It is a common narrative in the digital asset industry that most of the time, Bitcoin is responsible for driving the market on a bullish surge. This is largely due to the fact that presently, Bitcoin dominates the crypto-market cap, with a dominance index of 66.3%, at press time.
However, over the past week, the tables may have turned a little in favor of the altcoins, with these crypto-assets outperforming the world’s largest cryptocurrency in some aspects.
According to Arcane Research, Bitcoin’s market-cap-weighted index has lagged behind mid-caps and small-caps, since the start of the year.
Source: Arcane Research
It can be observed that the Mid-cap crypto-index has led the way since 1 January, recording a collective growth of 47.19 percent. According to Weiss Mid-Cap Crypto Index, the registered growth is above 50 percent, at press time.
Weiss Crypto ratings for the Small-Cap Crypto-Index have been incurring a positive rise as well with a return of over 35% in 2020. The likes of Komodo, Sia, HyperCash, and Bitshares have earned a major bullish advantage over the bullish period.
For Mid-Cap altcoins, Dash has been a significant performer with a registered hike of over 100 percent. In fact, the growth briefly allowed Dash to break into the top 10 of the world’s top crypto-assets, before the altcoin failed to consolidate higher. Dash has registered a significant drop since, and it is down to 16th on the cryptocurrency rankings charts.
Bitcoin, however, has lagged behind all the indexes in 2020 as it registered a spike of only 21 percent in 2020. Moreover, it was also reported that BTC lost over 3 percent of its total market share over the past week, dropping down to 66% from 69% in terms of market dominance.
PANews reported on June 9th that BitMEX co-founder Arthur Hayes published an article titled "Reality Test," in which he systematically elaborated on his bearish views regarding the bursting of the AI bubble and the subsequent trend of the crypto market. Hayes believes that the conflict between the US and Iran has led to rising oil prices, which in turn has pushed up energy costs, ultimately harming the profit margins of AI companies and suppressing their growth expectations. He points out that the upcoming IPOs of the three major AI giants—SpaceX, Anthropic, and OpenAI—are overvalued, and the market cannot absorb such a massive supply, which will be one of the key factors in bursting the AI bubble. In addition, in order to address voters' dissatisfaction with inflation, Trump may adopt anti-AI rhetoric and policy stances in an election year, which will trigger market turmoil.
Based on this assessment, Hayes revealed that his fund, Maelstrom, has liquidated its positions in HYPE, NEAR, WLD, and ZEC. He stated that he will continue to hold Bitcoin and Ethereum, believing that Ethereum lacks dynamism but remains usable, while also establishing tactical short positions through derivatives to meet trading needs. Hayes believes that Bitcoin will decline in the short term due to the AI bubble, but will ultimately benefit from the post-crisis liquidity easing and rise.
Zcash has completed a two-phase emergency network upgrade to fix a critical vulnerability in its Orchard shielded pool — a flaw that sat undetected for four years, could theoretically have allowed unlimited undetectable counterfeit ZEC creation, and triggered a 50% price collapse before the network’s swift response began restoring confidence and driving a recovery in ZEC’s price.
Josh Swihart, CEO of Electric Coin Company — the primary developer of Zcash — posted on X on June 7 confirming the fix was complete and the network secure, as ZEC began its recovery from the lows reached after the vulnerability’s disclosure.
The post arrived at a critical moment for the asset: ZEC had crashed approximately 50% from a June 4 peak of $624 to $309 on June 5, wiping more than $3 billion from its market capitalization, per the BitMEX Blog’s documented timeline of the incident.
ZEC's price trends to the upside over the past 48 hours, as seen on the daily chart. Source: ZECUSD on Tradingview How The Zcash Bug Was Found — And What It Was The vulnerability was discovered on May 29, 2026 by security researcher Taylor Hornby during a protocol audit commissioned by Shielded Labs. Hornby identified a “soundness” flaw in Zcash’s Orchard zero-knowledge proof circuit — specifically an under-constrained element in the Orchard Action circuit that could allow invalid state transitions, creating a theoretical double-spending risk within the shielded pool.
The discovery was made using Anthropic’s Claude Opus 4.8 AI model alongside a custom analysis suite, per Shielded Labs’ official disclosure. Hornby and the AI developed a working proof-of-concept that successfully generated unlimited, completely undetectable counterfeit ZEC in a local test environment — described by one independent analyst as “about the worst kind of bug a cryptocurrency can have,” per Yahoo Finance’s reporting of the disclosure.
Critically, the flaw did not permit inflation of the total ZEC supply on the live network. Zcash’s internal turnstile accounting mechanism — which tracks the total value moving into and out of the shielded pool — confirmed no unauthorized value creation occurred while the flaw was active, per Shielded Labs’ official statement.
However, the organization acknowledged directly that due to the privacy properties of Orchard and the nature of the bug, there is no definitive cryptographic way to determine whether exploitation occurred — a limitation inherent to the shielded pool’s design that became its own source of market concern. The vulnerability had been present since Orchard’s activation in May 2022 — four years — without detection.
The Emergency Response Zcash’s development ecosystem responded with unusual speed. The first phase was an emergency soft fork deployed through Zebra 4.5.3, activated at block 3,363,426 on June 2, which temporarily disabled all Orchard transactions to remove the attack path while developers prepared the permanent fix.
Transparent and Sapling transactions continued operating normally throughout, per the Zcash Foundation’s official announcement on X. The second phase arrived on June 3 through the NU6.2 hard fork — activated at block 3,364,600 via Zebra 5.0.0 — which introduced a corrected circuit and a new verifying key, patching the flaw and re-enabling Orchard transactions, per the Foundation.
The market’s initial reaction to the hard fork was positive. ZEC rose from $544 on June 2 to $603 on June 3, continuing to $624 on June 4 — its highest level since the rally began. Then Arthur Hayes publicly disclosed he had exited his entire ZEC position intraday on June 4 — the same day as the peak — citing five macro factors including higher energy prices and upcoming AI IPOs, per his X post covered in prior reporting. The combination of Hayes’ exit and lingering uncertainty about whether exploitation had occurred before the patch sent ZEC to $309 on June 5.
The Recovery And What It Means Swihart’s June 7 X post — reassuring the community that total ZEC supply remained intact throughout and that the network had passed through the emergency without confirmed exploitation — appears to have been the catalyst for the recovery now underway. The swift two-phase response, combined with the Foundation’s transparent disclosure and Swihart’s direct communication, provided the confidence signal the market needed.
This development marks a pivotal and genuinely uncomfortable moment for Zcash’s long-term positioning in the nascent sector. A four-year-old vulnerability in the Orchard pool — the very component that defines ZEC’s core privacy value proposition — has been fixed cleanly and without confirmed exploitation.
But the structural irony that the privacy properties that make Zcash valuable also make it impossible to confirm the vulnerability was never used will remain a question mark the community will need to address as the recovery continues.
As of this writing, ZEC trades at around $430, recovering from its June 5 lows as confidence in the network’s security response gradually rebuilds.
Cover image from Grok, ZECUSD Chart from Tradingview
Arthur Hayes has turned sharply defensive on risk assets, warning that an AI stock-market unwind could spill into crypto before Bitcoin eventually benefits from the liquidity response that follows. In his June 9 essay “Reality Test,” the BitMEX co-founder said Maelstrom has cut several crypto positions while keeping Bitcoin and Ether as core holdings.
Hayes’ argument starts outside crypto, with oil. He frames the US-Iran conflict and reduced Strait of Hormuz traffic as the central macro variable for markets, arguing that higher hydrocarbon prices could feed inflation, constrain US political options and pressure the AI trade that has dominated capital allocation since late 2022.
“We start with oil and end with an election in Pax Americana,” Hayes wrote. “This story arc could produce a situation whereby the AI stock bubble pops and takes the entire crypto complex down with it. When the dust settles, then and only then, can Bitcoin rise from the ashes.”
Hayes Turns Bearish On Crypto And Risk Assets The core of Hayes’ thesis is that AI has absorbed the dollar liquidity that, in previous cycles, might have flowed more directly into Bitcoin and crypto. He notes that Bitcoin rose from around $15,000 after the FTX collapse to roughly $125,000 by October 2025, but says AI equities still outperformed, led by Nvidia’s 11x move over the same period. Since Bitcoin’s all-time high, he says BTC is down 50%, while Nvidia has still risen about 10%.
Hayes argues this divergence reflects where new fiat liquidity actually went. By his estimate, AI-related companies issued roughly $1.5 trillion of debt since November 2022, matching the $1.5 trillion increase in M2 over the same period. He adds that $1.3 trillion of that AI debt issuance occurred from 2025 onward, just as Bitcoin’s rally stalled.
“AI sucked up all created dollars,” Hayes wrote. “Bitcoin never had a chance.”
That is why, in his view, an AI correction would not immediately be bullish for crypto. Hayes expects a sharp drawdown in AI stocks to damage bank lending, tighten credit and destroy speculative capital before policymakers respond with fresh liquidity.
“Bitcoin cannot rally in the short term if the entire world takes serious losses from the deflation of the AI bubble globally. Eventually, it will bottom, then rise as Bitcoin forecasts an increase in liquidity to put Humpty Dumpty back together again. But right now, it’s about protecting one’s crypto capital.”
Hayes identifies three potential catalysts for the AI bubble to break: higher energy costs, supply pressure from major AI-linked IPOs, and anti-AI rhetoric from Donald Trump as election politics intensify. He argues that rising oil and natural gas prices directly raise the cost of producing AI tokens, compressing margins for model companies such as Google, Anthropic and OpenAI. If usage growth slows and earnings assumptions weaken, he says the market could begin questioning future data-center capex.
The IPO calendar is another pressure point. Hayes says SpaceX, Anthropic and OpenAI could test the market’s ability to absorb enormous supply at elevated valuations. He focuses in particular on SpaceX, writing that its S-1 implies investors would pay roughly 100x sales, with only 4% to 5% of shares floated initially. He says SpaceX would immediately become a $1.8 trillion company, ranking seventh globally by market cap, while its float could increase fivefold by early September.
Hayes also sees the Federal Reserve as unlikely to rescue risk assets immediately. He says the two-year Treasury yield trading more than 0.5 percentage points above the effective fed funds rate implies the market is pricing pressure for tighter policy, not cuts, ahead of the June 16-17 meeting. A “hawkish hold,” in his view, would add another headwind to AI equities and crypto.
The portfolio response has already started. Hayes said Maelstrom has moved long US-listed energy producers and exited several non-core crypto positions. “I dumped HYPE, NEAR, and WLD last week,” he wrote. “I also dumped ZEC because of the Orchard Pool bug. I wish I didn’t have to do that, but capital preservation is more important than capital appreciation.”
Bitcoin and Ether remain. Hayes described Ether as “dead but functional,” saying he has no immediate reason to liquidate it. For Bitcoin, his base case is more volatile: a near-term drawdown if the AI bubble bursts, followed by a stronger rebound once the financial system requires another major liquidity injection.
At press time, BTC traded at $62,638.
Bitcoin bulls must reclaim the 200-week EMA, 1-week chart | Source: BTCUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com
Bitcoin has soared above the $66,000 mark thanks to the easing of U.S. and Iran conflict. However, the BTC rally could be in danger due to Warren Buffett’s massive $397 billion fiat reserve.
How Warren Buffett’s Cash Pile Could Affect Bitcoin As per a report by BitMEX, the $397 billion position of Warren Buffett in cash and Treasury bills might have a downside effect on Bitcoin’s rally. The huge fiat stack is often viewed as an indicator of the lack of risk appetite across the global markets.
$397 billion. That’s the size of @WarrenBuffett cash pile. 14 consecutive quarters of selling.
At the 2026 Berkshire AGM, Buffett didn’t hold back: “We've never had people in a more gambling mood than now.”
The casino is winning. Here is what that means for crypto 🧵 pic.twitter.com/xqQN4LgIB5
— BitMEX (@BitMEX) June 15, 2026
After 14 straight quarters of net equity sales, Berkshire Hathaway has built up its cash to a record level. The report attributed the change to a tendency to be more cautious on risk assets as valuations are still elevated across markets.
BitMEX pointed out Warren Buffett’s views on the current market sentiment. During the Berkshire Hathaway’s annual meeting, he said “We’ve never had people in a more gambling mood than now.”
He went on to add that “the casino has gotten very attractive to people.” His comments had already weighed on the equity and crypto market sentiment earlier.
The report noted that, based on the market structure, Bitcoin is more sensitive to changes in the market mood than equities. The major scale difference it pointed to was the S&P 500 is valued at nearly $64 trillion and trades a volume of $200 billion every day. Meanwhile, Bitcoin is valued at around $1.2 trillion and has an average daily trade volume of $30 billion.
The correlation between Bitcoin and S&P 500. Source: BitMEX This difference, BitMEX explained, means that macro shocks impact Bitcoin in a more pronounced way. It added that a 10% decline in S&P 500 could signal a bigger downturn for Bitcoin. It’s because BTC is now becoming increasingly correlated with other assets and leveraged liquidations.
The BTC-S&P 500 Correlation Factor The report also cited Bitcoin’s “equity correlation.” BitMEX concluded that the BTC–S&P 500 correlation did not consistently trend upward over 2026, but rather experienced many peaks and valleys. Correlations, however, tend to increase during market stress, which can lead to an increase in the spillover risk.
Data on Buffett indicator. Source: BitMEX The Buffett Indicator, which measures total capitalization of the U.S. stock market against GDP, was another key indicator mentioned. In the past, Warren Buffett has called it “probably the best single measure of where valuations stand at any given moment.”
In recent times, the ratio is currently at over 210%, which is cited as a sign of overvalued equities in past cycles, BitMEX noted. Per historical data, the market has mostly witnessed a downtrend if the indicator hit such levels.
The report pointed out that the same circumstances have come before the previous market stresses. For context, Berkshire’s cash balance before the 2008 financial crisis of about $70 billion and about $128 billion prior to the pandemic shock of 2020.
Overview of Warren Buffett’s cash reserves at market peaks. Source: BitMEX Today’s $397 billion reserve is much more than the previous figures. Hence, it could put the equity markets under pressure. This sentiment could trickle down to Bitcoin and the overall crypto market owing to the strong correlation.
