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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Bitcoin buyers mean business as Coinbase reserves drop $8B in 3 months

Demand for Bitcoin remains solid and is fuelling a "supply shock" that shows no sign of abating, even at $50,000 and higher.

Bitcoin (BTC) may have shed $10,000 in a week but the cryptocurrency's "supply crisis" is more real than ever.

According to the latest data from on-chain monitoring resource Glassnode, exchange BTC reserves are at an all-time low.

Everyone wants BTC

In a telling depiction of investor strategy, exchange reserves have plummeted in recent months — and have continued dropping despite mixed price action.

Hodlers, it seems, want to hodl rather than trade or sell, even at all-time highs above $60,000.

At Coinbase, the largest U.S. exchange by volume, BTC stocks have crashed by nearly $8 billion at current prices, or 150,000 BTC, since January.

A favorite venue for largescale institutional buyers, Coinbase underscores persisting appetite for Bitcoin, Cointelegraph previously reporting on large tranches of BTC leaving its books for cold storage.

Coinbase BTC balance chart. Source: Bybt

"IMO what's happening is US institutions and HNWI are scooping up the available coins from weak hands and locking it up as strong HODLers in response to monetary inflation," statistician Willy Woo commented last week.

"Coinbase BTC supply dropping off a cliff suggests US institutional buying there."

Woo added that these "strong" hands had been buying up the supply put on the market during every price correction over the past year, with "insanely bullish" results.

Major exchange BTC balance chart. Source: Glassnode

GBTC faces unlocking at 14% discount

For asset manager Grayscale, however, conditions remained mixed as its signature Grayscale Bitcoin Trust ($GBTC) traded at a 14% discount to spot price this week.

Near-record highs, the discount in the "GBTC premium" is likely down to liquidity unlocking for those who bought shares six months ago. 

At that time, a GBTC share cost around $11.17, equating to a positive premium of around 12% over spot price. Now, even with the negative premium, a share is $44.50.

GBTC share price vs. holdings vs. premium chart. Source: Bybt

Grayscale faces stiff competition from new institutional investment vehicles, with NYDIG this week slashing fees as Morgan Stanley prepares to offer one of its funds to its own investors.

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