digital money mined using clean energy such as wind, hydro, or solar power, rather than fossil fuels. Bhutan has quietly earned millions of USD by investing in top cryptocurrencies. According to senior officials in Thimphu, the profits are sufficient to cover government salaries for two years.
Bhutan's crypto journey began in 2019 when its national investment fund, Druk Holding and Investments (DHI), started incorporating digital assets into its portfolio.
The CEO of DHI, Ujjwal Deep Dahal, explained that 100% of Bhutan's mining operations are based on clean, green, and sustainable hydropower.
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Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
