Cryptocurrency exchange Binance has announced it will support the planned network upgrade and hard fork process on the Metal DAO (MTL) network.
According to a statement from the exchange, token deposits and withdrawals on the MTL network will be temporarily suspended to protect user experience and smoothly manage the technical transition process.
According to Binance’s official announcement, deposits and withdrawals for Metal DAO (MTL) network tokens will be suspended on July 8, 2026, at 6:00 PM. The exchange stated that this step was taken to prevent technical disruptions that might occur during the network upgrade and hard fork, and to ensure the security of user assets.
The announcement stated that the Metal DAO network upgrade and hard fork is expected to take place around 7:00 PM on July 8, 2026. Binance emphasized that all necessary technical requirements will be handled by the company on behalf of users throughout the process, and that users do not need to take any additional action for this transition.
On the other hand, the exchange specifically stated that the technical update would not affect trading of tokens on the Metal DAO network. Accordingly, users will be able to continue trading on existing MTL trading pairs on the Binance platform. The temporary restriction will only cover deposit and withdrawal services.
Binance announced that deposit and withdrawal operations will resume once the upgrade is complete and the updated network is verified to be stable. The company also stated that no further announcements will be issued after this process; services will be reactivated directly.
*This is not investment advice.
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This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Starting at approximately 2026-07-08 15:00 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Metal DAO (MTL) network to support its network upgrade and hard fork to ensure the best user experience. The network upgrade and hard fork will take place at approximately 2026-07-08 16:00 (UTC). Please note: The trading of token(s) on the aforementioned network will not be impacted.Binance will handle all technical requirements involved for all users.Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable. No further announcement will be posted.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. For more information, please refer to the announcement from the project team. Thank you for your support! Binance Team 2026-07-08
Binance will suspend MTL network deposits and withdrawals at 15:00 UTC on July 8. The network upgrade and hard fork are scheduled to occur at 16:00 UTC. MTL spot trading will remain unaffected during the upgrade; deposits and withdrawals will resume once the upgrade is completed and the network stabilizes, with no further announcement to be issued on this matter.
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CORRECTION: The original article stated that the price of Metal’s tokens had declined during the last 30 days. In fact, the price trended upward during that time period.
The original article included a comment, attributed to an anonymous Metal token-holder, that a recently announced equity investment by Erik Finman in Metal was a “pseudo-announcement.” Although the comment was accurately reported, we decided to remove the comment due to a lack of corroboration.
The revised article also includes additional details regarding Metal’s “PoPP” reserve and certain concerns expressed by Metal token-holders regarding the company’s use of that reserve, as well as comments from a Metal spokesman.
San Francisco-based payments startup Metal Payments, which raised some $3 million in a token sale in June 2017, has been furiously reviving old news, possibly to boost the price of its flagging token, MTL.
At the same time, the startup has been accused of misusing whatever is left of its diminishing winnings to cash out and invest in dubious side projects.
Founded by Marshall Hayner in April 2016, Metal Payments launched on the promise that it would create 66,588,888 tokens, and distribute them across various projects—21,088,888 ($10,544,444) to founders and advisors at around $0.05 each; 3,378,000 to the founding team, for free; and 13,378,888 ($6,689,444) to an app development fund.
In addition, there were two pools of funds that Metal Payments said it would “set aside:” 2,000,000 for the Metal Foundation, which would fund charity projects; and 26,341,112 for a “proof of processed payments pool” (PoPP) designed to reward users for making payments.
When MTL was worth $14 on September 8, 2018, the total funds held briefly amounted to $364 million.
But by February, by which time Metal’s price had sunk significantly, Metal holders began to notice that funds were leaving the PoPP pool at a rate higher than advertised in the white paper. It was only in April that Hayner disclosed in a Medium post that he had appropriated funds from the payments pool and the foundation to fund the “core metal team." Metal Payments executives then proceeded to move those funds and sell them on the market.
Holders were confused. “This was meant to be an untouched resource with maximum 7,200 taken out per day so pop would last,” wrote one investor on the company’s Discord channel. “Taking from the foundation and PoPP pool isn’t cool at all,” said another. “I don’t know how that isn’t illegal.”
