Blockchain
DeFi FOMO: Chinese Traders Mass Withdrawing BTC and ETH to DEXes for Yield Farming

Chinese traders are reportedly withdrawing their ETH, USDT, and crypto holdings in droves from centralized exchanges (CEXes) to decentralized exchanges (DEXes) for yield farming as per a tweet on Sep 7. DeFi FOMO in China Following difficulties of coin withdrawal on Sep 6, a source reveals that a campaign was launched by affected persons, urging users to
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Chinese traders are reportedly withdrawing their ETH, USDT, and crypto holdings in droves from centralized exchanges (CEXes) to decentralized exchanges (DEXes) for yield farming as per a tweet on Sep 7.
DeFi FOMO in China
Following difficulties of coin withdrawal on Sep 6, a source reveals that a campaign was launched by affected persons, urging users to withdraw and delete their accounts. The call has since seen exchanges hemorrhage ETH and DeFi tokens stock as traders flock to DEXes with better offers.
“Breaking: On Sep 6th, many exchanges in China experienced difficulties in withdrawing coins and shutdowns. The Chinese community is launching a “coin withdrawal campaign”, calling to withdraw all USDT and crypto in the exchange and delete their accounts.”
There are reports that DeFi in China is “just getting started.” According to the Head of Marketing Hash Key Hub, some users have resorted to pooling funds to create a “farming pool” fund.
Dovey Wan, the advisor of CoinDesk, chimed in, saying “pragmatic Bitcoiners jump on Bitcoin alpha to make more BTC.”
Yields are Irresistible
Decentralized Finance, or simply, DeFi, is a hot topic in crypto circles. Already pushing activity in Ethereum and return very high yields for participants, several innovative trustless finance dApps remain attractive.
The act of yield farming or liquidity farming, in this case, involves traders either withdrawing their crypto assets from centralized exchanges where they are exposed to counter-party risks to a non-custodial exchange where they have full control of their assets. Here, they can either participate in liquidity provision through portals like Uniswap or SushiSwap—which is hugely popular in China or lend to borrowers via MakerDAO and the rest.
Here, not only have traders turned farmers control proceedings but they earn better yields—sometimes over 600 percent on top of indirectly contributing to better ETH prices. ETH is the native currency of Ethereum and all fees are paid in Gas denominated in ETH.
Also, by providing liquidity, they earn LP tokens designed specifically to pump depending on participation.
Combined, all these value propositions availed trustlessly via DEXes could perhaps explain the outflow of crypto assets which are used as equipment for any ambitious yield farmer. The only downside which is slowing current activity is the high transaction fees which have forced some yield farmers to throw in the towel, threatening the viability of smart contracts.
Centralized Exchanges Adapting
The rising popularity of DeFi and the risks it presents to the long-term profitability of CEXes is forcing leading exchanges to act.
Recently, as reported by BTCManager, launched “Build for Bharat”—the first DeFi-focused hackathon in India.
Source: https://btcmanager.com/defi-chinese-traders-eth-dex-yield-farming/
Blockchain
Another One: Galaxy Digital and CI GAM to Launch a Bitcoin ETF in Canada Tomorrow


Yet another Bitcoin ETF is to reach the markets in Canada as the country’s securities regulator has issued “a receipt for the final prospectus” for CI Global Asset Management’s application. Dubbed CI Galaxy Bitcoin ETF (BTCX), it’s expected to launch on the Toronto Stock Exchange (TSX) on March 9th, and Mike Novogratz’ Galaxy Digital Capital Management will act as the sub-advisor.
- Founded in 1965, CI Global Asset Management is an asset manager with over $180 billion in AUM as of January 2021. The firm announced the nod of approval received from Canada’s securities regulator necessary to launch its own Bitcoin ETF earlier today.
- The statement described BTCX as a tool that could “provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform.” It will invest directly in the primary cryptocurrency with its holdings priced using the Bloomberg Galaxy Bitcoin Index.
- CI GAM will serve as the manager of the ETF, while Galaxy Digital Capital Management, whose founder and CEO is the long-time BTC proponent, Mike Novogratz, will act as “the bitcoin sub-advisor.” Meaning, that GDAM will execute the BTC trading on behalf of the ETF
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“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.” – commented Partner and Head of Asset Management at GDAM, Steve Kurz.
- Apart from BTCX, the two parties have also filed for launching the “first ETF in the world to invest directly in Ether” – CI Galaxy Ethereum ETF (ETHX).
- It’s worth noting that BTCX would not be Canada’s first Bitcoin ETF. CryptoPotato recently reported the first approval for the Purpose Bitcoin ETF, which enjoyed a highly-positive start, accumulating more than $400 million in a few weeks.
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Source: https://cryptopotato.com/another-one-galaxy-digital-and-ci-gam-to-launch-a-bitcoin-etf-in-canada-tomorrow/
Blockchain
Ethereum, Monero, FTX Token Price Analysis: 08 March

