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Quant Wallet Holders Reach More Than 90,000 – Time To Buy QNT?

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Quant Wallet Holders Reach More Than 90,000 – Time To Buy QNT?

Quant (QNT) may not be like the Bitcoin and some of its fellow altcoins like Ethereum, Dogecoin and even Shiba Inu in terms of social dominance but it is silently making its move to be included among the list of must-have crypto assets right now.

The cryptocurrency, ranking 32nd in terms of market capitalization, seems to have recovered a bit after the broader market experienced a severe slump triggered by the collapse of FTX which used to be the third largest exchange platform in the world.

According to tracking from Coingecko, over the last seven days, Quant managed to jump by 7.7% and has so far trimmed its 30-day losses to just 44%. At the time of this writing, the digital asset is changing hands at $115.85.

The steady performance of the altcoin despite the multiple occurrence of bearish cycles in the market over the last few months seem to have sparked greater interest for it as evidenced by the sudden but impressive increase in addresses that hold the crypto asset.

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Image: Invezz

A Decent Growth For Quant

Some experts believe that one of the best ways to measure the growth of a crypto network is the number of addresses that hold a particular cryptocurrency.

Quant notched an important milestone in that department as it successfully added 13,000 wallets in just a span of seven days.

This is the biggest number that was tallied by QNT on a weekly basis. It is also important to note that over the last 236 weeks, the crypto’s network recorded 77,000 addresses that were holding the digital currency.

QNT wallets surpassed 90,000 in number last week, following the largest weekly increase in address count.

⚡️ 90K❗️⚡️ $QNT

𝐅𝐢𝐫𝐬𝐭 𝟐𝟑𝟔 𝐰𝐞𝐞𝐤𝐬: 77,000 wallets
𝐋𝐚𝐬𝐭 𝟏 𝐰𝐞𝐞𝐤: 13,000 wallets

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Something is happening. 🔥 pic.twitter.com/tlpxTbHMOP

— Greg Lunt 🌐 (@GregLunt27) November 14, 2022

Because this sudden spike happened during the same time when the crypto market crashed because of the unfortunate series of events that led to the implosion of the FTX platform, some experts believe there was significant influx of Quant tokens from various exchanges.

QNT Flexes Its Long-Term Muscle

Even with the positive development, it can’t be denied that QNT also took a hit when the entire market collectively declined and all crypto assets experienced severe price dump.

In fact, Quant nosedived all the way down to $94. However, the altcoin showcased a different level of resiliency as it held its support range steadily despite strong selling pressure. In doing so, it prevented itself from revisiting the $40 marker which is considered to be its year-to-date (YTD) low.

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Moreover, for the past two days, the cryptocurrency was able to increase its value by more than 30%, confirming the narrative of a strong accumulation phase that led to the sudden uptick in number of addresses holding it.

Additionally, the Quant network has tallied its highest growth rate this month, indicating a robust utility and organic performance that bodes well for the asset and are inviting signs for investors that are considering buying the token.

QNT total market cap at $1.45 billion on the daily chart | Featured image from Envato Elements, Chart: TradingView.com

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101% ratio

Binance Publishes Its Proof-Of-Reserves System For Bitcoin Holdings, Additional Assets Coming Soon

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Binance Publishes Its Proof-Of-Reserves System For Bitcoin Holdings, Additional Assets Coming Soon

On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR) system using The Merkle approach. At the time of writing, the snapshot provided by Binance shows the firm’s onchain reserves equate to 582,485 bitcoin, while the company’s customer net balance is roughly 575,742 bitcoin.

Binance’s Bitcoin Proof-of-Reserves Ratio Is Currently 101%

Binance has published the company’s proof-of-reserves system in regard to the bitcoin (BTC) cache the company holds. The POR feature is initially starting with Binance’s bitcoin holdings, but other “networks [are] being added in the next couple of weeks.” The news follows the recent FTX collapse and the crypto community insisting that centralized digital currency trading platforms prove their reserves. In addition to the crypto community, exchange executives like Kraken’s Jesse Powell also chimed in on the POR conversation.

Two days ago, Bitcoin.com News reported on Powell’s commentary about so-called POR lists that simply showcase digital currency addresses. Powell said these lists of addresses were not legitimate POR audits and he stressed that a true POR audit “requires cryptographic proof of client balances and wallet control.” Powell also shared a blog post written in 2014 called “Proving Your Bitcoin Reserves,” which discusses The Merkle approach. Basically, because exchanges use hundreds of addresses a Merkle Tree can be leveraged to consolidate all the data into a single hash, which then can be cryptographically verified by anyone.

