Bitcoin long-term holder behavior shift signals 'unique market dynamic' — Research
Bitcoin’s corrective phase set a four-month low at $76,600 on March 11. Despite this decline, long-term holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says. “Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.Long-term holders show signs of bullishnessBitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane. The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.“This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted, adding:“This perhaps represents a shift in sentiment, with Long-Term Holder behavior moving away from sell-side distribution.”Bitcoin: LTH spending binary indicator. Source: GlassnodeBull market tops are often marked by intense sell-side pressure and strong profit-taking among LTHs, which signals a complete shift to bearish behavior. However, despite Bitcoin’s drawdown in recent weeks, this investor cohort continues to hold a large portion of their profits, especially for this later stage of the cycle, Glassnode said. This could suggest that long-term holders may still be expecting more BTC price upside later in the year.“This interesting observation may indicate a more unique market dynamic moving forward.”Bitcoin: Cumulative LTH realized profit. Source: GlassnodeNew Bitcoin whale accumulation reshapes marketsNew Bitcoin whales, addresses holding at least 1,000 BTC, where each coin has an average acquisition age of less than six months, are aggressively accumulating, according to CryptoQuant data.This signals strong conviction in Bitcoin’s long-term outlook among the new large investors.These wallets have collectively acquired over 1 million BTC since November 2024, “positioning themselves as one of the most influential market participants,” said CryptoQuant independent analyst Onchained in a March 7 analysis.The chart below shows that their pace has accelerated notably in recent weeks, “accumulating more than 200,000 BTC just this month.”“This sustained inflow highlights a shift in market dynamics, suggesting increased institutional or high-net-worth participation. ”Bitcoin supply held by new whales. Source: CryptoQuantMeanwhile, several crypto executives have told Cointelegraph that Bitcoin’s recent price drop was a “normal correction,” with the market just waiting for a new narrative and a cycle top yet to come.But not everyone agrees. For instance, CryptoQuant founder and CEO Ki Young Ju said that the Bitcoin bull cycle is over. He added: “Expecting 6-12 months of bearish or sideways price action.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin futures 'deleveraging' wipes $10B open interest in 2 weeks
Bitcoin (BTC) exchanges are getting a key “deleveraging event,” which should shape future gains, new research says.In one of its “Quicktake” blog posts on March 17, onchain analytics platform CryptoQuant revealed a $10 billion capitulation on Bitcoin futures markets.Bitcoin sees “essential” event for BTC price reboundBitcoin derivatives traders have flipped firmly risk-off since BTC/USD hit its current all-time highs in mid-January.CryptoQuant, which uses data from various major crypto exchanges, calculates that aggregate open interest (OI) on futures fell by $10 billion in just three weeks from Feb. 20 through March 4. “On January 17th, Bitcoin’s open interest reached an all-time high of over $33B, indicating that leverage in the market had never been this high,” contributor Darkfost writes.The drop, he argues, “can be considered as a natural market reset, an essential phase for sustaining a bullish continuation.”Bitcoin futures OI data for top exchanges. Source: CryptoQuantAn accompanying chart shows the 90-day rolling change in aggregate OI, highlighting the severity of the market’s U-turn following the all-time highs.“Currently, the 90-day change in Bitcoin futures open interest has dropped sharply and now sitting at -14%,” Darkfost concludes. “Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term.”Crypto “demand crisis” emergesContinuing, fellow CryptoQuant contributor Kriptolik eyed increasingly active derivatives markets overall since November 2024.Related: Peak ‘FUD’ hints at $70K floor — 5 Things to know in Bitcoin this weekStablecoin reserves across derivatives exchanges are increasing, he revealed this week, even surpassing spot markets. This, however, is no recipe for price upside.“When we analyze the volume and circulation of stablecoins, which act as fuel in the market, we see that despite a rapid increase in total stablecoin supply since November 2024, this has not necessarily benefited the market or investors significantly,” another blog post explains.Kriptolik described spot markets as suffering a “demand crisis.”“Until this distribution normalizes, avoiding high-leverage (high-risk) trades may be the most prudent approach,” he added.Exchange stablecoin reserves (screenshot). Source: CryptoQuantThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin is just seeing a ‘normal correction,’ cycle peak is yet to come: Analysts
