Wintermute, one of the largest algorithmic market makers in digital assets, has quietly built a position worth more than $3 million in PONS, the governance token for the leading meme-coin launchpad on Robinhood Chain. Blockchain analytics firm Arkham Intelligence flagged the accumulation on September 5, noting that Wintermute’s holdings had grown from roughly $2 million to north of $3 million through a series of incremental purchases on Uniswap.
The buying pattern suggests a time-weighted average price strategy, which is basically the crypto equivalent of dollar-cost averaging on autopilot. Instead of slamming the order book with one big trade, a TWAP algorithm spreads purchases across time intervals to minimize price impact.
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What PONS actually is PONS serves as both the governance and utility token for Pons, a launchpad platform built on top of Robinhood Chain. The chain itself went live on July 1, 2026, and Pons quickly established itself as the dominant launchpad in the ecosystem, leading in both trading volume and daily active addresses.
The token’s price trajectory reads like a fever chart. PONS traded near $0.003 in mid-July, then climbed to peaks above $0.50 by early September. That’s roughly a 16,000% move in under two months.
Pons generates revenue through its launchpad operations and channels a portion of that back into token buybacks and burns. The mechanism creates a direct feedback loop: the more activity the launchpad sees, the more tokens get pulled out of circulation.
What Wintermute’s involvement signals Arkham was careful to note that Wintermute has not disclosed a market-making mandate for PONS. That distinction matters. When a firm like Wintermute takes on a market-making role, it’s typically compensated by the project or its foundation, often through token loans or fee arrangements. A proprietary position, by contrast, suggests the firm sees value in holding the asset for its own book.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitwiseův HYPE ETF BHYP po čtyřdenní pauze obnovil nákupy a podle Arkham přikoupil HYPE za zhruba 10,5 milionu dolarů. Šlo o největší sledovaný nákup od 23,2 milionu dolarů 27. srpna.
Bitwise’s Hyperliquid exchange-traded fund resumed accumulating HYPE on Sept. 4 after four days without a tracked purchase.
Summary
Arkham tracked Bitwise-linked wallets purchasing approximately $10.5 million in HYPE after four inactive trading days. BHYP’s tracked HYPE purchases reached $166.3 million since launch, according to Arkham’s on-chain address attribution. Friday’s allocation was the fund’s largest tracked purchase since buying $23.2 million on August 27. Bitwise launched BHYP on NYSE Arca in May, providing direct exposure to the HYPE token. The trust uses Anchorage Digital Bank for custody and targets staking 70% of its assets. Wallets linked to the fund acquired approximately $10.5 million of the token, according to blockchain intelligence platform Arkham.
The allocation was BHYP’s largest tracked purchase since a $23.2 million transaction on Aug. 27, Arkham reported on Sept. 6. The platform estimates that Bitwise-linked addresses have accumulated about $166.3 million in HYPE since the product launched.
Arkham described BHYP as the “largest HYPE ETF.” That ranking relies on addresses identified by its analysts and the market value of tokens attributed to each product. Bitwise has not issued a matching announcement confirming the $166.3 million figure.
BITWISE IS BUYING HYPE AGAIN
Bitwise’s BHYP clients didn’t buy any HYPE for 4 days straight. On Friday they bought $10.5M, the biggest day for BHYP since buying $23.2M on August 27.
Bitwise has now bought $166.3M since launch, making it the LARGEST HYPE ETF. pic.twitter.com/l8J01rwinf
— Arkham (@arkham) September 5, 2026 Bitwise HYPE ETF resumed buying after four inactive days The $10.5 million transaction ended the longest recent gap in BHYP-linked accumulation reported by Arkham. However, the movement should not automatically be interpreted as one investor purchasing $10.5 million of fund shares.
Exchange-traded crypto products create and redeem shares through authorized participants. The trust may receive cash or tokens as part of that process, depending on its operating structure. Its HYPE acquisitions can therefore reflect net share creations, liquidity management or settlement activity involving several investors.
Blockchain data can identify transfers between labeled addresses. It cannot always reveal the commercial purpose of every transfer. Address ownership may also change, while internal custody movements can resemble purchases unless analysts identify the sending address and transaction route.
Arkham’s figures should consequently be treated as third-party estimates rather than audited fund-flow data. The reported four-day pause refers to activity involving wallets recognized by Arkham. It does not prove that the fund received no investor orders during that period.
Official filings confirm BHYP holds HYPE directly Bitwise announced BHYP in May as a U.S.-listed product designed to hold HYPE rather than derivatives tracking its price. The fund began trading on NYSE Arca on May 15 after commencing operations one day earlier.
Its SEC registration documents state that the trust primarily seeks to reflect the value of its HYPE holdings, minus operating expenses and liabilities. Bitwise markets the vehicle as an ETF, while its regulatory documents describe it as a Delaware statutory trust issuing exchange-traded shares.
The structure gives brokerage customers regulated exposure to HYPE without requiring them to maintain a crypto wallet or interact directly with Hyperliquid. Investors still face the token’s price risk, fund expenses, potential tracking differences and risks associated with crypto custody.
BHYP’s quarterly report names Anchorage Digital Bank as the trust’s HYPE custodian. The filing also confirms that part of the fund’s holdings can be staked to generate rewards.
Bitwise’s fund website lists a target of staking 70% of the trust’s assets. The BHYP product page reported a 2.25% gross staking reward rate and a 1.18% net rate in early September. Those rates can change and do not represent guaranteed returns.
The $166 million ranking depends on wallet attribution Arkham’s description of BHYP as the largest HYPE ETF is broadly consistent with the fund’s strong early demand. Still, the $166.3 million estimate should not be presented as official assets under management unless Bitwise publishes an equivalent figure.
Tracked token value can differ from a fund’s net assets. An ETF’s reported net asset value incorporates liabilities, cash, accrued fees and other accounting items. The dollar value of an identified wallet also moves continuously with HYPE’s market price.
Comparisons between HYPE products require consistent timestamps and valuation methods. Bitwise competes with products from 21Shares and Grayscale, among others. Grayscale prepared a fund carrying the HYPG ticker and a proposed 0.29% fee, according to coverage of the expanding HYPE ETF market.
BHYP attracted substantial demand soon after launching. Bitwise CEO Hunter Horsley reported approximately $19 million in daily inflows during May, when the fund recorded its strongest session at that time. That inflow helped BHYP take an early lead among HYPE products, as crypto.news reported.
HYPE-linked products collectively surpassed $100 million in reported inflows during their first ten trading sessions. The early total showed that regulated funds were becoming a measurable source of token demand, according to related coverage of institutional HYPE purchases.
ETF purchases are separate from Hyperliquid’s buybacks BHYP’s purchases form only one part of HYPE’s demand structure. Hyperliquid also operates a protocol mechanism that uses revenue from trading fees to acquire HYPE through its Assistance Fund.
