⛏️Miners Drove Post-ETF Capitulation
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Bitcoin miners comprised a major source of selling pressure amid last week's spot ETF launches, with data from CryptoQuant indicating that miner wallets offloaded $4.7B worth of BTC last week. The ETFs also inspired a surge in activity for institutional crypto products, with the sector hosting $17.5B worth of volume — nearly nine times the weekly average during 2023.
In other news, pre-orders are now live for the next Solana smartphone, Socket resumed operations after users suffered a $3.3M exploit, and the discount on Grayscale Ethereum Trust shares is quickly shrinking.
Plus, the emergent liquid restaking sector is making waves amid the meteoric growth of EigenLayer.
✍️ In today’s newsletter:
- Miners offloaded 110,000 BTC last week
- Institutional activity surges
- Pre-orders for Solana's next smartphone
- Socket users exploited for $3.3M
- Discount drops on Grayscale's ETHE
- The rise of liquid restaking
🎙️The Defiant Podcast & Interviews
🎬 WATCH
Check out our interview with the popular crypto trader and commentator, Fiskantes, to get his take on the recent bullish market momentum. Also watch our podcast with Matt Hougan, the CIO of Bitwise, to get his take on what the launch of spot Bitcoin ETFs means for the digital asset markets and web3 sector.
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