About
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
Sam Bankman-Fried reportedly hoping for Trump pardon
Sam Bankman-Fried’s appeal, the founder of the collapsed crypto exchange FTX, has met with notable skepticism from the US Court of Appeals. At the same time, media reports indicate that Bankman-Fried or his associates have floated the idea of a potential pardon from President Donald Trump. Before a three-judge panel at the 2nd US Court of Appeals in Manhattan, Bankman-Fried’s attorneys defended his request to overturn the conviction and 25-year prison sentence issued in 2023. The judges expressed doubt that the exclusion of certain evidence had materially disadvantaged Bankman-Fried, noting little reason to vacate the ruling. According to Reuters, supporters from his inner circle have reportedly tried to mobilize a pardon campaign through Donald Trump, though the court clarified that this matter is not part of the current proceedings. Details of the judicial review The appeals court focused on two central questions: first, whether relevant evidence was improperly excluded, and second, whether the remaining evidence was sufficient for conviction. One judge remarked, “If you are not challenging the evidentiary record, you are conceding that it was sufficient.” The prosecution maintains that Bankman-Fried, together with three cooperating witnesses, redirected FTX customer deposits into his hedge fund group Alameda Research and used the funds to cover his own losses . In parallel, Reuters reports that part of Bankman-Fried’s support network has already discussed the possibility of a pardon request to Donald Trump. “Members from Bankman-Fried’s closest circle have approached US President Donald Trump to seek a pardon,” the article states. Trump himself has not made any public comment on the matter. Industry representatives hope for no pardon The former FTX CEO receives little sympathy. According to the head of the bankruptcy proceedings, Sam Bankman-Fried and his co-founder Gary Wang exercised complete control over the digital assets of FTX’s main operations. Access to private keys and sensitive data was managed through an “unsecured group email account.” Furthermore, software was allegedly used to conceal the misuse of customer funds by masking transactions between the FTX exchange and the trading firm Alameda Research from auditors. Alameda was also reportedly exempt from certain aspects of the exchange’s auto-liquidation protocol. Attorneys further confirmed suspicions that the operations of the nominally separate entities FTX and Alameda Research were hardly distinct. Nearly none of the 130 affiliated companies held board meetings, and governance was primarily directed by SBF himself (including that of Alameda Research). This raises the question of whether the 3.3 billion USD in loans extended to Bankman-Fried by Alameda were ultimately financed with FTX customer funds. Moreover, the number of user-deposited cryptocurrencies for some subsidiaries-including the US-regulated “FTX US” exchange-cannot be found in any financial statements. “Procedural deficiencies in fund management included the lack of a complete list of bank accounts and authorized signatories, as well as insufficient due diligence on the creditworthiness of banking partners worldwide. [...] I have serious concerns about the information contained in these audited financial statements, particularly with regard to the Dotcom Silo. I do not believe it is appropriate for the parties or the court to rely on the audited financial statements as an accurate reflection of the financial condition of these silos.” - John J. Ray, new FTX CEO and head of the bankruptcy proceedings in Delaware
Asia Morning Briefing: Bitcoin Stabilizes as Altcoins Flash Early Strength
November 7, 2025 07:21:03 UTC South Korea’s largest exchange, Upbit, is seeing a surge in XRP trading dominance, with the token leading all pairs — capturing 15.09% of total volume ($387 million). XRP has outperformed both Bitcoin (BTC) and Ethereum (ETH), maintaining strong momentum even as overall market volume fell by 49%. This resilience highlights XRP’s growing demand among Korean traders and its firm hold in one of Asia’s most active crypto markets. November 7, 2025 06:58:31 UTC Binance’s latest Proof of Reserves (PoR) report confirms robust asset security across major cryptocurrencies. USDC leads with a 133.79% ratio, followed by BNB at 112.95%, and FDUSD at 111.72%. Bitcoin’s reserve ratio stands solid at 102.11%, and Ethereum and Solana are fully backed at 100%. The data highlights Binance’s continued transparency and overcollateralization, ensuring user funds are backed — and in most cases, oversecured — across multiple assets. November 7, 2025 06:54:24 UTC The Pi Network community is buzzing with anticipation as the project prepares to roll out its latest interface update, signaling a major breakthrough in its development. Far from a routine bug fix, this update is seen as a strong indicator of the network’s imminent Mainnet V23 launch. The upgrade promises a more stable, seamless, and decentralized ecosystem — a key milestone that could finally bring Pi Network closer to realizing its long-awaited vision of mainstream blockchain adoption. November 7, 2025 06:53:31 UTC Within just three days, two stablecoins each worth over $500 million lost their peg, trapping traders who tried to buy the dip. The panic quickly spread to Ethena’s synthetic stablecoin USDe, whose market cap plunged from $14.8 billion to $8.7 billion — and continues to fall. Notably, CoinMarketCap has removed the K-line data showing the depegging, though CoinGecko still displays the dramatic collapse, capturing one of the most volatile moments in stablecoin history. November 7, 2025 06:06:50 UTC Google is integrating Kalshi and Polymarket data into Google Finance, letting users see real-time prediction odds for questions like “Will the Fed cut rates in December?” directly in search. The update will display live probabilities and trend charts. Kalshi, a CFTC-regulated exchange, focuses on policy outcomes, while Polymarket, built on blockchain, covers global topics. The move adds a new layer of AI-driven insights, making future expectations as trackable as stock quotes or economic data. November 7, 2025 05:52:37 UTC Terraform Labs founder Do Kwon is expected to serve roughly four more years in a U.S. prison, but his legal troubles won’t end there. Once his American sentence is complete, he will likely be extradited to South Korea, where prosecutors and victims are preparing additional charges that could add decades to his jail time. Kwon’s case highlights the growing risks faced by international crypto scammers, who now face accountability across multiple jurisdictions. November 7, 2025 05:50:39 UTC FTX’s legal counsel and advisors are facing sharp criticism for billing every hour since November 2022, according to court payment records. John J. Ray III praised his team for “no breaks, no holidays, not even weekends,” while investors call it blatant overbilling. With total fees exceeding $2.5 billion, the FTX case is shaping up to be a cautionary tale of how legal bureaucracy can drain estate funds faster than recovery efforts rebuild them. November 7, 2025 05:49:05 UTC John J. Ray III admitted to placing FTX EU and FTX Japan into bankruptcy without board approval, actions now facing