By Kapil Rajyaguru
Bitcoin Balances on Exchanges Hit Historic Lows as Supply Crunch Mounts.
Bitcoin balances on exchanges have hit a record low of 2.28 million BTC, showing a significant shift in investor behavior. With Bitcoin’s price holding strong at $95,362, many investors seem to be moving their holdings off exchanges into private wallets.
This trend suggests a growing confidence among long-term holders and a belief in Bitcoin’s future value. Less Bitcoin on exchanges also means tighter supply, which could drive prices higher if demand stays strong.
Meanwhile, the drop in exchange balances highlights Bitcoin’s growing appeal as a store of value, with more people treating it like “digital gold” rather than a short-term trade.
XRP Flips Tether Becoming World’s Third Largest Crypto as Prices Soar.
XRP, the native token used within Ripple’s payments system, has jumped to the third spot in market capitalization rankings, beating out the incumbent stablecoin issued by Tether.
The asset is up more than 71% over the week to $2.47 and a further 367% over the last 30 days, according to CoinGecko data. The asset previously flipped Solana for the fourth spot late Sunday.
Ripple Labs’ case against the U.S. Securities and Exchange Commission has been a primary focus for investors, which has been aided by a decision for its chairman, Gary Gensler, to depart on January 20.
Japanese Crypto Exchange DMM Bitcoin Is Set To Liquidate.
Japanese cryptocurrency exchange DMM Bitcoin is prepping to liquidate after losing $320 million in Bitcoin from a private key hack in May that the company has failed to recover from.
The crypto exchange is also ceasing efforts to revamp operations and intends to transfer customer assets to SBI VC Trade, an exchange operator under SBI Group, around March; Nikkei Asia first reported on Dec. 2.
DMM’s loss was the second largest in the region, following the $530 million Coincheck hack in 2018.
Bitcoin Miners Invest Big: $5bn Raised, $3.6bn Spent on Upgrades in 2024.
Bitcoin miners raised over $5 billion in 2024, allocating $3.6 billion to upgrading hardware and infrastructure, including new mining sites and technology.
This investment aligns with the Bitcoin network’s hashrate surge, reaching a record 790 EH/s despite the halving event earlier this year.
Public mining firms shifted from equity to debt financing, with $500 million in debt issued in Q3, the highest since early 2022.
Notably, MARA Holdings issued $1 billion in 0% convertible notes to acquire 5,771 BTC. Plus, sustainable mining practices gained traction, balancing profitability and environmental concerns.
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