2023-10-18 15:31

Copyrighted Image by: Reuters The supply concentration of Ethereum among "whales", or large investors, has been growing, marking a notable shift in wealth distribution. As of Wednesday, October 18, 2023, billionaire tier investors holding more than a million ETH controlled 32.2% of the available supply, a level not seen since 2016, according to data from Santiment. This increase in supply concentration coincides with a surge in transaction activity and a modest price increase of less than 1% for Ethereum. Despite significant price fluctuations in mid-October, which saw both gains and losses exceeding 2% in the ETH price, these wealthy individuals have been actively accumulating assets. The surge in whale transactions corresponds with their increased accumulation. The volume of these transactions reached its second-highest level in the past five weeks and aligned with major price movements around October 1 and 2. Simultaneously, smaller wallets holding between 1,000 to 100,000 ETH have been reducing their share of the total supply and selling off their holdings as Ethereum prices declined to around $1,560. This decrease in distribution among smaller wallet tiers coincided with an increase in whale transaction volume. However, this trend is contrary to Glassnode's indication that these whales have consistently offloaded their ETH since 2020, leading to a sale of about $20 million in ETH. This is in stark contrast to Bitcoin whales who have largely retained their holdings as per CoinMarketCap. Despite the sell-off from the larger holders, Ethereum staking continues to be robust. Beaconcha.in reports a record 27.6 million ETH staked, representing about 23% of the total supply. Since The Merge last September, the supply has decreased by 260,640 ETH or $409 million as per Ultrasound.Money. However, despite these bullish staking and deflationary supply dynamics, Ethereum's price continues to decline alongside other altcoins, falling another 1.3% on the day and losing 4.5% over the past fortnight. Ethereum is now down 68% from its all-time high or peak, underperforming compared to Bitcoin which is down 59%. https://www.investing.com/news/cryptocurrency-news/ethereum-wealth-shifts-to-whales-as-smaller-wallets-offload-holdings-93CH-3202189

2023-10-18 15:24

Copyrighted Image by: Reuters. In a week marked by significant crypto market activity, Bitcoin (BTC) and Bitcoin SV (BSV) have seen substantial price increases. On Wednesday, BSV experienced a 20% surge, trading at $39.85, outperforming both BTC and Ethereum (ETH). This performance was largely driven by the anticipation of Bitcoin ETF approval and the recent decision regarding the SEC's Grayscale lawsuit. The price of Bitcoin rose to a two-month high of $28,817 on the same day due to amendments made by Fidelity to its spot Bitcoin ETF filing, the Wise Origin Bitcoin Trust. The changes focused on safeguarding customers' Bitcoin in custody accounts and outlining risks associated with the regulatory environment around cryptocurrencies. This led to a 2.8% increase within 24 hours and extended the weekly rally close to 7%. Both Bloomberg Intelligence analyst James Seyffart and FxPro senior market analyst Alex Kuptsikevich noted these developments as positive signs for the cryptocurrency market. Seyffart pointed out ongoing dialogues between potential spot Bitcoin ETF issuers like Ark Invest and Invesco and the SEC, who have also recently updated their filings. Kuptsikevich anticipates Bitcoin reaching the $29,400 level soon due to elevated trading volumes, suggesting fresh buyer interest around the $28,500 level. Despite false rumors of spot bitcoin ETF approval circulating briefly and causing a temporary spike in BTC and BSV prices, BlackRock (NYSE:BLK) CEO Larry Fink observed that the continued rise in bitcoin prices reflects pent-up investor interest. Some firms predict that upon approval, the ETF could contribute a $1 trillion addition to the market capitalization, currently standing at $1.1 trillion. BSV's price increase was also influenced by support from Craig Wright, who claims to be Satoshi Nakamoto, and a tweet from @satoshi on October 2, which led to a 20% daily increase in BSV's price. Bitcoin SV was created from a BCH/USD blockchain hard fork and developed by nChain. These developments and their potential implications for the future of digital assets will be discussed at Benzinga's Future of Digital Assets event. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-bsv-and-btc-surge-93CH-3202176

2023-10-18 15:17

Copyrighted Image by: Reuters. The crypto market is experiencing a wave of optimism as the approval of a Bitcoin exchange-traded fund (ETF) appears imminent. This anticipation has seen Bitcoin's (BTC) price surge 5% towards $30,000 on Wednesday. The impending approval has sparked significant interest within the crypto sphere, with enthusiasts expecting a substantial price jump. Conventional investors have been advocating for Bitcoin ETFs to safely invest in the comparatively stable Bitcoin market. Despite past rejections by the Securities and Exchange Commission (SEC), the regulator now faces intense pressure to approve such initiatives. This potential breakthrough is reflected in Bitcoin's trading price on CoinMarketCap, which witnessed a 4.6% increase on Wednesday, reaching approximately $28,447. This development could also profoundly impact nascent projects such as Pikamoon (PIKA), a hybrid meme coin and the native token of the metaverse game Pikaverse. PIKA, dubbed the new Thor of the crypto world, disrupts play-to-earn gaming by removing entry barriers through groundbreaking offline gameplay. The token's deflationary approach, involving a 0.5% token burn per transaction, enhances its value. Pikaverse allows players to explore its deepest caves for rewards like $PIKA or rare gems in its offline gameplay mode. Its online multiplayer and competitive battle modes add to its appeal. Currently, PIKA is in its third presale stage, with each $PIKA valued at $0.0006, presenting a potential wealth creation opportunity for investors. The PIKA community consists of crypto whales and professional gamers, promising explosive profits ahead. Given Bitcoin's dominance over the broader crypto market, other tokens such as PIKA are predicted to follow suit with a similar upward trend as investment prospects in Bitcoin and Pikamoon rise due to the looming Bitcoin ETF approval. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-surge-in-btc-and-pikamoon-prices-93CH-3202174

