Top 3 Stories in the Financial Markets: Bitcoin ETFs Set to Surpass Satoshi, SHIB Burn Rate Collapses, Bitcoin Witnesses Massive Liquidations
In a recent analysis by Eric Balchunas, senior ETF analyst at Bloomberg, it has been revealed that U.S. spot Bitcoin ETFs are on track to surpass Satoshi Nakamoto in terms of Bitcoin holdings by Halloween. Currently, U.S. spot Bitcoin ETFs hold 921,540 BTC, while Nakamoto holds 1.1 million BTC. This means that ETFs now have close to 84% of the Bitcoin that Satoshi possesses. This shift could have significant implications for the cryptocurrency market moving forward.
On the other hand, the burn rate of SHIB meme coins has collapsed, with only 261,691 coins burned in the last 24 hours. This marks a significant decrease from previous weeks, where the burn rate saw an 843% increase. The situation on Shibarium, a layer-2 solution, has also slowed down, with daily transactions decreasing by more than 88% over the last week.
Lastly, Bitcoin has witnessed a massive imbalance in liquidations, with bullish traders suffering the most. Over $3 million worth of long positions were liquidated in just one hour, compared to only $51,000 in short liquidations. This imbalance of 7,023% suggests that the market is currently in a bearish state. The decline in Bitcoin's price and the significant liquidations raise questions about the future trajectory of the cryptocurrency.
In conclusion, these developments in the financial markets highlight the evolving landscape of cryptocurrencies and the impact of institutional investors on the market. It is important for investors to stay informed about these trends and be prepared for potential shifts in the market dynamics.