Those purchases are not ETF inflows. They originate from activity on Hyperliquid’s trading platform and continue according to the protocol’s fee-allocation rules. Combining them with BHYP’s activity would overstate demand from investment products.
Hyperliquid had used more than $1.16 billion in fee revenue for HYPE purchases by late May, according to reporting on its automated buyback mechanism. The mechanism links HYPE demand to platform revenue, while ETF buying depends on investor creations and redemptions.
Bitwise has created another, smaller connection between its business and the token. The manager pledged to use 10% of BHYP’s management fees to purchase and hold HYPE on its corporate balance sheet. Those purchases belong to Bitwise rather than the ETF trust, making them distinct from the assets backing BHYP shares. The management-fee commitment therefore should not be counted as fund holdings.
What the next disclosures can confirm Bitwise’s official holdings, net asset value and shares outstanding offer the clearest way to test Arkham’s estimate. Changes in those figures can show whether the reported wallet accumulation corresponded with new ETF share creation.
Later SEC reports will provide audited or reviewed accounting information, although quarterly filings arrive after the transactions they cover. Daily fund disclosures may provide more current figures, but they can use valuation times that differ from Arkham’s live blockchain calculations.
Investors should also watch for revisions to Arkham’s address labels. A custody transfer, staking movement or newly identified address could change the platform’s estimate without representing fresh investor demand.
No evidence presented by Arkham establishes that the $10.5 million purchase caused a particular movement in HYPE’s price. Token prices respond simultaneously to broader crypto conditions, derivatives positioning, protocol buybacks and trading activity. Any claim assigning a specific price move to BHYP alone would remain speculative.
Arkham odhalil, že peněženka pension-usdt.eth drží short na ETH za 85 milionů USD, otevřený kolem 1 700 USD. S ETH u 1 900 USD je pozice v nerealizované ztrátě asi 9,8 milionu USD.
Ethereum is facing scrutiny in derivatives markets after blockchain analytics firm Arkham identified that the wallet pension-usdt.eth is holding a significant $85 million short position on ETH. This position, opened near $1,700, is experiencing growing unrealized losses as Ethereum’s price approaches $1,900.
Massive Ethereum Short Faces Rising LossesArkham reported that pension-usdt.eth has maintained this short position for over two months, with the entry price averaging about $1,700. As ETH has gained nearly $200 since the position was opened, the wallet now sits at an unrealized loss of approximately $9.8 million. This size of trade accentuates the risk of a short squeeze, as price gains can create pressure for the trader to close positions or add collateral.
Crypto analysts emphasized that unrealized losses do not directly signal liquidation risk, as continuation depends on the remaining collateral available to the trader and the agreed-upon liquidation threshold.
Even with the current losses, liquidation is not an immediate concern if the user has sufficient margin. Consequently, the pension-usdt.eth wallet serves as a barometer for overall market leverage, rather than an isolated indicator of a coming short squeeze.
Mini dictionary: Arkham is a blockchain intelligence platform specializing in tracking and analyzing wallet activity across multiple cryptocurrency networks, frequently cited for its on-chain investigations.
ETH Tests Key Resistance at $1,900Ethereum has hovered near $1,900, facing technical resistance at this psychological threshold. Observers highlighted that on August 18, cryptocurrency news sources reported ETH trading close to $1,905, underscoring $1,900 as a crucial price level in the current rally.
As ETH prices rise, the risk profile for the large short position shifts, increasing potential losses for the holder. Should ETH reverse, the trader could potentially reduce losses; however, sustained momentum might force changes to the position. Market participants have been closely monitoring whether this trade can withstand continued strength in ETH’s trend.
MetricOriginal Short EntryCurrent ETH PriceUnrealized P/LPotential LiquidationValue$1,700$1,900-$9.8 million$2,435 (estimated)ETF Activity and Institutional DemandThe large-scale short coincides with continued institutional interest in Ethereum through U.S.-listed spot ETFs. According to KuCoin, ETH exchange-traded funds saw net inflows of $49.6 million on August 7. This flow reflects ongoing demand for regulated ETH exposure among institutional investors.
ETF activity contributes to Ethereum’s liquidity and can compete with bearish futures positions, as both factors shape price movement and market sentiment.
While ETF inflows do not guarantee upward price action or shield individual traders from losses, the competition between these inflow channels and leveraged shorts adds complexity to the overall ETH landscape. Changes in ETF flows or derivatives positioning can amplify volatility as traders adjust risk.
Monitoring for Short LiquidationOn-chain analysis from HyperInsight indicated that pension-usdt.eth faces an estimated liquidation level at around $2,435 for the short position. This suggests there remains room for further price movement before forced closure becomes likely. Any sharp rally toward this level could trigger additional buying as positions are automatically closed to limit losses.
The situation with pension-usdt.eth underscores the role of leverage in crypto markets. As Ethereum gains or corrects, wallet-specific activity should be viewed as part of a broader set of signals. Market observers continue to assess spot price action, derivatives positions, and ETF flows to gauge overall direction, rather than drawing conclusions from individual high-profile trades.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
On-chain data ukázala, že 4 444 Niu Lai nebylo spáleno CZ, ale tvůrce tokenu je přes funkci transferFrom násilně převedl z adresy CZ na adresu black hole. CZ k tomu neměl autorizaci.
According to Arkham data, at around 16:15 today, three consecutive token burns occurred at CZ’s public donation address: 4,444 meme token “Niu Lai” (contract address starts with 0xD043B6, a namesake of the popularly traded 0xbee-started “Niu Lai” token), 4,444 meme coin MarsCoin, and 4,444 “Binance Life”. Verification reveals the 4,444 Niu Lai meme tokens were not burned by CZ himself. The transaction initiator is the token creator (0xcf86..383), who deployed the contract and set privileged authorization, minted 1 billion tokens to his own address, transferred ~800 million tokens to CZ’s address, then used the transferFrom function to forcibly withdraw 4,444 tokens from CZ’s address to a black hole address to simulate CZ’s burn. CZ’s address had no authorization for this token or the initiator during this period. This tactic is not uncommon. Previously, in 2025, the CAAB token project transferred 80% of its total supply directly to CZ’s donation address, promoting “CZ holdings” to push its market cap to a fake high in a short time and mislead investors. The SHORT token sent 99.9% of its total supply to CZ; after CZ “cleaned up” (burned) them, the token saw a short-term surge, allowing the project team to sell off their holdings. BlockBeats reminds users that on-chain monitoring tools will directly label this transaction as “From: Changpeng Zhao”. A single burn hash cannot be taken as CZ’s endorsement, project participation, or active burning. Contract creators can move balances from other token holders’ addresses, carrying extremely high risks. Meme coins generally lack practical use cases and have highly volatile prices, so investment requires caution.
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Vitalik: Ethereum’s scaling roadmap will integrate the advantages of UTXO-style models, ultimately achieving ultra-large-scale expansion without sacrificing decentralization and censorship resistance.
