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  • Writer's pictureAnthony Holman

Let's Talk About It.

1. Key on-chain data suggest Bitcoin is in an ‘accumulation’ phase.


According to major historical indicators, the Puell Multiple and MVRV Z-Score, Bitcoin is

“undervalued” at its current price.


The Puell Multiple is calculated by dividing the daily issuance of bitcoins in U.S. dollar

terms by its 365-day moving average.


Recently, the Puell Multiple dropped into the “green box”, indicating that the newly minted

Bitcoins are undervalued at historically low levels.


Julio Moreno, a senior analyst at South Korea-based blockchain data firm CryptoQuant

notes that, “the Puell Multiple has reached a territory consistent with market bottoms in

the past.”


The Puell Multiple chart has been historically accurate when it comes to identifying

opportune times to buy and sell.


Bitcoin investors who buy when the Puell Multiple is in the “green zone” have historically

produced “outsized returns”, according to the metrics website.



Cryptocurrency intelligence firm Jarvis Labs told CoinDesk,


"Mining is still the backbone of the network, whether the portion [of miner flows] is

small or not. This is why the metric gets higher importance in our opinion,

irrespective of narratives. The metric is not invalidated yet."


The second chart is the MVRV Z-Score, which stands for


2. Crypto lender Celsius is hiring a new legal team to help with its

restructuring.


A Wall Street Journal article published on Sunday reports that Celsius has hired the

legal firm Kirkland & Ellis LLP to replace its current restructuring counsel, Akin Gump

Strauss Hauer & Feld LLP.


Celsius’ new legal team is currently working with crypto lender Voyager Digital on its

own restructuring plan. Voyager Digital recently filed for Chapter 11 bankruptcy.


According to the report, “the new legal team will begin advising Celsius on options for

moving forward, one of which includes filing for bankruptcy.”


Having not yet filed for bankruptcy, Celsius’ current financial position remains

predominantly unknown and uncertain.


Crypto Daily reports,

“There is rampant speculation on how big the hole in [Celsius’] finances might be,

and it is still very uncertain as to who actually holds the reins of the company, as

board members appear to be coming and going.


Celsius ($CEL) is currently trading at $0.71.



3. Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies are nowhere

to be found.


Documents filed late Friday in the U.S. Bankruptcy Court for the Southern District of

New York revealed that the founders of the Three Arrows fund “have not yet begun to

cooperate… in any meaningful manner”.


Three Arrows Capital filed for bankruptcy in the British Virgin Islands in late June.


The liquidators appointed to the case, Russell Crumpler and Christopher Farmer, said in

Friday’s court filing that they “cannot locate” 3AC's founders and that they are worried

about the "actual and imminent risk" of losing what remains of 3ACs crypto assets.


Reutuers reports,

“The liquidators said they have had Zoom and email communications with a

Singapore law firm purporting to represent Zhu and Davies, but they could not be

sure they were actually reaching the founders. On a recent Zoom call, Su and

Davies' names appeared, but their video was turned off and they were on mute at

all times…”


The New York court has scheduled an emergency hearing for Tuesday to address

concerns raised by the company's liquidators.



4. CoinFlex enters arbitration to recover $84 million in losses from a “large

individual investor”.


In a blog post, Saturday, CoinFlex co-founders Sudhu Arumugam and Mark Lamb said,


“A large individual customer had a written manual margin arrangement with

CoinFLEX… Unfortunately, this customer failed to honor his obligations pursuant

to this written agreement.”


The co-founders claim that they had made contact and were working with the individual,

however, it soon became clear that they were being led on, and that the customer was

“hoping for a bounce in the market that never materialized”.


CoinFlex began liquidating whatever available collateral they could from the account but

noted that “there still remains a significant deficit of about US $84 million”.


The blog states,

“We have commenced arbitration in HKIAC (Hong Kong) for the recovery of this

$84m as the individual had a legal obligation under the agreement to pay and

has refused to do so.”


The co-founders estimate that the arbitration process can take up to 12 months before

receiving a judgment from the courts.


In the same post, the CoinFlex co-founders announced they will “make available 10%

(and more later) of balances available for withdrawal” and hope to implement these

changes within the next week.



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