However, Buffett, who has long been critical of Bitcoin and previously derisively labeled it as “rat poison squared,” hasn’t issued a direct statement about crypto and his current holdings.
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A crypto wallet that may belong to BitMEX co-founder Arthur Hayes has purchased 3,000 ETH worth roughly $5.42 million just after a US-Iran peace deal lifted sentiment across digital asset markets.
Hayes-Linked Wallet Received 3,000 ETH According to Lookonchain, the wallet possibly tied to Hayes received the 3,000 ETH from market maker Flowdesk on June 15. “A wallet possibly linked to Arthur Hayes received 3,000 ETH ($5.42M) from Flowdesk an hour ago,” the on-chain tracker wrote on X.
The purchase stands out given Hayes’s recent posture. Over the past two weeks, the Maelstrom chief investment officer had been cutting risk aggressively.
In his “Reality Test” essay published June 8, he liquidated his Hyperliquid, Near Protocol and Worldcoin holdings and exited Zcash, calling the moves defensive. He framed the selling as macro de-risking rather than a loss of faith in the projects, and kept Bitcoin and Ether as core holdings.
Even while trimming altcoins, Hayes has stayed structurally bullish on Ethereum. In a June 2026 thesis, he projected ETH reaching $10,000 to $20,000 before the end of the current cycle, citing macro liquidity expansion and Ethereum’s role as the collateral layer for DeFi.
The timing also comes amid a shift in the macro backdrop. On Sunday, President Trump declared the Iran deal complete, authorizing the reopening of the Strait of Hormuz and the removal of the US naval blockade, with a formal signing ceremony set for June 19 in Switzerland.
Bitcoin Tops $66.5K as Trump Says Hormuz Shipping Resumes As reported, Bitcoin surged past $66,500 on Monday after Donald Trump posted on Truth Social that maritime traffic through the Strait of Hormuz had resumed more freely. He wrote that ships, many loaded with oil, were moving out of the strait along a southern route he described as safe and secure.
The remarks signaled improving shipping flows through a critical chokepoint for global crude, sparking a risk-on mood that pushed BTC up 3.5% to $66,570 at press time, leading gains across major cryptocurrencies.
Crude oil prices, meanwhile, dropped 5.13% to $80.53 per barrel. The inverse relationship matters. When oil spiked above $100 during the height of the conflict, Bitcoin had crashed below $60,000 as capital fled risk assets. With supply fears now easing, some analysts believe the strait’s reopening could have a lasting positive effect on Bitcoin and the wider crypto market.
Still, the broader market reaction has been guarded. Traders remain skeptical of a lasting turnaround, with more than $4.8 billion having exited US Bitcoin ETF products since May, and previous Middle East ceasefires this year collapsed before holding.
Ethereum has surged nearly 6% and attracted fresh whale buying after a reported U.S.-Iran peace agreement improved risk sentiment across global markets.
Summary
A wallet reportedly linked to Arthur Hayes received 3,000 ETH worth $5.42 million as Ethereum rallied following news of a U.S.-Iran peace agreement. Ethereum climbed nearly 6%, while another whale, geministar.eth, accumulated 21,136 ETH worth about $37 million from Binance. Technical indicators show ETH breaking above a multi-week downtrend, with analysts eyeing the $1,850-$1,860 resistance zone. According to on-chain tracker Lookonchain, a wallet possibly linked to BitMEX co-founder Arthur Hayes received 3,000 ETH worth approximately $5.42 million from market maker Flowdesk on June 15. The transfer came as Ethereum rallied alongside other cryptocurrencies following signs that tensions in the Middle East may be easing.
The purchase follows a period in which Hayes had been reducing exposure to several altcoins. In his June 8 essay titled Reality Test, the Maelstrom chief investment officer disclosed that he had sold positions in Hyperliquid, Near Protocol, Worldcoin, and Zcash.
Hayes described the moves as a defensive response to macroeconomic risks rather than a rejection of those projects, while noting that Bitcoin and Ethereum remained among his core holdings.
Ethereum extends gains as risk appetite returns Support for risk assets strengthened after U.S. President Donald Trump announced that a peace deal with Iran had been completed. Trump said shipping traffic through the Strait of Hormuz had resumed and that vessels carrying oil were once again moving through what he described as a secure route.
The development triggered a sharp decline in energy prices. Crude oil fell more than 5% to around $80.53 per barrel, easing concerns that disruptions in one of the world’s most important energy corridors could fuel inflation and weigh on financial markets.
Ethereum responded strongly to the change in sentiment. At press time, ETH traded near $1,828 after climbing almost 6% over the previous 24 hours. The move pushed the asset to its highest level in more than a week and helped it outperform several major cryptocurrencies during Monday’s session.
Large investors appeared to be adding exposure during the rally. Separate data shared by Lookonchain showed that wallet address geministar.eth purchased 21,136 ETH worth roughly $37.05 million from Binance through a series of transactions on June 15.
Technical indicators point toward $1,850 test Price action has also improved from a technical perspective. On the daily chart, Ethereum has broken above a descending trendline that had capped rallies since late April. The move places ETH above the upper boundary of a bearish flag structure that had formed during the decline from roughly $2,400.
Ethereum daily price chart — June 15 | Source: crypto.news Momentum indicators have started to recover as well. The daily MACD has produced a bullish crossover, while the Chaikin Money Flow indicator has been moving higher, signaling that selling pressure is fading.
Additional upside could depend on whether Ethereum clears a key resistance zone near the 0.618 Fibonacci retracement level around $1,858. A successful move above that area would strengthen the argument that the recent breakout is invalidating the bearish flag pattern rather than confirming it.
Meanwhile, crypto analyst Ali Martinez pointed to a potential ascending triangle breakout on Ethereum’s four-hour chart. According to Martinez, confirmation of the pattern projects a move toward $1,850, placing the target almost directly in line with the resistance area currently being tested.
Even before the latest purchase, Hayes had maintained an optimistic outlook on Ethereum. In a June market thesis, he projected that ETH could reach between $10,000 and $20,000 before the current market cycle ends, citing expected liquidity growth and Ethereum’s position within decentralized finance.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
TLDR:Arthur Hayes ETH Purchase Emerges Through Flowdesk OTC TransferEthereum Trading Activity Picks Up as ETH Gains Momentum Arthur Hayes received 3,000 ETH worth about $5.42 million through a Flowdesk OTC transaction. On-chain records linked the transfer to a wallet previously associated with the BitMEX co-founder. The OTC structure reduced order book impact and avoided visible exchange-based buying pressure. Ethereum’s recent price strength has increased attention on large wallet accumulation activity. Arthur Hayes has added 3,000 ETH to a wallet linked to him, according to newly surfaced on-chain data. The transaction carried an estimated value of $5.42 million at the time of transfer.
Data shows the Ethereum was routed through Flowdesk’s over-the-counter trading desk rather than a public exchange. The move arrives as ETH records a strong daily gain and renewed activity across crypto trading markets.
Arthur Hayes ETH Purchase Emerges Through Flowdesk OTC Transfer Blockchain tracking data shared by Hupzy and sourced from Lookonchain showed a wallet associated with the BitMEX co-founder receiving 3,000 ETH.
📈 𝗔𝗿𝘁𝗵𝘂𝗿 𝗛𝗮𝘆𝗲𝘀 has purchased 𝟯,𝟬𝟬𝟬 𝗘𝗧𝗛 (~$𝟱.𝟰𝟮𝗠) via Flowdesk OTC, according to on-chain data. A wallet linked to the BitMEX co-founder received the ETH roughly an hour ago.https://t.co/xU3uC6VXE8
𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Hayes has a track record of large,… pic.twitter.com/XeA3xEQPCM
— Hupzy (Spot On Chain) (@hupzy_agent) June 15, 2026
The transfer occurred roughly one hour before the transaction was highlighted on social media. On-chain records indicate the assets were delivered through Flowdesk’s OTC infrastructure.
Unlike exchange-based purchases, OTC transactions allow large buyers to acquire assets without placing sizable orders on public order books.
That approach can help reduce market impact during execution. It also limits visible buying pressure that often accompanies large spot purchases.
The wallet identified in the transaction has been linked to Hayes through previous blockchain activity. The transfer therefore attracted attention across crypto trading communities.
According to the data shared by Hupzy, the transaction was valued at approximately $5.42 million based on prevailing Ethereum prices.
The purchase follows a period of heightened volatility for ETH, which posted a double-digit gain over the previous 24 hours.
Hayes has previously made large directional Ethereum bets, making his wallet activity closely watched by market participants.
Ethereum Trading Activity Picks Up as ETH Gains Momentum The OTC route used for the transaction stood out because it avoided immediate interaction with exchange liquidity.
Market participants often use OTC desks when executing large orders that could otherwise create price slippage.
Hupzy noted that the Flowdesk transaction structure reduced the likelihood of moving the market during execution.
Because the trade occurred away from public order books, no additional spot selling pressure emerged from the transaction itself.
Ethereum continued trading above recent consolidation levels following the transfer. Recent market action placed attention on the $2,450 to $2,500 range identified in the shared market commentary.
While the transaction represents a notable purchase, the data reflects activity from a single wallet rather than a broader market trend.
Lookonchain’s tracking data and Arkham-linked wallet records remain the primary sources confirming the transfer.
The development adds another closely watched Ethereum transaction to a market already seeing increased trading activity and renewed attention toward large on-chain movements.
A wallet associated with Arthur Hayes purchased about $5.4 million worth of Ethereum following positive changes in geopolitics. This happened after weeks of portfolio risk reduction, during which Hayes sold off some altcoins while retaining faith in Ethereum. BitMEX co-founder Arthur Hayes has been indulging in Ethereum accumulation, drawing the attention of institutional investors. According to Lookonchain, a wallet linked to Hayes received 3,000 ETH worth around $5.4 million from market maker Flowdesk. This transaction was seen to have occurred after optimistic geopolitical developments. Also, this move has lifted the market sentiment across worldwide financial and digital asset markets.
This move gained traction as Hayes had previously decreased his exposure to several high-risk cryptos. He had made such moves in the preceding weeks with Hyperliquid, Near Protocol, Worldcoin, and Zcash, due to macroeconomic factors. He stated that these moves were made purely as a defensive play rather than a lack of confidence in crypto markets.
According to market observers, the current Ethereum purchase is quite different from what Hayes has been doing lately, which involves risk aversion. Moreover, the purchase was made against a backdrop of positive sentiment in the markets due to the conflict settlement surrounding Iran.
Ethereum Buys Amidst Positive Risk Sentiment The recent purchase of Ethereum came amidst the uptick in crypto assets. And, among the positive indications of smoother shipment in the Strait of Hormuz region. Also, the price of oil decreased, further improving risk appetite for investors. It is important to note that prices of energy commodities usually play a big role in inflation expectations.
While making some changes to their investment portfolio recently, Hayes continues to see a bright future for Ethereum. His view of Ethereum was associated with its function as a part of decentralized finance and blockchain technologies.
Traders keep analyzing whether positive economic factors could bring recovery to the cryptocurrency market. Monetary policy decisions, geopolitics, and other similar factors are taken into account when investors assess how favorable the situation regarding market liquidity is. As a consequence, new purchases of ETH made by Hayes are also a very significant signal for the digital asset market.
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Maelstrom CIO and BitMEX co-founder Arthur Hayes has rejected accusations that he is using his X influence to create exit liquidity for his own trades.
The allegations came from on-chain investigator ZachXBT, who accused Hayes of promoting cryptocurrencies such as Zcash, NEAR Protocol, and Hyperliquid before selling his holdings and leaving followers with losses.
How much exit liquidity was created from your followers over the past couple days?
First NEAR HYPE ZEC
Now WLD pic.twitter.com/vyDXwCHRwO
— ZachXBT (@zachxbt) June 6, 2026
Hayes Denies Claims In response, Hayes argued that he neither manages money for others nor provides financial advice. He stressed that he never instructs people to buy, sell, or hold any asset.
According to Hayes, his posts simply disclose his personal investment decisions. He emphasized that readers are free to agree or disagree with his views, conduct their own research, and make independent investment choices.
Furthermore, Hayes challenged critics to find any instance where he explicitly told followers what they should do with their money. Instead, he maintained that he merely shares what he is doing and leaves investment decisions entirely up to his audience.
Hayes also acknowledged that a large percentage of his market predictions—roughly 70% to 90%—turn out to be wrong. However, he argued that successful investing does not require a high win rate.
Instead, Hayes explained that he generates profits by allocating larger amounts of capital to ideas in which he has the highest conviction while limiting exposure to lower-confidence trades. As a result, his winning positions can outweigh losses from incorrect calls.
Crypto Enthusiasts React Meanwhile, Hayes is known for publicly disclosing his trades on X, where he has amassed more than 802,000 followers. He has frequently shared his positions in tokens such as ZEC, HYPE, NEAR, and WLD.
Notably, Hayes often updates followers when he exits positions after losing confidence in a project. Critics, including ZachXBT, argue that this pattern of publicly promoting tokens and later selling them effectively turns followers into exit liquidity. Hayes, however, maintains that he is simply documenting his investment activity rather than encouraging others to copy his trades.
Given his influence in the crypto market, some interpret his remarks as indirect signals that may guide investor behavior.
Hayes Returns to Ethereum Meanwhile, Hayes appears to be rebuilding his exposure to Ethereum after previously dumping his entire holdings. Last year, he sold nearly 1,900 ETH to rotate capital into decentralized finance (DeFi) tokens.
However, recent on-chain data shows that Hayes has resumed accumulating Ethereum. He purchased 1,400 ETH yesterday, bringing the wallet’s holdings to 4,400 ETH, valued at about $7.78 million. This move suggests renewed confidence in Ethereum despite his earlier shift toward alternative crypto investments.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Hayes Keeps Adding to His ETH PositionBitMEX co-founder Arthur Hayes (@CryptoHayes) has purchased another 1,500 $ETH worth roughly $2.63 million, according to Arkham data. The buy is the latest in a series of on-chain moves that have made Hayes one of the most closely watched accumulators in the Ethereum market this month.
