Connect with us

Ethereum

Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

Published

on

On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin.

Coinbase Observes Outflow Of 400,000 ETH

As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase.

The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange.

Advertisement

When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals.

So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.

Now, here is how the chart for the indicator looks like for the crypto exchange Coinbase:

Advertisement
Ethereum Coinbase Outflow
ETH's outflow showed a large spike yesterday | Source: CryptoQaunt

As the above graph shows, the crypto exchange Coinbase saw a spike of a massive 400k Ethereum in outflows yesterday.

Outflows this big can be a sign of activity from institutional investors as certainly normal holders won’t have these many coins to move around.

Institutional investors being bullish on ETH can mean huge things for the crypto. If ETH has to move to the next leg up, it will need a lot of money pumped into it, and this usually means whales like institutional investors need to get involved.

As these outflows already signal that institutional investors are taking their coins out of exchanges to perhaps hodl them, ETH’s outlook looks bullish.

Advertisement

Ethereum Price

At the time of writing, ETH’s price floats around $59.9k, up 9% in the last seven days. Over the last thirty days, the crypto has amassed 25% in gains.

The below chart shows the trend in the price of the coin over the last five days:

Ethereum Price Chart
ETH's price makes a push up and approaches the $4k mark | Source: ETHUSD on TradingView

ETH has made a big push in the last few days as the coin now approaches a test of the $4k mark. It’s unclear at the moment if ETH can keep this momentum going and reach a new all time high (ATH) soon, or if it will falter once again.

f the outflows are anything to go by, the general sentiment seems to be bullish and institutional investors getting involved can help with the big price pushes the crypto needs to break important resistance lines.

Advertisement

News Source

Ethereum

Macro Guru Raoul Pal Betting on Bitcoin, Ethereum and Nine Additional Altcoins – Here’s His Current Crypto Portfolio

Published

on

Real Vision chief executive Raoul Pal is revealing most of his crypto portfolio for public viewing.

In a new interview with Thinking Crypto, the former Goldman Sachs executive says that he primarily started out as a Bitcoin (BTC) investor then switched most of his BTC into Ethereum (ETH).

Pal says he then built a basket of 10 equally weighted large-cap altcoins. He later added the smart contract platform Solana (SOL) to his portfolio as well.

Advertisement

In an interview last week, the Real Vision CEO noted 82% of his portfolio is in ETH.

He says in his new Thinking Crypto interview that one of the smaller crypto assets he owns has seen such a significant surge in price that it’s ballooned into becoming his second-largest holding.

“What’s fascinating is my second-largest holding now, from an equally weighted basket, second to Ethereum, is Sandbox.

Advertisement

I’m bought in, it just went up 20x in the last month and a half, which is crazy.

I mean I would not take that position, second-largest position in Sandbox, but that’s where it is, and I’m not rebalancing for the time being.”

The Sandbox (SAND) is an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences. The project’s native token, SAND, is used to transfer value, secure the network and govern the protocol.

Advertisement

Pal also mentions that he bet on the Ethereum-powered decentralized virtual gaming world Decentraland (MANA). Decentraland’s native token, MANA, is used as a means of exchange.

The Real Vision CEO says he has also bet on a handful of decentralized finance (DeFi) projects, including the lending protocol Aave (AAVE), the decentralized exchange Uniswap (UNI), and the smart contract platform Polkadot (DOT).

Additionally, Pal notes that he’s made a couple of bets on social tokens, including Chiliz and Rally.

Advertisement

Chiliz (CHZ) is a platform for tokenizing sports and esports in order to encourage fan engagement.

Rally (RLY) is a decentralized network that enables creators and brands to monetize their content and offer community benefits.

Pal also says he owns XRP, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.

Advertisement

News Source

Continue Reading

Coinbase

Coinbase adds ETH2 ahead of key upgrade this week

Published

on

  • The ETH2 coin listed on Coinbase will mirror the original Ether (ETH) token at least up to June 2022.
  • This comes just ahead of the Arrow Glacier update that would delay the difficulty bomb on Etheruem.

Cryptocurrency exchange Coinbase seems to be preparing for a key upgrade on the Ethereum blockchain coming up this week on December 10. The crypto exchange has added a mirrored version ETH2 of the Ethereum blockchain’s native cryptocurrency Ether (ETH).

