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📰 News from the market #101

Mt Pelerin sent this email to their subscribers on September 2, 2024.

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📊 Reserves of crypto exchanges at annual low

According to CryptoQuant analyst “Gaah”, the amount of bitcoins currently held on crypto exchange platforms has reached a new low:

Gaah @ 3dsyzago BTC reserves on exchanges hit new lows for the year With Bitcoin reserves on exchanges hitting new lows for the year, this could indicate reduced selling pressure, potentially favoring a bull market if demand also continues to grow. The reduction in reserves may also be related to the growing adoption of self-custody strategies, where investors are seeking more control over their assets by storing them outside of the centralized brokerage environment. Therefore, when there is less Bitcoin available on exchanges, there is less liquidity available for immediate sale, The outflow of Bitcoins to cold wallets generally indicates that investors are more interested i holding the asset for a longer period, hoping for future price appreciation. Thus, the dominance of long-term investors (Long-Term Holders) in the market may increase, leading to a more resilient market, less prone to large panic sales.

This new annual low could help prices to rise in the future, as low volumes held on crypto exchanges indicate a low selling pressure, which in turn could act as a catalyst in the bull market if demand increases.

Looking at the data from CryptoQuant, it shows that the inventory of BTC held by exchanges have fallen by around 13% since January 2024.

Currently, "only" 2.6 million bitcoins are stored on tier 1 crypto exchanges.

Bitcoin: Exchange Reserve - All Exchanges — Price USD — Exchange Reserve LIETS 3.05M 3 EY] / B3 295M \ 29M | 285M $55K 28M 03 275M $45K 27M 265M 2o o 26M F T S LIV TR S S R VR VR N S T VT WL PN P RN

As we explained in our last newsletter, the number of crypto investors who hold their coins in self-custody for the long term is also increasing.

According to “Gaah”, the combination of increasing self-custody and lower volumes held on exchanges could lead to a more resilient market on the long run.

Read more >

🏆 New all-time high for the stablecoin market

Stablecoins are becoming increasingly popular with an ever greater market capitalization, in spite of having to deal with constant obstacles from regulators.

A new all-time high in terms of market capitalization has indeed been reached, currently at $168 billion:

Total Stablecoins Market Cap LAt pede vl Change (7d) -0.04% USDT Dominance V(WY R R T BE $150b $1206 [ FE Y () . . i g il prr i 2023 el p i

The last record happened in March 2022. However, algorithmic stablecoins are not included in this statistic, as they are not linked to off-chain assets such as fiat or gold reserves.

Patrick Scott | Dynamo DeFi X ynamo,Patrick And just like that, we're at a new all-time high. Total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022. New money is entering crypto. Erevrs $168.447b Crnge 70 @ 519 Reply (@ Copy link

Analysts see this data as an indication of new money flowing into the crypto market.

Tether and its stablecoin USDT are at the top of the market with around 70% market dominance, closely followed by Circle's USDC:

] 1 . BT .“,72 X33 PO $1 X373 ORI X4 $18,189b 2 . o) = “@,73 X3 +0.50% L1l R ORI +5.95% RXZWEET £y . SIOIY) o...@.,y BNk +0.50% $1 +0.05% e Bk ELPLT

Tether recorded steady growth throughout the year and exceeded the $117 billion mark for the first time in August.

The year is also going brilliantly for Circle, with steady growth to a market capitalization of over $34 billion. However, Circle's peak was $55 billion in June 2022.

Read more >

🍬 The sugar rush of an interest rate cut

As mentionned in our last newsletter, a planned interest rate cut by the US Federal Reserve could lead to more liquidity in the currency markets and as a result boost Bitcoin and crypto assets.

BitMEX co-founder Arthur Hayes has compared this announcement by the Fed to a “sugar rush” for the economy, which should also have a positive impact on the crypto market.

In an essay posted last week, Hayes shared his opinion that a planned interest rate cut would serve as a catalyst, which could have an impact on the Japanese yen in addition to the crypto market.

