Binance has announced that it will support upgrades to the MANTRA (OM) and MultiversX (EGLD) networks to improve user experience.
Binance to Support MANTRA (OM) and MultiversX (EGLD) Network Upgrades According to the exchange's announcement, the MANTRA (OM) network upgrade will occur at block height 9,664,888. During this period, Binance will temporarily suspend token deposits and withdrawals on the OM network starting at 10:51 AM on October 27, 2025.
Meanwhile, the MultiversX (EGLD) network upgrade will begin around 8:00 PM on October 30, 2025. Token deposits and withdrawals on this network will also be suspended one hour before the upgrade, starting at 7:00 PM on October 30, 2025.
Binance emphasized that token trading for these networks will not be affected by the upgrade. It also stated that the entire process will be handled automatically by the exchange, without requiring any technical intervention from users.
The platform stated that deposits and withdrawals will be reopened once the upgrade is complete and the networks are confirmed to be operating stably, but no additional announcements will be made on this matter.
Binance aims to ensure that users have an uninterrupted and secure trading experience with regular network maintenance and upgrade support.
*This is not investment advice.
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US officials: Israel has withdrawn troops from parts of the buffer zone in southern Lebanon.
A U.S. State Department official said Israel has withdrawn from parts of the buffer zone in southern Lebanon, describing the move as a "goodwill gesture" toward the Lebanese government.
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CBRS trades below IPO price post-earnings: Erases all gains six weeks after listing, two smart money firms net $5.8 million from first-day IPO shorts.
According to Hyperinsight monitoring, Cerebras (CBRS), the AI chip firm previously dubbed "Nvidia’s strongest challenger", saw its stock price fall in stages after reporting its first quarterly results since going public, as negative guidance overshadowed better-than-expected performance. The stock has dropped roughly 22% since the earnings release and officially broke below its IPO price today. On-chain whales are overall bearish. CBRS trades at $184 on the Hyperliquid platform, down 7.7% in 24 hours. Large-scale short positions (million-dollar level) total around $11.62 million, 2.39 times the long positions ($4.87 million). Two major short positions were placed precisely at high levels as early as the IPO day or even before the IPO: - Whale 0xe0ff: Shorted at $284.51 on May 14 with a 3x leveraged position of $6.13 million, generating an unrealized profit of $3.24 million (+104%); - Whale 0x9996: Shorted at $275.92 on May 11 with a 5x leveraged position of $5.48 million, generating an unrealized profit of $2.64 million (+162%). It is learned that both addresses currently hold short positions in both CBRS and SPCX, and have recorded substantial unrealized profits, preferring to place short positions at high levels before or on the day of major stock listings. With the realization of negative earnings news in this round, the combined unrealized profit of the two positions is around $5.88 million. Currently, the average entry price of CBRS short whales is around $275, and the current price is over 30% lower than that. The nearest short liquidation line is at $200.13, about 7% away from the current price.
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Multiple high-performing domestic public mutual fund products have tightened their purchase restrictions.
E Fund Management announced in its latest filing that the E Fund Information Industry Select Fund, managed by Zheng Xi, has cut its purchase limit to 10,000 yuan. The same purchase limit reduction to 10,000 yuan applies to another fund under his management, E Fund Information Industry Fund, while E Fund Global Growth Select Hybrid Fund (QDII) has lowered its purchase limit to 10 yuan. In addition, Guolianan Preferred Industry Fund, Harvest Tech Innovation Fund, and Principal Performance-Driven Fund have also announced purchase limits or adjustments to their limits recently. Jin Zicai, a fund manager closely watched by the market, imposed additional purchase limits on multiple public offering funds under his management, with the four funds involved cutting their purchase limits to 500 yuan starting June 23. Purchase limits on high-performing funds likely stem from multiple considerations: they can avoid return dilution caused by short-term concentrated subscriptions, and proactive limits during overheated market conditions also send risk warning signals to the market. As the first half of the year draws to a close, such moves have become increasingly frequent. Overall, Wind data shows that since June alone, 19 funds with year-to-date net asset value returns exceeding 90% have suspended large subscriptions or adjusted their purchase caps. (Source: Cailian Press)
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The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
1 seconds ago
Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
The prospect of Kevin Warsh as the next chair of the Federal Reserve may have sapped the appetite of those trading on a sugar high. But what remains unbroken is the investing world’s curiosity about alternative assets. Investors will continue to ditch Bitcoin for gold as they hedge against inflation risks.
It’s clear from recent price actions that both Bitcoin and gold are products of global liquidity conditions. After news broke that Warsh, the most hawkish among a short list of candidates, is poised to head the Fed, gold had its worst day in more than four decades on Friday, and continued ...
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PANews reported on June 2nd that, according to Decrypt, following the CFTC's approval of Bitcoin perpetual contracts last Friday, prediction market maker Kalshi quickly submitted self-certification applications for perpetual contracts on 12 major altcoins, including Ethereum, XRP, Solana, Dogecoin, Stellar, Chainlink, Bitcoin Cash, Litecoin, Sui, Shiba Inu, Polkadot, and Hedera. The CFTC stated that while approving the Bitcoin perpetual contract, perpetual contracts for other assets will be reviewed on a case-by-case basis; therefore, Kalshi's applications have not yet been approved.
On June 14, U.S. Securities and Exchange Commission (SEC) filings show the regulator has formally approved a rule change proposed by NYSE Arca that enables the listing and trading of the T. Rowe Price Active Crypto ETF. An actively managed cryptocurrency ETF, the fund will invest in a basket of digital assets meeting SEC-defined "eligible asset" criteria. While it uses a cryptocurrency index as its benchmark, it will not track that index passively. The filing notes the fund is projected to hold roughly 5 to 15 distinct cryptocurrencies, including major tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), and Chainlink (LINK). The SEC filing also reveals the fund may hold stablecoins—primarily USDC—as "tokenized cash" during normal operations to cover expenses and rebalance assets, though these will not count toward its core investment portfolio. The approval notice stresses the product must adhere to NYSE Arca’s rules around anti-manipulation, disclosure, liquidity, and risk management. It also requires the fund to have information barriers (often called "firewalls") and position transparency mechanisms in place to uphold market fairness and prevent insider trading. Analysts say this ETF’s approval further expands cryptocurrency’s footprint within the traditional financial sector, marking the arrival of actively managed multi-crypto ETFs as tradable products under mainstream regulatory oversight.
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The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
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Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
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SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
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US Secretary of State: Will not accept the claim that the Strait of Hormuz belongs to any country.
US Secretary of State Rubio stated, "We will not accept the assertion that the Strait of Hormuz belongs to any country." (Jinshi)
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Iraqi government spokesperson: Efforts are underway to restore full oil export capacity.
A spokesperson for the Iraqi government stated that Iraq is working to restore its full oil export capacity and plans to increase its oil production to 7 million barrels per day in the coming years. (Jinshi)
In 2021, Forbes magazine published a ranking of the 100 richest people in Ukraine and the 59th place was taken by the crypto entrepreneur from Kharkov, Mykola Udianskyi. His fortune according to the magazine is estimated at $ 180 million. He was one of the first crypto investors in the CIS and today he is the founder of the digital holding Ehold, Bitcoin Ultimatum fork and many other projects.
As a reminder, Mykola acquired LocalTrade in September 2020 after the sale of the Coinsbit exchange in November 2019. Initially, it was planned to transfer LocalTrade under the jurisdiction of Montenegro and repurpose it for futures and OTC transactions, but later the entrepreneur announced the sale of the trading platform. Mykola Udianskyi decided to devote his time to other projects: he focused on the creation of regulated exchanges in the UK and Austria. The entrepreneur’s team is working on the launch of four new exchanges in England and the UAE, Ukraine and Montenegro are next in line this year. In addition, he recently launched the only available regulated exchange in India.
Currently, Mykola’s company is also working on the creation of a Digital Bank, the main feature of which is the simultaneous support of cryptocurrencies and their integration with the traditional banking system. The project is aiming for the implementation of innovative functionality that will make everyday calculations in cryptocurrency as simple as it is now through fiat.
Digital banking is one of the most important development areas in the cryptocurrency industry. Succeeding in this area will combine digital coins with conventional banking, which in turn will erase the line between fiat and cryptocurrencies.
New LocalTrade team and contractors The new leadership of Local Trade has pledged to turn blockchain and digital finance into understandable notions and revolutionize this field. The head of the company is CEO Aaron Levi Yahal. The new top manager has vast experience in marketing and has supported many financial and cryptocurrency projects. His many years of practice have proven to us that the projects Aaron had a hand on all ended up achieving excellent results. Perhaps the most famous one is PureFi, where he holds the position of RegTech Strategist. This is a unique protocol (unparallelled in the market) that allows AML technologies to be implemented in DeFi.
Alexandra Buimister is the chief operating officer of the exchange. Alexandra has a very rich portfolio: she has international experience in the fintech and financial sectors, in addition, she is the founder of alternative banking services. Alexandra has experience in leadership positions in many global brands: BCA Research (Euromoney PLC), Forbes Latvia & Finland, Supreme Group, etc.
Aaron’s team has ambitious plans for the future of the LocalTrade exchange. In order to implement them, he turned to the time-tested SPACE IT Blockchain contractors. The latter is a leading IT company from the UAE.
The CEO of LocalTrade is confident in the high-quality execution of the technical component of his own ideas since he has already used the services of SPACE IT Blockchain several times and knows from his own experience what high standards are set within the company.
How to get the most out of DeFi? According to the company’s management, they are planning on not only upgrading the platform, but they also want to create a fundamentally new product, which has no equal in the world. The community’s reaction to this news is overwhelmingly positive, traders can’t wait to test the updated product.
