Recent data from Glassnode reveals significant trends in the cryptocurrency space, showcasing the durability of Bitcoin holders. The Glassnode supply last active (SLA) chart, which tracks how long coins have been dormant, categorizes Bitcoin supply into cohorts of 1+ years, 2+ years, 3+ years, and 5+ years. Despite a temporary decline following the U.S. Bitcoin ETF launch and some selling by long-term holders, all SLA cohorts had previously reached their all-time highs in late 2023. Specifically, the 1+ year cohort decreased slightly from over 70% to 66%, while the 2+ years cohort fell from over 57% to 54% but has since stabilized.

Highlighting investor confidence, the SLA 3+ years cohort—covering coins last moved at the start of the 2021 bull run—increased from over 42% to more than 46%, a new peak. This resilience indicates that many investors who bought in during the $50,000 to $30,000 Bitcoin price drop in mid-2021, particularly during the China mining ban, are holding firm. The coming months are poised to shed more light on these steadfast investors’ strategies as market dynamics evolve.

Glassnode

Binance and KuCoin, two leading names in the cryptocurrency exchange market, have become the first offshore crypto-related entities to receive approval from India’s Financial Intelligence Unit (FIU-IND) after a recent ban. These platforms were among several banned at the end of last year for operating illegally in India, alongside other major exchanges like Huobi and Kraken.

This approval marks a significant turnaround as both exchanges have now registered with the FIU-IND, which is part of India’s Finance Ministry. The registration allows them to resume operations within the country, although with some conditions. For instance, KuCoin has already paid a penalty of $41,000 and has restarted its services. Binance, on the other hand, is still awaiting the conclusion of compliance proceedings and the determination of a penalty amount, which is expected to be finalized after an upcoming hearing.

The scenario reflects broader efforts by India to regulate the operation of offshore cryptocurrency exchanges actively. Other platforms such as Kraken, Gemini, and Gate.io are currently negotiating with the regulator to possibly regain access to the Indian market. Conversely, exchanges like OKX and Bitstamp are planning to withdraw from India following regulatory challenges.

CoinDesk

According to CryptoQuant CEO Ki Young Ju, the world’s leading digital asset could potentially surge to a remarkable $265,000.

To comprehend this bold prediction of bitcoin surge, it’s essential to delve into the underlying factors driving such optimism. Analysts have pointed to a combination of technical, macroeconomic, and network fundamentals aligning to propel bitcoin’s price to unprecedented heights.

Ki Young Ju’s analysis provides a unique perspective on bitcoin’s potential trajectory. He suggests that historical data and network fundamentals support the notion of bitcoin sustaining a market value three times its current size. In a tweet, Ju stated:

“The…

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Metaplanet Inc., a prominent Japanese investment firm, has significantly expanded its Bitcoin portfolio, acquiring an additional 19.87 Bitcoins to bring its total to 117.72 Bitcoins, valued at around $7.4 million. This move, reminiscent of MicroStrategy’s aggressive crypto acquisitions, reflects a strategic shift in Metaplanet’s investment approach, emphasizing Bitcoin as a major asset in its corporate treasury. Originally purchasing 97.85 Bitcoins at ¥10,219,524 each, Metaplanet’s recent buy at an average of ¥10,193,536 per Bitcoin underscores its belief in the cryptocurrency’s strong financial potential.

Echoing MicroStrategy’s recent purchase of 25,250 Bitcoins, Metaplanet’s investment not only highlights its commitment to digital finance innovation in Japan but also signals growing corporate confidence in Bitcoin as a hedge against inflation. As more companies integrate Bitcoin into their financial strategies, Metaplanet’s bold stance could further stimulate investor interest and support the expanding cryptocurrency market.

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