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BTC

Bitcoin sees limited profit taking with BTC price up 3.7%

by admin May 22, 2025

Bitcoin price remained near its all-time high after a stellar surge on May 21, with bulls largely in control as the market eyed price discovery.

After hitting highs of $111,861, Bitcoin (BTC) traded to around $110,300 before rebounding higher.

Despite the spike to a fresh peak, with Bitcoin outpacing the Dow Jones Industrial Average as stocks struggled, the market hasn’t witnessed a significant profit taking scenario so far.

What are analysts saying about Bitcoin price?

Notably, all BTC addresses flipped profitable as the cryptocurrency rallied. Yet on-chain data shows the benchmark digital asset is “still not overheated.”

CryptoQuant analyst Crypto Dan posited that despite the run to a new ATH, profit taking is so far mild.

“Overheating indicators such as the funding rate [and] short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited.”

Alex Wacy, a popular crypto analyst and investor, noted via a post on X that while BTC storms to a new ATH, “there’s no mania.”

He pointed to Google searches being low, with retail not yet in fear of missing out territory.

$BTC is hitting a new all-time high.

But look around: there’s no mania.

Google searches are quiet. Retail is still asleep. CT is loud, but it always is. The broader public isn’t rushing in — not yet.

It’s a familiar pattern. Hype always lags price. Interest follows… pic.twitter.com/hzd2sXyPpc

— AlΞx Wacy 🌐 (@wacy_time1) May 22, 2025

But as Bitcoin quietly edges towards price discovery, something else is at historic levels – the global M2 money supply. Currently, this sits at over $22 trillion.

“That means there’s more money in the system than ever before. But it’s not backed by an equivalent increase in productivity, goods, or services. It’s just… more money,” the analyst noted.

No frenzy means it’s still early days for Bitcoin, Wacy said. His forecast aligns with overall market sentiment that Bitcoin’s price could target $150k or higher in 2025. On May 21, 2025, as BTC price broke past its January 2025 peak, Michael Saylor said buying at the top could still be profitable long-term.

The confidence in Bitcoin price going higher could be why a whale just sold recently acquired Ether (ETH) and continues to hodl the BTC.

Per Lookonchain, a whale who scooped 30,000 ETH and 600 BTC on April 27, 2025 has sold all 30k ETH. However, the address still holds all 600 $BTC purchased for $56.9 million. The whale’s Bitcoin haul was worth over $66.5 million as prices hovered above $111k.

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May 22, 2025 0 comments

Crypto Trends

Alleged Coinbase hacker trolls ZachXBT with on-chain message after swapping $42.5m BTC

by admin May 22, 2025

Crypto sleuth ZachXBT revealed that the hacker accused of stealing Coinbase customer data left him a taunting message on-chain after swapping $42.5 million worth of BTC for ETH on THORChain.

In a broadcast message sent to his Investigations Telegram channel, on-chain investigator ZachXBT claimed to have received a message sent from a hacker accused of swindling more than $300 million worth of crypto assets from users. The message was sent to his on-chain Ethereum (ETH) account.

“The threat actor who stole $300M+ from Coinbase users by paying customer support just began trolling me on-chain with this message,” said ZachXBT in his Telegram message.

The message was sent from an address simply named Fake_Phishing1158790 and contained the words “L bozo” and what appeared to be a link to a YouTube video showing the viral internet short clip of former NBA athlete James Worthy smoking a cigar after a Lakers win.

“Smoking that ZachXBT pack,” one user commented under the YouTube video, indicating they were led to the video after seeing the on-chain message addressed to the crypto sleuth.

The message was linked to the alleged hacker’s recent on-chain transaction, which consisted of swapping $42.5 million worth of BTC (BTC) for ETH via THORChain.

The Coinbase user data exploit was first disclosed by the exchange on May 15. The hacker was believed to have bribed customer support staff to steal sensitive user data.

According to Coinbase, the attacker was able to get ahold of phone names, addresses, phone numbers, government-issued IDs, and other account data. The exchange claimed that the exploit only affected less than 1% of users.