legal threats from local regulators and former employees. The Swiss court reportedly challenged the legality of the filings, prompting Ray to sell FTX EU back to employees and grant himself a legal release. Similar disputes are emerging in Japan, where former staff allege the estate is misusing assets to suppress whistleblowers. November 7, 2025 05:49:05 UTC In a biting, satirical moment during his court remarks, John J. Ray III mocked the chaotic recovery process, comparing FTX’s asset hunt to a game of “whack-a-mole.” He referenced billions in lost or mismanaged funds, including $10B in Robinhood assets, $5B in Solana, and $1.8B from Anthropic shares sold against committee wishes. Critics say Ray’s tone underscores growing frustration with FTX’s handling of recoveries and questionable sales of high-value assets. November 7, 2025 05:45:28 UTC During FTX’s ongoing legal battles, CEO John J. Ray III admitted to approving a $42 million personal bonus and $1 million payments to board members who sanctioned it. The revelation has sparked outrage among creditors and investors, many of whom view the payouts as excessive amid ongoing losses. Ray defended his compensation, claiming it reflected “extraordinary effort” in managing the most complex bankruptcy in U.S. financial history. November 7, 2025 05:45:28 UTC At FTX founder Sam Bankman-Fried’s appeal hearing, current CEO John J. Ray III appeared to defend allegations of gross misconduct and the destruction of over $130 billion in estate assets. Ray acknowledged that FTX’s bankruptcy process has cost over $2.5 billion in fees, calling it “the most expensive bankruptcy ever.” Critics argue Ray’s leadership kept a “perfectly solvent” company under Chapter 11, raising questions about the true state of FTX’s finances and his motives. November 7, 2025 05:37:49 UTC Bitcoin’s technical structure has flipped bearish after losing crucial support, signaling potential downside ahead. The price is rejecting the Fair Value Gap (FVG) zone, confirming weakening momentum and fading bullish control. Analysts suggest a high probability of $BTC filling the FVG and extending the drop toward $83,610. However, a decisive reclaim above $116,400 would invalidate this bearish outlook and restore optimism in the short term. $BTC Breakdown Confirmed, Structure Flipped Bearish: Next Stop $83,610? Support is broken, structure flipped bearish, and momentum favors the downside. Bitcoin is rejecting the FVG zone, confirming weakness and loss of bullish control. High probability #BTC fills the FVG and… pic.twitter.com/FOpmfJX6rh — Crypto Patel (@CryptoPatel) November 7, 2025 November 7, 2025 05:37:49 UTC JPMorgan analysts expect Bitcoin to climb to around $170,000 within the next 6 to 12 months. They believe the recent 20% market correction and leverage reset have set the stage for renewed upside. The bank highlighted improving volatility metrics compared to gold and said recent turbulence — including record futures liquidations on October 10 and the $120 million Balancer exploit — reflects a healthy market reset before Bitcoin’s next potential surge. November 7, 2025 05:35:36 UTC Galaxy CEO Mike Novogratz believes the crypto market’s current sluggishness is a natural cooldown after a long bull run. He noted that many long-term holders are diversifying their portfolios, which could pressure prices in the short term but strengthen the market over time. Novogratz added that the market hasn’t yet reached its cycle top, and a more dovish Federal Reserve chair later this year could trigger the next major rally. November 7, 2025 05:35:36 UTC Japan’s Financial Services Agency has approved a pilot project where MUFG, SMBC, and Mizuho will jointly issue a yen-backed stablecoin. As the first initiative under the Payment Innovation Project (PIP), the program aims to test the legal and operational feasibility of issuing stablecoins across multiple banks. The experiment, set to begin in November 2025, marks a major step toward Japan’s integration of blockchain technology into its traditional financial system. November 7, 2025 05:34:43 UTC Bloomberg Senior ETF Analyst Eric Balchunas revealed that Bitwise has submitted an 8(a) form for its Spot Dogecoin ETF. The filing serves as an automatic effectiveness application to U.S. securities exchanges, meaning the ETF could be automatically approved for listing if the SEC does not act within 20 days. This move signals growing institutional interest in Dogecoin and could mark a major milestone for meme coin adoption in regulated markets. November 7, 2025 05:33:37 UTC According to @EmberCN, Tether’s BTC reserve wallet withdrew 961 BTC (worth $97.18 million) from Bitfinex, likely signaling a dip-buying move. The wallet, which accumulates Bitcoin using 15% of Tether’s profits since 2023, now holds 87,296 BTC valued at $8.84 billion—making it the 6th largest Bitcoin wallet globally. Based on withdrawal prices, the average cost per BTC stands at $49,121, giving Tether an unrealized profit of roughly $4.55 billion. November 7, 2025 05:32:35 UTC In a landmark decision, India’s High Court has officially recognized Bitcoin and other cryptocurrencies as legal property. The ruling states that crypto assets can be owned, held in trust, and protected under existing laws. This move grants investors legal protection and ensures greater accountability for crypto exchanges operating in the country — marking a major step toward regulatory clarity and mainstream adoption of digital assets in India. November 7, 2025 05:31:34 UTC The U.S. Supreme Court is expected to rule soon on President Trump’s tariffs, with increasing odds that the measures could be struck down. Such a ruling might trigger massive refunds to affected businesses, impacting financial markets. Meanwhile, major institutions like JPMorgan and Charles Schwab are turning bullish on Bitcoin, forecasting stronger demand than gold by 2026. Trump has reiterated Bitcoin’s importance to the U.S. economy, calling it “vital to the financial system.” November 7, 2025 05:24:17 UTC Robinhood is reportedly considering adding Bitcoin to its corporate treasury, signaling growing institutional confidence in crypto. The move follows a robust Q3 performance, with overall revenue doubling and crypto revenue soaring 300% year-over-year. By holding Bitcoin as a strategic asset, Robinhood aims to strengthen its balance sheet and align with a broader shift toward digital assets. Analysts say this could further legitimize Bitcoin adoption among mainstream financial firms. November 7, 2025 05:24:17 UTC New York City’s newly elected mayor, Zohran Mamdani, has proposed a controversial Bitcoin tax requiring all residents to contribute a portion of their holdings. His broader socialist agenda—featuring city-run grocery stores and race-based property taxes—has drawn sharp criticism. While supporters hail it as a push for economic equality, critics fear it could spark an economic decline, drive businesses away, and damage the city’s status as a global financial hub. November 7, 2025 05:24:17 UTC November’s market action shows renewed investor confidence as Bitcoin rebounds sharply from bear-market lows, holding key support above $100K. Stocks and gold have also surged, while bonds slipped. Traders are closely watching technical indicators, including Elliott Wave patterns, to anticipate Bitcoin’s next move. With new crypto