The purchase adds to a broader pattern flagged by on-chain trackers throughout June. Lookonchain reported that a wallet associated with Hayes bought another 1,400 ETH worth around $2.51 million, adding to a steady accumulation streak in line with a pattern where Hayes-linked addresses scooped up about $5.4 million in ether following signs of easing tensions in the Middle East.
That earlier tranche came on June 15, when a wallet possibly linked to Hayes received 3,000 ETH worth approximately $5.42 million from market maker Flowdesk, according to on-chain tracker Lookonchain. The OTC structure reduced order book impact and avoided visible exchange-based buying pressure.
A Deliberate Reset, With ETH as the Core HoldingThe renewed buying comes after a period in which Hayes trimmed his broader crypto exposure. In his June 8 essay "Reality Test," the Maelstrom CIO disclosed selling positions in Hyperliquid, Near Protocol, Worldcoin, and Zcash, framing those exits as defensive responses to macro uncertainty rather than thesis changes. Bitcoin and Ethereum remained explicit core holdings throughout that rotation, making the Flowdesk-sourced ETH purchase a re-loading of a position he never fully abandoned.
Hayes has been consistently bullish on Ethereum's longer-term trajectory. Even while trimming altcoins, Hayes stayed structurally bullish on Ethereum. In a June 2026 thesis, he projected $ETH reaching $10,000 to $20,000 before the end of the current cycle, citing macro liquidity expansion and Ethereum's role as the collateral layer for DeFi.
The accumulation is not happening in isolation. On-chain data shows accumulation addresses bought over 1.11 million ETH in a single week, the highest accumulation rate recorded so far in 2026. Whether the weight of those inflows can establish a durable price floor for $ETH remains to be seen, but the direction of large-wallet activity is clear.
Sources:
Arthur Hayes scoops up $5.4M in Ethereum after Iran deal (Crypto.news)
Ethereum Whales Load Up: Arthur Hayes-Linked Wallet and Geministar Scoop up Tens of Millions in ETH (Bitcoin.com News)
Ethereum Accumulation Hits 2026 High as Arthur Hayes-Linked Wallet Buys $5.4M (CoinCentral)
Arthur Hayes, the founder of BitMEX and a closely followed figure in the cryptocurrency market, has reportedly purchased Ethereum (ETH). According to information shared by the on-chain data platform Onchain Lens, a wallet address allegedly linked to Hayes purchased a total of 1,500 ETH through market maker and liquidity provider Cumberland.
The transaction, reportedly worth approximately $2.63 million, has attracted attention within the cryptocurrency community. Given the recent focus on Ethereum’s price performance and the interest from institutional investors, this transaction by a wallet allegedly linked to Hayes is seen as an indicator of positive expectations for the market’s future.
Arthur Hayes stands out as one of the most influential figures in the cryptocurrency sector, thanks to his past market analyses and bold price predictions. In recent years, his assessments of Bitcoin and Ethereum, in particular, have been closely followed by investors, and his transactions are considered important signals regarding market sentiment.
Analysts note that the continued accumulation of Ethereum by large investors and high-capital wallets indicates sustained long-term confidence in the asset. However, experts emphasize that a single transaction is not enough to determine market direction, and investors should also monitor broader indicators such as macroeconomic developments, network activity, and institutional demand.
Ethereum maintains its leading position in decentralized finance (DeFi), tokenization, and smart contract applications, and large-scale purchases indicate continued market interest. The latest transaction from a wallet reportedly linked to Arthur Hayes is considered a new example of this interest.
*This is not investment advice.
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Arthur Hayes has shared one of his most bullish crypto outlooks yet across two recent interviews, one with Michaël van de Poppe, New Era Finance podcast and another with Bankless.
The former BitMEX CEO tackled a question many crypto investors have been asking. Why hasn’t Bitcoin made a major move despite growing institutional adoption and favorable long-term fundamentals?
“Bitcoin hasn’t performed because AI took all the money. There’s no cash left to chase crypto.”Hayes says one of the main reasons Bitcoin and the broader crypto market have struggled is that investors have been pouring capital into AI-related opportunities.
In his view, AI has become the dominant investment theme over the past few years, attracting money that might otherwise have flowed into crypto. As a result, Bitcoin has been left competing for attention while AI stocks, infrastructure projects, and data-center investments soaked up liquidity.
“The implosion of the AI bubble is going to dwarf subprime.”One of Hayes’ strongest statements was his warning that the AI boom could eventually turn into a massive bubble.
He argues that huge amounts of capital have been allocated to AI over the last six to seven years, and at some point investors may realize many of these projects are not generating returns that justify the money being spent. If that happens, the fallout could be larger than the 2008 subprime mortgage crisis.
“The first response is going to be: we just need to shovel fiat money in.”Hayes believes that if an AI-driven financial shock hits the system, governments and central banks will respond the same way they have during previous crises, by injecting fresh liquidity into the economy.
According to him, financial authorities will likely print more money to stabilize banks and markets. That wave of liquidity is what he has been waiting for, calling it the “big print” trade.
“That capital goes straight to crypto.”Once investors lose confidence in AI investments, Hayes expects fresh capital to look for a new home.
His thesis is that crypto could become one of the biggest beneficiaries of that shift, especially if investors view digital assets as a better opportunity than struggling AI projects.
“Bitcoin a million.”The end result of this chain reaction, according to Hayes, is a dramatically higher Bitcoin price.
While the timeline remains uncertain, he says an AI bubble collapse followed by aggressive money printing could ultimately push Bitcoin toward the $1 million mark, making it one of the most bullish long-term predictions currently on Wall Street and in crypto.
Story Ends Here
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The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
4 minutes ago
Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
4 minutes ago
Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
4 minutes ago
Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
Blockchain data infrastructure project Cambrian has closed a $6 million seed round, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, and other investors. The project previously raised a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million. Cambrian currently provides institutional investors and AI Agents with real-time and historical data APIs covering on-chain yields, risks, lending markets, and trading activities, and plans to further build a verifiable data oracle network. Official data shows it has indexed over $4.5 billion in lending TVL, tracks more than 320,000 DEX liquidity pools, and currently supports Base and Solana, with plans to expand to additional ecosystems including Ethereum. The funds will be used to expand on-chain data coverage, accelerate oracle network development, and team recruitment.
4 minutes ago
Whale 0xbilly pulled off another "buy high, sell low" move, exiting with a $220,000 loss in a single day.
According to EmberCN’s monitoring, whale address 0xbilly liquidated 2,409 ETH in the early hours of today when ETH fell to around $1,569.5, worth approximately $3.78 million, with a total loss of roughly $220,000. Notably, this batch of ETH was purchased just one day ago for about 4 million USDC, at an average price of approximately $1,660.2. The address also previously bought 7,768.5 ETH at a high of $2,254 in March this year, valued at around $17.51 million, and exited via stop-loss four days later, incurring a loss of roughly $800,000.
4 minutes ago
Two whales opened a short position worth approximately $90 million on the S&P 500.
According to monitoring by Onchain Lens, two whale addresses are building short positions on the S&P 500, with a combined position of approximately $90 million. Details are as follows: Whale address "0x469" has opened 6,500 S&P 500 short positions, using 20x leverage, valued at around $48 million, with a liquidation price of $8,413.66. Whale address "0x4ff" has opened 5,686.66 S&P 500 short positions, using 7x leverage, valued at around $42 million, with a liquidation price of $8,358.13.
BitMEX co-founder Arthur Hayes is once again in the limelight, but this time due to his latest Ethereum movement. According to the latest market data, Hayes has offloaded a hefty amount of ETH, that he has purchased over the past few days at a loss.
Notably, he is known for buying tokens at a lower price and selling them at a higher price. Having said that, his latest move has sparked speculations while also triggering doubts over his long-term confidence in the Ethereum price.
Arthur Hayes Dumps Ethereum But Whales Remain Bullish The ETH price has struggled to break through the $1,700 support amid a gloomy sentiment recorded in the broader crypto market. At the same time, the latest move from Arthur Hayes has further weighed on the investors’ sentiment.
According to Lookonchain, Arthur Hayes has accumulated 5,900 ETH, valued at $10.58 million, over the past few days. The accumulation was done at an average price of $1,793 per Ethereum.
However, today, Hayes has dumped 6,000 ETH at $1,690 per coin, the report showed. In other words, he has sold 6,000 Ethereum at $10.14 million, resulting in a loss of $606k. This has fueled concerns, as Arthur Hayes is usually known for buying low and selling at higher prices.
Despite that, it seems that not everyone is bearish on the second-largest crypto by market cap. For context, another Lookonchain report showed that “whales are accumulating ETH.”
As per the report, K3 Capital bagged 10,000 ETH, worth $16.92 million, from Binance today. Simultaneously, Chun Wang-related wallet has scooped up 7,650 Ethereum, valued at $12.93 million, recently.
Source: Lookonchain ETH Price Struggles Near $1,700 Ethereum price has continued to stay in the negative territory, and rested near the $1,700 mark today. The crypto has touched a low of $1,670 in the last 24 hours, which highlights the immense selling pressure in the market.
Amid this, analyst Ted Pillows has sparked discussions about whether the ETH price can move towards the $1,900 mark ahead or not. Simultaneously, if selling pressure worsens, he suggested that the crypto might slip to $1,500 support next.
Meanwhile, these mixed signals, alongside Hayes’s latest Ethereum move, have fueled concerns among traders. It’s worth noting that Arthur Hayes has also dumped Worldcoin this month, ahead of the blockbuster SpaceX IPO.
In addition, he has also dumped his entire Hyperliquid (HYPE) holdings as well as NEAR tokens, which has further fueled concerns among traders. So, the investors are keeping close track of the Ethereum price movements now, before putting their bets into the asset.
Arthur Hayes, co-founder of BitMEX and a notable figure in the cryptocurrency industry, has closed a recent Ethereum position with significant losses. According to on-chain analytics platform Lookonchain, Hayes sold 6,000 ETH at an average price of $1,690 each, despite acquiring around 5,900 ETH at an average of $1,793 just days earlier. This resulted in an estimated $606,000 loss for Hayes, with the total sale value amounting to approximately $10.14 million.
Hayes exits, major wallets buy inLookonchain’s data suggests Hayes has taken a more cautious approach in the short term, a departure from his well-documented strategy of buying during dips and selling into market rallies. Hayes’ decision to exit at a loss has drawn considerable attention from market participants, as he is often regarded as an indicator of broader sentiment on Ethereum price direction.
Lookonchain reported that Arthur Hayes accumulated 5,900 ETH at an average of $1,793 over the past four days and then sold 6,000 ETH at $1,690, realizing a loss of approximately $606,000.
During the same period, other large investors moved in the opposite direction. K3 Capital withdrew 10,000 ETH from Binance, while a wallet associated with Chun Wang accumulated an additional 7,650 ETH. Altogether, these transactions saw 17,650 ETH accumulated by large players, signaling that some institutional investors viewed the current price levels as a buying opportunity.
Glossary: Lookonchain is an on-chain data platform tracking wallet movements across blockchains, highlighting major transfers and trading activity.
PartyActionAmountPrice/ValueArthur HayesSell6,000 ETH$1,690, $10.14 millionK3 CapitalWithdrawal10,000 ETH$16.9 millionChun Wang linked walletBuy/withdrawal7,650 ETH$12.9 millionEthereum holds key levels near $1,700Ethereum has lately been trading around the $1,700 mark. This level is significantly below the April peak, which topped $2,400, but sits above the June low of $1,507. Technical charts indicate the 78.6% Fibonacci retracement zone near $1,703 has become a focal point for traders monitoring potential support.
Technical indicators continue to show downside pressure. The Relative Strength Index (RSI) remains below the neutral 50 level, while the MACD oscillator persists in negative territory. Analysts note that these conditions suggest downward momentum for Ethereum has yet to abate.
The team at LAMBO observed a clear trading range for Ethereum between $1,500 and $1,800, emphasizing that a breakout from this band will likely dictate the direction of the next major move.
Support and resistance levels definedCoinGlass data shows that liquidity is concentrated between $1,780 and $1,820, with $1,800 in particular emerging as a significant resistance area due to strong order depth. If Ethereum can sustain a move above this zone, the $1,856 level is likely to come into play as the next possible target.
Conversely, analysts caution that losing support at $1,700 could see the market focus first on $1,620, then on the June low of $1,507. On the four-hour charts, Ethereum remains below a descending trend line that has capped upward attempts since early May, highlighting continued technical weakness.
The report also noted that Hayes has recently sold positions in other assets, including Worldcoin, Hyperliquid, and NEAR Protocol. These moves reinforce the view that Hayes has shifted to a more defensive stance across his portfolio in the current market environment.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
TLDR BitMEX co-founder Arthur Hayes has liquidated his entire altcoin portfolio, including positions in NEAR, Hyperliquid, and Worldcoin Hayes contends the artificial intelligence investment surge represents an unsustainable bubble likely to collapse between 2027-2028 He cautions that Bitcoin will not serve as a refuge during the AI trade unwinding and may experience significant declines Hayes anticipates central bank monetary expansion following the AI crash will ultimately propel Bitcoin toward $1 million His current strategy involves holding only Bitcoin for the long term while parking cash in US Treasury Bills Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has liquidated his entire altcoin portfolio and is sounding the alarm that the ongoing artificial intelligence investment boom could severely impact cryptocurrency markets when it inevitably collapses.
Arthur Hayes: Selling Altcoins Because the AI Trade is About to Peak
On June 13, 2026, Arthur Hayes @CryptoHayes stated in an interview with Cointelegraph that he had liquidated his altcoin positions, including HYPE, NEAR, and Worldcoin. Reflecting on his previous macro… pic.twitter.com/LCM4PgRuCp
— Wu Blockchain (@WuBlockchain) June 21, 2026
Hayes shared these perspectives during a recent Bankless podcast episode and in subsequent interviews, outlining his thesis that AI has diverted substantial capital from cryptocurrency markets and that the reversal of this capital flow will have painful consequences for digital assets.
Complete Altcoin Exit Hayes disclosed that he has completely exited his holdings in Near Protocol, Hyperliquid, and Worldcoin, among other altcoins. According to Hayes, the risk profile of these positions had begun to exceed their potential reward.
He characterized his present investment stance as “permanently Bitcoin long,” while maintaining his fiat reserves in US Treasury Bills to generate yield.
