SEC’s “Bitcoin ETF Scam” on X Triggered Transfer of $2 Billion BTC to CEX
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Most recently, the SEC’s /X Twitter account was hacked, which then mistakenly tweeted about the approval of a Bitcoin ETF, sparking significant market activity. Bitcoin initially rose by nearly $48,000 before plunging to nearly $44,700, leading to the liquidation of both long and short positions. But the chaos didn’t stop there.
Short-term holders, those who have held Bitcoin for less than 155 days, have moved significant amounts of their holdings. These individuals transferred $1.3 billion in profits to the exchange, one of the highest profit transfer days in the past two years.
Source: Glassnode
Additionally, a total of $2 billion worth of Bitcoin was sent to exchanges, a scale that has only been seen three times before. Unfortunately, this resulted in massive transfer losses, amounting to $750 million, highlighting the severity of market volatility caused by false ETF approval news.
Source: Glassnode
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According to Cryptoslate
