Binance DOGE, SHIB and XRP Reserves Top 100%, Ripple Files Crucial Request in SEC Lawsuit, Bitcoin Wallet Activity Dips Despite ETF Approvals: Crypto News Digest by U.Today
Here are the top three news stories over the past day presented to you by U.Today.
Binance DOGE, SHIB and XRP reserves top 100%
In the latest proof-of-reserves report, Binance revealed the amount of crypto in its reserves, showing the ratio between the exchange's and its customers' net balances. As can be seen in the report, Binance holds a substantial amount of three popular assets, Dogecoin, Shiba Inu and XRP, 12.2 billion DOGE, 69.4 trillion SHIB and 2.7 billion XRP, in particular. Notably, Binance's holdings of these tokens are slightly larger than its users', with ratios of approximately 100.6%, 103.6% and 101% for DOGE, SHIB and XRP, respectively. This information illustrates Binance's approach to ensuring sufficient liquidity and effectively managing its risk profile. By holding reserves that are slightly higher than those of its customers, Binance is better equipped to handle market volatility and unexpected surges in demand, which enhances the platform's overall stability.
Mushumir ButtSEC v. Ripple: Crucial request filed by defendants
As shared by defense lawyer James K. Filan in a recent X post, Ripple requested a one-week extension for remedies-related discovery in its lawsuit against the SEC. The company is seeking to move the deadline from Feb. 12 to Feb. 20, 2024. The extension request is said to be in response to the SEC's request for post-complaint contracts and financial statements from 2022 and 2023, which Ripple plans to comply with. The company's legal team clarified in the official letter to Judge Analisa Torres that, if not given the requested deadline extension, "Ripple would have just one week in which to produce responses to discovery requests that seek a large volume of documents and cover the entire post-complaint period." Notably, the request for extension comes with the SEC's consent. "A short extension of eight days will give Ripple sufficient time to collect and produce the requested documents," Ripple's counsel added.
Gamza KhanzadaevBitcoin wallet activity dips despite ETF approvals
According to recent data provided by Santiment, four weeks after the SEC's approval of 11 spot Bitcoin ETFs, Bitcoin wallet activity is seeing a downturn, with the number of BTC wallets holding more than zero coins decreasing. This pattern indicates growth of investor fear, uncertainty and doubt (FUD) and a shift in interest toward alternative investment options, away from direct Bitcoin ownership. Per IntoTheBlock data, a significant decrease in daily active addresses, new addresses and active addresses is observed, along with a rise in zero-balance addresses. Over the past week, daily active addresses dropped sharply by 35.95%, while new addresses and active addresses fell by 5.99% and 24.40%, respectively. The total number of Bitcoin addresses is even more telling; it has remained relatively stagnant throughout the course of the 30-day period, showing only a minor fluctuation from a high of 51.93 million to a low of 51.45 million addresses.
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