First and foremost, the team will focus on the security and usability of the updated platform. They intend on developing the FinTech industry, as well as integrate DeFi capabilities that will solve the existing problems through blockchain technology.
The implementation of DeFi completely removes intermediaries from the equation and puts smart contracts in their stead, which, in turn, create trusted protocols. In fact, decentralized finance almost completely eliminates the risk of losing funds due to fraudulent activities, since the user conducts all financial transactions through his personal wallet, the private keys of which are only with him.
The boom in decentralized finance came in the summer of 2020. The excitement in this area caused a huge increase in the prices of certain assets: the DeFi token YFI became an absolute record holder, which increased by 1280 times. Therefore, this branch of the digital economy is one of the most promising and important at the moment.
Although the DeFi topic is over a year old, it is still quite difficult to understand, especially for new crypto investors. On the Internet, there are a huge number of investment proposals in plenty of DeFi projects. However, the problem is that the overwhelming majority of market participants cannot conduct an objective analysis of each of them.
In order for non-professional investors to safely invest in this sector, LocalTrade is creating another product – Marketplace. Only verified DeFi projects will be included here, and users will be able to invest in them without restrictions.
DEX’s Launch Towards the end of summer – early fall 2021, the LocalTrade management plans to launch a decentralized exchange (DEX). The fundamental difference between this service and its centralized counterparts is security and a guarantee of complete anonymity.
The fact is that DEX does not collect nor store any user data on its servers (IP addresses, time zone, screen resolution data, and other digital prints). On decentralized exchanges, there is no need to go through the registration process, let alone verification (KYC / AML). And, most importantly, DEX does not store user funds in their wallets, so clients are the rightful owners of their assets.
Disadvantages of DEX Despite the many positive aspects, decentralized exchanges also have a number of disadvantages. Perhaps the primary weakness of DEX is the small selection of trading pairs and the lack of necessary liquidity in the least popular tokens.
Market makers and liquidity pools are responsible for trading cryptocurrencies on decentralized exchanges. In order to add a new trading pair to the exchange, you need to create a smart pool contract and lock in it a certain amount of an asset that provides liquidity.
Unoptimized smart contracts lead to various inconveniences:
long transaction processing time, high commissions, increased likelihood of canceling the transaction without a refund by gwey (applies to DEX on Ethereum). Solving the problem of sub-optimal smart contracts from LocalTrade The LocalTrade team intends to eliminate this deficiency, for this they decided to use the orderbook model. With its help, it will be possible to add new trading pairs without the need to register a separate smart contract for it each time.
For the creation of the DEX protocol, the LocalTrade team focused on optimizing smart contracts, namely, increasing the speed of work and at the same time reducing commission fees. In the near future, performance will be significantly improved by reformatting the system architecture based on Layer-2.
Loss on the course at high volumes Another problem that worries traders is the significant change in the rate during the processing of large volumes. LocalTrade has a solution to this problem as well: Traders will now set the maximum allowable price range themselves.
All of the above sounded like a fairy tale just a year ago, but now it is already a prospect for the near future. If you look at Aaron’s past and follow the further development of his projects, then we can safely say that the grandiose changes to LocalTrade that he talks about are only a matter of time. We just need to be patient and wait for the best blockchain developers to embody the ideas of Aaron Levi Yahal.
Image: Mykola Udianskyi and Binance founder Changpeng Zhao
The founder of layer-1 blockchain Sonic (S) is speaking up about his decision to step away from crypto in 2022, two years after launching the decentralized finance (Defi) platform Yearn Finance (YFI).
In a post on Medium, Andre Cronje says he stopped his public engagement with DeFi because of regulatory pressure.
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He says it all started in 2021 when the U.S. Securities and Exchange Commission (SEC) sent him a letter asking for more information on YFI, including whether he raised funds and who the investors were.
Cronje says he complied and provided as much information as he could provide, but the SEC continued to send him letters that later became hostile in tone. The regulator investigated him on different issues, including violations, which Cronje says confused him because he is not a US citizen or resident and he neither sold anything to anyone in the US.
“The letters kept coming, every time pivoting to a new angle of attack. It started ‘investigating’ me from the angle of a raise and SEC violation… When it became apparent that [the raise] was not an angle of attack, it shifted to focusing on the yearn vaults themselves as ‘investment vehicles’.”
Cronje says the time and effort it took him to answer the questions from the regulator diverted his attention.
“At this point, I was practically forced to completely stop development or R&D, and focus solely on this legal and regulatory battle.”
He says the sleepless nights and stress of the ordeal prompted him to quit.
“All in all this took 2 years of my life and finally culminated in a point where I was essentially given a choice. I can keep trying to build things for free, receive no benefit, spend hours of my energy and time to release this code into the wild, while needing to constantly face these attacks and have to spend months of my life and real money to defend it. Or I need to step away.”
Cronje says he is now sharing his experience as the SEC takes a new direction.
“I finally figured I can actually write about this, as previously I was strongly advised by those same investigators to not mention the investigation or it could escalate things.”
XRP Trapped Near $1.00: Record U.S. spot ETF inflows of $116.74 million fail to spark a rally, leaving XRP vulnerable to a drop toward $1.05 unless Washington's upcoming Senate vote on the CLARITY Act triggers a reversal.Bitcoin Eyes $91,150: Despite losing $1.26 billion in weekly ETF outflows, BTC successfully tested its middle Bollinger Band support at $75,029, setting up a potential squeeze toward the $91,150 zone as market dominance rises.Hyperliquid Flips Dogecoin: HYPE surged 46.68% to hit a $16.03 billion market cap, pushing DOGE to 10th place due to a massive $1.16 billion trading-fee buyback engine and aggressive institutional ETF inflows.Millions in ETFs are not saving XRP: Why the $1.05 level is working like a magnetWhile major funds are aggressively buying XRP ETFs in the United States, the token's price chart keeps pulling the price toward the psychological $1 mark. Behind the scenes, however, a powerful political trigger is building up, one that could finally break this bearish trend.
The anomaly of the current moment is most visible in how U.S. spot XRP ETFs recorded their largest capital inflow of 2026 as per SoSoValue, an impressive $116.74 million. Logically, this should have led to a rally, but instead the token's price has fallen by 0.16% since the start of May.
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Institutional millions simply dissolved in the broader skepticism of the crypto market, proving that ETFs alone are currently unable to push prices higher.
XRP price action in May 2026 with net US ETF inflows, Source: SoSoValueThis impotence of buyers is exactly what redirects attention to the weekly chart by TradingView, where a classic technical drama is unfolding. Every weekly close below the middle Bollinger Band cuts off the chances of a bullish comeback, turning the lower band at $1.0596 into an irresistible price magnet. In conditions where the market is moving by inertia, this pull makes a drop toward the round number the most likely scenario for the coming weeks.
The only thing capable of keeping XRP from falling toward $1 is Washington. The market is waiting for a full U.S. Senate vote on the CLARITY Act, which is expected in June, with potential approval by July 2026.
Earlier, XRP had already proven its sensitivity to regulatory news, becoming the top gainer after the successful Banking Committee vote of 15-9. But since that rally turned out to be short-lived, the token remains defenseless against broader market trends until June.
If Bitcoin declines, XRP will not hold its current positions and will head for a meeting with the $1.05 level.
Why Bitcoin is aiming for $91,150 despite altcoin panicAt the same time, amid a local flight from U.S. Bitcoin ETFs and tectonic changes in the Middle East, Bitcoin has entered maximum autonomy mode. While most altcoins are updating local lows, the main cryptocurrency is playing its own game on the weekly chart.
The successful test of the middle Bollinger Band around $75,029 did not simply save the market from panic. It kept alive the ambitious squeeze scenario toward the upper boundary of the indicator, in the $91,150 zone.
This technical strength looks especially paradoxical when looking behind the scenes of exchange order books. Right now, U.S. spot Bitcoin ETFs are recording their sixth consecutive day of net outflows, losing an impressive $1.26 billion over the week under pressure from sales in BlackRock's IBIT fund.
However, the market found the strength to absorb this massive supply overhang.
Bitcoin weekly price chart within Bollinger Bands, Source: TradingViewThe fact that BTC remained above the critical moving average turns ETF pessimism into a powerful contrarian signal. While retail investors panic-sell into cash, smart money is using the Bollinger Bands as a reinforced concrete slab for position accumulation.
At the same time, a harsh process of natural selection is starting in the crypto market. While Bitcoin withstands the storm, XRP and a group of leading altcoins are capitulating, breaking their 200-day supports in pairs against BTC. This divergence points to an inevitable liquidity flow and a rapid rise in Bitcoin dominance.
The catalyst for this separation is the changing macroeconomic background. Investors are beginning to realize that the nearly agreed peace deal in the Middle East is not just a local de-escalation, but a factor that changes the rules of the game. The oil market, which insiders had been shorting long before the official headlines, is already pricing in de-escalation.
But for this positive factor to turn into a sustainable rally in stock markets, the world needs official statements and, more importantly, a full unblocking of the Strait of Hormuz, which is restraining global inflation.
Buybacks and ETFs lift Hyperliquid above DogecoinHyperliquid's token, HYPE, has climbed to 9th place in the global cryptocurrency ranking by CoinMarketCap, pushing Dogecoin (DOGE) down to 10th. The historic reshuffling happened after HYPE broke above $63, hitting a $16.03 billion market cap against $15.95 billion for the memecoin leader.
This flip represents a clash of market philosophies: the speculative power of community versus strict mathematical tokenomics. While DOGE relies on retail loyalty and is consolidating near $0.103, HYPE deployed institutional capital and DeFi automation to soar 46.68% over the past seven days.
