TXMC

Has anyone performed a wellness check on BlockFi recently? Activity in and out of BlockFi wallets has quieted down, with net flows showing minimal activity the past month. Net flows to miners (red) and net flows to exchanges (blue) showing a flatline. Additionally, their BTC reserves (green) are printing their lowest levels since March 2020. As BlockFi deals with regulatory scrutiny and crackdowns in a handful of U.S. states, the company still plans to go public later in 2021 or early 2022.  

Since the capitulation event on May 17, most exchanges have seen a negligible change in Bitcoin futures volume, save for Binance. Futures open interest on Binance has steadily risen over 60%, and is now seeing contract volume equal to mid April when the digital corn was trading above $62,000 at spot.  

Bitcoin witnessed over $18.9 million in short liquidations in a single hour today as the price reclaimed $32,500. That 18.9M total is the highest 1-hour level since June 27th. This preceded a 3% rise in the spot price.