Crypto market turns frothy 🫧

Over $500 million in crypto options positions were liquidated as the market retreated Friday morning.

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📝 What you need to know

Crypto markets turned frothy Friday morning, with over $500 million in liquidations as billions of dollars worth of Bitcoin moved to exchanges.

Galaxy Digital shifted some $3.7 billion to exchanges, with other large Bitcoin holders following suit—creating mounting selling pressure on Bitcoin just weeks after it posted a new all-time high.

Despite the U.S. money supply climbing to a record high, experts told Decrypt that U.S. liquidity is “pooled, not deployed,” parked in money markets and short-duration Treasuries rather than risk-on assets. They urged caution in the short term, with volatility on the rise amid profit taking and “increasing liquidation risk" around leveraged positions.

📊 Myriad Market of the Day

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Messari’s recent Pulse Report on Flare spotlights Flare’s emergence as the network turning XRP into a powerful engine for decentralized finance (DeFi). With trust-minimized infrastructure, real yield opportunities, and a radically composable data layer, Flare is laying the foundation for a new era of cross-chain value creation — starting with XRPFi.

💬 Quote of the Day

“When Washington works for industries like this, a handful of people get really rich, and the American people pay the price.”

U.S. Senator Elizabeth Warren (D-MA) takes aim at crypto industry lobbying

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