listings and futures products adding liquidity, market sentiment remains cautious yet optimistic heading into the final weeks of 2025. November 7, 2025 05:24:17 UTC The crypto market is buzzing as Alchemix ($ALCX) and Sapien ($SAPIEN) record massive price surges, attracting short-term traders hoping to capitalize on quick gains. Analysts warn that while the hype fuels strong momentum, frequent retracements and potential rug pulls make these assets highly risky. Meanwhile, privacy coins like Zcash ($ZEC) and Dash ($DASH) are gaining ground amid renewed interest in digital privacy, dividing investors between chasing profits and managing risk. November 7, 2025 05:24:17 UTC The U.S. government shutdown is bleeding liquidity at a rate of $15 billion per week, with over $75 billion already drained from the economy. Traditional markets are showing clear signs of stress, and Bitcoin ($BTC) is reacting swiftly to the tightening conditions. Our trading models flagged this shift early — a major market update is coming before the next big move. November 7, 2025 05:24:17 UTC The Federal Reserve entered a severe quantitative tightening (QT) phase at the end of summer to curb inflation — a typical move to drain excess liquidity. However, with the U.S. government shutdown halting major spending, the usual balancing flow of cash back into the economy has stalled. As a result, liquidity continues to tighten sharply, visible in data trends where the line just keeps climbing upward, signaling growing financial strain.
Employees At Major US Bank Accused of Draining Customers’ Accounts, Triggering $363,452 in Losses
The Federal Deposit Insurance Corporation (FDIC) says employees at a major US bank have been caught draining hundreds of thousands of dollars from customers’ accounts. The thefts allegedly happened at Truist Bank over the course of about five years in multiple separate incidents. The FDIC says Truist insider Mountee Brown caused losses of more than a quarter of a million dollars over two months. “Respondent [Mountee Brown], while serving as a Financial Service Specialist at Truist Bank, Charlotte, North Carolina (Bank), on at least 26 occasions between October and November 2022, authorized the withdrawal of funds from customer accounts to individuals who were not authorized to receive those funds. As a result of this unauthorized activity, the Bank suffered a loss of $255,000 and Respondent received financial gain of at least approximately $30,200.” The FDIC is now banning Brown, who pleaded guilty to charges of bank fraud and aggravated identity theft in a U.S. District Court, from the US banking industry. Next up is Elias Israel Roblero Rangel, a former Truist Bank personal banker. In a separate incident about five years ago, the FDIC says Rangel accessed the accounts of five clients and ordered debit and credit cards for the quintet without authorization and had them mailed to himself. Using the credit and debit cards linked to the five customers, Rangel then made unauthorized ATM withdrawals from the accounts of three customers and shopped using the cards linked to two customers’ accounts. The FDIC, which says Rangel caused $44,187 in losses to Truist Bank, is banning him from the banking industry. Rangel admitted the theft accusations and is facing a civil money penalty of $35,000 from the FDIC. The former Truist Bank teller, Branden J. Ayala, is also facing an enforcement action from the FDIC. Ayala allegedly processed at least 18 unauthorized withdrawals from customer accounts between August and October of 2020. The FDIC also says he cashed unauthorized checks and handed the proceeds to impersonators. Ayala caused at least $39,950 in losses to the bank, per the FDIC. The FDIC is banning Ayala, who neither admitted nor denied the allegations, from the banking industry and ordering him to pay a civil money penalty of $7,000. Lastly, the FDIC is taking action against former Truist Bank employee Derrick Alan Smith. According to the agency, Smith stole $24,315 from four elderly customers of Truist Bank by cashing 16 forged counter checks while working at the lender. The FDIC is consequently banning Smith, who pleaded guilty to forgery in October of 2021 after getting arrested, from working in the banking industry. The agency is also fining him $35,000 and ordering him to restitute Truist Bank for $24,315. Generated Image: Midjourney
Bitcoin miner to AI landlord: Microsoft signs $9.7B deal with BTC miner IREN
Microsoft’s $9.7 billion contract with a Texas miner reveals the new math pushing crypto infrastructure toward AI, and what it means for the networks left behind. IREN’s November 3 announcement collapses two transactions into a single strategic pivot. The first is a five-year, $9.7 billion cloud services contract with Microsoft, while the second is a $5.8 billion equipment deal with Dell to source Nvidia GB300 systems. The combined $15.5 billion commitment converts roughly 200 megawatts of critical IT capacity at IREN’s Childress, Texas campus from potential Bitcoin mining infrastructure into contracted GPU hosting for Microsoft’s AI workloads. IREN plans to scale its Childress AI capacity from 75 megawatts in late 2025 to 200 megawatts by the second half of 2026. Microsoft included a 20% prepayment, roughly $1.9 billion upfront, signaling urgency around a capacity constraint the company’s CFO flagged as extending at least through mid-2026. The deal’s structure makes explicit what miners have been calculating quietly. At the current forward hash price, every megawatt dedicated to AI hosting generates roughly $500,000 to $600,000 more in annual gross revenue than the same megawatt hashing Bitcoin. That margin, an approximately 80% uplift, creates the economic logic driving the most significant infrastructure reallocation in crypto’s history. The revenue math that broke Bitcoin mining at 20 joules per terahash efficiency generates approximately $0.79 million per megawatt-hour when the hash price is $43.34 per petahash per day. Even at $55 per petahash, which requires either sustained Bitcoin price appreciation or fee-spike activity, mining revenue climbs only to $1.00 million per megawatt-year. AI hosting, by contrast, benchmarks around $1.45 million per megawatt-year based on Core Scientific’s disclosed contracts with CoreWeave. This equates to $8.7 billion in cumulative revenue across approximately 500 megawatts over a 12-year period. At current hashprice levels, AI hosting generates approximately $500,000 to $650,000 more revenue per megawatt-year than Bitcoin mining at 20 J/TH efficiency. The crossover point where Bitcoin mining matches AI hosting economics sits between $60 and $70 per petahash per day for a 20 joule-per-terahash fleet. For the bulk of the mining industry, which runs 20-to-25 joule equipment, the hash price would need to rise 40% to 60% from current levels to make Bitcoin mining as lucrative as contracted GPU hosting. That scenario requires either a sharp Bitcoin price rally, sustained fee pressure, or a meaningful drop in network hashrate, none of which operators can bank on when Microsoft offers guaranteed, dollar-denominated revenue starting immediately. Bitcoin mining gross margins at 20 J/TH efficiency fall to break-even when power costs reach approximately $50 per megawatt-hour at the current hashprice. Why Texas won the bid IREN’s Childress campus is situated on