The main driver is Hyperliquid's unique DeFi flywheel. Unlike DOGE, which depends on external news triggers, HYPE is backed by continuous algorithmic buying pressure. Through its Assistance Fund, the protocol automatically directs 97% of all trading fees to buy back HYPE from the open market, a sum that has already crossed a colossal $1.16 billion.
Hyperlquid (HYPE) vs Dogecoin (DOGE) market cap dynamic since start of May 2026, Source: TradingViewThis internal demand coincided with aggressive supply absorption by trading firms (DATs). The PURR fund alone helped lock up roughly 10% of HYPE's market supply using TWAP algorithms. These players carry massive weight: PURR is armed with a $1 billion credit line, and its shares even replaced Solana and XRP ETFs on Goldman Sachs' balance sheet in Q1 2026.
This traditional finance expansion was cemented by newly launched spot ETFs from 21Shares and Bitwise, which pulled in $57 million in net inflows in a single week.
Nevertheless, it is too early to write off Dogecoin. It holds a trump card of inertial strength and whale support. While HYPE stormed all-time highs, large wallets holding 10M–100M DOGE accumulated over 525 million coins in a week, building a heavy price shield around $0.1.
Crypto market outlook: Bitcoin ignores panic ahead of Memorial DayBitcoin is holding above $77,000 after a V-shaped rebound from the $75,000 level. While retail investors panic over $1.26 billion in weekly ETF outflows, a process of natural selection has started in the market: capital is massively fleeing falling altcoins into BTC, accelerating its market dominance.
Key checkpoints:
Bitcoin price and on-chain: The local growth trigger is progress in diplomatic negotiations in the Middle East. While spot ETFs are applying selling pressure, strong hands are using the consolidation for aggressive position accumulation.American Reserve Modernization Act (ARMA): A major bipartisan bill on a strategic Bitcoin reserve under the U.S. Treasury has been submitted to the House of Representatives. Agencies will be required to transfer all seized coins into centralized custody for at least 20 years. BTC sales will be allowed only to repay government debt.Institutional inflows: The capital rotation is confirmed by first-quarter reports. Bank of America, the second-largest bank in the United States, increased its stake in the IBIT fund to $37 million while liquidating positions in ETH and Solana.Macro shock on May 28: The main focus of the week is the release of April Core PCE. Against the backdrop of cheaper oil, markets are waiting for softer Fed rhetoric. A short-term pause in liquidity will come from Memorial Day in the United States on May 25, when U.S. exchanges and ETF trading will be fully closed. You Might Also Like
Bitcoin’s recent drop below key support may have been more than just a bearish breakdown. As price quickly recovers important levels and market structure remains intact on higher timeframes, the move could have been a classic fakeout designed to shake out weak hands before the next major rally begins.
Bitcoin Fakeout Below Key Support May Have Trapped Weak Hands According to Cryptic Trades, Bitcoin’s recent price action involved a brief deviation below a critical high-timeframe support range, a move that aligns closely with the bottoming structure established in April 2025. This technical breach appears to be a calculated market maneuver, functioning primarily as a fakeout intended to flush out overleveraged positions, not long-term investors.
These recurring liquidity sweeps serve a specific purpose: they are designed to trigger long-side stop-losses before a more structural reversal can take hold. As market conditions evolve over the coming days, the analyst is monitoring one final key Point of Interest (POI) before systematically scaling out of active hedges.
Source: Chart from Cryptic Trades on X Despite the successful recovery and subsequent reclaim of the high-timeframe support zone, the asset has yet to overcome the 1D Bull Market Support Band situated near the $78,500 level. Historically, this band has functioned as a robust reversal zone over the past several months, making it the primary technical hurdle that bulls must clear to demonstrate genuine strength.
Should the price reclaim the $78,500 threshold, the outlook would shift to a full bullish bias on the lower timeframes, confirming the recent dip as a mere tactical fakeout rather than a deeper correction. For now, the analyst maintains a cautiously bullish stance, awaiting a more durable continuation to the upside.
Bitcoin Buy Signal Remains Active Despite Market Volatility Lourenço VS reflected on the performance of a trading strategy, noting that a custom indicator has remained steady since triggering a buy signal. The expert designed this tool specifically to avoid getting trapped by the choppiness of false signals. As the system patiently navigates through these minor fluctuations, Lourenço is maintaining a position with confidence.
Another weekly candle has successfully closed above the mid-Bollinger line. Market skeptics continue to draw parallels between current conditions and the spring and summer of 2022, but the comparison is fundamentally flawed because it never occurred during that period.
Even with recent price pullbacks and inevitable volatility, the market continues to post consistent 3-day candle closes above the crucial bull market support band. This ongoing resilience at such a key technical level serves as a strong indicator that the fundamental trend remains firmly tilted to the upside. While the skeptics refuse to acknowledge the incoming momentum, the market seems to be coiling up for its next significant move.
BTC trading at $77,448 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com
Bitcoin’s recent price action suggests the market is approaching an important decision zone where multiple technical and on-chain support levels converge. This raises the possibility of a short-term bullish reaction before the market determines its next larger directional move.
The behavior around the $74K-$75K support and deeper demand regions will likely shape Bitcoin’s medium-term outlook.
Bitcoin Price Analysis: The Daily Chart On the daily timeframe, BTC continues to trade below the descending 200-day MA near $80K, struggling to build bullish momentum. Following rejection from the $82K resistance area, sellers pushed the market back toward the first major support zone at $74K-$75K.
This region is especially important because it aligns with prior demand and recent local lows, and it sits above the 100-day MA near $73K. Historically, overlapping support levels often generate temporary stabilization or corrective rebounds.
The immediate scenario favors a pullback toward the $74K-$75K demand zone. If buyers defend this region successfully, Bitcoin may attempt another corrective move toward $78K-$80K. However, losing the $74K support could expose the next key level around $70K-$71K, followed by the stronger structural support near $65K-$66K.
At this stage, price remains in correction mode rather than a confirmed trend reversal.
Source: TradingView BTC/USDT 4-Hour Chart The lower timeframe highlights increasing indecision near support. Bitcoin recently reacted positively from the $74K-$75K order block and briefly recovered toward $77K, suggesting buyers remain active around this area.
Still, bullish momentum has remained weak, with rebounds repeatedly failing to reclaim higher resistance levels. This indicates that current upward movements may represent temporary relief rallies rather than renewed trend continuation.
The short-term support sits at $74K-$75K. Holding above this zone could encourage another recovery attempt toward the $78K-$80K region. Conversely, a confirmed breakdown below $74K may accelerate selling toward the next major demand area around $70K-$71K.
Therefore, the reaction at current support levels remains critical to determining whether Bitcoin enters a stabilization phase or another bearish leg.
Source: TradingView On-Chain Analysis The UTXO Realized Price Bands provide additional context by tracking the average acquisition cost of different investor cohorts. These levels often serve as psychological support or resistance because they indicate where holders become profitable or begin to experience losses.
Currently, the realized price for the 1M–3M cohort sits near $70K, while the 18M–2Y cohort remains around $63K. Meanwhile, longer-term holders between 12M–18M and 3M–6M maintain realized prices closer to the $90K region.
The significance lies in the confluence between technical supports and realized price bands. Bitcoin’s first major support zone around $ 70K–$71 K aligns closely with the realized price of younger holders (1M–3M), strengthening the likelihood of demand emerging in this area.
A deeper decline toward $63K-$65K would also coincide with the realized price of longer-term cohorts around $63K, alongside an important historical support zone visible on the daily chart.
This suggests that if Bitcoin continues correcting, support levels at $74K-$75K, $70K-$71K, and eventually $63K-$65K may attract increasing buying activity. The market’s reaction around these zones will likely determine whether the current pullback evolves into accumulation or transitions into a broader bearish continuation.
For now, the data point to short-term support potential rather than an immediate trend recovery.
Bitmine has made its largest Ethereum (ETH) buy of the year during the recent market dip, reaffirming the firm’s bullish outlook on the leading altcoin and continued accumulation strategy.
Bitmine Ramps Up Ethereum Purchases On Tuesday, Bitmine Immersion Technologies, the world’s largest Ethereum treasury, announced its largest purchase since December 2025, having acquired roughly $238 million in ETH over the past week.
In its latest update, the company shared it purchased 111,942 ETH during the recent market pullback, which sent the King of Altcoins below $2,200. Bitmine’s Chairman, Tom Lee, affirmed that last week’s correction represented “an attractive opportunity” to increase the company’s holdings.
“We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI. And thus, we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens,” stated Lee.
Now, the company’s crypto and cash holdings have reached $12.3 billion at current prices, comprised of 5,390,404 ETH at $2,134 per token, 203 Bitcoin (BTC), a $200 million stake in Beast Industries, an $95 million stake in Eightco Holdings as part of its “Moonshots” initiative, and total cash worth $444 million.
The latest buy has pushed BitMine’s Ethereum holdings closer to its goal of controlling 5% of ETH’s 120.7 million supply, reaching 4.47% of the supply, 89% of its goal, in just 11 months. As a result, “Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026,” the chairman affirmed.
In addition, the company revealed that 4,712,917 ETH of its holdings, worth about $10.1 billion, have been staked. Lee also shared that, “At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $276 million annually (using 2.75% 7-day BMNR yield).”
Analysts Eye $1,850 Support Recently, Lee suggested that Ethereum could rally toward new highs by the end of the year, based on his belief that the “crypto winter is over” and a recovery rally could take place over the coming months.
However, some market observers have warned that a long-term bullish rally is not likely this year. In an X post, analyst Ali Martinez highlighted that ETH has been trading within a broad, multi-year range since 2021.
ETH’s multi-year range. Source: Ali Charts on X After falling back to the channel’s lower half earlier this year, the altcoin recently faced a “clean rejection at the mid-range of this structure,” which coincided with a rejection from the 200-week Simple Moving Average (SMA), signaling weakness.
