Crypto Breaking

Bitcoin (CRYPTO: BTC) may be nearing the end of its correction as a classic on-chain gauge suggests the asset is trading at a remarkable discount to the price at which most of the supply last moved. The MVRV Z-score, a metric that blends market value with realized value to indicate whether BTC is over- or undervalued, has slid to its lowest readings in a two-year rolling window. In plain terms, the current configuration suggests buyers could be entering at a price where many coins haven’t moved in a long time, a scenario that typically precedes a period of renewed demand. Prominent traders have started to connect the dots, arguing that the current configuration marks a potential inflection point rather than a continuation of the bear trend.

Key takeaways

Bitcoin’s MVRV Z-score is at record lows on a two-year rolling time frame, signaling possible undervaluation relative to realized value.

Analysts argue the extreme readings could foreshadow a price recovery, particularly if demand re-enters the market as risk sentiment stabilizes.

The metric’s current level is lower than bear-market bottoms seen in 2015, 2018, the COVID crash of 2020, and the 2022 downturn, underscoring the depth of the current phase.

BTC briefly traded near an intra-month low around $81,000 as broad risk-off moves pressed commodities and equities, highlighting a still-turbulent macro backdrop.

Some traders also suggested that the precious metals rally may be cooling, a sign that capital chases safety while crypto metrics flash a contrarian signal.

Tickers mentioned: $BTC

Sentiment: Bullish

Market context: The emergence of an undervaluation signal from on-chain analytics comes amid a mixed risk environment where traditional assets have seen sharp drawdowns and crypto markets have oscillated between bouts of selling and tentative buying. The two-year rolling MVRV Z-score provides a counterpoint to price action, highlighting that, from a supply-weighted perspective, BTC could be pricing in a deeper discount than what price charts alone might imply. This blend of on-chain data and price action mirrors a broader market dynamic where liquidity, participant risk appetite, and macro narratives drive cycles with varying lag times.

Why it matters

On-chain metrics have long served as a counterweight to price-based narratives, offering a lens into whether the Bitcoin supply is moving in a way that supports sustainable price levels. The MVRV Z-score, in particular, has a track record of signaling turning points when it dives into the “undervalued” territory on longer horizons. The current reading, described by analyst Michaël van de Poppe as a “phenomenal chart,” is generating renewed attention on whether a broad-based bottom is forming, even as price action tests near-term support levels. The data are not a guarantee of a swift rally, but they suggest that the market may have priced in excessive fear relative to the historical move patterns of the asset, potentially setting the stage for a more constructive phase if demand returns.

“That’s how deep we’re in the bear market, and yes, we’re close to the end of it.”

Bitcoin MVRV Z-Score. Source: Glassnode

The underlying data come from Glassnode’s on-chain analytics, which show the Z-score has sunk to levels not seen since the green band—the “undervalued” territory—last appeared at the end of the previous bear market in 2022. The chart traces how the realized value (the price at which coins last moved) stacks against the overall market capitalization, with the Z-score normalizing the gap by historical volatility. In practice, a deeper drop in the Z-score implies the network is changing hands at prices significantly below the price at which most coins last moved, a situation that could tempt long-term holders to capitalize on a potential rebound when confidence returns.

The broader narrative around BTC’s price action has been shaped by a run of risk-off episodes, including a recent dip that saw BTC/USD retreat to multi-month lows. Data from TradingView captured BTC at around $81,040 during a period of intense selling pressure across risk assets, a move that underscores the ongoing tug-of-war between macro caution and the allure of a contrarian on-chain signal. While the price move is real and warrants caution, the on-chain framework emphasizes that price and value can diverge in meaningful ways in the near term, particularly if market participants perceive BTC as a relatively insulated, long-horizon store of value against a backdrop of macro fragility.

In context, other corners of the market have also faced fallout from the same risk-off rumor mill. A separate piece previously highlighted a parallel narrative where the end of a gold and silver rally (or a temporary pause in those setups) could dovetail with renewed Bitcoin demand, effectively broadening the scope for a risk-off-to-risk-on transition. Taken together, the combination of heavy price moves, on-chain undervaluation signals, and shifting sentiment across risk assets paints a nuanced picture: the setup for a potential trend change exists, but timing remains uncertain and data-driven corroboration will be essential for conviction.

“I’m not saying: the bull is over. No, far from it. But it will consolidate, and that’s also the trigger you’d like to see for Bitcoin.”

The narrative surrounding BTC’s near-term path is inherently probabilistic. While the MVRV Z-score points to potential value accumulation, the confirmation may emerge only as multiple indicators align: on-chain metrics, price support tests, and macro conditions that foster sustainable demand. In the meantime, observers are paying close attention to how BTC behaves around critical levels and whether accumulation intensifies among long-term holders or new entrants re-enter the market with fresh capital. The interplay between data-driven signals and sentiment will likely shape trajectory over the coming weeks.

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This article was originally published as Bitcoin More Undervalued Than Any Past Bear Market, Data Shows on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Ethereum faced renewed selling pressure after breaching a key floor near $2,800, signaling that the downtrend could extend if bears stay in control. Over the past three sessions, the ETH/USD pair slid more than 10%, dipping below the pivotal level that had acted as a support zone through late 2025. In this environment, chart patterns align with a continuing weaker bias: descending and symmetrical triangle configurations appear to converge toward a much lower target, with technicals and on-chain metrics reinforcing a cautious stance for traders. The most immediate concern is whether buyers can defend the next major support around $2,500, which also coincides with the 200‑week simple moving average, potentially offering a longer-term anchor if held.

Ether (CRYPTO: ETH) has traded around the mid-$2,700s as of writing, a level that market observers describe as a “do or die” juncture for bulls. If the $2,800 barrier fails decisively, the road toward lower levels could become more probable, according to traders tracking the pattern formations and momentum signals. A widely cited technician noted that a failure to hold the current area would reinforce the bearish dominance and open the door to the mid-$2,500s, a zone that would perhaps test the integrity of a broader structural shift. The breach also ties into a broader narrative that dominated recent weeks, where the market wrestled with whether the range between $3,000 and $2,800 would prove durable or prove to be a staging ground for further losses.

The chart geometry surrounding ETH/USD features a breached horizontal line within a descending triangle, an arrangement that traders often monitor for continuation signals. The next major milestone on the downside is around $2,500, aligning with the 200-week moving average, which can provide longer‑term support if price action finds footing there. Beyond that lie the triangle’s measured target near $2,150, a level that implies roughly a 20% decline from current prices if momentum remains tilting to the bears. A drop to that area would be consistent with prior bear cycles where similar patterns preceded sharper downturns.

ETH/USD daily chart. Source: Cointelegraph/TradingView

A notable momentum signal also points to caution: the relative strength index has slipped from the mid-60s in early January to the mid-30s, suggesting waning upside momentum even as prices press lower. Such a softening RSI, paired with a price break below critical support, often accompanies extended corrective moves, particularly in asset classes where speculative risk remains elevated. Veteran traders have weighed in on the breakdowns, with one noted analyst arguing that the price action post-break below the triangle’s lower boundary increases the probability of further downside, given the combination of price and momentum dynamics.

