Crypto Market Sentiment Shifting to Bullish: QCP Capital Analyzes Cause

• The cryptocurrency market has seen a shift in sentiment from bearish to bullish in recent weeks.
• This is indicated by Bitcoin (BTC) risk reversals which have been trading in positive territory, meaning calls (buys) have been more expensive than puts (sells).
• QCP Capital analysis reveals that this shift in sentiment is due to the macro market and the slight recovery in the economy.

The cryptocurrency market has seen a drastic shift in sentiment from bearish to bullish in recent weeks, indicated by Bitcoin (BTC) risk reversals trading in positive territory. This means that calls (buys) have been more expensive than puts (sells) for the sector, which is unusual, as BTC typically has a persistent put skew due to miner/treasury hedging activity. This shift in sentiment has been analyzed by QCP Capital, who have revealed that this is due to the macro market and the slight recovery in the economy.

The options market in its current state makes the crypto industry look like a major crisis, such as the shutdown of crypto exchange FTX after filing for bankruptcy, never happened. This change in sentiment is also reflected in the chart which shows the bullish sentiment impacting the options sector. Put skew drives the price of puts higher and calls lower, a difference in pricing between options which is called skew and, under normal circumstances, puts trade with higher volatility than calls precisely because investors are hedging some of their bullish positions.

These observations by QCP Capital could be indicative of a favorable trading environment in the cryptocurrency market in the coming months. With macro events such as Bitcoin ETFs, institutional investment, and the mainstreaming of digital assets, the market is beginning to look more positive for traders. This could be the start of a new era for cryptocurrencies, and with the right investments and strategies, investors could benefit from the potential of the industry.

It remains to be seen how the market will develop over the coming weeks and months, and whether the bullish sentiment will continue. However, with the right preparation and knowledge, traders can make the most of this shift in sentiment and capitalize on the potential of the industry.

Bitcoin Exchanges See Largest Outflows Since FTX Collapse, Positive Implications?

1. On-chain data shows Bitcoin exchanges have experienced the largest outflows since the collapse of FTX back in November.
2. Around 7,000 Bitcoin have left the exchanges in this recent spike, measured by the “all exchanges netflow” indicator.
3. Negative values of this metric can signal that investors are accumulating coins, which may have a bullish impact on the price.

Bitcoin exchanges have recently seen the most significant outflows since the collapse of crypto-exchange FTX back in November. As analysts at CryptoQuant report, around 7,000 Bitcoin have left the exchanges in this recent spike. This outflow is measured by the “all exchanges netflow” indicator, which takes the difference between inflows (coins going in) and outflows (coins moving out) of all centralized exchanges.

When the indicator has a positive value, it means that the inflows exceed the outflows, and a net number of coins are being deposited to exchanges. Such values are usually associated with investors selling their Bitcoin, which can have bearish implications for the crypto’s price. On the other hand, negative values imply that a net amount of supply is being withdrawn from these platforms. Generally, holders withdraw their coins from exchanges to store them in personal wallets for extended periods of time. These values can signal that investors are accumulating coins, which may have a bullish impact on the price.

The chart below shows the trend in the Bitcoin all exchange’s netflow over the last few months:

The value of the metric has been quite negative recently, which implies that a net amount of supply is being pulled off these platforms. This can be a sign that investors are accumulating coins and may be bullish for the price of Bitcoin in the near future. However, it is important to keep in mind that such outflows can also be caused by other factors, such as exchanges moving funds between wallets or coins being stored on services like custodians. Therefore, it is necessary to carefully analyze the data before making any investment decisions.

Bitcoin Bull Run: Investors Turn Greedy as Fear Wanes

• Investors in the Bitcoin market have turned greedy for the first time since March 2022, as measured by the Bitcoin Fear and Greed Index.
• Values below 50 indicate a fearful market, while values above this threshold suggest greedy holders. Extreme fear and extreme greed occur below 25 and above 75 respectively.
• Contrarian investing suggests taking advantage of fear and greed extremes, as bottoms and tops tend to form when investors are in these mentalities.