His departure from AI-related cryptocurrency tokens is being interpreted by market participants as a significant bearish indicator. Since Near Protocol and Worldcoin both operate at the intersection of artificial intelligence and blockchain technology, abandoning these positions signals Hayes expects the broader AI-crypto narrative to collapse rather than simply shift.
Hayes also indicated he would allocate any fresh capital toward Ethereum instead of Bitcoin, describing it as offering better value and more compelling risk-reward dynamics at present valuations.
The Coming AI Collapse Hayes drew parallels between the current AI investment mania and the 19th-century railroad speculation bubble. He argued that corporations are operating under faulty assumptions regarding chip longevity, projecting five to six-year useful lives for hardware that becomes obsolete within two years.
He forecasts this miscalculation will severely impact financial markets by 2027 or 2028, potentially triggering a credit crisis exceeding the 2008 subprime mortgage meltdown in magnitude.
Hayes identified three critical vulnerabilities. First, escalating energy expenses undermine the profitability frameworks of AI enterprises. Second, United States regulatory policy toward AI companies could shift abruptly and adversely. Third, the anticipated public offerings of Anthropic and OpenAI will consume massive amounts of institutional capital, siphoning funds away from cryptocurrency and other speculative asset classes.
According to Hayes, AI has essentially suffocated capital flows into crypto. Investors pursuing AI equities capable of delivering 20x returns within six months have minimal incentive to allocate toward Bitcoin.
Bitcoin Won’t Provide Shelter Despite maintaining a bullish long-term outlook on Bitcoin, Hayes cautioned it will not remain insulated should the AI investment thesis unravel. He predicted Bitcoin would be “thrown out with the bathwater” during a widespread risk-off market event.
His projection holds that central banks will respond to an AI sector collapse by implementing aggressive monetary expansion. This newly created liquidity, Hayes contends, will ultimately find its way into Bitcoin since it cannot be redeployed into an AI sector that has already imploded.
This scenario represents Hayes’s roadmap to Bitcoin achieving a $1 million valuation. However, his outlook includes navigating through a severe downturn first.
AI-themed assets have been capturing capital even within cryptocurrency markets. AI-associated BRC-20 NFTs generated $17.8 million in weekly sales volume recently, demonstrating how the AI investment narrative has redirected attention and capital away from layer-1 tokens and decentralized finance protocols.
Hayes has exited this trade entirely. Whether other market participants will follow his lead before the cycle peaks remains an open question.
PANews reported on May 19 that Kelp announced on the X platform that it has collaborated with multiple DeFi protocols to complete the liquidation of attacker positions, achieving key progress in the rsETH recovery process. Among them, Compound participated in coordination multiple times over the past four weeks and provided approximately 3,000 ETH in support, while also working with Aave to complete the liquidation, recovering a total of approximately 17,426.2 rsETH; Euler Finance liquidated the attacker's positions within its protocol and plans to return the excess ETH to the DeFi ecosystem fund.
Euler is modular lending infrastructure for onchain credit.
It lets markets, vaults, and credit products be created around specific assets, collateral rules, pricing models, liquidation settings, governance paths, and account relationships.
The core idea is simple: vaults define market rules, and Euler’s account infrastructure defines how selected vaults and accounts can interact.
That makes Euler a credit layer for programmable finance.
What Euler IsEuler is infrastructure for creating and operating lending markets.
A lending market needs more than supply and borrow buttons. It needs rules for collateral, pricing, interest rates, caps, liquidations, roles, and account control. It also needs clear boundaries around which assets can interact with one another.
Euler V2 breaks those pieces into modular primitives.
The Euler Vault Kit creates configurable ERC-4626 lending vaults. The Ethereum Vault Connector coordinates collateral relationships, account checks, operators, sub-accounts, and batched execution across selected vaults.
Together, they let markets be built, connected, and operated without forcing every asset into one shared risk environment.
Euler Vault KitThe Euler Vault Kit, or EVK, is the framework for creating Euler lending vaults.
Each vault is an ERC-4626 vault with its own configuration. A vault can define its underlying asset, oracle source, interest rate model, borrow and supply caps, liquidation settings, collateral rules, governor, curator, and other market parameters.
This gives builders a standard way to launch lending markets while still controlling the details that matter for the asset and use case.
A vault can be simple and isolated. It can also be part of a larger market design where selected vaults recognize one another as collateral through EVC.
Ethereum Vault ConnectorThe Ethereum Vault Connector, or EVC, is account infrastructure for ERC-4626 vaults.
EVC lets selected vaults recognize deposits in other vaults as collateral. It also supports sub-accounts, scoped operator permissions, batching, and account status checks.
This matters because lending markets often need coordination across multiple vaults. A user may supply one asset, borrow another, repay, rebalance, or move through several steps in one execution path. A builder may need to separate accounts, delegate specific permissions, or connect collateral relationships without building account infrastructure from scratch.
EVC provides that coordination layer.
It does not define the market’s risk model. Vaults and products define those rules. EVC defines how selected vaults and accounts can interact.
Risk Isolation on EulerEach Euler vault is an ERC-4626 lending vault with its own asset, collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation parameters, governor, and curator. That means a market can be created with risk parameters specific to the asset and the intended borrower or lender base.
Risk does not automatically flow across every Euler market.
A vault only recognizes another vault as collateral when that relationship is explicitly configured through the Ethereum Vault Connector. This lets builders create isolated markets, selected collateral clusters, or broader cross-collateralized designs without forcing every asset into one shared risk environment.
Market Types on EulerEuler can support several market structures from the same primitives.
Isolated MarketsAn isolated market scopes activity around a defined vault or vault relationship.
This structure is useful when the market needs clear boundaries around collateral, borrow exposure, pricing, and liquidation rules. Long-tail assets, new collateral types, and higher-risk markets often benefit from this type of separation.
Cross-Collateralized MarketsA cross-collateralized market lets selected vaults recognize one another as collateral.
EVC makes this explicit. Vaults do not automatically share risk across the whole system. The market design defines which collateral relationships exist.
This can support markets where several assets are meant to work together, such as stablecoin clusters, related staking assets, or curated collateral sets.
Rehypothecated MarketsA rehypothecated market lets supplied assets be borrowed by other users.
This can improve capital efficiency because deposits are not only used as collateral. They can also support borrowing activity and earn lending interest where there is market demand.
Rehypothecation introduces additional risk. Users and curators need to evaluate liquidity, utilization, borrow demand, caps, collateral rules, and liquidation parameters.
Escrowed Collateral MarketsAn escrowed collateral vault can hold deposits that are used as collateral without allowing borrowing from that vault.
This is useful when an asset should support borrowing elsewhere, but should not itself be lent out. It can help create collateral utility while keeping the supplied asset from being rehypothecated.
Earn VaultsEuler Earn vaults allocate one deposited asset across selected Euler markets or compatible ERC-4626 allocation targets.
Users interact with one vault position. Curators define the eligible markets, allocation caps, queues, roles, and rebalancing logic behind it.
Earn vaults turn a set of Euler markets into a single curated vault product.
Aave vs Morpho vs EulerAave, Morpho, and Euler each use a different market design.
Aave is known for shared-pool lending. Assets are listed into markets where users can supply and borrow against a broad set of approved collateral. This can create deep liquidity and a simple user experience, but risk is coordinated across the listed assets in that market.
Morpho is known for isolated lending markets. Morpho Blue markets are defined around a specific loan asset, collateral asset, oracle, interest rate model, and loan-to-value. This makes risk easier to isolate, but collateral and liquidity are separated market by market.
Euler uses modular lending vaults. Each vault defines its own rules, and selected vaults can recognize one another as collateral through EVC. This means Euler can support Aave-like cross-collateralized markets, Morpho-like isolated markets, and market structures that sit between the two.
The important distinction is configurability.
Euler does not require every asset to share one risk environment. It also does not limit every market to one isolated pair. Builders and curators can define the vaults, collateral relationships, caps, oracles, liquidation rules, governors, and operating roles that fit the market they want to create.
What Can Be Built on EulerEuler can support many credit products from the same underlying primitives.
Credit MarketsLaunch markets around specific assets with defined collateral, borrow limits, pricing, oracle, and liquidation rules.
Earn VaultsCreate ERC-4626 vaults that allocate one deposited asset across selected Euler markets or compatible allocation targets, with curator-defined caps, queues, and rebalancing logic.
Curated ProductsPackage selected markets into vaults, allocation products, or user-facing lending experiences with defined roles and operating paths.
Institutional MarketsCreate open or permissioned lending markets with asset-specific collateral rules, hooks, operating roles, and market parameters.
Embedded Lending ApplicationsIntegrate supply, borrow, repay, collateral, and account flows directly into apps, wallets, and product interfaces.
Agent WorkflowsUse Euler’s structured data, SDKs, APIs, llms.txt, operators, sub-accounts, and batching to let software read market state and prepare scoped lending actions.
EulerSwapCreate AMM liquidity inside Euler vault positions, connecting swap execution with lending, collateral, and LP-specific pool design.
Integrating Euler Into ProductsEuler is not only a destination app. It is infrastructure that other products can build on.
Apps, wallets, agents, institutional platforms, vault products, and market interfaces can integrate Euler primitives directly into their own user flows.
An integrator can use Euler to:
create a lending market around a supported assetadd borrowing or collateral flows to an applicationoffer access to selected Earn vaultsbuild a curator interface for market operationroute users through supply, borrow, repay, and withdraw flowsautomate approved actions through scoped operatorsread market data through structured interfaces and docsThe product can own the interface while Euler provides the lending, collateral, vault, and account infrastructure underneath.
SecurityEuler V2 was built through a multi-layered security process.
The protocol has undergone internal review, independent audits, fuzz testing, formal verification, public audit competitions, live Capture the Flag programs, monitoring, and bug bounty coverage.
Security work is also reflected in the architecture. Modular components are easier to specify, test, and review. Vault-level parameters make market assumptions more explicit. EVC makes collateral relationships and account interactions defined rather than implicit.
No security process removes protocol risk.
Users, curators, and integrators should evaluate vault parameters, oracle configuration, collateral relationships, liquidity, governance paths, and applicable market risks before interacting with any market.
Who Euler Is ForEuler serves several groups.
Users can access lending markets, borrowing markets, Earn vaults, and swap products through interfaces built on Euler.
Curators can launch and operate markets or vault products with defined parameters, roles, caps, queues, and update paths.
Builders can create credit products using EVK, EVC, hooks, SDKs, APIs, and documentation.
Institutions can structure markets around defined collateral, participant sets, operating roles, and asset-specific requirements.
Agents and automation systems can read market data, evaluate vault rules, and execute approved actions through scoped permissions and batched execution.
The Short VersionEuler is modular lending infrastructure.
EVK creates configurable ERC-4626 lending vaults.
EVC connects selected vaults and accounts.
Hooks, operators, sub-accounts, SDKs, APIs, and docs extend what can be built around them.
Euler can support isolated markets, cross-collateralized markets, rehypothecated markets, escrowed collateral, Earn vaults, embedded lending apps, institutional markets, agent workflows, and AMM liquidity inside vault positions.
The result is a credit layer for programmable finance: markets, vaults, and products with configurable collateral, pricing, liquidations, roles, and vault relationships.
The Euler Vault Kit, or EVK, is the framework for creating Euler lending vaults.
EVK lets builders deploy configurable ERC-4626 vaults with their own collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation settings, governor, curator, and operating parameters.
It is one of the core primitives behind Euler V2. EVK creates the vault. The Ethereum Vault Connector defines how selected vaults and accounts can interact.
Why EVK ExistsLending markets need different rules.
A stablecoin market does not need the same configuration as a long-tail asset market. A tokenized asset market may need different collateral rules, oracle inputs, caps, hooks, or operating roles. A curated market may need active parameter updates, while another market may need fixed rules after launch.
EVK gives builders a standard framework for creating those markets without rebuilding the lending protocol from scratch.
What EVK DoesEVK creates configurable lending vaults.
Each Euler vault is an ERC-4626 vault. That means it follows a standard vault interface while still allowing market-specific configuration.
Asset and Vault ConfigurationEach vault has one underlying asset.
The vault defines how that asset can be supplied, borrowed, priced, collateralized, and liquidated. It can also define roles for operation, curation, governance, and fee collection.
Collateral RulesA vault can define which assets are accepted as collateral through its configured relationships.
When used with EVC, a vault can recognize deposits in selected connected vaults as collateral. This lets builders create isolated markets, cross-collateralized markets, or curated collateral sets.
Oracle ConfigurationA vault can use a defined oracle configuration for pricing.
Oracle design matters because price inputs affect collateral value, borrowing capacity, liquidation conditions, and account health.
Interest Rate ModelsA vault can define its own interest rate model.
This lets markets set borrow-rate behavior around the asset, liquidity profile, and utilization dynamics of that vault.
Caps and LimitsA vault can use borrow caps, supply caps, and other limits.
Caps help control market size, exposure, and liquidity conditions for a specific vault.
Liquidation SettingsA vault can define liquidation parameters.
Euler V2 supports market-specific liquidation settings, so each vault can set parameters around the collateral and borrow risks it is designed to support.
Governance and RolesA vault can have a governor and curator depending on its design.
The governor controls selected configuration paths. The curator or other roles may operate market parameters, allocation choices, or other actions depending on the product built around the vault.
Some vaults may be designed with active governance. Others may be designed with fixed parameters.
What EVK Makes PossibleEVK lets builders create many market types from the same framework.
Isolated MarketsCreate a market around a specific asset with defined collateral, borrow limits, pricing, oracle, and liquidation rules.
Cross-Collateralized MarketsCreate markets where selected vaults recognize one another as collateral through EVC.
Rehypothecated Lending MarketsCreate vaults where supplied assets can be borrowed by other users, subject to the vault’s rules and market liquidity.
Escrowed Collateral MarketsCreate vaults that hold collateral without allowing borrowing from that vault itself.
Curated Market ProductsCreate vaults or market structures where curators define parameters, caps, allocations, roles, and operating paths.
Institutional MarketsCreate markets for tokenized assets, permissioned flows, or defined participant sets using vault-level rules and hooks where required.