2023-10-18 15:08

Copyrighted Image by: Reuters. Investing.com - Crude stockpiles fell by 4.5 million barrels in the United States last week as exports accelerated from inroads made by US oil into overseas markets, while supply cuts by OPEC+ resulted in lower imports, a government report showed Wednesday. Declines were also noted in inventories of gasoline, the premier US fuel product, and distillates — a feedstock for diesel and heating fuel, the Weekly Petroleum Status Report of the Energy Information Administration, or EIA, showed. Typically at this time of year, demand for fuels is softer in the United States as fewer families do road trips, with children back in school or college. But with the refinery industry on seasonal maintenance, larger-than-usual declines in fuel stocks also occur at times, due to limited replenishment. The U.S. crude inventory balance fell by 4.491M barrels during the week ended Oct. 13, according to the EIA. That contrasted with a 10.176M jump in the prior week to Oct. 6 led largely by a sharp decline in exports. In the latest week though, crude exports regained their mantle to reach 5.301M barrels per day versus the prior daily run of 3.067M. Imports, meanwhile, fell by 387,000 barrels per day, amounting to a weekly tally of 2.709M. Aside from the headline number for crude, the EIA also noted a 0.758M barrel decline at the Cushing, Oklahoma delivery point for U.S. crude, on top of the previous week’s draw of 0.547M. That was the lowest for Cushing storage levels since October 2014, historical EIA data showed. Oil held in Cushing has dropped drastically this year, prompting concerns that it might reach such critical lows to complicate operations at the storage hub. On the fuel side, the EIA reported a gasoline inventory slide of 2.37M barrels and distillate stockpiles drop of 3.185 barrels. In the prior week, gasoline saw a 1.3134-M barrel build while distillates experienced a 1.837M drop. https://www.investing.com/news/commodities-news/us-crude-oil-stocks-down-45m-barrels-last-week-as-exports-rose-imports-fell-eia-3202170

2023-10-18 11:41

On Wednesday, 25 global oil giants, including ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), HESS, CNOOC (NYSE:CEO), Saudi Aramco (TADAWUL:2222), and Aramco Trading Limited, entered the bidding process for a contract to market Guyana's oil from the Liza Destiny, Liza Unity, and Payara Prosperity FPSO vessels. The Ministry of Natural Resources initiated the process at the NPTAB office, with five lots representing different FPSO vessels or combinations on offer. Among the bidders are Repsol (OTC:REPYY) Trading from Spain, BP (NYSE:BP) Oil International Limited from the UK, Equinor ASA (NYSE:EQNR) from Norway, PetroChina International from America, and Mercuria Energy Trading SA from Switzerland. ENI (BIT:ENI) Trading & Shipping Inc. from Italy has targeted specific lots only. Several companies including ExxonMobil, BP Oil International Limited, PetroChina International Inc., Petraco Oil Company Limited, and Aramco Trading Limited bid for all five lots while others like ENI Trading & Shipping Inc. and Mercuria Energy Trading SA targeted specific lots. This initiative is part of Guyana's strategy to optimize its oil sector and maximize the value of its crude oil entitlement from developments in the Stabroek Block. The country is seeking a new marketer after significant discoveries in the Stabroek Block were previously marketed by BP International Limited. The strategy also aims to foster a competitive market for the Liza, Unity Gold, and Payara Gold Blends. In related news on Wednesday, Dutch firm SBM Offshore secured a Front-End Engineering Design (FEED) contract from ExxonMobil for its Whiptail development in Guyana. This involves designing, building, and installing an FPSO capable of producing 250,000 barrels of oil per day, treating 15.3M m3 gas, injecting 300,000 barrels of water per day, and storing two million barrels of crude oil. The contract triggers initial funding for SBM's FEED activities and a 10-year operation and maintenance agreement for four rigs, boosting SBM's revenue backlog by US$3Bn. ExxonMobil operates the Stabroek Block, where it green-lit a US$12.7Bn final investment decision for its fifth offshore project following a discovery at the Lancetfish-1 well. Stakeholders CNOOC and Hess Corp (NYSE:HES) also operate in the block which has produced 11Bn barrels of oil and plans to have six FPSOs by 2027 with first oil expected by the end of 2025. The project requires a subsea infrastructure network, with contracts awarded to Oceaneering International (NYSE:OII). https://www.investing.com/news/commodities-news/global-oil-giants-compete-for-guyanas-crude-marketing-contract-93CH-3201935

2023-10-18 11:28

CryptoQuant, a prominent data analytics firm, highlighted the potential of Bitcoin becoming a $900 billion asset if the Securities and Exchange Commission (SEC) approves spot exchange-traded funds (ETFs). The firm also predicts the overall crypto market could surge by an unprecedented $1 trillion. The report was released on Wednesday. The forecast is based on the assumption that major U.S. financial institutions, which have already applied for the spot Bitcoin ETFs, could receive approvals by March 2024. If these institutions allocate just 1% of their assets under management (AUM) to Bitcoin ETFs, it would result in approximately $155 billion flowing into the Bitcoin market. This could potentially drive Bitcoin's price between $50,000 and $73,000. Historical data reveals that during previous bull markets, Bitcoin's market cap expanded 3-5 times more than its realized capitalization. This indicates significant growth potential for the leading cryptocurrency. Institutions initially added bitcoin to their balance sheets, with the next wave possibly coming from financial institutions offering bitcoin access via spot ETFs. Notably, GBTC, managed by the Digital Currency Group, is currently the world's largest cryptocurrency fund. https://www.investing.com/news/cryptocurrency-news/bitcoins-future-bright-with-potential-spot-etfs-approval-93CH-3201896