CryptoLedgerX

Ciao famiglia di Binance Square! 👋
Parliamo di $Zama, uno dei progetti più innovativi nel mondo delle criptovalute in questo momento, portando la crittografia totalmente omomorfica (FHE) a Ethereum e oltre
🔐 Cos'è Zama?
Zama rende i dati crittografati e utilizzabili. Pensa a HTTPS per le blockchain, consente ai contratti intelligenti di eseguire calcoli senza mai decrittografare i dati.
Questo significa:
✅ Operazioni DeFi private
✅ Prestiti riservati e stablecoin
✅ Aste a offerta sigillata
✅ Resistenza MEV
Niente più "tutto pubblico" su $$XRP chain
🚀 Perché FHE è importante

Bitcoin On-Chain Snapshot: Consolidation with Cautious Signals (Late January 2026) As of late January 2026 (around January 29), $BTC trades near $88,000 (recent levels ~$87,879–$89,000 amid a slight decline), in a prolonged consolidation after failing to hold mid-month highs near $97,000–$98,000. Market cap sits around $1.75 trillion, with circulating supply at approximately 19.98 million BTc$BTC (out of 21 million total).Network activity remains subdued Active addresses and transactions show declines or stabilization, with recent 30-day changes like -6% in active addresses and -4% in new addresses. Daily figures hover in lower ranges, reflecting reduced user engagement.
Blockspace demand and revenues have softened (e.g., -15% in some periods), pointing to lower on-chain speculation amid broader market caution.

Wallet behavior highlights divergence vs Whales (large holders, especially 1,000–10,000 BTC) continue re-accumulation, with holdings reaching multi-month highs (e.g., ~7.17 million BTC in key cohorts) and net absorption of supply. This signals long-term confidence and reduced large-player selling.
Retail (smaller holders) shows distribution or net sales, contrasting whale strength and indicating a shift where big players absorb exiting supply from smaller participants.
Exchange flows lean risk-averse Spot Bitcoin ETFs recorded heavy outflows recently (e.g., -$1.1B to -$1.73B in late January weeks, with multi-day streaks), though some stabilization and brief inflows occurred earlier. Spot CVD bias improves on venues like Binance but remains cautious overall.
These flows suggest reduced institutional buying momentum and potential selling pressure, contributing to downside risks in the near term, though outflows easing could reduce mechanical pressure.
Supply metrics show vulnerability Circulating supply ~19.98 million BTC, with steady post-halving issuance.
Short-term holders face stress, with ~22% of supply in loss (similar to past corrections) and significant recent buyer cost bases exposed. Long-term holders slow distribution but remain defensive.

On-chain valuation indicators (simple explanations) MVRV: Market vs. realized value ratio — current neutral levels indicate moderate unrealized gains, not extreme overvaluation.
NVT: Market cap relative to transaction volume (crypto "P/E") — elevated readings hint at overvaluation vs. network usage.
SOPR: Spent coins at profit (>1) or loss (<1) — recent dips near/below 1 show some loss realization during adjustments.
Recent on-chain anomalies or events BTC tested 2026 lows near $86,000 amid risk-off sentiment (e.g., macro factors like tariff uncertainty and gold rotation).
Key supports around $83,400–$86,600 (ETF realized price zones); thin liquidity below raises deeper correction risks if breached.
ETF outflows dominate late January, reversing brief mid-month positives; whale accumulation persists amid low-volume consolidation.
Bullish vs bearish on-chain signals Bullish : Whale re-accumulation reduces sell pressure; ETF outflows stabilizing; spot buying bias improving on some exchanges; historical resilience and network security intact.
Bearish : Weak network activity (declining addresses/transactions); heavy $ETH outflows signaling caution; valuation hints of overvaluation; ~22% supply in loss increasing capitulation potential; defensive holder behavior and low demand.
Short-term signals lean cautious/bearish in consolidation, balanced by longer-term structural accumulation.
Brief Summary
Bitcoin's on-chain data reflects consolidation with softening activity, whale support offsetting retail/ETF pressure, and neutral valuations amid macro headwinds. Near-term caution prevails, but underlying holder dynamics offer resilience if demand rebounds.This is on-chain data analysis for educational purposes only, not financial advice.