Ethereum co-founder Vitalik published an article outlining the core goals of Ethereum’s current scaling strategy. He first acknowledged the Bitcoin community’s pioneering technical contributions, then clarified that Ethereum’s proposed scaling strategy is advancing along that direction. Vitalik emphasized: “We want Ethereum to have both UTXO-style state, dynamic state, and all the advantages of both.” This means Ethereum is seeking to integrate the Bitcoin UTXO model’s strengths in efficient state management, light node verification, and scalability with its own flexible account model, smart contract ecosystem, and dynamic state capabilities. Vitalik reiterated that the ultimate goal of Ethereum’s scaling efforts is to achieve “hyperscaling” for the vast majority of activities on the network, without sacrificing three core attributes: decentralization, node operation convenience, and censorship resistance. Ethereum’s roadmap is shifting from a sole focus on scalability to a systematic effort to strike a better balance between scalability and decentralized resilience.
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Binance Life token surges 8%, briefly breaks through $0.54
According to HTX market data, after CZ announced he would donate the 'Binance Life' token from his public address to Giggle Academy and deactivate that address, the Binance Life token rallied 8% in the short term, breaking above $0.54. It is now trading at $0.51, with a 24-hour gain of 8.2%.
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CZ announced that he will disable public addresses to prevent his operations from being overinterpreted by the community, noting that BNB and "Binance Life" will be donated to Giggle Academy.
Binance founder CZ stated at Binance Square that many people are overinterpreting the meaning behind his actions. Today, while testing Trust Wallet, he found so many meme tokens in the wallet that it was difficult to even locate BNB. He then attempted to burn some of the tokens, a move that sparked extensive community discussion. CZ noted he realized he could never fully "clean up" all meme coins from that address: the more he burns, the more people will send coins to it. The transparent nature of blockchain means any activity on this address will be overinterpreted by the community. He even considered requesting the Trust Wallet team to add an "Ignore Coin" feature to prevent interface clutter, but pointed out that 99.99% of users would never use such a function. His plan is to donate BNB and the "Binance Life" tokens purchased with BNB to Giggle Academy, then cease using this address and leave it as a burn address.
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Tom Lee: In the AI era, the scarcity of the "human" element in investments is emerging as a core pricing factor. I am heavily invested in Robinhood because I am bullish on Vlad Tenev.
BitMine, the firm holding the largest Ethereum treasury, Chairman Tom Lee laid out a core thesis in an interview: In AI and high-growth sectors, a founder’s vision and leadership have emerged as the true differentiated competitive advantage, even outweighing technology itself. The directional sense of top-tier founders cannot be replaced by AI. Sam Altman would never ask ChatGPT “What should I do?”; the same applies to Anthropic’s founder and Elon Musk. OpenAI’s survival hinges entirely on Sam Altman himself, not on passively feeding questions to AI for answers. Tom Lee argues this is the key differentiator: a founder’s foresight and judgment cannot be replicated by AI, even as models can be open-sourced and technology can be caught up. Under this framework, Tom Lee classifies Robinhood CEO Vlad Tenev into the same “founder vision-driven” category. Robinhood operates in markets like retail trading, new-generation investors, and fintech penetration—all growing far faster than the overall economy. Vlad’s leadership and vision are critical to the company’s ability to seize these opportunities. A major reason Tom Lee’s own firm Fundstrat holds a heavy Robinhood position is Vlad Tenev himself: rather than focusing solely on valuations or short-term metrics, Fundstrat recognizes the founder’s long-term vision and execution. In the AI era’s investment framework, the scarcity of “human” factors is becoming a core pricing driver.
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Meme coin MarsCoin slumped to a market cap of $7 million, plunging 65% in a single minute after nearly halving in value.
According to GMGN data, the BSC-based meme coin MarsCoin (contract address starting with 0x1706) saw a sharp short-term plunge after surging over 400x in a single day, hitting an all-time high of over $36 million in market cap earlier tonight. Its market cap then nearly halved to $21 million within an hour, before plummeting 65% in one minute at 22:07, dropping to $7 million. A wallet address linked to Binance CEO CZ showed unusual activity this afternoon, burning 4,444 units of the MarsCoin meme token. Separately, Binance Alpha previously listed a token of the same name, MarsCoin (contract address starting with 0xfe18), which currently has a market cap of $52 million, up 6% on the day. BlockBeats reminds users that most meme coins lack real-world use cases, are highly volatile, and investors should exercise caution.
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U.S. debt risks have surged, leading to a shift toward short-term Treasury bonds to meet growing borrowing demands.
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Arkham přidal Robinhood Chain do svého multi-chain exploreru a API, takže uživatelé mohou sledovat převody, adresy i velké transakce v reálném čase. Robinhood Chain zároveň za prvních 24 hodin vygeneroval zhruba 350 000 USD na poplatcích.
Arkham Intelligence has added Robinhood Chain to its multi-chain explorer and API, giving its users the ability to track real-time transfers, explore addresses, and de-anonymize entities on the retail trading giant’s freshly launched blockchain. The integration, which went live around July 22-23, lands just weeks after Robinhood Chain opened its public mainnet on July 1.
Here’s why this matters: Robinhood Chain isn’t just another L2 fighting for DeFi scraps. It’s a purpose-built network for tokenized real-world assets, letting users in more than 120 countries trade stock tokens tied to names like NVIDIA, Google, and Apple. Having Arkham’s analytical toolkit pointed at it from day one gives this ecosystem something most new chains lack: transparency infrastructure before the chaos starts.
What Arkham brings to the table Transaction scanning, wallet tracking, entity identification, and alerts for large transfers are the core offerings. For Robinhood Chain specifically, the integration means users can now monitor profitable traders operating in this new ecosystem. They can trace crypto flows across addresses, set up custom alerts for whale movements, and analyze trading patterns as the chain’s user base grows.
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Robinhood Chain’s early days Robinhood Chain is built as an Arbitrum Layer 2, which means it inherits Ethereum’s security while processing transactions more cheaply and quickly. ETH serves as the native gas currency, and the chain uses Ethereum’s blob infrastructure for data availability. Its Ethereum Chain ID is 4663.
Uniswap was deployed from the start, giving users immediate access to decentralized trading. Early engagement metrics suggest genuine interest. The chain reportedly earned approximately $350,000 in fees within its first 24 hours of operation.
The tokenized stock angle is what makes Robinhood Chain genuinely different from the dozens of other L2s jostling for attention. By offering stock tokens linked to major equities, the chain creates a bridge between traditional finance and DeFi that doesn’t require users to abandon familiar asset classes. Accessibility across more than 120 countries is another differentiator, with Robinhood positioning its chain as the infrastructure to make that happen through its Robinhood Wallet.
