Binance Traders Lead Sell-the-Fact Pullback in Bitcoin as ETFs Debut

Bitcoin (BTC) has experienced a decline in price following the introduction of spot exchange-traded funds (ETF) in the United States. The selling pressure has been concentrated on Binance, OKX, and Upbit, according to data from Paris-based Kaiko. At the time of writing, Bitcoin was trading at $42,700, representing a 12% drop from its high of $48,975 reached on Thursday. This price drop appears to be a result of traders taking profits on long positions that were initiated in anticipation of the ETFs’ debut. The selling pressure was led by traders from Binance, as indicated by the cumulative volume delta (CVD), which tracks the net difference between buying and selling volumes over time.

In other news, Hong Kong-based crypto exchange operator HashKey Group has announced that it has nearly reached its $100 million fundraising target. The company had announced the fundraising round in August after obtaining a license from Hong Kong’s security regulator to offer retail crypto trading. Although the investors in the round were not disclosed, the firm now has a valuation of $1.2 billion, making it a “unicorn” company with a valuation of $1 billion or more.

Circle, a crypto issuer, has reported a surge in remittances flowing through Asia via its USDC stablecoin. USDC is a cryptocurrency pegged to the value of the U.S. dollar and backed by liquid cash and cash-equivalent assets. According to Circle’s report, $130 billion worth of USDC flowed into Asia in 2022. The Asia-Pacific region accounts for 29% of all global digital currency value received, compared to 19% for North America and 22% for Western Europe. These volumes also include remittance transfers, which are significant for emerging markets with large diasporas, such as the Philippines. Circle has partnered with, a Philippine-based exchange, to capture some of this business, which is estimated to be worth around $36 billion annually.

In the ether options market, call selling has dominated the activity over the past 24 hours. This suggests that traders may have become cautious following Bitcoin’s price pullback, or that holders are selling calls as part of a covered call strategy to generate additional yield.

In conclusion, the introduction of spot ETFs in the U.S. has put pressure on Bitcoin’s price, with selling concentrated on Binance, OKX, and Upbit. HashKey Group has nearly reached its fundraising target, achieving a valuation of $1.2 billion. Circle has seen a surge in remittances flowing through Asia via its USDC stablecoin, and the ether options market has seen a dominance of call selling.