Bitcoin’s correction from its January peak is a typical cycle pullback and is not out of the ordinary, with a price top still on the horizon, crypto analysts and executives tell Cointelegraph.“I don’t think the bull run is over; I think the peak of the cycle has been pushed back due to macro conditions, and global liquidity isn’t pretty, which isn’t helping crypto,” Collective Shift CEO Ben Simpson told Cointelegraph.Bitcoin experiencing expected retracement“It is only the third or fourth correction we’ve had over 25% we’ve had in Bitcoin this cycle compared to 12 last cycle,” Simpson said. Bitcoin (BTC) is down 24% from its all-time high of $109,000 on Jan. 20 amid uncertainty around US President Donald Trump’s tariffs and the future of US interest rates, but Simpson called it “a normal correction.”“Things got overheated, and they needed to cool down, and the market needed to find a new foundation, and now we’re waiting for the next new narrative,” he said.Bitcoin is down 13.58% over the past month. Source: CoinMarketCapDerive founder Nick Forster shared a similar view, telling Cointelegraph that Bitcoin “is likely in a normal correction phase, with the cycle peak still to come.” “Historically, Bitcoin experiences these types of corrections during long-term rallies, and there’s no reason to believe this time is different,” he said.After Trump’s election in November, Bitcoin surged almost 36% over a month, hitting $100,000 for the first time in December. At the time of publication, Bitcoin is trading at $82,824, according to CoinMarketCap.However, Forster added that the six-month fate of Bitcoin seems increasingly tied to traditional markets. Similarly, Independent Reserve CEO Adrian Przelozny told Cointelegraph that it isn’t just Bitcoin being impacted by the macroeconomic conditions.“This is pervading all asset classes and may lead to a spike in global inflation and a contraction in international growth,” Przelozny said.Source: Charles EdwardsForster said Bitcoin’s current price trend aligns with past behavior before a price rally, even though it appears “tumultuous” at the moment.Bitcoin’s current trend may “change quickly” Collective Shift’s Simpson said the next narrative will likely revolve around US rate cuts, easing quantitative tightening, and increasing global liquidity.However, Capriole Investments founder Charles Edwards said he isn’t so sure if the Bitcoin bull run is over or not.The odds are “50:50, in my opinion,” Edwards told Cointelegraph.Related: Bitcoin beats global assets post-Trump election, despite BTC correction“Yes, from an onchain perspective at present, but that could change quickly if the Fed starts easing in the second half of the year, stops balance sheet reduction, and dollar liquidity grows as a result, which I think has decent odds of happening,” Edwards explained.The comments come a day after CryptoQuant founder and CEO Ki Young Ju declared that the “Bitcoin bull cycle is over.”“Expecting 6-12 months of bearish or sideways price action,” Ju said.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s whyThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Minnesota senator proposes Bitcoin Act after going from skeptic to believer
Minnesota state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, which he drafted after completely changing his stance on Bitcoin.“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” Miller said in a March 18 statement.Miller said the bill aims to “promote prosperity” for Minnesotans by allowing the Minnesota State Board of Investment to invest state assets in Bitcoin (BTC) and other cryptocurrencies, just as it invests in traditional assets.Several other US states have introduced similar Bitcoin-buying bills, with 23 states having introduced legislation to create a Bitcoin reserve, according to Bitcoin Laws.A total of 39 different bills related to state investments in Bitcoin have been introduced across 23 US states. Source: Bitcoin LawsUnder Miller’s bill, Minnesota state employees would be able to add Bitcoin and other cryptocurrencies to their retirement accounts.It would also give residents the option to pay state taxes and fees with Bitcoin. Colorado and Utah already accept crypto for tax payments, while Louisiana allows it for state services.Investment gains from Bitcoin and other cryptocurrencies would also be exempt from state income taxes. In the US, up to $10,000 paid to the state can be deducted from federal taxes under the state and local tax deduction, but any amount beyond that is subject to both state and federal tax obligations.Related: SEC could axe proposed Biden-era crypto custody rule, says acting chiefThe increasing number of US states proposing Bitcoin reserve bills follows Senator Cynthia Lummis’ July Strategic Bitcoin Reserve Act, which directs the federal government to buy 200,000 Bitcoin annually over five years, totaling 1 million Bitcoin.However, on March 12, Lummis proposed a newly reintroduced BITCOIN Act, allowing the government to potentially hold more than 1 million Bitcoin as part of its newly established reserve.Bitcoin has shown significant gains compared to traditional assets in recent years. From August 2011 to January 2025, Bitcoin posted a compound annual growth rate of 102.36%, compared to the S&P 500’s 14.83%, according to Curvo data.Bitcoin’s compound annual growth rate is significantly higher than the S&P 500s. Source: CurvoMagazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Ethereum price in ‘cursed’ downtrend which could continue well into 2025 — Analyst
