Decentral Block Post

Bitcoin (BTC) may already be beginning its new macro uptrend if historical "hodl" habits repeat.

That was the conclusion from research into the latest data covering the amount of the BTC supply dormant for one year or more as of July 2022.

Hodled BTC hints that the bear market is over

According to independent analyst Miles Johal, who uploaded the findings to social media on July 29, a “rounded top” formation in "hodled" BTC is in the process of completing.

Once it does, the price should react — just like on multiple occasions before.

The clue lies in Bitcoin’s HODL Waves metric, which breaks down the supply according to when each Bitcoin last moved. One year ago or more — the one-year HODL Wave — currently reflects the majority of the supply.

Ethereum's proof-of-work (PoW) powered by GPUs generated approximately $19 billion in revenue last year for ETH miners. But these revenue streams are in danger as Ethereum is expected to become a proof-of-stake (PoS) blockchain via "the Merge" upgrade in September.

Miners could then revolt against the new upgrade by continuing to mine on the old Ethereum PoW after the hard fork chain split. 

A survey from crypto hedge fund Galois Capital recently revealed that 33.1% of respondents believe that the Merge would create two parallel blockchains: ETH1 (PoW) and ETH2 (PoS).

Nevertheless, most respondents, or 53.7%, expect Ethereum's chain to smoothly transition from PoW to PoS.

Is the ETH1 PoW "illogical"?

But contentious hard forks aren't anything new. In fact, the current Ethereum chain came to be in 2016 following a controversial hard fork aimed at reversing a $60 million exploit, resulting in a chain split between Ethereum and Ethereum Classic (ETC).

After failing to go live last month, the Cardano (ADA) Vasil hard fork is delayed again as teams behind the Cardano blockchain development target a smooth network upgrade.

Input Output Global (IOG), the organization responsible for Cardano’s research and development, released a YouTube update on Thursday on the upcoming Vasil hard fork.

IOG technical manager Kevin Hammond announced that the Vasil hard fork will be postponed one more time to ensure that all parties, including exchanges and API developers, are “all ready for that.” Hammond said:

“Obviously, from where we are, there could be a few more weeks before we go to the actual Vasil hard fork. [...] This is incredibly important. All the users must be ready to progress through the hard fork to ensure a smooth process.”

Hammond pointed out that IOG has been focused on solving some testnet issues, progressing with the Cardano node version 1.35.2. The new node version fixes issues related to stake pool operators, decentralized application (DApp) developers, internal testing and other issues identified on the testnet.