CryptoSlate Wrapped Daily: Bitcoin miners continue to sell as realized loss from FTX exceeds LUNA collapse CryptoSlate Wrapped Daily: Bitcoin miners continue to sell as realized loss from FTX exceeds LUNA collapse
DCG CEO Barry Silbert expects $800M in 2022 revenue, FTX's $121M worth of properties in the Bahamas, and much more in this edition of CryptoSlate Wrapped Daily.
4 min read
Updated: Nov. 22, 2022 at 11:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Nov. 22 includes the increasing rate of miner sellouts, realized Bitcoin loss from FTX fallout surpassing the losses caused by the Terra collapse, and Digital Currency Group CEO Barry Silbert’s comments regarding the liquidity situation at Genesis.
CryptoSlate Top Stories
Bitcoin miners selling aggressively as crypto market continues to struggle
Selling pressure on Bitcoin (BTC) miners continues as the Bitcoin price struggles below the $16,000 mark.
It's a Bitcoin miner bloodbath.
Most aggressive miner selling in almost 7 years now.
Up 400% in just 3 weeks!If price doesn't go up soon, we are going to see a lot of Bitcoin miners out of business. pic.twitter.com/4ePh0TIPmZ
— Charles Edwards (@caprioleio) November 21, 2022
According to Capriole Fund’s founder Charles Edwards, miners are selling at their most aggressive levels in seven years, with a 400% increase in selling pressure over the last three weeks.
Realized Bitcoin loss from the FTX fallout surpasses LUNA collapse
Realized Bitcoin loss due to the FTX collapse has exceeded the losses caused by the Terra (Luna by Virtuals) collapse in May.
The first wave of selling pressure came in November and increased the realized loss to around $2 billion. According to data, realized Bitcoin losses reached 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‘s (DCG) CEO, Barry Silbert, sent a memo to the company shareholders to address the concerns regarding the liquidity of Genesis
Silbert explained that the suspension of withdrawals at Genesis’ lending arm is due to an issue of “liquidity and duration mismatch.” He continued to say that this issue has no significant impact on Genesis and expects the DCG to reach $800 million in revenue in 2022.
FTX bought $121M properties in Bahamas within 2 years
FTX, its senior executives, and Sam Bankman-Fried‘s (SBF) parents bought at least 19 properties in the Bahamas in the last two years. The properties are worth $121 million in total.
Seven of these properties were condominiums in a record community called Albany and were purchased by FTX, which are worth around $72 million in total. FTX co-founder Gary Wang, SBF, and former head of engineering Nishad Singh also purchased condos worth $950,000 and $2 million for residential use.
FTX ordered to indemnify and reimburse Bahamas for assets safekeeping
On Nov. 21, the Bahamas Supreme Court ordered FTX to indemnify and reimburse the Securities Commission of Bahamas (SCB) for expenses it will encounter while safekeeping its digital assets.
The watchdog said:
“[The court order]confirms the Commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors.”
Binance muscles in on hardware wallet sector with series A investment in NGRAVE
Exchange giant Binance announced that it would be leading wallet maker NGRAVE’s upcoming series A funding round.
NGRAVE was founded in 2018 and aimed to change the way people experience crypto by eliminating the chance of loss. The team said that they made empowering people their mission to allow them to master their wealth and be free to live the life they want.
U.S. Senators urge Fidelity to drop BTC amid FTX fallout
Three U.S. senators composed a letter and sent it to Fidelity Investments to ask them to reconsider its decision to offer Bitcoin exposure in its 401(k) plans. The letter expressed the Senators’ concerns about the FTX fallout.
The letter stated:
“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 grown more volatile, tumultuous, and chaotic—all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near.”
Binance CZ denies Bloomberg report of Abu Dhabi fundraising attempt
Bloomberg published a report on November 21, saying that Binance was meeting with investors from Abu Dhani to raise cash for the industry’s recovery.