What this means for investors For traders already active on Robinhood Chain, the ability to monitor on-chain activity through Arkham’s tools creates a more level playing field. Tracking which wallets are accumulating tokenized stock positions, identifying large memecoin transfers, and watching for patterns among early adopters are all now possible.
The broader market hasn’t reacted dramatically to either the chain launch or the Arkham integration. Initial price movements across related tokens were muted.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arkham uvedl, že trader „watershedpath“ drží největší on-chain long na HYPE za více než 80 milionů USD. Za poslední dva týdny je v nerealizované ztrátě asi 18 milionů USD.
A significant leveraged position in HYPE, the native token of Hyperliquid, has drawn attention after the blockchain analytics firm Arkham Intelligence identified a trader as the current holder of the largest on-chain HYPE long. Despite facing an unrealized loss of approximately $18 million, the trader has maintained the position, reflecting both the high-risk approach common in leveraged cryptocurrency trading and the expanding profile of altcoin derivatives markets.
Arkham highlights largest HYPE long positionArkham Intelligence, a company specializing in blockchain data analysis, reported that the on-chain trader known as “watershedpath” holds the biggest HYPE long position, valued at over $80 million. The account has endured an estimated $18 million paper loss over the past two weeks, as HYPE experienced a retreat from its recent price highs.
Despite these losses, Arkham stated that “watershedpath” has kept the position open, relying on a margin balance reportedly around $16 million to support the leveraged trade. This level of margin provides collateral, helping to prevent immediate liquidation as long as HYPE’s price does not drop to the estimated liquidation threshold.
Trader “watershedpath” holds the largest HYPE long on-chain right now, with a position worth over $80M, according to Arkham Intelligence. Liquidation may occur if the HYPE price declines by approximately $6 from current levels.
Arkham noted that reaching the liquidation threshold could lead to forced closure of the position, impacting both the trader and potentially the broader HYPE market.
Mini dictionary: Hyperliquid is a decentralized perpetual trading platform that allows users to trade crypto derivatives with leverage through an on-chain order book system, offering increased transparency compared to centralized exchanges.
TraderPosition ValueMargin RemainingUnrealized LossLiquidation Gapwatershedpath$80 million$16 million$18 million~$6 price dropImpact of large leveraged trades on HYPE marketLarge leveraged trades like this one are closely watched by market participants due to their potential to drive market volatility, especially if liquidation levels are approached. In leveraged positions, even small market moves can result in automatic liquidations, producing sharp increases in buying or selling activity and contributing to volatility across perpetual futures platforms.
The size of this HYPE position goes beyond a single trader, as forced liquidation might influence overall market liquidity and sentiment. If the position is triggered, it could also affect other leveraged holders, potentially setting off additional unwinding of positions. As long as the trader’s margin remains sufficient, the position can be sustained despite current losses.
Hyperliquid’s growth in decentralized derivativesHyperliquid has recently established itself among the fastest-growing decentralized exchanges for perpetual derivatives, utilizing an on-chain order book for trading. The platform emphasizes transparency, with large positions visible and trackable in real time by third-party analytics providers such as Arkham Intelligence.
This transparency offers traders insight into major market participants, making risk management a crucial consideration in such an environment.
Monitoring risk and liquidation levelsThe outcome of the largest HYPE leveraged position will depend largely on movement in HYPE’s price in the coming days. A recovery could allow the trader to reduce losses, while extended declines could trigger a liquidation if the margin buffer is depleted. This scenario underscores the need for close monitoring of leverage, margin requirements, and broader market factors when trading digital assets.
Investors remain attentive to significant leveraged positions as indicators of both conviction and risk in the rapidly evolving market for altcoin perpetual futures.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoinová peněženka neaktivní sedm let přesunula 2 931 BTC v hodnotě asi 188 milionů USD. Šlo o první onchain pohyb od doby, kdy se Bitcoin obchodoval kolem 6 500 USD.
A Bitcoin wallet dormant since the cryptocurrency traded near $6,500 has transferred 2,931 BTC worth about $188 million, reviving onchain activity after seven years.
Summary
A Bitcoin wallet inactive for seven years has moved 2,931 BTC worth about $188 million. Onchain data showed the wallet last became active when Bitcoin traded near $6,500, leaving the holder with an estimated tenfold gain. Whale sized transfers continue to dominate Bitcoin exchange inflows, a trend that analysts have historically linked to selling pressure. Blockchain intelligence platform Arkham reported that the long-inactive holder moved the Bitcoin from wallet “356my” to a new address, “bc1qn”, on Sunday. The transfer is the wallet’s first recorded onchain movement since it last became active when Bitcoin was priced at roughly $6,500.
With Bitcoin now changing hands at around $64,000, blockchain analytics platform Onchain Lens estimated the holder is sitting on nearly a tenfold gain from the original position.
A Bitcoin whale just woke up after 7 years.
2,931 $BTC (~$188M) was moved after sitting untouched since BTC traded at ~$6.5K.
Today, with BTC above ~$64K, the same stack is worth nearly 10x more.
Data credit: @arkham pic.twitter.com/y0JXIM91yK
— Onchain Lens (@OnchainLens) July 12, 2026 Whale transfers continue to dominate exchange flows The latest movement comes as large Bitcoin holders continue to account for most transfers into cryptocurrency exchanges, a trend that onchain data has linked to rising selling pressure.
CryptoQuant’s exchange whale ratio chart showed that about 99% of Bitcoin deposited to exchanges currently comes from the 10 largest individual transfers. The metric stood at 0.99 at the time of publication, indicating that whale-sized transactions continue to dominate exchange inflows.
According to CryptoQuant, elevated whale exchange ratios have historically been associated with bearish market conditions because large deposits are more likely to precede sizeable sell orders than routine transfers from retail investors.
Separately, data from Coinglass classifies transfers worth at least $10 million as whale transactions. Such movements have accounted for most Bitcoin flowing to exchanges in recent months, increasing trader focus on whether large holders are preparing to sell.
Selling pressure has also persisted from another direction. Data from Farside Investors showed that U.S. spot Bitcoin exchange-traded funds recorded $197 million in net inflows during the week leading up to Friday, although the products posted $4.51 billion in net outflows throughout June, their weakest monthly performance on record.
Dormant wallets remain under close watch Older Bitcoin wallets have continued attracting market attention because many are associated with early miners, long-term holders, or defunct trading platforms.
Earlier this year, crypto.news reported that a dormant whale destroyed 107 BTC worth about $8.3 million by sending the coins to an unrecoverable burn address after nearly 11 years of inactivity. Blockchain security firm AMLBot said the transactions may have been linked to the collapsed Mt. Gox exchange, although no entity behind the transfers was identified.
In a separate case reported by crypto.news, another Satoshi-era holder transferred 2,650 BTC worth more than $200 million to trading firms FalconX and Cumberland while retaining nearly 6,000 BTC.