The price trajectory has historically aligned with a broader framework where pattern-based downside targets precede meaningful pullbacks. In this instance, the calculated target anchored by the triangle suggests a potential landing zone near $2,100, roughly a 22% retreat from levels seen just before the breach. The area between $3,000 and $2,800 has been identified as a critical support corridor in prior analyses, and losing it has raised the stakes for ETH bulls.

ETH/USD daily chart. Source: Peter Brandt

On-chain data adds another layer to the bear case. Ether’s net unrealized profit/loss indicator has shifted from a mood of “anxiety” toward the “fear zone,” a regime that often accompanies extended drawdowns and capitulation phases in previous cycles. The NUPL metric reflects the balance between realized profits and losses among holders, and its move into fear aligns with a risk-off posture among market participants. As the market tests lower zones, such on-chain signals may precede stronger downside pressure, especially if selling accelerates and new liquidity cycles fail to materialize any sustained relief rallies.

In a separate technical track, the relationship between the 111-day and 200-day moving averages has drawn attention. Current patterns show the shorter-term average slipping below the longer-term one, a cross that has historically preceded larger drawdowns during prior bear markets in 2018 and 2022. This cross‑over framework reinforces the view that downside risk remains elevated unless a durable buying interest emerges to reverse momentum.

Ethereum bears out the pattern, but on-chain context matters

The convergence of chart structures with on-chain indicators paints a coherent, if cautious, portrait of Ethereum’s near-term risk landscape. While the immediate level of $2,800 has given way, observers note that the critical question is whether demand can re-emerge at the $2,500 zone or whether the price will slide toward the triangle’s lower target. The intersection of technical patterns and on-chain data—particularly the NUPL shift into fear—suggests traders should prepare for continued volatility, with a possible window for a relief rally only if liquidity conditions improve and selling pressure subsides.

Overall, the current setup mirrors episodes in past cycles where market structure and on-chain sentiment aligned to produce pronounced selling pressure before a more durable bottom formed. The charts indicate that even if a rebound materializes above the next falling support, the path of least resistance may remain to the downside in the near term, unless a confluence of catalysts shifts sentiment, liquidity, and risk appetite back toward equities and risk assets.

ETH has demonstrated a capacity for rapid retracements in prior cycles, but the overlay of a fear-driven on-chain lens raises the bar for any immediate revival. Traders will be watching how price action responds around the 200-week SMA and whether the triangle’s measured target continues to hold as a compass for subsequent moves. The next weeks could reveal whether bulls can salvage the breach or whether further losses consolidate into a fresh lower-high, lower-low configuration that would sustain a risk-off regime for ETH and potentially ripple across broader crypto markets.

This article was originally published as Ethereum Could Crash to $2,100 Again—Here’s Why on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Ethereum co-founder Vitalik Buterin announced a personal commitment to fund privacy-preserving technologies, open hardware, and verifiable software systems, earmarking 16,384 Ether for deployment over the coming years. Valued at roughly $45 million at contemporary prices, the allocation signals a shift in approach as the Ethereum Foundation enters a period Buterin described as “mild austerity” while continuing to push a robust technical roadmap. Buterin described the move as building an open-source, secure, and verifiable full stack of software and hardware capable of protecting both private life and public environments. The plan emphasizes privacy, open infrastructure, and self-sovereign tools, while the Ethereum Foundation maintains a central focus on the core blockchain layer. Buterin’s X post.

Key takeaways

The 16,384 Ether funding will be deployed gradually over several years, not immediately.

The funds may be supplemented through decentralized staking strategies designed to generate additional funding from staking rewards.

The move follows prior criticism of the Foundation selling ETH to fund activities, though the organization has signaled openness to alternative funding mechanisms like DeFi lending and staking.

Funding priorities focus on privacy, open infrastructure, and self-sovereign tools, while maintaining Ethereum’s core development as the central mission.

The announcement arrives as ETH has traded in a lower band in 2025, providing context for a strategic shift in long-term resource allocation.

Tickers mentioned: $ETH

Sentiment: Neutral

Price impact: Neutral. The funding announcement is framed as a long-term, policy-level shift rather than an immediate price action driver.

Market context: The move occurs amid broader volatility in Layer-1 ecosystems, with liquidity and risk sentiment shaped by macro factors and regulatory developments. ETH has moved from highs around $3,900 in late 2025 to roughly $2,700 as the narrative around austerity and long-term funding takes shape, underscoring how structural changes to foundation funding can unfold independent of short-term price swings.

Why it matters

The earmarked capital represents more than a charitable gesture; it signals a deliberate elongation of Ethereum’s research and development horizon. By channeling funds into privacy-preserving technologies, open hardware projects, and verifiable software systems, Buterin and his team are signaling a belief that the network’s long-term resilience hinges on stronger guarantees of confidentiality, verifiable security, and user-controlled data sovereignty. In practical terms, this could accelerate open-source approaches to encrypted communications, secure hardware interfaces, and local-first architectures that reduce reliance on centralized intermediaries.

At the same time, the plan frames this investment as an extension of Ethereum’s core mission rather than a departure from its blockchain roots. The emphasis on an open-source, secure, and verifiable stack is positioned as a complement to the base layer’s decentralization and auditable governance. This distinction matters for ecosystem participants—developers, users, and institutions—because it delineates a pathway for advancing privacy-centric tooling without compromising the network’s foundational consensus mechanisms or smart contract capabilities.

Critics have historically watched the Ethereum Foundation’s funding choices closely, particularly when the foundation has sold ETH to support activities. The current rhetoric, however, suggests a pivot toward diversified funding streams—potentially including DeFi lending and staking strategies that could sustain research and infrastructure efforts without relying solely on asset sales. Still, Buterin did not publish a granular budget or allocation plan for the 16,384 ETH; instead, he described broad priorities that align with a vision of stronger, interoperable privacy and self-sovereign tooling across the ecosystem. The lack of a detailed breakdown leaves room for interpretation about which projects will receive support and on what timeline.

Beyond the technical scope, the initiative echoes a broader governance trend in which influential builders seek to steward resources with a longer time horizon. It also underscores an ongoing tension between centralized oversight of foundation budgets and the decentralized ethos that defines Ethereum’s ecosystem. Open silicon ambitions, encrypted communications, and secure hardware initiatives—often framed as reinforcing privacy and sovereignty at the edge—could translate into practical tools for individuals and organizations seeking to reclaim control over their data and digital footprints.

The broader context includes a reference point to related developments, such as Ethereum Foundation’s privacy-focused roadmaps and ongoing experiments with open hardware and secure software. These threads indicate that the organization intends to pursue a suite of parallel efforts designed to converge on a more private, verifiable, and user-centric architecture for the Ethereum ecosystem, without forsaking the core blockchain layer that remains the foundation of decentralized applications and smart contracts.

From a market perspective, the timing of the announcement matters as ETH continues to navigate a period of volatility influenced by macro dynamics, risk sentiment, and regulatory considerations. While the price trajectory provides a proxy for investor mood, the decision to allocate personal capital toward long-term infrastructure emphasizes the distinction between near-term price action and enduring network development. The work envisioned by Buterin—privacy-preserving software, open hardware, and self-sovereign tooling—addresses foundational concerns around data ownership and security that several developers and users view as essential to the next phase of decentralization.

