MinersMarket.ca - “There exists a large, untapped pool of capital within the Bitcoin ecosystem that remains dormant,” Wintermute’s OTC desk told CoinDesk.
- Bitcoin’s halving event could increase bets on related networks and ecosystem tokens, with traders expecting tokens such as STX, RUNE, and ORDI to rise.
- Bitcoin-based meme coins, NFTs, and Ordinals could form part of a “barbell strategy” comprised of both technical and non-serious projects, some traders say.
Bitcoin’s (BTC) much anticipated halving event later this month could see a flurry of bets on related networks and ecosystem tokens, with traders expecting upside on both technical and meme coin projects.
Halving reduces the rate at which new coins are created and lowers the available new supply. The current block reward is 6.25 BTC, and it will drop to 3.125 BTC after the halving. This event has historically preceded a bull market for the token.
Crypto traders say participants seek a “reason to buy” as money narratives continuously shift in the current bullish environment and they may turn their focus on the bitcoin ecosystem in the coming weeks.
Bitcoin’s (BTC) much anticipated halving event later this month could see a flurry of bets on related networks and ecosystem tokens, with traders expecting upside on both technical and meme coin projects.
Halving reduces the rate at which new coins are created and lowers the available new supply. The current block reward is 6.25 BTC, and it will drop to 3.125 BTC after the halving. This event has historically preceded a bull market for the token.
Crypto traders say participants seek a “reason to buy” as money narratives continuously shift in the current bullish environment and they may turn their focus on the bitcoin ecosystem in the coming weeks.
Ordinals are a way to embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions.
Ordinal volumes were higher than those of usual leaders Ethereum and Solana in the past week, as reported, led by NodeMonkes and Pups. Non-fungible token (NFT) on other networks buying and selling activity declined 95% across all networks in the same period, suggestive of an isolated interest in Ordinals.