On-chain data shows the Binance Exchange Reserve has diverged between Bitcoin and the stablecoins. Here’s what this could mean for the market. Bitcoin & Stablecoin Exchange Reserves Have Decoupled On Binance In a CryptoQuant Quicktake post, an analyst has talked about the latest trend in the Binance Exchange Reserve for Bitcoin and the stablecoins. The “Exchange Reserve” here refers to an on-chain metric that keeps track of the total amount of a given asset that’s sitting on the wallets attached to a centralized exchange. When the value of this metric rises, it means the holders are making net deposits of the asset to the platform. Generally, investors use exchanges when they want to participate in trading activities, so them making inflows could signal appetite for trading the coin away. For cryptocurrencies like Bitcoin, this is something that can naturally have a bearish impact on the price. The same, however, isn’t true in the case of the stablecoins, as they are, by definition, always stable around the same value as the fiat currency that they are pegged to. Investors usually store their capital in the form of these tokens when they want to avoid the volatility associated with assets like Bitcoin. Many of them, however, plan to eventually return back to the volatile side. Once they have decided to make the switch, they transfer their stablecoins to exchanges. When they make the swap to a coin like Bitcoin, its price naturally observes a buying boost. As such, stablecoin inflows can be bullish for the volatile cryptocurrencies. Now, here is the chart shared by the analyst that shows the trend in the Exchange Reserve of Binance for Bitcoin and the stablecoins over the last couple of years: As displayed in the above graph, the Binance Exchange Reserve for the two asset classes showed some correlation in 2024. But by the end of the year, a shift had occurred, with the stablecoins witnessing sharp inflows and Bitcoin outflows. The two have remained decoupled in 2025 so far, although their trends no longer diverge as extremely. The stablecoin Binance exchange reserve has recently been trending sideways, while the one for Bitcoin has rapidly been moving down. Thus, it would appear that there is a large amount of fiat-tied tokens on the exchange potentially waiting to be deployed into the volatile side and at the same time, investors are also pulling out BTC supply, hinting at ongoing accumulation. This could hint at bullish conditions aligning on the largest cryptocurrency exchange, but it only remains to be seen whether the setup would reflect in the Bitcoin price or not. BTC Price Bitcoin is holding steady as its price is still trading around the $108,800 level.
Nasdaq-listed firm triggers rally in BNB after bold crypto move.
Here is a consolidated list of the best cryptocurrency exchanges with my comments:
ExchangeKey FeaturesCoinSutra RatingBybit• Very popular with high volume.
• Best for margin trading.
• Read Bybit review9.8/10Binance• #1 crypto exchange for Crypto and digital asset trading
• Customers assets are stored in hot and cold wallet, offering top security
• It offers a maximum number of crypto pairs and offers trading and investing.
• P2P trading, Futures trading, Leverage trading, Crypto lending and borrowing, Staking program. 10/10Gate.ioSpot, Margin and future trading
Various automated bot trading option
Crypto trading mobile app
Instant KYC9/10KuCoin• Simple and easy to use
• Many low-cap gems available9.5/10OKX• Popular Crypto exchange
• Extensive range of pro trading options
• Advanced trading platform9.4/10Bitget• Demo accounts available
• Wide range of cryptocurrencies9.3/10MEXC• Fast listing of new crypto projects
• Leveraged & Index ETFs9/10Kraken• Based out of the USA, and secure crypto exchange, existing for the last half a decade.8.8/10GMX• Decentralized Perpetual Exchange
• Simple Swaps7/10HTX• One of the largest exchanges of the crypto market
• High security and great customer support8/10AscendEX• Easy-to-use interface
• Use in-house token ASD to lower fee8/10
Slowly and steadily, Bitcoin and altcoins are getting attention from more investors all around the world.
And why not? These cryptocurrencies are time and again proving themselves to be a safe haven against the government’s inflationary policies.
Not only this but now people have a variety of products to earn substantial passive income on their crypto assets. Moreover, some people make good money by pure speculation with short-term trading (i.e., buy low, sell high).
And for those who are just starting and need answers to some basic questions like:
The top US crypto exchange platform by trading volume is abruptly adding support for Wormhole (W), causing the native asset of the cross-chain messaging project to rally briefly.
In a new announcement, Coinbase Assets says it’s adding Wormhole, an interoperability project that allows communication between blockchains, to its suite of digital asset products.