In sum, the earmark is less about a single project and more about signaling a model for sustaining foundational research and critical infrastructure. It invites the community to watch how the funds are gradually deployed, how staking strategies may bolster ongoing initiatives, and how the foundation’s openness to alternative funding mechanisms interacts with its ongoing commitment to Ethereum’s core scale and security goals. The interplay between open hardware, privacy tech, and the base layer’s continuing evolution could shape the trajectory of privacy-preserving tools and verifiable software within the Ethereum ecosystem for years to come.

What to watch next

Release of a detailed allocation framework for the earmarked ETH, including timelines and project categories.

Progress reports on decentralized staking strategies intended to supplement funding via staking rewards.

Updates on the Privacy Stewards for Ethereum initiative and related governance milestones.

New developments in open hardware and privacy-preserving software that align with the stated priorities.

Sources & verification

Vitalik Buterin’s X post announcing the ETH earmark: https://x.com/VitalikButerin/status/2017145595819933745

ETH price and market data referenced in the piece: https://www.coingecko.com/en/coins/ethereum

Ethereum Foundation openness to DeFi lending and staking strategies: https://cointelegraph.com/news/ethereum-foundation-borrows-gho-defi-strategy

Ethereum Foundation privacy-related roadmap and initiatives: https://cointelegraph.com/news/ethereum-foundation-privacy-stewards-roadmap

This article was originally published as Vitalik Buterin Outlines $45M ETH Plan for Privacy, Open Hardware on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin (CRYPTO: BTC) has breached a crucial support around $84,000, a level that had anchored the market since mid-November 2025. The move intensified into the New York session as the price tumbled toward the $81,000 area, with long liquidations surpassing $1.6 billion and risk-off sentiment broadening across on-chain and traditional markets. The 2026 yearly open near $87,000, the 100-day moving average, and the $84,000–$86,000 demand zone failed to halt selling pressure, setting the stage for a deeper examination of where BTC price action could head next. For context on price quotes, see BTC.

Key takeaways:

Bitcoin dropped to a two-month low around $81,000, a move driven by substantial leverage liquidations totaling more than $1.6 billion.

Analysts warn that the breakdown could extend the bear market, with targets eyed down to the $50,000–$58,000 range under persistent selling pressure.

Market sentiment has flipped toward extreme fear, with the Crypto Fear and Greed Index recording a historically low reading that suggests capitulation dynamics.

A retest of the 200-week moving average has been discussed as a potential longer-term buying area, given its historical tendency to mark significant value zones.

Despite near-term weakness, some traders see possible short-lived rallies near local troughs, though the overarching trajectory remains downward absent a meaningful catalyst.

Bitcoin sentiment at record lows suggests “no upcycle”

Bitcoin extended its slide into the late New York session, slipping to two-month lows around $81,000. The move came as selling pressure overwhelmed the technicals, with the 2026 yearly open near $87,000, and the $84,000–$86,000 demand zone failing to contain the downside. Long liquidations surged past $1.6 billion as leveraged positions unwound, erasing a substantial chunk of long exposure in a matter of hours. The price action underscored the prevailing risk-off mood that has dominated the market recently.

Market mood has deteriorated sharply, with the Fear and Greed Index dipping into “Extreme Fear” territory. The index slipped to 16 from the prior day’s 26, signaling widespread risk aversion and a reluctance to accumulate risk assets amid macro and sector-specific headwinds. The tone was echoed by industry observers who highlighted that such extreme readings have historically coincided with capitulation events and renewed selling pressure in cyclic downturns.

UPDATE: Crypto Fear and Greed Index drops to 16, signaling Extreme Fear as market sentiment worsens from yesterday’s reading of 26. pic.twitter.com/TdN5RZo6OR

— Cointelegraph (@Cointelegraph) January 30, 2026

Analysts at Crypto Town Hall highlighted that readings at this level tend to reflect heavy risk-off sentiment and capitulation dynamics, often observed during pronounced drawdowns and episodes of leveraged deleveraging. The broader macro backdrop—uncertainty around regulation, macro liquidity, and risk appetite—helps explain why BTC has struggled to sustain any rally attempts amid persistent selling pressure.

Timothy Peterson, an economist known for market sentiment tracking, noted that consumer confidence in risk assets is approaching historical lows. In a recent post, he observed that the five-year average sentiment has reached new nadirs, arguing that “People just don’t buy Bitcoin or any other risk assets in an environment like this.” He concluded that an upcycle is unlikely until sentiment turns higher and risk appetite returns.

Bitcoin’s consumer index. Source: Timothy Peterson

Similar themes have emerged across market commentary, including references to the FTX and Binance saga as reminders of how uncertainty can amplify downside risk. The ongoing narrative around regulatory and systemic risk has reinforced the view that a near-term upcycle remains unlikely unless a meaningful catalyst emerges to restore confidence and liquidity to the market.

Analysts say BTC may bottom at $50,000

With sentiment deteriorating, several analysts anticipate a more prolonged bear-market phase, complete with revisits to long-range moving averages and potential capitulation-driven lows. The 200-week moving average—an indicator closely watched by long-term players—currently sits near $57,974. Proponents of a patient accumulation strategy argue that proximity to such moving averages can offer valuable entry points for those building strategic exposure over time.

As market participants weigh the odds, some traders see the possibility of additional downside before a sustainable bottom forms. The chart literature points to the 200-week moving average as a historically meaningful support region; a test of this area could imply a substantial retracement from peak levels, potentially aligning with target ranges discussed by observers who foresee sub-$60,000 levels as part of a broader bear-market narrative.

Among the voices that have weighed in on the outlook, one analyst emphasized that accumulation near key historical supports could yield favorable entry points if the market can stabilize. The argument centers on the premise that prices may gravitate toward long-term value zones, even if the path there involves further volatility and drawdowns. Yet, the same analyst warned that without a material catalyst—be it regulatory clarity, macro policy shifts, or a significant liquidity event—the bear market could extend beyond initial expectations, testing the resilience of market participants and the leverage that has driven recent price swings.

The consensus among several strategists remains cautious. While some anticipate short-lived rallies at nearby lows, the dominant view is that BTC could drift lower toward the structural supports of the longer-term chart, with the potential to retest the lower bound of the recent range before any convincing reversal gains traction. The dialogue around $74,500—and the prior peaks that followed an earlier policy-related move—continues to be cited in discussions about potential bottoming scenarios, illustrating how past volatility continues to influence present expectations.

In sum, the market appears to be setting the stage for a protracted period of consolidation, punctuated by occasional rebounds that fail to sustain momentum. The absence of a clear catalyst means that traders must navigate a landscape where risk-off sentiment and leveraged positions can quickly reassert themselves, pushing prices toward the next major support. The bear-case scenario outlined by several analysts points toward a path that could see BTC test the lower-coverage bands of the bear flag pattern, with a potential pullback into the $50,000s if conditions do not improve.

