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BTC selloff continues
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Ethereum suffering from DAT sales
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BTC’s recovery last night was short lived, as the leading crypto has gone back below $90k and is trading at the $87k handle at this time of writing. The continued selling of BTC has many raising eyebrows about the 10/10 liquidation event, and if there are truly forced sellers that are liquidating their assets. One metric that has been thrown around a lot recently is cumulative volume delta, this looks at the difference between net buys and net sells on an exchange. Binance has had a consistent negative CVD most days since 10/10, and this has been a bit divergent from other major exchanges like Coinbase (NASDAQ: COIN). When there are mass liquidation events, there are usually a few casualties. We have not heard any names yet, but we surely will in the coming months. The rumors of major market maker Wintermute continue to swirl, but these rumors have been rebuked by the exchange. Who went bust?
Ethereum is back below $3k, and trading at the $2.8k level at this time of writing. Ethereum cannot seem to catch a break. With Vitalik Buterin expressing concerns of quantum computing posing massive risk to both bitcoin and ethereum, the markets have responded accordingly with continued selling. The Ethereum DAT’s entered the game too late, with average purchase prices in the high $3k levels, and many are suffering with current price action. FG Nexus, one of these ethereum DAT’s, has sold 10,922 ETH to perform share buybacks in a filing that came out this morning. They are not the first, as we have seen ETHZilla do the same, and it is only a matter of time before Tom Lee’s Bitmine (NASAQ: BMNR) will be put under pressure as well.
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