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Bitcoin (BTC) mounted a recovery, taking the rest of the market with it, despite sustained out flows from spot Bitcoin exchange-traded funds. The U.S. government made moves to sell $131 million in BTC confiscated from Silk Road. Meanwhile, Terraform Labs goes bankrupt . Spot Bitcoin ETFs record outflows This week featured massive negative net flows from the spot Bitcoin ETF market, largely due to substantial outflows from the Grayscale Bitcoin Trust (GBTC), as investors exited the project due to high fees. Particularly, on Jan. 24, the spot Bitcoin ETF market recorded the largest intraday outflow since it opened for trading. The products saw a cumulative negative netflow of $159 million that day, which marked their ninth day of trading. All other ETF products witnessed inflows on Jan. 24 besides the GBTC. However, these inflows were not substantial enough to overcome the outflows from the GBTC, which stood at a massive $429 million. On Jan. 25, the tenth day of trading, t...

BlockFi, the now-defunct crypto lending company, has filed a court application to move “ trade- only” assets from users’ accounts to stablecoin s. This move follows the company’s ongoing efforts initiated in August to return users’ funds after previously closing withdrawals. BlockFi filed an application on Aug. 29 to the United States Bankruptcy Court for the District of New Jersey to authorize the conversion of trade- only assets into stablecoin s, including Algorand’s native token (ALGO), Bitcoin Cash (BCH), and Dogecoin (DOGE).  Since these assets can’t be withdrawn easily, BlockFi is proposing a one-time exchange for Gemini Dollar (GSD) or a similar stablecoin. However, it is worth noting that this suggestion comes separate from the other trade-only assets that were available on the platform, including Cardano (ADA), Solana (SOL) and Avalanche (AVAX), which are held by BlockFi International. You might also like...

FTX EU was only approved by the Cyprus regulator in March, 2022, about seven months before FTX collapsed in November. The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdraw al requests. It comes nearly five months after the global trading platform collapsed and went bankrupt in early November. The new website domain name — https://ftxeurope.eu/ — was reportedly approved by the Cyprus Securities and Exchange Commission according to a report in Finance Magnates. A screenshot of the newly launched website to withdraw funds from FTX EU. Source: FTX Europe The new domain will not offer any products or services other than to pay back impacted customers, the report said, referencing an email received by FTX Europe. "Please be informed that our new domain, www.ftxeurope.eu, has been approved by our regulator CySEC as you have well identified. The website will only be used for all FTX EU LTD clients to be able to claim their FIAT balances....

Core Scientific estimated that canceling the agreement with Celsius will provide $2 million in revenue per month as long as Bitcoin stays around $16,700. Bankrupt cryptocurrency lender Celsius Network agreed to let Bitcoin (BTC) miner Core Scientific shut off more than 37,000 mining rigs it had been hosting for Celsius during the miner’s Bankruptcy proceedings. Core Scientific filed a revised proposed order on Jan. 3 which incorporated “revisions acceptable to Celsius” noting “all Celsius rigs will be powered down effective January 3, 2023 and will not be restarted during the transition period.” Previously, Core Scientific accused Celsius of failing to pay its power bills on Oct. 19 citing the non-payment as a major factor leading to its liquidity issues after the Bitcoin miner filed for Chapter 11 bankruptcy on Dec. 21. On Dec. 28 Core Scientific filed a motion seeking approval to reject Celsius’ contracts claiming the firm's failure to pay its power bills constitutes a materia...