Investors in the Bitcoin market have recently shifted toward a state of greed, according to the Bitcoin Fear and Greed Index. After a long period of fear, investors are finally feeling more optimistic about the cryptocurrency, and this sentiment is being reflected in the index.

The Bitcoin Fear and Greed Index is a metric that tells us about the general sentiment among investors in the Bitcoin (as well as the wider crypto) market. To represent this sentiment, the metric uses a numeric scale that runs from 0-100. Values below 50 imply a fearful market, while those above this threshold suggest greedy holders. Although this cutoff point might look clean in theory, in practice, the region between values of 46 and 54 is generally considered to be „neutral“. Real breakouts towards either fear or greed only take place when the metric crosses below or above this transition region.

There are also two „special“ sentiments: extreme fear and extreme greed. The former occurs when the index is below 25, while the latter happens when it is above 75. The importance of these extreme sentiments is that tops and bottoms have historically tended to form when investors are in these mentalities. As such, some traders believe extreme fear periods provide ideal buying opportunities (as bottoms have taken place here), while times with extreme greed could be the best selling windows (since tops occur here).

This idea is known as contrarian investing, and is based on the idea of taking advantage of fear and greed extremes. As Warren Buffet famously said, „be fearful when others are greedy, and greedy when others are fearful“. In other words, it is wise to go against the herd and invest when the crowd is feeling either extreme fear or extreme greed.

In the current market, investors are feeling increasingly greedy, as indicated by the Bitcoin Fear and Greed Index. This metric has risen above the 50 threshold, meaning that investors are feeling more bullish than bearish about Bitcoin. That being said, it is still important to remember that extreme fear can still provide good buying opportunities, so it is important to remain vigilant and watch for any signs of fear in the market.

Bitcoin Price Surges Above $23k: Large Wallets Accumulate BTC

• Bitcoin prices have surged above the USD$23,000 level, signaling bullishness in the market.
• On-chain flows indicate that the amount of Bitcoin moved from mining addresses to exchanges has decreased to multi-year lows.
• Analysts attribute the recent uptick in Bitcoin price to large wallets (>$1M) accumulating Bitcoin, creating the buying pressure that followed the FTX saga and bearish events of last year.

Bitcoin’s Bull Run Continues as Prices Surge Above USD$23,000

The Bitcoin market has been on an impressive bull run, with the flagship cryptocurrency’s price surging past the USD$23,000 level. This surge in prices is being attributed to a reduced amount of Bitcoin being sold by miners, as well as major market actors accumulating large amounts of the cryptocurrency.

On-chain flows, as flagged by Bitfinex analysts, indicate that the amount of Bitcoin moved from mining addresses to wallets owned by cryptocurrency exchanges has decreased to multi-year lows. This suggests that miners are in the mood to accumulate coins as they expect the surge of prices of the flagship cryptocurrency. This lowered selling pressure from miners bodes well for the broader market, as it means that there is less resistance to the bulls in the market.

Analysts also attribute the recent uptick in Bitcoin price to large wallets (>$1M) accumulating Bitcoin. These wallets, as well as major market actors, are responsible for creating the buying pressure that followed the FTX saga and other bearish events that occurred last year. Since the second week of January, the numbers of wallets with $1,000 and $10,000 worth of Bitcoin have increased, indicating that investors are confident in the future of the cryptocurrency.

While the current bull run is a positive sign, analysts warn that it might be short-lived as some investors may be looking to cash out and recoup their profits. Regardless, the current surge in prices is a sign that investors are bullish on the future of Bitcoin, and it is likely that the cryptocurrency will continue its trend of growth in the coming months.

Exploit Steals $20M Worth of Bored Ape Yacht Club NFTs, ApeCoin Drops

• The Bored Ape Yacht Club NFT collection was targeted with an exploit on January 20th.
• FranklinIsbored, one of the biggest holders of BAYC NFTs, was targeted with an OpenSea’s stolen ApeCoin policy which allowed the attacker to sell a marked Bored Ape.
• ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has fallen 1.3% in value in the past 24 hours.