Although those transfers did not confirm an immediate sale, market participants closely tracked the movement because large transactions from early Bitcoin holders can introduce additional supply if the coins eventually reach exchanges.
Morgan Stanley za poslední dva týdny přidal téměř 1 000 BTC a jeho sledovaná držba vzrostla na 5 761 BTC. Podle Arkham má nyní bitcoin v hodnotě zhruba 369,9 milionu USD.
Morgan Stanley has increased its Bitcoin holdings by nearly 1,000 BTC over the past two weeks, lifting its tracked balance above 5,700 BTC, according to on-chain data.
Summary
Morgan Stanley added nearly 1,000 BTC over the past two weeks, pushing its tracked holdings to 5,761 BTC. Arkham data shows the accumulation came through multiple large transfers from Coinbase Prime rather than a single purchase. The latest buying follows Morgan Stanley’s June crypto expansion with Galaxy Digital, allowing eligible clients to convert crypto into spot investment products. According to blockchain intelligence platform Arkham, the investment bank continued adding Bitcoin through its spot Bitcoin investment product during the recent market pullback. Arkham’s latest portfolio data shows Morgan Stanley now holds 5,761 BTC worth roughly $369.9 million, making it one of the larger institutional Bitcoin holders tracked on the platform.
Source: Arkham The latest increase follows a series of transfers recorded over the past two weeks instead of a single purchase. Arkham’s transaction history shows several large inflows from Coinbase Prime wallets, including transfers of 495.8 BTC, 171.9 BTC, 166.2 BTC, 154.8 BTC, 143.3 BTC, 126.1 BTC, 120.4 BTC, and another 34.4 BTC within the last 14 hours. The activity also includes minor operational transfers and a 1 BTC movement back to Coinbase Prime, leaving the firm’s net increase at roughly 1,000 BTC.
Source: Arkham Latest purchases have come through multiple large transfers Recent Arkham data indicates Morgan Stanley accumulated Bitcoin in stages rather than executing a single large transaction. Most of the recorded inflows originated from Coinbase Prime custody and deposit addresses, suggesting institutional settlement activity linked to its Bitcoin investment product.
At current market prices shown on Arkham, the firm’s Bitcoin holdings are valued at nearly $370 million. Arkham also classifies the entity as a fund, an exchange-traded product, and a Bitcoin whale, while linking the portfolio to 11 tracked wallet addresses.
The latest buying extends a pattern of adding exposure during price weakness. Although Arkham describes the activity as another instance of Morgan Stanley “buying the dip,” the platform does not disclose whether the transactions represent direct purchases, client subscriptions, or other operational inflows into the investment vehicle.
Crypto investment services have expanded for wealthy clients The recent accumulation follows Morgan Stanley Wealth Management’s June announcement that it had expanded its digital asset offering through a referral arrangement with Galaxy Digital.
Under the program, eligible high-net-worth clients can lend cryptocurrencies including Bitcoin, Ether, and Solana to Galaxy Digital and receive shares in spot crypto investment products, including the Morgan Stanley Bitcoin Trust. According to the companies, the structure allows investors to move crypto exposure into regulated investment vehicles without first selling their digital assets.
Morgan Stanley and Galaxy Digital also said the arrangement can reduce in-kind crypto-to-exchange-traded product onboarding times by as much as 75%, making transfers into regulated investment products faster than conventional processes.
The expanded client offering and the latest on-chain accumulation come as institutional participation in spot Bitcoin investment products continues to grow. While Arkham’s wallet data tracks assets associated with Morgan Stanley’s Bitcoin product, the platform does not identify the underlying investors or distinguish between firm-owned holdings and assets managed on behalf of clients.
SpaceX poprvé za šest měsíců přesunula BTC on-chain a poslala mezi dvěma svými peněženkami testovací transakci za 88 dolarů. Zatím nic nenasvědčuje prodeji, drží 18 712 BTC.
SpaceX moved Bitcoin (BTC) on-chain for the first time in six months on Tuesday. The company sent an $88 test transaction between two of its tagged wallets, blockchain tracker Arkham Intelligence reported.
The tiny transfer instantly revived a familiar question. SpaceX holds 18,712 BTC, and Elon Musk’s companies rarely touch their coins without drawing market attention.
Is SpaceX Moving Its Bitcoin?Arkham flagged the transaction on Wednesday. The funds traveled from a legacy “15atF” address to a newer “bc1q9” address.
SpaceX Bitcoin test transaction between tagged wallets. Source: Arkham “A tagged SpaceX address just moved Bitcoin for the first time in 6 months. SpaceX (15atF) made a test transaction of $88 of BTC to SpaceX (bc1q9). Is SpaceX about to move more BTC?” Arkham posed.
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The question posed by Arkham itself fuels speculation. Tiny test sends are a standard custody step that verifies a new address before larger sums follow.
SpaceX has followed this playbook before. In October 2025, Arkham research recorded 2,495 BTC, worth $257 million, landing in two fresh wallets after months of quiet. That followed a $300 million shift to Coinbase Prime custody in July 2025.
SPACEX MOVING $250 MILLION BTC
SpaceX has just moved a total of $268.5 Million BTC. This involves them moving 90 and 10 BTC to separate wallets, with the other $257.7M remaining in SpaceX wallets.
What is SpaceX doing with 100 BTC? pic.twitter.com/Hb4rPBx7Ma
— Arkham (@arkham) October 21, 2025 Traders also remember that SpaceX has sold before. Arkham’s records show it offloaded two large chunks of its stack during the 2022 crypto winter. Tesla, by contrast, has left its 11,509 BTC untouched since 2024.
No Evidence of a Sale as Holdings Stay at 18,712 BTCStill, nothing currently points to selling. BitcoinTreasuries shows 18,712 BTC, unchanged since the May 21 S-1 filing that preceded SpaceX’s June 12 IPO.
SpaceX BTC Holdings. Source: Bitcoin TreasuriesThat filing also reframed what wallet watchers can see. On-chain trackers had estimated roughly 8,285 BTC, so the disclosure revealed 10,427 BTC they had never traced. In other words, Arkham’s tagged addresses cover less than half the treasury.
Ownership concentrates the decision further. Musk was expected to keep a controlling stake above 85%, leaving any accumulation or disposal at his discretion.
The timing adds intrigue. SpaceX stock joined the Nasdaq-100 this week, while BTC trades near $62,060, roughly half its October peak of $126,080. Consequently, the stash is worth about $1.2 billion, down from $1.45 billion at the time of disclosure.
Wallet data can move sentiment fast. Reports of MicroStrategy’s larger-than-reported sales showed as much just last week. Similarly, activity from long-dormant Bitcoin wallets tends to signal consolidation rather than selling.
If precedent holds, the $88 send points to custody housekeeping rather than an exit. However, follow-up transfers from the new address in the coming days would reveal whether a larger reshuffle is underway.
