Germany moves Bitcoin holdings

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Ethereum's exchange supply hits an 8-year low – Only 10% left!

Key points:

  • Ethereum's [ETH] price and supply on exchanges have declined recently.

  • The trend indicates reduced selling pressure and potential accumulation by holders.

News - Ethereum (ETH) hasn't just faced a drop in its price recently, the amount of ETH available on exchanges has also shrunk. This reduction matches the ongoing trend in its netflow, with outflows significantly outpacing inflows over the last few days.

What the metrics showed - A recent analysis on Glassnode revealed that the percent supply of Ethereum (ETH) on exchanges has dropped to approximately 10.19%. This is a significant milestone, marking the first time since 2016 that the supply has fallen to this level. The decrease indicates that many addresses have withdrawn their ETH from exchanges.

Additionally, an examination of the exchange flow shows that outflows have dominated in the past few days, meaning more Ethereum has been withdrawn from exchanges than deposited. This Netflow trend corresponds with the overall exchange balance, highlighting reduced ETH left on exchanges.

ETH’s price trajectory - At the time of writing, ETH was trading at $3,592, it was up 2.45% over the last week. The price gained momentum compared to yesterday. Interestingly, its RSI was approaching the neutral zone. These signs hinted at a potential weakening of the downtrend

Is Germany selling its BTC? Arkham-tagged wallet sparks curiosity

Key points:

  • On 19th June, a crypto wallet identified as "German Government (BKA)" by the on-chain analytics firm Arkham began transferring Bitcoin.

  • Since February 2024, the crypto wallet has held nearly 50,000 BTC.

News - Recently, Arkham Intelligence flagged a significant movement of approximately $425 million. Upon further investigation, it was revealed that this transaction originated from a wallet address previously identified as belonging to the German Federal Criminal Police Office (BKA). The funds were partially sent to crypto exchange deposit wallets, with some returning to the original wallet.

How the wallets moved the BTCs - According to data from Arkham, 6,500 BTC were initially sent to the address "bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd" and then returned to the original wallet. Subsequently, this wallet address transferred the newly received funds in four separate transactions of 500 BTC each.

Two of these transactions were directed to the crypto exchanges Kraken and Bitstamp. At the same time, the remaining two were sent to unlabelled private addresses.

How the German government gained possession of the BTC - The BKA seized nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of, a film piracy website active in 2013.

According to Arkham, the BKA received the Bitcoin in mid-January following a "voluntary transfer" from the suspects. This action mirrors similar moves by the United States, which has also sold a significant portion of the BTC seized from the Silk Road.

AVAX rises amidst bearish on-chain signals: Here's a closer look

Key points:

  • Despite a 5% rise in AVAX's price, the cryptocurrency is currently facing bearish on-chain signals and a divided market sentiment.

  • The decline in derivatives trading volume suggests a reduced market interest or the possibility of potential consolidation.

News - Avalanche (AVAX) recently showed bullish momentum, with its price climbing by over 5%, sparking speculation about a potential massive surge. The distribution of holders in profit is balanced, with 49% currently making money at the existing price level.

However, data from IntoTheBlock indicated that sentiment and trading signals were predominantly bearish.

This bearish outlook was supported by several on-chain and exchange indicators, including net negative growth in network transactions and a bearish bid-ask volume imbalance. Thus, signifying increased selling pressure. Despite these factors, the overall sentiment remained mixed.

What key metrics and indicators are saying:

  • AVAX trading volume has significantly decreased by 52.41%, dropping to $352.50 million, indicating a notable reduction in trading activity.

  • The Binance AVAX/USDT pair reveals a higher ratio of long positions at 1.7824, indicating that traders are generally more bullish on this pair.

  • The AVAX Accumulation/Distribution Line has been on a decline, suggesting a higher level of distribution compared to accumulation. This trend indicates increased selling pressure or a lack of new buying interest.

Binance fined $2.2M by India's Financial Intelligence Unit

Key points:

  • Binance made history by becoming the first offshore crypto-related entity to receive approval from India's Financial Intelligence Unit (FIU).

