Bitcoin and Ethereum whales have been making significant moves in the crypto market. Bitcoin whales have transferred over $700 million worth of BTC to various exchanges, sparking speculation that they may be preparing to take profits. The rise of Bitcoin as an option for Wall Street veterans has had a significant impact on the macroeconomic landscape, with investment products related to Bitcoin gaining traction. On the other hand, the US federal government has accumulated a massive Bitcoin stash and has started executing more sophisticated sales, raising questions about its influence as a major whale in the Bitcoin market. Meanwhile, an Ethereum whale has initiated a massive exodus from Binance, indicating increased confidence in a sustained price uptrend. Ethereum's scalability issue and rising gas fees are being discussed, with Ethereum transaction fees reaching high levels. The debate includes discussions on layer 2 solutions and the example of Solana. In other news, Binance experiences an executive exodus, Nasdaq plans to trade AI orders, and SBF loses a bail appeal. Ethereum has surpassed Bitcoin in terms of long-term holders, with the Hodler Ratio reaching its highest level since 2018. Long-term holders play a crucial role in the health of the Ethereum blockchain, and the rewards of staking are incentivizing ETH holders to keep the currency for longer. The amount of ETH in staking has nearly doubled in 2023, representing a significant portion of the total supply. Ethereum whales are also increasing, with addresses holding more than 1% of the circulating supply of ETH on the rise. Crypto analyst Miles Deutscher argues that fading Ethereum would be unwise given its strong network effects and fundamentals. Some key strengths of Ethereum include the largest developer ecosystem, funding, institutional credibility, users, TVL, transactions, decentralization, security, and deflationary issuance post-merge. Layergg believes Ethereum stands to benefit from an anticipated Bitcoin Spot ETF approval in early 2023. Major zk-rollup projects launching in 2023 will also spotlight Ethereum's scalability solutions. Influential crypto voices like Arthur Hayes and Raoul Pal are bullish on Ethereum's future performance. Analysts see strong fundamentals and coming catalysts that suggest continued growth and outperformance in 2023-2024. [3dca12e6] [7f1d2ff1] [3e4e8f29] [52a6beb9] [895d1f05] [516091bf]
Steven Nerayoff, a former advisor to Ethereum, has voiced concerns about the Chinese Communist Party's alleged dominance over the ETH blockchain. TruthLabs claims that the CCP controls approximately 66.6% of ETH supply. Nerayoff warns that the CCP's stake in Ethereum jeopardizes the entire crypto world and calls for addressing corruption and external influence. He criticizes the recent Special Purpose Dealer Broker license given to Prometheum by the SEC, emphasizing the implications of classifying Ether as a security. TruthLabs alleges that the CCP's involvement compromises the privacy and security of American citizens. Nerayoff challenges prominent Ethereum figures, including Vitalik Buterin and Joseph Lubin, and is preparing a fraud lawsuit against the Ethereum Foundation. ETH is currently trading at $2,454.
Vitalik Buterin, the co-founder of Ethereum, has championed the importance of ERC-4337 for decentralized fee markets. In February, ERC-4337 saw a surge in activity with 2.989 million transactions executed across multiple chains. The number of active AA accounts reached 945k, with 845k new accounts created. Buterin highlights the decentralized fee market ERC-4337 offers and its role in fostering user operations within smart contract wallets. ERC-4337 ensures transaction integrity and addresses concerns of censorship. However, it does not address challenges such as enabling existing EOAs to send operations funded by third parties or facilitating EOA-to-contract upgrades. Buterin expresses optimism about the progress towards achieving full account abstraction and extends gratitude to the individuals driving these innovations. [a4f17a16]
The Industrial and Commercial Bank of China (ICBC), the world's largest bank, sees Bitcoin as digital gold and Ethereum as digital oil. ICBC believes that Bitcoin has a finite supply and is resistant to inflation, making it a good store of value. They also see Ethereum as a valuable asset due to its use in decentralized finance (DeFi) applications and smart contracts. ICBC's recognition of Bitcoin and Ethereum as digital assets highlights the growing acceptance of cryptocurrencies in the financial industry. [b7f33de2]
The Terra Classic community has approved a proposal to restore the Inter-Blockchain Communication (IBC) connection with Kujira, unlocking frozen funds and bolstering liquidity. The proposal received overwhelming support with 99.99% of the votes cast in favor. The IBC client will be upgraded from 07-tendermint-178 to 07-tendermint-246. The restoration proposal also had unanimous backing from validators, including Interstellar Lounge, Allnodes, Luna Station 88, and HappyCattyCrypto. The Terra Classic community is also seeking solutions to mitigate risks from peer-to-peer storm attacks. The revitalization of the IBC has had a positive impact on the price performance of Terra Classic's native tokens, with LUNC rising by 2.79% in the past 24 hours and USTC experiencing an upward trend. The approval of the IBC restoration highlights the collaborative spirit driving efforts toward Terra Classic's resurgence. [374ac575]