Bitcoin ETFs to Surpass Satoshi by BTC Holdings This Autumn, Shiba Inu Burn Rate Collapses, Bitcoin Sees 7,023% Imbalance in Bulls' Liquidations: Crypto News Digest by U.Today
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U.Today presents the top three new stories over the past day.
Satoshi to lose Bitcoin crown by Halloween
Eric Balchunas, senior ETF analyst at Bloomberg, has recently shared a list of the world's top 11 Bitcoin holders on his X page. According to the list, U.S. spot Bitcoin ETFs combined (excluding Grayscale) are about to catch up with Satoshi Nakamoto in terms of Bitcoin holdings, having 921,540 BTC; in comparison, Nakamoto's supply totals 1.1 million BTC. Thus, U.S. spot Bitcoin ETFs now have close to 84% of the Bitcoin that Satoshi has. Balchunas believes that he might lose his status as the largest holder of the flagship crypto by Halloween. The second spot on the list after the Bitcoin creator is occupied by the Binance exchange, and the third by BlackRock (IBIT).
SHIB burn rate collapses, Here's what's happening on Shibarium
Per recent Shibburn data, Shiba Inu burn rate is currently standing at -99.62% over the last 24 hours, with only 261,691 SHIB meme coins burned. That was the only burn transfer made yesterday, Aug. 27. The weekly reading of this metric shows an 843% increase, with 114,255,785 SHIB tokens moved to dead-end wallets over the last seven days. The situation on Shibarium, a layer-2 solution, has also been slowing down as well; after the recent upgrade was implemented on it, SHIB burns directly correlate with transaction activity on SHIB’s internal ledger. The number of daily transactions on Shibarium has decreased over the last week, dropping from 28,680 on Aug. 20 to 3,370 on Aug. 23, which is a decrease of more than 88%. Per Shibariumscan, since then, this metric has been moving in roughly the same range.
Gamza KhanzadaevBitcoin witnesses epic 7,023% imbalance in bulls' liquidations
Bullish traders have suffered the most from the recent wave of liquidations on the Bitcoin market. According to CoinGlass, over $3 million worth of long positions were liquidated in just one hour, while short liquidations totaled just $51,000. As evidenced by this massive imbalance of 7,023%, the market is currently in a bearish state. One factor fueling the liquidation spree was the 0.6% decline in the price of Bitcoin during that same period. This decline follows a 3.7% drop since the beginning of the week, which is adding to the pain for bullish traders. In light of these significant liquidations, we are left wondering whether this marks the end of Bitcoin's current rally, or if the market is simply going through a normal correction. At the moment of writing, Bitcoin is trading at $58,848, down 4.41% over the past 24 hours by CoinMarketCap.
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