glassnode: Current Bitcoin On-Chain Loss resembles May 2022

**February 20, 2024** Aave core contributor BGD Labs announced Wednesday that its service agreement with the Aave DAO will not be renewed when it expires on April 1, 2026, and the firm will cease all contributions to the protocol. Over the past four years, BGD has led or contributed to the development of Aave v3, governance systems, and security-related infrastructure. However, the firm cited organizational direction shifts and the current governance environment as reasons for ending the collaboration. BGD noted it will wrap up ongoing work before the agreement expires and facilitate a seamless handover to the Aave community. It also proposed a two-month transitional security support period, which the community will need to approve via governance.

On February 20, OpenAI’s 200-person team is developing AI devices—including a smart speaker—per The Information.

February 20 — Per Onchain Lens monitoring, James Wynn opened a small 40x leveraged short position on BTC just 5 minutes ago. As of press time, the position size stands at 1.148 BTC.

February 20 — U.S. Q4 economic growth slowed more than expected last quarter, dragged by last year’s government shutdown and cooling consumer spending. Tax cuts and AI investments, however, are seen supporting economic activity this year. The Commerce Department’s Bureau of Economic Analysis (BEA) on Friday released preliminary Q4 GDP data showing the economy expanded at a 1.4% annual pace. Reuters-surveyed economists had forecast a 3.0% growth rate, but the survey (completed before Thursday’s data) noted the December trade deficit widened to a five-month high. Ahead of the report, former President Trump posted on social media: “The government shutdown cost U.S. GDP at least 2 percentage points. That’s why they (Democrats) want another small shutdown. Let’s not shut down again! Also, lower interest rates!” (FXStreet)

On Feb. 20, U.S. short-term interest rate futures showed minimal movement following the release of the latest economic data; traders continue to bet the Federal Reserve will cut interest rates in June. (FXStreet)

On February 20, per HTX market data, Bitcoin extended its decline following the release of U.S. PCE and GDP figures, last seen trading at $66,882.63—down nearly 1% over the past hour. Additionally, the "BTC OG Insider Whale" has just moved another 5,000 BTC to Binance.