Why it matters

The price breach of a critical support level signals more than a channel check for risk assets; it underscores how market psychology can pivot, sometimes rapidly, from cautious optimism to entrenched defensiveness. For long-term holders, the development raises questions about timing and strategy: when do accumulation opportunities become compelling enough to offset near-term volatility? For traders, an environment characterized by high liquidity risk and extreme sentiment readings can create both vulnerabilities and openings—where disciplined risk management remains essential.

From a market structure perspective, a sustained break below major baselines can alter funding dynamics, affect cross-asset correlations, and influence the behavior of futures and perpetual swap markets. As investors assess the probability of a deeper pullback toward the bear-market basins described by analysts, attention turns to on-chain indicators, macro cues, and potential liquidity injections that could alter the glide path of prices in the months ahead. The interplay between price action, leverage, and macro risk will continue to shape whether this cycle yields a prolonged downtrend or a more tactical, temporary pause before a broader recovery materializes.

What to watch next

Watch BTC price action around the 200-week moving average near $57,974 for signs of stabilization or renewed downside pressure.

Monitor near-term price action for any sustained rallies that fail to close above key resistance, signaling continued bearish momentum.

Track macro catalysts and policy developments that could inject liquidity or alter risk sentiment, potentially triggering a more decisive shift in trend.

Observe changes in on-chain metrics, including liquidations and open interest, which can reveal whether leverage pressure is intensifying or easing.

Assess whether any new catalysts emerge that could restore market confidence and support a gradual upturn rather than a sharp reversal.

Sources & verification

Bitcoin price movements to around $81,000 and the implications of $1.6 billion in long liquidations.

The role of key technical levels such as the 2026 yearly open near $87,000 and the $84,000–$86,000 demand zone.

Fear and Greed Index readings indicating Extreme Fear (16) and their interpretation by market observers.

References to the 200-week moving average as a potential long-term accumulation area (around $57,974).

Analysts’ discussions of bear-market scenarios and historical chart patterns related to BTC’s price action.

What the market is watching next

In the near term, traders will be watching whether Bitcoin can form a basing pattern near the critical support bands or whether the bear-market trajectory consolidates at lower levels. Market observers expect that, absent a catalysts-driven reversal, BTC could remain within a lower volatility regime, with subdued upside potential until sentiment improves and liquidity conditions normalize. The interplay between macro risk, liquidity conditions, and on-chain signals will continue to shape the narrative around where the market goes from here.

What to watch next

Close monitoring of the $57,974 level, the current 200-week moving average, for any signs of a sustained bounce or further erosion.

Any development in regulatory clarity or liquidity injections that could alter risk sentiment and trading activity.

On-chain indicators such as liquidations and open interest to gauge whether leverage remains a dominant driver of price moves.

Momentum shifts in related markets, including equity risk assets and other major cryptos, that could spill over into BTC dynamics.

Why it matters

The ongoing price action around critical technical levels has implications for investors, builders, and market makers. For hodlers, the scenario could present a patient accumulation opportunity if prices approach historically meaningful basins. For builders and infrastructure participants, the sentiment environment influences capital flows and risk appetite for new projects or network upgrades. Regulators and market participants alike will be watching how price dynamics interact with risk controls and market resilience, particularly as leverage-related dynamics and liquidity stress tests continue to shape the narrative around cryptocurrency markets.

What to watch next

Confirmation of a bottom near the 200-week moving average or a deeper pullback toward the $50k–$58k region.

Evidence of a sustained uptick in on-chain activity and liquidity following periods of extreme fear.

Any regulatory developments or macro-policy signals that could alter risk appetite and capital flows into crypto assets.

Sources & verification

BTC price action around $81,000 and the $1.6B long-liquidation milestone.

Breakdown below the $84,000–$86,000 demand zone and related technical readings.

Fear and Greed Index readings showing Extreme Fear and associated market sentiment commentary.

200-week moving average near $57,974 and discussion of its significance as a potential bottoming area.

Analyst commentary on bear-market scenarios and potential price targets in the $50k–$58k zone.

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This article was originally published as Bearish Analysts See BTC Slipping to as Low as $50K on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bybit’s latest strategic push signals a broader shift in crypto where exchanges look to embed traditional banking-style features into their platforms. CEO Ben Zhou outlined a plan to roll out a retail banking product, MyBank, with a target launch in February 2025. The aim is to streamline fiat-to-crypto flows and offer consumer-facing banking conveniences within a regulated framework, signaling a serious bid to blur the lines between crypto services and everyday financial infrastructure.

The approach relies not on building a full-fledged bank from scratch, but on partnerships with licensed financial institutions. Bybit has disclosed that it is collaborating with Pave Bank, a Georgia-based lender that already holds a digital banking license issued by the National Bank of Georgia in 2023. The partnership underscores a practical path for exchanges seeking banking-like functionality while managing regulatory risk. Pave Bank has positioned itself as a programmable bank for businesses, blending crypto and fiat services to support more seamless money movement for clients. In addition to the licensing milestone, Pave Bank raised $39 million in a Series A round in 2025, with Tether Investments among the backers—the venture arm behind USDt (USDT), one of the most widely used stablecoins in crypto markets.

The move comes amid renewed attention on how crypto firms intersect with traditional financial rails. While some observers applaud the potential for smoother onboarding and payment flows, others warn that expanding into banking territory raises fundamental regulatory and operational challenges. Acknowledging the complexity, Gal Arad Cohen, a blockchain lawyer with S.Horowitz & Co, highlighted that the concept of a crypto exchange taking on banking-like duties is technically feasible but fraught with regulatory hurdles. The absence of a global crypto exchange operating as a fully licensed bank speaks to the scale of the undertaking, even as firms explore partnerships to bridge the gap.

Bybit bank partner Pave Bank backed by Tether Investments

To provide banking services, a crypto platform would typically need either a licensed banking partner or its own full banking license—an arduous, capital-intensive process. The nuanced reality is that most major crypto exchanges do not operate as banks in the traditional sense, even if they offer card programs, fiat on-ramps, or other custodial features via banking arrangements. Bybit’s spokesperson confirmed that the company is working with Pave Bank to underpin its retail banking push, signaling a deliberate attempt to navigate regulatory compliance through a licensed collaborator rather than pursuing an in-house charter.

Source: Cointelegraph

Georgia’s Pave Bank, founded in Tbilisi in 2023, has framed itself as a programmable bank for businesses that blends crypto and fiat capabilities. Its digital banking license, issued by Georgia’s central bank, marked a notable step in regulators’ accommodation of crypto-enabled banking services. In 2025, Pave Bank’s funding round—$39 million in Series A—was led by Tether Investments, underscoring the growing interest from established crypto players in fintech-enabled banking solutions. Tether’s involvement aligns with a broader push to expand stablecoin-enabled payments and settlement rails in emerging markets, a trend that crypto incumbents and TradFi partners alike have watched closely.

Industry cautions on trade-offs of full-service banking

The breadth of Bybit’s ambitions remains a central question for the industry. If a crypto platform pursues a US banking charter, the path would involve substantial structuring and compliance work, according to Ryne Saxe, co-founder and CEO of Eco, a blockchain-focused firm. He cautioned that a US charter introduces intensified regulatory scrutiny and operational prerequisites that extend far beyond basic fiat on-ramps and crypto custody.

