SingularityDAO, Cogito Finance, and SelfKey have announced a strategic merger to form Singularity Finance. This new entity will enhance the tokenization of the artificial intelligence economy through a specialized Layer-2 network. The unified platform will introduce the SFI token as its core network token, consolidating the three existing tokens, SDAO, CGV, and KEY, into a single currency to streamline transactions and governance within the ecosystem.
SingularityDAO, Cogito, SelfKey Merge to Form Singularity Finance, SDAO Price Rally 19% The collaboration between SingularityDAO, Cogito Finance, and SelfKey has resulted in the creation of Singularity Finance. This platform will transform the AI sector by tokenizing real-world assets and integrating AI into the decentralized finance (DeFi) landscape.
Moreover, the merger leverages each company’s strengths to create a robust Layer-2 solution on the Ethereum blockchain. It aims to democratize access to AI technologies and financial products. Following the merger announcement, SingularityDAO’s token, SDAO price, experienced a significant uptick, rising 19% to a trading price of $0.34.
Courtesy: CoinMarketCap The new entity will deploy Cogito’s advanced tokenization frameworks as the merger progresses. SelfKey’s identity solutions will also be integrated to ensure compliant user participation. This strategy will offer enhanced liquidity and improved access to AI-driven financial tools.
Token Consolidation and Future Plans In addition, the creation of Singularity Finance will consolidate SDAO, CGV, and KEY into the new SFI token. This move will unify the economic structure of the merged entities and simplify the user experience across its platforms.
However, the token conversion will take place based on different ratios, with consideration on the trading history of each tokens. In particular, the SDAO tokens will be exchanged for SFI at 1:80.353, CGV at 1:10.890, and for KEY token at 1:1 ratio. Selling of the SFI token will commence on the Ethereum and BNB Chain, but the expansion will be done on other blockchains after the mainnet scheduled for early 2025.
Before these changes occur some form of governance will be put in place to addresses them. As such, token holders will exercise their voting rights in several rounds of voting to take place before the end of October. This will create a community-based approach in the new financial environment.
Moreover, the merger will introduce decentralized marketplaces and financial instruments that leverage Artificial Intelligence to optimize asset management, risk assessment, and investment strategies. More so, Singularity Finance will facilitate the tokenization of physical assets like GPUs and extend to computational resources and AI models, thereby broadening the scope of assets available onchain.
SingularityDAO will revolutionize AI and DeFi through this merger, paving the way for a tokenized future in artificial intelligence.
SelfKey will be engaging its community in a vote to decide the fate of a merger of Singularity DAO(SDAO) and Cogito Finance starting from the 1st of November this year. On approval of the deal, SelfKey lists shall form Singularity Finance, which is a Layer 2 blockchain that specializes in tokenization of AI assets.
The vote will continue until November 7, and any holders of the KEY token will be able to cast their vote, thus, it will provide SelfKey’s community with a voice in the further evolution of the platform.
Merger to Form Singularity Finance with KEY Holder Approval The integration will entail SelfKey, Singularity DAO, and Cogito Finance joining to create a single corporation known as Singularity Finance. This transition would also favour the holders of KEY tokens as a token swap mechanism would allow them to exchange their KEY tokens for the new platform’s token known as SFI. Thus, Singularity Finance intends to become the key RWA tokenization platform to focus on the AI economy.
Singularity Finance will utilize the combined expertise of SelfKey’s identity technology, Singularity DAO’s DeFi capabilities, and Cogito Finance’s financial models to establish a compliant ecosystem for tokenized AI assets.
By merging into a single platform, these entities plan to create advanced AI-driven financial services, bolstered by SelfKey’s decentralized identity solutions that offer compliance and security. The network will function as an EVM-compatible Layer 2, designed to support AI tokenization in a regulated environment.
SelfKey Snapshot Vote to Capture KEY Token Holder Participation The KEY Token holders willing to participate in the vote shall keep their tokens in their wallets by November 1 to establish a “snapshot”. This process ensures that only those who actively hold KEY on the day of the vote will gain the right to ballot on the Snapshot voting platform.
The three types of votes will be approval of the merger, rejection of the merger, or abstaining from the merger proposal to give the SelfKey community the power to decide the company’s next steps.
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SingularityDAO has completed a community vote on its planned merger with Cogito Finance and SelfKey. SingularityDAO was able to go forward with plans to create Singularity Finance, an EVM Layer 2 for tokenizing the AI economy, after SDAO holders unanimously approved the merger.
The popular governance framework, Snapshot, was used to present the proposal to SDAO holders to merge with Cogito Finance and SelfKey and combine technologies to establish Singularity Finance. 94.78% of the tokens used in the voting procedure, which included more than 15 million SDAO, approved the merger.
SingularityDAO Co-Founder Mario Casiraghi said:
“We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO. With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”
SingularityDAO is ready to go forward with the merger after the governance vote, pending an upcoming community vote on behalf of KEY holders that will decide SelfKey’s stance. The three initiatives would be able to coordinate to provide solutions for every phase of the Artificial Intelligence (AI) value chain with the establishment of Singularity Finance.
RWA tokenization and onchain identity management are two examples of the AI-driven financial services that Singularity Finance was conceived to serve. The Layer 2 will draw developers and users who want to learn more about the new use cases and assets the industry supports by establishing itself as a leader in the quickly expanding AI economy.
Cloris Chen, CEO of Cogito Finance, shared in a quote:
“The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
The integration of compliance and RWA tokenization solutions, provided by SelfKey and Cogito Finance, respectively, will improve the AI-powered portfolio management services that SingularityDAO already offers. Using SingularityDAO’s AI-powered DynaVaults and other technologies, these financial tools will improve and automate analysis, portfolio, and risk management.
A leadership council for Singularity Finance will be formed as a result of the planned merger to supervise the operations of the combined financial ecosystem. Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO; Cloris Chen, CEO of Cogito Finance; and Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will serve as the council’s leaders.
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SingularityDAO token holders have approved a merger with Cogito Finance and SelfKey to form Singularity Finance, an EVM layer 2 platform focused on tokenizing the AI economy.
The move comes after SingularityDAO announced last month it would join forces with Cogito Finance and SelfKey to form the AI-focused L2 platform, with a consolidated new token, SFI.
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The community vote, conducted through the Snapshot governance framework, saw more than 15 million SDAO tokens participating, with 94.7% approving the merger proposal.
“We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO,” said Mario Casiraghi, SingularityDAO Co-Founder. “With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”
The merger’s completion now awaits a community vote from SelfKey’s KEY token holders. The combined entity aims to develop solutions across the Artificial Intelligence value chain, including RWA tokenization and on-chain identity management.
Cloris Chen, CEO of Cogito Finance, said:
“The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi.”
The new organization will enhance SingularityDAO’s existing AI-powered portfolio management services with compliance and RWA tokenization solutions from SelfKey and Cogito Finance.
Singularity Finance will be led by a leadership council, including Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
SingularityDAO is set to merge with Cogito Finance and SelfKey to form Singularity Finance, a layer-2 tokenization platform.
