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George Georgiev



Articles by George Georgiev

Bitcoin Miners’ Revenue Lowest Since November 2020

1 day ago

The revenue Bitcoin miners receive is tumbling amid the depressing market conditions and lower prices. Somewhat expected, as the BTC dollar value goes down, so do the proceedings from mining.
Data from Blockchain.com reveals that the revenue bitcoin Miners get is tumbling ever since the all-time high reached last year in November.
At the time of this writing, it stands at around $11,670,337 for November 26th – the lowest it has been in exactly two years.
Source: BlockchainCom
This is a function of BTC’s declining price, which also has an impact on other interesting metrics.
For example, the number of profitable days for Bitcoin has also declined to about 83.40%.
Since 2015, it’s been profitable to hold Bitcoin for roughly 3738 days. On the other hand, it’s been

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Binance Leads PoR Effort, Bitcoin’s Battle Above $16K and Crypto Market’s Attempt at Recovery: This Week’s Recap

4 days ago

The past week was somewhat positive for the entire cryptocurrency market, both in terms of pricing and overall developments. While the meltdown of FTX looms over the industry and most market participants are still afraid of contagion, the total capitalization added over $10 billion amid ongoing developments.
First things first, this week’s overall increase doesn’t come on the back of Bitcoin, which is actually down about 1% over the period. The cryptocurrency attempted a push toward $17K but was quickly halted and has descended to where it’s currently trading at around $16,500.
Meanwhile, BNB is up a whopping 12% over the same period. It’s now solidly trading around the pivotal $300 mark and instills confidence in the market. This comes as Binance – the world’s leading

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Ethereum Dips Below $1200 as FTX Drainer Swaps 5K ETH For Bitcoin

9 days ago

Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours.
This happens as the FTX account drainer is swapping ETH for wrapped Bitcoin.
Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC.
The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC.
Source: Twitter
This is causing pressure on ETH’s spot price, which is currently down some 3.5% (on Binance) for the past 24 hours.
As to who the drainer may be, CryptoPotato recently reported that the Securities Commission of the Bahamas assumed control of associated assets. Per a media release shared by authorities:
On 12 November 2022, the Securities

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Alameda Secretly Exempted from FTX’s Auto-Liquidation Engine: Court Filing

12 days ago

The revelations surrounding FTX’s downfall continue with full force. Now, according to the most recent court filings, Alameda Research – SBF’s trading firm, had some privileges.
The trading firm of Sam Bankman-Fried, Alameda Research, was secretly exempted from some aspects of the auto-liquidation protocol of FTX.
It’s worth noting that SBF was also the acting CEO and founder of FTX.
This is just a drop in the stream of information that was made public through the recent court filings.
Meanwhile, the current CEO of the exchange, John J. Ray III, said:
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

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Vitalik Buterin Shares Thoughts About Sam Bankman-Fried Following FTX Fallout

16 days ago

The co-founder of Ethereum has shared some thoughts on the FTX fallout and, more precisely, on the reaction toward the former CEO – Sam Bankman-Fried.
It appears that the cryptocurrency community is unanimous in its stance against the action of Sam Bankman-Fried, the former CEO of FTX.
The overwhelming majority of reactions are entirely negative, with many calling for prison time and the most severe regulatory punishments.
Vitalik Buterin, the founder of Ethereum, has also chipped in on the matter.
He believes that, as a public figure, SBF deserves everything he’s getting. He even said this is healthy in a bid to reaffirm important values for the community.
On the other hand, though, “Sam the human being”  deserves support and love, according to Buterin.
SBF the public

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CryptoCom Accidentally Sends $400 Million Worth of ETH To Gate, Funds Recovered Later

16 days ago

FTX’s collapse stirred the cryptocurrency market in a way that not many expected, but there’s some silver lining, however tiny it may seem.
For once, most of the leading exchanges decided to go ahead with their proof-of-reserves and published the majority of their addresses that contained the funds stored on their platforms.
CryptoCom is one of the exchanges that published their addresses, showcasing how much and what cryptocurrencies it stores on behalf of its customers.
However, quickly after the information went public, members of the crypto community discovered a transaction for a whopping 320,000 ETH sent out from one of the exchange’s addresses.
This represented roughly 80% of the ETH stored on CryptoCom.
The company’s CEO, Kris Marszalek, gave an explanation of what

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Solana Crashes 12% Overnight as Crypto Markets Bleed Out (Market Watch)

