pricpr

This week, Bloomberg’s Mike McGlone warned that Bitcoin needs to rise back above $75,000, or it could fall sharply to around $10,000. However, Fundstrat’s Tom Lee believes the worst is already over, stating that Bitcoin has likely hit its lowest point. It’s worth mentioning that Lee’s firm holds a significant $10.4 billion in Ethereum.

Ah, Bhutan, the land of Gross National Happiness, where the monks chant and the miners toil, has not shied away from the siren call of profit. Since the fateful October 28, 2024, the kingdom’s Bitcoin hoard has dwindled from a majestic 13,000 BTC to a mere 3,954 BTC, a sacrifice at the altar of market prices. The on-chain seers at Lookonchain, ever vigilant, have chronicled this slow hemorrhage, noting that over 9,000 BTC, a princely sum of $640 million, has been liquidated.

As a researcher, I’ve been analyzing the recent network activity, and the numbers are quite striking. We saw a huge surge in new wallet creation yesterday – 32,058 to be exact. That’s over sixteen times the typical daily amount! We also observed a significant jump in active wallets, reaching 46,650 – more than three times the usual level. It really highlights a substantial increase in network engagement.

In the midst of this geopolitical charade, the Bitcoin brigade has been busier than a butler at a debutante ball. Strategies, darling, strategies! Some buy, some sell, and some-well, they simply dither like a debutante faced with a menu in French.