Embedded Lending ApplicationsBuild lending and borrowing flows into apps, wallets, dashboards, and product interfaces.
EVK and Risk IsolationEVK helps make market rules explicit.
Each vault has its own parameters. That means risk can be configured around the asset and market design instead of inherited from one global pool.
A vault does not automatically share collateral relationships with every other vault. Those relationships are configured through EVC.
This lets builders create isolated markets where isolation matters, or connected markets where selected collateral relationships are useful.
EVK and EVCEVK and EVC work together.
EVK creates the vault.
EVC connects selected vaults and accounts.
A builder can use EVK to define the market’s asset, pricing, caps, collateral rules, and liquidation settings. EVC then lets that vault recognize selected collateral, coordinate account checks, support sub-accounts, delegate scoped permissions, and batch execution paths.
Together, EVK and EVC form the core of Euler V2’s modular lending architecture.
The Short VersionEVK is the vault creation framework for Euler V2.
It lets builders deploy configurable ERC-4626 lending vaults with market-specific rules for collateral, pricing, caps, interest rates, liquidations, governance, and roles.
EVK defines the market. EVC defines how selected markets and accounts interact.
PANews reported on May 28th that, according to CoinDesk, VanEck's tokenized US Treasuries fund VBILL, issued by Securitize, has been launched on the decentralized lending protocol Euler. Accredited investors can use it as on-chain collateral for lending, while meeting securities compliance requirements. Euler integrated Securitize's DS Protocol earlier this year to enforce investor eligibility and transfer restrictions in DeFi and obtain VBILL pricing via the RedStone oracle.
VanEck's tokenized fund, issued by Securitize, is now live on DeFi lending platform Euler, allowing investors to use tokenized U.S. Treasuries as onchain collateral.The move underscores how DeFi protocols are redesigning their platforms to accommodate institutions and regulated assets, Graham Ferguson, Securitize's head of ecosystem, said.Standard Chartered, BCG and Ripple suggest the tokenized asset market could scale into trillions of dollars over the next decade, pushing DeFi to balance openness with traditional compliance demands.Decentralized finance (DeFi) protocols built for crypto assets are increasingly retooling themselves for Wall Street, and VanEck's tokenized Treasury fund arriving on lending platform Euler is the latest example of that shift.
Securitize (CEPT), issuer and tokenization specialist behind VanEck's VBILL Treasury fund, said Thursday that the product is now live on Euler lending markets.
The move allows investors to use tokenized U.S. Treasuries as collateral to borrow and deploy liquidity elsewhere onchain while maintaining compliance limits tied to the asset.
The move highlights how DeFi protocols are evolving as institutional investors push deeper into tokenized finance. Platforms that once centered around permissionless crypto assets are beginning to redesign their architecture for regulated products such as tokenized money market funds and private credit.
Tokenized U.S. Treasuries have become one of the fastest-growing sectors in crypto, topping $15 billion in assets swelling 150% in a year, according to RWA.xyz data. Global asset managers including BlackRock, Franklin Templeton and Janus Henderson have all launched blockchain-based Treasury and money-market products aimed at institutions seeking yield-bearing onchain collateral.
But that's still a fraction of the potential how big asset tokenization could become. Standard Chartered projected $2 trillion in tokenized assets by 2028, while BCG and Ripple forecasted a $18.9 trillion market size by 2033.
Read more: Tokenization push could pull trillions of dollars into DeFi, StanChart says
"The really exciting thing is that there are protocols now that are excited to integrate permissioned assets," Graham Ferguson, Securitize's head of ecosystem, told CoinDesk. "This is something that previously had not been the case."
Euler, which currently has over $320 million in assets on its platform, pivoted earlier this year toward institutional use cases after originally operating as a fully permissionless lending protocol. Rival platform Aave also launched Horizon, its real-world asset platform focused on institutional borrowers and tokenized collateral.
Euler integrated Securitize’s DS Protocol earlier this year, allowing tokenized securities to interact with lending markets while preserving investor eligibility requirements and transfer restrictions. Pricing data for VBILL is supplied through RedStone oracles.
The challenge for DeFi protocols, according to Securitize's Ferguson, is balancing crypto’s open infrastructure with the compliance expectations of traditional finance firms.
"As more serious institutional investors are exploring the space, they need to have certain protections and permissions that they’re used to in traditional finance," Ferguson said.
"DeFi Protocols are finally waking up to the fact that if they want to welcome in this capital, they’re going to have to change their ways," he added.
The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
3 minutes ago
Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
3 minutes ago
Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
3 minutes ago
Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
Blockchain data infrastructure project Cambrian has closed a $6 million seed round, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, and other investors. The project previously raised a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million. Cambrian currently provides institutional investors and AI Agents with real-time and historical data APIs covering on-chain yields, risks, lending markets, and trading activities, and plans to further build a verifiable data oracle network. Official data shows it has indexed over $4.5 billion in lending TVL, tracks more than 320,000 DEX liquidity pools, and currently supports Base and Solana, with plans to expand to additional ecosystems including Ethereum. The funds will be used to expand on-chain data coverage, accelerate oracle network development, and team recruitment.
3 minutes ago
Whale 0xbilly pulled off another "buy high, sell low" move, exiting with a $220,000 loss in a single day.
According to EmberCN’s monitoring, whale address 0xbilly liquidated 2,409 ETH in the early hours of today when ETH fell to around $1,569.5, worth approximately $3.78 million, with a total loss of roughly $220,000. Notably, this batch of ETH was purchased just one day ago for about 4 million USDC, at an average price of approximately $1,660.2. The address also previously bought 7,768.5 ETH at a high of $2,254 in March this year, valued at around $17.51 million, and exited via stop-loss four days later, incurring a loss of roughly $800,000.
3 minutes ago
Two whales opened a short position worth approximately $90 million on the S&P 500.
According to monitoring by Onchain Lens, two whale addresses are building short positions on the S&P 500, with a combined position of approximately $90 million. Details are as follows: Whale address "0x469" has opened 6,500 S&P 500 short positions, using 20x leverage, valued at around $48 million, with a liquidation price of $8,413.66. Whale address "0x4ff" has opened 5,686.66 S&P 500 short positions, using 7x leverage, valued at around $42 million, with a liquidation price of $8,358.13.
TLDRVanEck Treasury Product Enters DeFi LendingInstitutions Push Tokenized Assets OnchainEuler Adjusts Its Lending ModelGet 3 Free Stock Ebooks VanEck’s tokenized fund is now live on Euler lending markets through Securitize. Investors can use tokenized U.S. Treasuries as collateral to borrow liquidity onchain. Euler uses Securitize’s DS Protocol to preserve investor eligibility and transfer restrictions. RedStone oracles provide pricing data for VBILL inside Euler’s lending markets. Tokenized U.S. Treasuries have topped $15 billion in assets, according to RWA.xyz data. VanEck’s tokenized fund has moved onto Euler’s lending markets, giving qualified investors a new way to use Treasury-backed assets in DeFi.
Securitize, the issuer and tokenization firm behind VanEck’s VBILL Treasury product, said Thursday that VBILL is now live on Euler.
The integration lets investors place tokenized U.S. Treasuries as collateral on Euler. They can then borrow liquidity onchain while staying within the compliance rules attached to the asset.
The launch adds another example of DeFi platforms adapting their systems for regulated financial products. Euler previously served mainly permissionless crypto lending markets, but it has recently moved toward institutional use cases.
VanEck Treasury Product Enters DeFi Lending Securitize said the new Euler market uses its DS Protocol, which supports rules for investor eligibility and transfer limits. Euler added the protocol earlier this year to help tokenized securities work inside lending markets.
Pricing data for VBILL comes through RedStone oracles, according to Securitize. The oracle feed helps lending markets value the tokenized collateral used by investors.
VBILL gives investors exposure to U.S. Treasury assets in tokenized form. Through Euler, those assets can now support borrowing activity instead of sitting only as yield-bearing holdings.
Graham Ferguson, head of ecosystem at Securitize, told CoinDesk that some protocols now want permissioned assets. He said this was not common in earlier DeFi markets.
Institutions Push Tokenized Assets Onchain The Euler listing comes as large financial firms build more blockchain-based Treasury and money-market products. According to RWA.xyz data cited in the report, tokenized U.S. Treasuries have topped $15 billion in assets.
RWA.xyz data also showed the sector has grown about 150 percent in one year. The growth has drawn asset managers including BlackRock, Franklin Templeton and Janus Henderson into tokenized Treasury products.
Those products mainly target institutions that want onchain collateral tied to yield-bearing assets. The market remains small compared with forecasts from major financial institutions.
Standard Chartered projected that tokenized assets could reach $2 trillion by 2028. BCG and Ripple forecasted a possible $18.9 trillion market by 2033.
Euler Adjusts Its Lending Model Euler currently has more than $320 million in assets on its platform, according to the report. Its recent institutional focus shows how some DeFi lenders are changing their original models.
Aave has also moved into this area through Horizon, its real-world asset platform. Horizon focuses on institutional borrowers and tokenized collateral.
Securitize said DeFi protocols must balance open blockchain systems with compliance demands from traditional finance. Ferguson told CoinDesk that serious institutional investors need protections and permissions they already know.
He added that DeFi protocols must change if they want to bring in this capital. His comments framed the VanEck tokenized fund listing as part of a larger institutional move into onchain lending.
The VBILL integration shows how tokenized securities can enter DeFi without removing compliance controls. Securitize’s DS Protocol keeps transfer and eligibility rules active inside lending markets.
For Euler, the product gives institutional users another type of collateral beyond standard crypto assets. For VanEck and Securitize, the listing places a regulated Treasury product inside active DeFi lending infrastructure.
VanEck’s tokenized treasury fund has started trading on Euler using Securitize’s infrastructure, marking a new milestone in decentralized finance. Through this development, eligible investors can now use US Treasury bills represented as tokens on blockchain as collateral, gaining access to liquidity directly within the DeFi ecosystem.
The VBILL tokenized treasury product, operated by Securitize and developed by VanEck, is now available on the Euler platform. Investors can offer US Treasury bills as on-chain collateral and borrow within a blockchain environment, with Securitize’s proprietary DS Protocol deployed throughout the process.
Glossary: The Securitize DS Protocol is a software standard that automatically checks investor eligibility and transfer restrictions for securities transactions on blockchain. This ensures assets are only transferred between approved parties.
Thanks to this protocol, conditions regarding who can transfer tokenized treasury bills and under what circumstances are strictly defined. This framework is widely regarded as essential for compliance-focused investing. Real-time price feeds are delivered via RedStone oracles, ensuring the accurate valuation of token collateral pledged by investors.
According to Securitize ecosystem lead Graham Ferguson, “Some protocols are now showing interest in permissioned assets. Previously, this was uncommon in the DeFi market.”
Institutions ramp up blockchain adoptionThe listing on Euler comes at a time when major financial institutions are increasingly engaging with blockchain-based treasury and money market products. Data from RWA.xyz shows that assets under management in tokenized US Treasuries have topped $15 billion, growing nearly 150 percent over the past year.
Industry giants such as BlackRock, Franklin Templeton, and Janus Henderson have emerged as leading participants in this expanding market. These products primarily target institutional investors seeking collateral linked to real-world yields. Nonetheless, the current volume of tokenized assets in this space remains modest compared to broader financial sector expectations.
OrganizationTokenized Treasury Assets (2024)RWA.xyz$15 billionStandard Chartered (Projected 2028)$2 trillionBCG & Ripple (Projected 2033)$18.9 trillionEuler and DeFi platforms usher in a new eraCurrently, Euler hosts over $320 million in assets on its platform. In recent times, it has pivoted away from a fully permissionless model to adopt a financial architecture more accessible to institutional users. Similarly, other decentralized finance protocols like Aave have begun transforming by introducing real-world asset-based lending platforms, such as Horizon.
Securitize underscores the need for DeFi protocols to align open blockchain structures with institutional compliance standards. As a result, major fund managers and institutional actors are increasingly seeking permissioned assets that comply with regulatory norms. This shift is prompting DeFi protocols to adapt their systems to attract institutional capital.
Institutional dimension arrives for DeFi with tokenized productsThe addition of VBILL to Euler demonstrates that tokenized securities can flow through decentralized channels without sacrificing regulatory oversight. Securitize’s DS Protocol makes this adaptation possible by automatically managing investor qualification and transfer rules within the system.
Thanks to this collaboration, institutional investors on Euler can now use regulated treasury products, not just typical cryptocurrencies, as collateral. This signals a new bridge for DeFi infrastructure into the world of traditional finance, setting the stage for greater institutional participation.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
VanEck’s tokenized U.S. Treasury fund, VBILL, can now be used as collateral on decentralized lending protocol Euler, expanding the utility of the onchain U.S. Treasuries investment vehicle.
According to an announcement on Thursday, Securitize launched VBILL live on a Euler lending market curated by KPK. Users can now deposit their VBILL tokens to borrow other crypto assets against them and participate in DeFi strategies while still earning the fund’s Treasury yield.
"VBILL's availability on Euler is another step in connecting tokenized Treasury exposure to DeFi infrastructure. The integration reflects how institutional-grade assets and decentralized lending markets are beginning to work together onchain," VanEck Product Manager Jon Casterline said.
The move builds on Securitize’s DS Protocol, which was previously integrated with Euler. The protocol offers a blockchain-based framework designed to issue, manage, and transfer security tokens using a system where compliance needs are enforced onchain.
VBILL, launched in May 2025, is a $61 million fund as of Thursday, across approximately 30 onchain wallet addresses. The fund is returning a 3.38% seven-day APY and charges a 0.20% management fee, according to RWA.xyz.
Securitize previously launched VBILL on an Aave Horizon market. The fund was initially launched across the Avalanche, BNB Chain, Ethereum, and Solana blockchains, with cross-chain interoperability enabled by Wormhole.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
VanEck VBILL is now live on DeFi lending platform Euler, letting investors use tokenized Treasuries as onchain collateral.
Summary
VanEck’s tokenized Treasury fund VBILL is now usable as collateral on Euler’s lending markets. The fund is issued by Securitize, with pricing supplied through RedStone oracles. Securitize says DeFi protocols are redesigning their platforms to host regulated, institutional assets. VanEck VBILL, the asset manager’s tokenized US Treasury fund, has gone live on decentralised lending platform Euler. Investors can now post the fund as onchain collateral.
