Koinbulteni

This week, unlocking worth millions of dollars will take place in a total of 9 altcoins.

According to Token Unlocks data, a total of over 285 million dollars will be unlocked in 9 altcoin projects, including ApeCoin (APE), Worldcoin (WLD), and SuperRare (RARE), between September 16-22.

In general, the release of more than %1 of the circulating supply during lock unlocks has a significant negative impact on the price. In this respect, the lock unlocks for Avalanche (AVAX), SpaceID (ID), Pixels (PIXEL), and The Graph (GRT) are important in the coming week.

Pay attention to AVAX and ID!

Especially noteworthy is the unlocking of 9.5 million tokens worth $227 million in AVAX, which accounts for 1.33% of the circulating supply. The unlocking of $26 million worth of tokens in ID with a 3.94% supply ratio should also be taken into consideration.

• ApeCoin (APE): Lock-up of 15 million assets worth 11 million dollars will be released as of 05.00 GMT on September 16th. 1.9% of the circulating supply will be freed.
• Worldcoin (WLD): The lock of 3 million assets worth 4 million dollars will be released as of 08.00 on September 16th, GMT. 0.04% of the circulating supply will be released.
• Velo (VELO): The lock of 179 million assets worth 2 million dollars will be unlocked next week. Lock opening operations will start at 12.00 on 16th of September Turkish time. 3.95% of the circulating supply will be released.
• The Graph (GRT): The lock of 99 million assets worth $12 million will be released as of 15.00 on September 16, GMT. 0.89% of the circulating supply will be released.
• SuperRare (RARE): The lock-up of 13 million assets worth $2 million will be released as of 11.00 AM on September 17th, GMT. 0.89% of the circulating supply will be released.
• Pixels (PIXEL): The lock of 54 million assets worth 7 million dollars will be opened as of 17.00 on September 19th, GMT. 1.1% of the circulating supply will be released.
• XPLA (XPLA): The lockup of 61 million assets worth $6 million will be released as of 11:00 AM on September 20th. 2.87% of the circulating supply will be unlocked.
• Avalanche (AVAX): The lock of 9.5 million assets worth 227 million dollars will be released as of 11:00 GMT+3 on September 21. 2.87% of the circulating supply will be unlocked.
• SpaceID (ID): The lock of 78 million assets worth 26 million dollars will be opened as of 07:00 Turkish Time on September 22nd. 3.84% of the circulating supply will be released.

In 2016, a “balina” bought 16,636 ETH from ShapeShift for 5.23 dollars, and 8.5 years later started selling Ethereum (ETH).

According to the information shared by EmberCN, the whale has made 350 ETH sales so far, and the sales were made at a level of $2,340. This corresponds to an increase of more than 44,600 percent compared to Ethereum's price at that time.

ShapeShift, a cryptocurrency exchange, was founded by Erik Voorhees in 2014. Over time, the platform transitioned from a corporate structure to a DAO. According to the information on its website, ShapeShift users can trade with over 10,000 assets on more than 13 blockchains.

Waiting for the next move of the Ethereum whale

While Ethereum has seen a significant increase in value in recent years, early investors like this whale, who have been involved in the cryptocurrency market since 2016, continue to make significant profits from their sales.

Current market conditions and the future potential movements of Ethereum price continue to shape the strategies of this whale and other major investors. There is a keen anticipation for what the whale will do with its remaining ETH assets.

Bitcoin and altcoins: An overview of the markets (September 16)

• Bitcoin is trading at $58,632, experiencing a 2.6% decrease, while against the Turkish lira, it is trading at 2,069,122 TL.
• Ethereum (ETH) 5.4% decrease to 2,290, BNB (BNB) 1.3% decrease to 547, Ripple (XRP) 2.6% decrease to 0.573, Dogecoin (DOGE) 3.4% decrease to 0.108, TRON (TRX) 2.8% decrease to around 0.148, Solana (SOL) 4.4% decrease to around 131 dollars.
• In the last 24-hour period, Helium (HNT) became the altcoin with the highest increase of 2.4%, while Bittensor (TAO) became the altcoin with the largest decrease of 9.5% in price.
• Helium (HNT) trades at 7,39 dollars while Bittensor (TAO) trades at 298,28 dollars.
• The dollar index (DXY) is trading at 101.1 level.
• While the market value of Bitcoin is around $1.15 trillion, the total value of the cryptocurrency market is at $2.13 trillion.
• The volume of the cryptocurrency market for the last 24 hours is around 66 billion dollars.
• The USD/TRY is at the level of 33.98 with a rise of 0.23%, while the EUR/TRY parity is at the level of 37.66 with a rise of 0.31%.
• In the last 24 hours, 164 million dollars have been liquidated from the cryptocurrency market, affecting more than 57,000 cryptocurrency investors.
• Long positions constitute 87.74% of the positions being liquidated, with Bitcoin (BTC) being the most liquidated asset.

