Nov 21 • 4M

Weekly Rundown - November 20, 2022

The saga continues ("which one?")

4
 
1.0×
0:00
-3:30
Open in playerListen on);
Episode details
Comments

Namaste नमस्ते!

FYI I hired some help for marketing. My newsletter content won’t change but you might see ads on social media or get emails from my marketing team encouraging you to upgrade to the paid plan if you’re not already on it.

Marketing isn’t my thing but I realize it’s important. I’ll let somebody else take the lead on that.


Make sure you got my update from November 16, 2022.

Get the Update

I found a few summaries of the FTX/Alameda mess. There’s still a lot we don’t know and some things we may never know. Here are some articles that may fill in some blanks:

Now Genesis, a prime brokerage, needs to plug a $1 billion shortfall ASAP.

Sigh.

If you haven’t taken your crypto off of exchanges and into your own custody, now’s a good time to do it. At least sell your USDT before Tether gets too wrapped up in the FTX fallout (Alameda was one of Tether’s biggest customers).

Speaking of getting different stories from different sources:


With some firms, funds, projects, and exchanges in distress, you might worry about the miners.

Miners have had it rough for a while but as a whole, they’ve sold at a fairly constant pace throughout 2022, with some blips upward here and there—most recently a massive transfer from the Binance mining pool to Binance exchange on November 9 (cue the conspiracy theories).

Some of the biggest distressed miners have already sold most of their bitcoins and, as a proportion of the total market, miners hold less bitcoin than they have in a long time.

  • If you believe CryptoQuant’s data, known miner wallets haven’t held this few bitcoins since early 2021, when they dumped a ton of it on the market.

  • If you believe IntoTheBlock’s data, known miner wallets haven’t held this few bitcoins since 2010.

I’m not sure it matters now. With so few buyers and sellers, it won’t take much to send prices up or down.


Mark, how does this bear market compare to the others? and questions of that sort.

(Your words, not mine.)

Get my answer in this video.


Jobs Corner

These jobs come from the ToolsForCrypto newsletter. If you’d like to post a vacancy here (for free), email mark@markhelfman.com.

Relax and enjoy the ride!