“Wormhole (W) is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”
News of the addition sent W flying, as the crypto asset went from a low of $0.61 on June 27th to a peak of $0.81 just a day later. Wormhole has since retraced and is trading for $0.071 time of writing, a fractional decrease during the last 24 hours.
According to its official website, Wormhole is currently compatible with numerous prominent blockchains, including Base and BNB Chain, the respective blockchains of Coinbase and Binance, the two largest crypto exchanges in the world.
“A fully integrated chain can use cross-chain decentralized applications (DApps) to send and receive tokens and NFTs. It can also publish and verify messages to and from the network – meaning developers can utilize the full suite and power of Wormhole.”
Other compatible chains include smart contract platforms Ethereum (ETH), Algorand (ALGO), and Avalanche (AVAX), as well as layer-2 scaling solutions Optimism (OP), Arbitrum (ARB), and Polygon (POL).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Top US Crypto Exchange by Trading Volume Coinbase Adds Support for Leading Cross-Chain Messaging Protocol Wormhole (W) appeared first on The Daily Hodl.
Traders pile in ahead of strong jobs data; but can risk appetite survive macro reality?
TL;DR
Ethena is a project developed to address the issues of existing stablecoins in the cryptocurrency market. What is Ethena (ENA)? Ethena is a cutting-edge decentralized finance (DeFi) protocol built on the Ethereum blockchain. It is designed to generate synthetic dollars, which are digital assets that maintain price parity with the US dollar (USDe). The ENA token is the native governance token of the Ethena protocol. Through the use of smart contracts, Ethena allows users to mint, trade, and exchange synthetic dollars without the need for a central authority or intermediary. This provides users with greater control over their funds and financial transactions. The ENA token plays a crucial role in the governance and operation of the Ethena protocol. Holders of the token have voting rights in the decision-making process of the protocol, such as proposing and voting on changes to the protocol parameters or upgrades. Additionally, the ENA token can be staked to earn rewards in the form of transaction fees generated by the protocol. This incentivizes token holders to actively participate in the protocol, contributing to its security and stability. Overall, Ethena aims to revolutionize the way decentralized finance operates by providing a reliable and transparent platform for users to access synthetic dollars and participate in the governance of the protocol. Why is Ethena Labs important? Ethena provides a vital solution within the growing DeFi sector. Synthetic dollars play a key role in various DeFi applications, including:
Saga is a protocol that provides blockchain development services for decentralized applications. Let’s dive right in and learn more in this article! What is Saga (SAGA)? Saga Protocol is a venture that offers blockchain construction services for applications. Essentially, Saga functions as a blockchain platform designed to introduce additional blockchains, known as “Chainlets,” within the Saga ecosystem. These Chainlets are safeguarded by Saga validators through a process called Interchain Security, which is a collaborative security system derived from Cosmos. The concept of Interchain Security involves one blockchain serving as a security provider for others, specifically Chainlets in this scenario. As a result, Chainlets are able to leverage the advantages of operating a Cosmos SDK application while relying on Saga validators for block validation. Solution for Building VM-Compatible Blockchains Saga is presenting a specialized system for deploying blockchain that is user-friendly, decentralized, and secure. This system allows developers to have control over selecting their desired virtual machine, starting with support for the Ethereum Virtual Machine (EVM). In the future, Chainlet is striving to be compatible with multiple virtual machines, giving developers the freedom to select from different options such as EVM, CosmWasm, or Javascript VM. Chainlet Launching Process Launching a Chainlet on Saga does not require permission, unlike on Cosmos Hub. Developers simply need to possess SAGA tokens to cover the expenses of setting up and maintaining their Chainlet. This process is akin to services offered by platforms like Amazon Web Services and other SaaS providers, with the distinction that the subscription fee for creating and managing a Chainlet is paid in SAGA tokens. Once the fee is paid, validators are responsible for establishing and overseeing the infrastructure of the Chainlet, similar to how validators on Cosmos Hub manage app chain infrastructure. To launch a Chainlet, developers must allocate funds to an escrow account using SAGA tokens. This escrow account can be funded with any desired amount and serves as a prepaid service to handle expenses related to the Chainlet. If the prepaid fee runs out, the Chainlet will become inactive until the developer deposits more SAGA into the account. The fee is calculated per epoch, with each epoch lasting approximately one day. There are different methods to fund your margin account with SAGA tokens:
