{"id":277191,"date":"2022-11-23T23:03:42","date_gmt":"2022-11-23T23:03:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=277191"},"modified":"2022-11-23T23:19:57","modified_gmt":"2022-11-23T23:19:57","slug":"cryptoslate-wrapped-daily-bitcoin-hash-ribbon-points-at-miner-capitulation-as-holders-increase","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cryptoslate-wrapped-daily-bitcoin-hash-ribbon-points-at-miner-capitulation-as-holders-increase\/","title":{"rendered":"CryptoSlate Wrapped Daily: Bitcoin hash ribbon points at miner capitulation as holders increase"},"content":{"rendered":"

The biggest news in the cryptoverse for Nov. 23 includes Bitcoin hash ribbon metric's indication of an upcoming miner capitulation, on-chain data revealing investors taking advantage of the low prices, and Bitcoin and Ethereum consisting 91% of Bitfinex's total reserves.<\/em><\/p>\n

CryptoSlate Top Stories<\/h2>\n

BTC hash ribbon upcoming convergence signals miner capitulation<\/a><\/h4>\n

Bitcoin (BTC<\/a>) miners have been selling at the most aggressive rate over the last two years, which indicates that the upcoming hash rate adjustment will be negative in the next epoch.<\/p>\n

The Bitcoin hash ribbons are often used to identify price bottoms. When the hash ribbon signals an upcoming miner capitulation, the Bitcoin price falls.<\/p>\n

Currently, the hash ribbon convergence signals that the end of this capitalization period is nearly over, and an upwards turn in the market is likely.<\/p>\n

Bitcoin on-chain data shows a ray of light in a dark market<\/a><\/h4>\n

After the FTX<\/a> collapse, Bitcoin has been struggling to recover to its bear market price of around $20,000. Especially over the weekend of 19-20 November, Bitcoin remained below $16,000.<\/p>\n

While this may be a bearish price, it was seen as a major buying opportunity for many. On-chain data shows that the number of wallets that hold Bitcoin has been increasing while the number of addresses with non-zero balances is decreasing.<\/p>\n

\"Graph
Graph showing the net address growth on the Bitcoin network from January 2021 to November 2022 (Source- Glassnode)<\/figcaption><\/figure>\n

Bitfinex's reserves are 91% Bitcoin, Ethereum<\/a><\/h4>\n

Crypto exchange Bitfinex's\u00a0reserves of Bitcoin and Ethereum (ETH<\/a>) account for 91% of its total holdings. This percentage is 63% for Coinbase<\/a>, 15% for Binance<\/a>, and 52% for Crypto.com<\/a>.<\/p>\n

According to the exchanges' proof of reserves, Bitfinex's 91%-large Bitcoin and Ethereum reserves equate to 207,356.67967717 Bitcoins and 1,225.600 Ethereums.<\/p>\n

U.S. Senators want justice department to hold FTX execs accountable for collapse<\/a><\/h4>\n

U.S. Senators Elizabeth Watten and Sheldon Whitehouse composed a letter to the U.S. Department of Justice (DOJ). They requested DOJ to hold FTX executives “accountable to the fullest extent of the law” of the FTX collapse.<\/p>\n

U.S. Congressman defends decentralization, blames SBF, Gensler, CeFi for FTX collapse<\/a><\/h4>\n

U.S. Congressman Tom Emmer argued that the FTX collapse was a failure of centralized finance (CeFi), not a failure of crypto.<\/p>\n

Emmer also said that the FTX founder Sam Bankman-Fried<\/a> (SBF) and the U.S. Securities and Exchange Commission's (SEC) chairman Gary Gensler<\/a> also share the blame.<\/p>\n

Referring to the relationship between the SEC and SBF, Emmer said that the SEC was working with SBF and gave him a special treatment that other exchanges weren't getting.<\/p>\n

Record quantities of Bitcoin leave exchanges in readiness for contagion fallout<\/a><\/h4>\n

Over the past 30 days, 136,882 Bitcoins were withdrawn from the exchanges, which equates to 0.7% of the total circulating supply.<\/p>\n

\"Exchange
Exchange net position change<\/figcaption><\/figure>\n

the chart above also demonstrates massive Bitcoin outflows since 2016 and marks the current outflow levels as the highest. Even at the peak of the Terra (LUNA<\/a>) crash contagion, around 120,000 Bitcoins had left exchanges.<\/p>\n

Mango Market hacker's attempt to exploit Aave fails<\/a><\/h4>\n

Mango Market's exploiter Avraham Eisenberg transferred $40 million worth of USD Coin (USDC)<\/a> into Aave (AAVE<\/a>) with the purpose of borrowing Curve DAO Token (CRV<\/a>) to short. This strategy is known as Eisenberg's “highly profitable trading strategy,” which he previously exploited the Mango Market with.<\/p>\n

\n

First, he came for Mango, and I did not speak out, for I am not an investor<\/p>\n

Then he came for USDT, and I did not speak out, for he did not pose a risk<\/p>\n

Now, he tries to hunt the loan of one of the godfather's of DeFi and that's when the foot is put down to defend pic.twitter.com\/feV78YPtq0<\/a><\/p>\n

— Andrew Kang (@Rewkang) November 22, 2022<\/a><\/p><\/blockquote>\n