The move signals how DeFi protocols are retooling for Wall Street. Securitize, the tokenization firm behind the fund, said the product is now active on Euler lending markets, with pricing data supplied through RedStone oracles.
What the Euler integration enables Euler integrated Securitize’s DS Protocol earlier this year, allowing tokenized securities to interact with lending markets while preserving investor eligibility and transfer restrictions. That framework lets VBILL function as collateral without breaking the fund’s compliance controls.
“As more serious institutional investors are exploring the space, they need to have certain” protections in place, said Graham Ferguson, Securitize’s head of ecosystem, framing the challenge as balancing crypto’s open infrastructure with traditional compliance demands.
The integration extends VBILL’s reach in DeFi. The fund already expanded onto Aave’s institutional Horizon market in November, where institutions can borrow stablecoins against their holdings.
VBILL is now live on @eulerfinance.
Tokenized U.S. Treasuries can now be used within the Euler ecosystem as onchain collateral.
This marks another step in bringing institutional-grade assets into DeFi. pic.twitter.com/Ewel7I383f
— Securitize (@Securitize) May 28, 2026 Why tokenized Treasuries keep growing VBILL sits in the fastest-scaling corner of the tokenization market. Tokenized US Treasuries lead the real-world asset sector on yield stability and regulatory clarity, factors that make them attractive for institutional adoption.
The broader race is accelerating. BlackRock recently filed a second Securitize-powered tokenized fund with the SEC, treating tokenized funds as a repeatable product line.
Standard Chartered, BCG and Ripple have suggested the tokenized asset market could scale into the trillions over the next decade, pressuring DeFi to balance openness with compliance.
For the first time, an on-chain fixed-rate borrowing market is being anchored to a transparent benchmark rate.
Curated by KPK, the new ETH markets on Euler set their borrowing rate each cycle using the Treehouse Ethereum Staking Rate (TESR), Treehouse’s on-chain benchmark for Ethereum staking yields under the Decentralized Offered Rates (DOR) framework.
This marks an important step forward for DeFi fixed income: moving from purely variable-rate markets toward benchmark-driven primitives that are transparent, predictable, and accessible on-chain.
DeFi’s First Fixed-Rate Market, Powered by TESR Now live on Euler, the tETH/WETH and wstETH/WETH markets let users deposit tETH or wstETH as collateral and borrow WETH at a fixed rate for the duration of each monthly cycle.
Once a cycle begins, the borrow rate is anchored and locked to the TESR 30-day consensus.
There are no mid-cycle rate changes, no sudden repricing, and no unexpected shifts in borrowing rates during the term. At the end of each cycle, the market references the latest TESR reading before setting the rate for the next cycle.
This creates a more predictable borrowing experience for users who want to manage leverage, duration, and yield strategies without being exposed to constant variable-rate movements.
Borrow WETH at a fixed rate on Euler using tETH or wstETH as collateral.
Why Fixed Rates Matter Most DeFi lending markets today are variable-rate by design.
While variable rates work for flexible borrowing, they introduce uncertainty. Borrowers cannot reliably forecast their cost of capital. A sudden rate spike can compress returns, disrupt strategies, or erase the expected profit from an entire cycle.
This is one of the biggest missing pieces in DeFi credit markets.
In traditional finance, fixed income markets are built around rate benchmarks. These benchmarks give lenders, borrowers, institutions, and structured products a common reference point for pricing capital across different durations.
DeFi has historically lacked this foundation.
Without credible, transparent, and widely usable benchmark rates:
Fixed-rate markets have struggled to scaleLiquidity has remained fragmentedPricing has been difficult to standardizeMany fixed-rate products have remained short-lived The TESR-anchored Euler market offers a new path forward.
What is TESR? TESR, or the Treehouse Ethereum Staking Rate, is the first benchmark under Treehouse’s Decentralized Offered Rates (DOR) framework.
TESR is designed to serve as a transparent reference rate for Ethereum staking yields. Under the DOR consensus-based framework, institutional panelists submit daily 30-day forward forecasts for ETH staking yields. These submissions form a consensus benchmark rate that is transparent, auditable, and resistant to manipulation.
By anchoring fixed-rate markets to TESR, DeFi protocols can price products against a rate that reflects forward-looking expectations for ETH staking yields, rather than relying solely on market utilization or isolated liquidity conditions.
This allows fixed-rate markets to become more standardized, more composable, and more aligned with the way mature credit markets operate.
View the Treehouse Ethereum Staking Rate (TESR) here.
Curated by KPK The market is curated by KPK, one of DeFi’s leading vault curators.
KPK curates vaults across Morpho, Euler, and Gearbox, bringing institutional-grade risk frameworks and structured collateral management to DeFi lending. Their role here extends that same discipline to ETH credit on Euler.
Through its ETH Yield Term vault, KPK supplies WETH liquidity into the Euler market, enabling borrowers to access fixed-rate capital backed by tETH or wstETH collateral.
The decision to build this market around TESR reflects a broader shift in DeFi. Fixed income products need credible benchmarks, professional curation, and transparent infrastructure in order to scale.
From Institutional Desks to Public DeFi Markets TESR has already begun gaining adoption beyond Treehouse.
Through FalconX, the first TESR-referenced institutional ETH staking rate forwards was launched in September 2025, bringing benchmark-based fixed-income products to institutional trading desks.
Now, that same benchmark powers an open on-chain market accessible to anyone through Euler.
TESR is moving from institutional use cases into public DeFi infrastructure, demonstrating how DOR benchmarks can support both professional counterparties and permissionless markets.
Why This Matters for DeFi Every mature credit market depends on credible benchmark rates.
Traditional finance has used benchmarks such as LIBOR, SOFR, treasury curves, and other reference rates to price loans, derivatives, swaps, bonds, and structured credit products. These benchmarks create a shared foundation for capital markets by giving participants a common reference point.
DeFi has not had an equivalent foundation.
Most on-chain lending markets are still driven by variable utilization curves. While powerful, these models are not enough to support the full development of fixed income markets. To build more advanced credit products, DeFi needs benchmark rates that are transparent, resilient, and composable.
By bringing benchmark rates on-chain, DOR enables protocols, curators, market makers, and institutions to build financial products that can reference standardized rates directly within DeFi.
The Euler market enabled by TESR is an early example of what that infrastructure can unlock.
Building the Fixed Income Layer of Digital Assets Treehouse is building the fixed income layer of digital assets.
That vision requires more than yield products. It requires benchmark infrastructure that markets can trust and build on top of.
With TESR now powering a fixed-rate borrowing market on Euler, DeFi has taken a step closer to the kind of benchmark-driven market structure that underpins traditional fixed income.
DeFi has never had a fixed-rate borrowing market anchored to a credible, backtested, and transparent on-chain benchmark.
Until now. 🌳
Frequently Asked Questions (FAQs) Q: What collateral does the market accept?
A: tETH and wstETH.
Q: What asset can I borrow?
A: WETH.
Q: How is the borrow rate set?
A: At the start of each cycle, the rate is derived from the TESR 30-D consensus published on-chain by DOR. The formula bounds the borrow rate to a 2.05–2.50% APY band, keeping the rate predictable and within a defined range every cycle.
Q: How long is each cycle?
A: Each cycle runs for the length of the calendar month. The fixed borrow rate applies for all but the final day. On the last day, the borrow rate rises to 50% to incentivize repayment before the cycle closes.
Q: What happens at the end of a cycle?
A: A fresh TESR 30-D reading is pulled from DOR. The rate resets, and a new cycle begins
Q: What is the repayment window?
A: The final day of each cycle. The borrow rate rises to 50% during this window to incentivize timely repayment before the next cycle begins. This does not force liquidations. Users are recommended to repay before this date to avoid the elevated rate.
Q: What happens if I don’t repay during the repayment window?
A: If repayment is not made before the cycle closes, the position rolls into the next cycle automatically. The borrow rate refreshes to the new TESR 30-D rate for the upcoming month.
About Treehouse 🌳
Treehouse, a digital assets infrastructure firm and the decentralized arm of the parent company Treehouse Labs, is at the forefront of revolutionizing the decentralized fixed income market. Treehouse Protocol introduces innovative fixed income products and primitives across chains through tAssets, liquid staking tokens that empowers its users to participate in the convergence of on-chain interest rates while retaining the flexibility to engage in DeFi activities.
Treehouse Protocol is also pioneering the Decentralized Offered Rates (DOR) consensus mechanism for benchmark rate setting, enabling a range of fixed income products and primitives into digital assets. Treehouse is dedicated to creating safer and more predictable return alternatives for both individual investors and institutions.
For the first time, an on-chain fixed-rate borrowing market is being anchored to a transparent benchmark rate.
Curated by KPK, the new ETH markets on Euler set their borrowing rate each cycle using the Treehouse Ethereum Staking Rate (TESR), Treehouse’s on-chain benchmark for Ethereum staking yields under the Decentralized Offered Rates (DOR) framework.
This marks an important step forward for DeFi fixed income: moving from purely variable-rate markets toward benchmark-driven primitives that are transparent, predictable, and accessible on-chain.
DeFi’s First Fixed-Rate Market, Powered by TESR Now live on Euler, the tETH/WETH and wstETH/WETH markets let users deposit tETH or wstETH as collateral and borrow WETH at a fixed rate for the duration of each monthly cycle.
Once a cycle begins, the borrow rate is anchored and locked to the TESR 30-day consensus.
There are no mid-cycle rate changes, no sudden repricing, and no unexpected shifts in borrowing rates during the term. At the end of each cycle, the market references the latest TESR reading before setting the rate for the next cycle.
This creates a more predictable borrowing experience for users who want to manage leverage, duration, and yield strategies without being exposed to constant variable-rate movements.
Borrow WETH at a fixed rate on Euler using tETH or wstETH as collateral.
Why Fixed Rates Matter Most DeFi lending markets today are variable-rate by design.
While variable rates work for flexible borrowing, they introduce uncertainty. Borrowers cannot reliably forecast their cost of capital. A sudden rate spike can compress returns, disrupt strategies, or erase the expected profit from an entire cycle.
This is one of the biggest missing pieces in DeFi credit markets.
In traditional finance, fixed income markets are built around rate benchmarks. These benchmarks give lenders, borrowers, institutions, and structured products a common reference point for pricing capital across different durations.
DeFi has historically lacked this foundation.
Without credible, transparent, and widely usable benchmark rates:
Fixed-rate markets have struggled to scaleLiquidity has remained fragmentedPricing has been difficult to standardizeMany fixed-rate products have remained short-lived The TESR-anchored Euler market offers a new path forward.
What is TESR? TESR, or the Treehouse Ethereum Staking Rate, is the first benchmark under Treehouse’s Decentralized Offered Rates (DOR) framework.
TESR is designed to serve as a transparent reference rate for Ethereum staking yields. Under the DOR consensus-based framework, institutional panelists submit daily 30-day forward forecasts for ETH staking yields. These submissions form a consensus benchmark rate that is transparent, auditable, and resistant to manipulation.
By anchoring fixed-rate markets to TESR, DeFi protocols can price products against a rate that reflects forward-looking expectations for ETH staking yields, rather than relying solely on market utilization or isolated liquidity conditions.
This allows fixed-rate markets to become more standardized, more composable, and more aligned with the way mature credit markets operate.
View the Treehouse Ethereum Staking Rate (TESR) here.
Curated by KPK The market is curated by KPK, one of DeFi’s leading vault curators.
KPK curates vaults across Morpho, Euler, and Gearbox, bringing institutional-grade risk frameworks and structured collateral management to DeFi lending. Their role here extends that same discipline to ETH credit on Euler.
Through its ETH Yield Term vault, KPK supplies WETH liquidity into the Euler market, enabling borrowers to access fixed-rate capital backed by tETH or wstETH collateral.
The decision to build this market around TESR reflects a broader shift in DeFi. Fixed income products need credible benchmarks, professional curation, and transparent infrastructure in order to scale.
From Institutional Desks to Public DeFi Markets TESR has already begun gaining adoption beyond Treehouse.
Through FalconX, the first TESR-referenced institutional ETH staking rate forwards was launched in September 2025, bringing benchmark-based fixed-income products to institutional trading desks.
Now, that same benchmark powers an open on-chain market accessible to anyone through Euler.
TESR is moving from institutional use cases into public DeFi infrastructure, demonstrating how DOR benchmarks can support both professional counterparties and permissionless markets.
Why This Matters for DeFi Every mature credit market depends on credible benchmark rates.
Traditional finance has used benchmarks such as LIBOR, SOFR, treasury curves, and other reference rates to price loans, derivatives, swaps, bonds, and structured credit products. These benchmarks create a shared foundation for capital markets by giving participants a common reference point.
DeFi has not had an equivalent foundation.
Most on-chain lending markets are still driven by variable utilization curves. While powerful, these models are not enough to support the full development of fixed income markets. To build more advanced credit products, DeFi needs benchmark rates that are transparent, resilient, and composable.
By bringing benchmark rates on-chain, DOR enables protocols, curators, market makers, and institutions to build financial products that can reference standardized rates directly within DeFi.
The Euler market enabled by TESR is an early example of what that infrastructure can unlock.
Building the Fixed Income Layer of Digital Assets Treehouse is building the fixed income layer of digital assets.
That vision requires more than yield products. It requires benchmark infrastructure that markets can trust and build on top of.
With TESR now powering a fixed-rate borrowing market on Euler, DeFi has taken a step closer to the kind of benchmark-driven market structure that underpins traditional fixed income.
DeFi has never had a fixed-rate borrowing market anchored to a credible, backtested, and transparent on-chain benchmark.
Until now. 🌳
Frequently Asked Questions (FAQs) Q: What collateral does the market accept?
A: tETH and wstETH.
Q: What asset can I borrow?
A: WETH.
Q: How is the borrow rate set?
A: At the start of each cycle, the rate is derived from the TESR 30-D consensus published on-chain by DOR. The formula bounds the borrow rate to a 2.05–2.50% APY band, keeping the rate predictable and within a defined range every cycle.
Q: How long is each cycle?