Yuriy Brisov, a lawyer at Digital & Analogue Partners, emphasized the distinction between merely offering banking-like features and operating as a bank. He noted that full-service banking brings with it capital adequacy requirements, liquidity management, sanctions enforcement, operational resilience, and incident liability—factors that many crypto exchanges have historically avoided by relying on banking partnerships rather than maintaining their own banking licenses. The tension between convenience and compliance remains at the core of any such expansion.

Banks’ exposure to crypto assets from Q4 2021 to Q4 2024. Source: Reuters

Industry commentary also notes that broader convergence between crypto and TradFi is already underway. Petr Kozyakov, co-founder and CEO of Mercuryo, observed that crypto platforms are increasingly encroaching on traditional finance, while conventional banks are exploring crypto-enabled services in parallel. Megan Knab, CEO of Franklin, framed the shift as part of embedded finance—a vision where complex money movements become largely invisible to users, enabling borderless, near-instant payments and simplified experiences for consumers. The trend suggests a future where hardware wallets and regulated banking rails coexist, with interfaces that minimize the friction of moving value across ecosystems.

Retail users could face friction from heavier KYC rules

While the prospect of integrated banking could simplify fiat-to-crypto exchanges and accelerate payments, it may also introduce new hurdles for everyday users. Some observers warned that bringing banking-level regulation into a crypto product could entail more onerous Know Your Customer procedures. Denisenko cautioned that onboarding on a banking-centric model could become significantly more complex, potentially deterring users who favor faster, lighter checks when they sign up for crypto platforms. He suggested that if Bybit pursues a genuine banking path, it would be a pioneering move, but one that may not align with the preferences of a broad slice of retail users who value ease of onboarding over rigorous compliance from the outset.

Bybit has not disclosed granular scope details for the MyBank project, and representatives declined to comment beyond reiterating the timeline and partnership framework. Nevertheless, the strategic intent remains clear: test whether a crypto-native company can sustainably offer the kind of financial services that underpin everyday spending, savings, and payments, all while maintaining a compliant, risk-managed operation.

What it means for the market

The Bybit initiative embodies a broader push toward embedded finance within the crypto sector. The existence of licensed banking partners can unlock deeper product integration and more stable rails for users seeking to move value between crypto and fiat ecosystems. Yet the path is fraught with regulatory risk and the practical demands of running a partially regulated banking operation. As the industry moves toward more bank-like features, the balance between user experience, compliance, and financial resilience will likely shape which players win traction in the coming years.

Why it matters

For users, a successful banking-backed product could reduce the friction involved in converting and moving funds between crypto and traditional accounts, enabling faster settlements, simpler card programs, and more predictable access to consumer credit facilities tied to digital assets. For builders, the Bybit move highlights the importance of interoperable rails—how crypto platforms can connect with established banking partners to deliver scalable, compliant services. For regulators, the case underscores the ongoing question of how much functionality can safely be offered by crypto platforms without elevating systemic risk. And for the market, it signals a continued maturation of the ecosystem, where licensed banks and crypto innovators collaborate to deliver mainstream-friendly financial services rather than operate in parallel silos. The outcome will hinge on how effectively Bybit and its partner manage licensing, risk controls, and customer protections as February 2025 approaches.

What to watch next

Progress toward the February 2025 MyBank launch, including any regulatory filings or public updates from Bybit and Pave Bank.

Regulatory guidance or licensing milestones in the jurisdictions involved, particularly around cross-border digital banking with crypto integrations.

Any announcements on additional banking partners or changes to KYC/AML policies tied to the MyBank offering.

Further comments from industry peers and legal experts about the feasibility and risks of crypto-native firms pursuing bank-like services.

Sources & verification

Bybit CEO Ben Zhou’s announcement about the MyBank plan and February 2025 target.

Pave Bank’s status as a Georgia-licensed lender and its digital banking license from the National Bank of Georgia (2023).

Pave Bank’s $39 million Series A in 2025, with Tether Investments among the backers.

Industry insights from Gal Arad Cohen on regulatory complexity of banking-type services for crypto firms.

This article was originally published as Bybit Faces Compliance Hurdles as Neobank Push Intensifies on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

The U.S. Department of Justice has closed a chapter in one of crypto’s earliest enforcement cases, finalizing a forfeiture worth more than $400 million tied to Helix, a Bitcoin-era mixer once used to blur the source and destination of digital currencies. Operated by Larry Harmon, Helix processed hundreds of thousands of Bitcoin (CRYPTO: BTC) transactions during its active years from 2014 to 2017, a period when the technology was still maturing and many darknet markets relied on mixing services to launder proceeds. A January 21 order from the U.S. District Court for the District of Columbia formally transferred ownership of the seized digital assets, real estate, and related holdings to the government, marking the legal conclusion of a high-profile case that stretched over years.

Key takeaways

Helix processed at least 354,468 Bitcoin (CRYPTO: BTC) during its operation, representing roughly $300 million in value at the time, according to the DOJ.

The DOJ linked Helix to laundering proceeds for darknet markets by enabling large-scale Bitcoin withdrawals to be laundered through an accessible API that marketplaces could integrate.

Larry Harmon was arrested in February 2020, pled guilty in August 2021 to conspiracy to commit money laundering, and was sentenced in November 2024 to a three-year prison term.

A January 21 court order finalized the forfeiture, transferring clear title to the U.S. government for the seized assets, including crypto holdings and related real estate and financial assets tied to Helix’s operations.

The case illustrates how major crypto-related enforcement actions can span years from the criminal act to final judicial disposition, highlighting the long arc of regulatory action in the early mixer era.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Neutral. The forfeiture represents a juridical outcome rather than an event likely to move market prices.

Market context: The proceeding sits within a broader enforcement landscape that has steadily targeted crypto mixers and illicit finance infrastructure, testing how digital-assets forfeiture can be executed alongside traditional asset seizures and real estate dispositions. The Helix case underscores ongoing regulatory interest in tracing and recovering proceeds tied to crime, even as blockchain tracing technologies and compliance workflows mature.

Why it matters

From a regulatory perspective, the Helix forfeiture demonstrates that the United States can pursue the disposition of digital assets long after illicit activity has ceased. The DOJ’s ability to convert digital holdings into government title—coupled with the seizure of associated real estate and financial assets—signals a comprehensive approach to asset recovery in the crypto space. For investigators, the case highlighted the importance of linking operational capabilities, such as Helix’s API integrations with marketplaces, to concrete outcomes in court, reinforcing the notion that tooling used to facilitate crime can be subject to asset forfeiture even if the underlying technologies are decentralized by design.

For the broader market, the resolution serves as a reminder that enforcement actions, even those rooted in early 2010s crypto infrastructure, can unfold over many years. While victims and markets may react to shorter-term developments, the long tail of cases like Helix emphasizes the persistent risk of asset seizure and the chilling effect such actions can have on illicit activity. It also illustrates how traditional legal levers—court orders, asset tracing, and guilty pleas—continue to work in tandem with modern investigative techniques to recover value tied to alleged wrongdoing.