16 days ago

The cryptocurrency market continues to bleed out and in the past 24 hours, its total capitalization shed another $20 billion.
The majority of coins are well in the red and the broader sentiment remains particularly negative and expects further contagion from the FTX fallout.
Bitcoin Price Bleeds Out
Bitcoin’s price currently sits at around $16,500, down 2.1% in the past 24 hours. This brings the total loss to about 22.6% in the past week.
BTC has been trading relatively flat over the past day. It did attempt to break above $17,000 but the efforts turned out to be futile and it is currently found well below that level.
Source: Binance via TradingViewThe volume is also thinning out. CoinGecko reveals that the 24-hour trading volume currently sits at $46 billion. Liquidations

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Elon Musk Says He Had a Conversation With FTX’s SBF on the Twitter Deal

17 days ago

Elon Musk recently said that he had a conversation with Sam Bankman-Fried before the Twitter deal. He also shared some predictions going forward.
The world’s richest man recently joined a discussion on Twitter with over 60,000 listeners to talk about the FTX hack and bankruptcy.
Musk revealed that he had a conversation with the exchange’s former CEO – Sam Bankman-Fried and that his opinion of him wasn’t the best.
… I got a ton of people telling he’s got huge amounts of money that he wants to invest in the Twitter deal and I talked to him for about half an hour and I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression.
Musk said he hadn’t heard of him before that, while adding:
[…] Everyone including major investment banks –

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Bitcoin Plunges Toward $16K on More FTX Bad News (Market Watch)

17 days ago

The past couple of days have been a complete rollercoaster in the cryptocurrency field, and there are no signs of slowing down.
Just yesterday, FTX officially filed for voluntary Chapter 11 Bankruptcy proceedings in the US, sending the markets into another meltdown.
Bitcoin Plunges Toward $16K
Bitcoin’s price can’t catch a break. After attempting a recovery following positive CPI numbers Thursday, the cryptocurrency experienced another meltdown on Friday.
BTC plunged from above $18K down to almost $16K (on Binance).
Source: Binance via TradingViewAs seen in the above chart, the cryptocurrency has since recovered to where it currently trades at around $18,800, but it remains down 3% in the past 24 hours.

Altcoins Take a Beating Too
As expected, the entire cryptocurrency

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Over $400 Million Drained From FTX Account Hours After Declaring Bankruptcy

17 days ago

The problems with FTX don’t seem to stop. After failing to honor customer withdrawals, revealing a multi-billion hole in its balance sheet, and ultimately declaring bankruptcy, the exchange is suffering another major exploit.
Millions of dollars seem to have been drained from FTX addresses.
Upwards of $400 million in crypto left the exchange wallets late Friday night with little to no explanations as to why that happened.
The company’s General Counsel, Ryne Miller, took to Twitter to explain that they are investigating.
Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it.
He also explained that the company initiated precautionary

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FTX Melts Down, Crypto Market in Fear of Massive Contagion: This Week’s Recap

17 days ago

The past seven days were undoubtedly the most emotional, unexpected, and for many – devastating in a long time. One of the world’s leading cryptocurrency exchanges – FTX – filed for a voluntary Chapter 11 Bankruptcy with the US after failing to honor customer withdrawals and revealing a multi-billion liquidity hole.
It’s not particularly clear how it all went down and when exactly FTX started having issues due to the complete lack of transparency on behalf of now-former CEO Sam Bankman-Fried. There’s also not a lot of information on how much money the exchange has been funneling to SBF-owned trading firm Alameda Research, which is also part of the bankruptcy proceedings.
One thing is certain, though – the exchange has left thousands, if not millions, of people without

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FTX and Alameda File for Bankruptcy, SBF Resigns as CEO

18 days ago

FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests.
In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States.
According to the release, FTX, Alameda Research, as well as 130 additional affiliated companies that are associated with FTX, have commenced the voluntary proceedings under Chapter 11.
Sam Bankman-Fried has resigned as CEO.
Commenting on the matter was the newly-appointed CEO of FTX Group – John J. Ray III, who said:
The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to

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Bitcoin Pumps Toward $18K as US Inflation Better Than Expected

19 days ago

While the cryptocurrency industry is caught in what seems to be one of the largest debacles of the year, the US Bureau of Labor Statistics just published the numbers for the Consumer Price Index.
The reality beat expectations, resulting in a massive spike in Bitcoin’s price, which reached $17,800 on Binance.
The US Bureau of Labor Statistics just published the CPI for October, clocking in at 7.7%, increasing 0.4%, seasonally adjusted.
The expectations were mostly for the number to be closer to 8%, which resulted in a positive outcome for the cryptocurrency market.
Bitcoin’s price soared to $17,800 (on Binance) before retracing to where it currently trades at around $17,300.
Source: Binance via TradingView
All eyes remain on how the situation around FTX will resolve. A