NEW: Abu Dhabi investors met with Binance to raise cash for industry recovery fund – Bloomberg
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 22, 2022
On Nov.22, Binance CEO Changpeng Zhao replied to this news and denied its truth.
Justin Sun wants to reportedly buy FTX assets
TRON Dao (TRX) founder Justin Sun reportedly revealed his interest in buying FTX assets. He reportedly talked to Singaporean journalists about FTX and said:
“We are open to any kind of deal. I think all the options [are] on the table. Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure.”
Craig Wright creates ambiguity over Satoshi posts on BitcoinTalk forum
Craig Wright claimed that the actual Satoshi sends only some posts sent by Satoshi to the BitcoinTalk forum.
Wright claimed to be Satoshi himself and said that “It is a myth that all the posts on Bitcointalk (bitcointalk.org) from my account (Satoshi) are, in fact, mine and have not been edited or changed and that the login on the website belongs to me.”
Research Highlight
Research: Long-term Bitcoin holders stubbornly hold on despite 33% holding losses
Even though Bitcoin marked its 106-week low and sank to $15,500, Long Term Holders (LTH) resist getting caught in the contagion fears and are continuing to accumulate.
The total supply held by long-term holders (TSHLTH) refers to Bitcoin that is held for longer than six months. The chart above demonstrates that the LTHs are accumulating during price suppression and selling during bull runs.
The current TSHLTH level is at 13.8 million Bitcoin, which corresponds to 72% of the circulating supply and marks an all-time high for this metric.
News from around the Cryptoverse
FTX Japan to 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. Reportedly, FTX Japan currently holds 19.6 billion Yen in cash and deposits.
FTX and Alameda lost billions before 2022
According to an article by Forbes, FTX and Alameda Research have lost $3.7 billion before 2022. This challenges the image SBF built for FTX and Alameda and makes the community question the highly profitable 2021 year.
Crypto Market
In the last 24 hours, Bitcoin (BTC) increased by 2.08% to trade at $16.149, while Ethereum (ETH) spiked by 2.09% to trade at $1,128.
Biggest Gainers (24h)
- Curve DAO Token (CRV): +28.55%
- Holo (HOT): +13.33%
- Litecoin (LTC): +13.3%
Biggest Losers (24h)
- Immutable X (IMX): -6.26%
- GMX (GMX): -6.09%
- Chiliz (CHZ): -4.84%
Mentioned in this article
Bitcoin 
Ethereum 
Terra 
TRON 
Immutable 
GMX 
Chiliz 
Curve DAO Token 
Holo 
Litecoin 
FTX 
Binance 
Fidelity Investments 
TRON DAO 
Digital Currency Group 
Genesis Group 
Sam Bankman-Fried 
Craig Wright 
Changpeng Zhao 
Justin Sun 
Barry Silbert Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,464.43
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Terra
$0.43741
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
Immutable
$1.44970
Immutable X positions itself as the first layer-two scaling solution for NFTs on Ethereum.
GMX
$29.9454
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Chiliz
$0.09003
Chiliz (CHZ) is a digital currency for sports and entertainment platforms.
Curve DAO Token
$0.84997
Curve DAO (Decentralized Autonomous Organization) is a decentralized platform built on the Ethereum blockchain that aims to provide a stable and efficient market for trading stablecoins.
Holo
$0.00249
Holo (HOT) is the native cryptocurrency of the Holochain ecosystem, a distributed application network that operates on a peer-to-peer basis, offering users the ability to host decentralized applications (dApps) and facilitate payments across the network.
Litecoin
$100.736
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
TRON DAO
TRON is dedicated to building the infrastructure for a truly decentralized Internet.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Genesis Group
Genesis Group provides cloud based information technology services to businesses and end users for a range of applications including video rendering, AI, and blockchain development applications.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
Barry Silbert, recognized as a foundational figure in the cryptocurrency landscape, serves as the CEO and founder of Digital Currency Group (DCG).