As the price fails to reclaim this area, the analyst noted that the most critical level to hold remains $1,850, explaining that a weekly close below this support would likely trigger downside acceleration. He suggested that this could open a great opportunity for investors, based on the MVRV Pricing Band:
Right now, the highly watched 0.8 MVRV Pricing Band is sitting right around $1,850. Historically, whenever Ethereum drops below the 0.8 MVRV band, the move is not sustained for very long. (…) History shows that this exact zone represents a high-probability macro accumulation window that builds the ultimate foundation for the next major bull market.
Lastly, he affirmed that to invalidate the bearish scenario, ETH would need two clear triggers: a reclaim of the 200-week SMA, located around $2,500, and a clean break above the 50-week SMA around $3,100.
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
According to historical data, the price of Bitcoin has never posted three consecutive months of positive performance in a bear-market year. This trend is about to continue in 2026, with May looking likely to end in the red for BTC after optimistic performances in March and April, and at the start of this month. Recent on-chain data suggests that short-term investors may also be capitulating amid Bitcoin’s disappointing price action over the past few weeks.
Are BTC’s Short-Term Investors Losing Conviction? In a Quicktake post on the CryptoQuant platform, market analyst RugaResearch revealed that a specific cohort of Bitcoin investors moved a significant amount of BTC in the past day. This set of investors is known as the short-term holders, who are famous (or infamous) for being the most reactive in the market.
Specifically, RugaResearch reported that 107,760 BTC within the 1-month to 3-month Spent Output Age Band moved in a single day, the largest value on-chain movement (within this age band) in more than seven months. For context, the Spent Output Age Bands is an on-chain indicator that segments spent transaction outputs into age brackets, showing the proportion of total coins moved and how long they were inactive.
Source: CryptoQuant The 1- to 3-month Spent Output Age Band tracks Bitcoin purchased between late February and late April (from the beginning of BTC’s recovery to around $80,000 last month). RugaResearch said that when this age band witnesses an aggressive move, like the one recently seen, it means that the most recent investors are reacting rather than accumulating.
The crypto pundit spotlighted that the movement of these 107,760 BTC while the Bitcoin price is sub-$74,000 means that a significant portion of the 1-month to 3-month Spent Output Age Band is out of the money — or near breakeven, at best. While it remains to be seen why this move occurred, this shake-up does not suggest conviction among the most reactive set of investors.
RugaResearch wrote:
Exchange inflows tell you if these coins are heading to sell. If they land on exchanges, this flush has legs. If they’re moving to cold storage or OTC desks, it’s redistribution under pressure.
Hence, centralized exchanges’ data is one of the signals to watch in the coming days to decipher the purpose of this move.
Bitcoin Price Momentum Stays Negative For Eight Days At the same time, RugaResearch revealed a worrying trend with the Bitcoin Price Momentum indicator, which has stayed negative since May 22nd. After rising to a nearly one-year high of +20.5% on May 5th, the on-chain metric dropped by 12.9 percentage points about ten days later.
Source: CryptoQuant After flipping to negative a little over a week ago, the Bitcoin Price Momentum currently sits at 4.07%. “When 1m-3m spent output spikes 6.7x overnight while momentum bleeds for 8 straight days, the positioning game shifts,” the market analyst concluded.
As of this writing, the price of BTC stands at around $73,410, reflecting a mere 0.4% dip in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView
Benjamin Cowen, a cryptocurrency analyst closely followed by the public, highlighted the “Bear Market Resistance Band” and the 200-week moving average (MA) as critical factors in determining the market’s direction in his latest analysis of Bitcoin (BTC) price movements.
Cowen stated that Bitcoin is currently in a “damned if you do, damned if you don’t” situation.
Benjamin Cowen pointed out that historical cycles show Bitcoin has repeatedly tested this resistance band during bear markets and has generally been rejected from there. He noted that in the current outlook, this resistance band is located between $70,000 and $74,000 for an upward breakout, and that Bitcoin remaining below this region keeps the downside risks alive.
Cowen cited the sharp drop in Bitcoin in June, where it opened the week at $73,000 and closed at $63,000, saying, “We saw a $10,000 drop in a single week. This resistance band is putting downward pressure on the trend, while the 200-week moving average is trying to form upward support. Bitcoin is currently struggling to find direction between these two levels.”
Unlike investors who believe the market has “passed its lowest point,” Cowen argues that adherence to 4-year market cycles is necessary, noting that the fact that the price hasn’t yet fallen below the realization level is remarkable. Referring to capitulation periods in past cycles (late 2014, 2018, and 2022), the renowned analyst stated that the possibility of testing lower levels later in the year remains.
Cowen stated that historical data shows Bitcoin typically forms a local bottom at the beginning of summer (June) and then initiates a rebound rally later in the summer (July-August), and made the following predictions:
In both 2018 and 2022, the market, which had been weak in June, experienced upward correction movements towards the middle and end of July. If Bitcoin manages to hold onto its 200-week moving average as support, we could see a short-term rebound in July similar to the one in 2022.
In his analysis, Cowen also touched upon the altcoin market, recalling that during the 2018 cycle, while Bitcoin moved sideways, altcoins were severely crushed in July. Noting the rapid decline in crypto interest on social media, the analyst warned that despite the existence of hundreds of thousands of altcoins in the market, the decrease in individual interest could continue to put pressure on them.
*This is not investment advice.
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Numbers are skyrocketing, protocols are exploding, and one wonders: have we already reached the golden age of crypto? Between valuation records, historic loan volumes, and constant innovations, the crypto market seems to be popping champagne week after week. But behind the euphoria, what do the numbers really tell us? And above all, is this rebound healthy and sustainable? We dissected the latest data, and you will see, the devil is in the details.
In Brief CeFi loans reach $17.78B and exceed $35B including DATCO and ETFs. DeFi explodes to $26.47B, but the number of users drops by 27%. Looping strategies artificially inflate borrowing volumes on Ethereum and its Layer-2s. Total crypto loans now exceed $61.76B, a record above the 2021 peak. Is CeFi Coming Back Stronger Than In 2021? Analysis The dollar wobbles, debt soars… and cryptos break records: centralized finance (CeFi), thought to be down since 2023, rebounds spectacularly. Data from Galaxy Research shows $17.78 billion in CeFi loans by the end of June 2025, a 14.66% increase in one quarter. And this figure doesn’t even consider some heavyweights like DATCO or crypto ETF-backed loans.
CeFi Lending market share by quarter – Source: Galaxy Research Including these additional volumes, $12.74 billion of DATCO debt and between $3 to $6 billion of marginal loans on crypto ETFs, the $34.8 billion 2021 record is surpassed.
Galaxy reminds us that:
As of June 30, Galaxy Research recorded $17.78 billion in outstanding CeFi loans. This represents a quarterly growth of 14.66%, or $2.27 billion.
Why this strong comeback? First, more attractive rates thanks to competition. Second, post-2022 caution: players like Ledn have streamlined their offers and secured their collaterals. Finally, company treasuries’ demand is exploding, seeking structured returns.
In short, CeFi is back. Not by ideology, but by efficiency.
DeFi: An Explosion… but Fueled by Incentives? DeFi also hits new heights: $26.47 billion loans by the end of June 2025, a 42.11% quarterly growth. A record number, far surpassing the 2021 peak. But does this really mean adoption?
The dollar value of outstanding loans on DeFi applications has strongly rebounded since Q1, increasing by $7.84 billion (+42.11%) to reach $26.47 billion – a new all-time record.
On the surface, all seems perfect. But one number raises questions: the number of active Ethereum addresses is 27% lower than in May 2021. In other words: more volume, but fewer users. What is happening?
Net borrowing rate of ETH using stETH as collateral – Source: Galaxy Research The answer is one word: looping. On Aave, “liquid leverage” strategies allow borrowing ETH with stETH, restaking it… then repeating. A form of circular leverage.
Galaxy explains: “Users implement “looping strategies” enabling them to arbitrage the yield of their collateral assets against borrowing costs.”
DeFi grows fast but not always healthily. Watch out for incentive bubbles.
DATCO and ETFs: The Trojan Horse of Crypto Debt? Little known to the public, Digital Asset Treasury Companies (DATCO) are changing the game. Using classic debt to buy bitcoin or ether, these companies create massive leverage… often invisible.
Galaxy warns:
Due to the absence of new debt emissions by bitcoin DATCOs, the treasury companies’ debt balance has not changed… [but] June 2028 remains the date to watch with $3.65 billion maturing.
Among the pioneers: MicroStrategy (now Strategy), but also newcomers on Ethereum. And through crypto ETFs like IBIT, investors can also borrow on margin against their shares.
What to remember:
$12.74 billion of DATCO debt: not included in total volumes; Estimated $3 to $6 billion in ETF margins, an invisible leverage; $3.65 billion of DATCO debts maturing in June 2028; Loan-to-market-cap ratio still low, ~1.5% vs 3% for US stocks; CeFi + DeFi + DATCO + ETF = over $61.76 billion in crypto loans It’s clear: raw numbers often underestimate reality.
While markets break record after record, innovation continues at the frontier of the real world. Credefi and Brickken open a new path with permissionless debt for real-world assets. Proof that while numbers blaze, the real crypto revolution is just beginning.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
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Upbit, one of South Korea’s leading cryptocurrency exchanges, has announced it will end support for trading the Loopring (LRC) token. According to the official statement, the exchange will cease LRC trading on March 16th.
As a result of this decision, trading support for Loopring on the Upbit platform will be completely terminated. Such delisting decisions are generally made based on the liquidity of the asset, developments on the project side, regulatory requirements, and the exchange’s user protection policies. Upbit’s statement did not provide details regarding the reasoning behind the decision.
