Best Twitter threads of the day – June 5th

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  TL;DR Breakdown A large portion of MATIC tokens was sent to crypto exchanges before the massive price drop. Analysts blame SEC for the massive drop in token prices. Amidst a notable price drop, blockchain data reveals that key market makers, Jump Trading and Cumberland, sent millions of dollars worth of Polygon (MATIC) to various crypto exchanges on Friday night. Analytics firm Lookonchain reported the transactions, stating that Cumberland deposited 9 million MATIC, valued at over $6.3 million, to Binance, and 5 million MATIC, worth $3.5 million, to Coinbase. Additionally, a crypto wallet associated with Cumberland, Jump Trading, and Robinhood deposited a cumulative total of 9.4 million MATIC to different crypto exchanges. A large portion of MATIC tokens moved to exchanges These deposits seemingly led to the selling of MATIC tokens on the exchanges, resulting in a sudden and significant decline in price. Similar price movements were observed in other tokens such as Cardano (ADA) and Solana (SOL), which experienced drops of up to 25% within the past 24 hours. The tokens’ price fluctuations are likely connected to recent allegations of…

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• Binance CEO reveals startling truth about asset outflows

  TL;DR Breakdown Nansen’s data reveals that over the past seven days, there has been a net outflow of $2.36 billion from Binance, with an additional $123.7 million flowing out of Binance.US.  In a Twitter post, CZ argued that some third-party analytics platforms may skew the interpretation of exchange outflow data. CZ further explained that during times of market volatility, large inflows, and outflows are not uncommon. In recent days, there has been a notable increase in the outflow of crypto assets from centralized exchanges, particularly from Binance, one of the world’s largest cryptocurrency exchanges. This trend has been observed by leading analytics platforms such as Nansen and DeFiLlama, which have recorded significant amounts of funds flowing out of Binance following the news of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against the exchange. Nansen’s data reveals that over the past seven days, there has been a net outflow of $2.36 billion from Binance, with an additional $123.7 million flowing out of Binance.US, the U.S.-based subsidiary of Binance. Similarly, DeFiLlama reported an even higher figure of $3.35…

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• Australia inflation drops to 4.9%, strengthens argument to extend pause

  TL;DR Breakdown Australia’s inflation rate dropped to 4.9% in July, fueled by reduced holiday travel and fuel costs. Markets predict a 99.5% likelihood that the Reserve Bank of Australia (RBA) will not increase interest rates for the third consecutive month in September. Australian dollar and bond futures responded to lower-than-expected inflation figures, indicating a more nuanced economic situation. Description In July, inflation in Australia dropped to its lowest point of 4.9% in 17 months, mainly due to reduced holiday travel and fuel costs. Even the core inflation measure, which looks at essential price changes, showed a decrease, which suggests that there might not be a need to increase interest rates. Consequently, the markets adjusted … Read more In July, inflation in Australia dropped to its lowest point of 4.9% in 17 months, mainly due to reduced holiday travel and fuel costs. Even the core inflation measure, which looks at essential price changes, showed a decrease, which suggests that there might not be a need to increase interest rates. Consequently, the markets adjusted their expectations and now believe with a 99.5%…

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• Crypto firm closes doors, blames US regulatory environment

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• LUNC validator breathes new life into struggling community

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