Bitcoin Drops Below $67K, Triggers $400M in Liquidations

The crypto market’s volatility has triggered over $400 million in liquidations in the last 24 hours, with Bitcoin falling below $67,000, leading to significant losses, especially in long positions. CoinGlass data reveals that of the $427 million liquidated, $342 million were long positions, with Bitcoin itself seeing over $130 million in liquidations. The downturn has affected a wide range of cryptocurrencies, indicating a broader market correction beyond just Bitcoin.

Meanwhile, U.S. spot Bitcoin ETFs saw net outflows on Monday, reversing a trend of net inflows from the previous week. Grayscale’s GBTC experienced a significant outflow of $302.6 million, contributing to its total outflows surpassing $15 billion. Despite BlackRock’s IBIT ETF attracting $165.9 million in inflows, it couldn’t offset the massive outflows from GBTC, leading to an overall net outflow of $85.7 million for the day. Additionally, Ark Invest 21Shares’ ARKB ETF recorded its first-ever daily outflow. 

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Coinbase Ethereum L2 Base Booms with Meme Coin Trading

Coinbase’s Ethereum scaling solution, Base, is experiencing a boom in activity, primarily fueled by meme coin trading. On a record-setting Saturday, Base saw $1.22 billion in trading volume on decentralized exchanges, with meme coins like DEGEN and BRETT reaching market caps of over half a billion dollars each. 

The platform also recorded a peak of 172,000 unique daily wallets interacting with DEXs. Despite a slight drop, trading volumes remain high, with Uniswap dominating about 90% of this activity. The surge in transactions and user engagement positions Base as a potential leading platform for meme coin trading within the Ethereum ecosystem.

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Sam Bankman-Fried: ‘I Never Thought My Actions Were Illegal’

After being sentenced to 25 years in federal prison, former FTX CEO Sam Bankman-Fried stated from the Metropolitan Detention Center in Brooklyn that he never believed his actions were illegal. Convicted on seven felony counts by Judge Lewis Kaplan, Bankman-Fried insists he did not intend to harm or defraud anyone, attributing the collapse of FTX to poor decisions rather than malicious intent. 

He expressed regret over the loss caused by the exchange’s failure. Bankman-Fried’s comments come as he prepares to serve his sentence, with a recommendation for a medium- or low-security prison in the San Francisco Bay Area. He plans to appeal the verdict.

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Ethena Labs’ ENA Token Goes Live

Ethena Labs, known for its $1.3 billion yield-earning synthetic dollar, USDe, has initiated the distribution of its governance token, ENA, through an airdrop. Holders of USDe are invited to claim their portion of 750 million ENA tokens, representing 5% of its total supply. Following the launch, the ENA token saw an over 8% increase in value, trading at approximately 64 cents with a nearly $500 million market cap. Ethena aims to bolster engagement through a forthcoming incentive campaign for the next airdrop phase. The USDe token generates yields by leveraging Ethereum liquid staking and short Ethereum futures to aim for a stable $1 value.

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Other breaking news

• Tether Successfully Completes ‘Gold Standard’ Security Audit
• Solana DeFi Trading Peaks Amid Meme Coin Craze
• Binance Welcomes Three Independent Board Members
• MakerDAO Proposes Allocation of $600M DAI to Ethena
• BNB Chain Offers $1M Reward to Attract Meme Coin Developers

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