The year 2023 turned out to be very profitable for holders of shares of publicly traded companies that are engaged in Bitcoin mining. The value of the latter has increased from 280 to 420 percent since the beginning of the year. And this is much more than the profitability of BTC itself, Kaiko analysts specify.

The reason for the growth of profitability of such giants in the second quarter was the increase in the value of Bitcoin, the development of NFT based on the Ordinals protocol and the launch of BRC20 tokens. All this attracted users, who actively conducted transactions and even set a record for the number of transactions per day in May.

MicroStrategy has entered into an agreement to sell additional shares of up to $750,000,000 to buy bitcoin.

Today, the ten richest addresses on the Ethereum network account for 35 percent of all ETH in circulation. According to Santiment analysts, this indicates the capitulation of small investors who traditionally sell their coins during market crashes.

Three metrics to quickly analyze the BTC futures market:

Funding rate 🟢 (small)
Taker Net Volume 🔴 (maximum)
Open Interest 🔵 (neutral)

Due to strong pressure from Taker Volume, the market is currently bearish.

Popular decentralized crypto exchange SushiSwap now also supports Consensys' Linea network. In general, the platform has more than enough supported blockchains - there are 29 of them in total.

The shares of Bitcoin that remain inactive in wallets for at least 1, 2, 3 and 5 years are now at their all-time highs. This is a reminder that crypto lovers are buying and holding

Total cost recorded in popular L2 chains

This week, Bitcoin miners sold more than 20 thousand BTC, which was a record amount since April 2023. As analysts note, the activity of ASIC owners also affects the current drawdown of the coin market.

During Bitcoin's rise above $34,000 tonight, almost half of the volume in BTC spot trading was generated on the OKX crypto exchange. This indicator is calculated among the five top trading platforms represented by Binance, Bybit, Kraken, Coinbase and OKX itself.

Here's a chart from Kaiko.

Yesterday, Bitcoin's hash rate reached the 600 exahashes per second mark. The total computing power of the network of the first cryptocurrency has never been so large.

So miners continue to actively connect to BTC mining. Obviously, until halving in the spring of 2024, this indicator will continue to grow.

Bitcoin's halving cycle is 89% complete. Historically, at this time the price has been sideways, but immediately after the halving the long-awaited uptrend began. Therefore, now it is a bit early for growth to ATH, cyclically we need another 4-5 months.

Against the background of the activation of Ethereum users and the growth of commissions on the network, the rate of burning cryptocurrency as payment for transactions is also increasing.

Over the past month, more than 22 thousand ETH have fallen out of cryptocurrency circulation. We are talking about the equivalent of more than 46 million dollars.

In November 2023, the amount of venture capital invested in cryptocurrency and blockchain projects was already at a new high since May. Most importantly, the month's result beat the previous month's figure by 95 percent.

And this speaks to the obvious positivity within the coin industry.

Bitcoin price is now just above price relative to the income model price