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Glassnode Weekly Cryptocurrency Market Review:

The U.S. regulatory environment remains hostile, with the SEC bringing very serious charges against Binance and Coinbase, two of the largest exchanges, resulting in capital outflows from these exchanges. On Binance, outflows remain within historical norms. It remains to be seen how investors will respond to both lawsuits.

Short-term BTC holders are listing their coins on exchanges, presumably for sale. However, long-term holders remained steadfast and were not surprised by the SEC news.