• Bitcoin withdrawals have surpassed deposits for the second time in six months.
• The SEC has only once rejected an ETF application from BlackRock.
• Core inflation remains high for the EU, while headline numbers show disinflation.
Bitcoin Withdrawals Outpace Deposits
Recent data from Glassnode reveals that Bitcoin withdrawals surpass deposits for the second time in six months. This phenomenon was first seen during the FTX collapse and now again during a SEC lawsuit. The chart below shows total transaction count (green), total deposit transactions (blue), total withdrawal transactions (red) and exchange transaction dominance (black).
SEC Rejects BlackRock ETF Proposal
The US Securities and Exchange Commission has only once rejected an exchange-traded fund application from investment giant BlackRock. Despite this rejection, other ETF proposals have been approved by the regulator, such as those submitted by VanEck/SolidX and Wilshire Phoenix Funds LLC.
Large Whales Withdraw Bitcoin
Multiple large whales withdrew Bitcoin yesterday, indicating possible market manipulation or profit taking activity on behalf of these traders. These large-scale traders typically hold substantial amounts of cryptocurrency in their wallets and can significantly affect short-term price movements when engaging in these types of activities.
Core Inflation Remains High for EU
Core inflation within the European Union remains high despite headline numbers showing disinflationary pressures over recent months. This could be attributed to rising energy costs due to increasing global demand as well as supply chain disruptions caused by the COVID pandemic.
Surge in Open Interest Signals Volatility
A surge in open interest signals a potential increase in volatility that investors should be aware of when entering positions within the market. Open interest is defined as contracts that remain outstanding at any given time and can indicate future trends regarding asset prices based on long or short bets being placed by institutional investors or retail traders alike.