After firing the customer service workers involved, the company estimated the breach could cost up to $400 million to resolve. The attackers had asked for a $20 million ransom from the crypto exchange. Coinbase refused to pay the $20 million ransom and is offering a bounty for anyone who can track down the attacker.

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May 22, 2025 0 comments

NFT Gaming

Bitcoin Approaches Golden Cross With ATH In Sight – How High Can BTC Go?

by admin May 22, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) is nearing a bullish Golden Cross formation on the weekly chart, as the largest cryptocurrency by market cap trades just shy of its all-time high (ATH) of $108,786. With a new ATH seemingly within reach, several crypto analysts are weighing in on how high the ongoing rally could propel BTC.

Golden Cross Incoming For Bitcoin As It Flirts With ATH

In a recent post on X, crypto analyst Titan of Crypto shared the following weekly chart highlighting that BTC is on the verge of forming another Golden Cross. The last time BTC experienced this technical pattern was in October 2024, which preceded a historic rally that saw the asset hit multiple new ATHs over the following months.

Source: Titan of Crypto on X

For the uninitiated, a Golden Cross occurs when Bitcoin’s short-term moving average (MA) – typically the 50-day – crosses above its long-term MA – usually the 200-day – signalling a potential shift to a sustained bullish trend. This pattern is widely viewed by traders as a strong indicator of upward momentum.

Bitcoin’s current bullish trajectory has caught the attention of multiple analysts, many of whom are now forecasting further upside. For example, Master of Crypto predicts a rally to $116,000 as BTC breaks out from a bullish pennant formation.

Similarly, crypto analyst CryptoGoos shared the following weekly Bitcoin chart showing BTC breaking out of a price range, while the Moving Average Convergence Divergence (MACD) undergoes a bullish crossover.

Source: CryptoGoos on X

As seen in previous cycles, similar MACD crossovers were followed by significant price increases. If the pattern holds, BTC could be on the path to a new ATH.

To explain, an MACD bullish crossover happens when the MACD line – blue line – crosses above the signal line – orange line – indicating a potential shift from bearish to bullish momentum. Traders often see this as a sign that upward price movement may follow.

Is A Short Squeeze Incoming?

In a separate post, prominent analyst Ted Pillows pointed out that BTC’s long/short ratio is currently skewed toward shorts, based on data from major crypto exchanges. Ted suggested that such a setup could trigger a short squeeze, potentially accelerating BTC’s climb to new highs.

Source: Ted on X

Meanwhile, crypto analyst Jelle remarked that BTC is facing just “one last hurdle” before it rallies toward $140,000. Their outlook aligns with another forecast predicting a near-term high of $120,000.

Adding to the bullish sentiment, BTC continues to flow out of exchanges at a notable pace. Over 100,000 BTC have been withdrawn within the past three weeks, signalling that investors may be positioning for further upside. At press time, BTC trades at $107,031, up 2.5% in the past 24 hours.

BTC trades at $107,031 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, charts from X and TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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May 22, 2025 0 comments

Crypto Trends

Bitcoin Sets New High Above $111K, 15 Years After Developer Paid 10,000 BTC for Two Pizzas

by admin May 22, 2025

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

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May 22, 2025 0 comments

NFT Gaming

Bitcoin ETFs Add $1 Billion in 2 Days Amid March to Record BTC Price

by admin May 21, 2025

In brief

It’s only Wednesday, and U.S. investors have plowed nearly $1 billion into spot Bitcoin ETFs.
The price of BTC has reached a new high.
Bitcoin ETFs in the U.S. have accumulated over $42 billion in net flows.

Investors poured nearly $1 billion into the new American Bitcoin ETFs, helping to drive the price of the leading cryptocurrency a record and a sign of markets’ growing embrace of digital assets. high.

