Crypto Breaking

Bitcoin’s price path remains under pressure as macro conditions weigh on risk assets, and a growing chorus of voices questions whether a rapid rotation into crypto is at hand. Veteran market analyst Benjamin Cowen argued in a Thursday video that Bitcoin could continue to bleed against the stock market for some time, casting doubt on the notion that investors will pivot decisively from metals like gold and silver into digital assets in the near term. The backdrop features gold and silver trading near all-time or multi-decade highs, even as Bitcoin has struggled to reclaim momentum. Gold hovered around $5,608.33 per ounce and silver near $121.64 per ounce, according to Trading Economics, underscoring a rare convergence of risk-off signals across traditional assets. Bitcoin traded around $82,859 at the time of publication, a drop of roughly 7.8% over the prior week, per CoinMarketCap. The Crypto Fear & Greed Index sat in “extreme fear” territory, signaling a cautious mood among crypto participants.

Key takeaways

Benjamin Cowen warned that Bitcoin is likely to continue underperforming the broader stock market, casting doubt on a near-term rotation from gold/silver into crypto.

Gold and silver have surged, with gold around $5,608.33/oz and silver near $121.64/oz, supporting the narrative of non-correlated assets amid macro stress.

Citi projects silver hitting $150 in the next three months, driven by Chinese demand and a weaker US dollar; the trade backdrop remains complex for precious metals investors.

Other analysts see a potential turning point for crypto, with expectations of a re-risking cycle into Bitcoin (CRYPTO: BTC) crystallizing in early 2026 and possibly February–March, depending on macro flow dynamics.

Bitcoin’s price action remains fragile in the near term, but divergent views point to a potential bottom over the coming weeks if historical patterns repeat.

Tickers mentioned: $BTC

Sentiment: Bearish

Price impact: Negative. Bitcoin has declined on the week, reflecting softer risk appetite and ongoing headwinds for crypto assets.

Trading idea (Not Financial Advice): Hold

Market context: The recent price action sits within a broader risk-off phase for crypto, where liquidity and macro risk sentiment influence BTC’s relative performance versus equities and traditional safe havens. The juxtaposition of record-high precious metals and a cautious crypto tape highlights the sensitivity of crypto assets to macro cues and liquidity cycles.

Why it matters

The tension between traditional safe havens and crypto markets matters because the path Bitcoin follows could influence the wider digital-asset space for months to come. If Cowen’s assessment proves accurate, BTC may remain under pressure until macro confidence improves or a decisive shift in risk appetite emerges. On the other hand, the opinions of other market observers underscore that crypto cycles are not monolithic and can diverge from equity and commodity cycles, especially if liquidity conditions improve or if there is a sustained inflow of risk-on capital into digital assets.

Analysts who see a potential bottom point to a pattern in which gold leads during macro stress and Bitcoin follows once risk appetite returns. Pav Hundal, lead analyst at Swyftx, has argued that the market sits near a traditional cusp where investors begin re-risking into Bitcoin. He has suggested that, historically, Bitcoin bottoms tend to lag gold’s relative strength by roughly 14 months, with a rotation potentially materializing in February or March and a bottom formation if the cycle plays out as expected within a 40-day window. This line of thought sits alongside the broader narrative that gold often leads during macro stress, serving as a bellwether for more speculative assets later when conditions improve. If this pattern holds, BTC could begin to show resilience as risk sentiment begins to stabilize toward the end of the quarter.

Additionally, Andre Dragosch of Bitwise Europe has noted that Bitcoin trades at a relative discount to gold, implying limited downside if flows turn. His view suggests that an inflection point could emerge if capital begins to rotate back into crypto as part of a broader rebalancing strategy. While these observations are contingent on a range of macro and market-specific factors, they contribute to a nuanced view: BTC may not be doomed to a steep and protracted drawdown if catalysts align to shift investor sentiment in early 2026.

The price action also sits amid a broader monitoring of how crypto markets respond to shifts in macro policy, dollar strength, and cross-asset correlations. The juxtaposition of record levels in precious metals against a crypto market that has struggled to regain momentum underscores the ongoing complexity of the transitional period for digital assets. The coming weeks will be a test of whether Bitcoin can decouple from the broader risk-off impulse or whether the current stance will persist until a more durable macro recovery takes hold.

In this environment, a number of investors will be watching not only BTC’s price trajectory but also the underlying flow dynamics that could signal a broader shift in risk appetite. The coming weeks could reveal whether the cautious stance among traders is a temporary pause or the start of a longer consolidation as macro indicators, liquidity signals, and narrative drivers align in a new direction.

What to watch next

February–March window: Monitor for any uptick in risk-on positioning that could signal re-risking into Bitcoin, in line with Hundal’s near-term expectations.

40-day lookahead: Track BTC price action and relative strength versus gold to identify potential bottom formation patterns if historical relationships hold.

Q1 2026 flows: Watch for indicators of shifts in capital allocation that could serve as an inflection point for BTC, as suggested by Bitwise Europe’s research commentary.

Gold–BTC dynamics: Observe whether Bitcoin begins to close the gap with gold on a relative basis, which could foreshadow a broader risk-on rotation into digital assets.

Sources & verification

Benjamin Cowen, in a YouTube video, discussing Bitcoin’s price path and its relation to the stock market: link

Gold and silver price levels cited: Trading Economics (gold around $5,608.33/oz; silver around $121.64/oz)

Reuters report on Citi’s silver forecast to $150: Reuters

Bitcoin price and weekly performance data: CoinMarketCap

Crypto Fear & Greed Index sentiment: Alternative.me

Bitcoin under pressure as macro dynamics shape the near-term path

Bitcoin (CRYPTO: BTC) has been navigating a cautionary tape as investors weigh the likelihood of a sustained risk-on recovery against persistent macro headwinds. In a recent assessment, Cowen warned that BTC could continue to underperform the stock market in the near term, challenging the assumption that precious metals would pivot decisively into crypto. The argument centers on the idea that a broad rotation from traditional stores of value into digital assets may not materialize quickly enough to counteract prevailing risk-off dynamics. The discourse is further complicated by competing viewpoints: while some analysts anticipate a late-cycle re-risking into Bitcoin, others see a potential for a deeper, protracted adjustment before a potential rebound takes hold.

The immediate price context reinforces this ambivalence. Bitcoin has traded in a range around the mid-$80,000s, with the latest readings placing it near $82,800–$83,000 as traders assess forthcoming macro data and potential regulatory moves. The price action sits against a backdrop of record or near-record levels in gold and silver, which historically can influence the narrative around crypto’s role as an alternative store of value. The juxtaposition raises a central question for market participants: will the crypto market’s pain translate into a broader reset that paves the way for an eventual rotation, or will BTC remain mired in a downcycle until macro conditions improve?

Market participants also watched a set of optimistic perspectives that argue for a potential rebound. Hundal’s comments highlighted a traditional cycle in which gold leads macro stress scenarios, with BTC often following suit once risk appetite improves. If this dynamic holds, February and March could mark a transitional period when investors recalibrate risk exposure, potentially propelling BTC higher as liquidity conditions stabilize. Dragosch’s assessment that Bitcoin trades at a relative discount to gold adds another layer to the discussion, suggesting that a flows-driven impulse could help close the gap if capital begins to rotate back into crypto assets in early 2026. While the evidence is not conclusive, the narrative framing underscores the importance of monitoring cross-asset relationships and liquidity signals in the weeks ahead.

For readers tracking the sector, the current moment underscores the delicate balance between traditional safe-haven assets and digital assets that frequently respond to different catalysts. The price action and sentiment metrics indicate a cautious stance among investors, with a spectrum of views about when and how a sustained reversal might emerge. As traders weigh the evidence—ranging from the macro backdrop to on-chain signals—the coming weeks are likely to reveal whether BTC can stage a durable turn or remain tethered to broader risk-off dynamics. The story remains open, with room for both continued consolidation and a potential early-2026 inflection depending on how macro forces evolve and how investor flows evolve in response.

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This article was originally published as Bitcoin’s ‘Massive Rotation’ On The Rocks, Says Benjamin Cowen on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Circle Internet Group is positioning 2026 as a year of stronger, more durable rails for enterprise crypto use. In a blog post, Circle’s chief product and technology officer Nikhil Chandhok outlined a two-pronged plan: move Arc, the layer-1 blockchain designed for institutional and large-scale use, from testnet toward production, and deepen the utility and reach of Circle’s stablecoins by expanding to more networks. The aim is to give corporations a reliable, cross-chain foundation for treasury operations, payments, and programmable money that does not require them to operate the underlying infrastructure themselves. The vision reflects Circle’s longstanding push to mature the infrastructure around stablecoins for business adoption, rather than only consumer-facing use cases.

Chandhok’s post frames Arc as a backbone for institutions, pointing to closer native support on high-impact networks and tighter integration with Arc as keys to making stablecoins a routine part of enterprise workflows. The strategy hinges on reducing the “chain complexity” that enterprise teams encounter when using tokens across multiple ecosystems and on delivering tools that let developers build more rapidly on top of Circle’s rails.

Beyond Arc, Circle’s 2026 agenda centers on expanding the footprint of its dollar-backed assets. USDC, EURC, USYC, and various partner-provided stablecoins are slated for broader cross-chain reach, with efforts aimed at enabling smoother hold-and-move capabilities for institutions. The company’s leadership says this is not merely software expansion; it’s about delivering a more seamless user experience so enterprises can program with these assets as part of everyday operations. In practical terms, that means deeper integrations with existing enterprise payments networks, enhanced wallet experiences, and more robust developer tools that reduce friction for treasury teams that want to automate reconciliation, settlement, and liquidity management across chains.

In the broader context of the crypto market, stablecoins have become a focal point of policy and institutional interest. In 2025, the sector captured significant attention as lawmakers moved to regulate tokens more clearly, and banks and large corporations increasingly eyed launching their own stablecoins and related payment rails. Circle’s emphasis on cross-chain stability and institutional-grade tools sits at the intersection of policy developments and real-world demand for efficient, regulated digital dollars. As the US and other jurisdictions refine stablecoin rules, the ability to operate on a broad, well-integrated technical stack could become a differentiator for incumbents and newcomers alike.

Key takeaways

Arc’s transition from testnet to production is a central milestone for Circle in 2026, signaling a push for institutional-grade on-chain infrastructure.

Circle plans to broaden the native support and interconnectivity of its dollar-linked assets across multiple chains, including USDC, EURC, and USYC, to simplify cross-network operations for enterprises.

The company emphasizes reducing chain complexity and delivering enhanced developer tools to accelerate enterprise adoption and streamline treasury workflows.

Circle intends to scale its payments network so institutions can opt for stablecoin payments rather than building underlying rails themselves.

USDC remains a major driver in the sector with over $70 billion in market capitalization, behind USDT’s roughly $186 billion, as of market data cited by DefiLlama; the overall stablecoin market sits north of $300 billion.

Tickers mentioned: $USDC, $USDT

Sentiment: Neutral

Market context: The shift toward enterprise-ready stablecoins and cross-chain rails occurs as institutional demand for regulated, scalable digital dollars grows in a macro environment of evolving crypto policy and renewed liquidity considerations.

Why it matters

The move to production for Arc represents more than a single product milestone; it signals a broader architectural bet that stablecoins can function as the core “internet money” layer for businesses. If Arc delivers the reliability and performance Circle promises, companies could increasingly rely on a single multi-chain hub for treasury operations, disbursements, and programmable payments. That has potential knock-on effects for liquidity provisioning, settlement speed, and risk management, as institutions gain visibility and control across multiple networks without managing disparate infrastructures.

Expanding USDC and other Circle-stablecoins across more chains ties directly into the ongoing trend of tokenized, cross-border finance. By focusing on reducing friction and providing robust developer tools, Circle aims to accelerate productization—transforming what is today a mostly consumer-centric asset into an embedded corporate utility. This aligns with broader market expectations that regulated stablecoins will become more integral to institutional finance, not just a niche crypto-native feature.

From a market perspective, the stablecoin sector has grown rapidly and reached a market capitalization exceeding $300 billion in recent months. The sector is led by USDT, followed by USDC, with the remainder spread across a growing array of dollar-pegged tokens. The explicit emphasis on cross-chain usability and institutional acceptance may influence how capital flows within the space, potentially affecting liquidity, treasury management strategies, and the risk posture of corporate crypto programs. As policy developments continue to evolve—especially in the United States—the ability to operate on a mature, compliant, multi-chain stack could become a differentiator for firms choosing between competing white-label rails and bespoke internal solutions.

What to watch next

Arc’s production timeline: any anticipated milestones or public release dates for moving from testnet to mainnet in 2026.

Cross-chain expansions: which networks will gain native support for Circle’s assets in the near term and how this affects developer tooling and UX.

Regulatory developments: updates on stablecoin regulation in the US and UK, including any policy changes that could influence enterprise adoption.

Developer ecosystem growth: new tools, SDKs, or partnerships designed to streamline integration with stablecoins and Arc-based applications.

Sources & verification

Circle blog post detailing the 2026 product vision and Arc’s roadmap: Building the Internet of Financial System – Circle’s product vision for 2026.

DefiLlama stablecoins page for market-cap data (USDC and USDT figures cited).

USDC price index page on Cointelegraph for context on liquidity and price disclosures.

USDt price index page on Cointelegraph for comparative market data.

Circle’s enterprise-grade stability rails: Arc production and cross-chain expansion

Circle’s forward-looking 2026 plan centers on delivering a production-ready Arc that can handle institutional-scale settlement and treasury operations. The goal is to convert Arc from a testnet-oriented prototype into a dependable production layer that corporations can trust for critical activities, such as cross-border payments, payroll, and liquidity management. The underlying premise is simple: a mature, audited, and developer-friendly layer-1 can reduce the operational overhead for firms that want to leverage stablecoins without building bespoke rails from scratch. In practical terms, that means closer native support across notable networks, tighter integration with Arc’s core features, and tools that simplify how institutional users hold, transfer, and program with digital dollars and related tokens.

On the asset side, Circle remains committed to expanding the reach of USDC, EURC, USYC, and partner-issued stablecoins across additional networks. The emphasis is not only on token availability but on the quality of the user experience. Enterprises need frictionless onboarding, predictable transaction costs, and clear governance and compliance controls across networks. By deepening native integration on high-traffic networks, Circle hopes to reduce the “chain complexity” burden and empower treasurers to automate routine tasks—reconciliation, settlement, and cash-management workflows—without sacrificing security or regulatory compliance. The blog notes that improving developer tooling and documentation is a core component of this strategy, aiming to accelerate adoption and integration cycles for enterprise teams.

Security, compliance, and interoperability are central to Circle’s enterprise narrative. As the US and other jurisdictions sharpen stablecoin rules, the ability to operate on a robust, multi-chain stack with clear governance could help Circle differentiate itself from competitors that rely on fewer networks or less mature tooling. The practical implication for institutions is a potential reduction in the cost and complexity associated with managing digital-dollar programs across multiple chains, paired with a more predictable regulatory posture as policies mature. In this light, Arc’s production trajectory and the cross-chain strategy for USDC and related assets are not just technical ambitions; they are part of a broader push to standardize and stabilize digital-dollar operations for institutional users.

The sector’s current distribution emphasizes the scale of stablecoins in the crypto economy. USDC has a substantial share of the market among dollar-pegged tokens, with several dozen billions of dollars in circulation, while USDT remains the dominant instrument by a wide margin. The total market cap for stablecoins sits in the hundreds of billions, reflecting ongoing demand from users seeking faster settlement, reduced settlement risk, and transparent, regulated rails for digital dollar transactions. Circle’s strategy to embed stablecoins deeply within cross-chain infrastructure is, therefore, as much about market mechanics as it is about product design—an effort to align enterprise-grade finance with the evolving regulatory and technical landscape of crypto markets.

Ultimately, Circle’s 2026 roadmap signals a measured confidence in multi-chain stability and the practical utility of digital dollars for corporate finance. If Arc can demonstrate reliable performance and broad network support, and if USDC and its companions can deliver a seamless developer and user experience across networks, the technology could become a foundational layer for institutional crypto activities. The combination of a production-ready Arc, expanded cross-chain asset support, and a strengthened ecosystem around payments and tooling positions Circle at a critical juncture in the maturation of stablecoins from niche crypto instruments to everyday corporate finance infrastructure.

