Bitcoin inflows across all exchanges have been net negative since last July, but four major exchanges have been running contrary to this trend with nearly an equal amount of net positive inflows. There have been total net outflows of 46,000 BTC (worth around $1.8 billion at current prices) from all crypto exchanges since last July.
Only Binance, Bittrex, Bitfinex and FTX have seen net positive inflows of 207,000 Bitcoin (BTC), according to data from blockchain analytics firm Glassnode’s Monday newsletter. Over the same time period, net outflows have totaled 253,000 BTC from all other exchanges tracked.
FTX and Huobi have experienced the most dramatic shift in their BTC holdings since last July. Whereas FTX has more than tripled the amount of BTC it holds to 103,200 today, Huobi’s holdings have dwindled to just 12,300 BTC, or around 6% of what it held, from over 400,000 BTC in March 2020.
However, Glassnode attributes the current relatively low inflows to “the scale of market uncertainty at present,” and suggests that the crypto trading market, in general, has shifted to derivatives trading over spot sells in order to hedge risk.
Exchange inflows are measured to help give a better understanding of whether investors are preparing to liquidate or hodl their coins. Net inflows show incoming selling pressure whereas net outflows suggests more hodling.
The coins that remain on-chain maintain a realized price of $24,100 per BTC, suggesting that most hodlers enjoy a profit margin of 63%. Realized price is the average price of all coins when they were moved on-chain.
The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine.
In a Monday alert, FinCEN reminded U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to report any activity that could be considered a potential way for Russia to evade sanctions imposed by the U.S. and its allies. While the U.S. watchdog said that the Russian government using CVCs to evade large scale sanctions was “not necessarily practicable,” financial institutions were obligated to report such activities from Russian and Belarusian individuals named in actions that many have dubbed “economic warfare.”
“In the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs,” said Him Das, who has been the FinCEN acting director since August 2021. “Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”
Many U.S. lawmakers and agencies have spoken out on Russia-based individuals and banks potentially attempting to use crypto to evade the sanctions announced by President Joe Biden on Feb. 24. The Treasury Department’s Office of Foreign Assets Control — the agency responsible for administering and enforcing U.S. sanctions — warned U.S. residents on Feb. 28 not to use digital currencies to benefit Russia’s government or central bank. OFAC’s guidelines equated crypto transactions to “deceptive or structured transactions or dealings.”
The popular gaming guild Yield Guide Games (YGG) has reached a milestone in terms of new scholars for the Axie Infinity platform and various other play-to-earn (P2E) games.
Yield Guild Games reported 20,700 unique scholars in February, an increase of 8,500% since the same month last year when there were just 241. The milestone marks a “new record in the play-to-earn space,” said YGG in an announcement shared with Cointelegraph.
The play-to-earn scholarships allow new players to borrow a team of Axie nonfungible tokens (NFTs) from the Guild. Their in-game earnings are then split between the player, the community manager and the YGG decentralized autonomous organization, or DAO.
Colin Goltra, global chief operating officer at YGG, told Cointelegraph:
“This is only the first of the many milestones that we want to achieve for YGG. We‘ve really ramped up organisational investment in our ‘Game Ops’ function, which is essentially the bridge between the games we partner with and our community of guild members.”
YGG reported that in February, scholars farmed more than 26.4 million Smooth Love Potion (SLP), a native token for Axie Infinity. This figure represents a 57% increase from January’s farming figures.
It added that more than 18.4 million SLP (worth around $360,000 at the end of February) or 70% of the total, was received by scholars, 20% went to the scholarship manager and 10% to the Guild.