Bitcoin, for the first time since August 30, regained the $60,000 level, and the increasing interest of institutional participants is creating a different scenario this time.

According to crypto analyst Rajat Soni, the dynamics behind this increase are different from the past. Soni noted that Bitcoin has been consolidating above $50,000 for the last six months. However, he emphasized that when Bitcoin was last above $50,000 in 2021, purchases were largely from retail investors.

Soni said, "The price struggled to stay above $50,000 as the purchases were largely coming from retail investors operating largely on emotions." Now, he warned that institutional investors are in the market, stating, "If you're selling, be prepared to pay much more to buy back the same amount of Bitcoin."

Bitcoin is currently trading at $60,596 and has seen a 4.25% increase since September 12, according to CoinMarketCap data.

After Bitcoin surpassed $60,000, a crypto trader known as Jelle claimed that the asset could break the typically low performance trend seen in September. Jelle stated that 'Bitcoin is getting ready to close September in green', noting that this has only happened three times before: in 2015, 2016, and 2023.

CoinGlass data shows that September is the worst month for Bitcoin; in the last 11 years, Bitcoin has experienced an average loss of 4.49% in September.

The first signs of recovery for Bitcoin have arrived

By the way, Benjamin Cowen, the founder of Into The Cryptoverse, emphasized that Bitcoin has achieved the "highest daily close throughout the entire cycle" in market dominance. Currently, according to TradingView data, Bitcoin's market dominance is 57.80%.

Will Clemente, co-founder of Reflexivity Research, mentioned that there are "early signs of recovery" for Bitcoin in technical indicators. Clemente said, "We expect to regain the 200-day moving average, which could signal the beginning of a new movement for altcoins."

Aptos, a Layer 1 blockchain platform, is showing signs of growth in the stagnant cryptocurrency market. However, just like in the world of blockchain, paying attention to details is always critical.

Last month, Aptos recorded 5.4 million active monthly addresses, demonstrating performance that can compete with more established chains. Additionally, the platform reached a high transaction volume on a monthly basis with 578 million user transactions. This indicates significant activity in the Aptos ecosystem.

The APT token has also proven its resilience with a 4.9% increase in the last 12 months. This rise is seen as a significant achievement in a period where fluctuations are frequent in the crypto market.

Crypto data should be approached with skepticism

Although these figures indicate a growing ecosystem, it is important not to forget the careful evaluation of on-chain metrics. Increases in transaction volume and active addresses may not always reflect real economic activity. Here are some points to consider:

• Bot Activities and Airdrops: High transaction numbers and active addresses can sometimes be inflated by bot activities or airdrops. Such activities may misrepresent real user participation.
• Meaningful Economic Activity: High transaction numbers do not always represent meaningful economic activity. Especially situations like promotional activities or token distributions can lead to temporary increases in activity. What matters is observing whether this activity will continue after the airdrop.
• Sustainable Growth: Rapid growth can be exciting, but to create a sustainable ecosystem, a balance must be struck between new users, as well as retained and actively engaged users.

Blockchain data provides important information about the overall state of an ecosystem, but these data do not always fully reflect the story. The true success of a blockchain should be measured not only by transaction volume, but also by its ability to solve real-world problems, encourage innovation, and create a sustainable ecosystem. Aptos' progress in this direction is worth closely monitoring.

Former FTX CEO Sam Bankman-Fried claimed that there were injustices during the trial process and requested a new hearing.

Former FTX CEO Sam Bankman-Fried has requested a new hearing and appealed, citing injustices in the trial process.

Bankman-Fried's lawyer criticized the way District Judge Lewis Kaplan handled the case, stating that his client was prevented from presenting certain evidence.

In Bankman-Fried's appeal letter, which is 102 pages long, the following statements were made:

Sam was declared guilty before being accused. He was seen as guilty by the media, FTX creditors, and their lawyers. Federal prosecutors rushed to reach quick headlines, and the judge also declared him guilty from the start.

What had happened in the FTX case?