On January 20th, the Bored Ape Yacht Club NFT collection was targeted with an exploit that affected one of its largest holders, FranklinIsbored. The exploit took advantage of OpenSea’s stolen ApeCoin policy, which allowed an attacker to sell a marked Bored Ape. This Bored Ape was marked as “under review for suspicious activity”, which in theory should have prevented it from being sold. However, the exploit worked by using OpenSea’s “Match Advance Order” system to “Mint” and sell it to Franklin, resulting in the theft of nearly $20 million worth of Bored Ape and Mutant Ape NFTs.

The theft has had an immediate effect on the Bored Ape Yacht Club’s native token, ApeCoin. In the 24 hours following the exploit, ApeCoin has fallen 1.3% in value, decreasing from its seven-day high of $5.80 to $5.71. This comes despite the fact that ApeCoin has been increasing in value over the past week, trading up 16.6% from its seven-day low of $4.95.

FranklinIsbored has been the target of this exploit for the second time this week, with the first instance occurring on January 20th. Franklin has called out OpenSea to “PLEASE fix [their] stolen ApeCoin policy”, as the flagged apes can’t be sold since they are subjected to review. These stolen assets shouldn’t have been able to be sold in the open market, and it is unclear at this time what steps OpenSea is taking to prevent similar exploits from occurring in the future.

The Bored Ape Yacht Club NFT collection has become increasingly popular in recent months, and the recent exploit has cast doubt upon the security of the ecosystem. As the stolen assets are unable to be sold and ApeCoin’s value has taken a hit, it is uncertain as to what will happen with the Bored Ape Yacht Club’s NFTs in the weeks and months to come.

Cardano (ADA) Surges Ahead Of Bitcoin (BTC) On Stocktwits

• The crypto analytics platform Stocktwits has ranked Cardano (ADA) as the most trending cryptocurrency on the platform, surpassing Bitcoin (BTC).
• ADA had a trading price of $0.3774, up by 11%, and a change of $0.0382 at the time.
• CoinGecko and Coinmarketcap rank ADA as the eighth cryptocurrency with the highest market capitalization, having a 1.2% dominance in the global crypto market cap.

The crypto market is still in a bullish trend, and the so-called ‚mini bull run‘ is becoming more and more prominent. Altcoins such as Cardano (ADA) have seen significant price movement, breaking multiple resistances and reaching higher highs, ignoring any retrace. This week, ADA has once again demonstrated its potential to be a small but powerful token as it topped the list of trending cryptos on the crypto analytics platform StockTwits.

At the time of the announcement, ADA had a trading price of $0.3774, up by 11%, and a change of $0.0382. This pushed it ahead of Bitcoin (BTC), which came in second with a trading price of $23,195, up by 8.47%, and a change of $1,810.42. On other platforms such as CoinGecko and Coinmarketcap, ADA still maintained its strong position, ranking eighth in the list of cryptocurrencies with the highest market capitalization, with a 1.2% dominance in the global crypto market cap.

These developments point to an increasing level of interest in the token, and it is expected that ADA’s price will continue to rise in the coming days and weeks. As more people become aware of the potential of this altcoin, it is likely that its price will continue to be supported by strong demand. Investors should, therefore, be on the lookout for any potential opportunities to capitalize on this trend.

Litecoin Jumps 6% as Bulls Push Price Toward $93 Resistance

• Litecoin has seen a bullish surge over the past week, jumping up by 6% after bouncing off the $81 resistance zone.
• Over the past 24 hours, the altcoin has gained 2% and is now eyeing the $93 resistance mark.
• Technical indicators suggest that accumulation has shot past the overbought region, with a chance of price retracement.

Litecoin (LTC) has seen a surge in bullish sentiment over the past week as the altcoin bounced off from the $81 resistance zone. Over the past 24 hours, the LTC price has jumped by 2%, with the coin now eyeing the $93 resistance mark. Technical indicators suggest that accumulation has shot past the overbought region, which could spell a chance of price retracement.

