Decentral Block Post

Ether (ETH) has been stuck between $1,170 to $1,350 from Nov. 10 to Nov. 15, which represents a relatively tight 15% range. During this time, investors are continuing to digest the negative impact of the Nov. 11 Chapter 11 bankruptcy filing of FTX exchange. 

Meanwhile, Ether’s total market volume was 57% higher than the previous week, at $4.04 billion per day. This data is even more relevant considering the collapse of Alameda Research, the arbitrage and market-making firm controlled by FTX's founder Sam Bankman-Fried.

On a monthly basis, Ether's current $1,250 level presents a modest 4.4% decline, so traders can hardly blame FTX and Alameda Research for the 74% fall from the $4,811 all-time high reached in November 2021.

While contagion risks have caused investors to drain centralized exchanges wallets, the movement led to an uptick in decentralized exchanges (DEX) activity. Uniswap, 1inch Network, and SushiSwap saw a 22% increase in the number of active addresses since Nov. 8.

Let's take a look at derivatives metrics to better understand how professional traders are positioned in the current market conditions.

Bitcoin (BTC) fell to intraday lows after the Nov. 16 Wall Street open as the FTX scandal appeared to claim another victim.

Genesis Trading liquidity “exceeded”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading around $16,400 at the time of writing.

Downside had entered again for the pair amid news that Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems.

In a series of tweets on the day, Digital Currency Group (DCG), the parent company that counts Genesis Trading among its subsidiaries, directly attributed the decision to the FTX debacle.

“Today Genesis Global Capital, Genesis Trading’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations,” part of the thread stated.

If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox.

Data from on-chain analytics firm Glassnode confirms that the “Mt. Gox bear market” almost a decade ago still beats the 2022 lows.

FTX vs. Mt. Gox: Same, same but different

With the fallout from the FTX bankruptcy scandal still unfolding, questions remain over how many major crypto entities will be affected and how big industry losses will be.

BTC/USD fell over 25% last week as the ramifications became known and has failed to recover much lost ground.

At the same time, multiple comparisons to Mt. Gox have emerged: alleged mismanagement, poor security and insider trading activity have all been cited as examples.

Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020.

Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two-thirds or more.

Miners cool BTC exchange sales after FTX spike

After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened.

Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and fees would not be enough to cancel out expenses, chiefly electricity.

Network fundamentals, however, tell a curious story — hash rate continues to circle all-time highs and not fall significantly, indicating that at least certain miners are maintaining network hashing power, not shutting down operations en masse.