🔍 GoMarket Weekly #24 👀

This week, Mike Ermolaev, our resident crypto analyst, dives deep into the latest developments across the crypto market. The 24th edition is packed with insights you can't afford to miss; from how long-term and short-term holders navigate market volatility, to insights into Bitcoin futures, options, and the bullish sentiment driven by economic and political events.

Bitcoin Dominance Soars 🚀
Since the end of the 2022 bear market, Bitcoin's dominance has surged from 38.7% to a remarkable 56.2%, highlighting a significant shift in capital towards the leading digital asset.

Long-Term Holders Reap Significant Profits 📈💰

LTHs have been steadfast, steadily accumulating Bitcoin and locking in an impressive average daily profit of $138 million. With a profit margin of +75%, these holders are reaping the rewards of their patience, showing that conviction in the long term can pay off remarkably.

Short-Term Holders Struggle Amid Market Overreaction📉

On the other hand, short-term holders (STHs) are having a rough time, as both the STH-MVRV Ratio and STH-SOPR have dropped below 1.0. This means that many of them are experiencing losses, possibly because they reacted too strongly to recent market fluctuations. The market recently sold off below $50K, but with only a slight deviation between the spent and holding cost basis, it suggests that the market may have overreacted.

Buterin Boosts ETH by 2.76% in 30 Minutes💥

A recent post by Vitalik Buterin led to a 2.76% surge in Ethereum's price within just 30 minutes, underscoring the significant impact of sentiment in the crypto space.

Ether’s Market Share Declines📉

Ethereum's market dominance has decreased slightly, from 16.5% to 15.2% over the past two years. A troubling glimpse of vulnerability has crept into Ethereum's performance: can it adapt quickly enough to remain competitive in a rapidly shifting landscape dominated by rival blockchains?

EIP-4844 Impact📊

According to Galaxy Digital's "150 Days After Dencun" report, Ethereum's EIP-4844 upgrade has made rollups more cost-effective and profitable. However, this has come at a cost—revenue from rollups has dropped by 69%, and ETH burned has declined by 84% compared to pre-Dencun levels.

Market Resilience Amid Mt. Gox Transfers 🔒

Mt. Gox transferred 13,265 BTC to an unknown address. This is noteworthy given the potential impact such large outflows could have on market stability. However, according to experts, out of the BTC relocated, only 1,265 BTC is intended for distribution, while the remaining 12,000 BTC has been moved to fresh cold storage.

Bullish Sentiment in Bitcoin Options and Futures 📊

The market has seen a surge in election-linked Bitcoin options, reflecting traders' bullish sentiment following the U.S. elections. The current put-call ratio stands at 0.50, indicating twice as many calls as puts, with nearly $345 million in Bitcoin options set to expire shortly after the elections. Also, following the release of the Federal Open Market Committee minutes, which hinted at a more dovish policy direction, Bitcoin futures open interest surged from $30.21 billion to $31.92 billion. This renewed optimism is fueling speculation of a forthcoming bull run.

End of Miners' Capitulation⛏️

The Hash Ribbons indicator has signaled the end of Bitcoin miners' capitulation, a positive sign that selling pressure from miners is easing. This crossover, the first since the April halving, is seen as a "significant and healthy signal" for the market, potentially indicating an uptrend on the horizon.

Political Shifts and Crypto Regulation 🇺🇸

Kamala Harris' team has expressed her support for fostering growth in the crypto industry, which is seen as a positive development for the sector. However, this optimism is tempered by rumors that SEC Chairman Gary Gensler might be appointed as Treasury Secretary if Harris takes office.

👉 For a detailed breakdown and to stay ahead of the curve, read the full report now! 📚

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