I want to keep you informed, like always check the timestamps down below, find the news thats best for you and lets jump in starting with bitcoin bitcoin miners sold their entire may harvest. We now know meaning that they are finding it extremely hard to continue their operations, as the cost of production has exceeded the profit. So miners are selling lets talk about why new data from arcane research shows that public bitcoin mining firms sold 100 of their btc production. Back in may compared to the usual just 20 to 40 percent and if youre asking why its because hash rate the amount of energy it takes to mine, a block has almost never been higher while price is back to what we were at at the end of 2017, beginning of 18., so small miners are being pushed out forced to consolidate, forced to sell looking at btc sold from public miners in the year. This year, 2022. In the first four months of 2022, public btc mining firms sold around 30 percent of their mined production, which has then increased three x folds in may and is expected to rise even further in june, and keep in mind. This does not represent all miners, just the ones that are quote unquote: public release information publicly and while public btc miners only make up around 20 of the total net network cash rate, their behavior often reflects the sentiment of private miners as well. So give me your thoughts on this down below, keep in mind.

Miners are selling not because theyre not bullish, but because they have to because its a business for them and theyre trying to the small ones at least stay in operation, also keep in mind that bitcoin network difficulty is self adjusting. So if more miners keep dropping off, the hash rate will go lower, making it more profitable, encouraging miners to jump back on. This is a self adjusting metric based on the environment and next up, what does this minor capitulation mean to you and me excellent chart from analyst willy woo hash ribbons visualize minor collapse, so bottoms normally coincide with miners capitulating. Weak miners are bankrupted, adding to cell pressure. In a cascade and then ribbons then recover green circles, equal bottoms looks like were deleveraging right now, similar to the pandemic event red circles. So this is the chart showing bitcoin hash ribbon and with these ribbons as they come apart, it either shows miners becoming more profitable. More on the network, or as these bands close back together miners capitulating, its no longer profitable for the small ones where we are now much like the pandemic crash of 2020. Those ribbons are getting super close together, showing capitulation now, because its self adjusting theyll always expand. Eventually, and when that happens, when that happens, that often shows a recovery process in the market. Okay. So then, what exactly is willy saying and well just have to like the video real quick is willy saying that this is close to around the bottom, and the answer is no: if were expecting a normal btc macro bottom, we havent seen this come to pass.

Yet the typical signs of a bottom are not yet in though there are no guarantees well get them, because both btc and macro markets are structurally very different than prior history. So give me your take on this. For me, i think what well probably see is whenever the miners are quote unquote done. Capitulating well, probably see a bounce in the market for bitcoin, but that no way means they were back in bull market well, see and next up what is happening with altcoins. Well, voyager digitals token, plummets 60. After revealing a 661 million dollar exposure to three eros capital voyager digital today announced it may issue a notice of default to the struggling crypto investment firm 3ac. If it fails to make a loan repayment, so 3ac took out a loan from voyageur and 3ac has been silent, i.e not paying it back. Shares in the new york based crypto platform voyager plunged more than 60 after. It revealed that its exposure to 3ac comprised of over 15 000 bitcoin, as well as 350 million dollars in usdc damn so 3ac, is in a lot of trouble. They cant pay back their debts as of now, and that means by cause and effect. Voyager is in some deep trouble as well, because theyre, probably not getting that back. Theyve issued several notices to 3ac or nothing, and they also added voyager added that it intends to pursue recovery from 3ac and is currently in discussions with their advisors.

Regarding the legal remedies available, so they may sue, although if 3ac is insolvent, that will ultimately lead nowhere now. What does this mean to you if you had money in voyager? If you hold the token well actually, last week, voyager did secure a revolving line of credit from alameda research, including a cash stablecoin credit with an aggregated principal amount of over 200 million dollars and a revolving credit facility for 15 000 bitcoin. So i would guess, although nobody knows the future, that because alameda research bailed them out, which is sam, bankman freeds uh fund, i would guess theyd probably be fine, but very nice of sam bankman freed to bail them out next up. Speaking of bailouts, as of yesterday crypto platform, blockfi secures a 250 million dollar credit from ftx amid the bear market so again, ftx heavily backed by sam bankman freed and hes coming to the rescue of these crypto companies, who may or may not have been totally prepared For the bear market, in a direct tweet from block five founder today, block fi signed a term sheet with ftx to secure a 250 million dollar revolving credits facility, providing us with access to capital that further bolsters our balance sheet and platform strength. He goes on to say on how these funds will be used. The proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types, bia, bpy and loan collateral, and will be used as needed.

So basically saying itll be used towards the clients, and he finishes by saying this agreement also unlocks further collaboration and innovation between block fi and ftx, as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our commitment to the strength and accessibility of crypto markets. Give me your thoughts on this in a way. I think this is very positive that they were proactive in getting these funds, as opposed to somebody like celsius, who you wish. You know was more proactive in getting this funding before they halted all withdrawals on their platform anyway. Bear market clearly in full effect, lets keep moving and next piece of positive news. Coming right out of a conference in new york, called nft nyc doodles nfts, announce pharrell as chief brand officer, as well as a fundraise, led by alexis ohanian, who is one of the co founders of reddit, so huge green flag for the doodles collection and again. This is pharrell williams, now chief brand officer williams, who recently entered the nft space with his own gallery of digital assets, go to projects project in his new role, as chief brand officer williams will help shape the collections approach to music, artwork, consumer products, animation and events. Basically, help the brand in a direct quote on a pre taped, video message. At the event he said, im a big fan of the brand were going to build from the core community outwards and bring doodles to new heights new levels.

So this is great news for ethereum, of course, where this nft collection is on, and additionally, pharrell will also serve as executive producer on an album of doodle inspired music called doodle records, vol 1, which will be released in partnership with columbia, records, okay, very cool. I wish i held the doodle, i dont the the floor. Price is super high and by the way, at the event, the creators also announced doodles 2, a new nft collection that will spend millions of avatars up from just the 10 000 piece collection of the original collection and feature a wider array of traits, along with wearable Items the avatars will not be released on ethereum, although no blockchain has been specified interesting. So, while the first collection had 10 000 individual pieces, doodles 2 will have over a million potentially obviously they wont be the same. But in my mind this is like how the board apiac club then got mutant apes, basically in the same family, although not the same, and they had a cheaper floor and there was more of them as a way for average people to feel in the family. Next up what about the solano whale that weve been covering on this channel since two days ago? Heavy solana manipulation again seek out that video. If you want the full story, but the news today is the solano whale moves, 25 million dollars of usdc debt from solend to now mango markets. The move reduces the utilization of usdc within the solent platform and allows users to withdraw their assets once more.

So some of the liquidation pressure is alleviated in a tweet solen shared that the whale has acted on the teams suggestion to move its position across various lending protocols. The act reduces the utilization of usdc within solend, allowing its users to withdraw their assets once more. While the move seems like a band aid solution to a bigger liquidation problem, the solent team highlighted that they are working with the whale and the mango team to create a more long term solution to the underlying problem. So now that they see they have one theyre trying to be a little proactive to make sure it doesnt happen again, and apart from this, the lending protocol has passed another governance vote that will significantly lower the account borrow limit thats, currently at 120 million dollars. To now just 50 million dollar limit, damn so one guy ruined it for everybody, but at least theyre being a little proactive all right.