U.Today – U.Today presents the three most important news stories of the last day.
Satoshi will lose his crown before Halloween
Eric Balchunas, a senior ETF analyst at Bloomberg, recently shared a list of the world’s top 11 Bitcoin holders on his X page. According to the list, US spot Bitcoin ETFs combined (excluding Grayscale) are on the cusp of catching up to Satoshi Nakamoto in terms of Bitcoin holdings, with 921,540 BTC; by comparison, Nakamoto’s supply amounts to 1.1 million BTC. Therefore, US spot Bitcoin ETFs now hold close to 84% of the Bitcoin held by Satoshi. Balchunas believes that he could lose his status as the largest holder of the flagship cryptocurrency by Halloween. The second spot on the list after Bitcoin’s creator is taken by the Binance exchange, and the third by BlackRock (NYSE:) (IBIT).
SHIB consumption rate collapses: here's what's happening at Shibarium
According to recent data from Shibburn, the burn rate currently sits at -99.62% over the past 24 hours, with only 261,691 SHIB meme coins burned. That was the only burn transfer that took place yesterday, August 27th. The weekly reading of this metric shows an increase of 843%, with 114,255,785 SHIB tokens moved to dead-end wallets over the past seven days. The situation on Shibarium, a layer-2 solution, has also slowed down; after the recent upgrade was implemented, SHIB burns directly correlate with transaction activity on SHIB’s internal ledger. The number of daily transactions on Shibarium has been declining over the past week, dropping from 28,680 on August 20th to 3,370 on August 23rd, which is a decrease of over 88%. According to Shibariumscan, this metric has been moving roughly in the same range since then.
Bitcoin Records Epic 7,023% Imbalance on Bull Liquidations
Bullish traders have been the ones who have suffered the most from the recent wave of liquidations in the Bitcoin market. According to CoinGlass, over $3 million worth of long positions were liquidated in just one hour, while short position liquidations amounted to just $51,000. As this massive imbalance of 7,023% demonstrates, the market is currently in a bearish state. One factor driving the wave of liquidations was the 0.6% drop in the price of Bitcoin over that same period. This drop follows a 3.7% drop since the beginning of the week, adding to the suffering of bullish traders. In light of these significant liquidations, we wonder if this marks the end of Bitcoin’s current rally or if the market is simply going through a normal correction. At the time of writing, Bitcoin is trading at $58,848, down 4.41% over the past 24 hours according to CoinMarketCap.
This article was originally published on U.Today