In the last thirty days (as of publication), over 2.8 million MTL tokens have left the PoPP pool, according to Etherscan, worth around $1 million. And in May, the company paid an undisclosed amount for “Crumbs,” a now-defunct micro-investing app Hayner had previously invested in, sparking further concerns from holders.
Though it has slightly gone up over the past month, the Metal token’s price remains at just over half its value in April.
Now Metal is apparently doing whatever it can to resurrect its token’s ailing price. Over the past few weeks, the company has been breathlessly re-releasing old announcements—some dating back to 2017—via one of its primary investors, the popular “teen bitcoin millionaire” Erik Finman, leading to brief spikes in MTL’s value.
And it’s worked.
On August 19, for instance, Finman announced the launch of the “Metal Pay” app, positioning it as a competitor to Facebook’s planned digital currency, Libra. MTL’s price grew from $0.30 to $0.34 on the news, but it needn’t have—Metal Pay officially launched in September of last year.
Meanwhile, on August 21, Finman announced that MTL would be listed on Binance, an enormous exchange known for doubling the value of newly listed tokens. Again, the news shook the price, sending it from $0.36 to $0.46—but in reality, MTL had been listed on the exchange since October 2017.
Again and again, Metal promoted old news as new. Finman announced on August 24 that Metal was hiring, but the relevant job listings have been online for several months. And on August 25, Finman announced that Metal was moving into a new office—offices that, according to screenshots seen by Decrypt, the company has occupied since March. (“The tour of the new office was not triggered by moving in, and the announcement did not mention ’moving in,’” a Metal spokesman said after this story was published. “But by unpacking, cleaning, and decorating the office, Metal readied it for public presentation and video tour.“)
As this has played out over the past thirty days, MTL’s price has trended marginally upwards—but the amount left in the PoPP pool has dwindled further.
We reached out to Metal Payments, and a spokesman explained that many of the reiterative announcements had been addressed to new users. And indeed this is true—for the Binance “announcement,” both Finman’s video and an accompanying press release addressed these “new users,” citing “all the press we got this week” as the impetus. But isn’t Finman’s tweet—titled simply, “ANNOUNCEMENT: We’re listed on Binance”—still misleading?
In response, the spokesman just directed us back to Finman’s video.
We asked also about Finman’s “announcement” of Metal Pay, which actually launched late last year. To this, the spokesman said that the original launch had in fact been of Metal Pay’s “beta” service. But the original press release made no mention of a beta launch, and Finman, in his announcement, made no such mention either. Asked about this, the spokesman did not respond for further comment.
Neither Finman, nor Hayner, responded for comment.
Of course, running dubious publicity campaigns to boost investor sentiment is nothing new in the cryptocurrency space. So-called third-generation blockchain startup IOTA, for instance, said in late 2017 that it had partnered with Microsoft, when it had actually just subscribed to the tech giant’s online cloud service, Azure. Tron’s Justin Sun, meanwhile, has become something of a connoisseur in the art of desperate publicity, and has been derided for announcing announcements and playing up his tenuous relationships with big-name businesses and investors.
But Metal Payments, as brazenly transparent as its ruse is, makes a fine case study.
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CORRECTION: The original article stated that the price of Metal’s tokens had declined during the last 30 days. In fact, the price trended upward during that time period.
The original article included a comment, attributed to an anonymous Metal token-holder, that a recently announced equity investment by Erik Finman in Metal was a “pseudo-announcement.” Although the comment was accurately reported, we decided to remove the comment due to a lack of corroboration.
The revised article also includes additional details regarding Metal’s “PoPP” reserve and certain concerns expressed by Metal token-holders regarding the company’s use of that reserve, as well as comments from a Metal spokesman.
San Francisco-based payments startup Metal Payments, which raised some $3 million in a token sale in June 2017, has been furiously reviving old news, possibly to boost the price of its flagging token, MTL.
At the same time, the startup has been accused of misusing whatever is left of its diminishing winnings to cash out and invest in dubious side projects.
Founded by Marshall Hayner in April 2016, Metal Payments launched on the promise that it would create 66,588,888 tokens, and distribute them across various projects—21,088,888 ($10,544,444) to founders and advisors at around $0.05 each; 3,378,000 to the founding team, for free; and 13,378,888 ($6,689,444) to an app development fund.
