⛏️Miners Drove Post-ETF Capitulation

GM Defiers!

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

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