This article was originally published as Circle Unveils Stablecoin Infrastructure Upgrades to Drive Adoption on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Tokenization platform Securitize Holdings is accelerating its path to a public listing through a merger with a Cantor Fitzgerald-backed SPAC, as the company reports a surge in revenue and lays out ambitious 2026 targets. In a public registration statement filed with the U.S. Securities and Exchange Commission, Securitize said nine months ended September 2025 revenue reached $55.6 million, an 841% jump from the same period in 2024. The company had $18.8 million in revenue for all of 2024, up 129% from 2023’s $8.2 million, underscoring the rapid growth of asset tokenization as traditional finance explores the sector under a crypto-friendly regulatory framework. The merger announcement in October with Cantor Equity Partners II would bring Securitize to the public markets, with the combined entity valued at approximately $1.24 billion on a pre-transaction basis and a $225 million private investment in public equity (PIPE) component to support the deal. Management signaled 2026 revenue around $110 million and EBITDA of $32 million, signaling an intent to scale the platform’s institutional footprint amid ongoing demand for tokenized assets.

Key takeaways

Securitize reports nine-month 2025 revenues of $55.6 million, an 841% YoY increase versus the same period in 2024.

Full-year 2024 revenue was $18.8 million, up 129% from 2023’s $8.2 million, reflecting accelerating demand for tokenization services.

The proposed SPAC merger with Cantor Equity Partners II would value Securitize at about $1.24 billion pre-transaction, including a $225 million PIPE.

Projected 2026 revenue stands at $110 million with EBITDA of $32 million, signaling a path to profitability aligned with scale economics.

On-chain tokenized asset value has surged, underscoring broader market momentum behind tokenized real-world assets and crypto-native infrastructure.

Tickers mentioned: $ETH

Sentiment: Bullish

Market context: The wave of tokenization activity is broadening as on-chain value of tokenized assets climbs. Data from RWA.xyz shows on-chain tokenized value reaching an all-time high of $24.2 billion, excluding stablecoins, with roughly 40% in tokenized US Treasuries and 20% in tokenized commodities, illustrating growing diversification across asset classes. Ethereum (CRYPTO: ETH) remains the leading platform for asset tokenization, supporting the bulk of activity when layer-2 networks are counted, which reflects a continued shift toward programmable, on-chain finance despite ongoing regulatory scrutiny.

Why it matters

The Securitize filing and the SPAC pathway illuminate a pivotal shift in how traditional finance views tokenized assets. If completed, the merger would position Securitize as a bridge between regulated securities markets and the burgeoning on-chain asset ecosystem. The company’s growth figures—nine-month 2025 revenue of $55.6 million and a forecast of $110 million for 2026—underscore demand for tokenization infrastructure among institutional clients and asset managers seeking enhanced liquidity, transparency, and settlement efficiency. A successful listing could also catalyze similar integrations, encouraging more traditional institutions to engage with tokenized instruments under a framework that regulators have signaled is becoming more navigable for compliant issuers.

The broader market backdrop emphasizes how tokenization is moving from a niche concept to a scalable, revenue-generating segment within the crypto and financial services sectors. The on-chain value metric, rising 310% over the past year to a record $24.2 billion, reflects both investor appetite and the operational utility of tokenized assets. As ETH-based tokenization platforms mature, the industry has benefited from continued attention from major institutions and the growing feasibility of tokenized real-world assets (RWAs). The alignment with a reputable SPAC sponsor and a PIPE financing package also suggests an effort to balance growth with investor protections and liquidity, key factors as regulators refine oversight of tokenized offerings and custody frameworks.

The narrative around tokenization is not purely technical; it intersects with capital markets structure, regulatory clarity, and investor risk appetite. The SEC’s evolving guidance on tokenized securities—especially distinctions between issuer and third-party tokenized instruments—has provided a pathway for issuers to pursue regulated tokenization without sacrificing compliance. The industry-wide momentum is reinforced by continued discussions around tokenized stocks and ETFs on traditional exchanges, illustrating a broader trend toward hybrid finance that marries blockchain-enabled efficiency with conventional governance and disclosure standards.

What to watch next

Regulatory clearance: SEC review and approvals for the SPAC merger remain a gating factor before completion in H1 2026.

Shareholder approvals: Cantor Equity Partners II and Securitize shareholders will need to approve the transaction to finalize the merger.

PIPE closing: The $225 million PIPE is a critical funding component; timing and alignment with closing milestones will be watched closely.

Operational milestones: The company’s 2026 targets—revenue of $110 million and EBITDA of $32 million—will serve as performance benchmarks post-merger.

Regulatory landscape: Ongoing guidance on issuer-versus-third-party tokenized securities may influence the pace of new deals and custody arrangements for tokenized assets.

Sources & verification

Securitize’s public registration statement filed with the U.S. Securities and Exchange Commission detailing nine-month 2025 revenue, growth metrics, and forward-looking projections.

The October announcement confirming plans to merge with Cantor Equity Partners II SPAC and related financial terms, including the PIPE financing.

RWA.xyz data on the on-chain value of tokenized assets and its all-time high level, used to illustrate market momentum behind RWAs.

Industry references to Ethereum’s role in asset tokenization and its market share when layer-2 networks are considered, reflecting a broader industry consensus on the dominant platform for tokenized assets.

Securitize’s SPAC merge pushes tokenization into the public markets

In pursuing a public listing via a Cantor-led SPAC, Securitize is betting that its platform, coupled with institutional partnerships and a diversified asset-tokenization pipeline, can scale more rapidly within a regulated environment. The nine-month 2025 revenue figure of $55.6 million demonstrates a significant acceleration relative to prior years, reinforcing management’s confidence in a 2026 revenue target of $110 million. The PIPE component of $225 million adds a measure of financing discipline to the deal, potentially easing the transition into public markets and supporting product expansion, productization of tokenized offerings, and expanding custodian capabilities for institutional customers.

Looking forward, the transaction’s completion hinges on standard regulatory clearances and shareholder votes, along with achieving the projected financial outcomes. If approved, Securitize could set a precedent for how tokenization platforms scale within traditional capital markets, leveraging established investor networks and strategic partnerships with blue-chip firms already active in the space. The broader tokenization trend—now reflected in a roughly $24.2 billion on-chain value—helps contextualize why this deal is being watched by participants across crypto and finance, as it signals a potential inflection point where tokenized assets begin to operate with more predictable liquidity, governance, and compliance frameworks than in prior years.

This article was originally published as Securitize Sees 841% Revenue Surge in SPAC Filing on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Ethereum tokens tied to The DAO’s 2016 breach are being redirected toward a formal security fund intended to bolster the network’s resilience, according to Griff Green, a long-time Ethereum advocate. In a Thursday interview on Laura Shin’s Unchained podcast, Green reiterated plans to establish the security fund, signaling a shift from passive recovery to proactive risk management. The DAO hack, which occurred in June 2016, siphoned more than $50 million worth of Ether at the time and precipitated a hard fork that split the ecosystem into Ethereum and Ethereum Classic. While the claims process recovered a large portion of the funds, a substantial balance remains unclaimed, creating an opportunity to allocate capital toward audits, smart-contract safety, and governance mechanisms that could help deter future exploits.

Key takeaways

The unclaimed DAO-era Ether is being redirected into a dedicated security fund to improve Ethereum’s security infrastructure and governance.

Green emphasizes a DAO-style approach to distributions, including retroactive funding, quadratic funding, conviction voting, and ranked-choice voting, to guide security initiatives.

Although more than 80% of the original funds have been claimed, the remaining balance is now valued at roughly $200 million, providing a meaningful pool for security-focused programs.

The proposed fund aims to create a model where assets on Ethereum can be stored with an elevated level of security, potentially surpassing traditional banking safeguards in perception and practice.

The DAO’s legacy helped ignite a broader security-audit market for smart contracts, and proponents see the new fund as a continuation of that momentum.

Tickers mentioned: $ETH

Sentiment: Bullish

Market context: The move aligns with a broader push within the Ethereum ecosystem to formalize security funding and governance experiments in a post-hack environment. As on-chain auditing and risk-management tools mature, supporters argue that dedicated pools tied to DAO-borne assets could provide a more reliable funding stream for security initiatives, which in turn may bolster user confidence and long-term network durability.

Why it matters

The DAO episode left an enduring mark on Ethereum’s security culture. The 2016 exploit not only triggered a contentious hard fork but also catalyzed an era in which smart-contract audits and formal verification gained mainstream attention. By proposing to channel unclaimed DAO funds into a security fund, Green is framing a path for capital to flow directly into security-centric initiatives, rather than being dismissed as dormant capital that cannot be returned to affected holders. If successful, the arrangement could become a blueprint for how large, legacy liabilities tied to on-chain incidents are repurposed for ongoing risk management and ecosystem improvements.

From a governance perspective, the plan signals a willingness to experiment with on-chain decision-making processes that affect risk allocation. The proposed distribution palette—retroactive funding, quadratic funding, conviction voting, and ranked-choice voting—reflects a desire to balance broad community input with targeted security outcomes. Retroactive funding could reward past work that strengthened audits and tooling; quadratic funding would aim to align contributions with the weight of community support; conviction voting and ranked-choice voting could help identify the most broadly supported security projects. Taken together, these mechanisms could make the fund more transparent and less prone to capture by narrow interests, a critical consideration in a field where trust is paramount.

Moreover, the practical dimension—turning idle assets into a revenue-generating engine for security—addresses a chronic tension in crypto: how to responsibly steward large sums of capital in a decentralized paradigm. If the fund can generate sustainable revenue through secure staking or other mechanisms, it may offer a durable competitive advantage in attracting developers, auditors, and security researchers to Ethereum’s ecosystem. The aspiration is not merely to recover funds but to create a perpetual funding loop that underwrites continual improvements in smart-contract safety, auditing standards, and proactive threat modeling.

What to watch next

How the security fund’s governance framework will be codified and implemented, including the timelines for retroactive funding and the rollout of quadratic funding and conviction voting.

The mechanism by which unclaimed DAO assets will be staked or otherwise deployed to generate revenue while preserving safety and compliance considerations.

Whether community proposals or governance votes will approve initial security projects and audits, and which auditors or security researchers will be prioritized.

Regulatory or legal clarifications surrounding the repurposing of legacy token wealth into a governance-focused security fund.

Sources & verification

Griff Green’s interview on Unchained with Laura Shin discussing the security fund, linked through the Unchained episode referenced in the article.

The DAO hack timeline and the June 2016 exploit, including the resulting hard fork that produced Ethereum and Ethereum Classic (SSRN paper linked in the source).

Historical details on the claims process for DAO-token holders, including the multisignature wallet involvement around $6 million and the fact that more than 80% of funds have been claimed.

Current estimates of unclaimed balance, cited as roughly $200 million, and the broader impact on Ethereum’s security discourse.

Security fund aims to fortify Ethereum after The DAO hack

Ethereum (CRYPTO: ETH) tokens that remained unclaimed after The DAO incident are being redirected into a new security fund designed to strengthen the network’s defenses and governance. The goal is not simply to recover value but to institutionalize a mechanism that continuously improves security across the ecosystem. Green pointed to a pool that has accumulated value over the years, with a substantial portion already claimed and a remaining balance that, according to the latest accounts, sits near $200 million. The plan envisions converting this pool into a revenue-generating engine that can underwrite ongoing security projects, audits, and research, thereby reducing the likelihood of similar incidents undermining user trust or network integrity.

The interview underscored that the fund would adhere to a DAO-style governance framework. Among the proposed distribution methods are retroactive funding—recognizing past work that has already advanced security—and quadratic funding, which seeks to equalize the influence of large and small contributors when prioritizing security initiatives. Conviction voting and ranked-choice voting were also highlighted as mechanisms to surface the projects with broad and sustained community support, rather than those propelled by short-term enthusiasm or a single influencer. In practice, these tools could help ensure that the security fund allocates resources toward the most impactful audits, code improvements, and risk-mitigation strategies, while preserving transparency and inclusivity in decision-making.

Green emphasized that the DAO’s security fund could eventually serve as a benchmark for how the industry approaches custody and risk. He asserted that the initiative aligns with The DAO’s original spirit, which was to decentralize governance and empower a broad set of participants to steward an asset class that has grown increasingly complex. The DAO’s legacy has already reshaped the security landscape by catalyzing the emergence of a robust audit culture around smart contracts; the proposed fund would institutionalize that momentum and extend it into ongoing, DAO-style governance. In his view, the project could help shift perceptions about where it is safest to store value, potentially positioning Ethereum as a more resilient option than traditional centralized financial intermediaries in the eyes of some users.

Despite the ambitious scope, several practical questions remain. How will the fund be regulated and audited? What safeguards will prevent misallocation or governance capture by factional interests? And how will the revenue model for the fund be structured to ensure long-term sustainability without introducing new risks to the network’s security posture? These are precisely the kinds of questions the community will need to answer as the proposal moves from discussion to implementation. The DAO’s security fund is not a ceremonial exercise; it represents a test case for how decentralized networks can harness historical incidents to create resilient, future-facing infrastructure that benefits developers, token holders, and end users alike.

This article was originally published as Unclaimed ETH From the DAO Hack to Fund a Security Fund on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bybit, the crypto derivatives and spot exchange, finished 2025 with the second-highest trading volumes, following a $1.5 billion hack in February 2025. CoinGecko’s analysis shows Bybit processed about $1.5 trillion in total trading volume for the year, capturing 8.1% of the global centralized exchange market. The February breach, attributed to North Korean exploits targeting cold-wallet infrastructure, remains the largest crypto hack on record. In response, Bybit kept withdrawals open and honored user transactions, with CEO Ben Zhou publicly addressing concerns and confirming liquidity arrangements supported by external partners. The year’s broader trend, meanwhile, saw Bitcoin and other assets rally, helping several exchanges to post higher volumes even as security scars persisted.

Key takeaways

Bybit reclaimed a prominent position in 2025, posting about $1.5 trillion in total volume and an 8.1% market share despite a February security breach described as the largest crypto hack to date.

Six of the top ten exchanges by market share logged volume gains for the year, with an average increase of 7.6% and roughly $1.3 trillion in added trades.

MEXC stood out as the fastest-growing platform, with a 91% jump in trading volume to $1.5 trillion, aided by a zero-fee policy across spot trading that drew high-frequency traders and retail users alike.

Binance remained the market leader, handling about $7.3 trillion in trading volume, though its year-over-year volume did not rise, a shortfall analysts linked to broader bearish sentiment following a major liquidation event on Oct. 10.

Binance’s December open letter highlighted a user base surpassing 300 million and total trading volumes across all products reaching $34 trillion for the year, signaling the scale of activity across the sector.

Tickers mentioned: $BTC, $ETH

Price impact: Positive. Bitcoin and Ether advanced meaningfully in 2025, contributing to higher trading activity across exchanges.

Market context: The year’s rebound in prices and volumes reflects a renewed risk appetite within crypto markets. Liquidity improved on several platforms as traders returned to spread strategies and arbitrage opportunities, even as some exchanges faced heightened scrutiny over security and risk controls. The divergence in pace between leadership (Binance) and rapid gains on challengers (like MEXC) underscored a more competitive landscape where pricing models and product offerings increasingly shape flow.

Why it matters

The Bybit incident and its aftermath provide a telling case study in crypto exchange resilience. After the February attack, Bybit’s decision to keep withdrawals open and honor all user transactions demonstrated a commitment to operational continuity at a moment of heightened user anxiety. The company’s public reassurances—supported by liquidity arrangements with external partners—illustrate how exchanges are recalibrating risk management and funding strategies in the wake of large-security events. For users and institutional participants, such moves can translate into faster restoration of trust and smoother recovery of activity, which are crucial for the sector’s long-term credibility.

Across the sector, 2025’s volume rebound was not uniform. Six of the top ten centralized exchanges by market share saw volume growth, with average gains around 7.6% and an incremental $1.3 trillion in trades. The fastest riser, MEXC, leveraged a zero-fee stance to attract liquidity and increase participation, pushing its annual volume up by 91% to $1.5 trillion. That surge underscores how pricing incentives can significantly alter trader behavior and shift market share away from more established players, at least in the short term. The pattern signals a broader trend: exchanges are competing not just on liquidity and security but on cost structures and product breadth, including new listing strategies and diversified digital-asset offerings.