The appeal application has been submitted to the US Second Circuit Court of Appeals. Bankman-Fried was found guilty by a jury in November in New York of defrauding FTX customers, creditors, and investors.

Prosecutors stated that Bankman-Fried managed a plan described as the 'largest attempted fraud in the last decade,' and compared him to infamous fraudster Bernie Madoff. Bankman-Fried was sentenced to 25 years in prison.

Lawyer Alexandra Shapiro emphasized to the jury in her appeal that only a part of the case was shown, stating, “It was decided that it is not important whether Bankman-Fried intended to steal customers’ money.” Additionally, according to Shapiro, Bankman-Fried could have indicated that he relied on his lawyers’ advice in certain business decisions, but the court prevented him from testifying about it.

‘FTX never went bankrupt’

Shapiro reported that the court prevented the presentation of evidence that FTX and Alameda were financially solvent. During the trial, prosecutors claimed that both companies had gone bankrupt.

The defense attorney said, “These arguments overlap with statements implying that the damages to FTX creditors are caused by Bankman-Fried, whereas the real reason was the mismanagement of assets.”

Prosecutors also alleged that Bankman-Fried spent billions of dollars on luxury apartments and political donations, claiming that the money had disappeared. Shapiro countered this narrative, stating that the allegations were false, and said the following:

As is now well known, FTX customers and Alameda creditors will be repaid with assets that come to the bankruptcy estate.

How are Bitcoin and altcoins doing: General market overview (September 14)

• During writing, Bitcoin is trading at 60,021 dollars with a 3.3% increase, and at 2,069,122 TL against the Turkish lira.
• Ethereum (ETH) is up 3.5%, trading at $2,418. BNB (BNB) is up 0.5%, trading at $522. Ripple (XRP) is up 6.2%, trading at around $0.5701. Dogecoin (DOGE) is up 0.1%, trading at $0.1029. TRON (TRX) is down 1.8%, trading at $0.151. Solana (SOL) is up 0.8%, trading at around $134. *Quant (QNT) became the top gainer altcoin with a rise of 8.1% in the last 24 hours. Artificial Superintelligence Alliance (FET) was the altcoin with the highest price decrease, with a decrease of 5.9%.
• Quant (QNT) trades at $76.70 while Artificial Superintelligence Alliance (FET) trades at $1.34.
• The Dollar index (DXY) is trading at 101.1 level. While the market value of Bitcoin is around $1.14 trillion, the total value of the cryptocurrency market is at $2.12 trillion.
• The volume of the cryptocurrency market over the past 24 hours is around 71 billion dollars.
• Dollar/TL is at 33.98, with an increase of 0.23%, while Euro/TL parity is at 37.66, with an increase of 0.31%.
• In the last 24 hours, more than 61 million dollars have been liquidated from the cryptocurrency market, affecting over 25,000 cryptocurrency investors.
• Long positions make up 52.2% of the liquidated positions, with Bitcoin (BTC) being the most liquidated asset.

Former US President Donald Trump has announced the official launch date of the cryptocurrency project World Liberty Financial, which has long been announced by his family.

In a video shared from his official X account, Trump said, 'We will launch World Liberty Financial live on Twitter Spaces on September 16th at 8:00 PM. We are embracing the future with crypto and leaving behind slow, outdated big banks'.

Trump is embracing the crypto community that he previously looked down upon during his re-election campaign. This year, Trump spoke at the Bitcoin 2024 Conference and stated that he would remove SEC Chairman Gary Gensler from his position if re-elected. He also announced that he would stop the sale of the 213,000 Bitcoins held by the US.

Security emphasis in Trump's project

World Liberty Financial sees security as a top priority and aims to promote the adoption of stablecoins. Corey Caplan, co-founder of Dolomite, also joined the project as an advisor earlier this month. In a statement made in the project's Telegram channel, it was said, "We are not taking any risks. We are working with the world's best security experts - Zokyo, Fuzzland, PeckShield, BlockSecTeam, and more. Our code has been thoroughly reviewed by industry leaders. We use best practices and prioritize user security."

However, the project came into the spotlight with the hacking of some members of the Trump family's accounts. Lara and Tiffany Trump's X accounts were attacked after misleading posts were made about a token allegedly associated with World Liberty Financial.

Sky, the giant of the decentralized finance sector, attracted attention with its vote on Bitcoin.

Sky, formerly known as MakerDAO, is preparing to make a significant move in the DeFi world with this development.

Sky initiated a vote on September 12, Thursday, in a governance announcement to completely remove Wrapped Bitcoin (wBTC) assets from its ecosystem.