On a technical level, the Helix case underscores the challenges that law enforcement faced in the era when digital-forensics capabilities were still evolving. Investigators traced tens of millions of dollars from darknet markets to Helix and relied on transaction patterns and operational metadata to build a prosecutable case. The public record also points to harmonization between criminal prosecutions and civil forfeiture mechanisms, a dynamic that has become more commonplace as regulators seek to dismantle the financial networks supporting illegal marketplaces.

What to watch next

Disposition of remaining seized assets: monitoring whether the government liquidates, holds, or redirects the seized crypto and related property.

Impact on similar mixer cases: analysts will watch for parallel actions and any strengthened precedent for asset forfeiture in cases involving laundering through crypto services.

Regulatory and investigative follow-ups: potential updates from DOJ or related agencies on ongoing tracing capabilities and compliance requirements for cryptocurrency service providers.

Judicial developments around Harmon’s possible appeals or related civil actions tied to Helix’s operations.

Sources & verification

U.S. Department of Justice press release detailing the forfeiture and its scope: Government forfeits over $400m assets tied Helix darknet cryptocurrency mixer.

January 21 court order by the U.S. District Court for the District of Columbia transferring title of seized assets to the government.

Arrest, guilty plea, and November 2024 sentencing of Larry Harmon related to Helix (as documented in court records and DOJ statements).

DOJ statements on Helix’s operations, including the number of Bitcoin (CRYPTO: BTC) processed and the integration of Helix into darknet market withdrawal systems.

Helix asset forfeiture closes a long-running mixer case

The Helix matter stands as a notable milestone in the enforcement history of blockchain-based crime infrastructure. In the mid-2010s, Helix positioned itself as a turnkey solution for mixing Bitcoin transactions, a design that drew investigators’ attention as the darknet ecosystem evolved. By tying the operational capabilities—such as the service’s API that allowed marketplaces to route withdrawals through Helix—to concrete financial outcomes, prosecutors built a chain of evidence that culminated in a formal forfeiture of assets worth billions in today’s dollars when adjusted for time-value. The DOJ’s public accounting of 354,468 BTC processed through Helix, coupled with the later revelation that tens of millions of dollars traced from darknet markets passed through the mixer, underscores the scale at which illicit funds could be laundered through on-chain technologies even before modern analytics firms and compliance dashboards matured.

Harmon’s legal journey—arrest in 2020, guilty plea in 2021, and sentencing in late 2024—reflects how serious criminal activity can intersect with evolving regulatory frameworks. The January 21 transfer of legal title to the government represents the culmination of more than a decade of investigative work, tying together digital assets with real-world consequences. The case also reinforces the broader narrative that while privacy tools and mixing services exist, they remain vulnerable to law enforcement when investigators can connect transactional footprints to individuals, enterprises, or networks that facilitated crime. As regulators continue to refine their methods for tracing funds across blockchains, the Helix episode serves as a historical touchpoint for the ongoing conversation about asset recovery, accountability, and the balance between privacy and compliance in the crypto economy.

This article was originally published as DOJ Finalizes $400M Helix Forfeiture in Early Bitcoin Darknet Case on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

US President Donald Trump is poised to nominate Bitcoin-friendly Kevin Warsh as the next chair of the Federal Reserve, according to reports circulating ahead of an official Friday announcement. The White House is set to nominate a successor to Jerome Powell, whose term as chair ends in May. Warsh’s background includes a stint as a Fed governor from 2006 to 2011, a period during which he developed a reputation for rigorous monetary thinking. Multiple outlets, including Bloomberg, The Wall Street Journal, and The New York Times, have cited imminent action and described Warsh as the leading candidate. Reuters also noted that Warsh met with Trump on Thursday, and the discussion appeared to leave a strong impression on the president. The broader market reaction has reflected the unusual political attention on the Fed chair race, with prediction markets showing shifting bets as the nomination nears.

Warsh’s potential nomination has already sparked debates about the balance of hawkish policy and financial innovation. Prediction markets such as Polymarket had shown Warsh’s odds climbing from about 30% to as high as 95% after the discussions, while the former frontrunner, BlackRock’s Rick Rieder, faded to roughly 3.4% in some gauges. Kalshi’s market also tracked strong odds in Warsh’s favor, signaling a unified market view that the former Fed governor would steer policy toward greater restraint and a recalibration away from expansive asset purchases. The implications extend beyond monetary policy alone, prompting investors and policymakers to weigh how a Warsh-led Fed might interact with growing mainstream interest in digital assets and the digital economy.

Bitcoin and the broader crypto narrative have featured prominently in the discourse around Warsh. Warsh has been described as notably more Bitcoin-friendly than Powell, who has tended to emphasize traditional macro levers over the cryptocurrency’s role in the economy. In a notable past interview with the Hoover Institution, Warsh described Bitcoin as having a potential governance utility: not a threat to monetary policy, but a market signal that can inform policymakers about the economy’s health and the efficacy of policy tools. He was quoted as saying, “Bitcoin doesn’t trouble me. I think of it as an important asset that can help inform policymakers when they’re doing things right and wrong,” and he added that it could serve as a “policeman for policy.”

“Bitcoin doesn’t trouble me. I think of it as an important asset that can help inform policymakers when they’re doing things right and wrong.”

Markets have also watched how the nomination process could affect policy direction on inflation, balance sheet normalization, and the pace of rate moves. The headline sentiment focuses on a potential pivot toward fiscal restraint and a more cautious stance on quantitative easing, a shift that some analysts see as aligning with a stronger emphasis on price stability and debt management. The immediate market response to the nomination chatter has included a rise in the U.S. dollar index and higher Treasury yields, as traders reassess risk premia and the likely trajectory of interest-rate policy in a Warsh-led era. These moves underscore how sensitive Fed leadership transitions can be to risk sentiment, liquidity, and the cost of capital, all of which feed into crypto markets as well as traditional assets.

Bitcoin can police policymakers: Warsh

Warsh’s nuanced view of Bitcoin has been a focal point for crypto watchers. He has framed BTC as a potentially constructive element in the policy dialogue, rather than a shadowy disruptor, suggesting that digital assets could function as a disciplining mechanism for policy missteps. He has argued that the cryptocurrency ecosystem can offer signals about market expectations and the effectiveness of policy steps. In the broader context, BTC is often discussed as a test case for how regulatory and macro developments intersect with financial innovation. This perspective contrasts with some earlier commentary from Fed officials who some say have dismissed the asset’s relevance to the U.S. economy. Warsh’s stance, if implemented as policy, could influence how the Fed communicates with markets about risk, inflation, and stability in a digital-age financial system.

As discussions around the nomination progressed, the dialogue extended into how a Hawkish Fed chair might affect liquidity conditions, the appetite for riskier assets, and the pace at which policymakers would consider tapering asset purchases. The evolving discourse emphasizes that the Fed’s policy signal—whether from a Warsh-led framework or another nominee—will likely shape the incentives for crypto markets, including volatility patterns and hedging behavior. The stakes extend to institutional investors who watch the Fed’s guidance on inflation expectations and the credibility of the central bank’s mandate to maintain price stability while supporting sustainable growth.