Ethereum (ETH) has recorded strong gains over the past two weeks, rising from $2,111 on June 12 to $2,515 on June 25, reigniting hopes for a sustained bullish rally that could push the digital asset beyond the crucial $3,000 level. Ethereum Rally Marked By Shift In Dynamics According to a recent CryptoQuant Quicktake post by contributor Amr Taha, Ethereum’s latest rally has been accompanied by a notable shift in market dynamics – including a flip to positive funding rates, a potential short squeeze, and a rise in ETH inflows to Binance crypto exchange. Recent data from Binance reveals a significant shift in ETH funding rates from negative to positive. Positive funding rates typically indicate that traders are opening or holding leveraged long positions, reflecting expectations of further upside. However, rising funding rates may also raise the risk of a short-term price pullback if long positions become overextended. Data from CoinGlass shows that 68.15% of liquidations over the past 24 hours were long positions – highlighting this risk. Taha also emphasized the role of a short squeeze in Ethereum’s recent price surge and the increase in funding rates. As ETH’s price climbed, it retested the previous short-squeeze zone around $2,500. He explained: In that earlier event, short positions were forcibly closed by initiating aggressive market buy orders to cover their exposure, triggering a cascading effect known as a short squeeze. This dynamic occurs when traders who had bet against ETH (shorts) are forced to close their positions by aggressively buying back the asset to limit losses. Meanwhile, ETH inflows to Binance have also spiked. On-chain exchange data suggests that 177,000 ETH was deposited into Binance over a three-day period – an unusually high volume. Such a surge typically signals increased selling pressure or large-scale repositioning by major holders. Large transfers of ETH to exchanges often precede either potential sell-offs or liquidity provisioning. In conclusion, Taha noted that while a short-term correction may be likely, ETH’s breakout above $2,500 underscores the aggressive speculative activity driving its recent price action. Traders are advised to closely monitor funding rates and exchange flows for signs of an impending retracement. ETH Bulls Take The Charge Recent technical analysis suggests ETH may be gearing up for a breakout above the $2,800 resistance level. The asset also recently formed a golden cross on the daily chart, fuelling speculation that a new all-time high (ATH) could be within reach. That said, ETH is not entirely in the clear. Technical analyst Crypto Wave recently predicted that the cryptocurrency may revisit lower levels in the $1,700 to $1,950 range. At press time, ETH trades at $2,429, down 0.4% over the past 24 hours.
Data shows the Bitcoin Open Interest on the cryptocurrency exchange Binance has recently shot up. What could this mean for the asset’s price? Bitcoin Binance Open Interest Has Seen A Sharp Increase As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Open Interest on Binance has spiked. The “Open Interest” refers to an indicator that measures the total amount of BTC positions that are currently open on a given derivatives platform. When the value of the metric goes up, it means the investors are opening up fresh positions on the market. As the total amount of leverage present in the sector rises when new positions appear, this kind of trend can lead to the asset’s price becoming more volatile. On the other hand, the indicator observing a decline suggests the holders are either closing up positions of their own volition or getting liquidated by their platform. Since leverage goes down with such a trend, the cryptocurrency can become more stable following it. Now, here is a chart that shows the trend in the 24-hour percentage change of the Bitcoin Open Interest for the Binance exchange over the past month: As displayed in the above graph, the 24-hour change in the Binance Bitcoin Open Interest recently shot up to a notably positive value, implying the number of positions on the platform saw a significant jump. At the peak of this spike, the indicator hit a value of more than 6%. From the chart, it’s visible that there have been a couple of other occasions that the metric has breached this mark during the past month. Interestingly, each of these spikes coincided with points that preceded a period of consolidation/decline for Bitcoin. As the quant notes, This recurring pattern suggests that large inflows into leveraged positions often precede periods where short-term gains are realized, leading to potential price pullbacks or sideways movement as market participants de-risk. The analyst has also shared another chart, this one tracking the 7-day change in the Realized Cap of the short-term holders and long-term holders. The “Realized Cap” refers to an indicator that keeps track of the capital that the holders have invested into Bitcoin. Below is a chart that shows the change in this metric for two investor cohorts, short-term holders (holding time of 155 days or lesser) and long-term holders (holding time greater than 155 days). As is apparent from the graph, the 7-day change in the Realized Cap has recently been positive for long-term holders, which suggests capital has been maturing from the short-term holders into this cohort. That said, earlier in the month, the indicator hit a peak of $57 billion, but today it has come down to just $3.5 billion. So, while capital is still aging into long-term holders, it’s now happening at a much slower rate. BTC Price Bitcoin has been attempting to break past the $108,000 mark, but so far, it hasn’t found success as its price is still trading around $107,200.