Binance’s dominance remained evident in sheer scale—about $7.3 trillion in trading volume—yet the year did not bring a corresponding rise in its total annual volume. Analysts attributed this to a confluence of macro-market caution and industry-specific volatility, including the bear-case sentiment that intensified after the Oct. 10 liquidation event. The company’s December letter, which reported a user base exceeding 300 million and $34 trillion in annual volumes across all products, affirmed the platform’s central position in the ecosystem even as growth rates cooled relative to 2024. The report also underscores how the leading venue’s scale interacts with broader market cycles, as liquidity and participant interest flow between major exchanges depending on price regimes and risk appetites.

Beyond the headline figures, the year highlighted a bifurcated landscape: a few platforms that expanded aggressively through pricing and product strategies, and others that benefited from renewed investor interest as crypto markets moved higher. The February Bybit breach, while a setback, did not erase the underlying momentum in 2025. Instead, it pushed the industry to demonstrate stronger safeguards, more transparent liquidity provisioning, and clearer communication with users—factors that help stabilize volumes during periods of stress. In that sense, the data from 2025 suggest a maturing market where trust-building and resilience are as important as the raw trade counts themselves.

In practical terms, the outcomes of 2025 set a framework for 2026: a crypto-exchange ecosystem that rewards liquidity depth, security-first posture, and flexible policy responses to shocks. Traders have shown they respond to both macro price action and microstructure improvements—such as improved withdrawal models, faster on-chain settlements, and more robust risk controls. The year’s dynamics also imply that market leadership will continue to be contested, with established giants like Binance maintaining scale, while rising platforms target capture of niche segments through cost, speed, and user experience improvements. For builders and policymakers, the central takeaway is that the health of centralized exchanges—governance, cash-flow resilience, and transparent disclosures—will shape user confidence and the pace of institutional adoption in the near term.

What to watch next

Regulatory developments affecting centralized exchanges in major jurisdictions and their potential impact on liquidity, custody, and risk controls.

Bybit’s ongoing security enhancements and liquidity arrangements following the 2025 breach, including public disclosures and third-party audits.

Shifts in market leadership as exchanges refine pricing models, zero-fee promotions, and product diversification, with a close eye on MEXC and Binance in early 2026.

Macro-crypto-cycle cues and any regulatory or policy signals that could influence risk sentiment, volatility, and cross-border trading flows.

Sources & verification

CoinGecko: Centralized crypto exchanges market share report showing Bybit’s 2025 share and total volume.

Public reports on Bybit’s February 2025 hack and the exchange’s response (withdrawals kept open; liquidity support).

Public statements from Bybit CEO Ben Zhou addressing security, liquidity, and operational measures.

Binance: December open letter from co-CEOs Richard Teng and Yi He detailing user base and annual volumes.

MEXC: 2025 volume growth data highlighting a 91% increase to $1.5 trillion.

Market reaction and the competitive landscape of 2025

Bybit’s 2025 year culminated in a clear demonstration of the sector’s capacity to rebound from a security shock while maintaining a competitive, liquidity-driven market structure. The exchange’s ability to recover after the February attack—through a combination of liquidity assurances, continued withdrawals, and transparent communication—helps explain why Bybit could reclaim a substantial slice of a market that remains highly sensitive to risk controls and counterparty confidence. That resilience sits within a broader context of an industry-wide uptick in activity, with six of the top ten venues reporting higher volumes over the year and the sector-wide trend toward more aggressive pricing and product innovation.

Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) rose in 2025, contributing to an environment where traders looked to liquidity-rich venues with credible risk management to pursue opportunities. The growth story was not uniform, however. Binance’s top-line volume remained the largest in absolute terms, but the lack of year-over-year growth and the cooling effect of a major market event translated into a more nuanced picture of leadership within the space. In parallel, MEXC’s rapid expansion—driven by a zero-fee strategy—illustrated how new pricing dynamics could reshape the competitive balance, especially as traders chase lower costs and faster execution across a wider array of pairs.

The year also highlighted the importance of institutional-visible risk controls and liquidity backstops. Bybit’s response to the February breach—publicly confirming solvency and enabling smooth user withdrawals—likely influenced market participants’ trust in centralized venues during a period of heightened scrutiny. As the sector contends with ongoing questions about custodian infrastructure and incident response, 2025’s performance suggests that the market remains highly sensitive to how quickly and credibly platforms can restore user confidence after shocks. The open-letter disclosures from Binance’s leadership, detailing user growth and overall trading volumes, reinforce the scale at which major exchanges operate, and they set a benchmark for transparency and stakeholder communications in the ongoing evolution of centralized crypto marketplaces.

This article was originally published as Bybit Bounces Back After Hack as Crypto Trading Volumes Surge in 2025 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Regulators in Washington signaled a shift toward coordinated crypto oversight as the US CFTC said it would join the Securities and Exchange Commission’s ongoing Project Crypto initiative. In remarks prepared for an SEC-CFTC discussion on harmonizing digital asset regulation, CFTC Chair Michael Selig said the agency would partner with the SEC to articulate a clear taxonomy for crypto assets, define jurisdiction more precisely, and reduce duplicative compliance requirements that raise costs and confuse market participants. The move comes as Congress debates a digital asset market structure bill and as markets watch for clearer guidance on how different assets are regulated. This collaboration signals a practical step toward a more streamlined and predictable regulatory environment for innovative finance in the United States, with implications for traders, developers, and traditional financial institutions alike.

Key takeaways

The CFTC will align with the SEC on Project Crypto to establish a unified taxonomy for digital assets and reduce regulatory fragmentation across markets.

Officials argue that consolidating rules should lower barriers to entry, curb duplication, and deter regulatory arbitrage without sacrificing market integrity.

The remarks come as the Senate Agriculture Committee advanced a digital asset market structure bill, highlighting cross‑agency and cross‑branch momentum toward a formal framework.

Both agencies emphasize modernization to “future‑proof” US markets against tomorrow’s innovations while preserving core protections for investors.

<li The discussion touches on prediction markets and other event contracts, with the CFTC signaling a review of existing rules to provide clearer standards for market participants.

Tickers mentioned: $BTC, $ETH

Sentiment: Neutral

Market context: The regulatory dialogue around crypto remains central to liquidity and risk sentiment in 2025–2026, with lawmakers weighing how to balance innovation with investor protection amid ongoing debates on jurisdiction, enforcement, and product clarity.

Why it matters

At the center of the discussion is a push to avoid the current patchwork of rules that can slow innovation and raise costs for crypto developers and participants. By pursuing a shared framework, the SEC and CFTC intend to minimize duplicative compliance obligations and ensure consistent application of rules across spot markets, derivatives, and new tokenized products. The effort acknowledges that fragmentation can deter capital formation and complicate compliance, ultimately affecting everyday users who rely on crypto services for payments, liquidity, and access to investment opportunities.

For investors, the joint initiative could translate into clearer disclosures, more reliable enforcement signals, and a more predictable regulatory baseline. The aim is not to relax safeguards but to reduce regulatory friction that can obscure accountability and invite regulatory arbitrage—where market participants exploit jurisdictional gaps to avoid stricter rules. In this sense, the project echoes a broader policy objective to shore up market integrity while preserving competitive dynamics for innovation hubs, including decentralized finance and tokenized asset markets.

Academics and industry observers have long argued that the lack of a cohesive taxonomy complicates risk assessment and compliance programs. Clearer categorization of crypto assets helps exchange operators, wallet providers, and liquidity pools determine which agency oversees which activity and what standards apply. The conversation also intersects with legislative efforts on market structure that seek to formalize roles between agencies, potentially shaping how platforms list and trade digital commodities and related derivatives. In short, harmonization efforts are as much about governance clarity as they are about regulatory efficiency.

The remarks also touch on the evolving treatment of other market concepts, including event contracts and prediction markets. Selig indicated that the CFTC would reexamine existing rules that have restricted certain political and sporting event contracts, aiming to strike a balance between market certainty and compliance with ongoing litigation. This is part of a broader trend toward modernizing the agency’s toolkit to accommodate new financial products while maintaining robust consumer protections.

As regulators move to sharpen the boundaries of oversight, the industry will be watching how harmonization efforts translate into practical guidance. The SEC’s Project Crypto, first unveiled in mid‑2023 and subsequent to a July launch noted in industry coverage, seeks to separate certainty from ambiguity in a rapidly evolving landscape. The joint push is also linked to broader congressional activity around a market structure framework, including the Digital Commodity Intermediaries Act, which aims to codify who does what in a redefined digital asset ecosystem. The conversation reflects a realization among policymakers that a coherent framework could better guide innovation, while ensuring that investors have access to consistent protections and transparent market data.

In framing the discussion, Selig emphasized that the goal was not to erase statutory boundaries but to remove duplication that fails to improve market integrity. This echoes a recurring theme in regulator rhetoric: cooperation and clarity, rather than turf battles, will better serve the public and the industry. The push also acknowledges the modern reality of a global crypto market, where cross‑border activity and rapidly evolving products demand a coherent domestic structure that can adapt without sacrificing core safeguards.

What to watch next

Follow the SEC and CFTC for a joint framework or taxonomy release resulting from Project Crypto collaboration, and monitor any cross‑agency white papers or public guidance updates.

Legislative progress on the Digital Commodity Intermediaries Act, including potential votes in the Senate and alignment with the Banking Committee, will shape the regulatory timetable.

Nomination developments for CFTC commissioners and other leadership positions could influence the pace and direction of market‑structure reforms.

Any concrete policy clarifications on prediction markets, event contracts, and other crypto‑adjacent products will signal how the agencies intend to regulate novel financial instruments.

Sources & verification

SEC Officials discuss harmonization of crypto regulation: sec.gov/newsroom/meetings-events/sec-cftc-harmonization-us-financial-leadership-crypto-era

Project Crypto launch context and SEC leadership remarks: cointelegraph.com/news/sec-chair-atkins-announces-project-crypto

Live Senate markup and bipartisan momentum on crypto market structure bills: cointelegraph.com/news/live-senate-markup-crypto-market-structure-bill

Discussion of issuer vs third‑party tokenized securities and related guidance: cointelegraph.com/news/sec-breaks-down-tokenized-securities-into-two-categories-new-guidance

How crypto laws changed in 2025 — and how they’ll change in 2026 (magazine feature cited in coverage): cointelegraph.com/magazine/how-crypto-laws-changed-2025-further-2026

Harmonizing oversight and the road ahead

The partnership between the CFTC and SEC represents a pragmatic response to a market that has long argued for clarity over ambiguity. By pursuing a shared taxonomy and a coordinated regulatory posture, the agencies aim to reduce compliance duplication and eliminate conflicting interpretations that can deter legitimate investment, innovation, and market participation. The approach is not about loosening protections but about delivering predictable rules that can withstand rapid technological shifts. For participants—from exchanges and wallet providers to developers and institutional traders—clearer lines of authority and standardized expectations could lower the cost of compliance and improve risk assessment.

In parallel, the political process around market structure legislation continues to unfold, with lawmakers weighing amendments and governance standards that could influence regulatory dynamics for years to come. The tension between immediate oversight fixes and longer‑term governance reforms remains a central theme as regulators seek to balance rapid innovation with investor protection. If the harmonization effort succeeds, it could set a template for how the United States governs digital assets in a way that preserves market integrity while inviting responsible innovation and participation from global firms and retail investors alike.

This article was originally published as CFTC Teams Up with SEC for Agency’s Project Crypto on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Talos, the New York–based digital asset infrastructure provider, has secured a $45 million extension to its Series B round, lifting the round’s total proximity to $150 million and valuing the company at roughly $1.5 billion. The extension brings in new strategic investors including Robinhood Markets, Sony Innovation Fund, IMC, QCP and Karatage, while retaining participating backers such as a16z crypto, BNY Mellon and Fidelity Investments. Talos said the fresh capital would accelerate product development across its trading, portfolio management, execution, treasury and settlement tools, and help broaden support for tokenized traditional assets on its platform. Founded in 2018, Talos has positioned itself as a backbone for institutional crypto operations, offering software that enables clients to trade, manage and settle digital asset positions across exchanges, OTC desks, custodians and other liquidity providers.

The company highlighted that revenue and its client base have doubled over the past two years, and it has expanded its ecosystem through an integration with BlackRock’s Aladdin system. In addition to organic growth, Talos has pursued acquisitions to broaden its reach, most notably acquiring the blockchain analytics firm Coin Metrics in a $100 million deal in July. The strategic investors joining the round reflect a broader trend of traditional financial institutions and fintechs seeking deeper exposure to crypto infrastructure and regulated, enterprise-grade rails.

The fundraising dovetails with a broader push by payments and infrastructure players to secure the tooling needed for institutional-grade crypto markets—from settlement and custody to risk controls and compliance. Talos’ leadership argues that the market has moved beyond basic trading tools toward end-to-end workflows that can accommodate regulated assets and tokenized securities, a shift that has implications for liquidity, capital efficiency and governance in a sector still finding its regulatory footing.

The company noted that its revenue trajectory and client base have benefited from expanding integrations, including a link-up with BlackRock’s Aladdin platform, which signals growing interoperability between crypto-native tech stacks and traditional asset management systems. Beyond organic expansion, Talos has used acquisitions to broaden its data, analytics and settlement capabilities, positioning itself as a go-to provider for institutions seeking a unified, scalable operating model for digital assets.

In relation to the strategic funding, Talos’ chief executive Anton Katz said the round was extended to accommodate high levels of interest from strategic partners, underscoring the continued appetite among traditional institutions to engage with crypto infrastructure on a deeper level. The company’s 2018 founding story remains central to its narrative: it built software that enables institutional clients to trade, manage and settle digital asset positions across a network of counterparties, custodians and liquidity providers, aiming to streamline processes that have historically been fragmented and manual.

Key takeaways

Talos extended its Series B by $45 million, bringing the round to approximately $150 million and valuing the company around $1.5 billion.

New strategic investors include Robinhood Markets, Sony Innovation Fund, IMC, QCP and Karatage, with a16z crypto, BNY Mellon and Fidelity Investments continuing as backers.

The funds are earmarked for expanded product development across trading, portfolio management, execution, treasury and settlement tools, plus support for tokenized traditional assets.

Talos has doubled revenue and client counts over the past two years and added integration with BlackRock’s Aladdin system.

The company completed the $100 million Coin Metrics acquisition in July, broadening its data and analytics capabilities in support of institutional workflows.

Sentiment: Neutral

Market context: The ongoing interest in crypto infrastructure funding reflects a shift toward regulated, scalable rails that can support institutional appetite for digital assets, even as market liquidity and macro sentiment fluctuate.

Why it matters

The Talos extension underscores a broader trend in crypto markets: the maturation of infrastructure providers that can deliver enterprise-grade, compliant workflows for institutions. By expanding capacity across trading, portfolio management, execution, treasury and settlement, Talos aims to reduce the friction and risk that have historically accompanied institutional participation in digital assets. As more institutions seek to integrate crypto into their traditional risk and compliance frameworks, providers that can demonstrate interoperability with established platforms—like BlackRock’s Aladdin—become increasingly indispensable.

The strategic investor lineup signals confidence from diverse corners of the financial world. Robinhood Markets brings a retail-leaning fintech perspective that, when paired with traditional institutions like Fidelity and BNY Mellon, can help Talos bridge customer segments while maintaining robust risk controls. Sony Innovation Fund’s participation points to a broader tech and media ecosystem interest in crypto rails, while IMC, QCP and Karatage bring trading expertise and capital markets insight that can accelerate product-market fit for institutional clients.

The Coin Metrics acquisition, announced earlier in the year, extends Talos’ footprint into data-driven decision-making and on-chain analytics. In a space where data integrity and visibility are critical for risk management and regulatory reporting, the addition of robust analytics can improve settlement accuracy, reconciliation, and governance. The Aladdin integration further reinforces the narrative that risk platforms historically used by traditional asset managers can be extended into crypto markets, reducing the friction that has often deterred larger funds from participating in digital asset markets.

What to watch next

Timing and impact of the Series B extension: when the additional capital is fully deployed and how it translates into product milestones.

Milestones related to BlackRock Aladdin integration: concrete use cases, pilots, and client-adoption signals.

Progress of tokenized traditional assets: approvals, custody readiness, and regulatory-compliant issuance pipelines.

Impact of Coin Metrics integration: new data products, analytics dashboards, and cross-platform interoperability.

Potential future funding rounds or strategic partnerships central to expanding Talos’ footprint across equities, fixed income or cross-border settlement rails.

