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Pi Network’s token has surged 86% in value, reflecting strong market interest despite ongoing controversies.
Quick Take This is an excerpt from the 22nd edition of The Funding sent to our subscribers on Feb. 23. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take A recent proposal by the Arbitrum DAO’s recently-appointed Growth Management Committee has sparked backlash after recommending that 7,500 ETH be deployed to Lido, Aave, and Fluid, three decentralized finance protocols not native to Arbitrum. The proposal argues the selected protocols “represent safe applications that achieve conservative yield and strongly support ecosystem growth,” while critics argue the move signals that Arbitrum-native protocols are inferior. Should the proposal fail, the co
- 10:08A whale deposited the remaining 800 BTC into CEX 3 hours ago, with a total loss of $25 millionAccording to Lookonchain, a Bitcoin whale deposited the remaining 800 BTC (worth $74 million) into CEX 3 hours ago, resulting in a total loss of $25 million. Between April 10 and 12, 2024, he withdrew 2,000 BTC (worth $197.8 million) from CEX at a price of $98,896 each and staked them. About a month ago, he started to unstake and gradually deposited the Bitcoins back into CEX.
- 10:00Analysis: The Correlation Between Bitcoin and US Stocks Continues to Weaken, Gold May Become a Leading Indicator for BTCCryptoQuant analyst Timo Oinonen released a report stating that the most important current trend for Bitcoin is its decoupling from US stock indexes. Over the past seven days, Bitcoin has significantly diverged from the S&P 500 and the Nasdaq Composite Index, with its correlation to traditional stocks and tech stocks weakening. The correlation coefficient between Bitcoin and the S&P 500 has decreased from 0.88 at the end of 2024 to 0.77, and its correlation with the Nasdaq has also dropped from 0.91 in January to 0.83. Notably, the correlation between Bitcoin and gold is strengthening, with the coefficient rising from -0.62 at the beginning of the month to the current -0.31. Historically, Bitcoin has often lagged behind gold's performance by several months. If the current decoupling trend from stock indexes continues, with other conditions remaining unchanged, gold may become a leading indicator for Bitcoin.
- 10:00Suspected Sale of 100 WBTC to Take Profit by a Cyclical Long Position WBTC Whale 40 Minutes Ago, Equivalent to $9.19 MillionAccording to on-chain analyst Ai Yi's monitoring, "the whale that has been in a cyclical long position on WBTC at an average price of $69,079 since July 2024" is suspected to have sold 100 WBTC to take partial profit 40 minutes ago, equivalent to $9.19 million. Currently, the whale still has 1,053.79 WBTC (approximately $97.36 million) as collateral and has borrowed 43.68 million USDT, with the remaining portion still having a floating profit of $24.47 million.