Although low interest rates would keep traditional markets afloat, they would have a significant impact on fiat currencies.

In this context, a rise in the value of the yen would be possible, which would bring with it the risk of global market turbulence and thus lead to a further expansion of central bank balance sheets.

That mechanism would be triggered by the unwinding of trading positions due to the strength of the yen.

Read more >

👮‍♂️ New information on Durov's arrest

After his arrest in Paris on August 24, Telegram CEO Pavel Durov was brought before the court last Wednesday:

AFP News Agency X @arp G Telegram chief Durov heading to Paris court as initial detention period ends: source close to case 9 2 Reply @ Copy link

Durov is said to have been subjected to an initial interrogation and summoned to a possible arraignment.

Among other things, he is accused of conspiracy to commit illegal activities, refusal to communicate with authorities, money laundering, criminal association and providing cryptographic services without prior notification.

After receiving the indictment, Durov was released on a €5 million bail with the order to stay in France.

Due to the fierce reactions and criticism around the globe, French President Emmanuel Macron has publicly reacted and denied any political involvement:

Emmanuel Macron & X @EmmanueiMacron - Follow I have seen false information regarding France following the arrest of Pavel Durov. France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so. In a state governed by the rule of law,... Show more 429 PM - Aug 26, 2024 o @ 446K @ Reply (D Copylink Read 34.4K replies

Durov's arrest fuels fears of a stronger crackdown on decentralized technologies and freedom of expression in the tech sector.

CEOs of other well-known platforms, such as Chris Pavlovski from Rumble, left Europe right away.

Read more >

🎰 Solo miner achieves the (almost) impossible

Bitcoin miners earn their revenue by verifying transactions and writing them in the blockchain forever, which requires solving computing intensive math problems.

The first miner who solves the problem for a given block receives the full reward, paid in newly issued BTC. But as the difficulty to solve this increases over time, the chance of successfully mining a block alone with your own computer is today extremely low, although not impossible.

But that's exactly what happened last week, when a solo miner managed to mine a block and collect the associated reward of 3.275 BTC:

S0 Dr ek X @' edcalde Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 2915t solo block on 1 This hefty miner with 38PH would solve a block on average once every ~4 months ratelm": "37.7P", "ha {"hashratelm": "28.4P PR GR i L JRE] Reply @ Copy link

This reward corresponds to an equivalent value of around $200,000. To put things in perspective, that miner achieved this with a computing power that represents only 0.012% of the network's total.

) Rananjay Singh X @TodayCryptoR - Follow Solo miner wins $200K Bitcoin lottery with just 0.012% of hashrate A solo Bitcoin miner operating as part of the Solo CK pool solved a block with just 0.012% of the average hashrate. Block < 858978 > Hash e Median fee 2 e weight I Subsidy + fees Miner 92 Reply @ Copy link Read more on X

A real lottery win! Analysts at CryptoQuant also pointed to the current low Bitcoin hash price, which, based on historical data, often represents a low point in the market or a potentially good time to buy.

Read more >

💡 Latest crypto facts

🔹 According to the Crypto Wealth Report 2024 by Henley and Partners, the number of crypto millionaires has doubled in one year:

Worldwide Crypto Wealth Statistics Millionaires Centi-millionaires Billionaires Total crypto users (million) Total market value (USD trillion) Total 172,300 325 28 560 2.3 Crypto Growth % (1 year)* +95% +79% +27% +32% +89% © v Total 85,400 156 11 275 12 Growth % (1 year)® +111% +100% +83% +31% +103%

This includes people who own more than $1 million in Bitcoin. According to the study, they are about 85,000 worldwide.

The number of people holding more than $100 million in Bitcoin also rose by 79% to 325 persons. According to the report, five of the six persons who became crypto billionaires last year achieved this through Bitcoin, thanks in part to the launch of Bitcoin spot ETFs.
 