Investors on Monday and Tuesday put a total of $996.6 million into the funds, data from UK asset manager Farside Investors shows. Figures for Wednesday are yet to be released, but the ETFs that track BTC’s price have been surging in recent weeks, reaching a record high for net inflows of more than $42 billion.

“Bitcoin ETFs have been on fire the last few weeks,” Bloomberg ETF research analyst James Seyffart told Decrypt.

The flurry of Bitcoin bets comes as investor appetite for crypto-focused assets has mushroomed in recent weeks, helping to spur a hefty price increase in the digital asset. Bitcoin’s price has soared to $109,565 before retreating to roughly $107,000, according to crypto markets data provider CoinGecko. Bitcoin is up more than 23% over the past month reasserting itself after a late winter, early spring lull that took the price below $75,000 in early April.

Spot Bitcoin ETFs since mid-April have received over $7.5 billion in inflows.

“They are one of—if not the—most successful ETFs,” Seyffart said.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest of the funds in this category, has accounted for most of this week’s gains, generating nearly $600 million in net inflows. The Fidelity Wise Origin Bitcoin Trust (FBTC) and Ark 21Shares Bitcoin ETF (ARKB) have received $211.4 million and $201.7 million in inflows, respectively, according to Farside.

Still, the most successful day the ETFs have had in their short lifespan was on November 7, when President Trump’s White House victory was announced. The funds then took in over $1.3 billion in new cash.

The U.S. Securities and Exchange Commission last year approved the initial Bitcoin ETFs, allowing consumers to invest in the cryptocurrency without purchasing and safeguarding the asset directly, a process that often seems daunting.

The funds have had the most successful launch in ETFs’ 32-year history, with a total of 11 funds controlling $127 billion in AUM.

Edited by James Rubin

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May 21, 2025 0 comments

Crypto Trends

Low Hashprice Forces Bitcoin Miners to Sell Record BTC Ahead of $109k ATH

by admin May 21, 2025

Bitcoin

notched a new all-time high of $109,000 on Wednesday, but that’s small consolation for bitcoin miners, who last month were forced to cash in a record number of their BTC reserves, according to mining news outlet TheMinerMag.

The firm’s latest research report reveals that public miners sold 115% of their bitcoin production in April — meaning they sold more than they produced. That is the highest ratio since the tail end of the 2022 bear market.

Even today, with bitcoin breaking to a new record high above $109,000, hashprice (what miners earn per unit of computational power) has failed to follow suit. It stands at just $55 per petahash per second (PH/s), well below the $63/PH/s level it briefly reached the last time bitcoin crossed $100,000 in December. Elevated network difficulty and weak transaction fees have kept revenues under pressure.

Top players in the mining space are expanding regardless. CleanSpark’s (CLSK) hashrate surpassed 40 EH/s, and IREN (IREN), which recently overtook Riot Platforms (RIOT) as the third largest public miner in terms of realized hashrate, posted a 25% jump in hash power and is now targeting a total of 50 EH/s by June. Cango (CANG), meanwhile, is eyeing another 18 EH/s by July.

MARA Holdings’ (MARA) installed hashrate is still the highest at 57.3 EH/s, according to a Tuesday report by investment bank Jefferies. IREN had the highest implied uptime at around 97%, followed by HIVE Digital Technologies (HIVE) at about 96%, the report added.

Meanwhile, a shift is taking place in how miners are securing new hardware. Several public firms have inked deals with Bitmain that allow them to pay for mining rigs in bitcoin while retaining the right to repurchase their coins at a predetermined price — a hedge against further price rallies.

Mining stocks, battered in the first quarter, have bounced back — some by more than 60% in April alone — though most remain down year-to-date. Only CleanSpark and MARA Holdings are in positive territory for the year.

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May 21, 2025 0 comments

Crypto Trends

BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

by admin May 21, 2025

Key points:

Bitcoin made a new all-time high, but the bulls will have to sustain the higher levels for the momentum to pick up.
Several altcoins have bounced off their respective support levels, signaling a positive sentiment.
Analysts expect Bitcoin to maintain its positive momentum and surge above $200,000 by the end of the year.