Ethereum’s native token, Ether (ETH), has ventured into oversold territory multiple times against Bitcoin (BTC) in recent months, but the altcoin has yet to show any signs of finding a price bottom. The trading situation is actually quite similar to a previous scenario, and ETH’s market structure suggests that it could repeat itself in Q2 to Q3 of this year.Ether’s repeat breakdowns point to more downsideThe relative strength index (RSI) on ETH’s 3-day timeframe remains below 30, a level that typically signals a potential bounce. However, historical patterns show that previous dips into oversold conditions have failed to mark a definitive bottom. Each instance has been followed by another leg lower, reflecting persistent bearish momentum.ETH/BTC three-day price chart. Source: TradingViewSince mid-2024, the ETH/BTC pair has undergone repeat breakdowns, with losses of around 13%, 21%, 25%, and 19.5% occurring in rapid succession. Moreover, the 50-day and 200-day EMAs are trending lower, confirming the lack of bullish strength.X-based market analyst @CarpeNoctom highlighted ETH’s negative price performance, noting that the ETH/BTC pair has failed to confirm a bullish divergence—when the price makes lower lows but the RSI makes higher lows—on its weekly chart.ETH/BTC weekly price chart. Source: TradingView/CryptoNoctomETH ETF outflows and onchain data hint at further weaknessThe “cursed” ETH/BTC downtrend stands out when compared to the broader crypto market. This includes persistent outflows witnessed across the US-based spot ETH ETFs, as well as negative onchain data.The net flows into the spot Ether ETFs have dropped 9.8% in March to $2.54 billion. In comparison, the spot Bitcoin ETF net flows are down 2.35% in the same period to $35.74 billion.Source: Ted PillowsMeanwhile, Ethereum’s gas fees—measured by daily median gas consumption on mainnet—were sitting around 1.12 GWEI as of March, down by nearly 50 times what they were just a year ago.Ethereum median gas fees vs. ETH price (in dollar terms). Source: Nansen“Despite the second rally of ETH price into 2024 year end, activity on mainnet as measured by gas consumption never fully recovered,” data analytics platform Nansen wrote in its latest report, adding: “This is downstream of a few things but much of the activity has shifted to Solana and L2s over 2024.”Nansen argued that they remain cautiously bearish on ETH due to its unfavorable risk/reward ratio compared to BTC and lower-valued altcoins with niche market focus.A lack of demand for ETH relative to Bitcoin is further visible in its future volume data. Notably, Bitcoin futures volume has rebounded 32% from its Feb. 23 lows, reaching $57 billion on March 18. In comparison, ETH’s trading activity remains mostly flat, according to onchain data platform Glassnode. Bitcoin, Ethereum, and Solana futures volume. Source: GlassnodeThe ETH/BTC pair could drop another 15%ETH/BTC pair is forming a bear pennant pattern on the daily chart, characterized by a period of consolidation within converging trendlines forming after a steep decline.Related: Standard Chartered drops 2025 ETH price estimate by 60% to $4KA bear pennant technically resolves when the price drops below the lower trendline and falls by as much as the previous downtrend’s height. Applying the same rule on ETH/BTC brings its downside target for April to 0.01968 BTC, down 15% from the current levels.ETH/BTC daily price chart. Source: TradingViewFurthermore, the 50-day and 200-day EMAs remain in a sharp downward trajectory, with the ETH/BTC pair trading far below these key levels, signaling a persistent bear market structure.Despite the looming downside risk, a bullish invalidation could occur if ETH/BTC breaks above the pennant’s upper resistance and flips the 50-day EMA into support.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Dogecoin millionaires are buying dips as DOGE price eyes 30% rally
Dogecoin (DOGE) price has crashed by over 70% after hitting $0.48 in December 2024. Interestingly, the memecoin’s richest holders have accumulated during the price declines, indicating their confidence in a potential rebound in the coming weeks.Dogecoin onchain metrics hint at price rebound Onchain data from Santiment shows that wallets holding at least 1 million DOGE have increased by 1.24% since early February, despite declining prices. Meanwhile, active addresses have surged to a four-month high, suggesting rising network activity.Dogecoin addresses holding at least a million DOGE vs. price. Source: SantimentTypically, when large holders accumulate an asset while prices decline, it signals that they see undervaluation and are positioning for a future rebound. An increase in active addresses indicates higher engagement on the network—possibly reflecting growing retail interest.If this surge in user activity stems from real adoption rather than speculative trading or panic selling, it could provide the onchain foundation needed for a price recovery. A similar pattern was observed during the DOGE’s 200%-plus price rally in November.DOGE is oversold, raising chances of 30% rally Dogecoin is currently