🔹 The Bitcoin Puell Multiple indicator could indicate an imminent buying opportunity for Bitcoin, perhaps even the best in recent years.

According to CryptoQuant analyst Grizzly, a value of the indicator between 0.6 and 0.8 represents the so-called “decision zone”. Historically, any time the index has fallen below 0.6 has been an optimal buying opportunity, especially for DCA purchases.
 

🔹 You probably read news about "Bitcoin whales" very regularly in the crypto space. But what is a whale anyway, and how are they defined?

Crypto whales are wallets or people with an enormously large amount of Bitcoin. Over time, the term “Bitcoin whale” has evolved into further gradations based on the inhabitants of the sea:

{«L\ ”,)‘ g@a B Cohort Refresher Krill Shrimp Crab Octopus nle][ o]y 11y] Shark Whale Humpback Range (ORI 0.100 1.00 1.000 10.00 10.00 100.00 100.00 1,000.00 1,000.00 10,000.00 10,000.00 100,000.00 100,000.00 1,000,000.00

Where would you rank yourself?

e Tobeintop 0.1% BTC holders you Tl A SR e Tobeintop BTC holders you need e Tobeintop 5% BTC holders you need >0.133 BTC

Fun fact: if bitcoins were distributed today evenly around the world across all people (8 billion), each person would receive 0.0025 BTC (about $150) only...

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© 2024 Mt Pelerin Group SA, all rights reserved.
 
This Newsletter is for informational purposes only. Any information herein does not constitute any legal, financial, tax or investment advice and is not intended as and is not to be taken as a recommendation, offer or solicitation for buying, trading or selling cryptocurrencies in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Mt Pelerin is in no way whatsoever responsible for any kind of damage or loss arising from the use of the information contained in this Newsletter.

