Bitcoin

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Bitcoin Is The Ultimate ESG Asset?

Daniel Batten, a leading BTC environmentalist and co-founder of CH4 Capital, presented a compelling case for the cryptocurrency. With the help of four distinctive charts, Batten highlighted Bitcoin’s sustainability compared to other major industries. “4 charts, 4 tweets, 4 reasons Bitcoin is the ultimate ESG asset,” stated Batten.

https://twitter.com/DSBatten/status/1706162494388195395

**Bitcoin Halving 85% Complete:

-**Bitcoin has already passed 85% of the time since the previous halving in May 2020. -At the same time, supply held by long-term holders (LTHs) is close to its all-time high (ATH) nearly the all-time high of 2015. -In previous cycles, this was a signal of the vicinity of a macro bottom, followed by the early phase of a new cycle.

analyst @therationalroot published a chart of Bitcoin supply in the hands of long-term holders and superimposed each halving Bitcoin on his drawing. In his chart, we notice the BTC supply ratio in the hands of LTHs is close to its ATH near 76%. This was set at the end of 2015 when the BTC price ended the accumulation phase before the second halvin.

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If history were to repeat itself, then – in the grand scheme of things – the cryptocurrency market could face a roughly one-year sideways trend. Bitcoin halving, scheduled for mid-April 2024, may not immediately impact the price of BTC. Its effects may become apparent only in the last quarter of 2024 and throughout 2025.


Ethereum

On the other hand, Ethereum (ETH)—fresh off its label as the least-loved digital asset in 2023—continues on a negative streak, reaching $4.8 million in sales by large entities over the past week. Its unfavourable rating is very much intact, clocking $117 million of outflows on the year.

Ethereum's performance has worsened since its Shanghai upgrade. Market value, daily transactions, active addresses, and DeFi value have all dropped. Market cap down 17% to $190 billion, daily transactions down 14% to 860,000, active addresses down 19% to 351,000, and DeFi value down 30% to $21 billion. Ethereum-based NFTs lost all value, and DEX volumes dropped 70% to $446 million.