Glassnode, an on-chain data analysis company, pointed out on the 30th that under the extremely challenging market conditions in 2022, giant whales with more than 1,000 bitcoins and small retail investors with less than 1 BTC are actively increasing their bitcoin holdings. (Recap:Another unexploded bomb? Babel Finance faces a liquidity crisis of “hundreds of millions of dollars in losses” and has frozen customer withdrawals) (background supplement: Data Review｜Glassnode Analysis: The whole process of the UST crash and its impact on the future market)
closeToday, the cryptocurrency market led by Bitcoin fell into a cold winter. Bitcoin (BTC) surged nearly 9% within 5 hours from a low of 18,626 last night, and once stood back to the $20,000 mark, it fell again. Before the deadline It fell below 19,000 to $18,977.
Glassnode, an on-chain data analysis company, pointed out on the 30th that under the extremely challenging market conditions in 2022, there are very interesting group dynamics:
Among them, giant whales with more than 1,000 bitcoins and small retail investors with less than 1 BTC are actively increasing their bitcoin holdings, while miners are being forced to sell.
Whales who hold more than 1,000 BTC typically go through an accumulation/sell cycle, usually in line with the Bitcoin market structure. These whales have acquired 140,000 monthly holdings from exchanges, and currently own 8.69 million BTC, accounting for 45.6% of the total supply.
Small Bitcoin holders with less than 1 BTC have been accumulating at the most aggressive pace since March 2020. Their monthly accumulation reached 36,750 BTC, or 0.2% of the circulating supply, and now hold a total of 1.12 million BTC.
Finally, Bitcoin miners who have recently faced heavy revenue pressure are in sell mode. Excluding Patoshi and unknown miners, the miners’ holdings decreased from more than 70,000 to 65,200 BTC, and they sold 3 to 4,000 BTC per month.
Further reading:Forced to sell? Poolin miners transfer 5,000 bitcoins to Binance, fearing a balance of payments; BTC falls below 20,000 magnesium again
Babel Finance hires US investment bank Houlihan Lokey, or restructures
Due to extreme market volatility, Babel Finance, one of the largest cryptocurrency lending platforms that specializes in serving institutional clients, has also become a market bomb facing a liquidity crisis, and announced the suspension of all account redemption and withdrawal services in the middle of last month.According to investigators FatMan alleges that the company is facing a nine-figure loss based on information it has obtained from verified sources.In a follow-up announcement, Babel said it had reached an agreement with its counterparty to repay some of its debt to ease short-term liquidity.
“Coindesk” reported today (2) that,Debt-laden Babel Finance is looking to hire U.S. investment bank Houlihan Lokey, an expert on restructuring and distressed M&A, two people familiar with the matter said.
Babel is considering restructuring.They have (or are in the process of) hiring Houlihan Lokey.They are in the process of signing a business engagement letter and are considering restructuring.
them [Babel] Is the next major company to achieve some kind of outcome in the coming weeks, whether it be restructuring and gaining creditor support, or declaring bankruptcy or defaulting
Neither Babel Finance nor Houlihan Lokey responded to requests for comment.
On the other hand, the representative bombers who have recently fallen into a liquidity crisis are also preparing to file for bankruptcy or seek bailouts.
Three Arrows Capital (3AC) was reported by Bloomberg today that it has filed a bankruptcy protection application with the New York court under Chapter 15 of the Bankruptcy Code to protect its assets in the United States; however, 3AC’s large creditor Voyager Digital has Yesterday announced the suspension of trading, deposits and withdrawals.
Further reading:Celsius expects users to show support for ‘HODL model’ despite lawyers’ suggestion to file for bankruptcy protection
Celsius, which first threw out the withdrawal freeze shock, was revealed by the Wall Street Journal over the weekend that it may be on the verge of bankruptcy and is hiring more advisers to prepare for a potential bankruptcy filing. But this week, Celsius believes that many retail investors prefer the company to avoid bankruptcy, and hope that users can express their support by adopting “HODL mode” in Celsius accounts.
Three Arrows Capital has no money to pay! Voyager Digital has issued a “$675 million default notice”, the stock price fell another 24.6%
Zhu Su borrowed money to buy a “$50 million yacht” to show off his wealth? Voyager Digital borrowed over 650 million magnesium from Three Arrows Capital, and its stock price plummeted 60%
Bitcoin mining machine prices plummeted! $4 billion “miner mortgage” makes lenders nervous; Celsius seeks multiple advisers to prepare for potential bankruptcy
Founder of BitMEX: This round of crash is caused by opaque and high-risk lending by “centralized institutions”
Three Arrows Capital was exposed to concealing that the lender “borrowed hundreds of millions of magnesium to Anchor for arbitrage”, and also sold USDD to trigger decoupling