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Mt Pelerin animated logo 📊 RESERVES OF CRYPTO EXCHANGES AT ANNUAL LOW According to CryptoQuant analyst “Gaah”, the amount of bitcoins currently held on crypto exchange platforms has reached a new low: Gaah @ 3dsyzago BTC reserves on exchanges hit new lows for the year With Bitcoin reserves on exchanges hitting new lows for the year, this could indicate reduced selling pressure, potentially favoring a bull market if demand also continues to grow. The reduction in reserves may also be related to the growing adoption of self-custody strategies, where investors are seeking more control over their assets by storing them outside of the centralized brokerage environment. Therefore, when there is less Bitcoin available on exchanges, there is less liquidity available for immediate sale, The outflow of Bitcoins to cold wallets generally indicates that investors are more interested i holding the asset for a longer period, hoping for future price appreciation. Thus, the dominance of long-term investors (Long-Term Holders) in the market may increase, leading to a more resilient market, less prone to large panic sales. This new annual low could help prices to rise in the future, as low volumes held on crypto exchanges indicate a low selling pressure, which in turn could act as a catalyst in the bull market if demand increases. Looking at the data from CryptoQuant, it shows that the inventory of BTC held by exchanges have fallen by around 13% since January 2024. Currently, "only" 2.6 million bitcoins are stored on tier 1 crypto exchanges. Bitcoin: Exchange Reserve - All Exchanges — Price USD — Exchange Reserve LIETS 3.05M 3 EY] / B3 295M \ 29M | 285M $55K 28M 03 275M $45K 27M 265M 2o o 26M F T S LIV TR S S R VR VR N S T VT WL PN P RN As we explained in our last newsletter, the number of crypto investors who hold their coins in self-custody for the long term is also increasing. According to “Gaah”, the combination of increasing self-custody and lower volumes held on exchanges could lead to a more resilient market on the long run. Read more > 🏆 NEW ALL-TIME HIGH FOR THE STABLECOIN MARKET Stablecoins are becoming increasingly popular with an ever greater market capitalization, in spite of having to deal with constant obstacles from regulators. A new all-time high in terms of market capitalization has indeed been reached, currently at $168 billion: Total Stablecoins Market Cap LAt pede vl Change (7d) -0.04% USDT Dominance V(WY R R T BE $150b $1206 [ FE Y () . . i g il prr i 2023 el p i The last record happened in March 2022. However, algorithmic stablecoins are not included in this statistic, as they are not linked to off-chain assets such as fiat or gold reserves. Patrick Scott | Dynamo DeFi X ynamo,Patrick And just like that, we're at a new all-time high. Total stablecoin market cap, excluding algorithmic stables, is now at the highest point ever, surpassing its previous high from early 2022. New money is entering crypto. Erevrs $168.447b Crnge 70 @ 519 Reply (@ Copy link Analysts see this data as an indication of new money flowing into the crypto market. Tether and its stablecoin USDT are at the top of the market with around 70% market dominance, closely followed by Circle's USDC: ] 1 . BT .“,72 X33 PO $1 X373 ORI X4 $18,189b 2 . o) = “@,73 X3 +0.50% L1l R ORI +5.95% RXZWEET £y . SIOIY) o...@.,y BNk +0.50% $1 +0.05% e Bk ELPLT Tether recorded steady growth throughout the year and exceeded the $117 billion mark for the first time in August. The year is also going brilliantly for Circle, with steady growth to a market capitalization of over $34 billion. However, Circle's peak was $55 billion in June 2022. Read more > 🍬 THE SUGAR RUSH OF AN INTEREST RATE CUT As mentionned in our last newsletter, a planned interest rate cut by the US Federal Reserve could lead to more liquidity in the currency markets and as a result boost Bitcoin and crypto assets. BitMEX co-founder Arthur Hayes has compared this announcement by the Fed to a “sugar rush” for the economy, which should also have a positive impact on the crypto market. In an essay posted last week, Hayes shared his opinion that a planned interest rate cut would serve as a catalyst, which could have an impact on the Japanese yen in addition to the crypto market. Although low interest rates would keep traditional markets afloat, they would have a significant impact on fiat currencies. In this context, a rise in the value of the yen would be possible, which would bring with it the risk of global market turbulence and thus lead to a further expansion of central bank balance sheets. That mechanism would be triggered by the unwinding of trading positions due to the strength of the yen. Read more > 👮‍♂️ NEW INFORMATION ON DUROV'S ARREST After his arrest in Paris on August 24, Telegram CEO Pavel Durov was brought before the court last Wednesday: AFP News Agency X @arp G Telegram chief Durov heading to Paris court as initial detention period ends: source close to case 9 2 Reply @ Copy link Durov is said to have been subjected to an initial interrogation and summoned to a possible arraignment. Among other things, he is accused of conspiracy to commit illegal activities, refusal to communicate with authorities, money laundering, criminal association and providing cryptographic services without prior notification. After receiving the indictment, Durov