Germany’s seized Bitcoin stash is back at the centre of the market conversation after wallets linked to the country’s Federal Criminal Police Office moved another large tranche of BTC toward major exchanges.
For more details, visit the official Arkham platform.
TL;DR Arkham-tracked wallets tied to Germany’s BKA have continued sending Bitcoin to exchanges.The flows are being watched closely because exchange deposits can signal potential selling pressure.The story is less about one transfer and more about how much supply the market can absorb. The important detail is where the coins are going. Transfers to Coinbase, Kraken, Bitstamp, and other exchange-linked destinations are not the same as cold-storage reshuffling. They usually make traders ask whether more supply is about to hit the order books.
A Government Wallet Becomes A Market Signal State-held Bitcoin does not move like ordinary whale supply. The wallets are visible, the balances are large, and the market tends to react before anyone can say with certainty whether coins have actually been sold. That is why the German wallet has become one of the most watched addresses in crypto this week.
The selling risk comes at an awkward time for Bitcoin. Spot ETF demand has been choppy, macro traders are still watching rate-cut expectations, and older supply events such as Mt. Gox repayments are also sitting in the background. Put together, the market is dealing with a cleaner version of an old problem: even bullish structure can wobble when too much BTC appears to be heading toward exchanges at once.
What Traders Should Watch The next question is whether these transfers become actual sell orders, and whether buyers are deep enough to absorb them without a sharper move lower. Exchange inflows alone do not prove a sale has happened, but they do tighten the window between potential supply and market impact.
For now, the BKA-linked wallet is not just an on-chain curiosity. It is a live supply story, and Bitcoin traders will keep watching every move until the exchange flows slow down or the market proves it can take the pressure.
This report is based on wallet data from Arkham Intelligence.
This article was written by the News Desk and edited by Samuel Rae.
Wallets belonging to the Royal Government of Bhutan sent 700 BTC valued at about $43.75 million to the crypto exchange Binance. This move comes as Bitcoin pushed past $62,000 on Saturday.
Bhutan Govt. Offloads $43 Million In Bitcoin The largest single transaction, according to Arkham Intelligence data, was 634 BTC worth approximately $39.6 million was transferred from a wallet associated with the government to a Binance deposit address. Another 66 BTC valued approximately $4.12 million were also sent to the same exchange deposit wallet in a separate transaction.
Moreover, the combined amount of the two transfers amounted to 700 BTC. It is worth approximately $43.75 million based on the current BTC price.
Even with the whiff of a large sell-off, a move to a central exchange does not necessarily indicate a real sale. Exchange wallets can be used by governments and institutional investors for various purposes. These include over-the-counter (OTC) trades, collateral management, intra-fund consolidations, or liquidity operations. It remains unclear what prompted the transfers.
The Royal Government of Bhutan deposited 700 $BTC ($43.75M) into #Binance.https://t.co/TEKoW47knShttps://t.co/f2cL5LdzN2 pic.twitter.com/1WAWC0VN1a
— Onchain Lens (@OnchainLens) July 4, 2026
According to the blockchain records, around 1,750 BTC is still in Bhutan’s hands. This stash is valued at around $109.27 million after the most recent transfers.
The recent activity comes after a couple of past Bitcoin transactions by Bhutan-related wallets back in the previous month. Some of the earlier transfers that have been traced to Arkham involved 364.984 BTC worth some $22.26 million and 188.558 BTC valued near $11.47 million.
It also included movement of 150.458 BTC valued at approximately $9.14 million. Overall, it sent 1,095 BTC, totaling over $67 million at the time.
Bitcoin Climbs Above $62,000 Meanwhile, Bitcoin’s resurgence above $62,000 coincided with the most recent U.S. labor market data. The U.S. economy created 57,000 jobs in June, far short of the 115,000 expected and a downward revision of 43,000 jobs in May, according to the Bureau of Labor Statistics.
The U.S. jobless rate was 4.2%, just below the 4.3% forecasts. It suggests that the markets’ fears that employment data may have been weaker than anticipated were unwarranted. This narrative is supporting hopes that the Federal Reserve will keep cutting rates to combat inflation.
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Arkham uvedl, že Winklevossovi přesunuli na Gemini BTC za 60 milionů USD a ETH za 7 milionů USD, což podle něj odpovídá prodejním vzorcům. Bitcoin i Ethereum zůstávají pod tlakem.
Winklevoss Twins are moving Bitcoin (BTC) and Ethereum (ETH) to Gemini crypto exchange, blockchain analytics firm Arkham Intelligence flagged the transfers as selloffs by Cameron and Tyler Winklevoss. Meanwhile, BTC and ETH prices continue to remain under pressure.
Winklevoss Twins Are Dumping Bitcoin and Ethereum to Gemini Arkham Intelligence reported on July 1 that the Winklevoss Twins transferred $60 million in Bitcoin (BTC) to hot wallets associated with their Gemini crypto exchange. The blockchain analytics firm claimed that the move signals usual selling patterns.
The Winklevoss Twins have made about $1.7 billion in total Bitcoin profit since 2015. They still hold over $300 million in BTC.
In addition, they moved $7 million in Ethereum (ETH) to Gemini hot wallets from custody. These transfers come amid recent weakness in the broader crypto market. Also, it coincided with a significant drop in odds of the Clarity Act passing this year after President Trump disclosed $1.4 billion in crypto windfall.
Cameron and Tyler Winklevoss last transferred Bitcoin worth $67.5 million to hot wallets associated with their Gemini crypto exchange in June. They also transferred $130 million in March this year.
Winklevoss Twins Move Bitcoin and Ethereum to Gemini. Source: Arkham BTC and ETH Prices to Fall Deeper? Citigroup further lowered its 12-month price forecasts for Bitcoin and Ethereum. Citigroup cut Bitcoin price target from $112,000 to $82,000 and Ethereum price target from $3,175 to $2,240.
Bitcoin price tanked to a low of $57,747 over the past 24 hours and is currently trading near $58,600. Furthermore, trading volume has increased by 9% over the last 24 hours, but $4.5 billion in net outflows from Bitcoin ETFs in June kept investors at bay.
Analyst Ted Pillows said “Sellers are still dominating, while Coinbase Bitcoin Premium is at its lowest level this cycle.” If Bitcoin loses the $57,000-$58,000 zone, the price could drop deeper towards $50K.
Bitcoin Price in Daily Timeframe. Source: Ted Pillows Meanwhile, Ethereum price is trading 1% lower at $1,572. The intraday low and high are 1,549 and 1,600, respectively, with a further drop in trading volume over the past 24 hours.
Analyst Cheds Trading pointed out that Ethereum has made its lowest monthly close since 2023. Also, the monthly chart has formed Red Marubozu pattern, indicating bearish continuation.
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FTX vyprázdnila treasury peněženku FTT do nové adresy a přesunula aktiva za více než 256 milionů USD. Mezi nimi bylo 195,87 milionu FTT, 1 938 ETH a 6,36 milionu JOE.
