The biggest news in the crypto-verse for Dec. 1 includes November finishing as the second-worst month for Bitcoin and fourth-worst for Ethereum, SBF shifting blame to Alameda Research for the FTX collapse, and 15 million Bitcoin retreating to self-custody wallets, leaving only 22% of total supply liquid.
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November was the second-worst month for Bitcoin, fourth worst for Ethereum
According to CryptoSlate data, November 2022 was the second-worst month of the year for Bitcoin (BTC) and the fourth-worst month of 2022 for Ethereum (ETH).
During November, BTC lost around 18% of its value. According to Glassnode, the investors witnessed the fourth largest capitulation on record with a 7-day realized loss of $10.16 billion. On the other hand, ETH fell by almost 20% in the same month to see as low as $1,100 on Nov. 10.
SBF shifts blame to Alameda, claims ‘I didn’t knowingly commingle funds’
FTX founder Sam Bankman-Fried (SBF) spoke live at the New York Times Dealbook event and stated that he didn’t “knowingly commingle funds.” He said:
“I was surprised just how big Alameda’s position was… I wasn’t trying to commingle funds.”
SBF blamed the “accounting mistake” that brought the end of FTX on poor internal dashboards for poor management of funds.
Fastest rate of change: 15M BTC goes into self custody
Glassnode data shows that around 78% of the total BTC supply is illiquid. The amount equals 15 million coins and leaves less than 22% of all BTC changing hands.
This metric indicates that investors have been pulling their BTC into their custodial wallets and moving away from exchanges.
CFTC Chair Rostin Behnam snubs Ethereum, claims only Bitcoin is a commodity
The Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam said that BTC is the only crypto asset that should be classified as a commodity.
Even though Behnam considered ETH a commodity in May, he changed his narrative this time and implied that ETH was not a commodity.
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