Oldest Bitcoin holders start selling; FTX court filing reveals SBF’s $1B loans from Alameda

The largest information within the cryptoverse for Nov. 17 consists of the excessive promoting tendency of Bitcoin holders older than 10 years, SBF’s $1.6 billion private mortgage from Alameda Analysis, and Bitcoin and Ethereum’s emergence because the second and third most shorted crypto asset.

CryptoSlate High Tales

Who sold the most BTC in the aftermath of the FTX collapse? 10yr holders sell at highest ever rate

The collapse of FTX put immense stress on buyers, whereas the value of Bitcoin (BTC) fell as little as $15,000.

To disclose the place the promoting stress was coming from, CryptoSlate analysts examined the short-term (STH) and long-term holders (LTH).

STH and LTH spot volume
STH and LTH spot quantity

Whereas historical past exhibits that the LTH is the primary to promote their cash when the numbers begin to fall, the turmoil following the FTX collapse didn’t shake the arrogance of long-term holders.

As a substitute, the market recorded its fifth-largest variety of STH sellers since March 2021, which interprets to round 400,000 Bitcoins bought by STH between Nov. 10 and Nov. 17.

FTX bankruptcy court filing reveals Alameda gave $1.6B in loans to SBF, others

FTX’s new CEO John Ray III’s courtroom submitting revealed that Sam Bankman Fried (SBF) bought $1 billion in private loans from Alameda Research.

Ray referred to the state of affairs as a “full failure of company controls and such an entire absence of reliable monetary data.”

The submitting additionally disclosed that Alameda lent $543 million to FTX director of engineering Nishad Singh and $55 million to FTX Co-CEO Ryan Salame.

FTX collapse sees Bitcoin, Ethereum to be shorted the second and third-most amount

After the FTX collapse, Ethereum (ETH) turned the second-most shorted crypto out there, adopted by Bitcoin because the third.

In accordance with the typical funding fee set by exchanges for perpetual futures contracts, lengthy positions pay periodically, whereas shorts pay each time the speed proportion turns optimistic. The current profound unfavourable fund charges point out an upcoming melancholy earlier than the markets begin therapeutic.

Genesis sought $1B emergency loan but never got it

Crypto lender genesis sought out an emergency mortgage of $1 billion from buyers however by no means bought it,  because the Wall Road Journal reported.

The stories famous that Genesis sought the funds due to a “liquidity crunch because of sure illiquid property on its stability sheets.”

FTX attacker continues swapping tokens; exchanges $7.95M BNB for BUSD, ETH

The FTX attacker saved their palms busy on Nov. 17 and drained round $600 million in at some point. In three transactions, they swapped 30,000 BNB tokens for Ethereum and Binance USD (BUSD).

The exploiter at the moment holds $11.8 million BNB and ETH, price round $346.8 million on the present value ranges.

President Bukele reveals El Salvador will buy 1 Bitcoin daily

El Salvador’s president Nayib Bukele introduced that the nation would begin shopping for one Bitcoin each day, starting on Nov. 18.

El Salvador has been closely criticized for its Bitcoin investments. Nonetheless, the nation didn’t cave and continued to precise its confidence in crypto. El Salvador spent over $100 million to accumulate the  2,381 Bitcoins it at the moment holds.

Mainstream media called out for gaslighting over Sam Bankman-Fried’ good guy’ narrative

The crypto group reacted to the mainstream media retailers for publishing articles that favor SBF, even after the FTX’s collapse.

The group reminded the imprisonment of the Twister Money developer Alexey Pertsev and expressed its frustration about SBF being free.

Circle drops Yield rates to 0%

USD Coin (USDC) issuer Circle dropped its yield product APY fee to 0% and stated that its yield product is overcollateralized and secured by “sturdy collateral agreements.”

An announcement on Circle’s official Twitter additionally detailed its overcollateralized fixed-term yield product.

Singapore’s Temasek writes off $275M FTX investment, had misplaced belief in Sam Bankman-Fried

Singapore-based funding fund Temasek said that it’s writing off its $275 million funding in FTX, saying it had misplaced its “perception within the actions, judgment, and management” by placing them on SBF.

The corporate stated:

“The thesis for our funding in FTX was to spend money on a number one digital asset change offering us with protocol agnostic and market impartial publicity to crypto markets with a price revenue mannequin and no buying and selling or stability sheet danger.”

Information from across the Cryptoverse

Analysis Spotlight

Research: 78% of all staked ETH is across 4 centralized providers; 74% of all blocks are OFAC compliant

CryptoSlate analysts examined Ethereum staking on-chain knowledge and revealed that round 78% of all staked Ethereum is dispersed throughout 4 centralized suppliers.

Staked Ethereyum by Provider
Staked Ethereyum by Supplier

There are 8-9 million Ethereum at the moment staked throughout Lido (4,5 million), Coinbase (2 million), Kraken (1,2 million), and Binance (1 million).

Nearly 75% of all Ethereum blocks are thought-about to be OFAC compliant. 15% of all blocks produced by Ethereum are nonetheless non-OFAC compliant, and the opposite 11% are non-MEV-Increase blocks.

Crypto Market

Within the final 24 hours, Bitcoin (BTC) elevated by 0.58%  to commerce at $16,678, whereas Ethereum (ETH) declined by 0.73% to commerce at $1,202.

Greatest Gainers (24h)

Greatest Losers (24h)

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