Bitcoin miners moved a higher amount of BTC to exchanges in the last week than in the previous five years, according to data from Glassnode. Despite this, miners are still holding 1.829 million BTC, worth around $49 billion. The move to transfer such a significant amount of funds has raised mixed reactions, with some suggesting that it indicates miners want to sell due to the unfavorable regulatory environment, while others believe that it highlights their confidence in the future price of Bitcoin.
Bitcoin has experienced a significant drop in value over the last two weeks but has since risen slightly and is currently trading around $26,496. This fluctuation in value may have led miners to transfer more BTC to exchanges in an attempt to cash out before any further price drops.
In other news, stablecoin issuer Tether disclosed its asset holdings in documents obtained by CoinDesk. The company had funds in various institutions, including four banks, two investment management firms, two gold depositories, a gold broker, and its sister company, Bitfinex. Tether’s issuers were largely comprised of Chinese banks and financial institutions. Many of its funds were invested in commercial paper and other securities issued by entities such as Qatar National Bank QPSC, Barclays Bank, Deutsche Bank, Emirates NBD Bank, and Natwest Group.
Tether’s past reliance on commercial paper is not news, but the documents reveal the extent to which the company relied on this type of asset. The disclosure of its holdings may add to the transparency of the stablecoin market and strengthen the confidence of its users.
On a different note, Twitter has suspended the account of Explain This Bob, an AI-powered bot associated with the ERC-20 memecoin Bob Token. The bot used OpenAI’s GPT-4 model to comprehend and respond to tweets by those who tagged the account. Tesla CEO Elon Musk called the account a “scam crypto account” in a tweet, and shortly after, Twitter suspended Explain This Bob’s account.
The suspension caused the price of BOB to drop by over 30%, but some observers believe that the suspension was unwarranted and that BOB is not a scam coin. The incident underscores the need for clarity regarding the regulation of cryptocurrencies and the entities associated with them.