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Dave Portnoy offers to ‘save’ Bitcoin and Chainlink

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After exiting the crypto space at a loss last week following his high profile entry, Barstool Sports founder Dave Portnoy is hinting he’s not completely finished with Bitcoin yet.

In an Aug. 25 tweet to his 1.7 million followers, the day trading king said he would “save” Bitcoin and cryptocurrency — but only if asked nicely.

“It looks like I didn’t buy and sell the top in Bitcoin after all since it’s all significantly lower than when I got involved,” said Portnoy. “Should I take a few minutes away from stacking stacks on Wall Street to save the flailing crypto market?”

It’s unclear what the Barstool founder meant by this statement, but it may be related to the price of Bitcoin (BTC) dropping 3.7% in the last 24 hours, from $11,764 to $11,325 as of this writing.

Portnoy became more involved in the crypto space after hosting Gemini exchange founders Tyler and Cameron Winklevoss for a discussion on Bitcoin and other tokens on Aug. 13. Since their meeting, the Barstool founder said he had made nearly $100,000 in profit from Bitcoin … before later reporting he sold his coins at a $25,000 loss on Aug. 21.

Despite previously calling Chainlink (LINK) advocates frauds in the crypto space, the Barstool founder included LINK in his “bailout” offer. Shortly after his Bitcoin and crypto comments, Portnoy also asked his Twitter followers: “Is it time to save the LINK Marines?”

A day earlier Gemini’s Tyler Winklevoss had foreshadowed Portnoy’s return.

“Those who think @stoolpresidente  is out of #Bitcoin and crypto so easily, don’t understand the man. Remember, #DDTG does not play checkers, he plays 3D chess.”

Many of the responses from Crypto Twitter seemed to indicate that Bitcoin would be fine without Portnoy’s intervention.

“That’s the greatness of Bitcoin,” said Crypto Rand to his 218,000 followers. “It doesn’t need you. It doesn’t need anyone.”

Gold bug Peter Schiff joined the discussion, stating that Portnoy should also stay out of it, but only because he believed Bitcoin was beyond saving:

“If you encourage enough people to buy now, more people who got in early will be able to get out. But you won’t prevent the collapse, just delay it a bit. But why jump on a sinking ship, or encourage others to do so? You did right by cutting your losses.”





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Bitcoin outflows from centralized exchanges surge to 100K BTC monthly

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Bitcoin outflows from centralized exchanges have surged to their highest level year-to-date, with roughly 40,000 BTC being withdrawn over the past seven days.

According to the Glassnode’s August 2 The Week On-Chain report, Bitcoin outflows have accelerated to a rate exceeding 100,000 BTC per month for just the third time since September 2019. The on-chain analytics provider estimates that just 13.2% of circulating BTC are currently held on exchanges — a new low for 2021.

“This represents a near full retracement of the significant inflow volume observed during the May sell-off,” the report noted.

BTC Exchange Net Position Change – Glassnode

Outflows surged to nearly 150,000 BTC monthly at the end of April 2020 following the violent “Black Thursday” crash that saw crypto prices tumble by more than 50% in less than two days after then-U.S. President Trump announced a travel ban between Europe and the U.S. in March as the coronavirus pandemic intensified. Despite the aggressive crash, Bitcoin had rebounded by 150% by the end of May 2020, driving heavy accumulation.

Outflows again came close to 150,000 BTC monthly in November 2020 as Bitcoin surged to test its then-record price high of $20,000, with BTC rallying into new all-time highs the following month.

Glassnode notes divergent trends between Coinbase and Binance throughout most of 2021, with Coinbase having experienced significant outflows while Binance has been the largest recipient of BTC.

However, Binance’s reserves are now beginning to dwindle, with 37,500 BTC (worth roughly $1.5 billion) exiting the exchange over the past week.

Coinbase balances remained steady in June. While the exchange received 30,000 BTC in mid-July, 31,000 BTC was withdrawn from the platform this past week.

Related: Traders are withdrawing 2,000 BTC from centralized exchanges daily

Looking at the macro sentiment, the on-chain analytics provider referred to its “Liveliness metric” to identify trends in accumulation.

The metric, which measures the ratio of the sum of coin days destroyed and the sum of all coin days ever created, indicates a broad trend of accumulation following May’s immediate sell-off.

“It seems that HODLing and accumulation is the most likely dominant trend in the on-chain market,” the report concluded.

BTC Liveliness chart: Glassnode