Sources & verification

PR Newswire — Talos extends Series B to $150m in strategic fundraise

Talos official site — The Talos Story

Coin Metrics acquisition coverage — July announcement

Embedded YouTube video in Talos materials

Talos expands Series B as institutional crypto rails attract strategic partners

Talos’ latest capital raise marks a meaningful step in the ongoing consolidation and professionalization of crypto infrastructure. The $45 million extension to the Series B round increases the total size of the financing and reaffirms investor confidence in Talos’ ability to deliver scaleable, compliant technology for institutional clients. The new investors—Robinhood Markets, Sony Innovation Fund, IMC, QCP and Karatage—join a lineup that already included heavyweights such as a16z crypto, Fidelity and BNY Mellon, underscoring a convergence of fintech, asset management and traditional trading ecosystems around crypto rails.

From a product perspective, the funds target expanded development across the core modules that institutions rely on to operate digital asset programs. Talos’ platform is designed to manage the full lifecycle of crypto positions—from order routing and execution to settlement and treasury management—while connecting with a variety of counterparties, exchanges and custodians. The emphasis on tokenized traditional assets reflects a broader industry push to bring real-world assets onto blockchain-based settlement rails, enabling more efficient, auditable, and regulated processes. The expansion equips Talos to push further into this space, offering clients a unified environment where tokenized securities and other regulated assets can be traded and settled with the same controls that financial institutions expect for conventional markets.

The Aladdin integration with BlackRock is a notable milestone. It signals a practical alignment between crypto-native infrastructure and legacy risk platforms, potentially easing onboarding for multi-asset managers who require consolidated risk dashboards and governance controls. This interoperability can lower the barriers for institutions to participate in digital asset markets at scale, as it aligns crypto operations with the governance and reporting standards familiar to traditional funds.

Beyond product development, the strategic investor cohort points to a broader ecosystem-building effort. Robinhood Markets’ involvement can help Talos deepen its reach into the retail-to-institution continuum, while Sony’s Innovation Fund and IMC bring long-standing capital markets experience to bear on Talos’ product roadmap. QCP and Karatage, both aligned with high-frequency and quantitative trading, add complementary expertise to optimize execution workflows and liquidity access. This mix of backers suggests a shared belief that robust, regulated rails are essential to sustaining institutional confidence in crypto markets as they continue to evolve.

In July, Talos completed its acquisition of Coin Metrics for $100 million, expanding its data and analytics capabilities at a time when reliable on-chain data and risk metrics are increasingly essential for institutional diligence. The combination of data, analytics, and settlement tooling can create a more cohesive platform for clients seeking end-to-end visibility and control over digital asset programs. Taken together, the fundraising and acquisitions highlight a strategic trajectory that prioritizes scale, interoperability and regulatory alignment—factors that many market participants deem crucial for the next phase of crypto market maturation.

As competition in crypto infrastructure heats up, Talos’ path illustrates how platform providers are seeking to differentiate themselves through scale and robust, enterprise-grade features. The firm’s leadership has portrayed this move not merely as a funding exercise but as a signal of the industry’s transition toward higher-capital, higher-assurance rails that can sustain longer-cycle adoption in a regulatory-tinged environment. For institutional investors and builders alike, Talos’ progress will be a useful lens into how the crypto market is evolving beyond the hype of early-stage funding and toward a more integrated financial services ecosystem.

This article was originally published as Talos Extends Series B to $150M, with Robinhood and Sony backing on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Escape Velocity, a crypto-focused venture capital firm, has raised nearly $62 million for a second fund dedicated to Decentralized Physical Infrastructure Network (DePIN) projects and other crypto-native ventures. The vehicle closed in December and counts notable backers among its roster, including Marc Andreessen of Andreessen Horowitz and Micky Malka of Ribbit Capital, according to a Fortune exclusive. A fund-of-funds participant, Cendana Capital, contributed about $15 million to the vehicle, underscoring cross-sector support for infrastructure-backed crypto networks. The fundraising underscores ongoing appetite for DePIN, even as broader crypto and technology funding cools, with Escape Velocity signalling a longer-term strategy focused on tangible asset networks rather than purely speculative tokens.

Key takeaways

The fund marks Escape Velocity’s second DePIN-focused vehicle and closed in December, with marquee investors including Marc Andreessen and Micky Malka; Cendana Capital contributed $15 million.

Escape Velocity’s latest data-backed push aligns with research showing DePIN’s combined market capitalization around $10 billion and on-chain revenue of about $72 million in 2025, per the joint State of DePIN report from Escape Velocity and Messari.

Despite broad token-price declines across the sector, revenue-generating DePIN networks have proven more durable, suggesting real-world utility can persist even as markets reprice risk assets.

Analysts point to regulatory-clarity hubs and deployment demand—especially in the United Arab Emirates and Singapore—as accelerants for DePIN adoption beyond traditional startup ecosystems.

The fundraising illustrates a bifurcated market: capital for assets and infrastructure tied to the physical world, rather than speculative token launches alone.

Sentiment: Neutral

Market context: The news reflects selective venture activity in crypto-native sectors where tangible utility meets regulatory clarity. While broad funding for crypto remains constrained, DePIN-focused capital shows a willingness to back long-horizon infrastructure projects that integrate physical assets with blockchain protocols.

Why it matters

For builders and operators of DePIN networks, Escape Velocity’s new fund signals a continued belief in the viability of infrastructure-backed crypto ecosystems. DePIN projects strive to monetize the utility of real-world assets—ranging from sensor networks to edge computing and broader IoT deployments—by aligning them with decentralized incentives and governance. The presence of a notable fund backing such ventures provides a pathway for more sustained early-stage capital, allowing teams to de-risk proof-of-concept deployments and scale use cases that require tangible physical deployments rather than purely online traction.

From an investor perspective, the move delineates a clear divergence within crypto markets. While speculative tokens have faced sharp declines from their late-2024 peaks, networks anchored to real-world infrastructure continue to generate on-chain activity and revenue that can outlast sentiment-driven cycles. Industry observers note that DePIN’s maturation hinges on regulatory clarity and deployment cadence; jurisdictions like the UAE and Singapore are highlighted as conducive environments for pilots and partnerships with utilities, telecoms, and asset owners. The evolving regulatory backdrop could determine whether DePIN transitions from a novelty to a repeatable, scalable model across varied asset classes.

The broader industry context matters because it frames how risk capital evaluates opportunity. The DePIN thesis hinges on the idea that tokenized incentives can align disparate stakeholders—owners of physical assets, operators of networks, and end users—around shared value creation. Yet the literature also emphasizes the need for real-world utility over hype, a sentiment echoed by practitioners who warn against token launches built on optimism rather than deliverables. In this environment, Escape Velocity’s commitment to backing founders with tangible deployment plans—rather than purely token-centric ventures—represents a cautious, infrastructure-first approach that could shape future venture activity in the space.

The market capitalization of DePIN projects has fallen below $9 billion, compared to a peak of more than $43 billion in late 2024. Source: DePINscan

Beyond capital, the DePIN narrative is increasingly about where networks can operate and be monetized. The joint State of DePIN report, produced by Escape Velocity and Messari, underscores that while token prices across the sector have tumbled, revenue-producing networks have continued to function. The sector’s overall on-chain revenue in 2025 is estimated at tens of millions, a modest figure in the context of broader crypto markets, but a signal of ongoing activity at the intersection of physical infrastructure and digital incentives. The report also highlights a return-to-basics emphasis among builders: create real-world utility, demonstrate scalable deployment, and then seek institutional alignment around governance and monetization. These dynamics help explain why a late-2020s funding cycle has revived around DePIN despite a broader macro pullback in risk assets.

Analysts also note that a fair share of DePIN tokens remain deeply discounted versus their all-time highs, a reality that reflects the dislocation between speculative cycles and real-world adoption. Yet the durability of certain DePIN networks—especially those tied to essential services or infrastructure—points to a potential inflection if deployment velocity accelerates and regulatory clarity continues to improve. In practice, this could translate into more pilots in regulated markets and greater collaboration with public or semi-public bodies seeking resilient, asset-backed technology layers for critical functions.

In sum, Escape Velocity’s fund addition reinforces a bifurcated market dynamic: capital continues to flow into infrastructure-focused crypto ventures where there is measurable asset-backed value, while token-only narratives face increasing scrutiny. The UAE and Singapore emerge as notable catalysts in this shift, offering clearer rules and faster execution paths for projects that seek to combine physical networks with blockchain-enabled incentives. As DePIN evolves from concept to execution, observers will be watching for concrete deployments, partnerships, and regulatory signals that validate the model beyond market symbolism.

What to watch next

Announcements of DePIN network deployments and pilot projects funded by Escape Velocity’s new vehicle in 2026.

New partnerships or co-investments with UAE- or Singapore-based institutions aimed at scaling DePIN deployments.

Updated data from the State of DePIN and DePINscan reflecting deployment activity and on-chain economics.

Regulatory developments in major markets that clarify the treatment of tokenized infrastructure projects and associated financing structures.

Follow-on rounds or exits from Escape Velocity-backed DePIN projects to gauge real-world traction beyond fundraising narratives.

Sources & verification

Fortune exclusive reporting on Escape Velocity’s $62 million fund and December close, with investor names including Marc Andreessen and Micky Malka.

Escape Velocity and Messari, State of DePIN report detailing ~US$10 billion sector market cap and ~US$72 million in on-chain revenue in 2025.

DePINscan data illustrating market capitalization below US$9 billion and historical peak above US$43 billion in late 2024.

Regulatory context in the United Arab Emirates and Singapore described as favorable for DePIN deployment.

Cointelegraph coverage referenced in the source material discussing HashKey Capital’s bullish stance on DePIN.

This article was originally published as Escape Velocity Raises $62M for DePIN Fund as Crypto VC Slows on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin price volatility continues to reflect a tug-of-war between leveraged bets and broader macro caution. After a 26% slide in the prior three months, BTC retested the $84,000 support as tech equities and precious metals jockeyed for relative safeties. The move comes amid a sharp drawdown in Microsoft’s stock and a wave of risk-off trading that has traders weighing the interplay between margin funding, futures dynamics, and the prospect of liquidity-driven squeezes. Even as some traders piled into bullish margin positions on certain venues, the overarching market narrative remains wary, with on-chain metrics and derivatives signaling a nuanced picture rather than a clear, immediate bullish recovery.

Key takeaways

Bitfinex margin long positions surged to 83,933 BTC, a two-year high, signaling renewed demand for leveraged exposure even as BTC prices slipped.

Despite the margin buildup, arbitrage mechanics imply the net effect on prices is likely neutral, since longer-term carry requires offsetting futures sales to fund the risk spread.

Bitcoin futures maintain a typical annualized premium of 5%–10% versus spot, with bullish regimes often pushing this metric above the 10% neutral threshold; the last time it breached that level was in early February 2025 around $103,500.

Gold traded with heightened volatility, slumping about 8% in minutes before rebounding, while ETF liquidity in GLD hit record volumes, underscoring a search for safe harbors amid AI-sector chatter and equity selling pressure.

The day’s price action included roughly $360 million in BTC futures liquidations, underscoring the fragility of near-term bets and the potential for rapid dislocations if leverage flames out.

Demand for margin exposure on Bitfinex reached a level not seen since November 2023, with the exchange highlighting a robust appetite for risk on loaned BTC. Borrowing costs remained remarkably low—the annualized rate stayed under 0.01% as Bitfinex requires collateral that exceeds the loan value. The dynamic reflects a market where participants prefer margin to futures to dodge carry costs that can run around 5% per year for BTC futures, creating an incentive to balance positions across markets rather than pure directional bets.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch

The broader forward curve continues to reflect investors’ attempts to monetize longer settlement cycles in a market where liquidity can swing quickly. Monthly BTC futures typically trade at a 5%–10% annualized premium to spot, compensating for longer settlement windows and the risk premium associated with holding positions into delivery. A subset of traders interpret sustained premiums above 10% as a bullish signal, even as spot prices waver. The last time this premium moved decisively into that higher band occurred in early February 2025 when BTC traded near $103,500, a level that now looks distant in the current cycle but remains a reference point for traders mapping out upside scenarios.

Tickers mentioned:

Tickers mentioned: $BTC, $MSFT, $GLD

Sentiment: Bearish

Price impact: Negative. The price action and the tilt toward risk-off behavior weighed on BTC, even as margin activity suggested hedging and leverage dynamics rather than a straightforward bullish breakout.

Trading idea (Not Financial Advice): Hold. Near-term macro headwinds and persistent leverage pressure suggest caution, even as some demand for margin exposure persists on select venues.

Market context: The move comes as technology equities faced renewed pressure (Microsoft fell around 11% on concerns over capex and cloud revenue), while gold traded with heightened volatility and ETF volumes surged. This confluence points to a market environment where risk appetite remains fragile, and capital allocation is sensitive to evolving growth signals and inflation expectations.

Why it matters

The latest dynamics around margin lending illuminate a nuanced feature of the current cycle: liquidity, not just price momentum, is driving behavior. Traders appear to be balancing the desire for upside exposure with the cost of carrying those positions over longer periods. When borrow costs are so low that margin loans can be extended cheaply, the temptation to test the upside grows, yet the potential for sharp liquidations remains a real risk if the broader market turns decisively risk-off. The juxtaposition of rising margin longs with a conclusive price downturn spotlights a market in which leverage can amplify moves on both sides, depending on order flow and liquidations in related futures markets.

Beyond BTC-specific mechanics, the macro narrative features a convergence of AI sector skepticism and traditional safe-haven flows. Industry leaders have warned about overvaluation in high-growth tech and AI-related equities, even as demand for AI capabilities continues to grow. Analysts cited by mainstream outlets highlighted the energy intensity and capital requirements of expanding AI infrastructure, which may influence investors to reweight portfolios, favoring assets perceived as stores of value during this period of uncertainty. In parallel, gold and related ETFs witnessed heavy trading, signaling that non-crypto risk-averse investors still seek hedges amid broad market volatility.

All of this unfolds as market participants monitor on-chain signals and derivative metrics for hints of a broader shift. While margin activity on Bitfinex underscores a continued appetite for leverage, the absence of a clear, sustained breakout in BTC price suggests that the current environment remains dominated by hedging and risk management rather than a decisive bullish narrative.

What to watch next

Monitor BTC price levels around the $84,000 support and any return to that zone if risk appetite improves or deteriorates further.

Watch margin lending data on major venues for signs of changing demand for leverage, including any shifts in borrowing costs that could alter carry dynamics.

Track the futures term structure, especially the 2-month and 3-month premiums, for shifts away from 5%–10% ranges and any break above 10% sustained over multiple sessions.

Observe gold price moves and GLD liquidity as a gauge of risk-off sentiment and potential hedging shifts in response to AI valuations and tech earnings.

Follow earnings and guidance from major tech players and AI investments as reported by mainstream outlets to assess whether the macro backdrop improves or worsens for risk assets.

Sources & verification

Bitcoin margin longs and market activity on Bitfinex; trend data and lending costs cited by the reporting outlet’s coverage.

TradingView and Laevitas.ch data for futures premiums and annualized carry metrics.

UK/US media coverage of Microsoft’s earnings commentary, including capital expenditure and cloud revenue context.

BBC reporting on AI-sector valuation concerns and executive commentary from Sundar Pichai.

Fortune reporting on Microsoft’s performance obligations and OpenAI linkage.

Bitcoin price slide amid margin dynamics and macro risk

Bitcoin (CRYPTO: BTC) volatility has reasserted itself as a function of both leverage and macro risk sentiment. The latest cascade saw the crypto benchmark dip toward the $84,000 region, a level that marks a persistent support zone after several weeks of fluctuations. Traders watching the tape note that the move coincided with a broader risk-off posture that spilled into technology stocks and even gold, where liquidity ebbed and flowed in a way that suggested market participants were rebalancing risk rather than committing to a definitive directional bet.

On the margin front, Bitfinex reported a surge in long positions that touched a multi-quarter peak, underscoring the appetite for leveraged exposure despite a price retreat. The net effect of this activity, however, remains nuanced. The prevailing view among market participants is that the demand for margin loans should be viewed in the context of arbitrage: to implement cash-and-carry strategies that exploit the price gap between futures and spot markets. This dynamic can render a rising margin long tally relatively neutral from a price-discovery perspective, because savvy traders simultaneously unwind offsetting futures, thereby dampening net directional pressure. The result is a market that looks busy on the activity front but may not translate into a sustained upside without a fundamental shift in risk sentiment and liquidity conditions.

