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Former FTX CEO Sam Bankman-Fried has once again attracted the ire of the crypto community — this time over his slated appearance at an upcoming New York City conference on November 30. 

Vocal members of Crypto Twitter have questioned why the former CEO of the now-bankrupt exchange continues to walk free given the events over the last month.

In a Nov. 23 Twitter post, Bankman-Fried announced he will be speaking with New York Times journalist Andrew Sorkin at the DealBook Summit “next Wednesday.”

The news was confirmed publicly by Sorkin, who said: “There are a lot of important questions to be asked and answered. Nothing is off limits.”

In the wake of the FTX collapse, some in the community had wondered whether Bankman-Fried would honor his conference engagements, including his one at the DealBook Summit.

Bitcoin (BTC) faced a 7.3% drop between Nov. 20-21 as it tested the $15,500 support. While the correction seems small, the movement has caused $230 million in liquidations in futures contracts. Consequently, bulls using leverage came out ill-prepared for the $1.14 billion monthly options expiry on Nov. 25.

Bitcoin investors' sentiment worsened after Genesis Trading, which is part of the Digital Currency Group (DCG) conglomerate, halted payouts at its crypto lending arm on Nov. 16. More importantly, DCG owns the fund management company Grayscale, which is responsible for the largest institutional Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC).

Additionally, Bitcoin miner Core Scientific has warned of "substantial doubt" about its continued operations over the next 12 months given its financial uncertainty. In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm reported a net loss of $434.8 million inthe third quarter of 2022.

Meanwhile, New York Attorney General Letitia James addressed a letter to the members of U.S. Congress on Nov. 22 recommending barring the purchase of cryptocurrencies using funds in IRAs and defined contribution plans such as 401(k) and 457 plans.

Despite bulls' best efforts, Bitcoin has not been able to post a daily close above $17,000 since Nov. 11. This movement explains why the $1.14 billion Bitcoin monthly options expiry on Nov. 25 could benefit bears despite the 6% rally from the $15,500 bottom.

Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues.

Grayscale, GBTC still dominate crypto mood

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility after fresh two-year lows the day prior.

The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG).

Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses across Bitcoin and altcoins.

As Cointelegraph reported, concerns had already spread to doubt the future of the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle with assets under management worth over $10 billion.

USD Coin (USDC), a stablecoin issued by the U.S.-based Circle Financials Ltd, is taking the lead over its top rival, Tether (USDT), when it comes to institutional adoption, according to on-chain data.

USDC daily transfer volumes are higher

The market capitalization of USDC tokens in circulation comes to be around $44 billion versus USDT's $65.42 billion. However, USDC's daily transfer value on the Ethereum blockchain has been consistently higher than USDT throughout 2022, data from Glassnode shows.

For instance, as of Nov. 22, the USDC daily transfer was around $14 billion compared to USDT's $5 billion.

In other words, USDC users engage in relatively higher capital transfers compared to USDT users, suggesting that USDC is increasingly the stablecoin of choice among high net-worth entities including institutional whales, hedge funds, family offices, crypto exchanges, etc.

Related: 82% of Tether reserves held in ‘extremely liquid’ assets, according to attestation

USD Coin (USDC), a stablecoin issued by the U.S.-based Circle Financials Ltd, is taking the lead over its top rival, Tether (USDT), when it comes to institutional adoption, according to on-chain data.

USDC daily transfer volumes are higher

The market capitalization of USDC tokens in circulation comes to be around $44 billion versus USDT's $65.42 billion. However, USDC's daily transfer value on the Ethereum blockchain has been consistently higher than USDT throughout 2022, data from Glassnode shows.

For instance, as of Nov. 22, the USDC daily transfer was around $14 billion compared to USDT's $5 billion.

In other words, USDC users engage in relatively higher capital transfers compared to USDT users, suggesting that USDC is increasingly the stablecoin of choice among high net-worth entities including institutional whales, hedge funds, family offices, crypto exchanges, etc.

Related: 82% of Tether reserves held in ‘extremely liquid’ assets, according to attestation

Bitcoin (BTC) hodlers may need to triple their on-chain losses for BTC price to put in a macro low.

According to market research firm Baro Virtual, the 2022 bear market is not yet harsh enough to match historical downtrends.

Bitcoin losses “only” total $671 million

With analysts predicting a return to $14,000 or lower for BTC/USD, the question of where Bitcoin will bottom is one of the hottest topics in the space this month.

For Baro Virtual, which analyzed data from on-chain analytics platform Whalemap, it may be a matter of simple arithmetic.

Taking Whalemap’s moving profit and loss (MPL) figures for on-chain BTC transactions, it noted that in the past, macro BTC price bottoms occurred once those transactions’ losses were equal to or more than the equivalent profits in the bull run which preceded them.