Market chatter around the nomination also touched on the broader regulatory conversation that has intensified in recent years. The push and pull between monetary policy and financial innovation remains a central theme for crypto stakeholders, with regulators seeking to balance investor protection, market integrity, and the expansion of legitimate digital-asset activities. In this context, a Fed chair who acknowledges the reality of digital assets without demonizing them could influence the tempo of policy communications, the framing of regulatory proposals, and the tempo of any future policy actions that could affect crypto liquidity, funding costs, and the broader risk landscape.

The narrative surrounding Warsh’s nomination has thus become a microcosm of the ongoing debate about how traditional financial architecture and crypto markets will co-evolve. If Warsh ascends to the chair, observers will be watching not only for his stance on inflation, unemployment, and growth but also for how his administration addresses the role of digital assets in the financial system. The balance between safeguarding financial stability and fostering innovation could define a new era for both monetary policy and the digital asset economy.

The Wednesday-to-Friday arc of reporting, market bets, and policy expectations illustrates how intertwined federal policy and crypto dynamics have become. As investors await Friday’s formal nomination, the narrative continues to evolve around whether Bitcoin and other digital assets will be treated more as market signals, store-of-value considerations, or potential regulatory targets. The next steps—the nomination’s formal announcement, potential confirmation considerations, and subsequent policy communications—will shape not only the Fed’s credibility but also the broader macro environment in which digital assets operate.

What to watch next

Friday nomination announcement and formal U.S. Senate confirmation process for Warsh as Fed chair.

Any policy statements or congressional testimonies outlining Warsh’s approach to inflation, balance-sheet normalization, and asset purchases.

Market reactions in the wake of the nomination, including changes in the U.S. dollar, Treasury yields, and crypto liquidity conditions.

Subsequent commentary on Bitcoin’s role in policy discussions and the central bank’s communications strategy under a Warsh-led framework.

Developments in capital markets that influence risk sentiment, ETF flows, and institutional exposure to digital assets.

Sources & verification

Bloomberg: coverage on the nomination timeline and Friday announcement expectations. https://www.bloomberg.com/news/articles/2026-01-30/trump-administration-prepares-for-warsh-fed-chair-nomination

The Wall Street Journal: reporting on Trump’s Friday announcement plan. https://www.wsj.com/economy/central-banking/trump-to-announce-fed-chair-pick-on-friday-11d4b8c9

The New York Times: article about Warsh potentially becoming Fed chair. https://www.nytimes.com/2026/01/29/business/trump-expected-to-announce-kevin-warsh-as-fed-chair.html

Reuters: reportage on Warsh meeting with Trump. https://www.reuters.com/world/us/former-fed-governor-warsh-met-with-trump-thursday-2026-01-30/

Polymarket: odds on Warsh nomination. https://polymarket.com/event/who-will-trump-nominate-as-fed-chair

Kalshi: odds on Warsh nomination. https://kalshi.com/markets/kxfedchairnom/fed-chair-nominee/kxfedchairnom-29

Hoover Institution interview excerpts referencing Warsh’s view on Bitcoin as a policy signal.

Cointelegraph references used for context on Bitcoin’s policy discourse (for background visualization, not directly quoted). https://cointelegraph.com/news/bitcoin-price-fails-follow-gold-hits-5-3k-record-high

Market context

Market context: The nomination dynamics arrive amid a broader backdrop of macro volatility, liquidity management by central banks, and evolving regulatory attention on digital assets. As investors weigh the implications of a potentially hawkish Fed leadership, crypto markets monitor how policy signals could influence risk appetite, funding costs, and the overall risk-off or risk-on sentiment that shapes liquidity in digital-asset markets.

Why it matters

The potential appointment of Kevin Warsh as chair would place a Fed leader with a track record of rigorous monetary analysis at the helm during a period when inflation dynamics and the trajectory of quantitative easing remain of central concern. His perceived Bitcoin-friendly stance could affect how the central bank communicates about digital assets, potentially influencing investor expectations and the regulatory dialogue surrounding crypto markets. For traders and developers in the crypto space, a Warsh-led administration could recalibrate the balance between price stability goals and the pace at which the Fed considers experimenting with or tapering asset purchases, all of which reverberates through risk premia and liquidity across digital markets.

From a policy perspective, Warsh’s approach might prioritize market discipline and transparency, potentially aligning with calls for clearer regulatory guardrails on digital-asset issuance and trading. The existence of a policymaker who acknowledges Bitcoin’s informational value without endorsing it as a monetary policy tool could shift the tone of official commentary, setting expectations for how the Fed handles policy communication in a rapidly evolving financial ecosystem. In practical terms, crypto traders could see shifts in the supportive or adverse factors that influence Bitcoin and other assets, including the cost of capital, hedging activities, and cross-asset correlations during periods of quantitative tightening or inflation surprises.

For the crypto industry, the stakes are not solely about price moves. They include the degree to which central-bank rhetoric acknowledges the role of digital assets in market structure, risk transfer mechanisms, and the broader acceptance of crypto as part of a diverse financial system. While no policy moves are guaranteed until official confirmations, the trajectory of Warsh’s leadership would likely influence the tone of regulatory proposals, market surveillance measures, and the ongoing dialogue about how digital assets should be integrated into mainstream financial infrastructure.

What to watch next

Friday nomination announcement and any subsequent statements outlining Warsh’s policy priorities.

Confirmation hearings and committee deliberations that detail his stance on inflation, balance-sheet normalization, and crypto regulation.

Market reactions in the days following the announcement, particularly in the U.S. dollar index, Treasury yields, and crypto liquidity.

Any policy communications that specify a timeline for tapering asset purchases or adjusting quantitative easing programs.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Negative. A stronger dollar and higher yields tied to expectations of a hawkish Fed could weigh on risk assets, including Bitcoin.

This article was originally published as Trump to Pick Kevin Warsh as Next Fed Chair: Report on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Cardano’s Protocol version 11 is set to introduce significant performance improvements and new capabilities to the blockchain. The upcoming hard fork, which is scheduled for 2026, is an intra-era upgrade, meaning it will not drastically change the transaction structure of Cardano.

This makes it a seamless transition for the ecosystem, ensuring minimal disruptions. The new protocol aims to enhance key areas, including security, governance, and Plutus functionality, making it an important step in Cardano’s continued evolution.

Focus on Plutus Enhancements and Cryptographic Capabilities

The most notable update in Protocol version 11 revolves around the Plutus smart contract platform. The upgrade will improve Plutus’s performance, enhancing its efficiency and capabilities. Additionally, the update introduces new cryptographic features that are embedded through built-ins, expanding the platform’s potential.

https://t.co/41M6ONfFPD

— Intersect (@IntersectMBO) January 29, 2026

The new cryptographic capabilities will not only improve the functionality of smart contracts but also enhance the security of the entire network. The changes will allow developers to implement more complex cryptographic methods, such as zero-knowledge proofs, with greater ease.

This is expected to help Cardano become more competitive within the blockchain ecosystem, particularly in decentralized finance DeFi applications. The upgrade will also align with Cardano’s focus on scalability, making it better equipped to handle increased usage without sacrificing performance.

Furthermore, Cardano’s development team has ensured that these improvements will not impact the existing user experience. The intra-era nature of the hard fork guarantees that transactions will continue to function as they did before the update. This approach minimizes the need for ecosystem-wide changes, making it easier for both developers and users to adopt the new features.