ERCOT’s grid, where wholesale power prices averaged $27 to $34 per megawatt-hour in 2025. These numbers are lower than the US national average of nearly $40 and significantly cheaper than those in PJM or other eastern grids, where data center demand drove capacity auction prices to regulatory caps. Texas benefits from rapid solar and wind expansion, keeping baseline power costs competitive. But ERCOT’s volatility creates additional revenue streams that amplify the economic case for flexible compute infrastructure. Riot Platforms demonstrated this dynamic in August 2023 when it collected $31.7 million in demand response and curtailment credits by shutting down mining operations during peak pricing events. The same flexibility applies to AI hosting if contract structures are structured as a pass-through: operators can curtail operations during extreme pricing events, collect ancillary service payments, and resume operations when prices normalize. PJM’s capacity market tells the other side of the story. Data center demand pushed capacity prices to administrative caps for forward delivery years, signaling constrained supply and multi-year queues for interconnection. ERCOT operates an energy-only market with no capacity construct, meaning interconnection timelines compress and operators face fewer regulatory hurdles. IREN’s 750-megawatt campus already has the power infrastructure in place; converting from mining to AI hosting requires swapping ASICs for GPUs and upgrading cooling systems rather than securing new transmission capacity. The deployment timeline and what happens to miners Data Center Dynamics flagged IREN’s “Horizon 1” module in the second half of 2025: a 75-megawatt, direct-to-chip liquid-cooled installation designed for Blackwell-class GPUs. Reports confirmed that the phased deployment will extend through 2026, scaling to approximately 200 megawatts of critical IT load. That timeline aligns precisely with Microsoft’s mid-2026 capacity crunch, making third-party capacity immediately valuable even if hyperscale buildouts eventually catch up. The 20% prepayment functions as schedule insurance. Microsoft locks delivery milestones and shares some of the supply-chain risk inherent in sourcing Nvidia’s GB300 systems, which remain supply-constrained. The prepayment structure suggests Microsoft values certainty over waiting for potentially cheaper capacity in 2027 or 2028. If IREN’s 200 megawatts represents the leading edge of a broader reallocation, network hashrate growth moderates as capacity exits Bitcoin mining. The network recently surpassed one zettahash per second, reflecting steady increases in difficulty. Removing even 500 to 1,000 megawatts from the global mining base, a plausible scenario if Core Scientific’s 500 megawatts combines with IREN’s pivot and similar moves from other miners, would slow hashrate growth and provide marginal relief on hash price for remaining operators. Difficulty adjusts every 2,016 blocks based on actual hashrate. If aggregate network capacity declines or stops growing as quickly, each remaining petahash earns slightly more Bitcoin. High-efficiency fleets with hash rates below 20 joules per terahash benefit most because their cost structures can sustain lower hash rate levels than older hardware. Treasury pressure eases for miners that successfully pivot capacity to multi-year, dollar-denominated hosting contracts. Bitcoin mining revenue fluctuates with price, difficulty, and fee activity; operators with thin balance sheets often face forced selling during downturns to cover fixed costs. Core Scientific’s 12-year contracts with CoreWeave de-link cash flow from Bitcoin’s spot market, converting volatile revenue into predictable service fees. IREN’s Microsoft contract achieves the same outcome: financial performance depends on uptime and operational efficiency rather than whether Bitcoin trades at $60,000 or $30,000. This de-linking has second-order effects on Bitcoin’s spot market. Miners represent a structural source of sell pressure because they must convert some mined coins to fiat to cover electricity and debt service. Reducing the mining base removes that incremental selling, marginally tightening Bitcoin’s supply-demand balance. If the trend scales to multiple gigawatts over the next 18 months, the cumulative impact on miner-driven selling becomes material. The risk scenario that reverses the trade Hash price doesn’t remain static. If Bitcoin’s price rallies sharply while the network’s hashrate growth moderates due to capacity reallocation, the hashprice could climb above $60 per petahash per day and approach levels where mining rivals AI hosting economics. Add a fee spike from network congestion, and the revenue gap narrows further. Miners who locked capacity into multi-year hosting contracts can’t easily pivot back, since they’ve committed to hardware procurement budgets, site designs, and customer SLAs around GPU infrastructure. Supply-chain risk sits on the other side. Nvidia’s GB300 systems remain constrained, liquid-cooling components face lead times measured in quarters, and substation work can delay site readiness. If IREN’s Childress deployment slips beyond mid-2026, the revenue guarantee from Microsoft loses some of its immediate value. Microsoft needs capacity when its internal constraints bite hardest, not six months later when the company’s own buildouts come online. Contract structure introduces another variable. The $1.45 million per megawatt-year figure represents service revenue, and margins depend on SLA performance, availability guarantees, and whether power costs pass through cleanly. Some hosting contracts include take-or-pay power commitments that protect the operator from curtailment losses but cap upside from ancillary services. Others leave the operator vulnerable to ERCOT’s price fluctuations, creating margin risk if extreme weather drives power costs above pass-through thresholds. What Microsoft actually bought IREN and Core Scientific aren’t outliers, but rather the visible edge of a re-optimization playing out across the publicly traded mining sector. Miners with access to cheap power, ERCOT or similar flexible grids, and existing infrastructure can pitch hyperscalers on capacity that’s faster and cheaper to activate than greenfield data center construction. The limiting factors are cooling capacity, direct-to-chip liquid cooling requires different infrastructure than air-cooled ASICs, and the ability to secure GPU supply. What Microsoft bought from IREN wasn’t just 200 megawatts of GPU capacity. It bought delivery certainty during a constraint window when every competitor faces the same bottlenecks. The prepayment and five-year term signal that hyperscalers value speed and reliability enough to pay premiums over what future capacity might cost. For miners, this premium represents an arbitrage opportunity: redeploy megawatts toward the higher-revenue use case while the hash price remains suppressed, then reassess when Bitcoin’s next bull cycle or fee environment changes the math. The trade works until it doesn’t, and the timing of that reversal will determine which operators captured the best years of AI infrastructure scarcity and which ones locked in just before mining economics recovered. The post Bitcoin miner to AI landlord: Microsoft signs $9.7B deal with BTC miner IREN appeared first on CryptoSlate.