The Litecoin price has been on a bullish run since crossing the $81 resistance level, with demand for the coin remaining steady between the $81 and $88 price levels. Once the coin traveled above the $88 price zone, it started to display a price correction. However, the bullish momentum gained strength and Litecoin quickly reached the $90 mark. Historically, the $93 resistance mark has acted as a pullback region for the coin, which could be reached in the coming session if Bitcoin continues to surge.

On the one-day chart, LTC was trading at $91 at the time of this writing. The coin pierced through several resistance levels and faced stiff resistance at $81. Overhead resistance for the coin stood at $92, and if this is breached, the coin could move to the $93 mark.

The technical outlook of the Litecoin price has depicted that accumulation shot past the overbought region just when Litecoin breached the $81 price region. Despite the price correction, the indicators still remain heavily bullish on the chart, with another chance of a price retracement.

Overall, Litecoin has been on a steady path of growth and is likely to continue its upward trajectory in the near future. The coin is expected to cross the $93 resistance mark if Bitcoin continues to surge, which could lead to further bullish momentum on the LTC chart.

Theta Network Soars to $1.02 with EdgeStore and Enterprise Validators

• Streaming services have become important in the modern society, and Theta Network is developing tech for the Web 3 space.
• The native token THETA has seen a 15% increase in the bi-weekly timeframe, and the network has released EdgeStore, a decentralized storage solution.
• BitStarz, Trusted Media Brand and other industry giants have joined Theta’s Enterprise Validator Nodes, driving the token price to $1.02.

Streaming services have become an integral part of our lives in the modern society. To meet the ever-growing demand for such services, Theta Network is developing cutting-edge technology for the Web 3 space. The Theta Network has seen an impressive surge in its native token THETA in the bi-weekly timeframe, with the token itself showing a positive 15% increase. The network has also been further developing its infrastructure by releasing EdgeStore, a decentralized storage solution.

EdgeStore is a decentralized storage solution that enables the Web3 to store content with the help of Theta Edge Nodes. The Edge Nodes are also equipped with the ability to encode and transcode content, thus making it easier for users to access the content. Such developments have attracted the attention of various industry giants, such as BitStarz, Trusted Media Brand, and others, who have now joined Theta’s Enterprise Validator Nodes.

The influx of enterprise validator nodes has had a positive effect on the network and its native token THETA, driving its price to $1.02. This marks a significant milestone for the token, and it is expected to continue to grow in the future. Such developments are sure to further accelerate the adoption of Web3 for entertainment services.

Solana Price Surges 40% Over Week: Is a Correction In the Cards?

• The Solana price has seen a significant rally of close to 20% over the last 24 hours and 40% over the week.
• The coin has pierced through many resistance levels and is currently trading at a 90% discount to its all-time high.
• Technical indicators suggest that the coin could face a price correction in the short-term, but the long-term outlook remains bullish.

Solana (SOL) has been on a bullish streak lately, with its price surging close to 40% over the week. In the last 24 hours, the altcoin has appreciated by close to 20%, breaching important resistance levels. This surge in price has been attributed to Bitcoin’s price remaining above $20,000 and hence, most altcoins have been showing positive price momentum on their respective charts.

The technical outlook of Solana has also been bullish and the coin is currently trading at a discounted price of 90% to its all-time high, which was achieved in 2021. However, the chart also reveals that the coin has been overbought, indicating that SOL could soon witness a price correction. Despite this, the market capitalization of Solana has been growing, suggesting that the demand for the coin has been at a multi-month high.

The overhead resistance level for the coin is currently at $31, and it is important that Solana remains above the $25 price mark to avoid its bullish momentum from fading. If Bitcoin continues to climb higher, then the coin could present its buyers with good buying opportunities.

Overall, the long-term outlook for Solana remains bullish, although the coin could face some short-term price corrections in the near future. Investors are recommended to remain cautious and watch the coin’s price movements closely to make the most out of the current market conditions.