With the delisting process underway, users are advised to review their open orders before the trading support ends and take necessary steps to mitigate potential risks. Furthermore, since the asset will no longer be tradable on the exchange after trading support ceases, investors are expected to consider withdrawal options to manage their assets.
Loopring stands out as a project running on Ethereum, particularly known for its Layer-2 scaling solutions. However, recent increased volatility in the cryptocurrency markets and tightening listing standards by exchanges are raising the risk of delisting for many altcoins.
Upbit’s decision to discontinue Loopring is noteworthy because it coincides with a period of increased regulation of the cryptocurrency market in South Korea and an acceleration of risk management measures by exchanges.
Users are advised to follow Upbit’s official announcements until March 16th to stay updated on the process.
*This is not investment advice.
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Key HighlightsEntering a Competitive LandscapeBridging Institutional Bitcoin to DeFiGet 3 Free Stock Ebooks Circle unveils cirBTC, a Bitcoin-backed wrapped token with 1:1 BTC reserves for institutional markets The token will debut on Ethereum, Circle’s Arc blockchain, and the Circle Mint platform Primary target audience includes OTC trading desks, market makers, and DeFi lending platforms BitGo’s WBTC dominates with approximately $8B market cap; Coinbase’s cbBTC holds $5.9B Circle joins an increasingly competitive field featuring Kraken, Binance, OKX, and additional players The stablecoin powerhouse Circle, known for issuing USDC, is expanding its product lineup with a wrapped Bitcoin offering. The firm revealed Thursday its intention to introduce cirBTC — a digital asset with 1:1 Bitcoin backing — on Ethereum’s blockchain infrastructure.
🗞️📲 Circle is launching cirBTC, a 1:1 backed wrapped #Bitcoin designed for institutions.
It will launch on Ethereum & Arc and integrate with Circle's infrastructure, offering institutional-grade security. pic.twitter.com/kwn20o9qUt
— Bitcoin.com News (@BitcoinNews) April 2, 2026
The initiative specifically targets institutional market participants: over-the-counter trading desks, liquidity providers, and DeFi lending platforms. Circle positions the product as a “highly secure and neutral version of wrapped BTC.”
Wrapped Bitcoin tokens enable BTC to operate across alternative blockchain networks such as Ethereum, providing asset holders entry into decentralized finance ecosystems that remain inaccessible with standard Bitcoin.
Beyond Ethereum, cirBTC deployment will extend to Circle’s proprietary layer-1 blockchain called Arc, along with integration across the Circle Mint infrastructure.
This development represents Circle’s inaugural venture into wrapped digital assets — a sector the company has avoided until now, despite its position as a leading cryptocurrency infrastructure provider.
Entering a Competitive Landscape The wrapped Bitcoin sector currently features two dominant players. BitGo’s WBTC commands the leading position with approximately $8 billion in market capitalization and roughly 119,000 tokens currently circulating — representing about 50% of its November 2021 all-time high.
Coinbase launched cbBTC in September 2024, achieving rapid expansion to a $5.9 billion market cap with approximately 88,800 tokens in circulation.
Together, WBTC and cbBTC represent approximately 208,000 BTC in aggregate supply, based on CoinGecko data.
Numerous cryptocurrency exchanges have introduced competing products — including Kraken’s kBTC, Binance’s BBTC, OKX’s okBTC, and Bitget’s BGBTC — though their market capitalizations remain significantly smaller than the top two contenders.
Circle faces the challenge of penetrating a market with established competitors and a defined hierarchy. The critical question remains whether cirBTC can attract meaningful institutional adoption.
Bridging Institutional Bitcoin to DeFi Financial institutions have accumulated Bitcoin positions at significant scale. Many now seek methods to deploy this capital within DeFi ecosystems — creating demand for wrapped asset solutions.
By enabling BTC functionality on Ethereum’s infrastructure, wrapped tokens allow institutions to access lending protocols, liquidity mechanisms, and additional DeFi services without liquidating their Bitcoin holdings.
Circle markets cirBTC as the neutral, institutional-quality solution for this use case.
The company has not yet disclosed custody frameworks or proof-of-reserve verification systems. Cointelegraph contacted Circle for additional details but has not received a response.
Circle clearly identifies an opportunity to become the trusted issuer for institutional clients — mirroring the strategy that elevated USDC to stablecoin market leadership.
No specific launch date has been announced. Circle confirmed plans to release cirBTC across Ethereum, Arc, and Circle Mint platforms without providing a definitive timeline.
According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin. The most popular wrapped Bitcoin token, wBTC, is offered by BitGo and has 119,157 tokens in circulation. Its market cap is at $8 billion. Circle, a stablecoin issuer, has announced its intention to offer a wrapped Bitcoin, positioning itself to compete with BitGo and Coinbase among institutional customers. On Thursday, the asset cirBTC was revealed. It will debut on Ethereum and will be backed 1:1 by bitcoin. It is designed for OTC desks, market makers, and lending protocols.
According to Circle, the asset’s primary goal is to provide institutions with a neutral, highly secure alternative to wrapped Bitcoin. Many banks and other financial organizations have started to invest heavily in Bitcoin and are looking at decentralized finance. Wrapped Bitcoins would make DeFi available on other chains like Ethereum by making the asset usable on other chains.
Tough Competition Ahead The new asset will debut on Ethereum, Circle Mint, and their layer-1 blockchain Arc, according to Circle. The new wrapped Bitcoin from Circle follows in the footsteps of BitGo’s Wrapped Bitcoin (WBTC) and Coinbase’s Wrapped Bitcoin (cbBTC), which are the market leaders at the moment. With an initial quantity of 88,800 tokens and a market cap of $5.9 billion, Coinbase’s cbBTC debuted in September 2024.
The most popular wrapped Bitcoin token, wBTC, is offered by BitGo and has 119,157 tokens in circulation. Its market cap is at $8 billion. But that’s just half of what it was in November 2021, when Bitcoin reached its all-time high for the cycle.
Wrapped Bitcoin variants have been introduced by a number of cryptocurrency exchanges, including as Kraken (KBTC), Gate (GTBTC), Binance (BBTC), Huobi (HBTC), and OKX (XBTC), but their market capitalization pale in comparison to those of the two front-runners. Based on data provided by CoinGecko, the combined supply of wBTC and cbBTC is around 208,000 BTC.
Highlighted Crypto News Today:
IMF Flags Financial Stability Risks Amid Growing Tokenization Boom
A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.
TLDR: Kraken DeFi Earn has surpassed $300M in total deposits, with the Bitcoin Vault alone crossing $70M shortly after launch. The vault uses a single-cycle supervised borrow strategy, eliminating recursive leverage and maintaining full market neutrality at all times. Sentora’s three-layer risk framework has recorded zero liquidations across more than three years of live vault operation since January 2021. kBTC, Kraken’s wrapped Bitcoin token, enables BTC collateral deployment across Ethereum’s DeFi infrastructure with a one-to-one redemption guarantee. Kraken DeFi Earn has crossed $300 million in total deposits, with its Bitcoin Vault contributing over $70 million. The vault converts idle BTC into structured yield positions through vetted DeFi protocols.
It operates using a supervised loan strategy, avoiding directional speculation entirely. Yield comes from the spread between borrowing costs and returns on deployed stablecoins.
The vault requires no active management from depositors at any stage.
How the Bitcoin Vault Generates Yield Without Directional Risk The vault supplies BTC as collateral to lending protocols, then borrows stablecoins against it. Those stablecoins are deployed into pre-approved yield strategies across onchain markets.
Target venues include Aave, Euler, and Morpho for stablecoin lending. Real-world assets and market-neutral AMM pairs on platforms like Curve also receive allocations. Each strategy is chosen because expected returns exceed borrowing costs.
Sentora Research flagged the vault’s milestone on X recently. SentoraHQ noted that the Bitcoin Vault alone surpassed $70 million shortly after launch.
That growth reflects strong depositor interest in BTC-based yield strategies. The vault’s design focuses on productivity without requiring price speculation. Idle BTC holdings are put to work through a constrained, structured process.
Leverage is used in this vault, but its application differs from typical margin trading. CEX margin trading often involves 5x to 100x leverage on directional bets.
The Bitcoin Vault uses a single supervised borrow with a 10–20% buffer below maximum collateral ratios. The strategy maintains market neutrality throughout its operation. If BTC falls in value, automated systems deleverage before liquidation thresholds are approached.
The vault does not use recursive leverage or looping strategies. BTC collateral is deposited once, stablecoins are borrowed once, and capital is deployed into approved venues.
There is no re-deposit cycle that compounds BTC price exposure across multiple loops. This single-cycle structure limits overall risk significantly. It keeps leverage defined, traceable, and governed by automated rebalancing at all times.
The vault uses kBTC, Kraken’s wrapped Bitcoin token on Ethereum, as its collateral format. Native BTC cannot operate directly on Ethereum’s lending and liquidity infrastructure. kBTC is redeemable one-to-one for Bitcoin with no fees attached.
For existing Kraken users, this wrapper does not introduce new custodial risk. It simply extends an existing trust relationship into the onchain environment.
Three-Layer Risk Framework Supports Vault’s Clean Liquidation Record Sentora applies a three-layer risk management model across all vault operations. The first layer involves formal research and due diligence before any capital is deployed.
Over 60 protocols across 17 networks have undergone technical and economic review. Audit history, oracle dependencies, and liquidation mechanics are all examined. No protocol enters the approved list without completing this review process.
The second layer is an automated on-chain system that acts as a 24/7 circuit breaker. It continuously tracks collateral ratios, borrow costs, and liquidation thresholds in real time.
If safety thresholds are breached, the vault autonomously recalls capital and repays debt. This process can occur within the same block when market conditions require it. Since January 2021, the vault has recorded zero liquidations across all deployments.