Bitcoin (BTC) rose to a new all-time high on May 21 on easing macroeconomic fears and continued inflows into the US-based spot Bitcoin exchange-traded funds. Analysts expect the momentum to continue and Bitcoin to surge to $200,000 by the end of the year.

There are some murmurs among analysts about a bearish divergence, leading to a double-top pattern. However, private wealth manager Swissblock Technologies said in a post on X that its Bitcoin Fundamental Index is not showing any bearish divergence, and the onchain strength remains intact.

Crypto market data daily view. Source: Coin360

Bitcoin is on the verge of forming a “golden cross” on the daily chart, which generally is followed by sharp rallies, barring a few instances when the pattern failed. Bitcoin’s strength is expected to improve sentiment in the cryptocurrency sector, pulling several altcoins higher.

What are the possible target levels for Bitcoin? Could altcoins break above their respective overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

Bitcoin rose above the $109,588 overhead resistance, but the bulls are struggling to sustain the higher levels, as seen from the long wick on the candlestick.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping moving averages and the relative strength index (RSI) in the overbought zone indicate that the bulls are in control. If the price closes above $109,588, the BTC/USDT pair could pick up momentum and skyrocket toward $130,000.

The 20-day exponential moving average ($101,958) is the critical support to watch out for on the downside. A break below the 20-day EMA will be the first sign that the bulls are booking profits in a hurry. That increases the risk of a break below the psychological support of $100,000.

Ether price prediction

Buyers are trying to sustain Ether (ETH) above the $2,550 level but are facing significant resistance from the bears.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($2,334) and the RSI near the overbought zone indicate that buyers are in control. The ETH/USDT pair is likely to pick up momentum on a break above $2,739. That clears the path for a rally to $3,000.

Contrary to this assumption, a break and close below the 20-day EMA signals that the bears are back in the game. The pair could tumble to $2,111, which is likely to attract solid buying by the bulls.

XRP price prediction

XRP (XRP) has been witnessing a tough battle between the buyers and sellers at the 20-day EMA ($2.35).

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price skids below the 20-day EMA, the XRP/USDT pair may stay inside the $2 to $2.65 range for a while.

Instead, if the price turns up sharply from the 20-day EMA and breaks above $2.65, the advantage will tilt in favor of the bulls. The pair could rally to $3 and, after that, to $3.40, where the sellers are expected to mount a strong defense.

BNB price prediction

BNB (BNB) bulls have held the 20-day EMA ($639) support during the pullback, indicating buying on dips.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to push the price above $693 but are expected to face solid selling by the bears. However, if buyers bulldoze their way through, the BNB/USDT pair could skyrocket to the overhead resistance at $745.

This optimistic view will be negated in the near term if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA. That could sink the pair to the 50-day SMA ($609).

Solana price prediction

Sellers failed to pull Solana (SOL) below the 20-day EMA ($164), indicating demand at lower levels.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The bulls will try to propel the price above the $185 overhead resistance. If they can pull it off, the SOL/USDT pair could accelerate toward the target objective of $210 and then $220.

If sellers want to prevent the upside, they will have to quickly tug the price below the 20-day EMA. The pair could slide to $153 and later to the 50-day SMA ($145). That suggests a possible range-bound action between $120 and $180.

Dogecoin price prediction

Dogecoin (DOGE) has bounced off the breakout level of $0.21, indicating that buyers are active at lower levels.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.21) is trending up, and the RSI is in the positive zone, signaling that buyers are in command. The DOGE/USDT pair could rally to the $0.26 level, which could attract sellers. If the price turns down sharply from the overhead resistance, the pair could form a narrow range between $0.26 and $0.21 for some time.

Contrarily, a break and close above $0.26 signals the start of the next leg of the up move. The pair could then surge to $0.35.