In addition, there were two pools of funds that Metal Payments said it would “set aside:” 2,000,000 for the Metal Foundation, which would fund charity projects; and 26,341,112 for a “proof of processed payments pool” (PoPP) designed to reward users for making payments.
When MTL was worth $14 on September 8, 2018, the total funds held briefly amounted to $364 million.
But by February, by which time Metal’s price had sunk significantly, Metal holders began to notice that funds were leaving the PoPP pool at a rate higher than advertised in the white paper. It was only in April that Hayner disclosed in a Medium post that he had appropriated funds from the payments pool and the foundation to fund the “core metal team." Metal Payments executives then proceeded to move those funds and sell them on the market.
Holders were confused. “This was meant to be an untouched resource with maximum 7,200 taken out per day so pop would last,” wrote one investor on the company’s Discord channel. “Taking from the foundation and PoPP pool isn’t cool at all,” said another. “I don’t know how that isn’t illegal.”
In the last thirty days (as of publication), over 2.8 million MTL tokens have left the PoPP pool, according to Etherscan, worth around $1 million. And in May, the company paid an undisclosed amount for “Crumbs,” a now-defunct micro-investing app Hayner had previously invested in, sparking further concerns from holders.
Though it has slightly gone up over the past month, the Metal token’s price remains at just over half its value in April.
Now Metal is apparently doing whatever it can to resurrect its token’s ailing price. Over the past few weeks, the company has been breathlessly re-releasing old announcements—some dating back to 2017—via one of its primary investors, the popular “teen bitcoin millionaire” Erik Finman, leading to brief spikes in MTL’s value.
And it’s worked.
On August 19, for instance, Finman announced the launch of the “Metal Pay” app, positioning it as a competitor to Facebook’s planned digital currency, Libra. MTL’s price grew from $0.30 to $0.34 on the news, but it needn’t have—Metal Pay officially launched in September of last year.
Meanwhile, on August 21, Finman announced that MTL would be listed on Binance, an enormous exchange known for doubling the value of newly listed tokens. Again, the news shook the price, sending it from $0.36 to $0.46—but in reality, MTL had been listed on the exchange since October 2017.
Again and again, Metal promoted old news as new. Finman announced on August 24 that Metal was hiring, but the relevant job listings have been online for several months. And on August 25, Finman announced that Metal was moving into a new office—offices that, according to screenshots seen by Decrypt, the company has occupied since March. (“The tour of the new office was not triggered by moving in, and the announcement did not mention ’moving in,’” a Metal spokesman said after this story was published. “But by unpacking, cleaning, and decorating the office, Metal readied it for public presentation and video tour.“)
As this has played out over the past thirty days, MTL’s price has trended marginally upwards—but the amount left in the PoPP pool has dwindled further.
We reached out to Metal Payments, and a spokesman explained that many of the reiterative announcements had been addressed to new users. And indeed this is true—for the Binance “announcement,” both Finman’s video and an accompanying press release addressed these “new users,” citing “all the press we got this week” as the impetus. But isn’t Finman’s tweet—titled simply, “ANNOUNCEMENT: We’re listed on Binance”—still misleading?
In response, the spokesman just directed us back to Finman’s video.
We asked also about Finman’s “announcement” of Metal Pay, which actually launched late last year. To this, the spokesman said that the original launch had in fact been of Metal Pay’s “beta” service. But the original press release made no mention of a beta launch, and Finman, in his announcement, made no such mention either. Asked about this, the spokesman did not respond for further comment.
Neither Finman, nor Hayner, responded for comment.
Of course, running dubious publicity campaigns to boost investor sentiment is nothing new in the cryptocurrency space. So-called third-generation blockchain startup IOTA, for instance, said in late 2017 that it had partnered with Microsoft, when it had actually just subscribed to the tech giant’s online cloud service, Azure. Tron’s Justin Sun, meanwhile, has become something of a connoisseur in the art of desperate publicity, and has been derided for announcing announcements and playing up his tenuous relationships with big-name businesses and investors.
But Metal Payments, as brazenly transparent as its ruse is, makes a fine case study.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Fintech startup Revolut is helping its users diversify their portfolios in the midst of a global financial meltdown. The financial platform that allows users to buy cryptocurrency is adding a new feature for premium users. Premium and Metal customers now access gold exposure from the Revolut app.
