Mass exodus of bitcoin leaving exchanges

Mass exodus of bitcoin leaving exchanges

Onchain data shows exchanges are being drained like sieves.
This could suggest many are preparing to hold their cryptocurrency long-term or possibly whales removing liquidity to decimate any type of upper price barrier.

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In the news

In agreement with the Carolina Panthers, Russel Okung is reportedly paid part of his $13 million salary to service provider Strike which then converts it into bitcoin.

Okung recently commented “Getting paid in bitcoin is the first step of opting out of the corrupt, manipulated economy we all inhabit... If you think elections are rigged wait until you learn about the US dollar.”

Mayor of Miami considering treasury reserves in bitcoin

Francis Suarez has been discussing with the “crypto community” putting a small percentage of the city’s treasury reserves in bitcoin.

The mayor of Miami has also mentioned allowing for bitcoin and other cryptocurrency to pay property taxes and city fees, confirming this is "something they will be working on in 2021".

Data from exchanges shows the number of short contracts as extremely low in comparison to the total number of shorts seen this time last year.

On Saturday, January 2, as the price of bitcoin surpassed $33k, over 100 million dollars in short positions were liquidated in a matter of minutes.

Analysis firm Glassnode reported 78% of bitcoin supply as illiquid, implying these coins are not in circulation or accessible to traders.

To date, about 18.5 million Bitcoins have been mined, but only 4.2 million coins are considered in circulation. It’s estimated in 2020 a total of 1 million bitcoin were removed from circulation, while at the same time companies and institutions drove massive spikes in demand.

Sponsored by FreeTON

Free TON achieves mainnet status after reaching ‘sufficient decentralization’
The community boasts more than 400 validators and 15 “fully formed geographical subgovernances,” the project’s equivalent of a decentralized autonomous organization, or DAO. Mitja Goroshevskiy, the chief technology officer of TON Labs, said that “sufficient decentralization” is also defined by the number of tokens distributed. Though this has not been fully achieved, as many tokens remain to be distributed, the process is now mature enough to consider the network decentralized.

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