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Nic Carter’s proof-of-reserves list or “Wall of Fame,” lists centralized trading platforms that have submitted “full POR” audits. At the time of writing, there are five crypto platforms that have shared full PORs that feature The Merkle approach on the Wall of Fame. Three of them (Coinfloor, Gate.io, and HBTC), however, provided Merkle-based assessments in May 2020, May 2021, and August 2021. Kraken and Bitmex are up-to-date, as they shared Merkle-based assessments this month. On Friday, Binance’s CEO Changpeng Zhao (CZ) tweeted about the company sharing the firm’s POR.

A number of crypto supporters were pleased with Binance sharing the company’s POR. The whistleblower known as Fatman replied to CZ’s tweet. “This is amazing,” Fatman said. “Hope smaller exchanges quickly follow suit. Thanks for leading the way with this extremely important initiative. Having cryptographic proof of an exchange’s solvency is a serious game changer.”

Binance’s bitcoin POR statistics recorded on Nov. 22, 2022.

Binance’s snapshot was recorded on Nov. 22, 2022, at 23:59 p.m. (UTC) and records show Binance’s onchain reserves equate to 582,485 BTC, while customer balances equate to 575,742 bitcoin. That gives Binance a reserve ratio of around 101% and the blog post has a section that says users can “click to verify” their BTC assets held on Binance. In order for users to be able to verify balances and transactions, they can log into Binance, and click the audit button in the wallet section. “You will be able to find your Merkle Leaf and Record ID within the page,” Binance explains.

Additionally, Binance has disclosed upcoming plans for the POR list which include:

  • Launch the next batch of POR in the next two weeks, including additional assets
  • Involve third-party auditors to audit PoR results
  • Implement ZK-SNARKs for POR, improving privacy and robustness, and proving the total net balance (USD) of each user is non-negative

The ZK-SNARKs for PoR will allow for proof-of-reserves on Binance’s leverage services. “Because Binance offers margin and loans services, the audit results will show the Net Balance, Equity, and Debt of each user, where the Net Balance=Equity – Debt,” Binance’s blog post concludes. “As such, there will be individual users having negative asset balances. We are hence also working to implement ZK-SNARKs, which will be used to prove those users have enough other assets to cover the funds with collateral. This will prove that the total net balances (USD) of each user is non-negative.”

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101% ratio, 582485 BTC, addresses, Binance, Binance BTC reserves, Binance CEO, bitcoin reserves, BTC Reserves, Changpeng Zhao, customer balances, CZ, margin and loans, Merkle Leaf, other crypto assets, PoR, POR list, POR metrics, POR statistics, Proof of Reserves, Proof-of-Reserves list, The Merkle approach, zk-SNARKs

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What do you think about Binance sharing the company’s POR tied to the exchange’s bitcoin holdings? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: 24K-Production / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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633K bitcoin

Onchain Analysis Verifies The Number Of BTC Held By Grayscale’s Bitcoin Trust

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Onchain Analysis Verifies The Number Of BTC Held By Grayscale’s Bitcoin Trust

After Grayscale Investments shared information concerning the company’s product holdings, people questioned why the firm wouldn’t share the public addresses associated with the crypto assets it holds. However, on Nov. 23, OXT researcher Ergo published a Twitter thread featuring onchain forensics that confirm Coinbase Custody holds a balance of 633K bitcoin that likely belongs to the Grayscale Bitcoin Trust (GBTC).

OXT Researcher Verifies Grayscale’s Bitcoin Holdings

Five days ago, Bitcoin.com News reported on Grayscale disclosing information tied to the safety and security of the company’s digital assets. Grayscale’s statements were meant to assure the public that the company’s cryptocurrencies are “safe and secure” after the FTX collapse.

The digital asset fund manager detailed that all of the company’s digital assets are stored with Coinbase Custody Trust Company. On the Grayscale website, the firm says Coinbase Custody is a qualified custodian under New York banking laws and the funds are kept in “cold storage.”

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The one thing Grayscale did not disclose is the company’s digital asset addresses and it did mention why it chose not to share the wallets. Grayscale explained that it has never publicly disclosed onchain addresses to the general public “due to security concerns.” The claim was criticized and mocked, but Grayscale said that it understood the non-disclosure would be “a disappointment to some.”

Despite Grayscale’s non-disclosure, the OXT researcher (oxt.me) Ergo explained that it started a community-led effort to create transparency around GBTC holdings. “We have taken steps to ID likely GBTC addresses and balances based on public info and blockchain forensics,” Ergo said on Nov. 20.

Ergo said the team of researchers “scanned the blockchain,” leveraged heuristics, and connected publicly known bitcoin addresses.