The move follows a governance vote in which the SingularityDAO (SDAO) community overwhelmingly approved the merger proposal. Voting saw more than 15 million SDAO tokens cast, with 94.78% in favor of the proposal.
SingularityDAO is a decentralized platform for AI-powered digital asset management, while SelfKey offers a self-sovereign digital identity system, and Cogito Finance focuses on real world asset tokenization within the SingularityNET ecosystem.
Tthe three platforms announced their merger plans in October, with this coming amid reports of how mergers could drive AI and web3 adoption.
With the merger proposal approved, Cogito Finance, SelfKey, and SingularityDAO have the go-ahead to form Singularity Finance, a new EVM layer-2 platform for the tokenization of the AI economy.
Mario Casiraghi, co-founder of SingularityDAO, noted that SDAO holders’ approval of the merger is pivotal for DeFi and AI innovation. Singularity Finance, as a layer-2 network, will incorporate technologies from SingularityDAO, SelfKey, and Cogito Finance, Casiraghi added.
In addition to SelfKey’s compliance solutions and Cogito Finance’s RWA tokenization service, Singularity Finance will feature financial tools for automated analysis and risk management, leveraging SingularityDAO’s technologies.
Singularity Finance aims to support various AI-driven financial services, including real-world asset tokenization and on-chain identity management. The layer-2 platform intends to position itself as a leading platform for developers and users in the growing AI economy, according to a SingularityDAO press release sent to crypto.news.
“By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
Cloris Chen, CEO of Cogito Finance.
Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The team will also include Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.
[PRESS RELEASE – Gros Islet, St. Lucia, November 8th, 2024]
SingularityDAO, SelfKey, and Cogito Finance have agreed to form Singularity Finance after the communities approved the merger. SDAO and KEY token-holders voted overwhelmingly in favor of the proposal.
The merger follows a governance vote in which the SingularityDAO (SDAO) community approved the proposal. Of more than 15 million SDAO tokens cast, 95% backed the motion. The SelfKey community also approved the merger through a community vote that resulted in 99.9% of KEY voters giving it their support.
SingularityDAO, SelfKey, and Cogito Finance will combine their technologies to create a Layer 2 ecosystem optimized for AI tokenization. This will support the creation of new DeFi primitives while accelerating AI innovation.
The creation of Singularity Finance will now be initiated and a token swap will occur to create a single asset, SFI, which will serve as the network token.
KEY will convert at a ratio of 1 KEY = 0.1 SFI SDAO will convert at a ratio of 1 SDAO = 8.0353 SFI CGV will convert at a ratio of 1 CGV = 1.0890 SFI Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The team will also include Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.
Mario Casiraghi, Co-Founder SingularityDAO said: “We’re delighted that the merger can proceed thanks to the support and votes from both the SelfKey and SingularityDAO communities. We’re grateful to all SDAO and KEY holders for participating in this pivotal governance decision. With their approval, we’re now set to move forward with creating Singularity Finance as a Layer-2 platform that merges the strengths of SingularityDAO with our partners SelfKey and Cogito Finance, accelerating innovation at the intersection of DeFi and AI.”
Cloris Chen, CEO of Cogito Finance, shared her excitement about the community vote, stating: “The overwhelming support from both the SingularityDAO and SelfKey communities for the SFI merger is a testament to our shared vision for the future of finance. Together, with combined expertise and leading technologies, we’re set to unlock new possibilities at the intersection of AI and DeFi. Singularity Finance will not only drive innovation and accessibility across the industry but also position itself as a leader in the fast-evolving AI economy, creating a Layer 2 ecosystem that attracts developers and users eager to explore pioneering use cases and assets.”
Through its Layer-2 blockchain, Singularity Finance will support onchain assets such as AI compute, reducing barriers to entry and providing permissionless access to new financial opportunities. By uniting the capabilities of SingularityDAO, Cogito, and SelfKey, Singularity Finance will position itself at the vanguard of the movement to tokenize AI and unlock greater onchain value.
About SingularityDAO SingularityDAO is a decentralized Portfolio Management Protocol designed to democratize access to sophisticated crypto asset management tools. The upcoming dynavaults, multiasset, multistrategy vaults leveraging AI-enhanced analytics and risk management tools, provide the much needed infrastructure in the volatile world of DeFi.
Learn more: https://singularitydao.ai/
About Cogito Finance Cogito’s mission is to bring tokenized traditional assets onchain for increased liquidity, security, and transparency. It offers a suite of carefully-engineered, fully transparent, and institutional-grade investment products. Led by a team of finance and technology experts, Cogito is pioneering the future of onchain finance.
Learn more: https://www.cogito.finance/
About SelfKey SelfKey is building a blockchain-based identity system that allows identity owners to truly own, control and manage their digital identity. Its blockchain based self-sovereign identity system enables individuals and organizations to find more freedom and privacy. Structured as a DAO, SelfKey empowers individuals and corporations to take back ownership of their identity data.
Kwenta, a leader in the decentralized finance sector, disclosed a radical upgrade on its user interface, from V2 to V2X. The platform-wide overhaul was designed to change the Kwenta user interface experience for its flagship Optimism product. The Kwenta core group has been working on the overhaul project for some time now, intending to redesign Kwenta before the launch of the new V3 Perps mechanism later in the year.
Kwenta has been crafting one of our most significant UI upgrades from the ground-up.
Step in to the new v2x, a masterfully built interface for our most popular product on @Optimism.
Check out the blog:
👉https://t.co/T86bQWa5dQ
Or read the highlights below. 🧵 👇
— Synthetix Exchange (@SNX_Exchange) May 3, 2024 Kwenta’s V2X Upgrade to Redefine Trading Convenience They started improving each part of the product, from the landing page, with meticulous care, and all the way through the platform. Today’s V2 Perps upgrade on Optimism, which you shall henceforth refer to as V2X, is Kwenta’s rained iteration yet. Since its initiation in December 2022, V2X has been Kwenta’s most comprehensive ever refinement. It remains true to the product’s devotion to refinement and dedication to an excellent user experience for its users and the general public at large.
V2X improvement strides an excellent addition to a new and improved landing page to welcome its users with brilliance. A renovated dashboard and portfolio overview display aids the user in seeing performance more clearly. With a clean trading UI, and a simpler trading experience display, customers have an easier time interacting. In addition to this, they also have better visibility in the persevering process, tracking, and depiction devices to track trade.
Improved Kwenta V2X Upgrade Elevates Trading Competence for All In addition, new trade confirmations have been developed, making the transaction process more secure and more confident for all users. All needed design improvements were powerfully made throughout the platform. In this way, the Perps V2 UI, revamped through this KIP, should in future serve as the Default trading interface used by the Kwenta traders.
Additionally, Kwenta’s initial landing page will be reinvented to welcome all the building and real users. For example, offering the market tickers’ briefing, recent blogs, significant information, and actions they could take while remaining plain and easy to follow.
This update is the outgoing effort to provide the traders all the tools they need to succeed by launching a new, refined, and enhanced dash. Ultimately, this launch of an improved Kwenta V2X upgrade signifies increasing the trading competence of all traders.