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Bitcoin Blasts to $21K, Dogecoin Rollercoaster, More Crypto Hacks: This Week’s Recap

25 days ago

The past seven days have been particularly dynamic in the cryptocurrency industry as its total market capitalization soared by a considerable $70 billion. This happened on the back of major gains for most coins, with certain exceptions. Let’s dive in.
Kicking it off with Bitcoin, it’s up 3% in the past seven days, and it’s currently found at $21K. Throughout the majority of the week, BTC was trading in a downtrend, but a few hours ago, the bulls managed to pull themselves together and pushed BTC to a 5-day high above $21K. This happened on favorable jobs data released in the US.
It’s also interesting to note that a few days ago, Bitcoin’s whitepaper celebrated its 14th birthday – a major milestone, given that it had laid the foundations for what is currently a

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Byzantine Fault Tolerance in Blockchain: A Closer Look

28 days ago

The field of cryptocurrencies has expanded tremendously over the past couple of years. The rise of new projects also presents various ways developers are tackling existing problems in the field.
One term that is tossed around quite often is the “BFT consensus mechanism.” BFT stands for Byzantine Fault Tolerance, and it presents a theoretical problem in computer systems that existed long before Bitcoin.
However, many blockchain-based protocols are engaged in solving the problems that are associated with Byzantine fault tolerance, and the following takes a closer look into the matter and all that derives from it.
The Byzantine Generals Problem Explained
The Byzantine Generals Problem is one of the most heavily discussed theoretical situations whenever the topic of consensus

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Bitcoin Reclaims $20K, Market Cap Above $1 Trillion, Elon Musk Buys Twitter: This Week’s Crypto Recap

October 28, 2022

After spending multiple weeks trapped around $19,000, Bitcoin’s price was finally able to escape the range and break out toward the upside. BTC reclaimed $20K and even poked above $21,000 before retracing a bit to where it currently trades. Elsewhere, Elon Musk officially acquired Twitter, so let’s unpack.
Bitcoin started the week trading at around $19,000, and it was seemingly trapped there for quite a while. However, the volatility picked up on Tuesday, and the bulls returned to the market, taking BTC’s price above $20,000 for the first time in over 20 days.
The march continued on Wednesday when the cryptocurrency briefly poked above $21,000 (on Binance), but buyers were unable to sustain the price, and it was pushed back toward where it currently trades at around

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Increased Bitcoin Volatility as US Personal Income Up 0.4% in September

October 28, 2022

Bitcoin’s price went through increased volatility over the past couple of hours, plunging to a local low of $20K and soaring to $20,600 in the moments after that.
This seems to be related to the fact that the US Bureau of Economic Analysis (BEA) published the numbers for the Personal Incom for September.
After trading relatively flat for the day, BTC’s price suddenly dropped to exactly $20,000 (on Binance) and then shot up to $20,600 moments later.
Source: TradingView
At the time of this writing, the cryptocurrency is found at around $20,400.
The increased volatility has to do with the publishing of the US Personal Income numbers for September.
According to the Bureau of Economic Analysis, personal income in the country is up 0.4% in September. Disposable personal income

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What is Aptos (APT)? The Complete Guide

October 25, 2022

2022 is a year that saw a lot of chatter on layer-one protocols such as Ethereum, Solana, the BNB Smart Chain, Avalanche, and many others.
The astronomic rise of non-fungible tokens (NFTs) revealed that most of the blockchains were unable to handle the load that comes with some form of mainstream adoption.
Before Ethereum transitioned to Proof-of-Stake (read: The Merge), the network was oftentimes clogged, and transaction fees were unimaginably high. In fact, this prompted the notion that it was only whales that were able to partake in multiple DeFi initiatives on Ethereum.
Solana, on the other hand, also had its issues. Although advertised as a high-throughput chain capable of handling thousands of transactions per second (TPS), the network experienced multiple outages

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Bitcoin Struggles at $19K, Crypto Market Stagnates on Global Inflation Woes: This Week’s Recap

