Bitcoin Holds $21K as BTC Outflows Hit Record High

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ALSO: Bitcoin outflows totalled $453 million last week

June 27, 2022

The latest moves in crypto markets, in context

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Good morning, and welcome to First Mover. I’m Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights.

Price point: Bitcoin is trading slightly down on the day but is holding $21,000.

Market Moves: Data from CoinShares shows a record high of bitcoin outflows last week.

This newsletter was produced by Parikshit Mishra. Please let us know what you think of First Mover by replying to this email.

Price Point

Bitcoin (BTC) is slightly down on the day after a steady weekend of trading in a range of $20,000 - $21,800. This comes as the cryptocurrency has struggled to stabilize over the last few weeks, dropping to lows of $18,001 on June 18.

Bitcoin, is up 3.8% over the last 7 days, but is still down around 27% over the last month.

“BTC is showing some decent support but it’s a bit too early to get excited for any continued upside,” said Matthew Dibb, co-founder of Stack Funds.

Dibb expects price action will continue to follow macro trends which have seen a nice bounce over the last week. “Any additional news around contagion and lender insolvency will likely lead to a swift sell-off.”

In recent weeks, digital-asset markets have been weighed down by reports of financial difficulties at crypto lenders including Celsius, BlockFi and Voyager Digital, and at the hedge fund Three Arrows Capital.

If additional crypto lenders "come out with unhealthy balance sheets, we may see further liquidation of assets across the board,” said Dibb.

“It’s hard to tell right now which lenders and exchanges are safe.” added Dibb. BlockFi announced last week that it has secured a $250 million revolving credit facility from FTX.

Bitcoin price chart over the last 24 hours. (CoinDesk)

Bitcoin (BTC)

See the latest price here

Ether (ETH)

See the latest price here

Market Moves

Digital asset investment products saw a record of $423 million outflows last week, which is the largest of all time, according to data from CoinShares.

The outflows were solely focused on Bitcoin, which saw net outflows for the week totalling $453 million. This erased almost all inflows year-to-date and left total bitcoin assets under management (AuM) at $24.5 billion, the lowest point since the beginning of 2021.

Short-bitcoin funds – set up to bet on price declines – saw inflows totalling $15 million. According to CoinShares, this is due to the launch of the first U.S.-based short exchange-traded fund last week.

Ethereum saw inflows totalling US$11 million, ending a streak of 11 consecutive weeks of outflows.

Crypto Asset Flows (CoinShares)

The SEC wants to hear from investors, like you.

As part of Grayscale’s filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here - you have until the end of June to submit your thoughts.

Your submission matters because:

We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs.

The choice should be yours. If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists.

You can help take GBTC to the next level, conversion to an ETF. It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company.

Learn more here.

This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures.

Crypto Prices

The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours:

Biggest Gainers

Asset	Ticker	Returns	DACS Sector
Terra	LUNA	+30.5%	Smart Contract Platform
Dogecoin	DOGE	+7.6%	Currency
Avalanche	AVAX	+0.8%	Smart Contract Platform

Biggest Losers

Asset	Ticker	Returns	DACS Sector
Gala	GALA	−5.4%	Entertainment
Loopring	LRC	−3.3%	Smart Contract Platform
Polygon	MATIC	−3.3%	Smart Contract Platform

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.

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Latest Headlines

Morgan Stanley: GPU Demand Likely to Slow if Ethereum Moves to Proof-of-Stake
Moving to PoS will also not solve Ethereum’s scaling problems, the report said. Ethereum Lending Protocol XCarnival Hit With $3.8M Exploit, Recovers 50%
The DeFi protocol persuaded a hacker to return $1.9 million from a smart contract exploit. Australian Crypto Exchange Banxa Cuts 70 Staff
The crypto exchange said the "crypto winter" drove such a decision.
Nexo Sends Cease and Desist Letter to Anonymous Twitter Account Accusing It of Embezzlement
The Twitter account "@otteroooo" has claimed that crypto lender Nexo embezzled funds from a charity. Nexo says the the account user is intentionally using the name of someone unrelated to Nexo.

What to watch:

And check out the CoinDesk TV show “First Mover,” hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.

Lennix Lai, director of financial markets, OKXAnatoly Yakovenko (taped), CEO an founder, Solana Labs Nikhilesh De (taped), managing editor policy, CoinDeskHany Rashwam, co-founder and CEO, 21SharesTracy Wang, deputy managing editor, CoinDesk

Take the Crypto Work Survey

The latest U.S. jobs data is showing a massive shift of people in jobs, thought to be pandemic-driven, as workers seek better pay and flexibility. Technological innovations, particularly blockchain-based smart contracts, are also changing the way people earn money and organize. Together, these trends are changing the concept of work. CoinDesk is seeking your input to gain insights about the Future of Work.
Help CoinDesk gain insights into the working world of crypto by filling out our anonymous Crypto Work Survey by June 27. Take the survey.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.