  • The approval was conditional, requiring the crypto exchange to pay a penalty to the regulatory body.

News - India's Financial Intelligence Unit (FIU) has imposed a fine of 188.2 million rupees ($2.25 million) on the crypto exchange Binance. This penalty is for providing services to Indian clients without complying with the nation's Anti-Money Laundering (AML) rules.

In January 2024, Indian authorities issued notices to Binance and several other offshore cryptocurrency exchanges, subsequently removing them from India for "operating illegally."

However, in May, Binance, along with KuCoin, became the first offshore crypto-related entity to be approved by India's Financial Intelligence Unit (FIU). This approval was conditional upon paying a penalty after a hearing with the FIU.

How the fine came about - Binance operates as a Virtual Digital Asset Service Provider, qualifying it as a reporting entity (RE) under Section 2 (as) (vi) of the Prevention of Money Laundering Act (PMLA). This designation requires Binance to maintain and report transaction records and ensure robust AML measures.

However, an investigation by India's Financial Intelligence Unit (FIU) revealed that Binance failed to comply with these obligations when providing services to Indian clients.

The FIU's announcement noted that the charges against Binance were substantiated based on the material available on record and after considering the director's written and oral submissions. The fine imposed on Binance cited multiple contraventions, including:

  • Failing to maintain and report transaction records.

  • Not furnishing required information to authorities.

  • Not preserving records as mandated.

Interesting facts

  • The year 2021 was the best period for the NFT industry to date, resulting in $41 billion in overall spending.

  • On 15 September 2022, Ethereum successfully changed its consensus mechanism by transitioning away from proof of work (POW) to proof of stake (POS).

  • BRC-20 (Bitcoin Request for Comment) is an experimental token standard that enables the minting and transferring of fungible tokens on the Bitcoin blockchain.

Top 3 coins of the day

Ethereum Name Service (ENS)

Key points:

  • In the last seven days, ENS's value has increased by over 30%.

  • It has witnessed a downtrend once in the last seven days.

What you should know - An analysis of the Ethereum Name Service (ENS) on a daily time frame revealed a positive trend over the last few days. The chart indicated that the uptrend began around 12 June, marking a recovery from the consecutive declines experienced earlier. ENS's price increased by 7.39%, closing at approximately $20.7. The short moving average (yellow line) on the chart provided strong support around the $20 mark during these declines. As of press time, ENS was trading at approximately $27.06, reflecting an almost 1% increase.

Chiliz (CHZ)

Key points:

  • CHZ has declined by almost 30% in the last seven days.

  • As of this writing, it was trading with an over 2% increase.

What you should know - The daily timeframe chart of Chiliz (CHZ) shows that its downtrend began around 6 June, experiencing a decline of over 6% and trading at approximately $0.1372. Since then, it has faced significant daily declines, with the most notable drops occurring on 17-18 June, where it fell by 10.71% and 10.89%, respectively. By the end of 18 June, the price had decreased to $0.0802. As of press time, CHZ was trading at around $0.0816, showing an over 2% increase. However, this gain is insufficient to offset the heavy losses sustained in recent days. Additionally, the Relative Strength Index (RSI) indicated that CHZ was in the oversold zone, with an RSI below 30, suggesting a strong bearish trend and potential for a price correction. (FET)

Key points:

  • In the last 24 hours, FET has become the top trending token.

  • The FET market cap had increased by over 30% in the last 24 hours at press time.

What you should know - An analysis of the (FET) price movement on a daily timeframe revealed a significant increase on 19 June, closing with a 26.24% gain. This surge raised its price from around $1.2 to over $1.5. As of this writing, FET increased by over 8%, trading above $1.6. The chart indicated that with these price increases, FET was on the verge of breaking through its long moving average (blue line), which has served as resistance until now. The short-moving average (yellow line) continued to act as long-term resistance around the $2 price range. Additionally, due to the recent price surge, FET's market cap approached the $1.4 billion mark.

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