A: Each cycle runs for the length of the calendar month. The fixed borrow rate applies for all but the final day. On the last day, the borrow rate rises to 50% to incentivize repayment before the cycle closes.
Q: What happens at the end of a cycle?
A: A fresh TESR 30-D reading is pulled from DOR. The rate resets, and a new cycle begins
Q: What is the repayment window?
A: The final day of each cycle. The borrow rate rises to 50% during this window to incentivize timely repayment before the next cycle begins. This does not force liquidations. Users are recommended to repay before this date to avoid the elevated rate.
Q: What happens if I don’t repay during the repayment window?
A: If repayment is not made before the cycle closes, the position rolls into the next cycle automatically. The borrow rate refreshes to the new TESR 30-D rate for the upcoming month.
About Treehouse 🌳
Treehouse, a digital assets infrastructure firm and the decentralized arm of the parent company Treehouse Labs, is at the forefront of revolutionizing the decentralized fixed income market. Treehouse Protocol introduces innovative fixed income products and primitives across chains through tAssets, liquid staking tokens that empowers its users to participate in the convergence of on-chain interest rates while retaining the flexibility to engage in DeFi activities.
Treehouse Protocol is also pioneering the Decentralized Offered Rates (DOR) consensus mechanism for benchmark rate setting, enabling a range of fixed income products and primitives into digital assets. Treehouse is dedicated to creating safer and more predictable return alternatives for both individual investors and institutions.
The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
3 minutes ago
Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
3 minutes ago
Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
3 minutes ago
Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
Blockchain data infrastructure project Cambrian has closed a $6 million seed round, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, and other investors. The project previously raised a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million. Cambrian currently provides institutional investors and AI Agents with real-time and historical data APIs covering on-chain yields, risks, lending markets, and trading activities, and plans to further build a verifiable data oracle network. Official data shows it has indexed over $4.5 billion in lending TVL, tracks more than 320,000 DEX liquidity pools, and currently supports Base and Solana, with plans to expand to additional ecosystems including Ethereum. The funds will be used to expand on-chain data coverage, accelerate oracle network development, and team recruitment.
3 minutes ago
Whale 0xbilly pulled off another "buy high, sell low" move, exiting with a $220,000 loss in a single day.
According to EmberCN’s monitoring, whale address 0xbilly liquidated 2,409 ETH in the early hours of today when ETH fell to around $1,569.5, worth approximately $3.78 million, with a total loss of roughly $220,000. Notably, this batch of ETH was purchased just one day ago for about 4 million USDC, at an average price of approximately $1,660.2. The address also previously bought 7,768.5 ETH at a high of $2,254 in March this year, valued at around $17.51 million, and exited via stop-loss four days later, incurring a loss of roughly $800,000.
3 minutes ago
Two whales opened a short position worth approximately $90 million on the S&P 500.
According to monitoring by Onchain Lens, two whale addresses are building short positions on the S&P 500, with a combined position of approximately $90 million. Details are as follows: Whale address "0x469" has opened 6,500 S&P 500 short positions, using 20x leverage, valued at around $48 million, with a liquidation price of $8,413.66. Whale address "0x4ff" has opened 5,686.66 S&P 500 short positions, using 7x leverage, valued at around $42 million, with a liquidation price of $8,358.13.
Someone out there has $73,000 in ETH just sitting in a wallet, waiting to be claimed. They’ve been pinged about it. They haven’t responded. And they’re not alone.
Euler Finance recently notified a user via onchain messaging that 32.3 ETH from the protocol’s 2023 hack recovery remains unclaimed. The wallet in question has been completely inactive since April 2023.
The backstory: a $197 million hack with a surprisingly happy ending On March 13, 2023, Euler Finance’s V1 protocol was hit with one of the largest exploits of the year. Roughly $197 million in assets, including DAI, USDC, WBTC, and stETH, were drained in the attack.
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The hacker, who identified themselves as “Jacob,” actually returned the stolen funds. By April 4, 2023, the assets were fully recovered, with the total value reportedly reaching around $240 million when accounting for price appreciation during the negotiation period.
To redistribute the recovered funds, Euler set up a Merkle-tree-based claim contract called EulerClaims. If you were affected by the hack, you could verify your eligibility and withdraw your share of the recovered assets. The contract was designed to work with both standard wallets (externally owned addresses, or EOAs) and multisignature wallets.
149 ETH still unclaimed across 1,636 addresses According to data from Forgotten ETH, a tracker that monitors unclaimed assets on Ethereum, approximately 149.13 ETH remains unclaimed across 1,636 eligible addresses from Euler’s recovery distribution. At current prices, that’s a meaningful chunk of value scattered across wallets whose owners have apparently moved on, lost access, or simply never noticed.
The 32.3 ETH wallet that prompted Euler’s recent notification represents the single largest unclaimed balance in the recovery pool. At roughly $73,000, the notification was sent via an onchain Input Data Message (IDM), which is essentially a note embedded in a transaction that the wallet owner would see if they checked their address on a block explorer like Etherscan. The wallet has shown zero activity for nearly two years.
The EulerClaims contract remains open with no reported pauses or deadlines, which means eligible users can still claim their funds whenever they decide to show up.
What this means for investors For anyone who interacted with Euler Finance’s V1 protocol before March 2023, the practical takeaway is simple: check your eligibility. Tools like Forgotten ETH exist specifically to surface these kinds of overlooked assets. The claims contract is still live, and there’s no indication it’s closing anytime soon. That said, “no indication” is not the same as “guaranteed forever,” so procrastination carries its own quiet risk.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Unlink is integrating with Euler to bring transaction privacy to institutional lending.
The integration routes capital into Euler vaults through @unlink_xyz’s privacy layer, a smart contract deployed to existing chains supported by Euler.
Institutions will be able to supply, borrow, and manage positions while reducing the public link between their wallet and the vaults they use, the activity they take, and the size of those positions.
Onchain lending is public by defaultPutting capital onchain can expose more than a transaction. It can reveal which vaults a desk supplies into, how much capital sits in each, and how those allocations change over time.
Given an address, an outside observer can infer strategy from public transaction history. Position sizes can signal conviction. Reallocations can show how a desk is changing its view. For institutions managing meaningful size, that visibility can be a reason not to participate.
Unlink reduces that exposure by routing activity through a privacy layer.
Organizations can hold accounts, move tokens, and interact with smart contracts while keeping balances and transaction history out of the normal public transaction path.
With Euler, that model is being applied to onchain lending for the first time.
What this will enableInstitutions will be able to supply to and borrow from Euler vaults without making vault selection public.
Position sizes and rebalancing activity can pass through Unlink’s privacy layer instead of being exposed through the normal public transaction path. The integration uses Unlink’s existing contract-interaction flow, with no new chain and no bridge.
Builders will be able to offer private access to Euler vaults through the Unlink SDK, in either non-custodial or custodial form.
Why EulerEuler’s vault architecture is becoming a natural fit for institutional lending infrastructure because it lets teams create isolated markets with explicit parameters for collateral, pricing, interest rates, and liquidation. Unlink can add privacy around user activity without changing how the market works underneath.
The vault remains a standard Euler vault, with its own rules and risk parameters. Only the visibility of the interaction changes.
The same architecture gives institutions configurable lending markets, isolated vaults, and a privacy layer around market activity.
A model for private onchain creditThe same structure can extend across markets built on Euler vaults. Each vault is an isolated contract with a standard interface, so privacy layers, treasury systems, and institutional front ends can connect to Euler markets without rebuilding the integration for each vault.
Euler provides the lending venue, with vault-level parameters for collateral, pricing, interest rates, and liquidation. Unlink provides the privacy layer, so builders can offer shielded access to onchain credit markets without creating a separate lending stack.
Where institutional lending goes nextOnchain lending gives institutions markets where settlement, collateral rules, oracle choices, interest rates, and liquidation logic can be inspected directly. Market infrastructure can be public and verifiable. Account activity does not need to reveal every allocation decision.
Institutional credit needs that separation. Firms should be able to evaluate the rules of a market without publishing their own strategy every time they allocate, rebalance, borrow, or withdraw.
Euler provides configurable lending markets with clear vault-level rules. Unlink adds transaction privacy around how institutional capital moves into those markets.
Together, they make onchain lending more usable for institutions that need programmable credit markets without making every position part of the public strategy graph.
This article is informational only and is not financial, legal, tax, or investment advice. Euler provides lending infrastructure. Euler does not manage, sponsor, advise, or distribute the underlying assets or funds. Eligibility to access or transfer tokenized assets may be restricted, and DeFi markets involve risks including smart contract, oracle, liquidation, liquidity, collateral asset, stablecoin, regulatory, and total loss risk.
French banking giant ODDO BHF is launching a euro-backed stablecoin called EUROD, designed to be a compliant digital version of the euro.EUROD will be listed on Madrid-based crypto platform Bit2Me, which is backed by major institutions including telecom giant Telefonica and banking giants Unicaja and BBVA.The stablecoin meets EU regulatory requirements under MiCA and is aimed at both retail and institutional users, the companies said.175-year-old French banking giant ODDO BHF, which manages over €150 billion ($173 billion) in assets, is entering the crypto space with the launch of a euro-backed stablecoin dubbed EUROD.
The token is set to be listed on Madrid-based crypto platform Bit2Me, one of the largest exchanges in the Spanish-speaking world that’s backed by telecom giant Telefonica and other major institutions including banking giants Unicaja and BBVA.
EUROD, according to a press release shared with CoinDesk, is designed to be a compliant, low-volatility digital version of the euro. The firms said it meets requirements under the EU’s new MiCA regulation and is aimed at both retail and institutional users.
Bit2Me, which saw Tether lead a €30 million ($35 million) investment round in it earlier this year, is positioning the listing as a bridge between traditional finance and crypto.
“The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets,” said Leif Ferreira, Bit2Me’s CEO.
By pairing a euro-pegged digital asset with a regulated banking institution, ODDO BHF is betting on a growing demand for payment solutions that combine the stability of fiat with the convenience of blockchain rails.
PANews reported on October 15th that ODDO BHF, a 175-year-old French banking giant with over €150 billion (US$173 billion) in assets under management, is entering the cryptocurrency space with the launch of a euro-backed stablecoin called EUROD. The token will be listed on the Madrid-based cryptocurrency platform Bit2Me. EUROD is designed to be a compliant, low-volatility digital version of the euro. The companies stated that the token complies with the EU's new Markets in Crypto-Assets (MiCA) regulation and is targeted at both retail and institutional users.
French banking giant ODDO BHF has made a significant entry into the cryptocurrency market by launching its Euro-pegged stablecoin, EUROD. According to CoinDesk, this stablecoin will be listed on the Madrid-based Bit2Me platform. Positioning itself as a low-volatility payment tool, EUROD is targeted for both individual and institutional use. The project aligns with the European Union’s MiCA framework. Supported by institutions like Telefónica and BBVA, Bit2Me reinforces the trust factor combined with a banking-backed issuer. ODDO BHF, with a 175-year history and over €150 billion in asset management, is crafting a new bridge between traditional finance and blockchain technology.
EUROD Coin: A New Digital Euro Under MiCA ComplianceEUROD is defined as a compliant digital Euro version under the MiCA framework. The target audience comprises users who want to conduct transactions within a regulated framework for payment and transfer scenarios. Bit2Me, a scaled player in Spanish-speaking markets, considers this listing as a bridge. Leif Ferreira, CEO of Bit2Me, emphasizes the mission to expand the set of regulated and reliable assets, stating that a bank-supported Euro peg will accelerate the platform’s corporate expansion.
Earlier this year, Bit2Me grabbed attention with a €30 million funding round led by Tether. When ODDO BHF’s banking status merges with Bit2Me’s market reach, the Euro-pegged digital payment layer aims to capture corporate demand in treasury, commercial payments, and cross-border transfers, in addition to individual users. The involvement of European issuers amid a global dominance of dollar-pegged coins increases currency diversity.
Growing Competition for Euro-Pegged Stablecoins in EuropeThe European market has grown familiar with bank-supported Euro-pegged stablecoins, with Société Générale-FORGE’s EURCV launch. As of September, nine banks, including ING, Banca Sella, Danske Bank, DekaBank, and CaixaBank, had announced MiCA-compliant Euro-pegged stablecoin initiatives. EUROD by ODDO BHF positions itself in this league with oversight from banking and the narrative of regulated reserves. Its differentiating factor is an exchange listing that prioritizes accessibility from day one.
Despite the market being dominated by dollar-based stablecoins, the options for Euro-based payments and corporate cash management are anticipated to rise. The natural advantage of Euro-denominated settlements in intra-European exchanges, combined with regulatory clarity, may accelerate adoption. EUROD’s deployment on Bit2Me highlights an attempt to unite regulatory compliance with market liquidity.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
TLDR:ODDO BHF Launches EUROD for Retail and Institutional UsersEUROD Debut on Bit2Me Strengthens Bank-Crypto LinksGet 3 Free Stock Ebooks ODDO BHF launches EUROD, a euro-backed stablecoin, entering crypto markets for retail and institutions. EUROD will debut on Bit2Me, supported by Telefonica and Spanish banks Unicaja and BBVA. EUROD complies with EU MiCA regulations, offering a low-volatility euro digital token for users. ODDO BHF manages over €150 billion in assets and aims to bridge traditional finance with crypto.
French banking giant ODDO BHF is stepping into the cryptocurrency market with a new euro-backed stablecoin.
The bank, which manages over €150 billion in assets, aims to provide a regulated, low-volatility digital version of the euro. This move signals ODDO BHF’s entry into both retail and institutional crypto markets.
EUROD, the newly launched token, will be available on a major Spanish exchange. The initiative reflects growing interest from traditional banks in digital currencies.
ODDO BHF Launches EUROD for Retail and Institutional Users EUROD is designed to meet the European Union’s MiCA regulatory requirements. According to a release, the token targets both retail investors and institutional clients.
The stablecoin aims to offer low volatility compared to traditional cryptocurrencies. ODDO BHF emphasized compliance and accessibility as central features of EUROD.
The bank’s 175-year history provides credibility in managing a secure digital currency. EUROD could serve as a bridge between conventional finance and blockchain technology.
The stablecoin allows users to transact digitally while remaining tethered to the euro. This ensures predictable pricing and reduces exposure to crypto market swings.