Beyond on-chain and derivatives signals, macro narratives around AI valuations and corporate capex contribute to an environment of heightened caution. Analysts have flagged concerns about overvaluation in AI-related equities and the energy demands of expanding AI infrastructure, a point echoed by major tech executives. The crosswinds between speculative fervor in certain corners of the market and more conservative positioning elsewhere create a landscape where BTC’s price may move in fits and starts as traders weigh risk versus reward. In this context, the recent price weakness should be viewed through the lens of risk management and liquidity provisioning rather than a straightforward indicator of a new bull market.

Looking ahead, traders and investors will be watching for shifts in the carry trade, liquidity depth, and the resilience of gold-related hedges as defensive bets. If risk appetite improves, BTC could test resistance levels anew; if it remains fragile, it could drift within a tight range as hedging and arbitrage slow the pace of violent moves. The unfolding narrative will likely hinge on macro signals, central bank commentary, and the evolving balance sheets of major technology and AI-related leaders, all of which have the potential to reframe crypto exposure in the broader market landscape.

This article was originally published as Bitcoin Longs Hit 2-Year High on Bitfinex: Bullish or Bearish? on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

21Shares has expanded its European product lineup with a Jito-staked Solana exchange-traded product, providing listed exposure to the SOL token while embedding staking incentives. The JSOL ETP, priced in USD and EUR, is now trading on Euronext Amsterdam and Euronext Paris, and is promoted as the first Europe-listed ETP backed by JitoSOL. The vehicle holds JitoSOL directly and incorporates staking rewards into its net asset value, offering institutions a regulated, liquid avenue to participate in Solana’s liquid staking framework.

Issued by the Jito Network, JitoSOL represents SOL deposited into a liquid staking program on the Solana network, where staked tokens remain transferable rather than locked. Holding JitoSOL enables investors to earn staking yield through a liquid token without directly delegating to validators or managing on-chain staking operations.

In a series of posts on X on Thursday, Jito said the product offers institutional investors regulated access to JitoSOL while capturing staking and MEV-related rewards.

Source: Jito_sol

The European launch extends the prior US-facing initiative, building on last year’s JitoSOL ETF filing from VanEck in the United States and reflecting a broader push to broaden institutional access to liquid staking infrastructure. 21Shares notes that it already operates more than 55 crypto ETPs across European venues and manages roughly $8 billion in assets under management, underscoring its role as a long-standing bridge between traditional markets and digital-asset products. The issuer, which began with a physically backed crypto ETP in 2018, has since become a cornerstone for regulated crypto exposure in Europe.

Jito Network, which started in 2021, has carved out a niche around liquid staking and validator infrastructure on Solana. At the time of writing, its JitoSOL token carried a market capitalization around $1.67 billion, per CoinGecko data, illustrating the liquidity and scale of the liquid-staking ecosystem connected to Solana.

CoinGecko

Related: Solana validator count drops 68% as node costs squeeze small operators

Solana staking ETFs launch in US, but liquid staking still up for debate

In the United States, regulators have approved several Solana staking ETFs, though liquid staking products remain barred from the domestic market. The launch activity has included notable first-day inflows and growing asset bases for staking-focused vehicles. In July, the first Solana staking ETF listed in the country attracted about $12 million in net inflows on its debut trading day, while in October Bitwise’s Solana staking ETF opened with more than $220 million in assets. Grayscale subsequently debuted a staking-enabled Solana spot ETF in the US.

Industry participants have argued that liquid staking could improve capital efficiency and reduce rebalancing frictions for funds, prompting calls in July for regulators to permit Solana-backed liquid-staking ETPs. In the months that followed, VanEck filed for a US-listed ETF designed to hold JitoSOL, a move that signaled continued interest in bridging Jito’s liquid-staking framework with traditional financial markets.

Lucas Bruder, CEO of Jito Labs, said the company expects JitoSOL-based products to receive approval in the US and noted growing interest from markets in Asia and the Middle East. He emphasized that broader education around digital assets and proof-of-stake mechanics remains essential to unlocking broader adoption of Solana’s infrastructure advantages.

This European development sits within a broader pattern of crypto ETP growth and market access expansion across the continent. 21Shares has leveraged its European footprint to bring regulated exposure to a wide range of digital assets, and the JitoSOL-backed ETP is positioned as a test case for how liquid staking assets might be integrated into regulated product wrappers for institutional investors.

Why it matters

For investors seeking regulated access to Solana’s liquidity-enhanced staking, JSOL represents a concrete option that combines price exposure to SOL with ongoing staking yields. By holding JitoSOL directly, the ETP aims to reflect staking rewards in its NAV, potentially delivering yield dynamics that are closer to on-chain staking economics than traditional spot exposure alone. The European listing on Euronext Amsterdam and Paris broadens the geographical reach of regulated crypto products, reinforcing Europe’s position as a center for crypto-asset wrappers and exchange-traded products.

From the issuer’s vantage point, the launch demonstrates how institutional-grade vehicles can package innovative on-chain mechanics—such as liquid staking and MEV capture—into familiar investment formats. 21Shares has built a diversified catalog of ETPs since its 2018 inception, underscoring a strategic emphasis on scalable, compliant access to digital assets for traditional finance counterparties. The collaboration with Jito Network also signals an ongoing push to connect liquid staking infrastructure to traditional market infrastructure, a bridge that could accelerate institutional participation in Solana’s ecosystem.

For Solana and the broader crypto ecosystem, the move signals continued demand for regulated exposure to high-yield staking models. While the US debate over liquid staking continues, Europe’s adoption of JitoSOL-based products could help unlock cross-border liquidity and diversify funding sources for validators and network operators, potentially contributing to capital efficiency in the Solana ecosystem.

What to watch next

Regulatory progress on liquid staking ETPs in the United States, including potential changes to SEC policy and any pending filings for JitoSOL-based funds.

Whether additional European exchanges will list further JitoSOL-backed products or similar liquid-staking instruments from other issuers.

Performance and NAV tracking of JSOL relative to actual SOL staking yields and MEV-related rewards, particularly during periods of network activity spikes.

Any new filings or approvals for US-listed funds that hold JitoSOL or other liquid-staking assets, signaling broader institutional appetite in North America.

Sources & verification

GlobeNewswire: 21Shares launches Jito Staked SOL ETP (JSOL) offering enhanced yield exposure to Solana

Jito Network posts on X detailing the regulatory-access claims for JitoSOL

CoinGecko data for JitoSOL market capitalization

Solana price index and related coverage

This article was originally published as 21Shares Lists JitoSOL-Backed Solana ETP Across Europe on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Copper, a London-based digital asset custodian backed by Barclays, is weighing a potential initial public offering as investor appetite for cryptocurrency infrastructure companies grows. The discussions, reported by CoinDesk citing sources close to the talks, implicate a lineup of heavyweight banks including Deutsche Bank, Goldman Sachs and Citigroup. Copper did not confirm active plans for a listing, with a spokesperson saying the firm is not currently planning an IPO, though they also declined to comment on whether early discussions are underway.

Founded to provide institutional-grade custody, settlement and collateral management for digital assets, Copper aims to help financial institutions store and move crypto while mitigating counterparty risk. The company has previously built out a network of strategic relationships that position it as a core piece of the crypto infrastructure stack. In recent months, Copper’s profile has risen as institutions seek regulated, trustworthy on-ramps into the digital asset ecosystem.

Historically, Copper has strong ties to traditional finance. Cantor Fitzgerald selected Copper as a Bitcoin (Bitcoin (CRYPTO: BTC) custody partner, a move that underscored the dealer’s confidence in Copper’s ability to safeguard digital assets for premium clients. Copper has also collaborated with Coinbase to facilitate off-exchange settlement for institutional clients, expanding its reach beyond on-chain settlements and into more traditional settlement workflows.

BitGo (BTGO) stock price has declined sharply over the past five trading sessions. Source: Yahoo Finance

Institutional interest in digital assets has persisted as US regulation evolves, nudging more actors toward regulated, bank-like infrastructure. If Copper were to pursue a public listing, it would position itself alongside rivals and peers that aim to provide the plumbing for crypto markets—clearing, custody and collateral management—much as traditional clearinghouses and custodial banks serve conventional finance.

Related: Crypto’s bank-like turn puts JPMorgan on edge

BitGo IPO highlights crypto’s growing momentum on Wall Street

One prominent data point illustrating the momentum is BitGo’s recent public-market debut. The company priced its initial public offering at $18 per share after raising more than $200 million in gross proceeds from the sale of 11.8 million Class A common shares. The listing marks another milestone in the ongoing integration of crypto-focused firms into traditional equity markets.

In the days following the pricing, BitGo’s stock moved higher in early trading but subsequently retraced. It later traded below its IPO price, leaving the company with a market capitalization around $1.4 billion. The volatility observed in BitGo’s trading underscores the broader challenge facing new entrants into the public markets in the crypto space, even as investor interest remains robust and headline activity remains high.

Beyond BitGo, several crypto firms have explored or pursued public listings in recent years. Circle, Gemini, Bullish and Figure Technologies have all toyed with IPO plans or funding-driven exits, while Kraken and Ledger have been publicly discussed as potential candidates. The sector’s path to the public markets is unlikely to be linear, with varying valuations, regulatory reviews and capital-market conditions shaping outcomes for each player.

Source: Henri Arslanian

As the sector moves deeper into public markets, investors are watching for how these companies align with global regulatory expectations, how their cash-flows hold up under scrutiny, and how their governance structures evolve to address the risks inherent in crypto exposure. The trajectory of Copper, whether it directly pursues an IPO or remains private while pursuing strategic partnerships, will be read as a barometer for the broader appetite among institutional buyers for crypto infrastructure services.

For market participants, the ongoing wave of listings reinforces a key theme: the crypto economy is increasingly interwoven with traditional finance. Custodians, settlement engines and collateral-management platforms are emerging as essential infrastructure, mirroring the roles of central counterparties and custodians in established markets. The evolution of these businesses will influence liquidity, risk management, and capital allocation across the crypto ecosystem as more institutions seek regulated, efficient access to digital assets.

In a landscape where regulation and market structure are still taking shape, the real test lies in durability and governance. If Copper progresses toward a public listing, it will be watched for how it translates its institutional-grade capabilities into scalable, auditable processes that satisfy both investors and regulators. The industry is watching closely to see whether the IPO path can deliver the long-term reliability that institutional actors demand, while sustaining the innovation that drives digital-asset adoption forward.

What to watch next

Progress of Copper’s public-listing discussions, including any formal statements or filings that clarify scope and timing.

Details on bank participants’ roles, potential underwriters, and any indicative timelines for a decision.

Regulatory developments that could affect custody and settlement providers operating in the United States.

Market reception to upcoming crypto infrastructure IPOs and any shifts in investor risk appetite.

Sources & verification

CoinDesk report on Copper exploring an IPO and the named banks involved.

Cantor Fitzgerald selecting Copper as a Bitcoin custodian (linked in prior reporting).

Copper’s collaboration with Coinbase for off-exchange settlement for institutional clients.

BitGo’s IPO pricing at $18 per share and the subsequent trading performance (Cointelegraph and Yahoo Finance coverage).

Broader coverage of crypto-focused IPOs and the ongoing consideration of other companies for public listings (Cointelegraph).

This article was originally published as Copper Explores IPO as Crypto Custody Captures Wall Street Interest on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin started the year with momentum but has since reversed course, slipping to a yearly low below 84,000 as futures deleveraging pressured prices. Analysts say the move reflects a broader corrective regime rather than a structural market breakdown, driven more by leverage in the derivatives space than by fresh selling in spot markets. The slide has erased early-year gains and raised questions about how long the current pullback may persist as liquidity conditions remain uneven and risk appetite shifts across trading venues.

Key takeaways

Bitcoin touched 83,600, testing the lower bound of a 10-week consolidation range that has framed price action since mid-November 2025.

Taker sell volume surged to about $4.1 billion in a two-hour window across multiple exchanges, underscoring futures-driven pressure rather than broad spot selling.

The decline wiped roughly $570 million in long positions, illustrating how leveraged bets amplified the move during New York trading hours.

Analysts view the action as a corrective unwind within a longer-term regime, with attention turning to whether buyers can defend key support levels in the near term.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Negative. The slide from about $88,000 to the mid-$83,000s marked a sharp move that compressed long-position exposure and raised the prospect of further retracements if support gives way.

Market context: The move aligns with a broader pattern of leverage unwinds in crypto markets, where futures-driven dynamics and liquidity conditions continue to shape price responses even as spot demand shows episodic support.

Why it matters

The latest price action highlights how Bitcoin remains sensitive to the balance between leveraged risk in the futures market and underlying spot demand. When taker sell pressure spikes, it often signals a liquidity-driven adjustment rather than a fundamental shift in long-term value. The swift capitulation to 83,600 and the subsequent pressure on surrounding support levels test traders’ confidence in a swift rebound, especially given the documented trend of heavy derivatives activity that has previously preceded volatility spikes.

From a risk-management perspective, the episode serves as a reminder that even in a market displaying periods of resilience, a sizable chunk of the recent price action has been driven by leverage unwinds. The $4.1 billion in taker sell volume observed over a short window points to rapid hedging and forced liquidations that can overshoot near-term price targets. For investors and funds, the event underscores the importance of margin discipline and the need to monitor changes in futures open interest as potential early signals of how much longer the current correction might endure.

On-chain and derivatives data have repeatedly shown that these episodes are not simply about a cascade of steady selling. Rather, they are often concentrated events that reflect a shift in risk sentiment among large market players. The Lookonchain update, citing a prominent trader nicknamed BitcoinOG, illustrated the scale of losses incurred by a single actor whose positions swung dramatically over two weeks, illustrating how outsized strategies can amplify drawdowns during downturns. Such instances underscore the dialog between on-chain activity and derivatives markets in mapping the health of the broader ecosystem during periods of stress.

“The market just crashed, and #BitcoinOG (1011short) is taking heavy losses on his massive long positions. In just 2 weeks, he has lost $138M, with total profits dropping from $142M+ to just $3.86M.”

Bitcoin Taker Sell Volume. Source: CryptoQuant

The price action has kept Bitcoin (BTC) within a defined range since mid-November, with weekly closes historically capped between roughly $94,000 and $84,000. The latest test near the lower boundary raises the prospect of a deeper pullback if buyers fail to defend key support levels, though many expect a rebound to materialize once liquidity improves and risk appetite stabilizes. In addition to the immediate price dynamics, derivatives metrics have shown that declines in open interest have tended to align with local price lows, suggesting that the current leg of weakness may be more about leverage unwinding than a sustained trend reversal.

Bitcoin one-day chart. Source: Cointelegraph/TradingView

Analysts have anchored their broad interpretation in the context of a broader macro view: after a strong expansion phase in mid-2025, returns have cooled, and near-term momentum appears to have shifted toward a more cautious posture. The interplay between leveraged bets and spot purchases is a recurring theme in such environments, where price action can swing rapidly on hedging activity and shifting risk tolerances rather than on fundamental changes in cryptocurrency adoption or use cases. In several notable instances, declines in futures open interest have coincided with local price bottoms, underscoring the tendency for pullbacks to be driven by forced liquidations rather than a wholesale shift in investor sentiment.

As the market digests the latest move, participants will be watching how the price behaves around the 84,000 level and whether demand at that juncture can absorb the selling pressure without triggering another wave of margin calls. The dynamic remains a reminder that liquidity conditions and risk-off sentiment continue to play a central role in crypto markets, even as the underlying technology and use cases for Bitcoin (BTC) persist to evolve in the long run.

Where the story goes next

Next steps include monitoring whether the price can reclaim the 84,000–85,000 zone and whether any shift in futures activity signals a renewed appetite to push higher. Traders will likely scrutinize open interest dynamics for further signs of whether the recent deleveraging has run its course or if additional downside risk remains. On-chain indicators, particularly taker-volume metrics and liquidation data, will help gauge the severity and duration of the current contraction in leverage. In addition, any regulatory or macro catalysts that alter liquidity or market structure could accelerate or dampen the next phase of Bitcoin’s price journey.

What to watch next

Watch for a test of the 84,000 level over the next few sessions and assess whether buyers step in to defend it.

Monitor futures open interest changes for signs of renewed leverage risk or relief rallies.

Track on-chain taker volumes and liquidation flows to gauge the persistence of selling pressure.

Look for any liquidity-led regime shifts that could yield a stronger rebound if marketmakers return to more favorable risk conditions.

Sources & verification

CryptoQuant data on taker sell volume, highlighting the roughly $4.1 billion spike in a two-hour window across exchanges.

