Bitcoin price broke support at previous all-time highs over the weekend, breaking as low as the $17,000s. Price has bounced back strongly, however, reclaiming the $20,000 level to begin the week.
Top-20 altcoins also created many new lows, but may have found a local bottom. Ethereum has regained 6% over the last 24 hours, while BNB rises 4% and Avalanche leads the bounce with a 12% recovery.
ProShares has announced that it will be launching a "short" Bitcoin exchange-traded fund (ETF), which will allow investors to profit from a decline in the price of Bitcoin.
The ETF will deliver the opposite performance of the S&P CME Bitcoin Futures Index, obtaining exposure through Bitcoin futures contracts. The instrument is planned for launch on Tuesday, under the ticker BITI.
ProShares became the first issuer of a crypto ETF product in the United States in October 2021, with its ProShares Bitcoin Strategy ETF.
The number of Bitcoin wallet addresses containing more than one whole Bitcoin has increased by a significant 13,091 addresses over the past week – bringing the total to 865,254.
The number increased dramatically during the recent decline in Bitcoin's price, suggesting possible accumulation by retail investors. The number of addresses adding 0.1 BTC or more has also grown significantly, while the number of "whales" holding 100 BTC or more has decreased.
Solend, a DeFi protocol on the Solana blockchain, has passed a controversial governance vote to enact "emergency powers" in an effort to handle a large on-chain liquidation.
An anonymous address responsible for 95% of the protocol's entire SOL pool and 88% of USDC borrowing has come close to a margin call, resulting in fears that an on-chain liquidation would wreak havoc within the platform.
Governance passed a vote to enable the protocol to take manual control of the whales funds and take less-drastic measures for the liquidation – a move frowned upon by advocates of decentralization.