ETH Volatility: In-depth Analysis of Market Depth Amid High-Leverage Liquidations and Macroeconomic Regulation
Event Review 📉 Recently, the ETH market experienced a round of intense volatility. Starting from 23:20, the price instantly plummeted from $3,705 to $3,619, a drop of 2.31%. After several rounds of corrections, it stabilized around $3,586.79 at 23:59. Meanwhile, multiple whales and high-frequency capital operation groups triggered stop-losses, and 25x leveraged ETH long positions were forcibly liquidated, with single losses reaching as high as $15 million. The chain reaction of high-leverage position liquidations spread rapidly, not only triggering market panic but also accelerating the exposure of risks across the entire ecosystem. Timeline ⏱️ 23:08: Federal Reserve officials made statements regarding the future direction of interest rates, hinting that the window for rate cuts may gradually open, adding uncertainty to the market. 23:20: The ETH market began to plunge, with prices on some platforms dropping sharply from $3,705 to $3,619, while another platform showed a decrease from $3,590 to $3,580. 23:33: As selling pressure intensified, "high win-rate whales" began to gradually reduce their positions, and some ETH long positions were stopped out. 23:38: In high-leverage trading, "Brother Machi's" 25x ETH long position was completely liquidated, with a single loss reaching $15 million, triggering a chain liquidation effect. 23:49: ETH price continued to adjust and hovered around $3,580, with market sentiment turning cautious. 23:59: After the sharp fluctuations, ETH slightly stabilized at $3,586.79, showing signs of temporary stabilization amid volatility. Cause Analysis 🔍 High-Leverage Positions and Chain Liquidations A large number of leveraged long positions in the market quickly hit stop-loss lines during the price correction, resulting in forced liquidations. A single liquidation event often triggers a chain reaction of funds, amplifying the effect and causing the entire market to fall into a selling frenzy. Macroeconomic Policy Changes and Risk Aversion Sentiment Statements by Federal Reserve officials regarding the future direction of interest rates intensified the market's risk-averse atmosphere. Under the dual impact of weakened liquidity expectations and geopolitical risks, investors generally tended to reduce their positions, exacerbating selling pressure in the market. Technical Analysis 📊 Based on 45-minute K-line data from Binance USDT perpetual contracts, current technical indicators show: Oversold Condition: The J value is in an extremely oversold region, and the RSI also shows an overbought reversal signal. The possibility of a short-term rebound increases, but the rebound may be limited. Moving Average Arrangement: The price is below the MA5, MA10, MA20, and MA50, and the EMA5/10/20/50/120 are all in a bearish arrangement, indicating an overall weak trend. Surge in Trading Volume: Recent trading volume has increased by nearly 89.39%, and the volume-to-price ratio is above average, indicating unusually active trading at this price point. Momentum Indicators: OBV has broken below previous lows, indicating that sellers are gaining control, while divergence in the KDJ indicator suggests intense short-term market volatility. Overall, although technical indicators show oversold conditions and the possibility of a rebound in the short term, the high-speed downward trend and chain liquidations triggered by high leverage have not changed the overall bearish pattern of the market in the medium to long term. Market Outlook 🔮 In the current environment, the following key points should be watched regarding ETH's future trend: Possibility of Short-Term Volatile Rebound: The oversold condition provides a technical rebound signal, but caution is needed regarding the risk of continued capital outflows. The short-term rebound may be limited by ongoing liquidation pressure. Medium- to Long-Term Trend Remains Weak: In a high-leverage trading environment, uncertainty still exists. If macro policies and liquidity risks persist, the price is likely to hover around $3,600 or even lower. Risk Control and Position Management: Investors should pay more attention to risk control, set stop-losses strictly, and guard against deep volatility caused by chain liquidations in an environment of repeated and intense market sentiment. Monitoring Policy Signals: Close attention should be paid to policy changes from the Federal Reserve and other institutions, as well as relevant macroeconomic indicators, which will have a key impact on market liquidity and risk appetite. Summary 📝 The recent sharp fluctuations in ETH have fully exposed the huge risks lurking in the crypto market under the dual inducements of high leverage and macro policy. Although technical indicators suggest the possibility of a short-term oversold rebound, the overall downward trend has not fundamentally changed. For the majority of investors, strengthening risk management and position control, and paying attention to policy dynamics and changes in market sentiment, are the best strategies to cope with a highly volatile environment.