The third layer consists of quantitative off-chain monitoring across six risk categories. These include concentration, liquidity, interest rate, duration, leverage, and correlation. Metrics like Val01 and Exit Maturity help stress-test positions against worst-case market scenarios.
Available liquidity is evaluated to confirm clean exit conditions for each position. Large-holder movements that could shift market conditions are also tracked continuously.
Withdrawals from the vault are available through a standard five-day window. This period allows the system to exit multiple strategies while minimizing slippage costs.
The withdrawal timeline is expected to shorten as deposits scale and flows deepen. Independent audits by Spearbit and 0xMacro have reviewed the vault’s infrastructure. Sentora’s stated philosophy remains return of capital before return on capital.
The US stock market's optical communication sector rises across the board in pre-market trading, with Corning up 9.28%.
According to Bitget market data, the U.S. stock market's optical communication sector saw broad pre-market gains, with MRVL rising 4.99%, LITE up 3.24%, Nokia up 3.11%, Corning up 9.28%, and AXTI up 6.69%.
1 seconds ago
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
1 seconds ago
Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
1 seconds ago
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
In This Article cirBTC Explained: What 'Wrapped Bitcoin' Actually MeansCircle's Institutional Play: Why cirBTC Is Different From WBTCRotation, Not Revolution: How cirBTC Fits Into the Wrapped Bitcoin Market Circle, the regulated financial infrastructure company behind USDC, launched cirBTC on Ethereum on June 8, 2026, adding a new 1:1 BTC-backed wrapped Bitcoin token to a market already anchored by WBTC at roughly $8Bn in market capitalization and Coinbase’s cbBTC at approximately $5.9Bn.
Each cirBTC token is backed by native Bitcoin held in segregated, regulated custody and verified in real time through Chainlink Proof of Reserve. That is a meaningful structural claim in a category where custody transparency has not always been the default.
Here is the central tension this article unpacks: wrapped Bitcoin has existed since 2019, yet most crypto holders have never had to think about it. So why does Circle’s entry into this market matter, and does its regulated approach actually change anything for the people who would use it?
cirBTC is live on @ethereum.
Circle helped establish the institutional standard for dollar collateral with USDC.
Now cirBTC brings that same approach to Bitcoin, bringing 1:1 BTC-backed collateral to institutional DeFi markets with neutrality, transparency, and Circle…
— Circle (@circle) June 8, 2026
cirBTC Explained: What ‘Wrapped Bitcoin’ Actually Means Think of wrapped Bitcoin like a coat-check counter at an exclusive club. You hand over your actual coat – your real Bitcoin – and the attendant gives you a numbered ticket.
That ticket represents your coat inside the venue. You can trade the ticket, use it to get a drink tab, or hand it to someone else. But the coat itself stays safely in the back room, and you can always redeem the ticket to get it back.
That is exactly how tokenized Bitcoin works. Real BTC goes into custody with a regulated entity, in cirBTC’s case, a Circle group company with assets kept explicitly separate from Circle’s corporate holdings. In exchange, an ERC-20 token is issued on Ethereum that represents the BTC at a 1:1 ratio.
The token can then move freely through Ethereum DeFi apps, smart contracts, and lending protocols. When you want your BTC back, you burn the token, and the custodian releases the underlying Bitcoin.
Why does any of this matter? Bitcoin cannot natively run smart contracts or act as collateral inside Ethereum-based lending protocols. Wrapping solves that. It is the bridge that allows Bitcoin’s roughly $1.7 trillion in value to participate in decentralized finance without the underlying asset ever leaving the Bitcoin blockchain.
Chainlink Proof of Reserve is the accountability layer; it continuously verifies on-chain that the number of circulating cirBTC tokens matches the BTC held in custody, so anyone can check the math without relying on a periodic third-party audit.
DISCOVER: Best Meme Coin ICOs to Invest in 2026
Circle’s Institutional Play: Why cirBTC Is Different From WBTC
(SOURCE: CoinGecko)
Circle is not just a crypto startup; it has established USDC as a key player in institutional digital finance and is now applying that compliance to Bitcoin collateral with cirBTC. This new offering aims to set an institutional standard for Bitcoin similar to what USDC achieved for dollar liquidity, emphasizing transparency and regulated custody.
While BitGo’s WBTC, the market leader, has around $8Bn in wrapped Bitcoin, its custodial model has faced scrutiny. Coinbase’s cbBTC, launched in September 2024, reached $5.9Bn in market cap but benefits significantly from Coinbase’s distribution.
cirBTC, however, positions itself with a compliance-focused approach while avoiding competition, appealing to institutions like OTC desks and corporate treasuries that want to leverage Bitcoin as collateral.
Despite its strengths, cirBTC faces challenges, including WBTC’s established liquidity and integrations, as well as cbBTC’s distribution advantages. While Circle’s compliance reputation is strong, it may not be enough to drive DeFi liquidity on its own.
EXCLUSIVE: Earn $10 USDC Via Binance Sign-Up
Rotation, Not Revolution: How cirBTC Fits Into the Wrapped Bitcoin Market $BTC short-term momentum is still bearish.
If we want a potential trend reversal, the first step is to have a clean break of $64k and $66k.
If $BTC doesn't manage to do that within a few days, the bearish momentum is probably going to continue.
I think in that case we… pic.twitter.com/qRIGnNPRLf
— Quinten | 048.eth (@QuintenFrancois) June 9, 2026
The wrapped Bitcoin market is poised for growth rather than disruption. The rise of corporate Bitcoin treasuries has created demand for efficient collateral deployment in institutional DeFi, a need cirBTC aims to meet.
Bull case: Circle’s compliance and USDC distribution position cirBTC well for institutional adoption, especially with integrations into major lending platforms like Aave and Morpho, creating significant liquidity and a unique cross-collateral workflow. This could lead to a substantial market share within 12 to 18 months.
Base case: cirBTC becomes the go-to wrapped Bitcoin product for compliance-focused institutions, while WBTC maintains dominance due to liquidity; cirBTC may serve as a solid third option as overall institutional demand for Bitcoin collateral rises.
Bear case: Slow integration with DeFi protocols and regulatory challenges could hamper cirBTC’s expansion, leaving it a niche product without the network effects needed to compete with established providers.
The competition is heating up as traditional finance explores tokenized products alongside crypto options, making Circle’s reputation as a regulated issuer increasingly important.
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US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
4 minutes ago
Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
4 minutes ago
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
4 minutes ago
Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
PANews reported on April 24 that, according to Ember, the hacker who stole approximately $98 million from Balancer last November has recently begun exchanging some of his ETH for BTC via the cross-chain protocol THORChain. Today, the hacker exchanged 7,000 ETH for 204.7 BTC (approximately $15.88 million), and the transaction is still ongoing. Currently, the hacker still holds 15,000 ETH (approximately $34.65 million) on the Ethereum blockchain and 204.7 BTC (approximately $15.88 million) on the Bitcoin blockchain.
US-listed AI chip stocks saw mixed pre-market performance, with Qualcomm surging 13%.
According to Bitget market data, U.S. AI chip stocks posted mixed pre-market performance: Qualcomm (QCOM.O) surged 13%, Intel (INTC.O) rose nearly 6%, AMD (AMD.O) gained nearly 4%, and Google (GOOG.O) declined 1.4%.
4 minutes ago
Micron Technology surges 18% in pre-market trading on US stocks
According to Bitget market data, the US stock storage sector is seeing broad pre-market gains. Micron Technology (MU.O) jumps 18% in pre-market trading, as its strong earnings significantly exceeded expectations, with multiple major banks raising the stock’s target price. SanDisk (SNDK) rises 12.25%, Western Digital (WDC) gains 12.05%, and Seagate Technology (STX) climbs 8.63%.
4 minutes ago
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
4 minutes ago
Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
Behind the rollercoaster-like price fluctuations of cryptocurrencies, there exists another class of coins that promises to offer price stability. Stablecoins attempt to bring in the best of both fiat, as well crypto, and over the past few years, they have gained massive traction, primarily because it is a major source of liquidity in the cryptocurrency market.
Unlike cryptocurrencies, the value of a stablecoin is pegged to a stable real-world asset that can range from commodities to fiat, held in reserve by the stablecoin issuer, bringing in centralization factor to the game. Meaning, there has to be a central authority holding and monitoring the backing of such crypto-assets.
This goes against the very ethos of cryptocurrencies. Along the same lines, Wiess Crypto Ratings’ latest tweet read,
“There’s a big problem with the 1st generation of #stablecoins: Users have to trust a central authority to hold sufficient dollar balances to back the coins they issued.”
Tether is unarguably the biggest stablecoin in the realm. Tether, with a market cap of $4.46 billion, holds a dominance of 11.7% over the entire cryptocurrency market. But in less than four years of its inception, USDT has garnered significant bad press. with numerous scandals and issues under its name.
Speculations alleging Tether manipulated Bitcoin’s price were the most damaging for the space. To top that, last years’ Bitfinex-Tether fiasco has only added to the woes.
Even policymakers are not a big fan of stablecoins, with numerous papers published on how this sector can threaten the monetary systems. Grant Baker, Chief Innovation Officer at STAE and author of the 2019 Blockchain Compliance Paper, was quoted as saying,
“While stablecoins provide shelter for cryptocurrency investors during times of turbulence, they haven’t seen much usage elsewhere. We anticipate this will change when Singapore begins issuing licenses and regulating stablecoin issuers this year. Decentralized stablecoins will likely be a very practical application of blockchain and that’s what we’re focusing on.”
However, even as the crypto-space continues to evolve, dethroning the largest stablecoin by market cap is be a tough job. Nevertheless, there is a growing breed of stablecoins that has made its presence known over the last couple of months.
