The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! Bitcoin has slipped back below $90,000 again as retail capitulation deepens and traders rush for downside hedges, with analysts warning the market sits in a fragile reset phase even as whale buying quietly builds beneath the surface.
In today's newsletter, BlackRock's bitcoin ETF sees record outflows, K33 warns the bitcoin derivatives market is forming a "dangerous" setup, the U.S. Senate banking chair eyes a vote on a crypto market structure bill next month, and more.
Meanwhile, Kraken confidentially files for an initial public offering in the U.S. Plus, Coinbase app code appears to include early prediction market and stock-trading modules.
P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!
BlackRock's U.S. spot bitcoin ETF, IBIT, posted a record $523 million in net outflows on Tuesday, marking its fifth straight day of redemptions and extending a weeks-long negative trend.
K33 Head of Research Vetle Lunde warned that bitcoin's derivatives market is entering a "dangerous" setup as traders add aggressive leverage into a deepening correction, creating excess overhang that could amplify liquidation-driven volatility.
U.S. Senate Banking Committee Chair Tim Scott said he wants the committee to vote on the crypto market structure bill next month and bring it to the floor in early 2026.
Saudi real estate developer Dar Global plans to tokenize up to 70% of its $300 million Trump-branded Maldives resort, offering U.S. investors exposure from the development stage, Reuters reported.
Malaysia's national utility firm, TNB, has uncovered more than $1.1 billion in losses from power stolen by 13,827 illegal bitcoin and other cryptocurrency mining sites since 2020, triggering fresh warnings over grid stability and public safety.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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