Cardano price prediction

The bulls have kept Cardano (ADA) above the neckline of the inverse head-and-shoulders (H&S) pattern during the pullback.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The flattish 20-day EMA ($0.74) and the RSI in the positive zone indicate the bulls have an edge. Buyers will have to thrust the price above $0.86 to signal the resumption of the uptrend. The ADA/USDT pair could then skyrocket to $1.01.

This positive view will be invalidated in the near term if the price turns down and breaks below the 50-day SMA ($0.69). That suggests the bulls are losing their grip, increasing the risk of a fall to $0.60.

Related: Bitcoin enters ‘acceleration phase’ resembling BTC price gains seen after Trump election victory

Sui price prediction

Sui’s (SUI) pullback has taken support at the 20-day EMA ($3.73), indicating a positive sentiment.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI in the positive territory indicate an advantage to buyers. The SUI/USDT pair could reach the $4.25 obstacle, where the sellers are expected to step in. If buyers do not cede much ground to the bears, it increases the likelihood of a break above $4.25. The pair may then climb to $5.

The 20-day EMA is the critical support to watch out for on the downside. A break and close below the 20-day EMA could sink the pair to the 50-day SMA ($3.04).

Chainlink price prediction

Buyers successfully defended the neckline of the inverse H&S pattern in Chainlink (LINK), indicating buying on dips.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are trying to strengthen their position by pushing the price above the resistance line. If they manage to do that, the LINK/USDT pair could rally to $18. Sellers will try to halt the up move at $18, but the rally could extend to $19.80 if the bulls prevail.

Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 50-day SMA. The pair may then remain inside the channel for a few more days.

Avalanche price prediction

Avalanche (AVAX) took support at the 50-day SMA ($20.88), signaling that the bulls are trying to form a higher low.

AVAX/USDT daily chart. Source: Cointelegraph/TradingView

Buyers will have to drive and maintain the price above the $23.50 resistance to gain the upper hand. The AVAX/USDT pair could then climb to $26.84, which may act as a hurdle. If buyers overcome the $26.84 barrier, the pair could ascend to $31.73 and subsequently to $36.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA, it suggests that the bulls have given up. The pair could then decline to $18.50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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May 21, 2025 0 comments

Crypto Trends

BTC nears ATH, InfoFi battle begins, Texas passes BTC bill

by admin May 21, 2025

BTC nears ATH, InfoFi battle begins, Texas passes BTC bill

BTC nears ATH, InfoFi battle begins, Texas passes BTC bill
FOMO HOUR EP362

BTC records highest daily close ever, nears ATH. Texas passes BTC reserve bill, heads to governor. ETH co-founder sends $262m ETH to Kraken. More Americans now own BTC than Gold. Strive to buy $8bn BTC claims for Mt Gox. Hyperliquid whale increases BTC long to $675m. New York City creates crypto advisory council. Societe Generale launches USD stablecoin on ETH. SUI ecosystem sees $83m of inflows in 24 hours. BTCS buys $8.4m ETH, to raise $58m to buy more. SEC delays decision on XRP, DOGE ETF proposals. Robinhood sends proposal for RWA token regulation. SEC sues Unicoin alleging fraud. Genesis sues DCG and its CEO alleging fraud. Kraken launches crypto derivative offering in Europe. Crypto should be regulated, not banned: India SC. Argentina dismantles Libra scandal task force. South Korea tightens crypto regulations. xAI to collab with Robinhood and Kalshi.

FOMO HOUR brings you the biggest daily news, updates and events from inside and outside of the crypto and macro spheres! Join hosts Farokh, Mando and Tyler as they cover some of the biggest topics at present with some of the biggest names in the ecosystem. Streaming live 5 days per week, Monday to Friday 10:00 AM EST to 11:00 AM EST on YouTube and X.

