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As I’m typing this — and you’re probably sipping something caffeinated — Ethereum (ETH) is up a solid 7%, strutting around at $3,336. It even flirted with the number $3,385 like a keen contestant on The Bachelor before reality hit and brought it back to less dramatic levels.

U.Today reports that the massive transfer of 40,009 BTC, valued at a cool $4.69 billion, found its way to the digital shores of Galaxy Digital. The ripple effects of this transaction were felt across the crypto ocean, believed to be the key reason behind Bitcoin’s sudden and swift correction. 🌊

The insight was shared via a chart on X, highlighting a late surge in ETF demand that coincided with Bitcoin’s climb to new all-time highs. 🚀🌕

These blockchain-based tokens, designed to maintain a stable value, offer a glimpse into a future where governments could leverage their infrastructure to introduce a state-controlled digital dollar. As the U.S. grapples with the implications of a CBDC, stablecoins like Tether’s USDT and Circle’s USDC, which have thrived with fairly minimal government interference, raise questions about whether they are inadvertent prototypes for a broader, more centralized financial transformation.

Based on blockchain data monitored via Hyperdash, the whale shorted 20,474 ETH at an entry point of $3,060. As ETH has been trading at levels lower than $3,000 at the time of writing, the whale is already enjoying an unrealized profit of approximately $1.14 million, or returns of 30%.

But here’s where the plot thickens: data reveals that Ethereum has single-handedly accounted for nearly half of all crypto liquidations in the last 24 hours. Out of a total of $408 million in positions that have been mercilessly wiped out, Ethereum contributed a staggering $193 million. Of this, a whopping $169 million came from short positions, while the longs managed to lose a mere $24 million. It’s almost as if the market is playing a cruel joke on the bears, isn’t it?

Among those holding forth was the intrepid Representative Maxine Waters, who deemed the CBDC Anti-Surveillance State Act—an ambitious initiative that aims to thwart any governmental oversight of a prospective digital dollar—the “anti-innovation act.” Such an appellation surely leads one to ponder whether any true innovation has ever come from a government undertaking. 🤔

So, here’s the scoop: Everyone’s jumping on the liquid staking bandwagon, and if the institutional folks keep peeking in, we might just see SOL wink at that $185 resistance like it’s trying to pick up a date at a bar. 🍸

The online prediction market Polymarket has been cleared of any wrongdoing by both the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). 🎉

This product, you see, is designed to cater to the cautious crypto investors seeking exposure to digital asset markets. 🕵️‍♂️💼