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 offered essentially the most BTC within the aftermath of the FTX collapse? 10yr holders promote at highest ever charge
The collapse of FTX put immense stress on traders, 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).
Whereas historical past reveals 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 an alternative, the market recorded its fifth-largest variety of STH sellers since March 2021, which interprets to round 400,000 Bitcoins offered by STH between Nov. 10 and Nov. 17.
FTX chapter courtroom submitting 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) received $1 billion in private loans from Alameda Analysis.
Ray referred to the scenario as a “full failure of company controls and such an entire absence of reliable monetary info.”
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 quantity
After the FTX collapse, Ethereum (ETH) grew to become the second-most shorted crypto available in the market, adopted by Bitcoin because the third.
In line with the common funding charge set by exchanges for perpetual futures contracts, lengthy positions pay periodically, whereas shorts pay at any time when the speed proportion turns optimistic. The current profound adverse fund charges point out an upcoming despair earlier than the markets begin therapeutic.
Genesis sought $1B emergency mortgage however by no means received it
Crypto lender genesis sought out an emergency mortgage of $1 billion from traders however by no means received it, because the Wall Avenue Journal reported.
The reviews famous that Genesis sought the funds due to a “liquidity crunch resulting from sure illiquid belongings 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 in the future. In three transactions, they swapped 30,000 BNB tokens for Ethereum and Binance USD (BUSD).
The exploiter at present holds $11.8 million BNB and ETH, price round $346.8 million on the present value ranges.
President Bukele reveals El Salvador will purchase 1 Bitcoin every day
El Salvador’s president Nayib Bukele introduced that the nation would begin shopping for one Bitcoin every day, starting on Nov. 18.
We’re shopping for one #Bitcoin each day beginning tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
El Salvador has been closely criticized for its Bitcoin investments. Nonetheless, the nation didn’t cave and continued to specific its confidence in crypto. El Salvador spent over $100 million to accumulate the 2,381 Bitcoins it at present holds.
Mainstream media referred to as out for gaslighting over Sam Bankman-Fried’ good man’ narrative
The crypto neighborhood reacted to the mainstream media shops for publishing articles that favor SBF, even after the FTX’s collapse.
The neighborhood reminded the imprisonment of the Twister Money developer Alexey Pertsev and expressed its frustration about SBF being free.
Circle drops Yield charges to 0%
USD Coin (USDC) issuer Circle dropped its yield product APY charge to 0% and stated that its yield product is overcollateralized and secured by “strong collateral agreements.”
An announcement on Circle’s official Twitter additionally detailed its overcollateralized fixed-term yield product.
1/ Circle Yield is an overcollateralized fixed-term yield product. Genesis is a counterparty to Circle on this product. Complete Circle Yield buyer loans excellent are $2.6 million as of 11/16/22 and are protected by strong collateral agreements.
— Circle (@circle) November 16, 2022
Singapore’s Temasek writes off $275M FTX funding, had misplaced perception 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 charge earnings mannequin and no buying and selling or stability sheet threat.”
Information from across the Cryptoverse
Analysis Spotlight
Analysis: 78% of all staked ETH is throughout 4 centralized suppliers; 74% of all blocks are OFAC compliant
CryptoSlate analysts examined Ethereum staking on-chain information and revealed that round 78% of all staked Ethereum is dispersed throughout 4 centralized suppliers.
There are 8-9 million Ethereum at present staked throughout Lido (4,5 million), Coinbase (2 million), Kraken (1,2 million), and Binance (1 million).
Virtually 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.