Lookonchain post documenting the losses of a prominent trader nicknamed BitcoinOG during the recent pullback.

Cointelegraph price analysis visuals and TradingView data referenced in the daily and weekly charts.

Observed range boundaries since November 17, 2025, defining the current 10-week consolidation zone.

This article was originally published as Bitcoin Dips to Yearly Low as Leverage Unwinds Under $85K on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin, the flagship asset in crypto markets, slid alongside equities and precious metals as a broad risk-off mood swept through markets on Thursday. The benchmark cryptocurrency breached the $85,000 threshold and extended losses toward two-month lows, with intraday prints around $83,156 on Bitstamp, according to TradingView data. The pullback added to a sense of renewed volatility that has characterized crypto trading as liquidity conditions tightened in late January. At the same time, gold spiked to the upper end of its recent range before giving back some ground, underscoring heightened nerves about macro stability and rate expectations.

Key points:

Bitcoin dives below $85,000 as macro assets suddenly tumble from record highs.

Gold and silver shock market watchers as nerves over global financial stability grow.

BTC price action faces an uphill struggle to avoid a bear market tone at the monthly close.

Gold meltdown catches Bitcoin in its wake

Data from TradingView captured new 2026 lows for Bitcoin, which slipped to about $83,156 on Bitstamp, marking a near-6% intraday drop. The move extended a sequence of declines that traders said reflected a broader shift in risk appetite across macro assets. The price action came as gold traded with heightened intraday volatility, briefly touching the coveted $5,600 level before losing momentum in consecutive minutes, a signal that investors were reassessing hedging plays amid evolving liquidity conditions.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Support at the 2026 yearly open and nearby moving averages failed to stem selling pressure as crypto liquidations crossed the $500 million mark within four hours, underscoring a rapid unwind across long positions. The spike in liquidations highlighted the fragility of leverage in an environment where volatility can surge in a matter of minutes.

Crypto liquidations (screenshot). Source: CoinGlass

The broader sell-off did not spare gold and other risk assets. Gold, which had surged intraday to a historic nominal high, retraced more than $400 within half an hour, a move that surprised some observers given its historical role as a safe-haven asset during periods of macro stress. The rapid swing in precious metals drew attention from traders who had anticipated a more orderly risk-off environment, prompting questions about whether the current dynamic signals a structural shift in how assets react to rate expectations and liquidity shifts.

As the market digested the liquidity crunch, traders attempted to reconcile the sudden drop in Bitcoin with a broader macro narrative. Some argued that the repricing was less about a single catalyst and more about a rebalancing of portfolios as traders reassessed correlations between crypto and traditional assets in a backdrop of shifting policy expectations.

Rate cuts can’t pump BTC.
Pro-crypto President can’t pump BTC.
Weak dollar can’t pump BTC.
Institutional adoption can’t pump BTC.
Rising Global liquidity can’t pump BTC.
Fed injecting liquidity can’t pump BTC.
Stocks new ATH can’t pump BTC.

Is there anything that could pump BTC… pic.twitter.com/GK5OAHHP4m

— BitBull (@AkaBull_) January 29, 2026

“Wild markets today as Gold and Silver erase trillions in minutes. Yes, BTC goes down during that panic flush, and we’ll probably see some lower levels,” remarked Michaël van de Poppe, a widely followed crypto trader and analyst, in a post on X. He added, however, that a turning point for Bitcoin could be on the horizon, signaling an opportunity for fresh upside if risk sentiment stabilizes.

“ time for Bitcoin to shine is coming.”

BTC/USD vs. XAU/USD one-day chart. Source: Cointelegraph/TradingView

Nic Puckrin, CEO of the crypto education site Coin Bureau, joined the chorus warning that the day’s price action in gold and silver looked unusual for traditional safe-haven assets. He described the move as “insane,” adding that the dollar’s status as a global reserve currency could be facing a reputation test as investors and central banks prepare for turbulence ahead. “They are prepositioning,” he told followers, underscoring the idea that the metals rally was partly hedging against potential shocks in coming weeks.

“Get excited about metals, but realise these buys are essentially insurance. And, when gold and silver actually ‘do this,’ we need to pay attention.”

All eyes on BTC price monthly close

Earlier reporting noted unusual activity on Bitcoin exchange order-books involving an unnamed whale entity that appeared to suppress the price, fueling speculation about manipulation. The story highlighted the fragility of liquidity in a market that has grown increasingly complex, with high-frequency traders and large players capable of moving prices in thinly traded windows. Analysts emphasized that reclaiming the 2026 open by the monthly candle close would be a meaningful signal for bulls, while a close below the key inflection near $87.5k could set the stage for renewed downside pressure.

Keith Alan, cofounder of the trading resource Material Indicators, weighed in on the importance of the monthly close, noting that BTC was testing a critical support level. He cautioned that a close above the Yearly Open would inject some optimism for bulls, whereas a close below the Timelike Level of approximately $87.5k might pave a path toward Bearadise for the rest of the year. The ensuing price action would likely influence traders’ positioning as liquidity cycles evolve and macro conditions unfold.

“A monthly close above the Yearly Open will fuel hopium for bulls. A close below that Timescape Level ($87.5k) will puts us on a path to Bearadise.”

BTC/USD 1-day candle chart. Source: X/ KAProductions

Market context: The slide follows a broader pattern of macro-driven risk-off moves that have reappeared as investors reassess rate paths, liquidity conditions, and the evolving relationship between crypto and traditional markets. Liquidity stress, rather than a single trigger, appears to be driving the current price action, with traders watching for a stabilization signal before committing to new position sizing.

Why it matters

The week’s price action underscores Bitcoin’s continued sensitivity to macro developments and cross-asset sentiment. A sustained break below the Yearly Open could raise the risk of a more extended downturn, while a decisive close above critical levels might reinstate momentum for bulls and entice fresh buyers who were sidelined by volatility. The episode also highlights how rapidly correlated markets can move when liquidity is tested, reinforcing the need for robust risk management and transparent on-chain signals for participants navigating a volatile landscape.

For investors and developers in the space, the episode serves as a reminder that liquidity prudence remains essential, especially for those relying on leverage or margin-based strategies. The interplay between gold, equities, and crypto continues to be a focal point for risk assessment, with on-chain data and off-chain liquidity metrics providing a composite picture of market health as 2026 unfolds.

What to watch next

BTC price action around the Yearly Open and the key inflection near $87.5k in the coming daily candles.

Next round of macro data releases and central bank commentary to gauge liquidity expectations.

Further liquidity and liquidation signals on platforms like CoinGlass to confirm the persistence or reversal of the current risk-off regime.

Regulatory developments and institutional positioning that could tilt flows back toward risk-on if conditions stabilize.

Sources & verification

Bitcoin price prints and intraday levels from TradingView for BTCUSD on Bitstamp.

Gold (XAU/USD) intraday highs around $5,600 and subsequent pullback.

Crypto liquidations data from CoinGlass showing totals above $500 million in four hours.

Public posts from Michaël van de Poppe and Nic Puckrin on X, discussing market dynamics and outlook.

Earlier Cointelegraph reporting on suspected manipulation in Bitcoin order-books involving a whale entity.

Market reaction and key details

Markets reeled as Bitcoin, the leading crypto asset, confronted a wave of selling across macro-asset classes. The first appearance of a marked price break occurred as liquidity tightened, with BTC dipping below the $85,000 level and trading near $83,156 at one point on Bitstamp, signaling a two-month trough. The rivalry between risk assets and hedging instruments intensified as traders reeled from a liquidations surge that crossed half a billion dollars in just a few hours. In parallel, gold surged to a fresh nominal high around $5,600 before retreating, illustrating the jittery posture of investors who were price-discovering across markets in real time.

As the day progressed, market participants weighed the implications for BTC’s near-term trajectory. Some argued that the weakness was part of a larger risk-off purge that could unwind protective positioning, while others urged caution, noting that a near-term relief rally could materialize if macro conditions stabilize and liquidity returns. A prominent voice in the space observed that the current dynamics may hinge on a decisive monthly close rather than one-off fluctuations, with the Yearly Open acting as a pivotal anchor for sentiment in the weeks ahead.

In parallel, traders and analysts debated the price action in metals and its relationship to digital assets. A widely followed trader noted that the gold rally had proved unstable, suggesting a potential pause in the metal’s run that could affect how investors weigh gold as an insurance asset going forward. The sentiment around BTC remained nuanced, with some observers signaling a potential shift once the market clears the short-term fog and aligns with more definitive macro cues.

Ultimately, the episode highlighted the delicate balance between opportunity and risk in a market that remains highly data-driven and sensitive to policy signals. As the day closed, the evolving story centered on whether Bitcoin could reclaim its critical levels and set the stage for a more constructive trend or whether the sell-off would crystallize into a broader corrective phase.

What matters for participants is the ongoing test of the Yearly Open and the near-term resilience of BTC near the key inflection near $87.5k. The coming weeks will determine whether Bulls regain momentum or the bears extend their grip as liquidity conditions remain a central driver of price action across crypto and traditional markets.

//platform.twitter.com/widgets.js

This article was originally published as Bitcoin Dips Below $85K as Global Macro Assets Fall on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Regulatory clarity for digital assets remains a priority in Washington as the White House prepares a key meeting and Congress mulls the market-structure framework. On Jan. 29, 2026, SEC Chair Paul Atkins and CFTC Chair Mike Selig spoke on CNBC’s Squawk Box about the CLARITY Act, in a segment linked here: discuss. The measure has cleared the House but is stalled in the Senate as Agriculture and Banking committees hash out provisions. The debate centers on stablecoin yields and how they should be regulated. Coinbase’s withdrawal of support highlighted industry concerns. Atkins framed the dialogue as a path to a workable compromise, while Selig noted that, due to the GENIUS Act, stablecoin policy sits largely outside the agency’s remit, shifting the focus to securities and tokenized assets. A White House meeting with financial and crypto leaders on Monday adds momentum to the negotiations.

SEC Chair Paul Atkins (middle) and CFTC Chair Mike Selig (right) on CNBC’s Squawk Box. Source: CNBC

Key takeaways

Regulators frame their role as advisory, signaling a collaborative but ultimately legislative-driven path to rulemaking on crypto, with the White House and Congress guiding the final framework.

The CLARITY Act remains in limbo in the Senate after House passage, with Agriculture and Banking committees scrutinizing provisions that touch yield, custody, and supervisory jurisdiction.

GENIUS Act’s July 2025 enactment has effectively placed stablecoin policy outside the reach of the SEC and CFTC, according to officials, shaping where responsibility lies as policymakers weigh securities versus non-securities classifications.

Industry pushback surfaced when Coinbase withdrew support for the bill, underscoring concerns about how yield provisions would be treated under any final regime.

A White House-hosted meeting on Monday aims to bridge gaps between bankers and crypto participants, signaling a push for a common regulatory language.

Market context: The regulatory process in Washington continues to influence liquidity, risk sentiment, and product development across the crypto sector, with participants awaiting a coherent set of rules that can be implemented without stifling innovation.

Why it matters

The evolving dialogue between regulators and lawmakers matters because it sets the tone for how market participants will operate in the near term. For investors and traders, clear rules reduce uncertainty around product design, disclosure standards, and risk management. Exchanges and custodians rely on predictable guidance to build compliant infrastructures, while developers exploring tokenized securities and other innovations need clarity on whether their use cases will be treated as securities or non-securities assets.

From a policy standpoint, the moment underscores a balancing act between investor protection and market efficiency. Regulators stress a willingness to engage once a broad consensus emerges, but the path to a final framework remains intricate: it involves reconciling the SEC’s and CFTC’s jurisdictions with newly enacted or proposed statutes, and it requires alignment with executive priorities outlined in White House meetings and Senate deliberations.

Observers also note that the final regulatory construct could resemble a mosaic rather than a single, sweeping regime. The emphasis on stablecoins — particularly the yields generated by certain stablecoin arrangements — has become a focal point of contention among traditional financial institutions and crypto firms alike. The ongoing debate, highlighted by the CNBC interview and committee hearings, illustrates how policy design will influence not just compliance costs but the pace and direction of product innovation in the sector.

What to watch next

The White House meeting with banking and crypto executives on Monday, aimed at aligning industry expectations with policy objectives.

Ongoing Senate Agriculture Committee discussions and potential amendments as lawmakers work toward a floor vote on the digital asset market structure bill.

Any public statements or guidance from the SEC and CFTC following committee actions and interagency discussions.

Industry responses and stakeholder advocacy as the yield provisions and regulatory boundaries for stablecoins are debated.

Sources & verification

CNBC video: sec-cftc-chairs-on-crypto-regulation-we-can-codify-sensible-rules-of-the-road-for-the-asset-class.html

Cointelegraph: live-senate-markup-crypto-market-structure-bill

Cointelegraph: clarity-act-crypto-market-structure-coinbase-brian-armstrong

Cointelegraph: stablecoin-genius-act-donald-trump-signing

Cointelegraph: Trump banks crypto clarity market structure

Cointelegraph: us-bank-lobby-aba-crypto-stablecoin-yields-priority-clarity-genius

Regulatory pathway and next steps

Key lawmakers and regulators remain cautious but engaged, recognizing that a final framework will require both bipartisanship and a careful division of responsibilities among federal agencies. The CLARITY Act’s fate in the Senate looms large, as does the White House’s effort to broker consensus ahead of potential votes. In the near term, stakeholders should monitor the Monday meeting and any subsequent committee actions that refine the bill’s provisions, particularly around yield mechanics and the treatment of stablecoins within a wider regulatory taxonomy. The outcome could influence how quickly new market participants enter the space, how existing firms adjust their products, and how the broader investment community assesses risk in the evolving crypto landscape.

What the article changes for readers

For industry players, the piece highlights the ongoing tug-of-war between policy goals and market realities. For policymakers, it underscores the practical implications of jurisdictional choices and yield policy on innovation and consumer protection. And for observers, it provides a snapshot of how front-office discussions translate into legislative momentum or gridlock, shaping the trajectory of digital asset regulation in the United States.

This article was originally published as SEC and CFTC Strike a Conciliatory Tone Ahead of CLARITY Act Talks on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Key insights

BTC forms a triangle at major support, showing price compression and market indecision.

Declining volume points to consolidation, not an active breakout phase yet.

A high-volume move beyond triangle limits may set the next directional trend.

Triangle Structure Forms at Key Support

Bitcoin price trades near a major support zone as a tightening triangle takes shape on the four-hour chart. The pattern shows lower highs and higher lows, which reflect compression. Buyers responded at channel support earlier this week, but momentum declined. Price now oscillates around a point of high volume which brings on two sided action.

Source: TradingView

This area coincides with the point of control, the low of the value area, and 0.618 Fibonacci level. Such confluence often slows directional moves. Sellers have not forced a sharp rejection. Instead, price holds structure while participants assess risk. The setup keeps Bitcoin in balance rather than in trend.

Volume Trend Signals Market Balance

Volume has declined during the triangle formation, which signals consolidation. Strong trends usually show expanding participation. Here, reduced turnover suggests traders wait for confirmation. This behavior fits a coiling market. As ranges tighten, energy builds for a later expansion. Until volume rises, breakouts carry lower reliability.

Market profile data places the point of control near the current price. That level acts as a pivot. When price is above it, buyers gain leverage. When price slips below it, sellers test control. The ongoing standoff explains the narrow swings. Participants respond, yet neither side dominates.

BTC Price Action: What is the next move?

A confirmed move above the triangle’s upper boundary would shift focus higher. Analysts would then watch the value area high and channel resistance. These zones hosted prior supply. Price must hold above the breakout line to prove acceptance. Expanding volume would strengthen the bullish case.

Failure to defend the support cluster would alter the outlook. A breakdown would signal that the recent rise was corrective. Sellers could then target lower value areas inside the channel. For now, Bitcoin trades in a neutral range. The market approaches a decision as compression continues.

Short-term traders follow intraday while longer-term participants track weekly support. Both groups require assurance prior to exposure amplification. Good direction will be created when price breaks out of the triangle with conviction. So far, range strategies prevail order flow at exchanges.