testing a support confluence comprising a multi-year ascending trendline support, a level that has historically triggered strong bullish reversals and the 200-week exponential moving average (200-week EMA) at around $0.13.DOGE/USD weekly price chart. Source: TradingViewAdditionally, the Stochastic RSI, an indicator measuring momentum and overbought/oversold conditions, shows a bullish cross in the oversold region (below the 0.30 reading).This signal typically indicates that selling pressure is weakening. In DOGE’s case, this crossover at low levels has preceded strong price recoveries, notably a 400% price rally in 2024 and 88% gains in 2023.Related: Crypto market is seeing a ‘tactical retreat, not a reversal’ — Binance CEOThe first major resistance level lies near $0.22, aligning with DOGE’s 50-week exponential moving average (50-week EMA; the red wave) and the March-April 2024 resistance area, as shown below.DOGE/USD weekly price chart. Source: TradingViewHowever, if DOGE fails to hold the support confluence, the bullish setup could be invalidated, leading to a deeper correction toward $0.12, which served as support in the March-May 2024 period.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin’s recent $12B open interest wipeout was essential, says analyst
Bitcoin’s nearly $12 billion open interest shakeout earlier this month might be just the catalyst needed for the asset to regain its upward momentum, according to a crypto analyst.“This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation,” CryptoQuant contributor DarkFost said in a March 17 markets report.“Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term,” the analyst said.CoinGlass data shows that on Feb. 20, Bitcoin’s (BTC) open interest (OI) — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — stood at $61.42 billion before dropping 19% to $49.71 billion by March 4. Bitcoin’s open interest is sitting at $49.02 billion at the time of publication. Source: CoinGlassIt came amid volatile price swings due to uncertainty over US President Donald Trump’s imposed tariffs and the future of US interest rates.“Following the recent panic triggered by political instability linked to Trump’s decisions, we witnessed a massive liquidation of leveraged positions on Bitcoin,” DarkFost said.Bitcoin’s price fell below two crucial price levels during the two-week period, bringing it closer to the levels seen in the days after Trump’s election win in November. Feb. 25 saw Bitcoin’s price retrace below $90,000, and just two days later, on Feb. 27, Bitcoin dropped below $80,000 for the first time since November. It’s now trading at $83,400, according to CoinMarketCap data.Bitcoin is down 14.58% over the past 30 days. Source: CoinMarketCapBitget chief analyst Ryan Lee recently told Cointelegraph that with Bitcoin hovering in the low $80,000s, its price and OI could see more volatility if the March 19 Federal Open Market Committee meeting delivers any surprises.“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” he added. Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: AnalystsMarkets are currently pricing in a 99% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.At the time of publication, Bitcoin OI is sitting at $49.02 billion, representing an approximate 6.5% increase over the past five days.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s whyThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Crypto market’s biggest risks in 2025: US recession, circular crypto economy
While most analysts expect the crypto bull cycle to continue until the end of 2025, concerns over an economic recession in the United States, along with crypto’s “circular” economy, may still threaten crypto valuations.Despite the recent market correction, most crypto analysts expect the bull cycle to peak after the third quarter of 2025, with Bitcoin (BTC) price predictions ranging from $160,000 to above $180,000.Beyond external concerns, such as a potential recession in the world’s largest economy, crypto’s biggest industry-specific risk is the “circular” nature of its economy, according to Arthur Breitman, the co-founder of Tezos.“Within the industry, the main risk is that the industry is still very much in search of grounding. It’s all still very circular,” Breitman told Cointelegraph.“If you look at DeFi, for example, the point of finance is to finance something […], but if the only thing that DeFi finances is more DeFi, then that’s circular,” said Breitman, adding:“If the only reason people want to buy your token is because they feel other people will want to buy this token, that’s circular.”This is in stark contrast to the stock market, which is “built on revenue-generating businesses,” making the crypto industry’s “lack of grounding” one of the main industry threats, Breitman added.Other industry insiders have also criticized the state of the crypto economy, specifically related to the latest memecoin meltdowns, which are siphoning liquidity from more established cryptocurrencies.Solana outflows. Source: deBridge, Binance ResearchSolana was hit by over $485 million worth of outflows in February after the recent wave of memecoin rug pulls triggered an investor flight to “safety,” with some of the capital flowing into memecoins on the BNB Chain, such as the Broccoli memecoin, inspired by the Changpeng Zhao’s dog.Related: Rising $219B stablecoin supply signals mid-bull cycle, not market topUS recession fears are crypto’s biggest external risk: Tezos co-founderBeyond industry-specific events, larger macroeconomic concerns, including a potential US recession, threaten traditional and cryptocurrency markets.