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- 🟣 The correction is here
🟣 The correction is here
Bitcoin drawdown tops -15% following record ETF outflows
An overnight selloff in BTC to nearly $60,000 follow the second consecutive day of net outflows from bitcoin ETFs, which collectively shed $326 million — a record.
The last time the ETFs witnessed multiple outflow days in a row was in late January, led by the GBTC exodus, but the past two days selling in GBTC overwhelmed the inflows into market leading IBIT and FBTC funds from Blackrock and Fidelity.
The spot market price has fallen by about -17% peak to trough — still modest and perfectly normal by historical bull market standards.
Ethereum watchers are digesting late “breaking news” of an ambiguous notice in the Ethereum Foundation’s GitHub from 3 weeks ago, indicating that they’ve received a confidential request for information from a “state authority.”
Make of that what you will, and CT is making a lot of it, with very little rhyme or reason.
Rube Goldberg machine or Christopher Nolan film?
New uses of liquid staking and restaking tokens are proliferating. One of the more convoluted schemes yet is from something called Vector Reserve, which describes its vETH token as “DeFi’s 1st Liquidity Position Derivative (LPD).”
What the heck is that, you may ask?
Apparently you use a LRT (like rswETH from Swell) — that’s staked ETH restaked in EigenLayer — to mint vETH, then Vector puts that in a liquidity pool, to earn LP fees and potential token emissions.
Oh, and you can stake it to get staked vETH (svETH) too!
Next thing you know they’ll be launching vUSD which you can mint by supplying svETH.
What could possible go wrong?
Au revoir EtherFi:
Source: @Mrfti_plus | Flipside Crypto
Apparently dropping a token can be bad for business. Points-farming mercenaries have been extracting their ether from EtherFi en masse — 14,500 ETH have been unstaked from since it announced token snapshot date.
This, despite the fact that the recent airdrop of ETHFI tokens was only “season 1” and many more are incentivizing capital that remains for “season 2.”
Although Ondo Finance has experienced growth stagnation over the past few months, they remain a significant player in the tokenized security space, with their recent multichain expansion and their dive into broader tokenized assets through Ondo GM potentially revitalizing growth.
A renewed emphasis on the COW token's value accrual makes it look like a value play on MEV-aware infrastructure and swaps.
The Ethereum Foundation’s disclosure of the probe went unnoticed for weeks
The comments come as the EU continues to implement its MiCA framework
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
