Short-Term Holder BTC Supply Sees Uptrend; HubSpot Experiences Data Breach

Chart of the Day

Despite a slow start on Monday, BTC managed to establish a strong foothold above the $42k resistance on Tuesday morning (Asian trading hours) after posting a 3.7% increase within the last 24 hours. The largest cryptocurrency by market cap has since picked up even more upward momentum after the breakout, and is currently (as of the time of writing) flirting with the $43k resistance. This strong momentum that has propelled BTC to smash through a major resistance level seems to also have rippled through to ETH and most major altcoins. For the former, the second-largest cryptocurrency by market cap has once again returned to the $3,000 level after jumping by a sizable 5.8% from 24 hours ago. For the latter, most major altcoins are also in the green, with ADA and XRP leading the pack. Previous top performer LUNA is currently consolidating within a tight range after experiencing some marginal gains over the past day.

Going back to BTC, some key on-chain metrics reveal that the amount of short-term holders' BTC supply that was absorbed during the recent drawdown is in fact, very similar in magnitude to the amount that was absorbed in the aftermath of the March sell-off in 2020. The parallels between both events become more prominent when we compare the economic shock of the March sell-off with the current macroeconomic conditions. This uptrend in STH's BTC supply, if sustained, could prove to be constructive with regard to BTC's near-term price action. 

Talk of the Town

Over the weekend, a number of crypto firms including Circle, BlockFi, and other big names within the industry, alerted their clients to a data breach that took place at HubSpot, a third-party marketing and sales vendor whose services these aforementioned firms have engaged. HubSpot's weekend blog post revealed that the hacker specifically targeted customers from within the crypto industry, and burrowed into the system via a compromised employee account to obtain data "from fewer than 30 Hubspot portals". However, HubSpot did not provide a full list of accounts that were compromised. The identities of some of the affected companies were made known through these firms' timely communications with their clients. Circle, for instance, reassured their customers that all of their "customers' funds, transaction data, and KYC data were not affected", but warned that their clients' contact information were stolen. Given the prominence and large client bases of the affected firms, the ramifications of this incident could be huge indeed.