Good Morning Lions,
BlackRock's IBIT and the stablecoin market point the same direction: dollars are walking out of crypto. ETF redemptions and a shrinking stablecoin float both drain the cash on the sidelines (the same money that normally steps in after a flush like this). I believe the overnight liquidations are the symptom - the thinner bid is the cause. BUT, if you see stablecoin supply turn back up, I'd expect a bounce to come fast. Until then, I don't trust any rebound off these lows.
Bitcoin Falls Below $70,000 on $622 Million Liquidations
TL;DR: Bitcoin fell to an intraday low of $68,943 on November 13 as $622 million in crypto positions were liquidated within four hours. The liquidation figures come from CoinGlass data, as reported by Crypto Briefing.
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BlackRock's IBIT Logs Over $2 Billion in Outflows
TL;DR: According to Cointelegraph's tally of Farside data, BlackRock's IBIT recorded more than $2 billion in net outflows across nine trading sessions. Withdrawals from US spot Bitcoin ETFs as a group rose to nearly $300 million on Wednesday.
Stablecoin Supply Falls $14.2 Billion in 30 Days
TL;DR: Stablecoin supply contracted by $14.2 billion over 30 days, the largest drop since June 2022, Glassnode data shows. The decline comes with Bitcoin trading near 11-week lows and demand gauges weakening.
South Korea's FSC Plans Withdrawal Freezes on Suspected Hacks
TL;DR: South Korea's Financial Services Commission said it will issue a no-action letter allowing crypto exchanges to suspend deposits and withdrawals when hacking is suspected. The relief extends the freeze option beyond cases where a breach has already been confirmed.
Arcus Pays 2,234,391 USDG to Robinhood Chain Exploiter
TL;DR: Arcus, a decentralized exchange on Robinhood Chain, paid out 2,234,391 USDG to an exploiter after a subaccount accounting bug. CertiK attributed the flaw to an integer underflow, and a rate limit blocked about $3 million more from leaving.
India's ED Searches CoinDCX and Delta Exchange Premises
TL;DR: India's Enforcement Directorate searched three Bengaluru premises tied to CoinDCX and Delta Exchange under FEMA. The agency alleges unauthorized cross-border crypto trades worth hundreds of millions of dollars. Both exchanges say they cooperated fully.
India's ED has only described the alleged offshore trades as worth hundreds of millions of dollars, with no exact figure and no split between CoinDCX and Delta Exchange. Until that split comes out, I can't tell you which exchange carries the bigger risk 🙏🏽 — Khal
More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.