October 21, 2022

The cryptocurrency market went through little volatility over the past seven days and is currently found almost where it was this time last week. The sentiment remains overly fearful as global inflation woes and economic unrest settle in.
Starting with Bitcoin, it lost roughly 1.8% in the past seven days, going through almost no volatility whatsoever. The cryptocurrency attempted a break above the critical level of $20,000 but to no avail. It was quickly rejected by the bears, which are currently seemingly in total control.
It’s also interesting to note that the BTC domination – the metric that tracks its share relative to that of the entire market, is also more or less where it was last week. This means that altcoins failed to capitalize on the uncertainty of the Bitcoin

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People Buy the Wrong APT Token Before Aptos Listing, Apricot Finance Soars 70%

October 18, 2022

Aptos, the so-called “Solana Killer,” has been the most heavily discussed topic in the past couple of days. The protocol had previously vouched for being able to handle up to 160,000 transactions per second (TPS), and its native cryptocurrency, APT, is about to hit major exchanges in hours.
Now, traders are flocking to the market, but it’s the wrong one.
The price of the native cryptocurrency of Apricot Finance (APT) has soared by a whopping 70% today in an otherwise uneventful market.
Source: CoinMarketCap
A closer look into this particular cryptocurrency reveals that it’s been what many refer to as a “slow rug-pull.” This is a situation where private investors slowly but steadily bleed out the price of a token over the course of a few months, and it surely tumbles with

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Bitcoin’s Rollercoaster Towards $20K, Inflation Numbers, and Google’s Foray into Crypto: This Week’s Recap

October 14, 2022

The past week saw the total cryptocurrency market lost about $30 billion in the past seven days, where most of the action took place yesterday. This was somewhat expected, given the US Bureau of Labor Statistics published the CPI numbers then. Let’s dive in.
Bitcoin spent the majority of the week slowly bleeding out. The cryptocurrency was showing absolutely no signs of strength, which resulted in a painful chop and a decline below $19,000 on a couple of occasions. All this changed on Thursday.
The US Bureau of Labor Statistics published the numbers for September’s Consumer Price Index yesterday. This is the most common indicator that investors use to gauge inflation and it clocked in at 8.2%. This sent the market into a state of massive volatility. In the seconds after

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Massive Bitcoin Volatility as US Inflation Clocks in at 8.2%

October 13, 2022

Perhaps somewhat expected, the volatility has returned to the cryptocurrency market, albeit event-driven. The ongoing turbulence is caused because the United States Bureau of Labor Statistics released the CPI numbers.
CPI stands for Consumer Price Index, and it’s the most common gauge for the current rates of inflation in the US.
The Consumer Price Index is used to measure the average change over time in the prices that urban consumer pays for a market basket of goods and services.
The number clocked in at 8.2% for the month of September.
As it’s almost always the case, the cryptocurrency market reacted immediately, and the BTC price initially pumped and then dumped towards $18,200 where it’s trading at the time of this writing.
Source: Binance via TradingView

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Volatility Incoming? Bitcoin Exchange Inflows Skyrocket

October 12, 2022

The Bitcoin price has been relatively stagnant in the past few days, hovering around $19,000 without much movement.
This might all be about to change soon as whales appear to have sent a huge amount of BTC to spot exchanges.
Data from the popular cryptocurrency analytics resource CryptoQuant reveals that the inflows to spot exchanges have soared.
This comes mainly from whale addresses holding between 100 and 1000 BTC, who have been sending BTC to exchanges in large quantities.
Commenting on the matter was a CryptoQuant analyst, who said:
It seems that whales want lower prices for Bitcoin. Transferring from wallets that have from 100 to 1000 Bitcoin in large quantities to the spot exchanges a while ago, the price could press down more and it could be a distribution to

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The BNB Smart Chain Hard Fork Tomorrow: What You Need to Know

October 11, 2022

The BNB Smart Chain will go through a hard fork tomorrow. The upgrade will take place at around 08:00 AM (UTC) at block height 22,107,423.
The changes are aimed at mitigating the cross-chain infrastructure between the Beacon Chain and the Smar Chain in an attempt to re-enable the cross-chain back.
What is the BNB Smart Chain Moran Hard Fork?
According to a release on Github, the BNB Smart Chain will go through a hard fork tomorrow – October 12th.
The upgrade is called Moran, and it represents a “temporary urgent patch.”
This release is a temporary urgent patch to mitigate the cross-chain infrastructure between Beacon Chain and Smart Chain so that the cross-chain can be re-enabled back. It is a hard fork release for both testnet and mainnet.
The changes that Moran will

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Ripple (XRP) Skyrockets 20% in 14 Days: Here Are The Reasons Why