This article was originally published as Bitcoin Consolidates at Key Support: Triangle Pattern Signals Imminent Move on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Decentralized physical infrastructure networks, or DePINs, are not merely a buzzword confined to late‑cycle crypto chatter. A joint State of DePIN 2025 report from Messari and Escape Velocity argues the sector has matured into a $10 billion market, with on‑chain revenue tallying around $72 million in the prior year. The analysis contrasts the post‑2018–2022 DePIN token cohort—down a staggering 94% to 99% from their all‑time highs—with a handful of projects that are now generating verifiable recurring revenue and commanding valuation multiples in the 10x–25x revenue band. Messari frames these multiples as undervalued given the growth trajectory, highlighting a shift that aligns networks with real‑world usage rather than subsidy‑driven expansion.

According to the report, the DePIN class of 2018‑2022 remains deeply discounted versus historic highs, but the rhetoric is giving way to a narrative of practical utility. The study notes a pivot away from subsidized growth toward networks that monetize genuine activity—ranging from bandwidth and compute to energy and sensor data. In practical terms, this means some DePIN projects are transitioning from capital raises and token inflows to sustainable cash flows generated by users and enterprises. The emphasis on real‑world usage is a marked departure from the early cycles, when token inflation and speculative demand often outpaced tangible revenue.

“Revenue matters more than token price in the DePIN sector,” said Markus Levin, co‑founder of XYO, a DePIN pioneer established in 2018. Levin, speaking to Cointelegraph, noted that as the market matures, valuations are starting to reflect actual economic activity that endures even when token prices drift. The takeaway is not that token prices are irrelevant, but that real, on‑chain income provides a more durable signal of value than price action alone.

DePIN growth more resilient than DeFi and L1s. Source: Messari

Related: Solana-based Natix brings DePIN data into self-driving AI with Valeo

DePIN: From hype to revenues

The authors draw a stark contrast between “DePIN 2021” and “DePIN 2025,” arguing that early cycles centered on networks awaiting revenue, plagued by high token inflation, demand constraints, and valuations propelled by retail speculation. In today’s landscape, the leading networks are not only generating on‑chain revenue but also exhibiting low or negligible supply inflation. Growth is increasingly driven by utility and competitive cost advantages rather than subsidies. Levin characterized DePIN as fundamentally different from broader crypto because it delivers tangible, real‑world utility to end users. The return on investment, in this framing, shows up in usage and cash flow first, with price appreciation acting as a secondary consideration for investors.

Messari’s DePIN leaders

The report highlights a DePIN Leaders Index tracking 15 projects across bandwidth, compute, energy and sensor networks that meet criteria such as at least $500,000 in annual recurring revenue and a minimum of $30 million raised. A notable finding is that DePIN revenue growth has demonstrated greater resilience than some segments of the decentralized finance (DeFi) ecosystem and layer‑1 blockchains during the current bear market. This empirical edge—revenue stability amid price volatility—frames DePIN networks as potential long‑term infrastructure plays within crypto markets. Helium, a longtime DePIN participant, has illustrated the tension between price and revenue: while on‑chain revenue grows, token prices have endured substantial declines.

The DePIN narrative is also anchored in the broader infrastructure‑as‑a‑service ethos. The report points to a wave of real‑world use cases spanning positioning, mapping, and robotics, where repeat usage is beginning to emerge even as some verticals navigate regulatory and competitive pressures. The data suggest that the most durable networks will be those capable of monetizing genuine customer demand without relying exclusively on incentives. The broader implication for token holders and developers is straightforward: revenue quality increasingly signals sustainable value, while speculative price moves remain noisy and episodic.

InfraFi and DePIN’s emerging infrastructure trade

Last year marked a record for DePIN fundraising, with roughly $1 billion raised across the sector, up from $698 million in 2024. The Messari report singles out a concept called “InfraFi,” a DePIN/DeFi hybrid model in which stablecoin holders finance real‑world infrastructure and earn yield from those assets. Early InfraFi examples cited include stablecoins and asset pools that fund compute, energy and bandwidth capacity, with USDai reaching about $685 million in user deposits to help finance GPU fleets. Messari contends that the most promising DePIN tokens now resemble next‑generation infrastructure businesses in bandwidth, storage, compute and sensing, yet they trade at prices that appear to discount their survival prospects and ultimate success.

Levin argues that the networks with the strongest growth potential are those that can reliably deliver to enterprise and AI‑driven demand sectors. He pointed to use cases that scale beyond consumer incentives, where the value lies in repeatable revenue streams rather than episodic price spikes. A broader takeaway is that DePIN’s maturation may coincide with a more disciplined investment backdrop, where capital is directed toward networks with demonstrable usage and enterprise traction rather than speculative models alone.

As the sector evolves, industry observers expect continued emphasis on governance, regulation, and product-market fit. The ongoing challenge is to reconcile regulatory uncertainty with the demand side—enterprise integration, sensor networks, and AI workloads—where DePIN networks could become essential digital infrastructure. The conversation around DePIN remains nuanced: some projects will struggle to survive regulatory headwinds, while others may flourish by carving out essential, recurring revenue streams that underpin long‑term value creation.

Note: The article above references the Messari report and related DePIN analysis, including the broader ecosystem dynamics and specific token‑level observations.

What to watch next

Updated metrics from the Messari/Escape Velocity State of DePIN 2025 release, including revised revenue figures and new leaders in the index.

Enterprise adoption milestones for bandwidth, compute, energy and sensor networks, with measurable usage and cash flow data.

Regulatory developments affecting DePIN implementations, particularly in sectors with critical infrastructure implications.

New InfraFi deployments or partnerships that expand stablecoin financing for real‑world infrastructure projects.

Public disclosures from leading DePIN projects about annual recurring revenue growth and capital raises.

Sources & verification

Messari and Escape Velocity, State of DePIN 2025 report, link above.

DePIN token discussions and explanations, including DePIN tokens explained article.

Helium price index and on‑chain revenue data referenced in the report.

Messari’s DePIN Leaders Index and annual funding data cited in the report.

Market reaction and key details

The DePIN sector is not turning around on a single headline; instead, investors are watching for a durable shift. The Messari/Escape Velocity study emphasizes that the strongest DePIN projects are those that translate user activity into on‑chain revenue and demonstrable cash flow. This creates a more resilient investment thesis than speculative bets on price appreciation alone. While price action for tokens like Helium (CRYPTO: HNT) and GEODNET (CRYPTO: GEOD) has endured meaningful drawdowns in recent bear conditions, the on‑chain revenue signals suggest a maturing market where real usage underpins long‑term value. The report’s framing—revenue first, price second—appears to be gaining traction among developers, operators, and institutional observers alike.

Two central threads emerge from the current landscape. First, a cohort of DePIN projects is navigating toward self-sustaining models that minimize supply inflation and maximize utility. Second, a growing subset of projects is pursuing enterprise and AI‑driven demand, aiming to provide reliable infra services that can scale with the needs of modern digital workflows. In practical terms, the story shifts from a parabolic growth fantasy to a structural, revenue‑driven narrative that could underpin a more stable valuation framework for infrastructure tokens.

At the same time, the broader market backdrop remains a factor. Even as on‑chain earnings show resilience, token prices have not kept pace, underscoring the divergence between financial market cycles and the operational realities of DePIN networks. For builders and investors, the takeaway is clear: prioritize networks with demonstrable revenue streams, sustainable margins, and governance that aligns incentives with long‑term viability. The tension between incentive structures and substantive usage will continue to shape how DePIN projects are valued in the months ahead.

https://widgets.operatewithx.com/js/widget.js

This article was originally published as Messari: DePIN Emerges as a $10B Sector with Resilient Revenues on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Over the past 24 hours, digital-asset legal risk has clustered around three themes: (1) how existing securities laws apply to “tokenized securities” in the United States, (2) sanctions and financial-crime enforcement expectations for cryptoasset firms in the United Kingdom, and (3) tightening scrutiny of consumer-facing crypto advertising and financial-promotion messaging in the UK. Together, these developments reinforce a consistent direction of travel: regulators are prioritizing clarity on instrument classification, faster and more transparent enforcement pathways, and higher marketing standards where retail audiences are involved.

Regulatory and Policy Developments

United States: SEC staff clarifies “tokenized securities” taxonomy and regulatory perimeter

On January 28, 2026, staff from the SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets published a statement describing how federal securities laws apply when a “security” is formatted as, or represented by, a crypto asset and recorded on a crypto network (a “tokenized security”). (sec.gov)

Key points for legal and compliance teams:

Form does not change substance. The statement emphasizes that the format (onchain vs offchain recordkeeping) does not alter whether an instrument is a security or the baseline Securities Act/Exchange Act obligations for offers, sales, and intermediated activity. (sec.gov)

Two broad models: issuer-sponsored vs third-party tokenization. The SEC staff distinguishes issuer-sponsored tokenization (where an issuer integrates DLT into the ownership record or uses crypto rails to facilitate transfers) from third-party tokenization (where an unaffiliated party creates tokenized representations, security entitlements, or synthetic “linked” exposures). (sec.gov)

Third-party structures may add layered risk. Where a third party tokenizes an underlying security, the token holder may take on additional counterparty and insolvency exposure not present in the underlying security itself, potentially changing disclosures, custody considerations, and intermediary responsibilities. (sec.gov)

Practical takeaway: the statement reads as an invitation for market participants to map their product structures to established securities-law categories (including security entitlements and structured “linked” exposures), and to engage the SEC on registration, exemptive, or no-action pathways where needed. (sec.gov)

United Kingdom: OFSI publishes updated enforcement framework and signals faster case resolution tools

On January 29, 2026, the UK Office of Financial Sanctions Implementation (OFSI) published a consultation response and outlined a revised enforcement framework intended to support compliance and increase transparency and speed in sanctions enforcement. (ofsi.blog.gov.uk)

Notable elements include:

More predictable penalty methodology and incentives for cooperation. OFSI plans to publish a new case assessment matrix and revise voluntary disclosure discounts (including a “Voluntary Disclosure and Co-operation” discount capped at 30% of the baseline penalty). (ofsi.blog.gov.uk)

Settlement and “Early Account” mechanisms. OFSI describes a Settlement Scheme (with a discount on baseline penalties for settled cases) and an Early Account Scheme intended to accelerate investigations where subjects provide a comprehensive early account of the breach. (ofsi.blog.gov.uk)

Operational prioritization and pipeline management. OFSI notes a growing sanctions caseload and states it will prioritize cases by seriousness, alignment with broader objectives, and sector vulnerability signals. (ofsi.blog.gov.uk)

While OFSI’s framework is not crypto-specific, it is directly relevant to cryptoasset firms that touch sanctioned jurisdictions, sanctioned persons, or high-risk typologies. It signals a compliance environment where early engagement, self-reporting, and remediation posture may materially affect outcomes.

United Kingdom: multi-agency focus on sanctions evasion using cryptoassets

On January 28, 2026, OFSI highlighted a multi-agency operational effort targeting sanctions offences involving cryptoassets, including collaboration via a pilot initiative (the “Crypto Cash Fusion Cell”) bringing together OFSI, law enforcement, HMRC, the FCA and others. (ofsi.blog.gov.uk) The post underscores an enforcement expectation that cryptoassets used to evade sanctions will be treated no differently than traditional currencies, and points firms to OFSI’s threat assessment material on cryptoasset-sector sanctions compliance. (ofsi.blog.gov.uk)

Enforcement and Litigation Updates

United States: Ninth Circuit affirms dismissal of federal Securities Act claims against Ripple as time-barred

In a memorandum disposition filed January 27, 2026, the U.S. Court of Appeals for the Ninth Circuit affirmed summary judgment for Ripple on federal Securities Act Section 12(a)(1) claims, holding that the three-year statute of repose in Section 13 barred the claims.

The panel concluded that, on the record before it, XRP had been “bona fide offered to the public” as early as 2013, and that the plaintiff failed to raise a material factual issue that later distributions (including 2017 releases from escrow-like arrangements) constituted a separate offering that would restart the repose period. The court also rejected proposed theories it viewed as ill-suited to the statute of repose and emphasized the certainty function of repose.

Scope note: the disposition states it is not for publication and is not precedent except as provided by Ninth Circuit rules, and the appellate decision is limited to claims included in the district court’s Rule 54(b) certification.

United Kingdom: advertising enforcement signals stricter expectations for crypto risk messaging

The UK Advertising Standards Authority (ASA) banned a series of Coinbase adverts on the basis that they irresponsibly suggested crypto could be a solution to cost-of-living pressures and failed to adequately communicate risk, reflecting continued scrutiny of consumer-facing crypto promotions. (The Guardian) While not a court action, it is a meaningful enforcement signal for firms marketing digital-asset services to UK consumers, particularly on “risk trivialization” and “complex products presented as simple solutions.” (The Guardian)

Compliance and Industry Implications

Product structuring and disclosure for tokenized securities (US)

The SEC staff statement increases the compliance premium on precise structural characterization. Firms should be able to explain, in plain terms, whether the token is:

the issuer’s own security recorded onchain,

a token used as a transfer mechanism while the “master” ownership record remains offchain,

a third-party security entitlement, or

a synthetic “linked” exposure resembling a structured note or, in some cases, a security-based swap. (sec.gov)

For exchanges, broker-dealers, ATS operators, and custodians, this taxonomy has direct downstream effects on: registration posture, customer disclosures, custody/control frameworks, books-and-records, and conflicts/agency disclosures.

Sanctions compliance expectations are becoming more operational and time-sensitive (UK)

OFSI’s messaging, together with the multi-agency “fusion cell” approach, supports a view that sanctions compliance in crypto is moving beyond policy documents into rapid triage, intelligence-led inquiries, and coordinated disruption. (ofsi.blog.gov.uk)

Compliance teams should stress-test:

screening and blockchain analytics escalation pathways,

wallet attribution and sanctions-list update latency,

controls for exposure to mixers, high-risk bridges, and sanctioned infrastructure,

governance for when to self-disclose and how to preserve evidence for potential Early Account or settlement discussions. (ofsi.blog.gov.uk)

Marketing and financial-promotion controls remain a frontline regulatory risk (UK)

The ASA decision reinforces that crypto advertising risk is not limited to formal “financial promotions” rules. Consumer-protection bodies can and do intervene where messaging implies crypto is a practical fix for economic hardship or underplays volatility and loss risk. (The Guardian)

Firms operating in, or targeting, the UK should review:

creative approval workflows,

claims substantiation files,

prominence and clarity of risk warnings,

restrictions on “problem-solution” narratives that could be read as exploiting consumer vulnerability.

Outlook

Key items to watch next:

Further SEC staff guidance or follow-on engagement on tokenized securities. The January 28 statement signals openness to dialogue and may precede additional staff FAQs or market-structure proposals affecting tokenized instruments and intermediaries. (sec.gov)

OFSI’s updated Enforcement and Monetary Penalties guidance (February 2026). OFSI indicates multiple process changes will take effect through updated guidance, with legislative changes (including increased statutory maximum penalties) to follow when parliamentary time allows. (ofsi.blog.gov.uk)

UK cross-agency crypto sanctions operations. The “fusion cell” posture suggests continued joint activity and potential public enforcement outcomes, particularly where firms have weak controls around wallet screening, sanctions evasion typologies, and suspicious activity reporting. (ofsi.blog.gov.uk)

Ongoing advertising scrutiny for crypto services. The ASA ruling indicates that campaigns framed around macroeconomic stressors and “system critique” themes will be tested against consumer-risk standards, even where firms argue the messaging is satirical or rhetorical. (The Guardian)

This article was originally published as Crypto Law Briefing: SEC Tokenization Guidance, UK Sanctions and Ads Crackdown on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

US lawmakers opened a key markup session Thursday morning on a long-awaited crypto market-structure bill, signaling a pivotal step in clarifying how digital asset markets will be overseen in the United States. The Senate Agriculture Committee is scrutinizing the Digital Commodity Intermediaries Act, a proposal that has spanned months of debate as lawmakers and industry stakeholders press for a framework that moves beyond enforcement-only approaches. The session centers on 11 amendments addressing leadership at the CFTC, ethics provisions, and concerns about foreign influence in U.S. markets. Notably, Senator Roger Marshall’s card-swipe-fee amendment remains on the docket, though reports suggest he may not push for it this time around. As the markup unfolds, the balance of bipartisan support and potential flashpoints will help define the bill’s fate.

Key takeaways

The Senate Agriculture Committee is prepared to vote on 11 amendments to the Digital Commodity Intermediaries Act, testing how far lawmakers will go in reshaping oversight for crypto markets.

Amendments under consideration cover leadership at the CFTC, ethics standards for regulators, and protections against foreign interference in U.S. markets.

A provision proposed by Senator Roger Marshall related to credit-card swipe fees remains on the schedule, but reporting indicates he may refrain from pushing for it in this markup.

