Bitcoin Withdrawals Outpace Deposits: What Does Market Shift Signify?

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• Nevada requests Prime Trust to be put in receivership, reporting $82M deficit
• EDX Markets reportedly drops Paxos as planned custodial partner
• Robinhood lays off 7% of workforce on same day as Cardano, Polygon, and Solana delisting

Nevada Requests Prime Trust to be Put in Receivership

The state of Nevada has requested that Prime Trust be put into receivership due to a reported $82 million deficit. The move comes after EDX Markets reportedly dropped Paxos as its planned custodial partner.

Robinhood Lays Off 7% of Workforce

On the same day that Cardano, Polygon, and Solana were delisted from the platform, Robinhood announced it was laying off 7% of its workforce. This news came shortly after the first leveraged Bitcoin futures ETF opened for trading on CBOE.

Longest Streak of Bitcoin Withdrawals Surpassing Deposits Signals Market Shift

June 27 marked the longest streak ever recorded of Bitcoin withdrawals from exchanges outpacing deposits to exchanges. This shift in investor behavior could have major implications for the market and potential price changes.

Switzerland Seizes $26 Million Tied to Do Kwon and Terra

Switzerland has seized approximately $26 million that is allegedly tied to Do Kwon and his blockchain project Terra. The funds were seized by Switzerland’s financial regulator FINMA following an investigation into possible money laundering activities.


Overall, recent developments suggest a major shift in investor behavior when it comes to Bitcoin exchanges. From Nevada asking for Prime Trust to be put in receivership to Switzerland seizing funds linked with Do Kwon and Terra, these events could signal important changes for the cryptocurrency market going forward.