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🔻🌊 Exodus From Bitcoin and Ethereum Funds
In today’s edition: 🏛 Coinbase accused of putting the SEC "on trial," 📊 DeFi protocols generate record profits following liquidations, 🚀 $4.7B traded in bitcoin ETFs during sell-off, and more!
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What’s Poppin’?
by Sage D. Young and Sam Sriram
After five weeks of inflows, bitcoin-related investment funds saw $400 million worth of outflows last week.
Lawyers for the SEC claim that Coinbase’s broad discovery requests are part of an effort to put the regulator on trial. Coinbase’s chief legal officer says they are important to prove the SEC’s regulatory overreach.
The record number of liquidations stemming from the sharp market wipeout helped DeFi lending protocols, such as Moonwell, generate record profits.
Spot bitcoin ETFs saw a trading volume of $4.7 billion amidst Monday’s global rout, with BlackRock’s iShares Bitcoin Trust (IBIT) dominating the day by contributing 52% of the total, according to data from Coinglass.
Daily Bits… ✍️✍️✍️
💥 The crypto market experienced its largest daily drop since January 2022, with the market cap plummeting over 13% to $1.94 trillion, leading to significant liquidations.
🐕 Memecoins faced significant declines amid the broader crypto market downturn, with the GMCI index dropping 8.87% and major tokens such as Dogecoin, Shiba Inu, and Pepe experiencing steep losses. Meanwhile, 🐱 Solana-based memecoins suffered a double-digit market cap drop, with transaction activity on the Solana network decreasing by almost 10%.
💵 Despite extreme volatility, stablecoins such as Blast’s USDB and Ondo’s USDY survived stress tests, quickly recovering their pegs after brief depegging events.
🔗 Zircuit launched the initial phase of its mainnet and began ZRC token airdrop claims, enabling users to bridge funds and test out its ecosystem with over 60 onboarded projects.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 6.9%, trading at $54,945
ETH is up 8.1%, trading at $2,451
BTC dominance: 53.4%
Crypto market cap: $2.03T
*All data as of today, 06:56 am ET. Source: CoinGecko
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