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⌐◪-◪ → A US Government-controlled Bitcoin wallet holding $2.1B in Bitcoin is moving funds to Coinbase. These are funds confiscated from the “former” black-market website Silk Road.

On-chain sleuth ZachXBT picked up an initial transaction of 0.001 BTC ($69) which was transferred to a Coinbase deposit address, likely a test transaction.

An hour later, the same wallet transferred 1,999 BTC ($139M) to Coinbase, perhaps for an initial layer of liquidations.

The real question is → Are they planning to sell all 30,170 BTC and what might that do to the market?

My gut says they won’t sell it all in one go as it’s generally prudent in finance to layer in and layer out of positions.

For context, last March the US Government sold ~10,000 BTC worth $216M, making this transaction 5x smaller in terms of BTC sold.

Fun Fact: The US Marshals Service is one of the largest BTC sellers, having sold over 195,000 BTC for the US Government.

⌐◪-◪ → The battle of NFT Marketplaces is in full swing, as OpenSea announces the addition of Limit Break’s ERC721-C token standard.

Simply put, the ERC721-C standard lets creators implement programmable and enforceable on-chain royalties.

This decision is probably in reaction to Magic Eden’s NFT Marketplace dominance in volume and revenue. For context:

NFT Marketplace Volumes (30D)
1. Magic Eden $718.7M (41%)
2. BLUR $647.0M (37%)
3. OpenSea $167.3M (9%)

NFT Marketplace Revenue (30D)
1. Magic Eden $12.7M (71%)
2. OpenSea $3.2M (18%)
3. Tensor $1.8M (10%)

It will be interesting to see how OpenSea’s decision to add ERC721-C affects their standings in these charts and if other NFT marketplaces decide to follow suit and add Limit Break’s standard.

Would be a legendary comeback if OpenSea reclaims #1.

⌐◪-◪ → The SEC just asked for public comment on the Grayscale, Bitwise, and Fidelity spot Ethereum ETFs regarding a proposed rule change.

My initial reaction was “this is progress”, but the experts disagree…

Bloomberg analyst James Seyffart says, “nothing in the filings signal to me that anything has changed”.

This means Bloomberg’s recent decision to drop the chances of an Ethereum ETF approval in May from 70% → 30% holds true.

Looks like we’ll have to stay tuned for more information…

In the meantime, it might be worth keeping an eye on Grayscale’s Ethereum Trust ($ETHE) which is currently trading at a 24% discount to ETH’s spot price. DYOR.

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