The fintech company is teaming up with the London Bullion Market Association to ensure that the money invested by users in gold exposure is backed by actual, physical gold. Users can access gold exposure through the app’s new commodities functionality.
The company’s precious metals product owner, Ivan Chalov, says that Revolut is limiting the barriers to entry to gold.
“Much like investing in the stock market, many have felt closed off from obtaining access to gold, finding it difficult to know where to begin. We’ve made sure that obtaining access to gold exposure is as simple and low cost as possible, with users being able to trade at amounts that suit them.”
By using fiat currency or cryptocurrency, the platform’s users can input the amount they want to invest. The app displays the available amount of gold exposure based on the current market price. Users can also convert their gold exposure to cryptocurrency or fiat currency at any time.
Tron, a blockchain-based decentralized platform just announced its partnership with a digital payment processing app called Metal Pay.
The resulting collaboration will allow US citizens to instantly acquire Tron (TRX) through the Metal Pay app through credit or debit card payments, providing a fiat-to-crypto on-ramp to TRX in the United States. On the other hand, Metal Pay also has its own native token— Metal (MTL) which it offers as a reward token to users who transact on the platform.
The development is one of a series of recent partnership efforts by the Tron Foundation and its CEO Justin Sun to improve TRX adoption in the US—helping to make cryptocurrencies more accessible to those without a detailed understanding of the industry.
Significance of the Partnership
Tron and Metal Pay can be considered established, but growing platforms in the cryptocurrency space, since both projects were launched in 2017.
Both Tron and Metal Pay launched in an industry dominated by major players that had been operating for several years already—as such, the odds were not in their favor to succeed. For example, Tron’s biggest competitors included blockchain giants like Ethereum, Cardano, Qtum and more, whereas Metal Pay was up against payment processing giants, including Square, Venmo and Payoneer.
Few people know just how easy it is to send cryptocurrency to friends.
On Metal Pay, you never pay a fee for sending crypto to another Metal Pay user.
No need to type in a messy wallet address - just tap a contact and you’re good to go.
Crypto was always meant to be this easy.
— Metal Pay (@metalpaysme) March 14, 2020However, despite the competition, both Tron and Metal Pay have risen up to become successful platforms in their own rights, by offering a range of features that appeal to practically everyone. On one hand, Tron offers a free content sharing platform that can be leveraged by anyone, anywhere, while Metal Pay makes sending payments more rewarding by providing up to 5% rewards on eligible transactions.
This partnership signifies the rising tide of blockchain-based projects and their entry into traditional finance, by allowing Metal Pay customers to easily purchase and sell TRX (and 26 other cryptocurrencies), and transfer it to their friends and family just as easily as sending a text message.
The Tron Foundation Presses Forward
As previously mentioned, this partnership is just one of many recent partnerships and collaborative efforts made by the Tron Foundation, the organization behind the development of the Tron ecosystem.
In the last year alone, Tron has formed partnerships with several major projects and platforms—all with the goal of ushering in the mass adoption of cryptocurrencies, including TRX in particular.
One of the most notable recent efforts made by Tron include its recent arrangement with Samsung, which saw TRX integrated into Samsung’s proprietary Blockchain Keystore wallet—thereby allowing Samsung users to easily store their TRX private keys within a secure vault-like environment on their mobile device.
Another prominent partnership was announced by Poloniex back in November, a popular US-based crypto trading platform which recently listed TRX to its retail trading platform. This resulted in TRX being listed on the exchange against several other established cryptocurrencies, including Bitcoin (BTC), Tether (USDT) and USD Coin (USDC). Poloniex also acquired Tron’s decentralized exchange platform TRXMarkets after being spun out from parent company Circle.
Tron has also been heavily featured by online gaming platforms and casinos such as Sportsbet and Bitcasino, courtesy of its partnership with the Coingaming Group.
It was an honor meeting the legendary Woz, @Apple co-founder! Looking forward to our partnership! https://t.co/Y1faA9UCcy
— Justin Sun (@justinsuntron) January 22, 2020Although these achievements are already impressive enough, they might just be the tip of the iceberg compared to what comes next. According to a recent tweet by the CEO of Tron, a partnership with Steve Wozniak might be in the works. Widely regarded as one of the modern pioneers of personal computing, onboarding Wozniak or forming an arrangement with him could be a strong indicator of further success—after all, look how Apple turned out.