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Grand Cayman, Cayman Islands, July 9th, 2024, Chainwire
In a step forward for the derivatives ecosystem on Arbitrum, two prominent DeFi projects, GMX and Gains Network, have unveiled bids to integrate their platforms into Kwenta’s upcoming perpetuals marketplace. Kwenta, the leading perpetual futures exchange on Optimism, expanded its reach earlier this year by launching the Base network, reflecting a larger plan to connect derivatives liquidity across multiple chains. This announcement follows the recent approval of a grant from the Arbitrum DAO aimed at supporting Kwenta’s initial expansion to the Arbitrum network.
Product Offerings from GMX and Gains Network Table of Contents
Product Offerings from GMX and Gains NetworkStrengthening the Arbitrum EcosystemLooking AheadAbout KwentaContact GMX and Gains Network have submitted their proposals to integrate their liquidity into Kwenta’s platform. These integrations aim to enhance the trading experience for Kwenta users by providing access to additional markets and liquidity, while taking advantage of Kwenta’s UX-focused roadmap, which includes allowing traders to log in with traditional web2 credentials and sponsoring gasless transactions.
GMX v2, Arbitrum’s flagship perpetual futures AMM (Automated Market Maker), built on the initial success of their v1 product by being the first to integrate Chainlink Data Streams, a low latency product from the leading oracle provider aimed at high-performance applications. The lower fees and wider selection of markets available on GMX v2 allowed the offering to quickly grow in popularity with onchain traders.
Gains Network, known for its gTrade platform, offers a wide variety of trading pairs, including cryptocurrencies, forex, and commodities, supported by their decentralized oracle network. Gains Network’s innovative approach to perpetual futures provides traders access to up to 150x leverage on a growing list of nearly 200 markets.
Strengthening the Arbitrum Ecosystem The integration of GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to drive growth in the onchain perpetuals space by allowing users to easily access advanced DeFi products from Kwenta’s easy-to-use UX layer. While retail-focused applications have made huge steps forward in allowing users to quickly access the best prices for token swaps and bridging, onchain leverage has remained a complex product for more sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular derivatives trading venues under a single platform, providing a simple and familiar experience for traders new to onchain products. Kwenta’s roadmap promises to build on these quality of life features, allowing users to interact with multiple protocols in a single application.
Looking Ahead Kwenta is currently inviting community feedback on these proposals as it moves towards finalizing its perpetuals marketplace. The potential integrations with GMX and Gains Network align with Kwenta’s mission to provide a superior decentralized trading experience. With these developments, Kwenta is aims to become a leading venue for DeFi derivatives trading on Arbitrum.
About Kwenta Kwenta is an onchain derivatives marketplace on Optimism, Base, and Arbitrum. The platform offers easy-to-use tools to access deep liquidity and low fees onchain, while users retain full custody of their funds. With over $50 billion in trading volume through its community-governed platform, Kwenta is committed to developing tools that bring DeFi to everyone.
For more details, users can follow Kwenta’s governance discussion channels on Discord.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
[PRESS RELEASE – Grand Cayman, Cayman Islands, July 9th, 2024]
In a step forward for the derivatives ecosystem on Arbitrum, two prominent DeFi projects, GMX and Gains Network, have unveiled bids to integrate their platforms into Kwenta’s upcoming perpetuals marketplace. Kwenta, the leading perpetual futures exchange on Optimism, expanded its reach earlier this year by launching the Base network, reflecting a larger plan to connect derivatives liquidity across multiple chains. This announcement follows the recent approval of a grant from the Arbitrum DAO aimed at supporting Kwenta’s initial expansion to the Arbitrum network.
Product Offerings from GMX and Gains Network GMX and Gains Network have submitted their proposals to integrate their liquidity into Kwenta’s platform. These integrations aim to enhance the trading experience for Kwenta users by providing access to additional markets and liquidity, while taking advantage of Kwenta’s UX-focused roadmap, which includes allowing traders to log in with traditional web2 credentials and sponsoring gasless transactions.
GMX v2, Arbitrum’s flagship perpetual futures AMM (Automated Market Maker), built on the initial success of their v1 product by being the first to integrate Chainlink Data Streams, a low latency product from the leading oracle provider aimed at high-performance applications. The lower fees and wider selection of markets available on GMX v2 allowed the offering to quickly grow in popularity with onchain traders.
Gains Network, known for its gTrade platform, offers a wide variety of trading pairs, including cryptocurrencies, forex, and commodities, supported by their decentralized oracle network. Gains Network’s innovative approach to perpetual futures provides traders access to up to 150x leverage on a growing list of nearly 200 markets.
Strengthening the Arbitrum Ecosystem The integration of GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to drive growth in the onchain perpetuals space by allowing users to easily access advanced DeFi products from Kwenta’s easy-to-use UX layer. While retail-focused applications have made huge steps forward in allowing users to quickly access the best prices for token swaps and bridging, onchain leverage has remained a complex product for more sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular derivatives trading venues under a single platform, providing a simple and familiar experience for traders new to onchain products. Kwenta’s roadmap promises to build on these quality of life features, allowing users to interact with multiple protocols in a single application.
Looking Ahead Kwenta is currently inviting community feedback on these proposals as it moves towards finalizing its perpetuals marketplace. The potential integrations with GMX and Gains Network align with Kwenta’s mission to provide a superior decentralized trading experience. With these developments, Kwenta is aims to become a leading venue for DeFi derivatives trading on Arbitrum.
About Kwenta Kwenta is an onchain derivatives marketplace on Optimism, Base, and Arbitrum. The platform offers easy-to-use tools to access deep liquidity and low fees onchain, while users retain full custody of their funds. With over $50 billion in trading volume through its community-governed platform, Kwenta is committed to developing tools that bring DeFi to everyone.
For more details, users can follow Kwenta’s governance discussion channels on Discord.
[PRESS RELEASE – Grand Cayman, Cayman Islands, July 26th, 2024]
Kwenta, the leading onchain perpetuals exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a substantial 1.9 million ARB grant, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in onchain perpetuals trading.
Kwenta and Perennial’s Expansion Strategy
Kwenta, known for being a UX layer for perps trading on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a comprehensive marketplace for onchain perpetuals. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by providing traders with a powerful, familiar interface to interact with smart contract liquidity.
Perennial’s vision is to create a single, global liquidity layer where all markets, all chains, and all liquidity converge into one decentralized nexus. By integrating Kwenta’s premier trading interface with Perennial’s advanced perps infrastructure, users on Arbitrum will benefit from an optimized trading experience. Trade orders on selected Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.
Incentive Program Details
The newly launched incentive program focuses on two main areas:
Trading Rebates: Active traders will benefit from substantial fee rebates, making it more cost-effective to trade on the platform. This initiative is expected to drive trading volume and retain users. Liquidity Boosting: Liquidity providers will receive incentives to supply liquidity, ensuring deep and efficient markets. For more details on how to potentially earn rewards, users can visit Kwenta’s Rewards Blog for trading rewards details, or visit Perennial’s Discord server for information about rewards for providing liquidity.
