CZ, Binance face new lawsuit, whale hacked for $55M, Base L2 thriving

Bitcoin’s stagnation might be partly due to a sharp decline in demand since April, according to data from CryptoQuant. A large part of this comes from the US-based spot Bitcoin ETFs, which were gobbling up sats at an absurd pace after they launched on Jan. 11 but have since slowed their BTC purchases — and that might be a good thing. Elsewhere, Binance and its former CEO Changpeng Zhao face a class-action lawsuit, a whale loses $55 million, and Solana struggles with declining network activity while Base goes from strength to strength. So, grab yourself and coffee, and let’s get into it!

Further reading:

• Bitcoin demand sharply declining since April — CryptoQuant
• Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days
• CZ and Binance face new lawsuit for alleged laundering of stolen crypto
• Crypto phishing attack drains $55M from whale’s wallet
• Solana price hits a wall at $150 as several headwinds intensify
• Base hits 4M active addresses amid ‘Onchain Summer’ campaign

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