The hardware wallet firm is certain that the latest uptick in demand is a result of investors rescuing their funds in the aftermath of the FTX failure.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
Law Decoded, Nov. 7–14: How regulators reacted to the FTX crash
While some lawmakers expressed their eagerness to quick up the regulatory progress, others blamed the SEC in FTX's monopoly.
BTC losses get real as Bitcoin SOPR metric hits lowest since March 2020
Sale price versus price paid diverges the most in over two years — since the last Bitcoin "black swan" event.
BTC losses get real as Bitcoin SOPR metric hits lowest since March 2020
Bitcoin (BTC) sellers are nursing their largest overall losses since March 2020, one on-chain metric suggests.
Data from on-chain analytics firm Glassnode confirms that Bitcoin’s spent output profit ratio (SOPR) has now fallen to two-year lows.
BTC on-chain losses mount
As Bitcoin holders attempt to pull funds from exchanges into noncustodial wallets, those moving coins around are doing so at multi-year high losses.
SOPR divides the realized value of coins in a spent output by their value at creation. In other words, as Glassnode summarizes, “price sold / price paid.”
As Cointelegraph reported, SOPR fluctuates around 1 and tends to be below that level during Bitcoin bear markets and above it in bull markets.
FTX collapse could see crypto sector layoffs accelerate
While the full impact of FTX’s collapse is still unfolding, some have already warned of an increase in layoffs to come “in the months to follow.”
Nifty News: Nike unveils NFT platform, Steve Jobs' sandals sell for $200K and more
A one-of-a-kind NFT of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for over $200,000.
Binance CEO urges crypto buyers to 'hold' amid 'unpredictableness'
Binance CEO Changpeng Zhao (CZ) said people should invest in crypto if they're using "cash that you don't need for a long time" as the market sees high volatility amid FTX's fallout.
Charities risk losing a generation of donors if they don't accept crypto
Crypto donations expose charities to a "new demographic of funders" that they can’t afford to miss out on.
Charities risk losing a generation of donors if they don't accept crypto
Crypto donations expose charities to a "new demographic of funders" that they can’t afford to miss out on.
Charities risk losing a generation of donors if they don't accept crypto
Crypto donations expose charities to a "new demographic of funders" that they can’t afford to miss out on.
US President Biden announces pick for FDIC chair
Martin Gruenberg was the FDIC’s acting chair while the agency issued cease-and-desist orders to crypto firms and suggested that payment stablecoins merited further consideration.
FTX collapse followed by an uptick in stablecoin inflows and DEX activity
Investors piled into stablecoins following FTX’s collapse and an uptick in DEX activity suggests a rising interest in self-custody options.
FTX collapse followed by an uptick in stablecoin inflows and DEX activity
On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week.
A similar movement occurred in April 2020, November 2020 and June 2022, with the current outflow leaving around 2.25 million BTC on exchanges.
Bitcoin exchange balances with net position change line. Source: GlassnodeExchange exodus for Ether, but not stablecoins
While Ether (ETH) did not see an all-time high outflow from exchanges, 1.1 million ETH was withdrawn from exchanges over the last week. According to Glassnode, this marks the largest 30-day exchange balance decline since September 2020 during the decentralized finance (DeFi) summer in the same year.
Ether exchange net position change. Source: GlassnodeRelated: Exchange outflows hit historic highs as Bitcoin investors self-custody
Contrary to Bitcoin’s and Ether’s declining balances on exchanges, stablecoin balances remain net positive on exchanges, meaning their balances are growing. Over $1.04 billion in Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) moved to exchanges on Nov. 10. This marks Nov. 10 as the seventh-largest stablecoin inflow to exchanges.
Caribbean nation St. Kitts and Nevis may adopt Bitcoin Cash as legal tender by March 2023
The country’s prime minister says it is considering introducing Bitcoin Cash on a legal basis, despite being within the territory of the pioneering CBDC DCash.
Turkey’s financial authority investigates FTX’s collapse
The Turkish regulator joined the United States and the Bahamas in investigating the exchange's fall.
Binance’s CZ says users share blame for placing trust in FTX, should take responsibility
The Binance CEO was responding to a questioner who accused the company of profiting from FTX’s downfall while normal users suffered.
South Korean prosecutors call on Terra co-founder Shin Hyun-seong to cooperate: Report
Authorities reportedly alleged Shin Hyun-seong earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra’s collapse.
BlockFi denies rumors that majority of its assets were held on FTX
Although it admitted to “significant exposure,” the crypto lender assured clients that it has “the necessary liquidity to explore all options.”
Amid FTX collapse, crypto funds see largest inflows in 14 weeks
The Bitcoin price briefly fell below $16,000 last week as Sam Bankman-Fried’s FTX Group filed for bankruptcy.
Amid FTX collapse, crypto funds see largest inflows in 14 weeks
The Bitcoin price briefly fell below $16,000 last week as Sam Bankman-Fried’s FTX Group filed for bankruptcy.