“In terms of macro events, I still think we could see a recession,” said Breitman, adding:“There’s a lot of bullish winds for the market, but there’s also a lot of traditional recession indicators which have been flashing for a while now. So I don’t think you can rule it out.”Cryptocurrency markets still trade in significant correlation with tech stocks, meaning that a recession will cause a widespread sell-off, he added.Related: Libra, Melania creator’s ‘Wolf of Wall Street’ memecoin crashes 99%The current trade war concerns, driven by US President Donald Trump’s import tariffs and continued retaliatory measures, have reignited concerns over a potential recession.Source: PolymarketOver 40% of market participants expect a recession in the US this year, up from just 22% a month ago on Feb. 17, according to the largest decentralized predictions market, Polymarket.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Bitcoin landfill man loses appeal, says he has one ‘last legal option’
A UK man’s bid to obtain a permit to search a landfill for his hard drive — holding private keys to 8,000 Bitcoin — has been rejected by the UK Court of Appeals.“Appeal request to the Royal Court of Appeal: refused,” Howells said in a March 14 X post.“The Great British Injustice System strikes again… The state always protects the state,” the early Bitcoin adopter added before revealing his “next stop” would be the European Convention on Human Rights (ECHR).UK Royal Court of Appeal Judge Christopher Nugee knocked back Howells’ application, stating that there was no “real prospect of success” and there was “no other compelling reason” as to why it should be heard, according to a March 13 filing shared with Cointelegraph.Source: James HowellsNugee’s decision follows an earlier dismissal on Jan. 9 from High Court Judge Andrew Keyser, who similarly said there was “no realistic prospect” of Howells’ case succeeding at a full trial.In a note to Cointelegraph, Howell said his “last legal option” to exhaust is at the ECHR — where he will claim that the UK High Court and UK Court of Appeal breached his right to property and right to a fair trial under Article 1 of Protocol 1 and Article 6 of the ECHR.“The British establishment want to sweep this under the carpet, and i will not let them. It will not go away — no matter how long it takes!”The ECHR cannot overrule a UK court decision — however, a verdict in Howells’ favor would call on the UK courts to consider whether its legislation was interpreted in a way that is compatible with the ECHR’s provisions.In a separate statement shared with Cointelegraph, Howells said he would file a claim to the ECHR in the “coming weeks.”The court filings follow repeated rejections from the Newport City Council allowing Howells to search through the Docksway landfill — where Howells’ former partner disposed of a bag containing the hard drive at the site in 2013.Related: Burning quantum-vulnerable BTC is the best option — Jameson LoppHowells’ 8,000 Bitcoin (BTC) is worth around $660 million at current prices. While few predicted Bitcoin would reach such heights back then, Howells’ incident illustrates the importance of properly securing self-custodied crypto funds.Howells also appears to be running out of time, as the Docksway landfill is reportedly set to shut down sometime during the UK’s 2025-2026 financial year, BBC News reported on Feb. 9.Magazine: Bitcoin vs. the quantum computer threat: Timeline and solutions (2025–2035)
Sacks and his VC firm sold over $200M in crypto and stocks before WH role
David Sacks and his venture capital firm offloaded over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar on Jan. 20, according to a White House memorandum.“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” the March 5 dated memorandum said.Crypto sell-off in an effort to prevent conflict of interestThe memorandum said the “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL), before US President Donald Trump’s inauguration on Jan. 20.The memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump’s inauguration. Source: The White HouseSacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.Additionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.Sen. Warren urged Sacks to prove he no longer holds cryptoThe memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks’ claim in an X post that he sold off all his crypto.“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren said.Since Sacks commenced the role, he has been a strong vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.Related: Bitcoin panic selling costs new investors $100M in 6 weeks — ResearchSacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.“That’s always how taxes start. They are described as being very modest,” Sacks said.“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why