If the proposal is accepted by the community, the $200 million DeFi credit on the platform will be directly affected.

The potential impact of TRON and Justin Sun on DeFi

However, the possible effects of TRON founder Justin Sun on the storage of these assets have raised concerns in the governance structures of the Sky ecosystem. DeFi risk management firm BA Labs had suggested reducing exposure to wBTC and has now proposed a process to completely remove it.

BA Labs suggested a five-step process for removing wBTC assets from the ecosystem, and the first step of this process will start on 26th September.

It was reported that voting will be conducted for each stage. BA Labs suggested integrating alternative assets into the platform, stating, “Legal reviews do not provide sufficient assurance”.

The Tron team has not yet made a statement on the matter. Currently, the SparkLend platform, which is connected to Sky, has $73 million worth of loans collateralized with wBTC, while it is reported that there is a $127 million debt against wBTC in Sky's old vaults.

Does the BitGo and wBTC equation get mixed up?

These developments raise tensions about wBTC, bringing to mind the announcement of BitGo.

Crypto custody firm BitGo announced earlier this month that the control of wBTC will be restructured under a joint operation with the global custody platform BiT Global.

This has highlighted the seriousness of the issue as DeFi platforms collectively increase decentralized queries.

Bitcoin and altcoins: Overview of the markets (September 13)

• Bitcoin is trading at $57,907 with a %0.3 decrease at the time of writing, while it is trading at 1,969,122 TL against Turkish lira.
• Ethereum (ETH) is at around 2,345, with a %0.7 decrease, BNB (BNB) is at 540, with a %0.5 decrease, Ripple (XRP) is experiencing a %6.2 increase, reaching 0.5701, Dogecoin (DOGE) is slightly up by %0.1 at 0.1029, TRON (TRX) is down by %1.8 at 0.151, and Solana (SOL) is up by %0.8 at around $134. *Quant (QNT) became the top performing altcoin with a 8.1% increase in the last 24 hours Artificial Superintelligence Alliance (FET) was the altcoin with the largest decrease in price, with a 5.9% drop.
• Quant (QNT) is trading at $76.70 while Artificial Superintelligence Alliance (FET) is trading at $1.34.
• The dollar index (DXY) is trading at 101.1 level.
• While the market value of Bitcoin is around $1.14 trillion, the total value of the cryptocurrency market is at $2.12 trillion levels.
• The volume of the 24-hour cryptocurrency market is around $71 billion.
• Dollar/TL is at 33.98 with a 0.23% increase, while the Euro/TL parity is at 37.66 with a 0.31% increase. *In the last 24-hour period, while 61 million dollars were liquidated from the cryptocurrency market, this situation affected more than 25,000 cryptocurrency investors.
• The long positions constitute 52.2% of the liquidated positions, and Bitcoin (BTC) had the most liquidations.

The UK government is preparing to define cryptocurrencies as a new type of property.

The UK government has submitted a bill to Parliament that aims to officially define crypto assets as a type of property. If accepted, this law will introduce a "third type of property" that will recognize personal property rights to digital assets.

State Minister Heidi Alexander from the Ministry of Justice stated in a press release on Wednesday that previously digital assets were not explicitly included in the English and Welsh property laws, which has left their owners in legal uncertainty.

The ministry stressed that this bill is a 'first in British history' and pointed out that there are currently two main categories of property in the UK: 'things in ownership' (such as gold, money, cars) and 'things in action' (such as debts, shares).

With the new law, it is planned to add a third category of ownership in order to grant personal property rights to digital assets.

Alexander stated that this bill was prepared to maintain the UK's "leading position in the global crypto race" and to attract more business investments. According to the press release, cryptocurrencies contribute £34 billion annually to the UK economy.

Alexander stated that the UK's approach to the crypto sector is occasionally variable, highlighting that high-level officials such as former Prime Minister Rishi Sunak have a desire to transform the country into a digital asset hub, but at the same time regulatory bodies such as the Financial Conduct Authority frequently issue warnings regarding crypto investments.

The Ministry stated that the bill was prepared based on a report published by the Legal Commission in 2023, which stated that digital assets could not be classified as either "things in ownership" or "things in action", but still needed to be considered as property.

The wallet associated with Ethereum (ETH) founder Vitalik Buterin has deposited money into Aave after two weeks of sales.

According to information transferred by the on-chain and analysis platform Lookonchain, the wallet believed to belong to Vitalik Buterin deposited the **2.27 million USD Coin (USDC) received in exchange for selling 950 ETH over the past two weeks into Aave.