Team Insights
Burt Rock, Marketing Lead at Kwenta, highlighted how far onchain perps have come, stating, “We’ve seen a lot of new perpetuals markets focused on improving the user experience, but most are making huge sacrifices in terms of decentralization. We want to show people you really can build decentralized apps which are incredible to use, and even better than offchain versions.”
Kevin Britz, CEO & Co-Founder at Perennial, added, “Kwenta has been a market leader in the perp vertical, regularly pushing over $100M in OI. We’re excited to welcome them to our home on Arbitrum and expand the number of teams leveraging Perennial infrastructure. In a saturated perps landscape, combining our protocol with Kwenta’s interface will lead to increased volume, deeper liquidity, and a CEX-level user experience.”
Future Outlook
The introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to offer a decentralized trading experience that is both highly efficient and user-friendly. This model of specialization showcases how projects can synergize to deliver superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to elevate the standard of onchain perpetuals trading, making it more accessible and appealing to a wider audience.
For more information, users can visit Kwenta’s website and Perennial’s website. Users can also read Perennial’s launch announcement for additional details.
About Kwenta and Perennial
Kwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single app to compare and trade on multiple onchain venues.
Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of trading applications. Its modular and efficient design supports customized markets, leveraging fast execution and capital efficiency to power DeFi apps.
Synthetix is looking to regain control over its most popular front-end, with Kwenta driving $60 billion in volume over four years.
Synthetix, the veteran DeFi protocol, is looking to acquire Kwenta, a derivatives exchange that spun out of Synthetix in 2020.
On Oct. 29, a proposal outlining plans for Synthetix to acquire Kwenta, the top project within Synthetix’s ecosystem by trade volume, was published to the governance forums of both Synthetix and Kwenta.
Should both projects pass the proposals, Kwenta would be rebranded as a new incarnation of Synthetix Exchange, Kwenta’s treasury would be absorbed into the Synthetix treasury, and the Kwenta subdao would dissolve with governance over the front-end handed over to Synthetix’s Spartan Council.
Acquisition termsThe deal would comprise Synthetix purchasing 532,375 KWENTA — the token’s entire circulating supply — with roughly 9.05 million ($13.2 million) newly minted SNX tokens, resulting in SNX’s supply inflating by 2.8%.
The deal would be closed at a ratio of one Kwenta to 17 SNX, equating to a 19% discount compared to the price ratio of KWENTA/SNX based on a 30-day moving average. Synthetix said the discount reflects the disparity between the two assets’ trade volume, with SNX driving $20 million in daily volume on major centralized exchanges compared to just $100,000 for KWENTA.
As such, Kwenta acknowledges that it is currently “difficult for tokenholders to access the value for their assets,” meaning the token migration would benefit holders through deeper liquidity.
Following approval, a token migration contract would allow KWENTA holders to burn their assets in exchange for SNX vesting contracts. All SNX received by KWENTA holders would be subject to a three-month lockup and subsequent nine-month linear vesting schedule.
Synthetix told The Defiant that all remaining SNX that have not entered circulation are currently held by the Kwenta and Synthetix treasuries, and will be burned should the proposal go through.
Synthetix ExchangeIn 2020, Synthetix divested its Synthetix Exchange front-end in a bid to revamp itself as a liquidity provision protocol powering a diverse ecosystem of front-end integrations.
However, Synthetix now describes this move as a “strategic error” that created distance between the project end users, in addition to fostering poor economic models for front-end integrations. Despite Kwenta driving more than $60 billion worth of trade in the past four years, the project said it has struggled to establish a sustainable business model for the mid-long term.
“Synthetix lost control of the point where customers most interact with their perp engine, and the commercial model has historically not proven to be sustainable for front-ends,” Synthetix said. “This strategic acquisition will ensure Synthetix is closer to the end customer, so it can build better perp products, which will benefit all integrators… Reuniting Synthetix and Kwenta is the solution to offering a competitive perps product.”
Synthetix said the move would also realign the strategic objectives of it and Kwenta, noting that differences in roadmap priorities have previously resulted in delays for Synthetix shipping upgrades.
Synthetix added that it will continue to work closely with other front-ends and products that leverage its perp engine despite the acquisition.
The price of SNX is up 2.7% over the past 24 hours, while KWENTA is down 5% over the same period.
Synthetix has unveiled its multi-collateral perpetual futures (Perps) on Kwenta, featuring Threshold Network’s tBTC as the primary wrapped-Bitcoin collateral asset. The integration of tBTC marks a significant development for DeFi, expanding options for users seeking decentralized, permissionless, and Bitcoin-backed trading. This announcement has been announced via its official X account.
Why Synthetix Chose Threshold Network’s tBTC? Threshold Network’s tBTC offers a range of unique features that make it ideal for decentralized finance (DeFi) applications. It is backed 1:1 with Bitcoin (BTC) and enables users to mint and redeem tBTC without centralized control or KYC requirements. Furthermore, tBTC is backed by 24/7 on-chain, auditable reserves, ensuring transparency and building user trust in its decentralized custody system.
The DeFi community has already embraced tBTC widely, with 82 integrations across six blockchain networks and over 1,600 holders. Moreover, the supply is already exceeding $293 million as claimed y Synthetix. Threshold’s team is known for actively expanding decentralized Bitcoin applications and is broadening the possibilities with products such as stBTC, thUSD, and SATs.
New Collateral Options for Synthetix Perps Markets The new Perps markets on Kwenta come with additional collateral options beyond tBTC, including Ethereum (ETH), Ethena USD (USDe), and USDx, Synthetix’s stablecoin native to Arbitrum. In total, the rollout encompasses 81 new Perps markets, giving users access to a more diverse and flexible trading environment.
By integrating tBTC and expanding collateral options, Synthetix is reinforcing its commitment to decentralized, multi-collateralized markets that cater to a broad spectrum of DeFi users. This will further advance its role in the decentralized trading ecosystem.
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Synthetix recently unveiled USDx, a stablecoin and collateral instrument for Synthetix on the Layer-2 Ethereum scaling solution called Arbitrum. USDx is the stablecoin in the Arbitrum ecosystem that is supposed to provide better liquidity and collateral for the platform.
Synthetix’s liquidity providers, popularly called LPs, can mint USDx by their deposits in Arbitrum pools on zero-interest loans. This setup enables LPs to access more DeFi opportunities on Arbitrum, making USDx a strategic instrument in the Synthetix universe.
Ensuring Stability Through Over-Collateralization For price stability, USDx is over-collateralized by staking the deposited funds to Synthetix liquidity pools. When the collateral for a position declines to the minimum required ratio, that position is closed out. This mechanism guarantees that USDx stays safely collateralized at all times, thus preventing its value from suffering the effect of shifting market situation. The over-collateralization mechanism is supposed to make the USDx a stable asset for its users and mitigate the fluctuations within the ecosystem.
USDx Powers Synthetix Perps on Kwenta In addition to this, USDx has been assigned as the reference currency for Synthetix perpetual futures (Perps) on Kwenta, one of the most used decentralized derivatives. PnL for traders is separated in USDx to help make trading more seamless on Arbitrum. The 1inch aggregator allows users to trade USDx for any other asset on the Arbitrum blockchain. Also, LPs offering liquidity to the USDx/USDe pool on Curve Finance earn fees on 1inch trade routing, with the claimed variable annual percentage rate (vAPR) for the USDe+USDx pool on Convex Finance above 16%.
