Data from blockchain analytics firm CryptoQuant has shown miners are rapidly offloading their Bitcoin holdings, with 14,000 BTC being moved out of wallets belonging to miners in a single 24-hour period.

Nasdaq-listed cryptocurrency exchange Coinbase has secured approval from financial regulators in Italy, allowing it to continue serving customers in the country.

Cryptocurrency hedge fund Three Arrows Capital has been revealed to owe $3.5 billion to 27 different companies, including Blockchain.com, Voyager Digital, and Genesis Global Trading. The figure comes from court documents from the bankruptcy and liquidation of the fund.

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Top stories in the Crypto Roundup today:

• Bitcoin Miners Offload Largest Amount of BTC Since Jan. 2021
• Coinbase Receives Regulatory Approval in Italy
• Crypto Hedge Fund Three Arrows Capital Owes $3.5 Billion to Creditors
• Monthly Bitcoin Volume Traded into Fiat or Stablecoin
• GAIM Ops West: Connect with leaders in alternative investment operations, compliance, and due diligence.

Bitcoin Miners Offload Largest Amount of BTC Since Jan. 2021

Data from blockchain analytics firm CryptoQuant has shown that miners are rapidly offloading their Bitcoin holdings, with 14,000 BTC being moved out of wallets belonging to miners in a single 24-hour period.

In the last few weeks, bitcoin miners have offloaded the largest amount of BTC since January 2021 in a phenomenon some are calling “miner capitulation,” in which these miners are selling their coins to cover ongoing expenses.

Miners are struggling over lower bitcoin prices and higher energy costs, which force them to sell their BTC holdings. Citi analyst Joseph Ayoub wrote in a note earlier this month:

“Given rising electricity costs, and bitcoin’s steep price decline, the cost of mining a bitcoin may be higher than its price for some miners.”

A recent report from Coinbase has revealed that various miners moved from raising capital in equity to raising using debt, in part through loans secured by their own mining equipment. The value of this type of equipment has been dropping, further pressuring miners.

The report details that among the top 28 public mining companies, which represent 20% of Bitcoin’s hashrate, around 13,000 BTC has been sold so far this year, representing 19% of their reserves.

In total, Coinbase noted that all bitcoin miners hold around 800,000 BTC, meaning public miners’ holdings represent 6.8% of the total. Nevertheless, the firm estimated that even if BTC dropped to $10,000, they would still have reserves to last around 120 days, liquidating 16 BTC per day from their reserves.

Coinbase Receives Regulatory Approval in Italy

Nasdaq-listed cryptocurrency exchange Coinbase has secured approval from financial regulators in Italy, allowing it to continue serving customers in the country.

In a blog post, the Organismo Agenti e Mediatori (OAM) outlined a new requirement that mandates all crypto trading or custody firms to meet criteria before continuing to operate in the country.

Nana Murugesan, vice president of international and business development at Coinbase, commented that building a “constructive relationship with regulators in every jurisdiction” in which the company operates is “incredibly important as we march toward our mission of increasing economic freedom in every corner of the world.

Murugesan added that gaining regulatory approval is a “testament to our close collaboration and positive working relationship with the Italian financial regulators."

Rival crypto Exchange Binance received regulatory approval in Italy from the OAM last month.

Crypto Hedge Fund Three Arrows Capital Owes $3.5 Billion to Creditors

Cryptocurrency hedge fund Three Arrows Capital has been revealed to owe $3.5 billion to 27 different companies, including Blockchain.com, Voyager Digital, and Genesis Global Trading. The figure comes from court documents from the bankruptcy and liquidation of the fund.

According to the documents, Three Arrows Capital failed to repay loans and missed multiple margin calls with lenders, meaning its investment accounts fell below required levels and were not topped up.

Genesis, a crypto lender part of the Digital Currency Group, lent the bankrupt hedge fund $2.36 billion in an under-collateralized loan with a margin requirement of 80%.

The filings also reveal various real estate investments held under the names of Three Arrows Capital co-founder Su Zhu’s child and wife. The hedge fund’s troubles started after the Terra ecosystem collapsed.

Monthly Bitcoin Volume Traded into Fiat or Stablecoin

Bitcoin spot trading into stablecoins continued to rise in June as investors remained cautious amid fears of a liquidity crisis striking crypto lending companies.

Bitcoin trading into USDT rose 24.3% to 6.67 million BTC, making it the dominant stablecoin/fiat pair with a market share of 67.2%.

Find out more via CryptoCompare’s latest Exchange Review report.

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