# On-chain İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "On-chain" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Pricing OpenAI Pre-IPO: A New, Life-or-Death Business on Hyperliquid Lasting Half a Year

Pricing OpenAI Pre-IPO: Hyperliquid's High-Stakes, Six-Month Business Venture The article analyzes the nascent market for pre-IPO perpetual contracts on the Hyperliquid blockchain, exemplified by two contrasting teams: Trade.xyz and Ventuals. Trade.xyz, an anonymous team, successfully built the largest pre-market on Hyperliquid. Its strategy focused on near-term events, like the SpaceX IPO. By listing a SpaceX contract with a known launch date and price, the market had a tangible "anchor" (the eventual Nasdaq opening price) to converge upon, which kept speculation in check. This approach fueled significant growth. In stark contrast, Ventuals, backed by Paradigm, failed despite holding coveted contracts for OpenAI and Anthropic. Its critical flaw was its pricing mechanism for these companies, which have no imminent IPO. Ventuals' oracle price was half-derived from infrequent private market transactions and half from its own contract's moving average. This created a self-reinforcing loop where buying pressure artificially inflated the price, disconnecting it from real supply and demand. The market became illiquid and structurally skewed. Ventuals shut down nine months after launch, reportedly through an acquisition. Its final settlement prices—OpenAI at ~$1,341 and Anthropic at ~$1,618—were thus partially products of its flawed model. Ironically, some company employees and late-stage VCs reportedly used these prices for valuation reference, highlighting the desperate demand for price discovery in opaque private markets. The failure of Ventuals exposes the core challenge of this business: price for illiquid, non-public assets requires a robust, self-correcting market, which is absent without a definitive public listing event. Nevertheless, demand is driving major players like Coinbase and traditional finance (e.g., Citi) to enter the space, aiming to provide 24/7 trading for coveted private company shares. The venture's ultimate viability, however, hinges on solving the fundamental pricing problem Ventuals could not.

marsbitDün 11:53

Pricing OpenAI Pre-IPO: A New, Life-or-Death Business on Hyperliquid Lasting Half a Year

marsbitDün 11:53

BTC Market Pulse: Week 25

Bitcoin is attempting a modest rebound from oversold levels, but structural data indicates stabilization, not a trend reversal. Key shifts include a move from selling to buying pressure in perpetual futures and a near-flattening of spot selling. However, the bounce lacks conviction, evidenced by a 40% drop in spot volume and declining open interest, suggesting it is driven by short covering rather than new bullish bets. Market fear has receded sharply, with volatility spreads collapsing and ETF outflows narrowing. On-chain activity is subdued, with falling transaction volumes and continued capital exit. While capitulation is slowing and the supply is shifting to longer-term holders, profitability remains stressed. The overall picture is of a market building a consolidation base, lacking the volume and fresh institutional capital needed for a confirmed reversal.

insights.glassnodeDün 23:11

BTC Market Pulse: Week 25

insights.glassnodeDün 23:11

Insurance Veteran Re-Entrepreneurship, Re Opens the Door to Reinsurance with On-Chain Protocols

Insurance veteran Karn Saroya leads Re, a protocol aiming to digitize the global reinsurance market by bridging it on-chain. It tackles high regulatory barriers by using a licensed reinsurer, Cover Re SPC, to handle compliant contracts, separating legal risk from the protocol layer. Users can deposit stablecoins into two tokenized tranches: reUSD (senior, principal-protected with fixed yield) and reUSDe (junior, higher-yield, first-loss). The protocol has secured $409 million in underlying premiums across low-volatility commercial lines like auto and workers' compensation. Re has raised $21 million from investors including Tribe Capital and Electric Capital. Its fixed-supply 1 billion RE governance token, part of an ongoing points program, is planned for a Coinbase listing. Re differentiates itself by offering non-correlated real-world asset yields, a compliant structure, and substantial scaled capital compared to peers like Nexus Mutual or Ensuro.