Why did Bitcoin’s largest buyers suddenly stop accumulating?
For most of 2025, Bitcoin’s floor looked unshakable, supported by an unlikely alliance of corporate treasuries and exchange-traded funds. Companies issued stock and convertible debt to buy the token, while ETF inflows quietly soaked up new supply. Together, they created a durable demand base that helped Bitcoin defy tightening financial conditions. Now, that foundation is beginning to shift. In a Nov. 3 post on X, Charles Edwards, founder of Capriole Investments, stated that his bullish outlook has weakened as the pace of institutional accumulation has waned. He noted: “For the first time in 7 months, net institutional buying has DROPPED below daily mined supply. Not Good.” Bitcoin Institutional Purchases (Source: Capriole Investments) According to Edwards, this was the key metric that had kept him optimistic, even as other assets outperformed Bitcoin. However, with the current situation, he noted that there are now roughly 188 corporate treasuries that hold sizable Bitcoin positions, many with limited business models beyond their token exposure. Bitcoin treasury purchases slowdown No company defines the corporate Bitcoin trade more than MicroStrategy Inc., which recently shortened its name to Strategy. The Michael Saylor-led software maker, which has transformed into a Bitcoin treasury company, now holds more than 674,000 BTC, solidifying its position as the largest single corporate holder. Its buying rhythm, however, has slowed sharply in recent months. For context, Strategy added about 43,000 BTC in the third quarter, which is its lowest quarterly purchase this year. This number is unsurprising considering the firm saw some of its Bitcoin purchases drop to only a few hundred coins during the period. CryptoQuant analyst J.A. Maarturn explained that the slowdown could be linked to the Strategy’s falling NAV. According to him, investors once paid a hefty “NAV premium” for every dollar of Bitcoin on Strategy’s balance sheet, effectively rewarding shareholders with leveraged exposure to BTC’s upside. That premium has compressed since mid-year. With fewer valuation tailwinds, issuing new shares to buy Bitcoin is no longer as accretive, dulling the incentive to raise capital. Maarturn noted: “Capital is harder to raise. Equity issuance premiums have dropped from 208% [to] 4%.” MicroStrategy’s Shares Premium (Source: CryptoQuant) Meanwhile, the cooling extends beyond MicroStrategy. Metaplanet, a Tokyo-listed firm that modeled itself on the US pioneer, recently traded below the market value of its own Bitcoin holdings after a steep drawdown. In response, it authorized a share buyback while introducing new guidelines for raising capital to grow its Bitcoin treasury. The move signaled confidence in its balance sheet but also highlighted waning investor enthusiasm for “digital-asset treasury” business models. In fact, the slowdown in Bitcoin treasury acquisitions has resulted in a merger between some of these firms. Last month, asset management firm Strive announced its acquisition of Semler Scientific, a smaller BTC treasury company. This deal would allow these firms to hold nearly 11,000 BTC at a premium that is effectively becoming a scarce resource in the sector. These examples reflect a structural constraint rather than a loss of conviction. When equity or convertible issuance no longer commands a market premium, capital inflows dry up, naturally slowing corporate accumulation. ETF flows? Spot Bitcoin ETFs, long viewed as automatic absorbers of new supply, are showing similar fatigue. For much of 2025, these financial investment vehicles dominated net demand, with creations consistently exceeding redemptions, especially during Bitcoin’s surge to record highs. But by late October, their flows have turned choppy. Some weeks saw a shift to negative territory as portfolio managers rebalanced positions and risk desks trimmed exposure in response to shifting interest-rate expectations. That volatility marks a new phase in the behavior of Bitcoin ETFs. The macro backdrop has tightened, and hopes for rapid rate cuts have faded; real yields have risen, and liquidity conditions have cooled. Nonetheless, demand for Bitcoin exposure remains firm, but it now arrives in bursts instead of steady waves. Data from SoSoValue illustrates this shift. In the first two weeks of October, the digital-asset investment products attracted nearly $6 billion in inflows. However, by the end of the month, a portion of those gains had been reversed as redemptions increased to more than $2 billion. Bitcoin ETFs Weekly Flows (Source: SoSoValue) The pattern suggests that Bitcoin ETFs have matured into genuine two-way markets. They still provide deep liquidity and institutional access, but they no longer behave as one-directional accumulation vehicles. When macro signals wobble, ETF investors can exit just as quickly as they enter. Market implications for Bitcoin This evolving scenario doesn’t automatically spell a downturn, but it does imply greater volatility. With corporate and ETF absorption softening, Bitcoin’s price action would be increasingly driven by shorter-term traders and macro sentiment. In such situations, Edwards argues that fresh catalysts, such as monetary easing, regulatory clarity, or the return of equity-market risk appetite, could reignite the institutional bid. However, as the marginal buyer looks more cautious for now, this leaves price discovery more sensitive to global liquidity cycles. As a result, the effect is twofold. First, the structural bid that once acted as a floor is weakening. During periods of under-absorption, intraday swings can amplify because fewer steady buyers exist to dampen volatility. The April 2024 halving mechanically reduced new supply, but without consistent demand, scarcity alone doesn’t guarantee higher prices. Second, Bitcoin’s correlation profile is shifting. As balance-sheet accumulation cools, the asset may again track the broader liquidity cycle. Rising real yields and strong dollar phases could pressure prices, while easing conditions might restore its leadership in risk-on rallies. In essence, Bitcoin is re-entering its macro-reflexive phase and behaving less like digital gold and more like a high-beta risk asset. Meanwhile, none of this negates Bitcoin’s long-term narrative as a scarce, programmable asset. Rather, it reflects the growing influence of institutional dynamics that once insulated it from retail-driven swings. The same mechanisms that lifted Bitcoin into mainstream portfolios are now binding it more tightly to the gravity of capital markets. The coming months will test whether the asset can sustain its store-of-value appeal without automatic corporate or ETF inflows. If history is any guide, Bitcoin tends to adapt: when one demand channel slows, another often emerges—be it from sovereign reserves, fintech integrations, or renewed retail participation during macro easing cycles. The post Why did Bitcoin’s largest buyers suddenly stop accumulating? appeared first on CryptoSlate.
