Bitcoin And Ethereum Holders Unwilling To Sell
The latest report from the on-chain analytics platform, Glassnode, provided updates regarding Hodl patterns. The report indicates a bullish pattern. More of the newer coins are being sold, while holders are reluctant to sell the top ones. The report further revealed that the bullishness or bearishness depends on the coin’s maturity and supply dynamics.
Glassnode Hodl Analysis. Source: Twitter
Hold Patterns
The report remarked that there had been less holding for the top two cryptocurrencies in the last 16 weeks. But the volatility in the market will cause newer coins (those not older than 12 weeks) to be sold more than the other ones.
The analytics also revealed that holders of coins three months to one-year-old would want to hold their coins for the long term. A rise in the chart for these coins indicates a decreasing liquid supply.
Glassnode proved its finding with what it termed a liveliness metric. This metric indicates the rate of coin accumulation or destruction. This metric has been on a downtrend for the past three months now. Thus, indicating more accumulation than destroying. The metric also observed a similar pattern for Ethereum.
Glassnode further discovered that there is a continual rise in the number of non-zero bitcoin wallet addresses. This number is almost 40m, and it surged to its peak two months ago. The second-largest digital currency is also following a similar trend. Glassnode observed that almost 61m eth addresses have a balance. Hence, it concluded that market sentiment surrounding on-chain supply is bullish.
Japanese Tennis Star Launches NFT
Naomi Osaka, one of the top tennis stars from japan, recently disclosed to Bloomberg that she got interested in dogecoin learning more about digital currencies via Twitter. She further stated that she started discussing it with her agent. The former US open winner also revealed that she would launch a new set of nfts before the US Open starts.
The NFT will feature a collection of her highlight moments from various tournaments. Osaka previously launched a set of NFT in April in partnership with her sister, and the NFTs earned almost $600k from those NFT sales. One of these NFTs was bought for over $200k, a record for any professional tennis sportsman or woman.
Soccer is also making inroads into the NFT space. You’d recall that Lionel Messi’s move from Barcelona to French soccer giants, PSG prompted the french club to launch a club fans’ token. Even part of Messi’s contract earnings would be in the form of these tokens.
Apart from the sports industry, top brands, venture capitalists, and musicians are also getting involved in this space. Visa and Budweiser have been making forays into NFTs instead of creating their tokens. Also, Mark Cuban (a top venture capitalist) recently invested in “talking NFT.”
On the music side, the kings of Leon recently earned more than $2m in sales of their NFT-based records. They weren’t the first musicians to release an NFT-based album. Mike Shonda was the first top artist to sell an NFT-based music single.
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