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Bitcoin long liquidations have spiked above $30 million in the past 24 hours.Bitcoin’s price has dipped over 3% during this time, currently trading at $62,300.
The total crypto market cap has lost almost $100 billion daily and $150 billion since Monday.
While every other spot bitcoin ETF had inflows or no flows, GBTC’s significant outflows overpowered the market.
Quick Take Vitalik Buterin and co-authors proposed EIP-7702 as an alternative to EIP-3074 to refine Ethereum’s account abstraction. It lets EOAs temporarily act as smart contract wallets during a transaction and revert to their original state afterward.
A 3% rebound in Ether’s price would wipe $345 million in short positions amid Grayscale withdrawing its Ether futures ETF application.
Creditors with claims below $50,000 will receive a 118% compensation, according to FTX’s new compensation plan. The plan is still subject to court approval.
- 04:29K33 Research Analyst: Cryptocurrency users are eagerly looking for the next big event in the SocialFi sectorAnalysts at K33 Research stated that cryptocurrency users are eager to find the next big event in the SocialFi sector. Despite being troubled by "improper incentive measures", they believe that the social finance field is continuously growing stronger. In a research report on May 8, K33 DeFi analyst David Zimmerman wrote that after the recent Firend.tech airdrop, cryptocurrency users have begun to view a new SocialFi application called Fantasy Top (built on Ethereum L2 Blast) as the next potential opportunity.
- 04:17The net inflow of the US Bitcoin spot ETF yesterday was 11.54 million USD, with the net asset ratio of the ETF reaching 4.25%According to SoSoValue data, yesterday (Eastern Time May 8) the net inflow of Bitcoin spot ETF in the United States was $115.409 million. Yesterday, Grayscale's ETF GBTC had a net outflow of $0.00, and currently, GBTC's historical net outflow is $17.487 billion. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Bitwise ETF BITB, with a single-day net inflow of $115.409 million; currently, BITB's total historical net inflow has reached $1.758 billion. As of press time, the total asset value of Bitcoin spot ETFs is $51.504 billion; The ratio of ETF's net assets (the proportion compared to the total market value of Bitcoin) reaches 4.25%, and the cumulative historical net inflows have reached $11.774 billion.
- 04:05Swan Bitcoin Executive: BTC may benefit from the depreciation of the Japanese yenA senior executive at Swan Bitcoin stated that the depreciation of the yen could ultimately lead to a "disaster" for U.S. Treasury bonds, which in turn could benefit BTC as investors flock to other means of value storage. According to Google Finance data, as of this article's publication, 1 yen is equivalent to $0.0064 and has fallen by 2.39% in the past 30 days. Dante Cook, Business Manager at Swan Bitcoin, said that this could be a disaster for both Japan and the United States because Japan is the largest holder of U.S. Treasury bonds with only 4% of its foreign exchange reserves being gold while almost all remaining are U.S treasury bonds.
