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Dissecting the SEC lawsuit through on-chain analysis

  • June 6, 2023
  • Posted by: admin
  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Quick Take

  • Following the announcement of the SEC suing Binance, we saw very similar behaviors to when the CFTC announced they were suing Binance.
  • Kaiko’s research shows the Bitcoin price move between the CFTC and SEC lawsuit announcement in the chart below. Bitcoin recovered from the CFTC suit in a shorter amount of time than the current drawdown.
  • Yesterday, over 20,000 Bitcoin were sold from short-term holders; almost as many were sold during the SVB (Silicon Valley Bank) collapse, which saw 23,000 Bitcoin sold.
  • After accounting for inflows and outflows, roughly 12,000 Bitcoin left exchanges yesterday, primarily driven by whales with transactions as large as $1 million to $10 million.
CFTC vs SEC: (Source: Kaiko)
CFTC vs. SEC: (Source: Kaiko)
STH vs LTH: (Source: Glassnode)
STH vs LTH: (Source: Glassnode)
Transfer Flow: (Source: Glassnode)
Transfer Flow: (Source: Glassnode)

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