Would you do that? I think: welcome back everybody to altcoin daily. My name is austin in todays video. I want to share with you the latest news involving bitcoin involving ethereum involving lower cap altcoins, as well as where we stand right now with the crypto market. Looking at the on chain data, if youre interested in making money with cryptocurrency click subscribe right now we drop a video every single day. Demystifying. This cryptocurrency market lets jump in before we finish this clip of grayscale ceo, providing some inside alpha some perspective on. When is the best time to buy before this clip lets look at the data, starting with bitcoin futures, perpetual funding rate on all exchanges has just flipped negative. We like the negative funding long time, no see my friend so lets unpack this. What exactly does this mean? Why do we like negative funding, trying hard to learn this info in simplistic terms? This is because shorts are now paying longs to stay open, which is bullish. The bulls are winning over the bears, and this means a potential short squeeze incoming, which drives the price higher. Does not mean we couldnt flip back positive. We will have to pay attention to this metric over the next coming days, but ill keep my eye on this and lets keep moving, lets look at the on chain data and see exactly who was selling i.e. Who exactly is now out of the market? Assessing the btc sell off? Bitcoin hodlers realized the third largest on chain capitulation in history over the weekend, with over 2.

18 billion dollars in realized losses. Third largest ever – and this does confirm some of the data that i brought. You a few days ago that the majority of people that were selling were selling at a loss, which is very interesting now. What does this mean? What does this tell us about the type of investor that was selling recently because question is which cohort of bitcoin hodlers were realizing these losses? Well, if we look at the long term, huddler supply, we can actually see their total holdings are relatively unchanged over the past week. This makes it more probable that the recent dip was caused by recent buyers. The short term holder metric, on the other hand, shows a very significant losses, were realized in this cohort. So short term investors presumably got a little scared and sold at a loss and with almost 25 percent now of futures contracts closed, we can determine that a leverage flush out is the most likely side driver and going further according to on chain analyst will clemente the Main thing that had me cautious lately was derivatives. Now that weve flushed out open interest spot investors are in control, still think we consolidate a bit before moving higher, though so you may be feeling bearish or you may be feeling bullish, but i say data over feelings. The data is pointing bullish, something to consider and by the way, always keep in mind. I am not a registered financial advisor.

Nobody can see the future, not even registered financial advisors. The point is: do your own research make your own decisions? The market could absolutely go lower as we chop around consolidate in the short term, but looking long term and looking at where we are right now, with the bitcoin supply shock valuation, which shows us the activity. The demand for bitcoin happening on chain in comparison to the supply out there, because of this last dip bitcoin, is now undervalued based on the on chain activity. This model does a look back on previous times. Bitcoin had similar on chain demand were currently trading at a decent discount, its a model for investors, not traders who can easily be liquidated well before the model plays out. So if youre a trader, it does not mean that we still cant go lower in the short term. Anything can happen, but if youre, an investor based on the activity right now happening on chain because of this dip, bitcoin is right now undervalued, bullish. Give me your thoughts on bitcoin on the crypto market. Right now. Give me your thoughts in the comment section and that does bring us to our final question is now a good time to buy bitcoin or wait. As you may have guessed, the ceo of grayscale says: buy the pullbacks. Take a long term perspective watch this. Would you do that? I think most investors at least the behaviors we see at grayscale are using pullbacks in price to opportunistically average down on their positions.

So, especially as we think about institutional investors, the ability to dollar cost average into a position and again think about it over a longer time horizon. They do often use these pullbacks to build those positions over time. All right lets talk about altcoins, including binance, ethereum, algorand and more, but first lets take 90 seconds and give a big shout out to sponsor of todays episode. A crypto game called gods unchained having the biggest play to earn event of the year where you can earn real gods tokens for free just for playing a game. Now this is one of the most popular play to earn games out there. I believe most of you in this audience have already played, or are already playing the game, but in this event, happening now called blessing of the gods. Each week you can earn up to millions of dollars worth of gods tokens just for playing a game boom here. It is, in my opinion, a picture. A visual is worth a thousand words, and i think this is cool. I think this is actually fun to play and, in my opinion, it is this sort of thing that actually leads to mass adoption, potentially because you cant even tell this is a crypto game. This just looks like a fun game and to define it. What is gods? Unchained gods unchained is basically in simple terms: a free to play card game with the goal of accumulating nfts and items to win battles.

