CryptoSlate Wrapped Daily: Older Bitcoin Holders Start Selling; FTX Court Filing Reveals Alameda SBF’s $1B Loans


The biggest news in the cryptoverse for Nov. 17 includes the high selling trend of Bitcoin holders over 10 years old, SBF’s $1.6 billion personal loan from Alameda Research, and the rise of Bitcoin and Ethereum as the second and third shortest cryptoasset.

Top CryptoSlate Stories

Who sold the most BTC after the FTX crash? 10-year holders sell at the highest rate ever seen

the collapse of FTX put immense pressure on investors, while the price of Bitcoin (BTC) fell as low as $15,000.

To reveal where the selling pressure was coming from, CryptoSlate analysts examined short-term (STH) and long-term (LTH) headlines.

Spot volume STH and LTH
Spot volume STH and LTH

While history shows that LTH is the first to sell its coins when the numbers start to drop, the turmoil that followed the FTX collapse did not shake long-term holder confidence.

Instead, the market recorded its fifth-highest number of STH sellers since March 2021, translating to around 400,000 Bitcoins sold for STH between November 10-17.

FTX Bankruptcy Court Filing Reveals Alameda Made $1.6B in Loans to SBF, Others

The court filing of new FTX CEO John Ray III revealed that Fried Sam Bankman (SBF) got $1 billion in personal loans from Alameda Investigation.

Ray referred to the situation as a “total failure of corporate controls and such a complete absence of reliable financial information.”

The filing also revealed that Alameda loaned FTX engineering director Nishad Singh $543 million and FTX co-CEO Ryan Salame $55 million.

FTX Collapse Sends Bitcoin and Ethereum Short by Second and Third Major Amounts

After the FTX collapse, Ethereum (ETH) became the second shortest cryptocurrency on the market, followed by Bitcoin as the third.

Based on the average funding rate set by perpetual futures contract exchanges, long positions pay periodically, while short positions pay each time the rate percentage turns positive. The recent deeply negative funds rates indicate a coming slump before markets begin to heal.

Genesis sought a billion-dollar emergency loan, but never got it

The crypto-lender Genesis sought a billion-dollar emergency loan from investors, but never got it, as the Wall Street Journal reported.

The reports noted that Genesis sought the funds due to a “liquidity crisis due to certain illiquid assets on their balance sheets.”

The FTX attacker continues to trade tokens; trade $7.95M BNB for BUSD, ETH

The FTX attacker kept his hands full on November 17 and spent around $600 million in one day. In three transactions, they exchanged 30,000 BNB tokens for Ethereum and Binance USD (BUSD).

The operator currently owns 11.8 million dollars bnb and ETH, worth around $346.8 million at current price levels.

President Bukele reveals that El Salvador will buy 1 Bitcoin daily

The president of El Salvador, Nayib Bukele, announced that the country will start buying a daily Bitcoin starting on November 18.

El Salvador has been heavily criticized for its investments in Bitcoin. However, the country did not relent and continued to express its confidence in cryptocurrencies. El Salvador spent more than $100 million to acquire the 2,381 Bitcoins it currently owns.

Mainstream media criticized Sam Bankman-Fried’s “nice guy” narrative

The crypto community reacted to mainstream media outlets for publishing articles favoring SBF, even after FTX collapsed.

The community recalled the imprisonment of Tornado Cash developer Alexey Pertsev and expressed frustration over the freedom of SBF.

Circle reduces rates of return to 0%

Currency USD (USDC) sender Circle it lowered the APY rate of its performance product to 0% and said its performance product is over-guaranteed and secured by “robust collateral agreements.”

An announcement on Circle’s official Twitter also detailed its overguaranteed fixed-term yield product.

Singapore’s Temasek Cancels $275M Investment In FTX, Had Wrongly Believed Sam Bankman-Fried

Singapore-based investment fund Temasek stated that it is canceling its $275 million investment in FTX, saying it had lost its “belief in stock, judgment and leadership” by putting them in SBF.

The company said:

β€œThe thesis of our investment in FTX was to invest in a leading digital asset exchange that gives us market-neutral, protocol-agnostic exposure to crypto markets with a fee-based revenue model and no trading or balance sheet risk.”

News from across the Cryptoverse

featured research

Research: 78% of all ETH staked is with 4 centralized providers; 74% of all blocks are OFAC compliant

CryptoSlate analysts examined Ethereum staking chain data and revealed that around 78% of all Ethereum staking is scattered across four centralized providers.

Stake Ethereyum by Provider
Stake Ethereyum by Provider

There are 8-9 million Ethereum currently staked on Swimming pool (4.5 million), coin base (2 millions), kraken (1.2 million), and Binance (1 million).

Nearly 75% of all Ethereum blocks are considered OFAC compliant. 15% of all blocks produced by Ethereum are still non-OFAC compliant, and the other 11% are non-MEV-Boost blocks.

cryptomarket

In the last 24 hours, Bitcoin (BTC) increased by 0.58% to trade at $16,678, while Ethereum (ETH) it fell 0.73% to trade at $1,202.

Biggest winners (24h)

The biggest losers (24h)



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