Expanding Options with 81 Perp Markets This rollout includes USDx but also 81 new Perp markets and four collateral choices to improve trading on Kwenta. Besides USDx, the available collaterals include Wrapped Bitcoin (tBTC), Ethereum (ETH), and Ethena USD (USDe), which would ensure more convenience and variety for users. In this manner, working on these new assets has allowed the derivatives liquidity protocol to expand its target audience and help improve the general depth of Arbitrum’s DeFi market.
For instance, the public can try these offerings on Kwenta through the App and see the future of USDx in the Synthetix Arbitrum ecosystem. This growth is an achievement that puts the derivatives liquidity protocol on the list of players in the decentralized finance on Layer-2 solutions.
AUTHOR
With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.
The recent acquisitions are part of Synthetix’s plans to become a category leader among derivative exchanges.
Ethereum-based derivatives trading protocol Synthetix announced its acquisition of leveraged token platform TLX in a token-for-token transaction, Synthetix said in a Dec. 10 blog post.
The platform is completing a thorough review and audit of all TLX products. After that, it will implement parameter improvements and redeploy all contracts, the statement said. It also plans to kick off a leveraged token incentive program in 2025.
“The acquisition of TLX will mark the first end-customer, revenue-generating product built on top of Synthetix that will be owned and operated by Synthetix. This marks a significant milestone in Synthetix’s commitment to expand its product offering and generate additional value for SNX tokenholders,” the Synthetix team wrote in the blog post.
Synthetic’s TLX acquisition came just a month after it acquired the perpetuals trading platform Kwenta in a similar deal. Synthetix and Kwenta were once one platform until 2020, when they separated to allow Kwenta to focus solely on providing industry-standard trading experiences for Sythetix’s derivatives markets.
The acquisitions are part of Synthetix’s strategy to design a decentralized liquidity layer and become a primary product issuer on top of it.
Synthetix is the sixth largest derivatives exchange by total value locked (TVL), according to DeFiLlama data. The TVL of its v3 has increased by over 1,000% in the last month, likely due to Ethereum liquidity providers migrating from V2, as Messari reported.
Synthetix Leveraged TokensLeveraged tokens are crypto derivative products that offer exposure to the price movements of an underlying asset with leverage. They are designed to amplify a user’s gains or losses and offer a more convenient means to access leverage without dealing with margin trading or holding a collateral asset.
Synthetix’s TLX acquisition allows it to go to market with a leveraged token with six months of history and performance. It is also the first in a line of structured products that Synthetix plans to launch in the coming months as it positions itself as a category leader among derivative exchanges.
The Synthetix Exchange relaunch coincides with multi-collateral perps going live on Base.
Synthetix has relaunched Synthetix Exchange following its acquisition of Kwenta last month.
On Dec. 17, Synthetix announced it had relaunched Synthetix Exchange. The rebooted platform boasts an updated user interface and support for multi-collateral perpetuals (MCPs) on the Base Layer 2 network.
“Synthetix Exchange will become one of our new flagship products alongside Synthetix Leverage Tokens, providing a world-class trading experience with low fees and deep liquidity,” Synthetix said.
The Synthetix Exchange relaunch is coming as the project moves through its Reboot roadmap. Synthetix also launched a new website and is readying to launch leveraged tokens next year after acquiring the TLX leveraged token protocol last week.
“After two successful acquisitions, Synthetix now has two new trading products for users, a bold departure from the previous strategy of providing back-end liquidity and infrastructure to derivatives platforms,” Synthetix said.
Kwenta acquisitionSynthetix shifted to a strategy of providing liquidity for third-party ecosystem projects in 2020, leading to the creation of Kwenta when Synthetix divested Synthetix Exchange.
In October, Synthetix proposed acquiring Kwenta by purchasing the entire KWENTA supply with newly minted SNX at a ratio of one KWENTA to 17 SNX. Synthetix described its decision to spin out the exchange as a “strategic error,” noting that despite Kwenta driving more than $60 billion worth of trades in four years, the project struggled to establish a sustainable business model.
“Synthetix lost control of the point where customers most interact with their perp engine, and the commercial model has historically not proven to be sustainable for front-ends,” Synthetix said.
The proposal passed both project’s governance processes, paving the way for the finalization of the acquisition on Nov. 7.
Multi-collateral perps on BaseSynthetix first launched MCPs on Arbitrum in October, following the deployment of Synthetix v3 on the network in June.
MCPs allow users to use multiple digital assets as collateral to back leveraged perps positions. The Synthetix v3 liquidity layer went live on Base in April, initially supporting just USDC as collateral. The launch of MCPs also integrates support for cbBTC, WETH, cbETH, and wstETH as collateral.
On Dec. 10, Synthetix launched a four-week incentives program for liquidity providers on Base. The program offers weekly rewards in SNX and USDC, a 50% increase in v3 trading fee distributions to 60%, and bolstered stataUSDC yields. The program seeks to bolster Synthetix liquidity on Base amid the launch of MCPs.
Synthetix will also offer incentives to bootstrap the adoption of leveraged tokens next year.
In a significant strategic move, Zebec Protocol and its ZBC token have transitioned to a new name The Zebec Network and corresponding ZBCN token ticker to better represent the business’s expanded product portfolio and the robust infrastructure network that underpins it. ZBCN to start trading on exchanges today, post automatic migration.
Key details for the ZBC to ZBCN Token Swap
Swap Period: April 10th to May 10th
Supply Stability: No new supply to be introduced into the market
Token Split: A 1:10 token split aims to expand network utility and improve accessibility.
Zebec has evolved, consolidating multiple protocols and integrating a variety of blockchain-enabled payment and payroll products into a unified network. This integration significantly boosts the network’s utility, supporting real-world asset (RWA) payment flows, data, and physical infrastructure (DePin).
Sam Thapaliya, Founder and CEO of Zebec, stated, “Our transition to ZBCN and rebranding to The Zebec Network mark critical steps in expanding our capabilities and enhancing our market presence. ZBCN is better suited for our growing infrastructure, diverse use cases, and the increasing transaction volumes.”
The move to ZBCN is expected to enhance liquidity, encourage wider market participation, and improve scalability. It aligns with Zebec’s strategic vision of creating an inclusive financial ecosystem, paving the way for future innovation and strategic partnerships in the blockchain sector. This transition reflects Zebec’s commitment to adapting its business and technology to meet evolving market demands and user needs.
Token holders are assured of a smooth transition, with the company committed to ensuring a seamless conversion experience from ZBC to ZBCN, thereby preserving and enhancing contributors and token holders value. migration.zebec.io
About Zebec Zebec is a decentralized infrastructure network for real world value flows. Founded in 2021, Zebec has attracted $35 million in investments by Circle, Coinbase, Solana Ventures, Breyer Capital, Republic, and Lightspeed Venture Partners, among others.
