French banking giant BNP Paribas is reportedly moving into the cryptocurrency custody space, with assistance from Swiss firm Metaco. BNP Paribas is a major global custodian, managing almost $13 trillion in assets.
Metaco, a digital asset safekeeping company, has also helped several other banks and institutions to enter the crypto custody space – including BBVA, DBS, UnionBank Philippines and more recently Citigroup.
Bitcoin miners have continued to exit their Bitcoin positions, with more than 14,000 BTC (worth $300 million) being transferred out of wallets belonging to miners in just a day.
According to data from CryptoQuant, miners have also offloaded the largest amount of Bitcoin since January 2021 – a phenomenon being labelled as "miner capitulation". Analysts blame the fallen price of Bitcoin, coupled with rising electricity costs.
Lawyers of Celsius, the recently-bankrupted crypto lending firm, have claimed that user funds legally belonged to Celsius and not the users themselves.
According to them, retail users transferred the title of their assets to the firm, as per their terms of service. They argue that due to this, Celsius was free to use, sell pledge and rehypothecate the assets as they wished.
