The End Of Binance USD - Kaiko Research: Data Debrief

• Price Movements: cbETH, Coinbase's liquid staking derivative, started trading at a discount after news broke that the SEC had fined Kraken $30mn. 
• Market Liquidity: LocalBitcoins shut down after 10 years of service after competition and a prolonged bear market sapped trade volume. 
• Derivatives: ETH options markets look bullish but more volatile than BTC. 
• Macro Trends: Bitcoin's correlation with gold is at yearly highs but remains weak.

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