Today, Zebec Network powers RWA payments, data and physical infrastructure (DePin), servicing hundreds of companies in web2 and web3 economies, integration blockchain into everyday lives.
Disclaimer: This press release contains forward-looking statements based on current expectations, forecasts, and assumptions, which are subject to risks and uncertainties. It is intended for informational purposes only and should not be considered investment advice or financial guidance. Readers should conduct their own research and consult with financial experts before making any investment decisions.
Visual Capitalist report identifies the top Bitcoin mining countries shifting towards greener energy. The U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively. Iceland, Paraguay, and Norway lead the way in renewable energy, though they host over one percent of the global Bitcoin mining network. Recently, X user known as Seth, a pro-Bitcoin portfolio manager, called attention to the growing eco-friendly mining landscape of Bitcoin, with more miners shifting towards renewable energy sources for Bitcoin.
Seth cited a report by Visual Capitalist that studies the countries with the most environmentally sustainable ecosystems for Bitcoin mining, including China and the United States.
Visual Capitalist noted that Bitcoin miners’ decisions on where to establish their presence are influenced by factors such as the regulatory environment, electricity costs, and the average outdoor temperature.
In the context of mean annual temperature, the top 10 Bitcoin mining countries include the U.S., China, Kazakhstan, Canada, Russia, Germany, Malaysia, Ireland, Singapore, and Thailand.
Furthermore, the report highlighted that these top 10 countries in Bitcoin mining collectively contribute to 93.8% of the entire network’s hash rate. The U.S., China, and Kazakhstan have the most significant mining shares.
According to the report, Bitcoin miners consume around 348 terawatt-hours of electricity annually. Notably, the U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively. Kazakhstan’s relatively low renewable share was attributed to its heavy reliance on coal, which accounts for 60% of its energy mix.
In contrast, China also relies on coal for a substantial portion of its electricity. Still, its overall renewable share is higher due to its rapid wind and solar power expansion.
Meanwhile, the report indicated that countries like Iceland, Paraguay, and Norway lead the way in renewable energy. However, collectively, they hosted just over one percent of the global Bitcoin mining network.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Ethereum liquid staking protocol Kelp DAO says its restaked Ether token has been restored with a five-week recovery effort after the protocol suffered a $293 million exploit by North Korea’s Lazarus Group on April 18.
Kelp DAO posted to X on Monday that the final tranche of 20,373.7 Kelp DAO restaked ETH (rsETH) tokens was sent to the LayerZero smart contract responsible for locking, minting, burning and releasing rsETH during cross-chain transfers.
“This closes the operational part of the rsETH recovery plan,” Kelp said. Several crypto protocols contributed funds to help restore rsETH’s backing under the DeFi United initiative.
Source: Stani Kulechov
The Kelp DAO hack in April caused a ripple effect throughout the crypto lending market that disrupted billions of dollars in liquidity and resurfaced concerns about the interconnectedness of decentralized finance protocols.
Aave was one of the hardest hit as the Kelp DAO attacker put a large portion of the stolen 116,500 rsETH up as collateral on its lending platform to borrow wrapped Ether, leaving $190 million in bad debt and triggering a wave of withdrawals.
The Kelp DAO hack was one of 25 crypto hacks in April, which saw a combined $630 million worth of losses, the worst month since February 2025, when crypto exchange Bybit was hacked for a record $1.5 billion.
The first tranche of 25,000 rsETH was transferred on May 13, allowing rsETH bridging between the Ethereum mainnet and the blockchain’s layer 2 networks to reopen.
Kelp reopened withdrawals for rsETH the following day and said on Tuesday that rsETH mints, redemptions and rewards operations “have been running normally.”
Aave’s TVL bleed stops, but has not recoveredThe Kelp DAO exploit contributed to Aave’s total value locked falling from $26.4 billion to below $14 billion, losing its long-held position as the largest DeFi protocol by TVL.
DefiLlama data shows that net outflows from Aave’s lending markets have eased over the past month.
However, Aave’s TVL has shown no signs of recovery, hovering between the $13.9 billion and $15.1 billion mark since about a week after the incident took place.
Source: Aave’s change in TVL in 2026. Source: DefiLlama
Magazine: The legal battle over who can claim DeFi’s stolen millions
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
Crypto just suffered its first major electoral setback of the 2026 cycle in deep‑blue Illinois, where Lieutenant Governor Juliana Stratton beat pro‑crypto Representative Raja Krishnamoorthi in the Democratic Senate primary, NBC News reports.
An Electoral Crypto Loss Fairshake, the industry‑backed super political action committee (PAC), poured almost $10 million into ads attacking Stratton as anti‑innovation, but local political muscle, including Governor JB Pritzker’s endorsement and millions in support, proved stronger than crypto money this time. In a state this blue, Stratton’s primary win all but guarantees her a Senate seat in November, turning the race into a warning shot for the digital assets lobby ahead of the 2026 midterms.
Fairshake, funded by giants like Coinbase and Ripple as well as venture capital heavyweights Marc Andreessen and Ben Horowitz, entered Illinois with more than $191 million in cash and a broader $221 million war chest for this election cycle.
The PAC and its affiliate Protect Progress spent heavily in multiple Illinois House primaries, often on the side of more centrist or business‑friendly Democrats against progressives Candidates such as Melissa Bean and Nikki Budzinski appeared in races where crypto‑aligned super PAC money was present, though it is hard to show Fairshake was uniquely decisive in “electing” them rather than being one of several big spenders.
Fairshake publicly frames its mission as defending “American innovation” and “consumer choice” in financial services, and it has signaled it plans to stay active through 2026 and beyond.
What This Means For Traders Short term, this defeat is unlikely to move prices by itself, but it adds a layer of policy uncertainty for 2026 that could resurface as volatility around key primary dates, especially if Fairshake reallocates more of its $221 million war chest into tighter, more winnable races. Regulatory and legislative outcomes around stablecoins, market structure, and crypto‑friendly bills like the GENIUS Act and Clarity Act will remain highly political and uneven across states, rather than following a straight, pro‑industry trajectory.
In the moment of writing, BTC’s trades for $72k. Source: BTCUSDT on Tradingview Cover image from Perplexity, BTCUSDT chart from Tradingview
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
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.
5 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.
5 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.
5 minutes ago
Binance's Shanghai leverage contract fee rate surges to 0.66%
Market data shows South Korea's SK Hynix rose over 10% intraday. The funding rate for Binance's SKHYNIX/USDT contract pair jumped to 0.668%, equivalent to an annualized rate of 723%, signaling the market is gripped by FOMO-driven long positions.
5 minutes ago
US-listed optical module stocks rallied broadly in after-hours trading, with MRVL surging over 5%.
According to Bitget market data, driven possibly by Micron’s better-than-expected financial results, U.S.-listed optical module stocks rose broadly in after-hours trading, with COHR up 4%, LITE up 3%, AAOI up 5%, NOK up 3.1%, and Marvell (MRVL) up 5.17%.
