CryptoSlate Wrapped Daily: Bitcoin Miners Continue Selling As FTX Realized Loss Outpaces LUNA Collapse


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The biggest news in the cryptoverse for Nov 22 includes miner sales rate rising, Bitcoin realized loss from FTX fallout exceeding losses caused by Terra crash, and Digital CEO comments Currency Group, Barry Silbert, regarding the liquidity situation at Genesis.

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Bitcoin miners sell aggressively as the crypto market continues to struggle

Selling pressure on Bitcoin (BTC) miners continue as Bitcoin price struggles below the $16,000 mark.

According to Capriole Fund founder Charles Edwards, miners are selling at their most aggressive levels in seven years, with a 400% increase in selling pressure over the past three weeks.

Bitcoin Realized Loss From FTX Fallout Outweighs LUNA Collapse

Bitcoin loss realized due to FTX collapse has exceeded the losses caused by the Terra (Land) collapse in May.

Bitcoin Net Realized Loss:Profit
Bitcoin Net Realized Loss:Profit

The first wave of selling pressure came in November and increased the realized loss to around $2 billion. According to the data, Bitcoin realized losses hit their yearly high of $4.3 billion.

Digital Currency Group CEO Barry Silbert Downplays FTX Impact on Genesis, Expects $800M Revenue in 2022

digital currency group(DCG)CEO, Barry Silbertsent a memo to company shareholders to address concerns about Genesis liquidity

Silbert explained that the suspension of withdrawals in Genesis’ lending arm is due to a “liquidity and duration mismatch” issue. He went on to say that this issue doesn’t have a significant impact on Genesis and he expects DCG to hit $800 million in revenue by 2022.

FTX bought $121 million properties in the Bahamas in 2 years

FTX, its senior executives and Sam Bankman-friedThe parents of (SBF) have purchased at least 19 properties in the Bahamas in the last two years. The properties have a total value of $121 million.

Seven of these properties were condos in a record breaking community called Albany and were purchased by FTX, having a total value of around $72 million. FTX co-founder Gary Wang, SBF, and former chief engineering officer Nishad Singh also bought $950,000 worth of condos and $2 million for residential use.

FTX ordered to indemnify and reimburse Bahamas for custody of assets

On November 21, the Bahamas Supreme Court ordered FTX to indemnify and reimburse the Securities and Exchange Commission of the Bahamas (SCB) for the expenses it will face in protecting its digital assets.

The watchman said:

“[The court order]confirms that the Commission is entitled to be indemnified under the law and that FDM will ultimately bear the costs incurred by the Commission to safeguard those assets for the benefit of FDM’s clients and creditors, similar to other normal administration costs of FDM’s assets for the benefit of its clients and creditors”.

Binance Strengthens In Hardware Wallet Sector With Series A Investment In NGRAVE

swap giant Binance announced that it would lead wallet maker NGRAVE’s next Series A funding round.

NGRAVE was founded in 2018 and aimed to change the way people experience cryptocurrencies by eliminating the possibility of loss. The team said they empowered people as their mission to enable them to master their wealth and be free to live the life they want.

US Senators Urge Fidelity to Ditch BTC Amid FTX Fallout

Three US senators wrote a letter and sent it to fidelity investments to ask them to reconsider their decision to offer Bitcoin exposure in their 401(k) plans. The letter expressed the senators’ concerns about the consequences of FTX.

The letter said:

“Once again, we strongly urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to Bitcoin.

Since our previous letter, the digital asset industry has only become more volatile, tumultuous and chaotic – all the hallmarks of an asset class that no plan sponsor or individual saving for retirement should want to approach.”

Binance CZ Denies Bloomberg Report On Abu Dhabi Fundraising Attempt

Bloomberg published a report on Nov. 21, saying that Binance was meeting with investors from Abu Dhani to raise cash for the recovery of the industry.

On November 22, the CEO of Binance chang peng zhao responded to this news and denied its veracity.

Justin Sun allegedly wants to buy FTX assets

Dao TRON (TRX) founder justin sun reportedly revealed interest in buying FTX assets. He reportedly spoke to Singaporean journalists about FTX, saying:

“We are open to any type of agreement. I think all the options [are] in the table. Right now we are evaluating the assets one by one, but from what I understand the process is going to be long since they are already in this type of bankruptcy proceeding.”

Craig Wright Creates Ambiguity About Satoshi’s BitcoinTalk Forum Posts

craig wright He claimed that the real Satoshi sends only a few posts sent by Satoshi to the BitcoinTalk forum.

Wright claimed to be Satoshi himself, saying that “it is a myth that all posts on Bitcointalk (bitcointalk.org) from my (Satoshi) account are, in fact, mine and have not been edited or modified and that the login to The website belongs to me.”

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Research: Long-Term Bitcoin Holders Stubbornly Resist Despite 33% Holding Losses

Even as Bitcoin hit its 106-week low and plunged to $15,500, long-term (LTH) holders are loath to get caught up in contagion fears and continue to accumulate.

Total supply held by long-term holders
Total supply held by long-term holders

Total Supply Held by Long-Term Holders (TSHLTH) refers to Bitcoin that is held for more than six months. The chart above demonstrates that LTH accumulates during price suppressions and is sold during bull runs.

The current level of TSHLTH is at 13.8 million Bitcoin, which corresponds to 72% of the supply in circulation and marks an all-time high for this metric.

News from across the Cryptoverse

FTX Japan will allow withdrawals this year

According to local news sources, FTX Japan is looking to allow withdrawals by the end of this year. To make that possible, the Japanese corporation is developing its own system to allow withdrawals. FTX Japan reportedly currently has 19.6 billion yen in cash and deposits.

FTX and Alameda lost billions before 2022

According to a Forbes article, FTX and Alameda Research have lost $3.7 billion by 2022. This challenges the image that SBF created for FTX and Alameda and has the community questioning the highly profitable year 2021.

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In the last 24 hours, Bitcoin (BTC) rose 2.08% to trade at $16,149, while Ethereum (ETH) it shot up 2.09% to trade at $1,128.

Biggest winners (24h)

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