The bankrupt FTX exchange emptied its FTT treasury account to a new wallet address on April 18.
Arkham Intelligence's dashboard showed that the transferred assets from the FTT Treasury wallet include 195.87 million FTT tokens valued at approximately $247 million, 1,938 ETH valued at around $6 million, and 6.36 million JOE tokens worth $3.25 million.
As a result, the Treasury wallet now holds only about $205 worth of digital assets, a significant reduction from the wallet's balance, which stood at about $612 million at the start of the year.
FTT, the native token of a now-defunct FTX crypto exchange, once gave customers discounts and privileges during the firm's heyday. However, revelations during the trial of former FTX CEO Sam Bankman-Fried showed that the digital asset was used to manipulate the financial records of the exchange and its affiliated trading firm, Alameda Research.
Since the exchange's dramatic collapse, FTT has plummeted by a staggering 98% from its peak of $84. Over the past month, it has declined by more than 34%, with a further drop of approximately 28% in the last seven days alone.
FTX Europe license remains suspendedMeanwhile, FTX regulatory issues continue amid its bankruptcy proceedings.
According to an April 16 notice, the Cyprus Securities and Exchange Commission (SEC) prolonged the suspension of its European subsidiary license until September 2024.
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The financial regulator's directive mandates that FTX Europe adhere to the Investment Services and Activities and Regulated Markets Law.
Consequently, FTX Europe remains barred from offering investment services, engaging in business transactions, or accepting new clients in light of this regulatory action. The firm is also prohibited from advertising investment services.
Conversely, FTX Europe must fulfill all pending transactions for itself and its clients upon request. Additionally, the SEC mandates the company to reimburse all funds and financial instruments from its clients.
Peněženka napojená na americkou vládu přesunula 98 590 LINK v hodnotě asi 768 000 USD na Coinbase Prime, což vyvolalo spekulace o prodeji. On-chain data ale sama o sobě neukazují, že tokeny míří na otevřený trh.
A wallet tied to US government seized FTX Chainlink holdings moved 98,590 Chainlink (LINK) tokens, worth about $768,000, to Coinbase Prime on Wednesday, reviving speculation over a potential sale.
Blockchain trackers flagged the deposit within minutes. However, on-chain data alone does not confirm that the tokens are headed for the open market.
US government wallet transferring seized FTX Chainlink (LINK) to Coinbase Prime, Source: ArkhamWhy the Seized FTX Chainlink Transfer MattersOn-chain tracker Lookonchain first reported the movement, and tracking account Solid Intel flagged the same deposit.
Arkham labels the sending address under its US government entity and has documented earlier movements from the same cluster.
The US Government just moved $800K of Alameda’s funds.
Many Alameda/FTX assets that were seized by the DOJ will be returned to FTX estate creditors and those who lost assets in FTX’s collapse.
Another $800K has been reclaimed for crypto users. pic.twitter.com/jW7PAcF1p4
— Arkham (@arkham) May 29, 2026 Follow us on X to get the latest news as it happens
The funds originate from assets confiscated after FTX and Alameda Research collapsed in November 2022.
A federal judge later ordered Sam Bankman-Fried to forfeit $11 billion after his fraud conviction, with recovered funds directed toward victim compensation.
The US Marshals Service selected Coinbase Prime in July 2024 to custody and trade its large-cap digital assets.
“After a comprehensive process, the U.S. Marshals Service (USMS), a division of the U.S. Department of Justice, selected Coinbase Prime as its partner to safeguard and trade its “Class 1” (large cap) digital assets,” read an excerpt in a 2024 Coinbase blog.
Therefore, deposits to the platform often precede custody changes, over-the-counter deals, or liquidations.
The agency has managed seized crypto sales for over a decade, beginning with its auction of 30,000 Silk Road bitcoins in 2014.
Historically, it has favored structured sales over open-market dumps.
The transaction also extends a pattern of earlier seized altcoin transfers involving Uniswap (UNI), Render (RNDR), Ethereum (ETH), and The Sandbox (SAND), plus stablecoins.
Meanwhile, the FTX estate keeps repaying customers, with its fourth creditor distribution round delivering $2.2 billion in March.
Analysts See Limited Risk of a LINK Sell-OffChainlink’s current price sits near $7.66, down 2% over the past 24 hours. The token holds a $5.57 billion market cap and ranks 21st among cryptocurrencies.
Chainlink (LINK) Price Performance. Source: BeInCryptoThe transferred amount equals less than 0.4% of LINK’s $225 million daily trading volume. It also represents roughly 0.01% of the 727 million tokens in circulation.
Consequently, even an outright sale would barely move market liquidity.
Sentiment around the token remains cautious after a 27% slide over the past 30 days. LINK has also shed 49% over the past year, leaving holders alert to new supply signals.
In contrast, Chainlink’s ETF inflow outlook suggests institutional demand could absorb modest government supply over time.
Whether the tokens move to an over-the-counter desk or stay in custody should become clearer in the coming days.
The wallet’s next transaction will reveal whether the deposit marks routine management or the start of a liquidation.
Until then, the sell-off fears look larger than the numbers behind them.
Vývojáři Zcash navrhli auditovatelný upgrade Ironwood, který má obnovit veřejně ověřitelné účtování nabídky po zranitelnosti v Orchard. Přechod má začít po vyřazení zcashd a cílit na konec července 2026.
Zcash developers are moving toward a new auditable shielded pool called Ironwood after last week’s Orchard vulnerability disclosure reignited concerns around hidden inflation risks and unverifiable supply integrity.
In a June 6 proposal, Zcash Open Development Lab [ZODL] outlined plans for a new shielded pool. It is designed to restore publicly verifiable supply accounting while preserving user privacy.
The proposal followed the June 5 disclosure that a critical flaw inside Zcash’s Orchard shielded pool could have theoretically enabled unlimited undetectable counterfeit ZEC before an emergency fix was deployed.
Developers stressed at the time that there was no evidence the flaw had ever been exploited and that circulating supply had not changed.
Attention around Orchard intensified again on June 11 after Arkham flagged a withdrawal representing roughly 1% of all ZEC held inside the shielded pool.
Ironwood aims to restore auditable supply integrity The proposed Ironwood upgrade introduces a “turnstile” accounting mechanism designed to make Zcash’s circulating supply publicly auditable again.
Under the proposal, the existing Orchard pool would stop accepting new deposits and internal transfers. Funds could only move forward through the turnstile before entering Ironwood.
Because the mechanism rejects any attempt to withdraw more ZEC than was originally deposited into the migration process, the ecosystem says users would gain a trustless guarantee that circulating supply remains accurate.
“The total supply moved from Orchard to Ironwood will be verified by a turnstile, allowing anyone to audit Zcash’s circulating supply,” ZODL wrote in the proposal.