5 minutes ago
Vice President of Strive: Strategy's STRC Has Essential Differences from the Luna/UST Model
Strive Vice President Joe Burnett wrote in an article that prior to the TerraUSD collapse, roughly $18.7 billion in UST was in circulation, backed by just $3.1 billion in Bitcoin reserves, and UST allowed immediate redemptions. Currently, Strategy holds around $51.5 billion in Bitcoin, corresponding to a circulating STRC supply of approximately $10.5 billion, while STRC is not an immediately redeemable asset. He stressed that the two differ significantly in collateral structure, asset coverage ratio, and redemption mechanism, noting "they are clearly completely different models."
Amid the ongoing downturn, recent analysis shows that every major Bitcoin bear market has ultimately found a bottom following a black swan event.
For context, black swan events cause sudden, largely unexpected crises that trigger sharp panic selling across the market, including Bitcoin. However, once the initial turmoil subsides, markets have historically transitioned into recovery phases.
Major Crises Have Historically Marked Bitcoin’s Cycle Bottoms Over the years, the crypto market has endured several black swans. Notably, the collapse of the Mt. Gox exchange in 2014, the COVID-19 market crash in 2020, and the implosion of FTX in 2022 all coincided with major Bitcoin cycle lows. Although Bitcoin initially reacted negatively to each event, it later staged powerful recoveries.
Bitcoin Black Swan Events Mt. Gox Collapse Marked Bitcoin’s First Major Capitulation The hack and subsequent collapse of Mt. Gox, then the world’s largest Bitcoin exchange, represented one of the industry’s earliest black swan events. Hackers stole approximately 850,000 BTC from the platform, forcing it into bankruptcy in 2014.
The incident appeared to mark the final capitulation phase of Bitcoin’s early bear market. Following the collapse, Bitcoin eventually surged more than 12,804%, climbing to roughly $24,500 during the subsequent bull cycle.
COVID-19 Crash Triggered a Historic Recovery Similarly, the COVID-19 pandemic sparked a sharp selloff across global financial markets in March 2020, and Bitcoin was no exception. The leading cryptocurrency plunged to around $3,800 as investors rushed to de-risk their portfolios.
However, the panic was short-lived. As liquidity returned to markets, Bitcoin began a historic rally, soaring more than 1,692% to reach nearly $69,000 by late 2021.
FTX Implosion Marked the 2022 Cycle Bottom Another defining black swan event emerged in late 2022 when cryptocurrency exchange FTX collapsed. The failure sent shockwaves throughout the digital asset industry, driving Bitcoin down to approximately $15,500 amid widespread fear and uncertainty.
Yet that low marked the bottom of the cycle. From there, Bitcoin recovered more than 715%, eventually surpassing $126,000 in 2025.
Investors Search for the Next Market Catalyst With Bitcoin once again trading in bearish territory, investors are asking whether another black swan event could be required to mark the next major bottom and ignite a new expansion phase.
The asset has already retreated significantly from its recent highs, and market observers view the current period as a potential inflection point. As a result, the next major macroeconomic or industry-specific catalyst could determine whether Bitcoin enters another sustained rally or remains locked in an extended consolidation phase.
Recent Selloffs Have Yet to Produce a Definitive Bottom Since reaching its all-time high in October 2025, Bitcoin has faced several sharp corrections that some investors initially viewed as potential black swan events. These include the October 10 market crash, the geopolitically driven sell-off in February, and the dip this month caused by the Strategy 32 BTC sale.
However, unlike previous cycle-defining crises, none of these events has been followed by the explosive recovery pattern seen after Mt. Gox, COVID-19, or FTX.
At press time, Bitcoin was trading at $64,097, up 0.3% over the past 24 hours. Despite the daily gain, the cryptocurrency remained down 2.3% over the previous week and 14% over the past month, highlighting the continued uncertainty surrounding the market’s next major move.
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.
According to veteran investor Jordi Visser, Bitcoin (CRYPTO: BTC) cannot rally at the moment because every speculative dollar is chasing AI stocks instead.
Visser Says Bitcoin Has No Fundamental Pull Right NowVisser argued on the latest episode of Anthony Pompliano’s podcast that Bitcoin and SpaceX function the same way for investors: both are belief-driven bets on the future with no current earnings to anchor a valuation.
Bitcoin draws energy from two sources, wealthy individuals hiding money from governments and retail momentum chasing returns, and right now neither source is showing up.
“It is very difficult for Bitcoin to be traveling higher if all the money is going into stuff that is based on earnings,” Visser said.
He added that Bitcoin remains in a bear market until it breaks and holds above its 200-day moving average, something it has failed to do on every recent attempt at the 20-day moving average.
Q2 Earnings Could Be The Catalyst That Redirects Capital Back To CryptoVisser said the thing to watch is how much money AI companies are spending on chips and data centers. That spending is growing close to 100% this year, but is only expected to grow 30% in 2027.
He said that slowdown becomes a real problem if any major tech company announces it’s cutting back on that spending.
Microsoft stands out as the most likely candidate, given CEO Satya Nadella’s public comments about model commoditization and a possible shift toward hosting DeepSeek internally.
Visser expects Q2 earnings to disappoint more than Q1 simply because expectations have climbed too high, projecting around 22% earnings growth that the market may not fully deliver.
If AI stock momentum stalls even briefly while the broader market holds flat, Visser said that environment favors Bitcoin far more than one where AI continues compounding 50% per quarter.
Retail Capital Goes Where The Momentum Is, And Right Now That Is Not BitcoinVisser noted that retail traders in markets like South Korea, historically heavy Bitcoin participants, have rotated their attention elsewhere as AI captured the speculative spotlight.
He framed this as a simple capital rotation dynamic rather than a verdict on Bitcoin’s long-term thesis.
On his own portfolio, Visser said 18 of his 20 holdings were down on a recent trading day, including Bitcoin, with only two AI-related positions finishing higher and covering the losses elsewhere.
He said he still likes Bitcoin at current levels but is waiting for a pause in AI’s rally before expecting crypto to participate meaningfully again.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Gold ETFs are back in focus as bullion holds firm near key levels. Gold price hovered above $4,190 per ounce on Monday, with buyers pushing the metal close to the $4,200 zone. The shift was indicative of a new demand with traders responding to heightened intraday movement.
The crypto market rose 1.63% to $2.23 trillion in 24 hours. Bitcoin price was trading over 65,000, and Ethereum hovered at $1753.
US-Iran war risks keep Gold ETFs in focus as investors seek safety from geopolitical tensions and possible oil price shocks.
The focus on the U.S. CLARITY Act, which is aimed at signing by July 4, 2026, also kept the markets watchful.
🇺🇸 ONLY 9 DAYS LEFT FOR CLARITY ACT JULY 4TH DEADLINE
Bipartisan negotiators are set to meet for a final round of talks on the CLARITY Act before Congress goes into its August recess.
They are working on:
• SEC vs CFTC jurisdiction
• Token classification rules
• Stablecoin… pic.twitter.com/btvUSUgiPp
— CryptoGoos (@cryptogoos) June 21, 2026
The bill would help define crypto stocks and the market more strictly and diminish regulatory uncertainty. That has the potential to open additional institutional capital in the world of digital assets and associated markets.