All-in-all, the staggering rate at which Tron has made acquisitions, gotten listed on major exchanges and ramped up its presence in the US is a good part of the reason why it’s currently one of the largest blockchain platforms in existence, and the second most popular blockchain for decentralized application (dApps).
Digital money transfer business Metal Pay has partnered with TRON, making the TRX token available to users of the instant money service. As a result of the partnership, TRX will be fully integrated into Metal Pay’s mobile application, enabling TRON’s native token to be purchased using fiat currency via debit card or checking account.
In addition, TRON users can earn up to 5% cashback in MTL tokens on eligible transactions for sending and receiving USD using the Metal Pay app. The partnership between Metal Pay and TRON means TRX will be accessible to US citizens, who now have a way to purchase TRX instantly when paying with Visa. Metal Pay also enables crypto-to-crypto conversions between the 20+ cryptocurrencies it supports. Users can swap in and out of TRX with the Metal Pay app, while gaining exposure to digital assets such as BTC, ETH, and MTL.
TRON’s addition to Metal Pay provides its community with a bold new DeFi platform. Home to a variety of developers, dApps, and more, the products that Metal is building will accelerate the growth of the cryptocurrency ecosystem. I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited for the chance to work with them as we build the future.” said Marshall Hayner, Founder of CEO, Metal pay.
Metal Pay provides a simple means of sending money to friends and family. The app’s intuitive and user-friendly layout makes it easy for beginners to start sending and receiving money and serves as a gentle onramp to the world of cryptocurrency. At a time when much of the global population is in lockdown, the need to be able to digitally send cash between friends and family, quickly and affordably, has never been greater. Metal Pay makes that possible.
“Whether it be for users or developers, we care about convenience before everything,” says Justin Sun, CEO and Founder of TRON Foundation. “We will always serve our community by providing users with secure, fast, and simple access to TRX. With Metal Pay, we have created the fastest TRX transaction infrastructure while maintaining world-class security.”
TRON’s decentralized blockchain’s high throughput, low-cost transactions, and low barriers to entry have exposed millions of users to cryptocurrency for the first time. Metal Pay’s integration will further extend these benefits to a growing global audience, while further demonstrating the versatility of cryptocurrency.
Blockchain firm Tron has taken another step to encourage cryptocurrency adoption. This time, it has partnered with Digital money transfer company Metal Pay to enable instant buying of TRX in the United States.
Henceforth, U.S based TRX fans can easily buy the token on the Metal Pay mobile app using their Visa debit cards or checking account. TRX can also be used to exchange the over 20 cryptocurrencies that are supported on the app.
Metal Pay provides cutting edge technology for its users to instantly send money to friends and family using their phone number. The app rewards users with the Metal native token, MTL which can be easily converted to the U.S Dollars when they carry out eligible transactions. Henceforth, Tron users in the U.S will also get 5% cashback in MTL tokens on eligible transactions as an incentive when they send and receive USD with the app.
The simple user interface and ease of sending and receiving money allow even users with the least experience in the use of cryptocurrencies to seamlessly use the app to buy and exchange TRX.
Metal Pay currently supports major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) which can be used to trade TRX all within the app. This provides the convenience that the Tron ecosystem seeks to bring to its users and developers as confirmed by the platform’s founder and CEO, Justin Sun. In his words, he said:
“Whether it be for users or developers, we care about convenience before everything. We will always serve our community by providing users with secure, fast, and simple access to TRX. With Metal Pay, we have created the fastest TRX transaction infrastructure while maintaining world-class security.”
The Founder and CEO of Metal Pay, Marshall Hayner in his own statement said Tron’s huge potential as a blockchain company is what drives Metal Pay to collaborate with it to build a better ecosystem for the future.
”I believe that TRON shows incredible promise for blockchain technology and decentralized systems, and I’m excited for the chance to work with them as we build the future,” he said.
At a time when contactless payment is being encouraged by the World Health Organisation to curb the spread of the dreaded COVID-19 pandemic, this partnership couldn’t have come at a better time for TRX users.
