Bitcoin does not lead markets anymore!
Updated
Hello friends,
what happened?
A group of exchanges entered an order (simultaneously) to sell (12.273 Million BTC) $613 billion worth of bitcoin.
why? because:
$1.3 billion in long positions liquidated on this dump from 51k to to 42k.
BTC (-12%) Market Cap = $898,615,615,675
ETH (-7%) Market Cap = $467,560,566,410 (52% BTC)
If ETH rises above the $ 4000, it is expected to lead the coin market.
28 Nov comment (see attached Idea)
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whale-alert 500,000,000 #USDT 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #USDT (500,000,000 USD) transferred from Tether Treasury to #FTX
whale-alert.io/transaction/tron/8e9bde1b685aa06b30d1685c0078c4bef027cadc28f6702593c03a64b50be0f6
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 87,000,000 #USDT (87,000,000 USD) transferred from Tether Treasury to #Binance
whale-alert.io/transaction/tron/1d028a3a774c23afc4ea4a5a9b65cc1ae5af2f071bb51383cf560b1d8f9162ea
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vitalik.eth (one of the co-founders of Ethereum)VitalikButerin
Endgame
twitter.com/VitalikButerin/status/1467864422144253958?s=20
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what does this mean?
( Ethereum can be the base layer of that too - and a very good one, as the common root of trust makes it far easier to move assets between rollups safely and cheaply.)
While there are many paths toward building a scalable and secure long-term blockchain ecosystem, it's looking like they are all building toward very similar futures. There's a high chance that block production will end up centralized: either the network effects within rollups or the network effects of cross-domain MEV push us in that direction in their own different ways. But what we can do is use protocol-level techniques such as committee validation, data availability sampling and bypass channels to "regulate" this market, ensuring that the winners cannot abuse their power.
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