Market Wrap: Bitcoin Hits $10.9K; Total BTC Locked in DeFi Passes 100K

CoinDesk 20 Bitcoin Save Index

Market Wrap: Bitcoin Hits $10.9K; Whole BTC Locked in DeFi Passes 100Okay

Bitcoin is making gains no longer viewed since early September; the amount of BTC locked in DeFi hits six figures.

  • Bitcoin (BTC) trading around $10,778 as of 20: 00 UTC (4 p.m. EDT). Gaining 0.70% over the outdated 24 hours.
  • Bitcoin’s 24-hour vary: $10,252-$10,950
  • BTC above its 10-day and 50-day intelligent averages, a bullish signal for market technicians.
Bitcoin trading on Coinbase since September 13.
Offer: TradingView

Bitcoin used to be able to reach as excessive as $10,950 on set up exchanges equivalent to Coinbase Tuesday sooner than losing some steam, settling around $10,778 as of press time. 

“BTC is making a stable try to safe away of the sizzling $10,100 to $10,500 vary,” said David Lifchitz, chief investment officer of quant firm ExoAlpha. “We’re true above $10,600 and checking out $10,600-$10,800 prolonged enough would draw the next target to $11,000.”

Bitcoin trading for the rationale that originate of September.
Offer: TradingView

Lifchitz cited factors somewhat a great deal of than true ticket as reasons to be optimistic about the sphere’s oldest cryptocurrency. “From a predominant point of note, bitcoin mining hashrate is hitting all-time highs,” Lifchitz added. Certainly, the daily moderate hashrate on the Bitcoin community reached a data 151 million terahashes per 2d on Monday.

Imply hash rate for the bitcoin community the previous three years.
Offer: Glassnode

The upward push in hashrate capacity the next sing adjustment, scheduled for Sept. 19, could also seemingly situation a file excessive. “Bother is having a gaze to alter upwards later this week to its best doubtless ever,” added Lifchitz. 

Denis Vinokourov, head of research for brokerage Bequant, also sees somewhat a great deal of predominant trends fueling bitcoin’s bullish lunge. “The reports that MicroStrategy has done yet one other acquisition of 16,796 bitcoins at an combination bewitch ticket of $175 million, along with a novel wave of cash flowing into DeFi as indicated by the total ticket locked, are all proving to be very supportive for the sentiment,” he said. 

Guy Hirsch, U.S. managing director for multi-asset brokerage eToro, famend the amount of bitcoin slothful for at least three years is now over 31%, its best doubtless point since slack 2017. 

Percentage of bitcoin provide tantalizing previous three years since September 2017.
Offer: Glassnode

Hirsch attributes just a few of this bitcoin job coming from decentralized finance, or DeFi, that will require circulation of BTC on-chain. ”Now we enjoy witnessed more capital going into DeFi tasks no topic just a few of them experiencing fundamental disorders, and likewise an enlarge in bitcoin locked on DeFi,” Hirsch instructed CoinDesk. “These traits point out that there used to be an enlarge in HODLing as folks and institutions tell an rising willingness to allocate to crypto resources.” 

100Okay BTC locked in DeFi

The quantity of bitcoin “locked,” or deployed, in DeFi has crossed the 100,000 save for the first time, in the present day at 101,719 BTC, in step with aggregator DeFi Pulse. 

Whole bitcoin locked in DeFi the previous three months.
Offer: DeFi Pulse

The entire is rebounding in the direction of $10 billion in total ticket, helped by bitcoin’s persevered upward pattern in total ticket locked. 

Whole locked in DeFi in USD terms the previous three months.
Offer: DeFi Pulse

“The broad and snappily thunder of the lock-in can no longer be denied. It’s more or less mind-blowing,” said Henrik Kugelberg, a Sweden-basically based mostly completely bitcoin over-the-counter trader. Kugelberg expects a lot more BTC on DeFi in due course. “While 100,000 BTC is a great deal of cash it is mainly a small phase of mined BTC locked in DeFi. I maintain the floodgates enjoy opened nonetheless it absolutely’s tranquil true a scramble of bitcoin flowing in.

Other markets

The 2d-most appealing cryptocurrency by market capitalization, ether (ETH), used to be down Tuesday, trading around $365 and slipping 2.9% in 24 hours as of 20: 00 UTC (4: 00 p.m. ET). 

Digital resources on the CoinDesk 20 are mostly within the purple Tuesday. Notable winners as of 20: 00 UTC (4: 00 p.m. ET): 

  • ethereum traditional (ETC) + 6.2%
  • bitcoin money (BCH) + 3.9%
  • monero (XMR) + 0.50%

Notable losers as of 20: 00 UTC (4: 00 p.m. ET):

  • lisk (LSK) – 7.6%
  • qtum (QTUM) – 7%
  • tron (TRX) – 6.5%



  • Oil is up 2.5%. Save per barrel of West Texas Intermediate indecent: $38.25.
  • Gold used to be within the purple 0.21% and at $1,953 as of press time.


  • U.S. Treasury bond yields climbed Tuesday. Yields, which switch within the unsuitable intention as ticket, were up most on the 30-year bond, within the green 1%.
The CoinDesk 20: The Property That Topic Most to the Market

Leave a comment