Peter Thiel-backed Bullish files for US IPO after reporting $150M in profit and holding $2.4B in customer assets. The post Peter Thiel-backed crypto exchange Bullish formally files for IPO appeared first on Crypto Briefing.

Peter Thiel-backed crypto exchange Bullish formally files for IPO

With bitcoin climbing 14.6% over the past 30 days, miners are raking in higher 
earnings. The going rate for 1 petahash per second (PH/s) of hashpower now 
floats around $60.49, padding profits for some of the top application-specific 
integrated circuit (ASIC) rigs available. Here’s a look at the leading 
machines of the moment and how […]

ASIC Bitcoin Miners Are Back in Profit Mode—Here’s What They’re Making Daily

As Bitcoin (BTC) continues to set new all-time highs (ATH) &#8211; reaching $123,218 
on Binance on July 13 &#8211; on-chain data reveals a shift in holder behavior that 
could threaten the cryptocurrency’s bullish momentum. Bitcoin Holder Rotation 
May Derail Rally According to a CryptoQuant Quicktake post by contributor IT 
Tech, long-term Bitcoin holders (LTH) &#8211; those holding BTC for over 155 days &#8211; 
have transitioned into net distribution, suggesting seasoned investors are 
engaging in profit-taking. Meanwhile, short-term holders (STH) &#8211; those who 
have held BTC for less than 155 days — have recently turned net positive, 
indicating they are buying into BTC’s current rally in anticipation of further 
gains. Historical data shows that similar trends among LTH and STH were 
observed back in April 2021 and November 2023. During both these instances, 
BTC witnessed a cooling phase or a local top when spot demand faded. Related 
Reading: Bitcoin Exchange Inflows Spike After $123,000 Peak – Signs Of Short- 
Term Cooling? In their analysis, IT Tech suggested keeping an eye on exchange 
inflows and funding rates for confirmation. If spot BTC inflows to crypto 
exchanges surge, it could hint that sell-pressure is likely to increase, which 
may derail the digital asset’s bullish trajectory. Supporting this view, 
CryptoQuant contributor Arab Chain noted that the Spent Output Value Ranges 
(SOVR) indicator shows a spike in BTC transfers to exchanges from wallets 
holding 1,000 to 10,000 BTC &#8211; typically associated with whales. For the 
uninitiated, the SOVR indicator tracks on-chain BTC transfers by value buckets 
to identify which investor segments are active. It helps reveal whether 
retail, mid-sized, or institutional players are driving market activity. This 
aligns with IT Tech’s observations on long-term holders. If selling pressure 
intensifies, BTC could correct down to a support level near $111,800. Not All 
Analysts See Rally Exhaustion Although Bitcoin LTH entering distribution 
phase, and whales increasing their deposits to crypto exchanges may point 
toward a potential end for the current rally, not all analysts share the same 
sentiment. Related Reading: Bitcoin Profit-Taking Spikes Without Price Drop – 
Strong Demand Or Delayed Reaction? For instance, the STH Market Value to 
Realized Value (MVRV) suggests BTC may still be undervalued, indicating 
potential for further upside. If that holds, Bitcoin could climb as high as 
$150,000 before any major pullback. Additionally, a fresh injection of $2 
billion in liquidity to major crypto derivatives platforms could help reignite 
bullish momentum. However, caution remains warranted. The Bitcoin NVT Golden 
Cross has been climbing steadily, giving early signs of an overheated market. 
At press time, BTC trades at $118,754, up 0.4% in the past 24 hours. Featured 
image from Unsplash, charts from CryptoQuant and TradingView.com

Bitcoin Sees Long-Term Holders Sell As Short-Term Buyers Step In – Sign Of Rally Exhaustion?

Sharplink Gaming Inc. has filed to sell up to $5 billion worth of additional 
common stock, primarily to fund the purchase of ether for its corporate 
treasury. Sharplink Expands Stock Offering to $6B Total The Minneapolis-based 
online gaming marketing company disclosed the plan in a Securities and 
Exchange Commission (SEC) filing this week. The new […]

Sharplink Gaming Files to Sell $5B in Stock for Ether Purchases

As of Wednesday, at least eleven IP addresses have actively tried to exploit 
the vulnerability, with thousands more addresses possibly doing reconnaissance 
work.

Hacker reconnaissance work continues on TeleMessage app vulnerability — Report

Peter Thiel-backed Bullish files for US IPO after reporting $150M in profit 
and holding $2.4B in customer assets.
The post Peter Thiel-backed crypto exchange Bullish formally files for IPO 
appeared first on Crypto Briefing.