U.Today Crypto Digest: Shiba Inu (SHIB) Spot Flows Soar 1,546%, XRP Sees 5,419% Futures Activity Surge, Binance's CZ Shuts Down Bitcoin Manipulation Claims

SHIB spot flows spike as price stays under pressure

Shiba Inu skyrocketed 1,546% in spot flows as crypto market intensifies sell-off.

• Inflow surge. Shiba Inu spot flows surged 1,546% in the past 24 hours, yet the token continues to trade in the red.

Shiba Inu spot flows have seen a positive increase of 1,546% in 24 hours, but the SHIB price continues to trade in the red. According to CoinGlass data, Shiba Inu saw spot inflows of $12.43 million, which estimates the amount of SHIB being moved from holder wallets to exchanges over the last 24 hours.

• Sell-off. The inflow dominance coincided with a broader market sell-off on Wednesday.

On the other hand, spot outflows — which estimates the amount of SHIB moved from exchanges to holder wallets in the last 24 hours — came in at $11.99 million. Cryptocurrencies being moved to or away from exchanges indicate an intent to sell or buy.

The dominance of spot inflows in the last 24 hours comes as the market faced selling on Wednesday. The drop has seen $714 million in total crypto liquidations over 24 hours, largely from long positions, CoinGlass data shows.

XRP futures activity skyrockets on Bitmex amid crypto market sell-off

Surge in derivatives activity follows as the broader crypto market experienced a sell-off.

• Futures spike. XRP futures volume on Bitmex surged 5,419% in the last 24 hours, reaching $82.27 million.

XRP saw a significant surge in futures volume on major derivatives crypto exchange Bitmex as the crypto market saw volatility in the last 24 hours.

According to CoinGlass data, XRP futures volume rose 5,419% on Bitmex in the last 24 hours to $82.27 million. The surge in derivatives activity follows as the broader crypto market faces a sell-off, with the XRP price in red. At press time, XRP was down 0.78% in the last 24 hours to $1.59 and down 17.08% weekly.

• OI decline. XRP open interest fell 3.93% over the last 24 hours to $2.66 billion.

The number of outstanding contracts are down for most cryptocurrencies, including XRP, according to data from CoinGlass. XRP's open interest has dropped 3.93% in the last 24 hours to $2.66 billion.

CZ pushes back on Bitcoin manipulation claims

Ex-Binance CEO believes that no one out there is manipulating Bitcoin and would be crazy to even try.

• Market manipulation. CZ rejected claims that major players or exchanges deliberately manipulate Bitcoin’s price.

Changpeng Zhao, the founder of Binance, recently refuted allegations that big players or major exchanges intentionally manipulate the price of Bitcoin. 

CZ contended that macroeconomic news, rather than exchange failures or concerted manipulation, caused the severe market crash occurring around Oct. 10. 

He also emphasized that neither he nor Binance directly profits from cryptocurrency trading, and that purposefully altering the price of Bitcoin would require capital on a scale few actors would dare to deploy. 

• Market participants. CZ argued that Bitcoin’s scale as a multitrillion-dollar asset makes sustained price manipulation unrealistic.

Zhao claims that since Bitcoin is now essentially a multitrillion-dollar asset class, sustained manipulation is not feasible, as manipulators would face enormous financial risk if they attempted to significantly alter the market.

While reminding participants that no technological system can guarantee perfect uptime, he noted that users impacted by previous system outages were compensated.