Foresight News2 gün önce 06:17

Insurance Veteran Re-Entrepreneurship, Re Opens the Door to Reinsurance with On-Chain Protocols

Foresight News2 gün önce 06:17

Exploit Wallet Converts Stolen Tokens Into 18,510 ETH And 1,548 BNB

An exploit-linked wallet has reportedly converted stolen assets into 18,510 ETH (approximately $30.83 million) and 1,548 BNB ($924,000). According to on-chain tracking data cited by WuBlockchain and Lookonchain, the attacker sold compromised "H tokens" to obtain these more liquid assets and still holds an additional 111.36 million H tokens worth about $14 million. This conversion into major cryptocurrencies like ETH and BNB is a common step after an exploit, as attackers move from illiquid, traceable tokens toward deeper, more liquid assets. This consolidation can signal potential next steps, such as moving funds through bridges or mixers, and complicates recovery efforts for security teams. While blockchain analysis provides real-time visibility into such transactions, the identity of the wallet controller often remains uncertain. The data serves as a valuable snapshot of fund movement, highlighting the role of on-chain monitors in tracking security incidents before official investigations are complete.

bitcoinist06/13 18:43

Exploit Wallet Converts Stolen Tokens Into 18,510 ETH And 1,548 BNB

bitcoinist06/13 18:43

Bitcoin Market Faces A Potential Profitability Reset As More Coins Slip Out Of Profit

The Bitcoin market is experiencing significant pressure, with the price dropping to around $61,000, leading to a sharp decline in the percentage of BTC supply held in profit. Analysts note this metric is approaching a critical 45% threshold, historically associated with market stress and a potential "profitability reset." This shift indicates broad-based weakness, moving many holders from unrealized gains to losses, which often helps eliminate excess market speculation. The process involves a redistribution of coins from weaker to longer-term investors, potentially creating short-term volatility but a healthier market structure over time. While not pinpointing a market bottom, such low profitability levels have coincided with capitulation risks and long-term buying opportunities in past cycles. Current analysis points to key liquidity zones at $64,000-$66,500 (upside) and $58,000-$60,000 (downside), with the market undergoing a deep reset rather than a euphoric phase.

bitcoinist06/12 02:33

Bitcoin Market Faces A Potential Profitability Reset As More Coins Slip Out Of Profit

bitcoinist06/12 02:33

XRP Realized Profit-To-Loss Ratio Plunges – What The Market Should Be Expecting

XRP's Realized Profit-to-Loss Ratio has plunged sharply to 0.38, indicating that for every dollar of loss realized, only 38 cents of profit is being taken. This deep drop below 1 signals a market where most moving coins are sold at a loss, reflecting intense capitulation amid ongoing bearish price pressure below $1.2. Despite the weak price performance, spot trading activity is increasing, led predominantly by large whale investors who often dominate during accumulation phases. Concurrently, XRP reserves on major exchanges like Upbit are showing a slight decline—a trend historically associated with subsequent price rallies. Analysts suggest these dynamics could potentially set the stage for a market bounce if the withdrawal trend continues.

bitcoinist06/10 23:02

XRP Realized Profit-To-Loss Ratio Plunges – What The Market Should Be Expecting

bitcoinist06/10 23:02

Bitcoin Close To Setting A New Record Despite Price Crash, But Can This Save BTC?

Bitcoin is experiencing a contradictory mix of signals as its price falls sharply while on-chain transaction activity surges toward record levels. Market analyst Darkfost notes the average monthly transaction count is nearing 640,000, close to peaks seen during the 2024 correction. Typically, such high activity aligns with bullish phases, but Bitcoin currently remains in bearish territory. This unusual trend is described as a major "capitulation episode," indicating a significant historic change of hands among holders. Simultaneously, short-term Bitcoin holders are realizing substantial losses. During the recent price drop below $60,000, over 60,200 BTC was moved to exchanges within 24 hours, with more than 59,000 BTC sold at a loss—the largest negative swing for this group since February. This highlights emotional selling by newer participants. The key question is whether this spike in transactional activity can ultimately support a Bitcoin price recovery or prevent further downtrends.

bitcoinist06/10 02:32

Bitcoin Close To Setting A New Record Despite Price Crash, But Can This Save BTC?

bitcoinist06/10 02:32

50% Of All Bitcoin In Circulation Are Now Sitting On Major Losses, Is This A Bottom Signal?