Also, it will further widen the reach of cryptocurrency in the U.S and in general as more people get to interact with digital assets. Tron has a mission to decentralize the web and make digital currencies available for all to access and this is a great step towards achieving this goal.
Cryptocurrency exchange Coinbase announced in its statement that it will not support the transition of the Metal DAO (MTL) altcoin to its layer-2 blockchain network and will stop trading for this altcoin on its platform on June 14.
Metal DAO (MTL) announced that it would abandon the Ethereum blockchain and migrate to its own layer-2 blockchain, Metal L2, via an airdrop.
The exchange announced that the tokens in question will continue to be withdrawn by users despite the delisting process. However, users need to perform some procedures to switch to the new network by receiving an airdrop from the Layer-2 network.
According to the statement made by Coinbase, the token holders in question must move their MTL tokens on the exchange to cold wallets by June 23 in order to be eligible for the new token airdrop. According to the statement, users who do not move their assets to cold wallets will not be able to access their assets in the new network.
*This is not investment advice.
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Binance has announced support for the upcoming Metal DAO (MTL) mainnet exchange. To facilitate this transition, all deposits and withdrawals of legacy MTL tokens will be suspended starting at 05:00 on June 24, 2024.
Binance Metal to Support DAO (MTL) Mainnet Exchange Users are advised to ensure that their old MTL token transactions are fully processed before this suspension.
Spot trading, margin trading, futures trading and Binance Earn services will not be affected during the mainnet switch. Binance will manage all technical requirements for the mainnet exchange on behalf of its users.
The swap will convert all old MTL tokens into new MTL tokens at a 1:1 ratio. After the swap, deposits and withdrawals of legacy MTL tokens will no longer be supported.
Once the swap is complete, Binance will publish a separate announcement informing users about when the new MTL tokens can be deposited and withdrawn. Users can refer to the project team's official announcement for additional details.
This mainnet swap represents a significant upgrade for Metal DAO, and Binance's support ensures a smooth transition for all users involved.
*This is not investment advice.
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Binance will support Optimism (OP) and Metal DAO (MTL) network upgrades and hard forks.
PANews reported on November 27th that, according to an official announcement, Binance will support the Optimism (OP) and Metal DAO (MTL) network upgrades and hard forks. The Optimism (OP) and Metal DAO (MTL) networks are expected to undergo upgrades and hard forks on December 3rd, 2025 at 00:00 (UTC+8). Binance expects to suspend token deposits and withdrawals on these networks on December 2nd, 2025 at 23:00 (UTC+8).
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Morgan Stanley raises Micron's price target to $1,200, maintains 'Overweight' rating.
Morgan Stanley released a report raising Micron Technology (MU.O)’s price target from $1,050 to $1,200, while maintaining an "Overweight" rating. The investment bank lifted its fiscal 2027 earnings per share (EPS) forecast for the chipmaker by roughly 40% to $168, and upgraded its free cash flow (FCF) projection from $104 billion to $140 billion. Aligning with Micron’s management, the bank holds that AI will push DRAM demand to consistently outpace supply significantly after 2027. Micron’s last fiscal quarter results matched this trend, with both its quarterly performance and outlook showing notable upside potential.
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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%.
Binance, a leading crypto exchange, has informed the delisting of spot trading pairs for several tokens, sparking speculations. The tokens are Fusionist (ACE), AC Milan Fan Token (ACM), Book of Meme (BOME), Dymension (DYM), Metal DAO (MTL), Pixels (PIXEL), QuarkChain (QKC), Radworks (RAD), and Renzo (REZ). Among these, QuarkChain (QKC) saw the steepest decline, dropping 12%. This move reflects Binance’s commitment to ensuring market quality, sparking varied reactions across the market.
Binance Announces Delisting Of BOME, ACE, & Others Binance announced on December 24 that it would remove 11 trading pairs. The affected trading pairs include ACE/BTC, ACM/TRY, BOME/BTC, DYM/BTC, MTL/TRY, PIXEL/BNB, PIXEL/FDUSD, QKC/BTC, RAD/BTC, REZ/FDUSD, and TUSD/TRY.