And the cool thing is that, because its a play to earn crypto game because it is built on the blockchain players – can actually have real world control over the items they earn, meaning these are ethereum tokens and you can buy, sell trade them on uniswap for real Money looking on the website, as they say, gods unchained the trading card game that pays to play play now for free. I will put a link down below in the video description check it out. Link down below the company has financing from coinbase, which is huge galaxy digital, like novogratzs company, as well as naspers, one of the largest tech investors in the world, backing this game and its also led by chris clay, who is the former game director of magic? The gathering arena, who has had success in gaming before and now, theyre all sort of just coming together for gods unchained. I will link this down below in the video description for more information check it out, and that brings us to the free event happening now. Blessing of the gods, the biggest play to earn event of the year more tolls were hosting a series of play. Doh events this month and through the rest of the year, where both early supporters and new enthusiasts have the opportunity to earn gods tokens the primary currency. For our ecosystem, if you want to start earning, youll need to play at least 20 or more ranked games win 7 or more of those ranked games earn at least a certain level purified iron, as well as a few more qualifications and at the end of each Week, gods tokens will be dispersed to the players that earn them check it out, link down below and for a full analysis on how you can take advantage of this play to earn event.

There is a dedicated video from me linked down below check it out. Okay, next up lets talk about ethereum openc hires, new cfo from lyft plans, ipo, so brian roberts, their new cfo, says he wants to raise more funds for open seas, booming nft marketplace, and he also has plans to take it public with an ipo, so their new Cfo, besides coming from lyft, what other major companies has he worked with. Roberts has worked as global head of corporate development at microsoft before joining walmart for three years to lead its mergers and acquisitions teams, and while the new cfo has no prior experience in the crypto industry, he told bloomberg that the emerging web 3 and nft sector, in Particular recalls mid 90s ebay, interesting analogy, but my next question is: if his goal is to raise money whats the money going to be used for, while roberts acknowledges that openc isnt in need of any funding to survive. His roadmap for the future entails raising extra investment, which the company could then use for acquisitions and partnerships to promote the growth of the nft sector. And, of course, this is all on the ethereum chain, which is very bullish for ethereum, and roberts also hinted that an open, c ipo may soon be on offer, meaning that equity in the company could soon be sold to the public on a stock exchange. For the first time ever, he even said with the nft platforms, growth youd be foolish to not think of going public, so good news for ethereum, as well as good new hire for openc.

Next up. What about binance binance plans to become a registered uk firm despite regulatory setbacks, so the exchanges ceo cz says it does plan to expand to the uk in the next 6 to 18 months, despite being ordered by the countrys regulator, to cease trading in june. So basically, the worlds largest exchange by trading volume finance years ago entered the uk the wrong way. They did not get regulatory acceptance, compliance that were kicked out and now binance says they want to enter the right way to become a registered crypto asset firm in the uk. The platform must abide by money laundering and terrorist financing controls to meet these requirements. Cz indicated that the company was considering setting up a specific company to run the uk to run in a specific company to run in the uk, similar to its binance.us subsidiary. So much like binance.us, we may be seeing a binance dot uk in the future and next piece of news for all you ogs in the space involving craig wright, who claims to be satoshi nakamoto, craig wright found not liable for breach of climate business partnership, a a Jury did rule that wright must pay 100 million dollars to wnk info defense research, basically, the people that were suing him but cleared craig wright of all other charges. Craig wright found guilty of stealing his dead partners, assets, fined 100 million dollars for stealing those assets. Lol. At the people, who think that getting hit with a 100 million dollar jury verdict for conversion stealing is a win so innocent on some charges guilty on other charges for those new people in the space, if youre wondering who is satoshi nakamoto are his claims valid the Truest test, which we have yet to see from anybody, would be to sign or make a transaction in those original, satoshi nakamoto wallets, which craig wright refuses to do, which does tell us and does tell the majority of the crypto community.

If you cant sign a transaction in this original wallets, then youre, probably not satoshi. Nakamoto, give me your thoughts down below and next up very quick piece of news for al grand weve covered this a little bit before in the past. I do have an update. Miami becomes the first u.s city to deploy air quality monitoring network based on the algorand blockchain. So this is a big win for the air quality in miami, as well as a huge win for the algo blockchain. There will be sensors around the city, detecting the intensity of air pollution in the area and, of course, because its on l, grand the data collected by the sensors will be recorded on the algorand blockchain, making it tamper proof and permanent. So big win for al grand. That is the video. My name is austin.