This new version of Ether just tracks the original Ether market data synchronously. As you can see in the below tweet, the cost of purchasing ETH2 is the same as that of the ETH crypto. Interestingly, the two trading volumes, market cap, circulating supply and price turn out to be the same.

However, unlike the original ETH, the new ETH2 crypto shows no trading activity. It seems that the newer version will just merely track the ETH market data at least up to mid-2022. It also shows that Coinbase is making all the early preparations for Ethereum 2.0 upgrade. Thus, ETH2 seems to be posing as the native cryptocurrency of the ongoing update of the Ethereum blockchain.

Advertisement

Interestingly, the recent ETH 2 listing on Coinbase happens just before the upcoming upgrade “Arrow Glacier” which will further delay the difficulty bomb.

Arrow Glacier update before Ethereum 2.0

The upcoming Arrow Glacier update on Ethereum will delay the difficulty bomb which would make it difficult for people to mine Ether. However, if the BOMB is triggered, it will slow down the Ethereum blockchain as far as it remains proof-of-work.

One of Ethereum’s core developers – Tim Beiko – said that the Arrow Glacier upgrade could probably be the last upgrade before Ethereum 2.0 goes live by June 2022. The Ethereum 2.0 will bring a significant change to the network design. Firstly, this includes a full-scale transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) blockchain.

Advertisement

In the existing PoW Ethereum network, nodes have to validate each transaction to maintain the Ethereum public ledger. However, the Ethereum 2.0 upgrade will introduce “sharding”. This will divide the entire network into small segments dubbed “shards”. Later, it will randomly assign the nodes to each shard.

This will remove the need for each node to scan the entire chain while improving the speeds and lowering the costs required to maintain the network. These individual shards will share the transaction details with the Beacon Chain, which is the backbone of Ethereum 2.0.

ETH2 won’t be a new crypto

The Beacon Chain will validate transactions on each shard while assisting the Ethereum 2.0 network in reaching consensus. It will detect dishonest validators and further initiate penalties by removing a part of the validator’s stake from circulation.

Advertisement

The current ETH token will serve as a staking token in the Ethereum 2.0 PoS design. Staking of ETH will allow validators to participate in a network consensus and thus receive block rewards.

News Source

Advertisement
Continue Reading

Ethereum

Ethereum Challenger Terra Becomes Third-Largest Blockchain by Total Value Locked, Surpassing Solana and Avalanche

Published

on

Decentralized finance (DeFi) platform Terra (LUNA) has surpassed its rival blockchains to become the third-largest crypto by total value locked (TVL).

Crypto market intelligence firm Delphi Digital says that the Ethereum competitor has now overtaken Solana (SOL) and Avalanche (AVAX) in terms of TVL primarily due to value growth in Bonded Luna (bLuna), which is the token used by liquid staking protocol Lido as collateral to borrow stablecoin TerraUSD (UST) within the Anchor protocol.

“TVL on Terra network overtook Avalanche and Solana, making it [the] third-largest blockchain by TVL after Ethereum (ETH) and Binance Smart Chain (BSC).

Advertisement

It’s important to note that TVL numbers are highly reflective alongside native token prices as they are commonly used as collateral in DeFi and as base pairs for DEXes. In Terra’s case, DEX base pairs usually utilize Tether instead of LUNA, therefore this growth in TVL is primarily contributed by value growth in Lido bLuna.”

The TVL of a DeFi platform is the total value held within its smart contracts. It is calculated by multiplying the amount of funds locked into the network as collateral by the current price of the assets.

Delphi Digital points to how LUNA’s rise has helped Terra’s stablecoin UST increase its overall supply by 4 billion tokens due to a proposal to mint UST on the Terra network.

Advertisement

“The increase in UST Supply from under $3 billion to $7 billion across mid-November was due to this proposal to mint UST with LUNA in the community pool to grow the Terra ecosystem through UST usage.

UST did another ~$1 billion of growth in circulating supply after 19th November.”

LUNA is exchanging hands at $70.85 as of writing, an 46% increase from its 30-day low of $38.06.

Advertisement

News Source

Continue Reading