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The latest price moves in bitcoin (BTC) and crypto markets in context for June 14, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The 14-day average of miner transfers to exchanges has increased sharply to 489.26 BTC, the highest since March 2021, according to Glassnode.
Binance.US’s market depth has dropped in June as market makers are fleeing the exchange following the SEC’s lawsuit.
The trading platform recently delisted three tokens that were classified as securities in the SEC’s lawsuit against Coinbase and Binance.
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.
Several tokens were alleged as securities earlier this week, leading to a possible risk-off among traders.
The exchanges, targeted by the SEC for violating federal securities laws, have endured a significant wave of user withdrawals but managed to process transactions in an orderly fashion so far.
In trading, timing is everything and it appears that some traders put in well-timed sell orders for BNB, ahead of the massive SEC crackdown against crypto exchange Binance on June 5.
Traders said market makers are holding options with a $1,800 strike price and are likely to influence prices as they try to keep their portfolios direction-neutral.
The popular trading platform will end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th.