quick take
- After the SEC announced it would sue Binance, we saw behavior very similar to when the CFTC announced it would sue Binance.
- According to Kaiko’s research, Bitcoin price movements between the CFTC and SEC lawsuit announcements are shown in the graph below. Bitcoin has recovered from the CFTC lawsuit in less time than the current drawdown.
- Yesterday, over 20,000 Bitcoins were sold by short-term holders. Almost the same number was sold as 23,000 bitcoins were sold during the SVB (Silicon Valley Bank) collapse.
- Considering inflows and outflows, roughly 12,000 bitcoins flowed out of exchanges yesterday, largely driven by whales with transactions as high as $1-10 million.
The post, Analysis of SEC Lawsuit with On-Chain Analysis, first appeared on CryptoSlate.