Bitcoin is potentially flashing a key contrarian signal as over 10.46 million BTC, roughly half of its circulating supply, is now held at a loss. This metric, highlighted by analyst Ali Martinez using Glassnode data, has historically coincided with major market turning points. The significant increase in underwater supply, alongside Bitcoin's price decline of over 40% from its highs to around $63,242, suggests heightened investor stress. Martinez notes that such elevated loss holdings can reduce selling pressure as holders are less incentivized to realize losses. Supporting this, the Net Unrealized Profit/Loss (NUPL) indicator has entered the "Hope-Fear" zone, reflecting shaken confidence. While a definitive bottom is unconfirmed, the scale of unrealized losses places Bitcoin in a historical accumulation zone, raising debate on whether the current decline is nearing its end.

bitcoinist06/09 17:31

50% Of All Bitcoin In Circulation Are Now Sitting On Major Losses, Is This A Bottom Signal?

bitcoinist06/09 17:31

Monera Digital｜Crypto Market May Report: Four Major Reasons Behind the Accelerated Decline

Monera Digital Crypto Market May Report: Four Key Reasons Behind the Accelerated Decline The crypto market experienced a significant downturn in May, driven by an internal liquidity crisis rather than external macro factors. Bitcoin fell from around $82,850 to $73,674, even as traditional markets rallied in the final week, highlighting a clear "liquidity transmission failure" specific to crypto. Four primary internal factors caused the accelerated sell-off: 1. **Major ETF Outflows:** U.S. spot Bitcoin ETFs saw a net outflow of $2.425 billion for the month, the third-largest monthly withdrawal since their launch. Ethereum ETFs also reversed to net outflows. This turned a key pillar of the bull run into a source of selling pressure. 2. **Holder Capitulation:** On-chain data showed textbook "surrender" patterns. The Short-Term Holder MVRV ratio fell below 1.0, indicating this cohort is now in aggregate loss. The Net Unrealized Profit/Loss (NUPL) metric also deteriorated significantly. 3. **Contagious Negative Sentiment:** The Coinbase Premium Index, which shows U.S. institutional buying/selling pressure, turned deeply negative for most of the month. This confirmed the ETF outflows and reflected a strategic shift away from crypto toward assets like U.S. Treasuries. 4. **Leverage Unwinding and Psychological Breaks:** Despite the downturn, futures open interest initially grew, signaling leveraged positioning. This culminated in a sharp deleveraging event with $307 million in long liquidations. Furthermore, the price broke below the critical $75K-$76K support zone, which is both a key gamma option level and the approximate average cost basis for major public companies holding Bitcoin, turning them from potential buyers into potential sellers. The report concludes that the market's pricing power has shifted from macro narratives to internal liquidation. While Bitcoin's 200-week moving average quantile has entered a historical "value zone" at 10.2%, this indicates a deep bear market reset is underway, not an immediate reversal. A sustainable recovery will require both a genuine improvement in the macro liquidity environment and clear signs of renewed on-chain demand, such as ETF inflows resuming and the Coinbase Premium turning positive. Until then, discipline and capital preservation are paramount.

marsbit06/09 07:46

Monera Digital｜Crypto Market May Report: Four Major Reasons Behind the Accelerated Decline

marsbit06/09 07:46

Newbie Bitcoin Whales Took $1.77 Billion In Loss During Price Crash: Data

New Bitcoin whales, defined as holders of over 1,000 BTC acquired within the last 155 days, realized approximately $1.77 billion in losses during the recent price crash, according to on-chain data. These short-term holder whales, considered the market's "weak-minded" side, panic-sold as Bitcoin's price dropped to around $59,000. In contrast, long-term holder whales minimized their loss-taking. Analyst Maartunn notes Bitcoin's price has yet to fall below its current Realized Price of $53,630 this cycle, a level historically seen as a buying opportunity. At publication, Bitcoin trades near $63,300, down over 13% for the week.

bitcoinist06/09 00:01

Newbie Bitcoin Whales Took $1.77 Billion In Loss During Price Crash: Data

bitcoinist06/09 00:01

活动图片

Regulatory Policyright-arrow

Market Analysisright-arrow