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May 21, 2025 0 comments

NFT Gaming

Bitcoin (BTC) Performs Mind-Blowing Comeback, Dogecoin (DOGE) Is Stuck, Solana (SOL) Can Surprise You With $200

by admin May 21, 2025

Dogecoin getting out
Solana can comeback

Bitcoin has just produced a classic example of market turbulence. After almost falling below the $100,000 mark, which was a sign of a possible trend reversal, Bitcoin made a stunning comeback, soaring back toward $105,000 and sending short sellers reeling. Bitcoin’s chart looked like a minefield for traders with leverage during the last few trading sessions. It turned out to be a classic fakeout, but a brief breakdown below the critical $100,000 level appeared convincing enough to cause widespread liquidations.

The swift recovery that ensued not only disproved the bearish structure but also demonstrated how resilient bulls are in the current market cycle. Overly leveraged volatile markets are characterized by this fakeout; fakeout behavior is a nightmare for anyone who is overexposed. The breakout penalized shorts, who believed they had the upper hand, while the breakdown flushed out longs, taking both long and short traders by surprise.

BTC/USDT Chart by TradingView

Technically, Bitcoin is currently trading just below recent resistance after regaining the local high. As of right now, there is not much evidence of bearish divergence, but momentum indicators are still hot, and the RSI is above 70, which may indicate overbought trading conditions.

The volume level is dropping a little, which could indicate a brief period of exhaustion or simply a cooldown before the next move. If Bitcoin can sustain this momentum and stay above $105,000, it could push toward new heights. The possibility of another trap or whipsaw move, however, is still very high — if it is rejected at this stage once more. Essentially, Bitcoin has once again demonstrated why it is the king of uncertainty.

While the recent rally is impressive, the aftermath of that fakeout serves as a reminder that the market’s goal in the cryptocurrency space is to harm as many traders as possible, particularly those who become arrogant when using leverage.

Dogecoin getting out

With the asset trading sideways and displaying indications of stagnation as volatility fades from the chart, Dogecoin is presently trapped in a frustrating limbo. Following its recent surge above significant resistance levels earlier this month, DOGE has been unable to build on the momentum and has entered a low-energy correction phase that is beginning to negatively impact market sentiment.

The price is circling around $0.22, but what is more worrisome than the price is the lack of movement. There appears to be indecision among traders as the candlestick structure is forming a descending triangle, or wedge. DOGE is still chained in place, but volume has significantly decreased, which usually signals a big move. A short-term neutral-to-bearish stance is suggested by the 26 EMA’s current technical intersection with midterm indicators.

Solana can comeback

Pressure is steadily increasing on Solana, and a surprise breakout could be imminent. With a descending wedge pattern forming just below the crucial $170 resistance level, the asset has entered a consolidation phase following a robust rally in late April and early May. Solana is a strong contender for a volatility-driven move because of this structure and its closeness to the 200 EMA.

Bitwise is the only company that disclosed its BTC addresses. Why don’t others follow?

by admin May 20, 2025

The number of Bitcoin-centered companies is growing. More than that, more and more companies from other sectors set corporate Bitcoin treasuries as an inflation hedge. However, most of these companies don’t disclose Bitcoin addresses. Why is there reluctance in disclosing corporate addresses, and is there a chance these companies don’t actually hold the bitcoins they claim to own?

Bitwise’s move

On Jan. 24, 2024, Bitwise made history by becoming the first company to disclose its spot Bitcoin ETF address for everyone.

Announcement: Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings.

Now anyone can verify BITB’s holdings and flows directly on the blockchain.

Onchain transparency is core to Bitcoin’s ethos. We’re proud to… pic.twitter.com/1JTUh3zvDE

— Bitwise (@BitwiseInvest) January 24, 2024

By disclosing its Bitcoin ETF address, Bitwise explicitly made it impossible for skeptics to doubt its solvency and the fact that the company actually holds what it claims to own. More than that, this step towards transparency is in line with the transparent design of the Bitcoin network itself, where all the transactions and the parties involved are visible and auditable.

As Bitwise is one of the biggest Bitcoin holders, some observers suggested that other corporate holders will follow the trend and make their treasuries transparent. However, it didn’t happen. Nearly one and a half years after the disclosure made by Bitwise, no other Bitcoin holding company followed suit.