was released on a €5 million bail with the order to stay in France. Due to the fierce reactions and criticism around the globe, French President Emmanuel Macron has publicly reacted and denied any political involvement: Emmanuel Macron & X @EmmanueiMacron - Follow I have seen false information regarding France following the arrest of Pavel Durov. France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so. In a state governed by the rule of law,... Show more 429 PM - Aug 26, 2024 o @ 446K @ Reply (D Copylink Read 34.4K replies Durov's arrest fuels fears of a stronger crackdown on decentralized technologies and freedom of expression in the tech sector. CEOs of other well-known platforms, such as Chris Pavlovski from Rumble, left Europe right away. Read more > 🎰 SOLO MINER ACHIEVES THE (ALMOST) IMPOSSIBLE Bitcoin miners earn their revenue by verifying transactions and writing them in the blockchain forever, which requires solving computing intensive math problems. The first miner who solves the problem for a given block receives the full reward, paid in newly issued BTC. But as the difficulty to solve this increases over time, the chance of successfully mining a block alone with your own computer is today extremely low, although not impossible. But that's exactly what happened last week, when a solo miner managed to mine a block and collect the associated reward of 3.275 BTC: S0 Dr ek X @' edcalde Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 2915t solo block on 1 This hefty miner with 38PH would solve a block on average once every ~4 months ratelm": "37.7P", "ha {"hashratelm": "28.4P PR GR i L JRE] Reply @ Copy link This reward corresponds to an equivalent value of around $200,000. To put things in perspective, that miner achieved this with a computing power that represents only 0.012% of the network's total. ) Rananjay Singh X @TodayCryptoR - Follow Solo miner wins $200K Bitcoin lottery with just 0.012% of hashrate A solo Bitcoin miner operating as part of the Solo CK pool solved a block with just 0.012% of the average hashrate. Block < 858978 > Hash e Median fee 2 e weight I Subsidy + fees Miner 92 Reply @ Copy link Read more on X A real lottery win! Analysts at CryptoQuant also pointed to the current low Bitcoin hash price, which, based on historical data, often represents a low point in the market or a potentially good time to buy. Read more > 💡 LATEST CRYPTO FACTS 🔹 According to the Crypto Wealth Report 2024 by Henley and Partners, the number of crypto millionaires has doubled in one year: Worldwide Crypto Wealth Statistics Millionaires Centi-millionaires Billionaires Total crypto users (million) Total market value (USD trillion) Total 172,300 325 28 560 2.3 Crypto Growth % (1 year)* +95% +79% +27% +32% +89% © v Total 85,400 156 11 275 12 Growth % (1 year)® +111% +100% +83% +31% +103% This includes people who own more than $1 million in Bitcoin. According to the study, they are about 85,000 worldwide. The number of people holding more than $100 million in Bitcoin also rose by 79% to 325 persons. According to the report, five of the six persons who became crypto billionaires last year achieved this through Bitcoin, thanks in part to the launch of Bitcoin spot ETFs. 🔹 The Bitcoin Puell Multiple indicator could indicate an imminent buying opportunity for Bitcoin, perhaps even the best in recent years. According to CryptoQuant analyst Grizzly, a value of the indicator between 0.6 and 0.8 represents the so-called “decision zone”. Historically, any time the index has fallen below 0.6 has been an optimal buying opportunity, especially for DCA purchases. 🔹 You probably read news about "Bitcoin whales" very regularly in the crypto space. But what is a whale anyway, and how are they defined? Crypto whales are wallets or people with an enormously large amount of Bitcoin. Over time, the term “Bitcoin whale” has evolved into further gradations based on the inhabitants of the sea: {«L\ ”,)‘ g@a B Cohort Refresher Krill Shrimp Crab Octopus nle][ o]y 11y] Shark Whale Humpback Range (ORI 0.100 1.00 1.000 10.00 10.00 100.00 100.00 1,000.00 1,000.00 10,000.00 10,000.00 100,000.00 100,000.00 1,000,000.00 Where would you rank yourself? e Tobeintop 0.1% BTC holders you Tl A SR e Tobeintop BTC holders you need e Tobeintop 5% BTC holders you need >0.133 BTC Fun fact: if bitcoins were distributed today evenly around the world across all people (8 billion), each person would receive 0.0025 BTC (about $150) only... Referral animation INVITE FRIENDS & EARN Invite your friends to use Mt Pelerin and earn 25% of their fees in reward! Get started > Share Share Share Share Share Share Forward Forward Twitter LinkedIn Facebook Instagram © 2024 Mt Pelerin Group SA, all rights reserved. This Newsletter is for informational purposes only. Any information herein does not constitute any legal, financial, tax or investment advice and is not intended as and is not to be taken as a recommendation, offer or solicitation for buying, trading or selling cryptocurrencies in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Mt Pelerin is in no way whatsoever responsible for any kind of damage or loss arising from the use of the information contained in this Newsletter. Mt Pelerin Group SA Microcity, rue de la Pierre-à-Mazel 39 Neuchâtel 2000 Switzerland Add us to your address book or 💔
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