It may support the Ethereum ecosystem.

Vitalik Buterin's sale of ETH has long been criticized by the crypto community. Buterin stated in his statements on the matter that he generally uses the money he receives from here to support projects within the Ethereum ecosystem.

According to Lookonchain data, Vitalik Buterin sent 3,800 ETH to the address he used today. This address has been selling the mentioned 950 ETH at an average price of $2,396 per unit since August 30.

Sales pressure has not come yet

Currently, analysts are noting that there is no selling pressure emerging as a result of this transaction. Selling pressure typically tends to push a token's price down. For example, there was a decrease in the price of Bitcoin following the release of Grayscale's Bitcoin ETF (BTC ETF).

In the case of Solana (SOL), it is observed that this large transfer from the FTX/Alameda wallet did not create selling pressure in the market. However, similar large sales in the past have caused market declines.

The crypto wallet named H4y…gFZ, allegedly associated with FTX or Alameda, recently withdrew 177,693 Solana (SOL) from the Solana network.

Bankrupt cryptocurrency exchange FTX was one of the biggest holders of Solana and had made a significant amount of SOL sales during the November 2022 crash.

Will FTX transfer all Solana coins to exchanges?

According to Solscan data, the FTX/Alameda linked wallet is reported to have withdrawn a total of $23.75 million worth of Solana today. This move has sparked discussions in the crypto community about whether these SOLs will be transferred to centralized exchanges (CEX) or not.

However, this move by the wallet is quite small compared to the total amount of SOL it holds. The H4y...gFZ wallet, which is said to belong to FTX, still has 7.057 million SOL tokens staked, worth $943 million. Previous reports also suggest that a large portion of SOL owned by FTX may have been sold through over-the-counter (OTC) transactions.

Despite these developments, Solana's (SOL) price remains stable and is trading at $135, with a 2.4% increase. The market value of SOL is $63.27 billion. Since the beginning of 2024, the SOL price has increased by 35% and has recorded an annual increase of over 650%.

Vega Protocol, a blockchain platform focused on derivative trading, has decided to shut down the network with the approval of community members.

Vega Protocol, which launched its mainnet in 2023, automatically closed all transactions made on-chain in its markets after a community vote.

According to the announcement made by the Vega team, this decision was made because the current state of the Vega Protocol network did not attract enough attention.

Barney Mannerings, one of the founders of Vega Protocol, said, "We are proud of our software, but the chain and token have not been able to capture the interest and growth that will make the project sustainable. Therefore, it is not possible for the project to continue in its current state."

The price of the token belonging to the project instantly plummeted.

The Vega team also announced that they will support a decentralized exchange called Nebula in addition to this change. Nebula, an independent project, will use Vega's underlying software and have its own NEB token. It is planned to offer this token to VEGA token holders as well.

After these developments, the value of Vega token has dropped by 30% in the last week, from $0.1 to $0.068. The token has experienced a loss of over 90% since the beginning of the year.

Bitcoin and altcoins: General market overview (September 12)

• Bitcoin is trading at $58,046, up 2.9%, and against the Turkish lira, it is trading at 1,976,903 TL.
• Ethereum (ETH) is trading around $2,361, up %1.4, BNB (BNB) is trading around $543, up %6.4, Ripple (XRP) is trading around $0.537, up %1.1, Dogecoin (DOGE) is trading around $0.1026, up %2.6, TRON (TRX) is trading around $0.153, up %1.1, and Solana (SOL) is trading around $135, up %2.6. *In the last 24-hour period, Sui (SUI) became the top gaining altcoin with a 15.5% rise, while Internet Computer (ICP) experienced the biggest price drop with a 2% decrease.
• Sui (SUI) trades at 1,02 dollars while Internet Computer (ICP) trades at 8,49 dollars.
• The Dollar Index (DXY) is trading at 101.7.
• While the market value of Bitcoin is around $1.14 trillion, the total value of the cryptocurrency market is at the level of $2.129 trillion.
• The 24-hour cryptocurrency market volume is around 87 billion dollars.
• Dollar/TL is at 33.99 with a 0.13% increase, while the Euro/TL parity is at 37.58 with a 0.36% increase.
• While $111 million was liquidated from the cryptocurrency market in the last 24-hour period, this situation affected more than 34 thousand cryptocurrency investors. *Long positions make up 52.42% of the liquidated positions, with Bitcoin (BTC) seeing the most liquidations.