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first_img Joe Flanagan, co-founder of the on-chain asset management platform Maple, announced his departure and revealed differences in philosophy within the founding team

Joe Flanagan, co-founder of the on-chain asset management platform Maple, announced his decision to leave Maple. He stated that Maple has been the center of his life for the past seven years, and leading and building this company has been his full commitment. His partnership with co-founder Sid Powell has lasted nearly a decade, during which they built a business that he has always been proud of. Over time, their views on strategy, leadership style, and life orientation have gradually diverged, and these differences are no longer beneficial to the team or the business. He believes it is more appropriate for one co-founder to continue leading Maple forward than to allow these differences to persist and widen.Joe Flanagan stated that as a co-founder, he needs to agree with the decisions he has participated in, the direction he asks others to follow, and the choices for which he still needs to be responsible. He mentioned that he can no longer continue to do so with conviction and loyalty to his own values, and therefore chose to leave rather than continue to support a direction he cannot agree with. He will assist with the transition for the remainder of this year and provide support as requested by Sid and the team, after which he will no longer participate in Maple. He also stated that he has not left the industry and is currently formulating his next steps, which he will share more about soon. Maple officially confirmed that Joe Flanagan will step down as chairman and leave the company, describing this as an orderly transition agreed upon by both parties, with the company's direction remaining unchanged; since 2019, he has helped Maple expand its managed assets to $4.8 billion and its loan issuance to $20 billion.

Glassnode: Bitcoin has fallen below the cost basis for short-term holders, with stablecoin supply decreasing by 14.2 billion USD over 30 days

Glassnode posted on platform X that Bitcoin has fallen below the short-term holder cost price of $75,600, underperforming compared to U.S. stocks, and the funds that could drive its rise are continuously flowing out. Currently, about 35% of short-term holders are in profit, with sellers averaging small losses.In terms of capital, the total supply of stablecoins has decreased by $14.2 billion over the past 30 days, marking the fastest contraction since June 2022; the U.S. spot Bitcoin ETF has seen a net outflow of $1.6 billion over the past 20 trading days; excluding the impact of USDT falling below $1, the 30-day average premium on Coinbase has remained negative, with the discount being the deepest since February. On the macro front, the two-year U.S. Treasury yield is at 4.75%, which is 75 basis points higher than the current 4% rate of the Federal Reserve, indicating that the bond market expects further rate hikes, but it is far from the level of 244 basis points in June 2022.However, there are also positive signals, as the decline has cleared most of the long leverage near the price, with the largest concentration of liquidations located between $59,500 and $62,600; since the sell-off on November 5, buy orders within a 5% price range in the Binance and Coinbase spot order books have consistently outnumbered sell orders; wallets holding between 100 to 1,000 BTC and 1,000 to 10,000 BTC have started to accumulate over the past week.Glassnode stated that if it returns to $75,600, it will support the judgment of a trend reversal in August; if it continues to fall below $73,000, it may enter a longer period of consolidation; if it closes below the June low of $58,500, the trend reversal since August will be broken.
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