October 11, 2022

XRP has been one of the best performers in an otherwise stagnant and even declining cryptocurrency market where most of the coins are charting declines.
The cryptocurrency is up over 20% measured from the lows on September 28th and the price it’s trading at the time of this writing, as seen in the chart below.
Source: Binance via TradingViewThe SEC Lawsuit Going Well for Ripple
One of the biggest variables in XRP’s future price performance lies within the outcome of the lawsuit between the United States Securities and Exchange Commission and Ripple.
However, it appears that the process is going well in the company’s favor following the latest win on September 29th.
Back then, as CryptoPotato reported, New York judge Analisa Torres, ordered the SEC to turn over internal

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It’s Over 9000: ETH’s Supply Change Since The Merge

October 10, 2022

The Merge was this year’s biggest event. It marked the long-awaited transition of Ethereum from a Proof-of-Work governance consensus to a Proof-of-Stake one.
Besides other benefits, one of the most notable differences was the supply change. Since miners no longer mine ETH, the issuance has dropped by over 99%.
At the time of this writing, the supply change of ETH since the Merge has surpassed 9,000 and sits at 9,700. This is to say that only 9,700 ETH has been added to the overall supply since then.
The data is provided by the popular resource ultrasound.money, where users can also simulate the supply change as if Ethereum were still governed by Proof of Work. This is what the graph looks like:
Source: Ultrasound Money
As seen above, the difference is astronomic. It’s also

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Terra Classic USD (USTC) Stablecoin Soars 40% on Re-Peg Proposal

October 10, 2022

The field of algorithmic stablecoins has taken a massive hit after the infamous collapse of the entire Terra ecosystem (including UST).
Following the crash, the community got split into two – those who support the new version of Terra, which retained the name, and those who support the old version of it – Terra Classic.
Within the past 24 hours, the stablecoin called Terra Classic USD, or USTC, soared by 40%, as uncharacteristic as this may be for a cryptocurrency designed to stay flat.
This comes as Tobias Andersen filed a proposal to re-peg the stablecoin and hence tackle some of the existing challenges in front of the protocol.
Titled Terra Classic USTC re-peg proposal, the document proposes to reduce the debt that was accumulated back in May during the “black swan” (as

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BNB HACK INU: How Someone Stole 60 ETH Following the BNB Chain Hack

October 7, 2022

The past 24 hours were quite tumultuous, with one of the largest blockchain networks – BNB Chain – suffering a security breach that saw the millions worth of cryptocurrency being compromised.
And while the process of freezing and recovering the stolen assets is ongoing and the network is back to its normal functioning, someone took the opportunity to pull off another scam.
Enter the BNB HACK INU Token
BNBHACKINU – a token created in a clear reference to both the recent BNB Chain hack and popular dog-themed memecoins – becomes the latest scam that perpetrators pulled off to steal crypto off of innocent people.
Delivering the information was a Twitter user by the name of lorem who detailed how the entire thing went down. According to him, the hacker who was responsible for

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Multi-Million BNB Chain Hack and Bitcoin’s Battle for $20K: This Week’s Crypto Recap

October 7, 2022

In terms of overall market movements, not much was happening in the past seven days. The total capitalization remained somewhat flat, around $990 million, unable to recover above the coveted $1 trillion mark. Bitcoin’s price, as well as that of the majority of altcoins, also failed to post a significant difference.
At the time of this writing, Bitcoin’s price trades at around $19,700 – more or less where it was this time last week. The volatility is currently gone from the cryptocurrency market, and Bitcoin is no exception. The bulls attempted to rally above $20,000 and even managed to keep the price above this level for a couple of days, reaching a weekly high at just shy of $20,500 (on Binance).
Unfortunately, today, the price tumbled below $20K when the United States

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Since January 2017, Whales Bought BTC at an Average Price of $15,800 (Analysis)

October 6, 2022

Bitcoin’s price appears to be stuck in a relatively wide range between $18,000 and $24,000 for the past couple of months, and it’s unable to escape.
Meanwhile, data from the popular cryptocurrency analytics resource, Glassnode, revealed the average price that whales have been accumulating since January 2017.
According to Glassnode, Bitcoin whales bought Bitcoin at an average price of about $15,800 for the period between now and January 2017.
To be precise, these are wallets that have more than 1,000 BTC.
If we assess Bitcoin volumes flowing in and out of exchanges by Whale sized entities (>1K BTC), we can estiamte their cost basis (Realized Price).
The average price of Whale Deposits/Withdrawals since Jan-2017 is currently around $15.8K.
Source: Glassnode

You Might

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