CZ vs. Warren, the epic clash over crypto, corruption, and pardons
Binance kingpin Changpeng “CZ” Zhao drops a bomb on X, snapping back at Senator Elizabeth Warren with an epic clapback. No, he didn’t plead guilty to money laundering. Cue the dramatic gasps. Presidential pardon Warren threw down the accusation that CZ pleaded guilty to a criminal money-laundering charge. CZ responded with, “She can’t get her facts right” and clarified that there were zero money-laundering charges against him. The real headline? CZ admitted to one felony count, violating the US Bank Secrecy Act by not keeping Binance’s Anti-Money Laundering program tight. That little snafu landed him a four-month prison sentence. And CZ just got a shiny presidential pardon signed off by none other than President Donald J. Trump himself. Binance confirmed the pardon, making it official. Of course, some wannabe social media detectives called CZ out for playing semantics, insisting a plea touching on AML failures still smells like money laundering. CZ’s defense? He owned the compliance slip-ups but never personally laundered a dime. Stay ahead in the crypto world – follow us on X for the latest updates, insights, and trends!🚀 Corruption Warren’s post didn’t stop there. She accused CZ of backing Trump’s so-called stablecoin and lobbying for that pardon, suggesting the whole circus screams corruption. “If Congress doesn’t stop this kind of corruption, it owns it,” she warned. Spoiler alert, CZ had hinted late last year he “wouldn’t mind a pardon.” Back in July, CZ threatened to sue Bloomberg after they reported Binance helped code the Trump-backed USD1 stablecoin, a move critics said could create serious conflicts of interest. That story is still making waves. Crypto’s reputation The drama ramps up with Democrat Maxine Waters jumping into the fray. She blasted Trump for doing massive favors for crypto criminals, slamming CZ’s pardon as emblematic of Trump’s presidency. Waters painted a grim picture of Binance enabling shady dealings with child abusers, drug dealers, and terrorists, talk about a plot twist. Whether this show spells trouble for crypto’s reputation or just another day in political theater is anyone’s guess. But the clash between CZ and Warren is the latest chapter in a high-stakes drama of crypto, corruption, and presidential pardons that’s likely far from over. Written by András Mészáros Cryptocurrency and Web3 expert, founder of Kriptoworld LinkedIn | X (Twitter) | More articles With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
ABTC Unveils Bold U.S.-First Strategy to Lead Global Bitcoin Market
Summarize this article with: ChatGPT Perplexity Grok American Bitcoin Corp. (ABTC)—co-founded by Eric Trump—has released its October 2025 investor presentation, marking a major milestone in its evolution from a pure Bitcoin miner to a full-scale digital-asset ecosystem. The strategy focuses on building a U.S.-based Bitcoin powerhouse to reinforce America’s leadership in the global Bitcoin market. Read us on Google News In brief ABTC doubles its hashrate to 24.2 EH/s and targets 50 EH/s with fleet efficiency below 15 J/TH by late 2025. The company’s hybrid model blends Bitcoin mining profits with strategic reserve accumulation and market purchases. A $2.1B Nasdaq ATM share offering will fund expansion and build one of the largest U.S.-based Bitcoin treasuries. Eric Trump says ABTC’s mission is to unite America’s Bitcoin ecosystem and cement U.S. leadership in digital assets. New Bitcoin Strategy Marries Mining Profitability With Treasury Growth In the presentation, ABTC outlined its mission to “mine efficiently, build reserves, and lead the ecosystem.” The company plans to expand its mining capacity while keeping an asset-light model by leveraging Hut 8’s operations, energy infrastructure, and deployment expertise. As contained in the report, ABTC’s estimated cost per BTC mined was $50,000 as of Q2 2025. In just two months, the firm doubled its hashrate to 24.2 exahashes per second (EH/s) and targets 50 EH/s, with fleet efficiency expected to improve to below 15 joules per terahash (J/TH) . Eric Trump, who serves as ABTC’s Chief Strategy Officer, said the company’s goal is to establish the United States as the world’s leading center for Bitcoin. The leadership team—drawing talent from the Trump Organization, Hut 8, and US Bitcoin Corp.—brings what the company calls “a proven capability to scale rapidly and efficiently.” At the treasury level, ABTC plans to grow its Bitcoin reserves through a mix of mining and direct market purchases. The initiative will be funded through a $2.1 billion at-the-market (ATM) share offering on Nasdaq. According to the company, this hybrid approach integrates mining profitability with strategic BTC accumulation. This balanced model positions ABTC to capture the market-to-net-asset-value (mNAV) premiums typically seen among leading public Bitcoin treasuries. ABTC Bets on U.S. Bitcoin Future, Eyes Institutional Expansion Eric Trump shared the investor deck on X, highlighting ABTC’s commitment to both the United States and Bitcoin. He said the company was founded to strengthen America’s position in the global BTC market . ABTC aims to leverage its brand reach and capital-market access to unify what it views as a fragmented U.S. Bitcoin ecosystem. Plain and simple: We love America and we love the asset known as Bitcoin. That’s why we launched ABTC. Eric Trump The report also highlighted America’s strength in the global Bitcoin market, noting that U.S. companies hold the majority of publicly reported BTC reserves. ABTC believes this foundation presents a unique opportunity to integrate traditional capital markets with digital assets. Following its September merger with Nasdaq-listed Gryphon Digital Mining, ABTC’s stock saw sharp volatility , triggering five trading halts before closing at $7.36 per share. With institutional adoption still limited, ABTC sees an opportunity to position itself at the heart of the U.S. Bitcoin economy—driving national growth and advancing digital-asset innovation.
Ripple co-founder keeps ‘cashing out’ at the highs: Will it hurt XRP price?
