Bitcoin Selling Pressure Mounts as Asia-Based Exchanges See Outflows; Stablecoin Giant Circle Targets Philippine Remittance Market
• Bitcoin has faced selling pressure since the launch of spot ETFs last week, with data showing much of the selling coming from Binance, OKX, and Upbit traders.
• Crypto exchange HashKey has nearly met its $100 million fundraising target and now has a $1.2 billion valuation.
• Circle saw a surge of $130 billion in USDC stablecoin flows into Asia in 2022, with remittances making up a portion.
• Circle has partnered with Philippine exchange Coins.ph to capture some of the $36 billion annual remittance market.
• Ether options data shows call selling has dominated recently, perhaps due to bitcoin's pullback or holders selling calls as part of a yield strategy.