The ecosystem also said Ironwood would undergo additional independent audits and formal verification reviews to rule out future soundness issues.
The upgrade is currently targeting activation in late July 2026, following the planned deprecation of zcashd support.
Arkham withdrawal revives focus on Orchard balances The Ironwood proposal returned to the spotlight Thursday after Arkham highlighted a large Orchard withdrawal on-chain.
Arkham said Orchard still theoretically holds around 3.88 million ZEC, worth approximately $1.65 billion. However, the platform acknowledged shielded balances cannot be independently verified.
The transaction itself does not prove counterfeit ZEC entered circulation or that the Orchard flaw was exploited before remediation.
However, the movement attracted attention. This was because the original disclosure acknowledged that there is no way to determine if inflation occurred before the patch.
That uncertainty has become central to the broader debate surrounding privacy-preserving cryptocurrency systems.
ZEC stabilizes after sharp post-disclosure selloff ZEC price action has also shifted notably since the initial Orchard disclosure.
After experiencing a sharp selloff immediately following the June 5 announcement, ZEC later stabilized as traders reassessed the long-term implications of the flaw and the ecosystem’s proposed response.
The rebound suggests markets may be treating the issue as a contained technical vulnerability rather than evidence of a catastrophic supply failure. At the time of this writing, it was trading with an over 4% gain, around $425.
Source: TradingView The proposed Ironwood migration aims to restore long-term confidence in Zcash’s privacy infrastructure while preserving shielded transaction functionality.
Final Summary Zcash developers proposed the auditable Ironwood shielded pool after last week’s Orchard vulnerability disclosure. Renewed scrutiny around large Orchard withdrawals has intensified focus on Zcash’s efforts to restore publicly verifiable supply integrity.
Bitmine Adds to Its Ethereum StockpileTom Lee's Bitmine Immersion Technologies has acquired another 20,000 $ETH worth approximately $35.85 million from FalconX, according to onchain data flagged by Arkham Intelligence. The purchase is the latest move in an accumulation campaign that has made Bitmine (NYSE: $BMNR) the largest known corporate Ethereum treasury in the world.
Bitmine has repeatedly sourced large ETH tranches directly from institutional trading platform FalconX, with onchain analytics confirming the transaction patterns. The firm has also used venues such as Kraken and BitGo to execute purchases worth hundreds of millions of dollars without significantly disrupting spot markets.
Chasing the "Alchemy of 5%" TargetThe latest buy adds to what Bitmine calls its "Alchemy of 5%" initiative, a goal to accumulate at least 5% of Ethereum's entire circulating supply. Bitmine holds 5.54 million ETH worth over $9 billion, with 4.7 million tokens staked. Those staked holdings generate a projected $230 million in annualized staking revenue via MAVAN.
Bitmine recently launched MAVAN, the Made in America Validator Network, an institutional-grade staking platform originally developed to support Bitmine's own Ethereum treasury, with plans to expand and serve institutional investors, custodians, and ecosystem partners.
To fund its buying campaign, Bitmine tapped capital markets. A $280 million 9.50% Series A Perpetual Preferred Stock raise effectively doubles down on Bitmine as an Ethereum treasury and staking vehicle. The financing approach mirrors tools pioneered by bitcoin treasury firm Strategy (MSTR), which has increasingly turned to preferred equity and other yield-bearing securities to fund crypto purchases.
Despite earlier comments about slowing purchases as the firm neared its 5% goal, Bitmine has remained committed to accumulation. Chairman Tom Lee has said the firm is "maintaining a somewhat elevated pace of buying" as the pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals, and expects to reach the Alchemy of 5% sometime in 2026. Lee has also tied long-term Ethereum demand to the growth of artificial intelligence systems and onchain finance, arguing that the network's settlement role will expand as more economic activity moves atop the blockchain.
Sources:
The Block: Bitmine buys $84 million in ETH as Tom Lee calls pullback an attractive entry point
PR Newswire: Bitmine ETH holdings reach 5.54 million tokens
Bitcoin.com News: Tom Lee says AI systems will lift Ethereum demand as Bitmine stacks 5.54M ETH
Ethereum Foundation propustila 54 lidí, tedy zhruba 20 % zaměstnanců, v rámci reorganizace a snížení ročního rozpočtu o zhruba 40 %. Vitalik Buterin chce dlouhodobě stáhnout výdaje z přibližně 15 % treasury na 5 % do roku 2030.
The Ethereum Foundation has eliminated 54 positions, about 20% of its workforce, as part of a restructuring tied to its updated spending mandate. Vitalik Buterin announced a 40% annual budget cut targeting a reduction in treasury spend from 15% to 5% by 2030. Arkham Intelligence places EF's ETH holdings at approximately $209 million, a nearly six-year low.
The Ethereum Foundation has cut 54 employees, roughly 20% of its staff, in the most concrete austerity measure the organization has taken since pledging to reduce its treasury spending rate.
The Foundation announced the changes Tuesday, saying the cuts conclude a months-long reorganization tied to its updated Mandate and Treasury Management Policy. Vitalik Buterin separately posted on X that the EF is cutting its annual budget by approximately 40% this year, targeting a reduction in annual operating expenses from around 15% of treasury to a long-term baseline of 5% after 2030.
[[embed:tweet url="https://x.com/VitalikButerin/status/2069428396661051587"]] Arkham Intelligence tracked the EF's ETH holdings at approximately $209 million, a nearly six-year low by dollar value, as The Defiant has reported in this arc.
New StructureThe Foundation has reorganized into five domains: protocol layer, access layer, user layer, community layer, and institutional layer, plus operations and management clusters. The protocol cluster is focused on advancing the base layer without compromising censorship resistance or self-sovereignty guarantees; the institutional cluster handles enterprise engagement, financial infrastructure, and policy coordination. The EF said the process leaves it with "the structure, activities, and people necessary for execution on the critical tasks ahead." Departing staff receive severance at one month's pay per year of service, or the locally mandated minimum if higher, plus transition grants.
The 15%-to-5% glide path was codified in the Treasury Management Policy published in June 2025, which set a plan to reduce annual operating expenses roughly linearly over five years toward a baseline typical of endowment-based organizations.
Leadership TurnoverThe layoffs follow a string of senior departures. Co-executive director Hsiao-Wei Wang stepped down earlier this month, following the prior exit of co-executive director Tomasz Stańczak. Board member Bastian Aue has taken on expanded responsibilities overseeing the transition. Nine senior figures have departed the Foundation since January, as The Defiant covered in May.
The funding picture has drawn scrutiny. An insider warned of a $20-30 million gap affecting core development teams; Fundstrat's Tom Lee argued there was "zero chance" of a funding crisis. The EF's execution plan published Monday outlined priorities including MEV elimination, default privacy, and ETH-denominated pay for contributors. As of publication, the EF has made no additional public statement beyond the Tuesday blog post.