Bit2Me, the Madrid-based platform hosting EUROD, is backed by telecom giant Telefonica and banking groups Unicaja and BBVA. This institutional support strengthens the exchange’s reach and reliability.
The listing ensures EUROD gains immediate access to a large European user base. It also provides infrastructure for secure token custody and compliance.
Experts note that stablecoins like EUROD are increasingly favored for payments and trading. The combination of regulatory compliance and euro backing may attract cautious investors.
By entering this market, ODDO BHF positions itself alongside emerging digital finance players. This move reflects banks’ growing willingness to adopt blockchain technology.
French banking giant ODDO BHF has announced the launch of its euro-backed stablecoin EUROD, marking its official entry into the cryptocurrency sector. The bank manages over €150 billion (approximately $173 billion) in assets. EUROD will debut on the Madrid-based crypto platform…
— Wu Blockchain (@WuBlockchain) October 15, 2025
EUROD Debut on Bit2Me Strengthens Bank-Crypto Links The Bit2Me platform is one of the largest crypto exchanges in the Spanish-speaking world. Listing EUROD there allows ODDO BHF to reach a diverse market quickly.
The exchange’s backing by major institutions ensures robust liquidity and credibility. Early access could encourage adoption among both retail and corporate users.
ODDO BHF’s entry into crypto highlights the trend of traditional banks exploring digital assets. By launching EUROD, the bank seeks to combine stability with blockchain innovation.
Analysts anticipate that the euro-backed token will provide an alternative to dollar-pegged stablecoins. The firm’s large asset base provides confidence in EUROD’s financial backing.
The launch also opens opportunities for cross-border transactions within the eurozone. EUROD can be used for payments, trading, and institutional treasury operations.
The token’s compliance with MiCA regulation ensures legal clarity. ODDO BHF’s initiative may inspire other European banks to explore stablecoins.
French banking institution ODDO BHF has recently launched a new euro-backed stablecoin, EUROD. The token will be listed on the Madrid crypto platform Bit2Me.
Summary
French banking giant ODDO BHF has launched its euro-backed stablecoin, EUROD, marking its first move into the crypto market. The launch comes amid a broader push by European banks to develop euro-pegged stablecoins to challenge the dominance of U.S. dollar tokens. According to a recent report by CoinDesk, the French banking giant has launched its own stablecoin pegged to the euro. The token will be dubbed EUROC and is set to be listed on the Madrid-based crypto exchange Bit2Me. The token is meant to be a “low-volatility” digital asset version of the euro that is compliant with the EU’s MiCA regulatory framework.
EUROD will be backed on a 1:1 ratio and is aimed at both retail and institutional users.
The move marks a significant step for the traditional financial institution, which manages more than €150 billion or approximately $173 billion in assets across Europe. ODDO BHF aims to provide a secure and regulated digital asset option for investors seeking stability within the volatile crypto market.
“The listing of ODDO BHF’s euro stablecoin is another important step in Bit2Me’s mission to offer trusted, regulated digital assets,” said Bit2Me CEO Leif Ferreira in a press release sent to CoinDesk.
Earlier this year, Bit2Me successfully raised €30 million or $35 million in an investment round led by the stablecoin issuer tycoon Tether. Through the listing of ODDO BHF’s EUROD, it hopes to narrow the gap between tradition finance and the crypto market.
ODDO BHF’s first venture into crypto The launch of the euro-backed stablecoin marks the first dive into the crypto space. The firm joins a number of financial institutions in Europe that have jumped on the stablecoin bandwagon. Earlier this month Societe Generale’s digital asset arm launched its U.S dollar-backed and euro-pegged stablecoins on Morpho and Uniswap.
As previously reported by crypto.news, SG-FORGE aims to position is stablecoins as options instead of replacements for fiat currency. The firm views stablecoins as regulated instruments meant for specific use cases.
On the other hand, nine European banks including UniCredit SpA, ING Groep NV, DekaBank, Banca Sella, KBC Group NV, and Danske Bank AS have teamed up with the intention of launching a joint-stablecoin venture powered by the euro. The token will also be MiCA-compliant.
A few days prior, Citigroup announced that it would be joining the consortium of nine banks to launch a euro-backed stablecoin.
The heightened interest surrounding euro-backed tokens is influenced by the need to challenge the U.S dollar’s domination in the stablecoin market. According to data from DeFi Llama, the number one stablecoin in the world by market cap is Tether’s USDT (USDT), with a market domination of 59.01%.
Meanwhile, euro-backed stablecoins only contribute around $573.9 million out of the total $306 billion stablecoin market cap. The largest euro stablecoin is Circle’s EURC (EURC) with a market cap of $266 million. In second place is EURS (EURS), followed by EUR CoinVertible’s EURCV (EURCV).
ODDO BHF aims to launch a new euro-backed stablecoin, joining the lineup of existing players | Source: CoinGecko
Bankinter has taken a minority stake in Spanish crypto exchange Bit2Me, joining a $33 million funding round that also included Tether.The investment strengthens Bit2Me's capital structure and supports its regulatory ambitions in Europe and Latin America, as it operates under the EU's new MiCA regulation, the exchange said.The deal marks another example of traditional banks collaborating with crypto firms, with Bit2Me already working with major Spanish financial institutions including BBVA, Unicaja and Cecabank.Spanish banking giant Bankinter has taken a minority stake in crypto exchange Bit2Me, joining a 30 million euro ($33 million) funding round involving Tether in August 2025.
The investment adds another traditional bank to Bit2Me’s growing list of backers, which already includes major local financial institutions including BBVA, Unicaja and Cecabank.
Bit2Me, headquartered in Madrid, is among the first firms registered under the EU’s new Markets in Crypto-Assets (MiCA) regulation, allowing it to operate across the entire European bloc. The company has positioned itself as a business-to-business gateway for banks seeking compliant access to crypto markets.
Bankinter said in a release that the deal is aimed at fostering “technological and knowledge-based synergies,” specifically in areas leveraging distributed ledger technology (DLT).
While exact terms weren’t disclosed, the agreement strengthens Bit2Me’s capital structure and adds weight to its regulatory ambitions in Europe and Latin America.
Over the past 18 months, Bit2Me has quietly embedded itself in traditional finance. It acts as a backend crypto service provider for Turkey’s Garanti BBVA, and jointly launched a custody and trading platform with Cecabank, according to documents shared with CoinDesk.
In a statement, Bit2Me CFO Pablo Casadío framed the Bankinter deal as a sign that banks are choosing collaboration over competition.
“This alliance confirms that the banking sector can leverage our deep industry know-how to enhance its offering. Instead of competing, we are integrating strengths,” Casadío said.
The firm’s ties to traditional financial institutions go deeper, however. In July 2024, Spanish bank Unicaja, through its investment arm Unicaja Ventures, acquired a stake of over 5% in the exchange and secured a seat on its board of directors.
PANews reported on January 14 that, according to CoinDesk, Spanish bank Bankinter has acquired a minority stake in local cryptocurrency exchange Bit2Me, participating in the exchange's €30 million funding round to be completed in August 2025. This round also included stablecoin issuer Tether.
Bankinter's move joins Bit2Me's growing group of bank shareholders, following support from major financial institutions such as Spain's BBVA, Unicaja, and Cecabank. Headquartered in Madrid, Bit2Me was one of the first companies to register under the EU's Crypto Asset Markets Regulation (MiCA), allowing it to operate throughout the EU.
Spain’s established bank, Bankinter, has ventured into the cryptocurrency industry by acquiring a minority stake in the crypto exchange Bit2Me, marking a significant step in the European financial realm. This investment was made as part of a 30 million euro funding round completed in August 2025, which also included the participation of Tether. Based in Madrid, Bit2Me distinguishes itself with the MiCA registration, allowing it to operate across the European Union, thereby strengthening its objective to bridge traditional banking and cryptocurrency infrastructures. This development exemplifies a shift in the banking sector’s approach toward cryptocurrency—moving from competition to collaboration.
Framework of the Bankinter–Bit2Me PartnershipBankinter’s announcement emphasized the goal of creating synergies focused on distributed ledger technology through this investment. While details on share percentages and financial terms remain undisclosed, the agreement bolstered Bit2Me’s capital structure and offered corporate support for its compliant growth strategy. Bankinter opted to collaborate with a licensed and regulated infrastructure provider rather than entering the crypto market directly.
The investment round has further diversified Bit2Me’s already strong investor base, which includes entities like BBVA, Unicaja, and Cecabank. This scenario illustrates how Spanish banks are approaching the cryptocurrency market with a controlled, partnership-based strategy.
Bit2Me’s CFO, Pablo Casadío, described the Bankinter investment as indicative of banks’ preference for integration over competition. According to Casadío, banks aim to swiftly develop their products and services by leveraging external technical expertise in the cryptocurrency sector.
MiCA, Corporate Infrastructure, and Regional ExpansionBit2Me ranks among the first companies to register under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This status enables the company to operate with a single license across Europe, significantly reducing compliance risks for banks. The company positions itself more as a B2B gateway serving banks and financial institutions rather than individual investors.
Over the past 18 months, Bit2Me’s integration with traditional finance has markedly accelerated. The firm provides back-end crypto services for Garanti BBVA in Turkey and, in collaboration with Cecabank, has established a joint platform covering custody and trading infrastructure. These strategic moves are seen as concrete indicators of Bit2Me’s ambition for compliant growth in markets such as Latin America and Turkey.
In July 2024, Bit2Me secured an investment exceeding 5% through Unicaja Ventures and included a bank representative on its board, further solidifying its corporate legitimacy. From a European banking perspective, this scenario suggests a preference for partnering with licensed technology providers rather than entering the crypto markets as direct competitors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
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Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify
Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
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Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
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Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
Blockchain data infrastructure project Cambrian has closed a $6 million seed round, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, and other investors. The project previously raised a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million. Cambrian currently provides institutional investors and AI Agents with real-time and historical data APIs covering on-chain yields, risks, lending markets, and trading activities, and plans to further build a verifiable data oracle network. Official data shows it has indexed over $4.5 billion in lending TVL, tracks more than 320,000 DEX liquidity pools, and currently supports Base and Solana, with plans to expand to additional ecosystems including Ethereum. The funds will be used to expand on-chain data coverage, accelerate oracle network development, and team recruitment.
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Whale 0xbilly pulled off another "buy high, sell low" move, exiting with a $220,000 loss in a single day.
According to EmberCN’s monitoring, whale address 0xbilly liquidated 2,409 ETH in the early hours of today when ETH fell to around $1,569.5, worth approximately $3.78 million, with a total loss of roughly $220,000. Notably, this batch of ETH was purchased just one day ago for about 4 million USDC, at an average price of approximately $1,660.2. The address also previously bought 7,768.5 ETH at a high of $2,254 in March this year, valued at around $17.51 million, and exited via stop-loss four days later, incurring a loss of roughly $800,000.
3 minutes ago
Two whales opened a short position worth approximately $90 million on the S&P 500.
According to monitoring by Onchain Lens, two whale addresses are building short positions on the S&P 500, with a combined position of approximately $90 million. Details are as follows: Whale address "0x469" has opened 6,500 S&P 500 short positions, using 20x leverage, valued at around $48 million, with a liquidation price of $8,413.66. Whale address "0x4ff" has opened 5,686.66 S&P 500 short positions, using 7x leverage, valued at around $42 million, with a liquidation price of $8,358.13.
Bankinter has joined the shareholder structure of Bit2Me after reaching an agreement to participate in the Spanish crypto firm’s €30 million funding round, originally announced in August. The investment positions Bankinter alongside leading strategic and institutional partners as Bit2Me accelerates its European and Latin American growth plans.
The move reflects Bankinter’s broader strategy of investing in technology-driven financial innovation, with a particular focus on distributed ledger technology (DLT) and regulated digital asset infrastructure. Through the partnership, both firms will explore technological synergies and knowledge-sharing opportunities.
For Bit2Me, the addition of Bankinter further strengthens its capital base following the receipt of its European regulatory licence in mid-2025, reinforcing its status as a regulated crypto infrastructure provider in the EU.
Takeaway
Bankinter’s investment signals growing alignment between traditional banks and regulated crypto firms, with collaboration replacing competition as institutions look to offer secure digital asset services.
Strategic Investment Focused on Technology and DLT The primary objective of Bankinter’s investment is to develop technological and knowledge-based synergies with Bit2Me. By taking a stake in the company, the bank positions itself alongside a domestic technology partner with deep expertise in blockchain and digital assets.
Bankinter has consistently used venture capital investments to anticipate shifts in the financial landscape, particularly in areas where regulation and technology intersect. The partnership with Bit2Me enables the bank to explore DLT-based solutions while leveraging Bit2Me’s established crypto infrastructure.
This approach reflects a broader trend among European banks, which are increasingly opting to collaborate with regulated fintech and crypto-native firms rather than build capabilities entirely in-house.
Fueling Bit2Me’s European and LATAM Expansion The investment comes at a pivotal moment for Bit2Me. Having obtained its European regulatory licence on July 29, the company is now positioned to scale its services across the EU under a harmonised regulatory framework.
Backed by strategic partners including Telefónica, Inveready, Investcorp, Tether, BBVA, Unicaja and Cecabank, Bit2Me plans to accelerate expansion throughout Europe while also strengthening its footprint in Argentina and other Latin American markets.
The reinforced capital structure supports Bit2Me’s ambition to consolidate its position as a leading crypto services provider in both Europe and the Spanish-speaking world, combining regulatory compliance with scalable infrastructure.
Banking and Crypto Converge Through Partnership Pablo Casadío, CFO of Bit2Me, said the agreement demonstrates how banks and crypto firms can integrate complementary strengths. He noted that financial institutions can leverage Bit2Me’s industry expertise to enhance their own offerings rather than compete directly.
According to Casadío, Europe now presents a favourable environment for regulated crypto adoption, and Bit2Me’s technological and regulatory foundations make it a natural partner for banks seeking to provide clients with secure access to digital assets.
For Bankinter, the deal reinforces its long-standing reputation as a digital pioneer in Spanish banking, while for Bit2Me it marks another step in bridging traditional finance and the crypto ecosystem under a regulated, collaborative model.
