Quick Take
- Following the announcement of the SEC suing Binance, we saw very similar behaviors to when the CFTC announced they were suing Binance.
- Kaiko’s research shows the Bitcoin price move between the CFTC and SEC lawsuit announcement in the chart below. Bitcoin recovered from the CFTC suit in a shorter amount of time than the current drawdown.
- Yesterday, over 20,000 Bitcoin were sold from short-term holders; almost as many were sold during the SVB (Silicon Valley Bank) collapse, which saw 23,000 Bitcoin sold.
- After accounting for inflows and outflows, roughly 12,000 Bitcoin left exchanges yesterday, primarily driven by whales with transactions as large as $1 million to $10 million.
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