LATEST: Long-Term Bitcoin Holders Accumulate 70,000 BTC Post-Downturn

According to fresh data from Glassnode, long-term holders of Bitcoin, who usually sell their holdings at a profit in the market’s peak, are re-accumulating. These are investors who had shed close to 1 million BTC since the end of 2023 but are now upping their stakes, adding around 70,000 BTC since the price bottomed.

That group’s purchases are considered a very important barometer of market sentiment, reflecting as experienced investors. Meanwhile, buying at these levels reflects strong belief in the value of Bitcoin, now just above the $60,000 mark and steady.

Historically, it’s quite the mark of a market top where strong buying by short-term holders often precedes a decline. The accumulation trend of long-term investors could be hinting at a period of market stability and potential growth.

Glassnode

Lens Network to migrate to zkSync

On-chain social network infrastructure Lens is getting a new home.

The new Lens Network will build upon the work of the original Lens Protocol as one of zkSync’s ZK Stack hyperchains.

Lens Lab develops the protocol under the umbrella of Avara, which also built DeFi giant Aave.

But Avara CEO Stani Kulechov told Blockworks that the non-financial use cases of crypto — citing identity and online social interactions — have the potential to be even bigger.

“The way I think about finance and social [spaces] is that there are a lot of people who have financial capital, but everyone on the planet has social capital — the content we create, the relationships we create and the identities…

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Fiat Debases Marriage

The following is an excerpt on the debasement of marriage from “Fiat Ruins Everything” by Jimmy Song. Visit the Bitcoin Magazine Store to order a print, digital or audio copy of the book.

LOVE HAS BEEN debased.

In the past, love referred to the virtues present in enduring, intimate relationships. It demanded sacrifice, discipline, and patience. Classical writers saw love as a virtue because of its inherent difficulty. To paraphrase Apostle Paul, love is patient, kind, unenvious, and humble.59 Cultivating these qualities requires tremendous internal work and…

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Stablecoins bots are a feature, not a bug

A Bloomberg headline recently claimed that “more than 90% of stablecoin transactions aren’t from real users,” sparking concern about the authenticity of transactions within the blockchain ecosystem. 

This isn’t the first time that the digital assets industry has faced scrutiny about an apparent lack of authenticity in transactions. Last year, the SEC accused Binance.US of inflating trading volumes. Way back in 2019, a study by Bitwise found that 95% of spot bitcoin trading volume by unregulated exchanges was faked. Both findings have their detractors.

This isn’t the first moral panic around crypto’s legitimacy, and it won’t be the last.

However, a deeper dive into this…

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Developing Financial Privacy Tools Was Today Criminalized by the Dutch Court

In the Netherlands, open source developers are now liable for how their software is used.

Alexey Pertsev, a 31-year old Russian national living in the Netherlands and one of the developers of the Ethereum-based privacy tool Tornado Cash, was today found guilty of money laundering by the Dutch court: he’s been sentenced to 64 months in prison. The fact that Pertsev never held custody of any cryptocurrency flowing through Tornado Cash — or could even control how the smart contract operated — was deemed irrelevant by the panel of judges, as he did contribute to the development of the software.

In line with Dutch public prosecutor Martine Boerlage, the court ruled that Tornado Cash was…

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Bitcoin may stay in a ‘consolidation phase’ until US election: Novogratz

The upcoming US presidential election may spur bitcoin out of its current “consolidation phase,” according to Galaxy CEO Mike Novogratz.

Crypto will likely stay politicized until more Democrats pivot their anti-segment stance, he argued, meaning a change in administration could be significant for the space.

Novogratz said during a Tuesday earnings call that, following the approval of spot bitcoin ETFs and last month’s block reward halving, he believes bitcoin could keep trading between $55,000 and $75,000 in the near-term. 

The price of bitcoin (BTC) was at about $61,450 at 12:30 pm ET Tuesday.

“I think that’s probably where we are — certainly for this quarter and maybe…

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