The rise of crypto-collateralized stablecoins
The most appealing factor is the decentralized notion of this breed. While most popular stablecoins like USDT, USDC, PAX, Gemini Dollar are all fiat collateralized stablecoins, ie., backed by legal tender, crypto-collateralized stablecoins are trustless in nature. They are linked to the reserves of other cryptocurrencies.
Without a central authority, the most prominent decentralized stablecoin is DAI. This stablecoin uses smart contracts on the Ethereum blockchain to manage the collateral and maintain order. Another token that has gained traction is Synthetix [$sUSD] and it allows the creation of on-chain synthetic assets on the Ethereum blockchain.
Its advantages include transparency, accountability, and efficiency [in using due to the quick process of liquidation into other cryptos],
But, everything has its own pros and cons. A recent blog by DeFi Rate explained the drawback of this emerging class of stablecoins,
“Where fiat-backed stablecoins only need to hold 1:1 reserves in legal tender, this subset of stablecoins often require over-collateralization to account for price volatility. Most commonly, this ratio is set at 150%, meaning that in order to issue $100 worth of $DAI, you will need to post AT LEAST $150 worth of $ETH as collateral.”
There is also a high volatility factor. Additionally, there also may be chances of instant liquidation, meaning, the underlying crypto can be instantaneously liquidated if its price falls below a certain threshold, which is a risky affair for investors.
That being said, the growing trend depicts a more mature crypto-space, despite mounting regulatory threats from agencies across the world.
So far, the past month had seen some of the worst days in Bitcoin’s price history. Following the emerging coronavirus crisis, Bitcoin plunged from a high of over $10K in mid-February, to a current low of $3,600 reached March 12. Since then, the price had recovered to the $6,000 area, but March is not yet over.
The drop affected almost all of the cryptocurrencies and stablecoins were the only ones that saw their market cap increased.
Stablecoins’ Growth Amid The Sell-Offs As the name suggests, stablecoins find a valuable place among all cryptocurrencies because of their “stability”. In a market with generally high levels of volatility, traders can quickly exit their positions from a violently swinging coin and store their funds in a more stable digital asset, pegged to the USD in most cases.
A perfect example of their usage came last week when the market crashed over 50% in one single day. A recent report indicated that during the most significant stages of the sell-off, short term traders turned to stablecoins.
Therefore, even though the total market cap saw its value slashed in half from over $300m a month ago, most stablecoin are on the rise in that manner.
According to data from CoinGecko, USDC, the stable coin backed by Circle, had seen an increase of 55% in its market cap. Until February 27, all USDC was equivalent to $430 million. As of writing these lines, the market cap grew to almost $670 million. Paxos Standard (PAX) saw a minor increase of 9% to a current market cap of $230 million.
The biggest gainer has been BUSD (Binance USD), with an increase of over 100%. It seems rather logical since the coin is available on the leading cryptocurrency exchange by trading volume – Binance.
You may also like: UK Central Bank Eases Stablecoin Rules Following Market Response Coinbase Urges Congress to Treat Stablecoins Like Cash and Ease Crypto Tax Burdens Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins Despite the above, True USD, Paxos and Gemini Dollar didn’t notice a significant change in their market cap, and MakerDAO saw a decrease of 30% in its market cap due to the recent instability of the promising project.
Still Far From Tether (USDT) Despite the new additions in the stablecoin market, Tether (USDT) is still well in the lead in this race. It’s the most widely used, and naturally, it has the largest market capitalization of over $4.5 billion. After the latest price crash, Tether is now the 4th biggest cryptocurrency by market cap.
As the majority generally prefer using it, USDT ERC-20 transactions noted an all-time high last year. Ultimately, they utilized almost 25% of the whole Ethereum network.
More recently, USDT ERC-20 balance on cryptocurrency exchanges has more than doubled in the past month, and it’s close to $1 billion.
USDT ERC 20 Balance On Exchanges. Source: glassnode.com However, the emergence of new stablecoins may soon threaten Tether’s dominance over the market. According to a recent report, USDC, PAX, TUSD, and DAI had surpassed USDT in terms of transfer counts at the start of the year.
A crypto rally is happening today, with Bitcoin and most altcoins being in the green.
Bitcoin (BTC) price jumped to $68,000, while the market capitalization of all coins rose by 6% to over $2.34 trillion.
Filecoin (FIL) rose by over 25% to $1.10, while Polkadot (DOT) jumped by 21%. Other tokens like Aptos (APT), Morpho (MORPHO), Uniswap (UNI), and Avalanche (AVAX) soared by over 15%.
Bitcoin and these altcoins jumped as investors embraced a risk-on sentiment across the board. For example, American stocks, including the Dow Jones, Nasdaq 100, and S&P 500, rose by 250, 260, and 35 points, respectively.
The risk-on sentiment happened as investors bought the dip as they waited for the Nvidia earnings, which will come out after the US market closes. NVIDIA is the most influential American company because of its size and role in the artificial intelligence industry.
Additionally, the tokens jumped as the futures open interest rebounded cautiously, a sign that demand is rising. Open interest rose by over 6% in the last 24 hours to $99.4 billion, much higher than this week’s low of $93 billion.
Filecoin’s open interest rose to $154 million, while Morpho soared to over $34 million. The futures open interest of other tokens like Aptos and Polkadot continued soaring.
Still, it is too early to determine whether this is the start of a new crypto bull run or whether it is just a dead-cat bounce. In the past, most crypto market rallieshave turned out to be dead-cat bounces.
A dead-cat bounce is a situation where an asset in a free-fall rebounds temporarily and then resumes the downtrend.
Celsius Network just got the green light to take Tether to court over one of the biggest disputes in recent crypto history – a $4 billion lawsuit centered around the liquidation of Bitcoin during Celsius’s collapse in 2022.
A U.S. bankruptcy judge has allowed the case to move forward, rejecting major parts of Tether’s attempt to shut it down. The ruling could have lasting consequences for how global crypto firms are held accountable in U.S. courts, especially when billions are on the line.
Here are the deets.
Tether’s “Fire Sale” of Bitcoin Under ScrutinyThe case goes back to June 2022, when Celsius was already under pressure as crypto markets crashed. Tether, which had lent money to Celsius, allegedly sold over 39,500 BTC at an average price of $20,656, well below market value at the time. Celsius says this was done without proper notice AND in violation of a 10-hour waiting period that was part of their agreement.
Celsius claims this move not only broke their contract, but also amounted to fraudulent and preferential transfers under U.S. bankruptcy law. At today’s prices, Celsius says the early liquidation cost them over $4 billion worth of Bitcoin.
The BTC, according to court documents, was later moved to Bitfinex, Tether’s sister company.
Tether’s Jurisdiction Argument FailsTether tried to get the case dismissed, arguing that a U.S. court has no authority since the company is based in the British Virgin Islands and Hong Kong. But the judge disagreed.
The court found that Tether used U.S.-based personnel, bank accounts, and communications in its dealings with Celsius enough to consider the activity “domestic.” That ruling now opens the door for Celsius’s lawsuit to proceed in the U.S., even though Tether operates offshore.
Some lesser claims were dismissed, but the judge is allowing Celsius to pursue key charges – including breach of contract, fraudulent transfer, and preferential transfer.
Big Implications for Crypto Lending and StablecoinsThis isn’t just a courtroom fight between two crypto companies. The ruling could influence how similar cases are handled in the future especially when it comes to stablecoin issuers, asset custody, and cross-border lending practices.
If Celsius proves its claims, it could raise serious questions about how major players like Tether manage client assets during times of market stress.
Also Read : Tether Keeps Expanding Despite Legal PressureWhile the legal battle continues, Tether isn’t slowing down. The company recently bought a majority stake in Twenty One Capital, a firm linked to Strike CEO Jack Mallers. With that move, Tether is now connected to the third-largest corporate Bitcoin holder in the world.
Tether also transferred nearly 37,230 BTC, worth about $3.9 billion, to addresses tied to the platform further strengthening its position in the Bitcoin market.
In the middle of all this, CEO Paolo Ardoino has dismissed talk of a Tether IPO. Even as speculation swirls over a possible $500 billion valuation, Ardoino said the company has “no plans” to go public.
What’s Next?The case now heads to the next phase, with Celsius aiming to hold Tether accountable for what it sees as a massive breach of trust.
Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
We’ll keep you updated on how this plays out – right here on Coinpedia.
FAQsWhat exactly did Tether do wrong in the Bitcoin liquidation, and how did it violate the agreement with Celsius?
Celsius alleges Tether conducted a “fire sale” of over 39,500 BTC without proper notice and below market value, violating a 10-hour waiting period specified in their agreement. Celsius claims this breached their contract and constituted fraudulent and preferential transfers under U.S. bankruptcy law, costing them over $4 billion.
How does the court’s ruling on U.S. jurisdiction affect other offshore crypto companies?
The court’s ruling, which found U.S. jurisdiction over Tether despite its offshore base due to “domestic” activities (U.S.-based personnel, bank accounts, communications), sets a significant precedent. It suggests that offshore crypto companies with substantial operational or transactional links to the U.S. may be subject to U.S. legal scrutiny and accountability, regardless of their official incorporation location.
Story Ends Here
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A US bankruptcy judge has granted permission for Celsius Network, the bankrupt cryptocurrency lender, to pursue its lawsuit against Tether, the issuer of the market’s largest stablecoin, USDT.
Celsius Alleges ‘Fire Sale’ Of BTC According to the filing, Celsius claims that it was in the process of preparing Bitcoin (BTC) to meet a collateral demand from Tether when Tether’s representatives insisted on immediate payment.
