RATE Group | Bitcoin Insurance Funds Take a Beating as Markets Rout
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Bitcoin Insurance Funds Take a Beating as Markets Rout

13 Mar Bitcoin Insurance Funds Take a Beating as Markets Rout

Posted at 12:17h in Bitcoin News by

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Amid global market mayhem, several major Bitcoin (BTC) and crypto insurance funds are showing signs of severe strain. 

As of March 13, Bitcoin derivatives exchange Deribit recorded a shocking slide in the balance of its Bitcoin insurance fund, down from 391 BTC to 183 BTC (-53%) within a span of three days.

Deribit Bitcoin insurance fund balance

Deribit Bitcoin insurance fund balance. Source: deribit.com

Binance’s insurance fund balance halves overnight

Earlier today, the Binance Insurance Fund issued an update on Twitter, revealing it had used over $6,000,000 in the past 24 hours to reduce auto-deleveraging (ADLs) on its platform.

“In the event that the insurance fund continues to deplete, we will inject new funds and continue protecting our users,” the exchange pledged.

Binance Insurance Fund Balance, in Tether (USDT)

Binance Insurance Fund Balance, in Tether (USDT). Source: @binance, March 13

Binance’s data reveals its insurance fund had more than halved overnight, dropping from 12,864 Tether (USDT) to 6,227 between March 12 and March 13.

Binance did not…

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