Ethereum recaptured a key resistance mark at $1,687, a level that had not been breached since the broader market pullback in late-February. Monero lacked the trading volumes and buying intensity to flip the 38.2% Fibonacci retracement level. Lastly, FTX Token eyed a rise above its overhead resistance but the indicators presented the chances of a short-term reversal.
Ethereum [ETH]

Source: ETH/USD, TradingView
Ethereum retook the $1,680 level from the bears thanks to a surge of 6% in the last 24 hours. Gains in the last eight days amounted to over 30% and underscored ETH’s bounce back from the $1,300 level. The On Balance Volume showed strong buying at two key support levels – one at the $1,300 mark and the other at $1,437 as the price headed northbound on the charts. However, the OBV made steady highs over the past few sessions and even dipped at the time of writing.
The RSI pointed lower from just below the overbought zone and showed weakening bullish strength in the market. This reinforced the idea that a hike in trading volumes could be needed before steering clear of the next test at $1,834.9 and especially if the uptrend were to sustain itself. In the event of a pullback, the newly flipped resistance at $1,687.65 could act as a crucial line of support.
Monero [XMR]

Source: XMR/USD, TradingView
Low trading volumes and short-bodied candlesticks on Monero’s 4-hour chart showed a dearth of interest in the market but the bulls still held on to the 23.6% Fibonacci retracement level. A breakout above the 38.2% level could depend on stronger cues from the broader market, which would spur buying in the Monero market as well.
The ADX pointed lower and towards the 10-mark, showing a lack of a strong trend. The flow of capital towards the cryptocurrency created some optimism, but the price remained within its channel even as the CMF rose sharply above the half-way mark. The index reversed direction and pointed towards the half-line at the time of writing.
FTX Token [FTT]

Source: FTT/USD, TradingView
The Bollinger Bands on FTX Token expanded at press time and showed rising volatility as the price looked to flip $31.49 resistance. The presence of volatility allowed for large price swings and a break above the upper ceiling looked imminent over the coming sessions. Even though the Stochastic RSI traded in the overbought region, it pointed upwards after retesting the upper line and indicated a delayed stay in its current region.
However, there was also a possibility of a short-term pullback due to saturation in the market. A fall below the press time support level would highlight the next line of defense at $24.67.
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Source: https://ambcrypto.com/ethereum-monero-ftx-token-price-analysis-08-march
Blockchain
Norwegian energy firm Aker’s three-pronged approach to Bitcoin


Energy company Aker ASA, which is based in Oslo, Norway has established a dedicated firm to invest in the Bitcoin ecosystem and related projects. Dubbed ‘Seetee AS,’ this new venture has a capitalization of $58 million and will invest Aker’s liquid assets in the digital currency.
Øyvind Eriksen, President and CEO of Aker stated that Seetee’s launch will help the Aker Group gain industrial opportunities “that will be unlocked by Bitcoin and blockchain technology.” He further said in a statement:
These technologies [such as Bitcoin and blockchain] have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.
In a letter to investors, Chairman Kjell Inge Røkke revealed Seetee’s three-pronged approach to Bitcoin, which is already running “open-source Bitcoin payment servers.” According to Røkke, the oil and gas firm will work alongside Canadian crypto-focused firm Blockstream and other partners.
Aker Group expects Seetee to set-up mining operations even though the local government no longer offers electricity subsidies to miners. However, the group’s ambition is to be “a valuable partner in new renewable projects:”
Seetee will establish mining operations that transfer stranded or intermittent electricity without stable demand locally—wind, solar, hydro power— to economic assets that can be used anywhere. Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement.
Finally, Aker is keen on micropayments and how it could enable the firm to avoid users’ personal data being monetized. Røkke further said:
I’m fascinated by the prospect of bitcoin Lightning wallets that may enable instant credit via micropayments without the need to offer personal information that my counterpart can monetise without approval or compensation.
The Chairman also was bullish on Bitcoin and expects the asset to trade for “millions of dollars.” He believed that people who “know the most about Bitcoin” believe its future success is “nearly inevitable.”
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Source: https://ambcrypto.com/norwegian-energy-firm-akers-three-pronged-approach-to-bitcoin
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