Possible improvements

Did Bitwise do it the best possible way? Co-author of the Big Bitcoin Book, Fred Krueger, took to X to outline how it is possible to disclose BTC addresses with some improvements, using Bitwise as a reference point. Actually, Krueger made his post as a recommendation to Strategy.

1. ✅ Add Cryptographic Ownership Proofs

Right now, Bitwise discloses the wallet address, but hasn’t published a signed message proving they actually control the private keys.

Anyone could theoretically list any address.

A one-time signed message (e.g., “MSTR controls this…

— Fred Krueger (@dotkrueger) May 19, 2025

Interestingly enough, Bitwise CEO Hunter Horsley shared Krueger’s post in his account, not shying away from exposing what Krueger believes to be weak spots of Bitwise’s way of making disclosure.

One of the ideas offered by Krueger was that Strategy should use cryptographic ownership proof, which Bitwise doesn’t have. He notes that just providing a wallet address is not transparent enough, as it should also be signed.

On top of that, Kureger pointed out that sharing only one address (that’s what Bitwise did) is good, but as funds are moving, the company needs to provide several more addresses. They will naturally appear as a result of rebalancing and other operations.

Another idea was that Strategy should disclose addresses with caution and not expose too much in order to prevent quantum attacks, which are theoretically possible, while many doubt that the Bitcoin network will suffer from them.

Krueger recommended using unspent Taproot and SegWit addresses for public balances. Once they are used, they should be replaced by new ones. It would mitigate quantum hacking risks.

On top of sharing the addresses, Krueger recommended deploying third-party audits to ensure the authenticity and soundness of addresses for everyone, including institutions and regulators. More than that, automated real-time cryptographic proofs could enhance transparency even further.

Addresses of other companies

Lack of transparency may give companies some space for maneuver, or at least people think that sometimes companies holding Bitcoin may cash out in secret. Some even doubt that companies like Strategy actually own the bitcoins they buy and demand public disclosure of the corporate addresses.

Well if Bitcoin is supposed to be 100% transparent where is @MicroStrategy bitcoin at? nobody seems to know.

— traderjeremy.algo (@jeremygleeson6) May 19, 2025

As of May 20, 2025, Strategy owns over 570,000 bitcoins, which makes it the biggest Bitcoin holder among companies. On May 19, it was revealed that Strategy is facing a class action lawsuit. A group of investors claimed that the company reps, including executives, were making misleading claims about Bitcoin strategy. Probably, increased transparency would have eliminated such problems before they appeared.

While companies are not in a hurry to show their Bitcoin addresses, third-party sleuths are finding these addresses and making them public. It provides people with much-needed confidence and opportunities to observe the movements of the assets. At the same time, companies may not admit that these findings are correct.

Arkham Intelligence is a very cool tool.

You can see how MSTR acquires BTC mainly from Coinbase (3137 addresses), Bitstamp (83 addresses) and NYDIG (5 addresses), and that they’re mainly stored with Fidelity.

All the BTC MicroStrategy stored with Coinbase Primed (3,269 BTC)… pic.twitter.com/toxuRfGBTG

— Radu ⚡️☯ ΙΧΘΥΣ Ω ♒︎ (@LizardWizardBTC) January 4, 2025

By the end of January 2025, Arkham Intelligence identified 96% of Strategy’s addresses. According to Arkham’s findings, most bitcoins belonging to Strategy come from Coinbase Prime and Anchorage Digital and are stored via Fidelity Digital omnibus custody.

The largest Asian Bitcoin holder, a Japanese company Metaplanet, is going to accumulate 10,000 BTC by the end of 2025 and add 21,000 BTC more in 2026. The company is famous for its consistent periodic buy-ins of Bitcoin. However, we mostly know about them from Financial Statements that don’t contain Bitcoin addresses. As of May 20, Metaplanet holds 7,800 BTC. Just like any company, except Bitwise, Metaplanet is not sharing its address information.

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May 20, 2025 0 comments