This demand led to what Celsius describes as a “fire sale” of its collateral, resulting in the sale of 39,542.42 BTC. The company had transferred this amount to Tether as collateral in the 90 days leading up to its bankruptcy, which included various “top-up transfers” and new loan collateral.
The details of the case reveal that Celsius is seeking the return of approximately 57,428.64 BTC, valued at around $4 billion, in addition to claiming $100 million in damages for breach of contract.
However, there is a notable discrepancy regarding the valuation of these Bitcoin transfers; while Celsius demands the return of the full amount, Tether’s own communications suggest that the value involved is only $2.4 billion.
Is Tether Preparing For Its Legal Defense? In its legal arguments, Celsius has asserted that Tether’s actions reflect a broader “scheme to exploit the US cryptocurrency market,” which they believe could serve as a basis for jurisdiction in this case.
Moreover, Celsius contends that the transfers made to Tether were preferential and should be scrutinized under bankruptcy law. They argue that the stablecoin issuer received more than it would have in a Chapter 7 liquidation, thus establishing a preference claim.
Tether, for its part, dismissed the lawsuit back in August 2024 as a “shake down,” asserting that Celsius was responsible for providing additional collateral as Bitcoin prices fluctuated. Tether maintains that their demands were justified and that Celsius’s mismanagement should not impose undue costs on them.
On Wednesday, Tether CEO Paolo Ardoino shared a brief video clip on the social media platform X, formerly known as Twitter, depicting a gladiator in a combat arena.
This could indicate that the company will defend itself against Celsius’ claims, which could result in a prolonged legal dispute between the two parties. However, Tether’s official statement on the matter is still pending.
The daily chart shows the crypto market cap at $3.32 trillion. Source: Total on TradingView.com In addition to the market’s regulatory developments, Bitcoin experienced a significant increase, nearing its record high of $111,800 reached in mid-May of this year. As of this writing, the market’s leading cryptocurrency trades at $108,689, representing a 3% price increase in the 24-hour time frame.
However, BTC reached a three-week high of $109,800 earlier on Wednesday, but was unable to surpass its nearest resistance at the $110,000 mark.
Featured image from DALL-E, chart from TradingView.com
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A U.S. judge allowed Celsius’ $4 billion lawsuit against Tether to proceed, finding enough domestic ties despite offshore operations.
(Photo of Jen Titus on Unsplash)
Posted July 3, 2025 at 10:11 am EST.
U.S. bankruptcy judge Martin Glenn has ruled that Celsius Network’s $4 billion lawsuit against stablecoin giant Tether can proceed, rejecting major portions of Tether’s motion to dismiss the case.
The lawsuit centers on allegations that Tether improperly liquidated over 39,500 BTC held as collateral for Celsius loans during the crypto market crash in June 2022.
Celsius alleged that Tether breached their lending agreement by selling the BTC collateral before a contractually required 10-hour waiting period had elapsed, and at an average price of $20,656, below prevailing market rates.
This story is an excerpt from the Unchained Daily newsletter.
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Meanwhile, Tether’s case for dismissal was built on the fact that both companies are based offshore and the transactions were international. But the judge found sufficient ties to the U.S., including U.S.-based accounts and systems, to allow the case to proceed.
Last August, Tether CEO Paolo Ardoino labelled the lawsuit “baseless” and claimed that Tether was acting on Celsius’ instructions to liquidate the BTC and return it to Celsius.
In the first half of 2024, Tether’s profits surged to around $5.2 billion, largely from interest income on its reserve assets, mainly U.S. government debt, which had grown to nearly $98 billion by mid-2024 and approached $120 billion by early 2025.
Stablecoin issuer Tether has agreed to pay $299.5 million to the Celsius Network bankruptcy estate, settling years of litigation tied to the crypto lender’s 2022 collapse.
The payment is far below the nearly $4.5 billion Celsius originally sought in bitcoin.
The Blockchain Recovery Investment Consortium (BRIC) — a partnership between VanEck and GXD Labs — announced the settlement Tuesday, saying it settles “all issues” between Tether and the Celsius estate.
“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, managing partner at GXD Labs.
Tether and the Celsius collapse The settlement ends one of the most contentious cases in crypto bankruptcy history. Celsius sued Tether in August 2024, claiming the stablecoin issuer improperly liquidated roughly 39,500 Bitcoin used as collateral before Celsius filed for bankruptcy in July 2022.
Celsius said Tether violated an agreement requiring a 10-hour notice before selling the assets, costing the lender any remaining equity in the position.
Tether pushed back, calling the suit a “baseless shakedown.” The company said it acted within the terms of a 2022 agreement requiring Celsius to post more collateral as Bitcoin prices fell.
When Celsius failed to meet the margin call, Tether said it liquidated the bitcoin at Celsius’s direction to cover an $815 million debt.
A U.S. bankruptcy judge in New York allowed Celsius’s case to move forward earlier this year, though Tether denied wrongdoing.
The $299.5 million payment was arranged through BRIC, a joint recovery vehicle set up in early 2023 to pursue claims and recover assets from collapsed crypto firms.
BRIC was appointed by the Celsius debtors and creditors’ committee in January 2024 to oversee asset recovery and litigation management, according to the BRIC release on the matter.
While the payment represents a win for Celsius creditors, it’s a modest one compared to the scale of losses from the company’s collapse.
Celsius, once one of the largest crypto lenders, froze withdrawals in mid-2022 amid plunging token prices and failed investments. Its bankruptcy exposed billions in customer losses and alleged mismanagement by top executives.
Former Celsius CEO Alex Mashinsky was sentenced in May to 12 years in prison for fraud and market manipulation. Prosecutors said he misused customer funds and inflated the price of the platform’s CEL token. In June, Mashinsky agreed to forfeit any claims to assets from the bankruptcy estate.
The Celsius collapse became one of the defining moments of crypto’s 2022 credit crisis, alongside failures at Voyager, BlockFi, and FTX.
The fallout triggered a wave of litigation and recovery efforts that continue to reshape how courts treat crypto lending and collateral agreements.
Micah Zimmerman
Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
Bhutan moved $22.4 million in Bitcoin out of sovereign wallets this week, including a direct transaction to institutional market maker QCP Capital. The Himalayan nation’s crypto portfolio has dropped from a $1.4 billion peak to about $412 million.
The outflows continue a pattern of periodic liquidations by the Royal Government of Bhutan, which began mining and holding Bitcoin in 2019. These recent transactions highlight questions facing sovereign crypto strategies amid ongoing market pressures.
Recent Bitcoin Sales and Transaction PatternsBlockchain analytics platform Arkham confirmed the Bitcoin sales. Two major outflows came from Druk Holding Investments (DHI), Bhutan’s sovereign investment arm. The transactions included 184.03 BTC, worth $14.09 million, and 100.82 BTC, valued at $8.31 million, five days earlier. The latter went directly to labeled addresses tied to QCP Capital, a Singapore-based institutional market maker active in derivatives and spot markets.
According to Arkham’s analysis, Bhutan usually sells Bitcoin in roughly $50 million tranches. Historical data shows especially heavy sales between mid and late September 2025, with multiple transactions surpassing $50 million each. The current $22.4 million in weekly outflows is smaller than past sales, suggesting either more measured liquidation or reduced holdings.
Recent Bitcoin transactions from Bhutan’s sovereign wallets show outflows totaling $22.4 million (Arkham)The QCP Capital transaction signals a strategic liquidation rather than distressed selling. Market makers such as QCP enable large block trades without major market disruption. This allows sovereigns to exit positions while minimizing price impact, unlike direct exchange deposits that may trigger sharper reactions.
Bhutan’s Bitcoin Mining Operation and ProfitabilityBhutan’s Bitcoin strategy began in 2019, with DHI launching a mining operation powered by the country’s abundant hydroelectric resources. Arkham estimates that Bhutan has generated over $765 million in Bitcoin profits since its inception, while total energy costs were about $120 million. Hydropower has kept costs low compared with competitors that rely on fossil fuels.
The 2024 Bitcoin halving fundamentally changed mining economics. This event, which occurs about every four years, halves block rewards. The halving essentially doubled the cost to mine one Bitcoin, making operations less efficient. Data indicate that Bhutan mined most of its holdings before April 2024 and then sharply cut back production.
Pre-halving profit margins enabled Bhutan to amass substantial holdings at favorable costs. However, reduced efficiency after halving likely pushed the nation to monetize its reserves rather than continue energy-intensive mining at lower returns. This strategic shift from accumulation to selective selling mirrors a wider industry trend as sector profitability compresses.
Portfolio Decline and Current HoldingsBhutan’s cryptocurrency portfolio has experienced a dramatic contraction. Arkham Intelligence data show DHI’s on-chain assets currently total about $412 million, down over 70% from the $1.4 billion peak. The portfolio consists mostly of 5,700 BTC, with negligible holdings in Ethereum and other tokens.
The portfolio decline is due to ongoing sales and depreciation in the Bitcoin price. Some value erosion came from strategic liquidations for profit or fiscal needs, but broader market conditions during 2025 and early 2026 also contributed. Bhutan’s peak holdings aligned with Bitcoin’s price highs, amplifying the percentage drop as prices corrected.
Transaction history shows DHI’s main exchange partners are Binance—which has $261 million in transferred value, or 68% of activity—and Celsius Network, with $118 million (31%). Smaller amounts moved through Kraken. These exchange interactions, combined with direct transactions with market makers, show a sophisticated approach to treasury management by Bhutan.
The Druk Holding and Investments entity manages these digital assets along with traditional investments as part of Bhutan’s broader diversification strategy. The integration of cryptocurrency into the sovereign treasury positions Bhutan among a select group of nations involved directly in digital asset markets. Whether Bhutan’s continued liquidations indicate a full exit or just portfolio rebalancing remains an open question as observers track sovereign crypto adoption trends.