The debate reflects a broader congressional push to establish a formal market-structure framework rather than relying solely on enforcement actions.

Observers will watch for signs of bipartisan alignment or friction that could influence the bill’s trajectory beyond the committee stage.

Tickers mentioned:

Sentiment: Neutral

Market context: The markup comes amid a broader regulatory tightening cycle for crypto markets in the United States, with lawmakers weighing how a formal framework could affect market structure, risk, and innovation while agencies calibrate their oversight.

Why it matters

The Digital Commodity Intermediaries Act represents a deliberate step toward codifying the responsibilities and authorities of market intermediaries in the crypto space. By elevating questions of leadership at the primary regulator—the CFTC—and introducing ethics and governance guardrails, the bill seeks to reduce ambiguity around who polices emerging digital-asset activities and how conflicts of interest are handled. If enacted, the legislation could set a precedent for how crypto intermediaries operate within a U.S. framework that lawmakers argue should be both protective of investors and transparent about market mechanisms.

For the industry, the markup is a critical signal about whether Congress intends to pursue a collaborative path that blends technical standards with a clearer regulatory mandate, or whether partisan disagreements could stall progress. Proponents argue a formalized regime would bring more predictability to the market, potentially improving risk management, compliance, and consumer protections. Critics, however, warn that rapid regulatory changes could narrow space for innovation or push certain activities to overseas venues. The ongoing discussions around leadership at the CFTC, ethics oversight, and foreign interference probes illustrate the multifaceted nature of the debate and the precision required to avoid stifling legitimate experimentation while curbing risky behavior.

The conversation also highlights the role of regulatory clarity in shaping market liquidity and investor confidence. As market participants adapt to the prospect of a recognized framework, there is keen interest in how such a framework would interact with current enforcement actions, cross-border activities, and the evolving array of financial products tied to digital assets. The discourse underscores a broader regulatory objective: to delineate clear lines of responsibility without undermining the competitive dynamics that drive innovation in the sector.

Details emerging from the markup illuminate the specific areas lawmakers are prioritizing. Debates over CFTC leadership touch on the balance of independence and accountability, while ethics provisions are aimed at ensuring decision-makers operate within transparent and well-defined boundaries. The foreign-interference angle adds a geopolitical layer to the domestic regulatory puzzle, signaling that the committee intends to consider not just technical standards but also resilience against external influence. The potential implications extend beyond the immediate bill, shaping how market participants plan compliance strategies and how investors assess risk in a rapidly evolving landscape.

For readers tracking regulatory developments, the markup also provides a live portrait of how bipartisan collaboration is navigating a historically complex issue. The combined focus on governance, ethics, and foreign influence suggests lawmakers are trying to build a durable framework that can withstand political shifts while addressing core market integrity concerns. The ongoing discourse will likely influence subsequent legislative drafts and could determine whether the bill becomes a substantive law or a stepping stone toward further refinement in future sessions.

Headlines arising from the markup may also influence related policy conversations. For example, references to CFTC leadership and ethics highlight potential avenues for formalizing regulator appointments and oversight. The broader implication is a U.S. market structure that aspires to reduce ambiguity about who has the final say in a landscape where innovation and risk often move faster than traditional governance models. The result could be a more legible playing field for exchanges, custodians, and other market participants seeking regulatory certainty.

For those monitoring the legislative process, the specific amendments on the table—ranging from leadership at the CFTC to ethics norms and foreign interference safeguards—will be critical to assess as the session progresses. The dynamic is indicative of a broader strategy: move the market structure conversation from ad hoc enforcement to a deliberate, codified framework that defines responsibilities, remedies, and accountability in the crypto marketplace.

Two linked articles provide additional context about the ongoing discussions: one examines proposed amendments to the market-structure bill and the potential impact on CFTC leadership, while the other notes that Senator Marshall’s critique of credit-card swipe-fee provisions could influence the bill’s final form. See the discussions here: vote on amendments, suggested that he would not push.

What to watch next

11 amendments to the Digital Commodity Intermediaries Act: final dispositions and potential amendments to the bill’s language.

Votes on whether to adopt amendments addressing CFTC leadership, ethics standards, and foreign interference safeguards.

Decisions on whether any provisions around payment rails or fee structures move forward in this iteration of the bill.

Public and industry feedback shaping the bill’s trajectory toward floor consideration and potential conference discussions.

Sources & verification

Senate Agriculture Committee markup coverage on the Digital Commodity Intermediaries Act and the 11 amendments under consideration.

Related coverage on amendments to leadership at the CFTC and ethics provisions within the markup context.

The Marshall card-fee provision discussion and its potential treatment during the markup.

Lawmakers advance crypto market structure debate as amendments take center stage

The current markup session represents a concerted push to translate high-level regulatory ambitions into concrete, enforceable provisions. As members of the Senate Agriculture Committee weigh 11 amendments, the debate covers a wide spectrum—from who should lead the securities and commodities regulators to how ethics rules should govern regulators’ conduct and how foreign actors might influence U.S. markets. The unfolding conversation is not merely procedural; it speaks to a broader question about how the United States will balance oversight, innovation, and market integrity in a space that continues to evolve rapidly.

While some lawmakers advocate for a robust, prescriptive framework that preempts ambiguity and reduces regulatory gaps, others caution against overreach that could hamper innovation or push activity offshore. The outcome of this markup—whether amendments pass or fail, and what language survives—will influence how market participants structure their compliance programs, how exchanges and intermediaries design products, and how investors assess risk in a landscape that remains highly dynamic.

In the near term, observers will be watching for the committee’s reaction to the proposed amendments and whether any cross-party consensus emerges around core principles. The legislative path ahead remains uncertain, but the markup marks a critical inflection point in the ongoing effort to codify the governance of digital-asset markets, with implications for regulatory clarity, market resilience, and the tempo of innovation inside and outside the United States.

As the discussion continues, the overarching objective remains clear: to strike a balance between robust oversight and the freedom needed to foster responsible innovation in a sector that continues to draw significant public and investor interest.

This article was originally published as US Senate Opens Markup on Long-Awaited Crypto Market Structure Bill on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Editor’s note: Kaspersky has introduced a new online tool aimed at helping industrial organizations in the Middle East put a financial lens on operational technology cybersecurity risk. The OT Calculator is designed to translate technical exposure into estimated costs and savings, giving executives clearer inputs for budget and investment decisions. As industrial systems across energy, utilities, transport, and manufacturing become more connected, cyber incidents increasingly carry measurable business impact. This launch sits at the intersection of cybersecurity, digital infrastructure, and regional industrial growth, where quantifying risk is becoming as important as mitigating it.

Key points

Kaspersky launches an OT-focused calculator to estimate the financial impact of inadequate industrial cybersecurity.

The tool targets senior management by framing cyber risk in monetary terms rather than technical metrics.

Users input sector, region, company size, breach history, and controls to receive tailored estimates.

Results are benchmarked against industry peers using VDC Research and Kaspersky data.

Why this matters

Industrial activity is a core pillar of economic diversification across the GCC, making operational resilience a strategic concern. Cyber incidents in OT environments can disrupt production, logistics, and critical services, with costs that extend beyond IT teams. Tools that connect cybersecurity posture to financial outcomes can help align security leaders and executives, support more informed investment decisions, and reduce underfunding of protection measures as industrial digitalization accelerates in the region.

What to watch next

Adoption of the OT Calculator by industrial firms across GCC markets.

How organizations use the results to adjust cybersecurity budgets and priorities.

Potential integration of calculator insights into broader risk and resilience planning.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

Kaspersky launches OT Calculator to help Middle East industrial companies better quantify cyber risk

Dubai, January 29, 2026

Kaspersky has launched an OT Calculator specially designed for industrial companies to assess the potential costs associated with insufficient operational technology (OT) security. By offering detailed financial forecasts, the calculator empowers senior management to make well-informed decisions regarding security investments.

Industrial organizations increasingly depend on interconnected systems, elevating cybersecurity to a critical factor in business resilience and profitability. According to a VDC Research study of 250 OT and IT decision-makers across energy, utilities, transportation, logistics, and other industrial sectors, over 60% of industrial companies reported last year that cybersecurity breaches had led to significant costs.

With the economic significance of the industrial sector rising across the GCC, managing the financial downside of cyber threats is a growing priority for industrial companies across the Middle East.

Despite the cost of cybersecurity breaches, a persistent disconnect remains between security teams and executive leadership as security professionals focus on minimizing risk, while executives must balance cybersecurity concerns with broader business objectives. This misalignment often results in competing priorities and underfunded security initiatives.

 

Press Release: Kaspersky Launches Ot Calculator To Help Middle East Industrial Companies Better Quantify Cyber Risk

To bridge this gap, Kaspersky has launched the OT Cybersecurity Savings Calculator, an innovative online tool designed specifically for industrial organizations to assess the potential costs of inadequate operational technology (OT) security[1].

The primary aim of this tool is to translate cyber risks into tangible financial metrics and support strategic discussions around priorities and budget allocation. By entering details such as their sector, sub-sector, region, company size, breach history, and existing cybersecurity measures, organizations can estimate their potential cost savings and receive customized, actionable recommendations. The calculator benchmarks performance against industry peers and highlights the company’s position within the current threat landscape.

“We believe this calculator is a powerful resource for transforming complex cyber risk data into straightforward financial insights. It enables OT leaders, security professionals, and executive teams to develop clear, data-driven business cases and recognize the value of cybersecurity investments. With actionable guidance, it promotes a comprehensive approach to resource management and strengthens overall organizational resilience,” comments Andrey Strelkov, Head of Industrial Cybersecurity Product line at Kaspersky.

Across the GCC, industry is becoming a larger pillar of national growth plans. The UAE’s Operation 300bn targets lifting the industrial sector’s GDP contribution from AED 133bn to AED 300bn by 2031, while Saudi Arabia reports that National Industrial Development and Logistics Program (NIDLP) activities contributed SAR 986bn to non-oil GDP in 2024. Meanwhile, Qatar launched the National Manufacturing Strategy 2024–2030 aligned with its Third National Development Strategy to expand and upgrade manufacturing.

Use the OT Cybersecurity Savings Calculator to assess your results in comparison to peer organizations.

Kaspersky also offers the IT Security Calculator, a tool designed to assess the average cybersecurity budgets and security measures implemented across non-industrial sectors.

About Kaspersky

Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect individuals, businesses, critical infrastructure and governments around the globe. The company’s comprehensive security portfolio includes leading digital life protection for personal devices, specialized security products and services for companies, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help millions of individuals and nearly 200,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.

Practical benchmarks and financial forecasts provided within the Calculator are based on insights from a joint study conducted by VDC Research and Kaspersky. ↑

This article was originally published as Kaspersky Launches OT Calculator to Quantify Middle East Cyber Risk on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Saudi Arabia is set to open its capital markets more widely than at any point in recent history. From February 1, the Kingdom will abolish its Qualified Foreign Investor framework, removing long-standing barriers that limited direct participation in the Tadawul to a narrow group of global institutions. The change follows the 2025 Investment Law and eliminates minimum asset thresholds of around $500 million alongside complex licensing rules. According to industry executives working closely with Saudi authorities, the reform signals a broader shift that extends beyond equities into how real-world assets could be issued, owned, and settled in the years ahead.

Key takeaways

Saudi Arabia will scrap the Qualified Foreign Investor regime on February 1, removing high asset and licensing requirements for foreign investors.

The reform is the largest single liberalization of the Tadawul to date and builds on the 2025 Investment Law.

Lower entry barriers are expected to increase daily participation from global investors rather than episodic inflows.

Executives close to policymakers argue the change reflects a deeper overhaul of financial market infrastructure.

Regulatory moves in real estate tokenization suggest Saudi Arabia is laying groundwork for large-scale real-world asset settlement.

Sentiment: Bullish

Price impact: Neutral. The reform reshapes market access and structure, with effects expected to play out gradually rather than through an immediate repricing.

Market context: The move comes as jurisdictions across the Gulf compete to attract long-term capital and experiment with tokenized market infrastructure under broader Vision 2030-style economic diversification agendas.

Why it matters

The abolition of the QFI framework removes a symbolic and practical barrier that has defined how international investors engaged with Saudi markets for more than a decade. By lowering thresholds, the Kingdom signals that foreign participation is no longer a privilege reserved for the largest asset managers, but a core component of its capital markets.

Beyond equities, the reform aligns with a wider push to modernize ownership, settlement, and enforcement across asset classes. Tokenization initiatives in areas such as real estate suggest regulators are thinking about market access and infrastructure as a single system rather than isolated policy changes.

For global investors and builders, the significance lies less in short-term flows and more in the emergence of a market that expects to be continuously priced and integrated into global portfolios, supported by modern legal and technical frameworks.

What to watch next

Initial changes in foreign participation levels on the Tadawul after February 1.

Further regulatory guidance following the 2025 Investment Law implementation.

Expansion or pilots of real estate token standards introduced by the regulator.

Signals from policymakers on how tokenized assets will integrate with existing settlement systems.

Sources & verification

Official announcements on the abolition of the Qualified Foreign Investor framework.

Text and implementation details of Saudi Arabia’s 2025 Investment Law.

Statements from the real estate regulator on its blockchain-based token standard announced in November 2025.

Public commentary from market participants working with Saudi authorities.

Opening Saudi markets and the implications for tokenization

Saudi Arabia’s decision to abolish the Qualified Foreign Investor regime represents a structural shift in howadul access rather than a marginal regulatory adjustment. For years, foreign institutions seeking direct exposure to Saudi equities faced minimum asset requirements of roughly $500 million under management, alongside an application process that favored only the largest global firms. From February 1, those constraints will no longer apply.

The change follows the passage of the 2025 Investment Law and is widely viewed as the most consequential liberalization of the Tadawul since its creation. By simplifying access, policymakers aim to transform the exchange from a market that international investors visit selectively into one that is monitored and priced on a daily basis.

According to Faisal Al Monai, chief executive of droppRWA, a tokenization platform working closely with Saudi government entities, the reform should be understood as part of a broader redesign of market infrastructure. In his view, eliminating the QFI gate is about reducing friction between global capital and domestic growth rather than merely increasing foreign ownership quotas.

Al Monai argues that the real significance becomes clearer when looking beyond equities. Over the past few years, Saudi regulators have focused on what he describes as the “plumbing” of the financial system, rethinking how assets are owned, transferred, and enforced. This approach contrasts with incremental reforms seen in other markets and reflects a willingness to rebuild core structures from the ground up.

A notable example came in November 2025, when the Saudi real estate regulator REGA announced a blockchain-based token standard for property. The move was positioned as a world first, establishing a formal framework for representing real estate ownership on distributed ledgers. While still in its early stages, the initiative sent a signal that tokenization is being treated as settlement infrastructure rather than a speculative overlay.

In that context, the opening of capital markets and the development of token standards appear interconnected. Lowering barriers to participation makes sense if ownership rights and enforceability are simultaneously strengthened at the market level. For proponents of real-world asset tokenization, this combination is essential for moving the concept from pilot projects to national-scale deployment.

Al Monai contends that when legal clarity and technical standards align, tokenized assets can deliver faster settlement, improved auditability, and reduced operational risk. These characteristics are particularly relevant in markets managing large volumes of real assets, from property to infrastructure, where traditional processes can be slow and opaque.

For international investors, the immediate impact of the QFI abolition may be subtle. Asset managers will need time to adjust internal processes, assess liquidity, and integrate Saudi equities into broader strategies. However, the long-term implication is a market that expects consistent global engagement rather than episodic interest tied to index inclusions or major listings.

The reform also reflects Saudi Arabia’s broader Vision 2030 agenda, which emphasizes diversification, private sector participation, and the modernization of institutions. By embedding these goals into market structure, rather than relying solely on incentives or promotional campaigns, authorities aim to create durable change.

There are, of course, open questions. How quickly foreign participation will increase remains uncertain, as does the pace at which tokenization standards will translate into live, widely used platforms. Coordination between regulators, exchanges, and technology providers will be critical to avoid fragmentation.

Still, the direction of travel is clear. By removing legacy barriers and investing in foundational infrastructure, Saudi Arabia is positioning its markets to operate on a scale and cadence comparable to established global exchanges. For investors and builders focused on the intersection of capital markets and tokenization, the Kingdom’s next phase will be difficult to ignore.

This article was originally published as Saudi Arabia Opens Capital Markets as QFI Exit Fuels Tokenization Push on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.