The exchange said that the base and quote assets of these tokens will still be available for trading through other spot pairs. Additionally, the top crypto exchange said that it would terminate its Spot Trading Bots for these pairs on the same date.
Meanwhile, the delisting will take effect at 03:00 (UTC) on December 27. Users should cancel or update their Spot Trading Bots to avoid potential losses. The exchange reiterated that delisting specific trading pairs does not affect the availability of the underlying tokens on its platform.
Will The Crypto Prices Dip Ahead? The Binance delisting announcement has sparked varied market reactions across the 10 affected tokens. Fusionist (ACE) price saw a modest 4% increase, trading at $2.157, with a 24-hour low of $2.015 and a high of $2.218. Similarly, AC Milan Fan Token (ACM) price climbed 4% to $1.634, with lows and highs of $1.566 and $1.645, respectively.
Book of Meme (BOME) price gained approximately 5%, trading at $0.0065, supported by a $450M market cap. Dymension (DYM) price experienced a 6% rise, trading at $1.50, with its 24-hour low and high recorded at $1.40 and $1.542. Metal DAO (MTL) price mirrored the positive trend, climbing 6% to $1.20, driven by a $94M market cap.
Pixels (PIXEL) price saw a 4.6% uptick, reaching $0.16. However, not all tokens benefited, as QuarkChain (QKC) price suffered a steep 12% decline, trading at $0.0112. Minor gains were recorded for Radworks (RAD) at $1.256 and Renzo (REZ) at $0.036, each with a modest 2% increase.
Historically, Binance delistings have had severe impacts on token performance. For instance, Heroes of Mavia (MAVIA) price fell by 28%, OMG Network (OMG) price dropped by 15%, and BarnBridge (BOND) price plummeted by 80% within a month of being delisted. These cases demonstrate how delistings often lead to panic selling, reduced liquidity, and long-term price declines, causing significant concerns for investors in affected tokens.
Key NotesBinance plans on temporarily suspending deposits and withdrawals on some networks.Users will not be able to deposit and withdraw tokens based on Ethereum networks during this period.Trading is not affected by the suspension. Cryptocurrency exchange Binance intends to briefly halt deposits and withdrawals for select tokens on May 7, 2025, starting around 09:45 (UTC), in order to accommodate the Ethereum network upgrade and hard fork, aiming to maintain optimal user experience
Binance disclosed that it plans on temporarily suspending the deposits and withdrawals of tokens based on the following networks “Ethereum (ETH), Arbitrum (ARB), Optimism (OP), zkSync Era (ZKSYNC), Base (BASE), Manta Network (MANTA), Starknet (STRK), Polygon (POL), Metis (METIS), Scroll (SCR), Cyber (CYBER), Metal DAO (MTL), Celo (CELO) and Worldcoin (WLD)”.
This temporary suspension is intended to support the smooth execution of the Ethereum network upgrade and hard fork. According to the announcement, only deposits and withdrawals will be impacted, while trading on the affected networks will remain operational. Binance also stated that it will manage all technical aspects on behalf of its users.
The crypto exchange added that once everything is “deemed to be stable”, the deposits and withdrawals for the select tokens will begin.
Hard forks typically result in the creation of a separate blockchain that runs alongside the original one. All current nodes and miners must transition to the new chain. Hard forks are used to improve the functionality of the network, such as fixing security vulnerabilities, introducing new functionalities, upgrading the cryptocurrency’s core system, or undoing previous transactions.
Past and Future Network Upgrades The crypto exchange will also suspend the withdrawals and deposits for the Optimism and Metal DAO networks on May 9. Once the update is completed, withdrawals and deposits will begin automatically without additional announcements.
Previously, the crypto exchange has temporarily disabled deposit and withdrawal functions across various networks to facilitate upgrades and hard forks. For instance, transactions involving tokens on the THORChain (RUNE) network were paused on May 1 at 14:00 (UTC) to support a scheduled upgrade.
Similarly, on May 5, at around 06:00 (UTC), Binance suspended deposits and withdrawals for tokens on the IPTA network to accommodate its network enhancement and hard fork.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Rose is a crypto content writer with a strong background in finance and tech. She simplifies complex blockchain and cryptocurrency topics, offering insightful articles and market analysis to help readers navigate the evolving crypto landscape.