Gold ETFs and Gold Price Outlook Before the Next Rally Gold ETFs have seen a sharp correction recently. Within the last month, some funds dropped by over 7% on the basis of evolving rate expectations by the investors.
Nevertheless, the price of Gold ETFs is still up by an average of 47% in the last year, indicating good long-term demand.
GOLD price The technical structure of gold is still favorable as long as the prices are above $4,185. The short-term resistance is around $4,200 and $4,250.
An explicit separation above $4,250 might lead to the exit towards $4,300. Should the momentum continue to increase, GOLD could eventually hit $4,500.
On the negative side, support is close at $4,190. A break below that level could expose $4,180, followed by $4,170 and $4,150.
SPDR Gold Shares (GLD) The SPDR Gold Shares is one of the most monitored Gold ETFs within the market. GLD providing investors exposure to physical gold but without storage. It is also highly liquid, so it is popular among institutions and active traders.
SPDR Gold Shares (GLD) is the largest gold-backed ETF, offering exposure to bullion without physical storage. GLD is currently trading close to $385.74 and the intraday volume of the stock is approximately 1.4 million shares. The fund has about $141.67 billion in assets and charges a 0.40% expense ratio.
iShares Gold Trust (IAU) iShares Gold Trust is another major gold-backed fund. Similar to GLD, IAU tracks the gold itself, but it tends to attract cost-conscious investors. Its cost of less can render it interesting as a long-term exposure to gold.
IAU iShares Gold Trust (IAU) ETF is a cheap investment in physical gold. Recently, IAU had a net asset of about $66.5 billion, and its closing price was around $81.38 and traded more than $6.5 million shares a day. Its long-term exposure to gold is cheaper with an expense ratio of 0.25% than GLD.
SpaceX Bull 2X ETF The SpaceX Bull 2X ETF is different from traditional Gold ETFs. It is not a tracker of bullion or gold. Instead, it focuses on leveraged exposure to SpaceX shares and seeks to move twice the daily of SpaceX shares before fees.
SpaceX Bull 2X ETF (LOFF) is a leveraged ETF constructed to appeal to short-term traders interested in the increased exposure to SpaceX.
The fund targets 200% of SpaceX’s daily move, not long-term returns. Recently, LOFF has been trading around 26.63 and its volume is approximately 720,437. It has a net expense ratio of approximately 0.95%.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
After one of its biggest drops in 2026, XRP is making an effort to stabilize, but pressure remains on the larger trend. The asset is currently attempting to establish a local bottom close to the $1.10 area after breaking out of a multi-month consolidation pattern and falling below a number of important support levels.
According to the daily chart, XRP recently lost the crucial support zone at $1.28, which served as a floor for the majority of March, April, and May. Before buyers intervened, sellers swiftly accelerated the decline after that level gave way, driving the token toward lows around $1.05. The resulting bounce has been modest thus far, indicating that despite the initial attempt at recovery, market participants are still cautious. Technically speaking, there is still significant resistance overhead for XRP.
XRP/USDT Chart by TradingViewThe 100-day and 200-day moving averages are still significantly higher at $1.28 and $1.35, respectively, while the 50-day moving average is close to $1.20. This alignment demonstrates that bears are still in control of the broader trend. XRP must regain these levels and turn them back into support for any significant recovery. A slightly more positive signal is provided by volume behavior.
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A significant rise in trading activity coincided with the breakdown, suggesting that a significant amount of selling pressure may have already been absorbed. Volume has steadily returned to normal since hitting its most recent low, indicating that panic selling is waning. Additionally, momentum indicators suggest stabilization as opposed to ongoing capitulation. After emerging from oversold territory, the Relative Strength Index is currently making an effort to rise.
This suggests that the downward momentum has diminished in comparison to the initial selloff, but it does not ensure a reversal. The $1.20 region continues to be traders' immediate focus. The case for a more widespread relief rally toward $1.28 might be strengthened by a successful push above this level. However, XRP would be open to another test of recent lows if it failed to break higher.
Dogecoin's zero removal potentialDogecoin, the well-known meme coin, may be getting close to a critical point where a "zero removal rally" becomes feasible, even though it is currently far below its cycle highs. DOGE's current price structure indicates that the asset is entering a zone where long-term investors are starting to pay attention again, even though such a move is not imminent.
DOGE/USDT Chart by TradingViewAs of this writing, DOGE is trading close to $0.084 following a protracted decline that has largely eliminated the excitement that was present earlier in the year. Another round of selling pressure was triggered when the asset recently broke below a rising support trendline that had been forming since February.
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Bears haven't been able to significantly push DOGE below the $0.08 area despite the breakdown, suggesting that buyers are still active at lower levels. Technically, the chart is still not very strong.
A classic indication that the overall trend is still negative is that DOGE is still trading below its 50-, 100-, and 200-day moving averages. Stronger barriers still exist around $0.098 and $0.114, but the 50-day moving average near $0.089 now serves as immediate resistance. There are some early indicators, though, that the selloff might be slowing down.
Following the recent crash, the Relative Strength Index approached oversold territory and has since stabilized. Additionally, there was a noticeable increase in volume during the decline, indicating that a considerable amount of weak-handed selling may already have taken place.
The term "zero removal rally" describes DOGE's eventual recovery of the psychologically significant $0.10 level, thereby eliminating one zero from the price structure.
Shiba Inu faces more risksAs its technical structure continues to deteriorate, Shiba Inu is under increasing downside pressure. SHIB remains one of the weaker large-cap meme assets, despite the fact that the overall cryptocurrency market has begun to stabilize after recent volatility. Several indicators point to continued elevated risks.
The daily chart gives a worrying impression. A multi-month rising channel that had been forming since March was recently broken by SHIB. Although that pattern had previously supported several rebounds, the most recent breakdown invalidated the bullish structure and led to a precipitous selloff.
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Since then, SHIB has found it difficult to generate sufficient buying pressure to recover lost ground. SHIB is still below all major moving averages, currently trading close to $0.0000047. The 100-day and 200-day averages are even higher, at $0.0000055 and $0.0000057, respectively, than the 50-day moving average, which is located around $0.0000050.
This bearish alignment shows that sellers continue to benefit from both short-term and long-term momentum. After the recent crash, a small rising wedge has emerged, which is one of the more concerning developments. When such formations emerge during broader bearish trends, they more often resolve to the downside, though they can occasionally support recovery attempts.
Since SHIB is currently testing that pattern's lower bound, the upcoming sessions are especially crucial. Additionally, volume does not produce a strong bullish signal. Despite an increase in activity during the initial decline, buying volume has not significantly increased during the recovery attempt.
This implies that traders are still cautious and that short covering rather than genuine accumulation may be the primary driver of recent upward movements. Even though the Relative Strength Index recovered from oversold conditions earlier this month, it is still below the neutral 50 level. Although this indicates waning bearish momentum, a sustained trend reversal has not yet been confirmed.
The immediate goal for SHIB bulls is to hold above $0.0000050 and regain the 50-day moving average. The token remains susceptible to another decline toward recent lows in the absence of that rebound. The bearish trend that has dominated much of 2026 could be reinforced if SHIB breaks below the current support.