Hard Fork Process and Cardano Node Releases

The upgrade process for Protocol version 11 is well underway, with Cardano’s engineering teams preparing key node releases. Intersect, a member organization focused on the Cardano ecosystem, has provided updates on the planned timeline. The first milestone in the upgrade process is the pre-release of Cardano node 10.6.2.

This version of the node, set to launch within the next week, will contain the hard fork functionality. It will be used for SanchoNet testing, providing the community with early access to the upcoming changes.

The second major release will be Cardano node 10.7.0, targeted for release within three weeks. This node version will be the official hard fork candidate for the mainnet. Once it is tested and deployed across preview and pre-production environments, it will pave the way for the upgrade to be implemented on the mainnet. The successful deployment of 10.7.0 on testnets will ensure that the upgrade goes smoothly on the mainnet without introducing unforeseen issues.

Formal benchmarking and performance tests will follow the deployment of the candidate node. This will be an essential part of the process, as it will verify the effectiveness of the new changes. The engineering team aims to ensure that the upgrade will not only meet its performance goals but also maintain the stability of the Cardano network as a whole.

Van Rossem Hard Fork: A Tribute to Max van Rossem

The upgrade to Protocol version 11 has been named the van Rossem Hard Fork in honor of Max van Rossem. Max van Rossem is recognized for his contributions to the Cardano ecosystem, particularly his involvement in the hard fork working group.

Intersect’s Hard Fork Working Group proposed this name to celebrate van Rossem’s commitment to the network’s advancement. This gesture underscores the importance of the Cardano community and its contributors in shaping the blockchain’s future.

The van Rossem Hard Fork is not just about technical improvements; it also reflects Cardano’s ethos of honoring those who play a key role in its development. As the hard fork progresses, the community will celebrate the work of individuals like van Rossem, who continue to push the boundaries of blockchain technology. The upgrade, while focused on performance and security, also highlights the collaborative nature of the Cardano ecosystem.

This hard fork is a crucial step in ensuring that Cardano remains competitive and adaptable to the evolving blockchain landscape. The improvements will position Cardano to handle the growing demand for decentralized applications and smart contracts. As the upgrade moves through testing phases, Cardano continues to strengthen its infrastructure while honoring the contributions that make such advancements possible.

This article was originally published as Cardano’s Protocol 11 Hard Fork Boosting Plutus & Cryptographic Power on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Metaplanet, a Japan-based Bitcoin treasury firm, announced plans to raise approximately $137 million through a stock offering and warrants. This funding aims to support the company’s goal of increasing its Bitcoin holdings and reaching a target of 100,000 BTC by the end of 2026.

The firm’s board approved the issuance of 24,529,000 common shares at JPY 499 per share and 15,944,000 ordinary shares. The stock sale, which is expected to raise JPY 21 billion ($137 million), aligns with Metaplanet’s broader ambitions in the cryptocurrency market.

Stock Offering to Support Bitcoin Purchases

The raised funds will primarily be used to acquire additional Bitcoin. Dylan LeClair, the Head of Bitcoin Strategy at Metaplanet, emphasized that the financing structure allows the company to capitalize on market volatility. By issuing stock with a fixed strike price of JPY 547 for one year, Metaplanet intends to sell shares at a premium to the current market price. This move is designed to maximize the capital raised while also expanding its Bitcoin reserves.

Metaplanet’s strategic focus remains clear: building its Bitcoin treasury. The company currently holds 35,102 BTC, valued at over $3.08 billion at current market prices. With this new stock offering, Metaplanet plans to strengthen its position in the Bitcoin market, which is expected to grow in the coming years.

Metaplanet’s Long-Term Bitcoin Goal

Metaplanet’s decision to raise funds is a step toward reaching its long-term goal of accumulating 100,000 BTC by 2026. The firm continues to expand its Bitcoin holdings despite recent volatility in the cryptocurrency market. This strategic move follows previous fundraising efforts, such as the MERCURY Class B perpetual share offering, which also aimed to support Bitcoin purchases.

Metaplanet has closed its first institutional shares + warrants transaction to accelerate our Bitcoin strategy. Total proceeds of up to ¥21B, comprising ¥12.2B in shares issued at a 5% premium (¥499) and up to ¥8.8B from 1-year warrants issued at a 15% premium (¥547 exercise… pic.twitter.com/OprgedN4Fd

— Simon Gerovich (@gerovich) January 29, 2026

Metaplanet Stock Experiences Volatility

Metaplanet’s stock, trading under the ticker (TYO: 3350), has seen some volatility in recent days. On January 29, the stock price closed 4% lower at JPY 456. Despite this drop, the stock has risen 14% year-to-date, demonstrating a degree of recovery after recent losses. Investors have shown interest in the stock, although the trading volume remains lower than the average volume of 27 million shares.

Despite the dip, Metaplanet’s stock price remains relatively stable compared to its historical performance. The firm’s announcement to raise $137 million through its stock offering did not immediately impact the stock’s value significantly. However, this move could attract new investors looking to capitalize on the company’s future growth in Bitcoin holdings.

Bitcoin Price Experiences Decline Amid Market Sell-Off

Bitcoin has seen a price decline recently, dropping over 2% in the past 24 hours. As of January 29, Bitcoin is trading at $87,776, with a low of $87,612 and a high of $90,439 during the day. This price drop is part of a broader trend in the crypto market, where several cryptocurrencies have experienced significant losses. The overall trading volume of Bitcoin has increased by 13%, as traders monitor the situation for potential market trends.

Bitcoin’s price has faced downward pressure from broader market movements, including news from the Federal Reserve regarding interest rates. The Fed’s decision to keep interest rates unchanged has left traders looking for other signs of market direction. As a result, Bitcoin and other cryptocurrencies are currently seeing lower prices, creating a challenging environment for companies like Metaplanet that hold large reserves of digital assets.

Despite these challenges, Metaplanet remains committed to its Bitcoin acquisition strategy. The firm continues to see long-term potential in Bitcoin and is focused on expanding its holdings despite short-term price fluctuations. This steadfast commitment underscores Metaplanet’s belief in the future growth of the cryptocurrency market, even as it navigates current volatility.

Metaplanet’s Strategy Amid Bitcoin Volatility

Metaplanet has faced challenges due to Bitcoin’s price volatility. The company recently recorded an impairment loss of $679 million, reflecting the risks associated with holding large quantities of Bitcoin. This loss came after significant price fluctuations in the cryptocurrency market, highlighting the unpredictable nature of Bitcoin’s value. However, Metaplanet’s long-term strategy remains focused on building a substantial Bitcoin reserve, regardless of short-term price drops.

The company’s decision to raise funds through stock offerings and warrants is part of its broader strategy to mitigate the impact of Bitcoin’s volatility. By securing additional capital now, Metaplanet aims to better position itself for future growth in the Bitcoin market. Despite the risks, Metaplanet continues to expand its holdings, relying on the belief that Bitcoin’s long-term potential outweighs the short-term challenges.

This article was originally published as Metaplanet to Raise $137 Million to Expand Bitcoin Holdings by 2026 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

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.

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.