Leveraging an article from Coindesk, heuristics, and publicly known bitcoin addresses associated with the custodian Xapo, that day, Ergo “attributed 432 addresses holding 317,705 BTC to likely GBTC custody activity.”

The researcher discovered at least 50% of the GBTC holdings and added: “additional work is necessary to ID the remaining addresses.” By 2:49 p.m. (ET) on Nov. 23, Ergo said the additional work was finished in a Twitter thread called: “The Grayscale G(BTC) Coins Part 2” Ergo tweeted:

In this analysis, we use additional [onchain] forensics to CONFIRM the approximate 633K BTC balance held by G(BTC) at Coinbase Custody.

Ergo’s summary notes that after discovering the first 50% of bitcoins associated with Grayscale’s BTC, the team had to ‘scan the blockchain’ for additional addresses fitting the profile of those found in Part 1.

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Ergo further leaves independent analysts with information on the heuristics used and the bitcoin addresses compiled for the search. “Obviously no heuristic or set of heuristics are perfect, and this analysis certainly includes false positives and negatives,” Ergo remarked. “But our result is almost identical to the G(BTC) self-reported holdings.”

In the Twitter thread, Ergo says that it doesn’t know why Grayscale decided not to share the company’s BTC addresses. Ergo said the team originally thought Coinbase Custody may have a non-disclosure policy. But after reading some information published by Coinbase, Ergo said “it seems clear that Coinbase Custody is willing to disclose addresses.”

A number of people complimented Ergo’s Twitter thread and analysis of the GBTC coins. Furthermore, the news follows Coinbase CEO Brian Armstrong explaining that as of Sept. 30, Coinbase holds 2 million bitcoin.

Tags in this story

633K bitcoin, 633K BTC, addresses, Bitcoin (BTC), BTC, BTC addresses, BTC Cache, BTC Stash, BTC wallets, custodian, Digital Assets, Ergo, Ergo BTC, false positives and negatives, fund manager, GBTC, GBTC holdings, grayscale, Grayscale Investments, heuristics, Onchain analysis, Onchain Research, OXT, OXT researcher, oxt.me, oxt.me data, publicly known bitcoin addresses, Xapo

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What do you think about Ergo’s onchain analysis of GBTC’s bitcoin horde? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Ergo BTC, Grayscale logo,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto.com CEO Shares Company’s Crypto Reserve Addresses In The Wake Of FTX Bankruptcy

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Crypto.com CEO Shares Company’s Crypto Reserve Addresses In The Wake Of FTX Bankruptcy

On Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets.

Crypto.com CEO Kris Marszalek Shares Company’s Cold Wallet Addresses, Promises Full Audit Soon

On Nov. 8, 2022, amid the collapse of one of the top cryptocurrency exchanges worldwide, FTX International, Crypto.com CEO Kris Marszalek told his Twitter followers that it was a “sad day for the industry.” Marszalek also added that the company has little direct exposure to FTX and stressed that his exchange “never engaged in irresponsible lending.”

“Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers’ trade execution,” the Crypto.com CEO wrote at the time. “That’s very little compared to our global revenues surpassing US$1 billion for two consecutive years,” he added.

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After explaining on Nov. 9, 2022, that Crypto.com would provide a list of proof-of-reserves addresses and a full audit, two days later, Marszalek shared a number of cold wallet addresses associated with the company’s reserves. The Crypto.com executive said:

While the proof-of-reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform. This represents only a portion of our reserves: about 53,024 [bitcoin], 391,564 [ethereum], and combined with other assets for a total of ~US$ 3.0B.

In the tweets that followed, Marszalek shared a long list of the addresses associated with his exchange. The CEO also said that the team was working with Nansen to provide a dashboard that features Crypto.com’s reserve addresses in real-time. “You can expect [Crypto.com] to continue working in spirit of full transparency and remain the steady hand and a safe, secure platform,” Marszalek added on Friday.

Marszalek’s tweets follow Binance releasing addresses tied to the exchange’s hot and cold wallets on Thursday. It also follows the conversations stemming from a slew of cryptocurrency executives discussing the importance of providing proof-of-reserve audits. The proof-of-reserves discussions come during the wake of FTX’s collapse as the company and 130 associated businesses filed for bankruptcy protection on Friday.

Tags in this story

addresses, Assets, Binance, Binance Wallets, Bitcoin, cold wallets, Company Reserves, Crypto.com, Crypto.com exec, Crypto.com executive, Crypto.com’s CEO, Ethereum, ftx, FTX Bankruptcy, Kris Marszalek, Nansen, PoR, Proof of Reserves, proof of reserves audit

What do you think about Crypto.com’s CEO Kris Marszalek publishing the exchange’s reserve addresses? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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