What Happened in Crypto Today: Whales Going for ETH Now?
11/11/2024 17:43Here is a 4-minute breakdown of everything important that happened in crypto today.
Bitcoin just took a small hit, dropping two points in market dominance these past couple of weeks.
Sure, we're not in full-on alt season yet, but alts are definitely enjoying Bitcoin's surge and putting up some pretty nice numbers.
Everyone's portfolio is looking healthier (finally!), but some traders are already playing the FUD card.
You know how it goes - "what goes up, must come down" and all that. These analysts are suggesting Bitcoin might be getting a bit ahead of itself.
Their take? We could see Bitcoin sitting around $75K in the next few days. Not because anything's wrong - it's just how markets tend to work. When things start looking a bit too good, that's usually when the market decides to keep us on our toes.
And speaking of keeping us on our toes - the altcoins are showing some interesting moves. While Bitcoin's been hogging the spotlight, there's been some pretty clever money moving into different corners of the market.
Let’s make sense of it all! Here is a quick rundown of the top headlines from the past 24 hours:
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Cardano's Charles Hoskinson is prepping to be Trump's new crypto advisor - but why him? Why not other big names? 🤔
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DOGE just pulled a 93% weekly gain with whales making moves. What’s triggering this run? 🚀
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ETH whales moved $10.4B while long-term holders stay put. Why the sudden interest in Ethereum, especially when institutions showed minimal interest in ETH ETFs? 🤔
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Animoca Brands is spreading its bets beyond GameFi - are they preparing for something bigger or just losing interest in blockchain gaming? 🎮
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Solana hits the $100B market cap milestone with explosive user growth - but can meme coins sustain this momentum? 🌟
But diving into these stories, let’s have
Bitcoin just pulled off something pretty spectacular – shattering its previous record and sprinting past $81,000.
What's even more interesting? This isn't just another random price spike. The data shows some fascinating patterns that might tell us where we're headed.
The market's reaction to the US presidential election has been nothing short of dramatic. According to data from Glassnode, we're seeing profit-taking volumes up by $635M per day.
But this is actually modest compared to previous rallies. When Bitcoin hit its previous high in March 2024, we saw profit-taking volumes hit a massive $3.1B. This suggests we might still have more room to run.
Let's talk about smart money moves.
Options markets are painting an intriguing picture. There's currently $28.3B in open interest, just shy of March 2024's $30.2B peak.
What's particularly telling is the (almost) even split between puts and calls – indicating big players are hedging their bets in both directions. They're clearly preparing for some major moves, but they're not all betting the same way.
Remember January 2023 when ETF approvals sent Bitcoin on a wild run? Well, the current ETF flows are showing similar patterns, but with a twist. We've seen some serious outflows in the days leading up to the election, but with prices breaking new highs, we seem to be in for another wave of institutional FOMO.
Rather than trying to time these volatile moves, focus on the bigger picture. Keep an eye on those options market indicators – they're often the canary in the coal mine.
When you see extreme volatility readings like we have now, it's usually smart to size your positions appropriately and avoid using excessive leverage.
Consider setting clear entry and exit points based on key technical levels, and remember that during high volatility periods, having some dry powder ready for sudden moves can be crucial.
Now let’s dive into today’s stories!
Charles Hoskinson, who helped build Ethereum before launching Cardano, just announced he'll be working with lawmakers to shape U.S. crypto regulations.
This isn't just another tech guy heading to D.C. Hoskinson has been quietly positioning Cardano for something bigger - transforming it into a Bitcoin layer-2 solution.
Cardano's ADA token shot up 33% to $0.64 after the announcement. The timing is interesting too - he's specifically mentioned working with the potential Trump administration in 2025.
So why him? Why not other big names? Read the full story!
The OG meme coin is having quite a moment.
Dogecoin just pulled off a stunning 93% rally in a single week, and market signals suggest this might just be the warm-up act.
The 24-hour trading volume exploded by 233%.
The interesting bit? Whale transactions are up 5.5%.
But why is it even important? And what’s triggering this run? Read the full story!
Ethereum's recent 30% price surge to $3,200 is impressive, but something even more interesting is happening beneath the surface. Whale transactions over $1 million have exploded, with 8,482 massive transfers totaling more than $10.4 billion.
These aren't just random numbers - they're signaling serious institutional money flowing into Ethereum.
The "Liveliness" metric, which tracks long-term holder behavior, is showing some fascinating patterns. While some veteran investors are taking profits, many are still holding strong, creating an intriguing dynamic in the market.
So why the sudden interest in Ethereum, especially when institutions practically abandoned ETH ETFs? Read the full story!
Animoca Brands just pulled an unexpected move. The company known for bringing us blockchain games is suddenly leading October's venture investment charts with nine strategic deals - and they're not just betting on gaming anymore.
The Web3 giant is now pouring money into DeFi, DePIN, and AI projects. It's outpacing major players like CMS Holdings and Hack VC, suggesting something bigger might be brewing.
This strategic shift comes with whispers of a potential public offering. Chairman Yat Siu is eyeing either Hong Kong or the Middle East for the listing, though Hong Kong seems to have the edge.
How do we know they are going for public offering? Read the full story!
Solana just crossed $100 billion in market cap for the first time ever. If that number seems huge, here's some perspective - SOL's price touched $214.06, making it the fourth most valuable cryptocurrency in the world.
What's driving this surge? Surprisingly, it's not just the broader market rally (though Bitcoin breaking $80,000 certainly helps). Solana's meme coin explosion is doing the magic. Pump.fun raked in $30.5 million in revenue last month, while Raydium saw an eye-popping $30 billion in trading volume.
Solana's user base jumped from 509,000 monthly active addresses in January to over 100 million now. That's a 42% increase just since September.
But meme coins were already pushing Solana up… what’s new this time? Read the full story!