Coindesk

U.S. spot-listed bitcoin (BTC) exchange-traded funds (ETFs) experienced the second-biggest outflows of the year on Monday, dropping $516.4 million, Farside data shows.The withdrawals, the ninth net outflow in 10 days, reflect a growing discomfort with the largest cryptocurrency, which has traded in a narrow price range between $94,000 and $100,000 for most of this month. On Tuesday, bitcoin broke out of its three-month channel, falling below $90,000 and sliding to as low as $88,250.According to Velo data, the bitcoin CME annualized basis — the difference between the spot price and futures — has dropped to 4%. This is the lowest since the ETFs started trading in January 2024. This is also known as the cash-and-carry trade, which is a market-neutral...

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Ethena Labs has integrated Chaos Labs' data authenticity technology, Edge Proof oracles, to strengthen the risk management framework for its synthetic dollar token USDe.Edge oracles will independently verify the total dollar value of the USDe's reserves and the reserve coverage of USDe's supply and confirm that reserves are governance-approved and delta-neutral. Chaos Labs shared the announcement exclusively with CoinDesk.USDe, a synthetic stablecoin, maintains a soft peg with the U.S. dollar through an automated delta-hedging strategy that shorts bitcoin and ether perpetual futures to offset changes in the prices of these cryptocurrencies.The synthetic stablecoin experienced volatility over the weekend, falling to 0.982 against tether and 0.988 against USDC, per Kaiko, amid fears that the protocol has multi-million dollar exposure to Bybit's...

Bitcoin (BTC) dipped below $92,000 during the overnight trade, revisiting levels that have proven resilient multiple times since December. However, the latest move comes with a notable uptick in perpetual futures open interest and price action that indicates seller dominance.The number of open futures bets or open interest in the BTC/USDT pair trading on Binance rose by roughly 12,000 BTC (worth over $1 billion) as BTC's price fell from $96,000 to under $92,000, according to data tracked by Coinglass.An uptick in open interest alongside a price decline is said to represent an influx of bearish short positions. In other words, traders likely opened fresh shorts as the price dropped, perhaps in anticipation of an extended sell-off.The cumulative volume delta (CVD)...

Crypto majors slid as much as 14% in the past 24 hours as a Monday sell-off extended into Tuesday amid generally bearish sentiment and the lack of actionable catalysts that may help support the market.Solana’s SOL fell 14% — bringing 7-day losses to over 20% — while dogecoin (DOGE), xrp (XRP) and ether (ETH) fell more than 8%. Bitcoin lost the $92,000 level for the first time since late November, threatening a potential downside break of the multi-week consolidation between $90,000 and $110,000Overall market capitalization fell 6.6%, while the broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens, dropped more than 7%.Traders said the current bearish sentiment could be overblown and macroeconomic decisions were key to support market...