📉 This week in review: A week when crypto got battered from every direction
1️⃣ Plunge: Bitcoin fell to around $62,000, a four-month low, down 13.5% for the week. Analysts say this was the fourth wave of capitulation selling.
2️⃣ Outflows: Bitcoin ETFs saw net outflows of $1 billion for the second week in a row, totaling $2.35 billion over two weeks. BlackRock’s IBIT saw net outflows for 11 consecutive trading days.
3️⃣ Recovering stolen funds: The U.S. Department of Justice received court approval to seize $1.2 billion of the $6.3 billion North Korea stole from Binance. More than $2.7 billion has now been frozen.
4️⃣ Ghosts awaken: Two wallets from 2010 moved 100 bitcoins (worth $6 at the time, nearly $6.9 million today). Another wallet, dormant since 2011, moved 75 bitcoins after being named in a $260 billion “unclaimed” lawsuit—the supposedly “abandoned” coins are speaking for themselves.
5️⃣ Washington: Democrats swept both chambers, Warren is expected to become chair of the Senate Banking Committee, and the CLARITY Act has effectively been shelved.
In a nutshell: The market is teaching everyone a lesson, the law is catching up, and old coins were never truly asleep.
Not investment advice.
1️⃣ Plunge: Bitcoin fell to around $62,000, a four-month low, down 13.5% for the week. Analysts say this was the fourth wave of capitulation selling.
2️⃣ Outflows: Bitcoin ETFs saw net outflows of $1 billion for the second week in a row, totaling $2.35 billion over two weeks. BlackRock’s IBIT saw net outflows for 11 consecutive trading days.
3️⃣ Recovering stolen funds: The U.S. Department of Justice received court approval to seize $1.2 billion of the $6.3 billion North Korea stole from Binance. More than $2.7 billion has now been frozen.
4️⃣ Ghosts awaken: Two wallets from 2010 moved 100 bitcoins (worth $6 at the time, nearly $6.9 million today). Another wallet, dormant since 2011, moved 75 bitcoins after being named in a $260 billion “unclaimed” lawsuit—the supposedly “abandoned” coins are speaking for themselves.
5️⃣ Washington: Democrats swept both chambers, Warren is expected to become chair of the Senate Banking Committee, and the CLARITY Act has effectively been shelved.
In a nutshell: The market is teaching everyone a lesson, the law is catching up, and old coins were never truly asleep.
Not investment advice.