Key takeaways: Ripple co-founder Chris Larsen has realized $764,209,610 in profit from XRP sales since 2018. XRP must reclaim the 200-day SMA at $2.60 to end a downtrend. XRP ( XRP ) was at risk of further losses as Ripple co-founder Chris Larsen continued to realize profit from his XRP stash. In a post on X, J. A. Maartunn, an analyst at the onchain analytics platform CryptoQuant, told XRP holders that Larsen has a “habit of cashing out near local highs.” Chris Larsen’s XRP realized profits reach $764 million XRP price trades 34% below its multi-year highs of around $3.66 reached on July 13, a drawdown that has been partly attributed to large outflows from a wallet linked to Larsen. Related: XRP price targets $3 as whale wallet count hits new all-time highs While some see this as a reasonable profit-taking, others have accused Larsen of deliberate offloading at the highs. Following up on the topic, Maartunn shared a chart revealing that Larsen’s realized profit from his XRP withdrawals has expanded significantly in 2025, rising to $764.2 million from under $200 million more than seven years ago. “Chris Larsen has realized $764,209,610.42 in profits since January 2018,” Maartunn wrote. Chris Larsen XRP realized profit. Source: CryptoQuant In an earlier X post on Monday, the analyst flagged a 50 million XRP transfer from Larsen’s wallet, which the co-founder later confirmed to be an investment in the Evernorth treasury . Congrats @ashgoblue and the @evernorthxrp team on today’s launch! Evernorth fills the missing link today in XRP capital markets, and XRP usage in DeFi products. I’m proud to invest 50M XRP in the firm (you may see some wallet movement on this). — Chris Larsen (@chrislarsensf) October 20, 2025 “This isn’t an isolated event,” Maartunn said, adding: “Larsen has a recurring habit of cashing out near local highs.” As Cointelegraph reported , Larsen notionally has up to $9 billion in XRP left, which will likely continue to exert selling pressure moving forward. Key XRP price levels to watch next The XRP/USD pair needs to flip the 200-day simple moving average (SMA) at $2.60 on the daily chart into support to target higher highs above $3.00 . Related: Ripple to bring RLUSD stablecoin to Bahrain via new partnership Reclaiming this trendline has previously been preceded by significant recoveries in XRP price, as seen in July (see the chart below). Above that, the next level to watch would be the $2.74-$2.80 range, where the 50-day simple moving average (SMA) currently sits. The following barrier is the 100-day SMA at $2.94, which, if broken, would signal the end of the downtrend. XRP/USD daily chart. Source: Cointelegraph/ TradingView The chances of XRP price rising from current levels are supported by a bullish divergence from the relative strength index, or RSI , as shown in the chart above. A divergence between falling prices and a rising RSI usually indicates weakness in the prevailing downtrend, prompting traders to buy more on the dips as investor interest increases and seller exhaustion sets in. A possible bullish cross from the moving average convergence divergence could also add fuel to the upward momentum. As Cointelegraph reported , the bulls must drive the price above the 20-day exponential moving average (EMA) at $2.55 to signal a comeback.
Fed Considers Payment Accounts for Crypto Access
Key Points: Main event, policy shift, and market reaction. Fed considers payment access for crypto firms. Impacts fintech landscape and regulatory framework. Fed Considers Payment Accounts for Crypto Access The U.S. Federal Reserve, led by Governor Christopher J. Waller, announced plans for ‘payment accounts’ granting crypto and fintech firms direct access to Fed payment rails, revealed at the Payments Innovation Conference on October 21, 2025. This initiative represents a potential pivot in fintech regulation, possibly reshaping operational frameworks for digital asset companies, yet lacking immediate industry feedback or implementation details. Introduction The U.S. Federal Reserve is examining a novel “payment account” model which could grant direct access to crypto and fintech firms. Christopher J. Waller , a Federal Reserve Governor, announced the initiative at a recent financial conference. Christopher J. Waller plays a key role in this initiative. The proposed payment account aims to change the current system by allowing eligible crypto companies access to central bank payment rails, broadening their operational capacities. The potential for direct access could significantly reshape how crypto and fintech entities interact with banking systems. This may reduce dependency on third-party banks, enhancing operational efficiency. This move signifies a broader embrace of financial technology innovation by the Fed, possibly affecting regulatory frameworks. It highlights the evolving landscape of U.S. financial systems within the crypto sector. Direct payment account access could influence market liquidity and capital flow within the crypto sector. Established crypto companies could see reduced operational bottlenecks. The impact on legal compliance and risk management remains under exploration. Access to central payment infrastructure may advance technological integration between traditional banking and digital sectors. Historical attempts by crypto banks experienced regulatory hurdles. However, the new blueprint reflects ongoing industry adaptation efforts. I believe we can and should do more to support those actively transforming the payment system. To that end, I have asked Federal Reserve staff to explore the idea of what I’m calling a ‘payment account.’ — Christopher J. Waller, Governor, U.S. Federal Reserve
New debt-fueled era for Bitcoin miners marked by 1 zetahash milestone - Report
Bitcoin mining crossed the zetahash threshold in September as the network averaged 1.034 ZH/s, and hashprice fell below $47 per PH per second. According to a new report by The MinerMag, the step up in difficulty coincided with miners’ equity values nearly doubling since August to about $90 billion by October 15, while BTC fell 3.7 percent over the same period. The sector’s center of gravity has shifted toward balance sheet capacity, convertible debt, and high-performance computing contracts. Record difficulty has squeezed operating margins, and power costs have remained pinned near fixed-rate agreements. According to the report, listed operators’ combined market capitalization climbed from roughly $41 billion in August to $58 billion in September and then to $90 billion by mid-October, even as hashprice revisited levels last seen in May. Period Combined Market Cap Notes August $41B Start of rally window September $58B Continued outperformance vs. BTC October 15 $90B More than doubled since August; BTC −3.7% in same period The repricing tracks a narrative of digital-infrastructure exposure, where miners present contracted power,>differs from 2021’s ASIC- and infrastructure-secured loans that later impaired, since today’s zero-coupon convertibles push cash interest out of the near term and leave the equity conversion path open. The trade-off is clear, if equity momentum moderates, maturities twenty-four to thirty-six months out move into focus and the sector confronts either dilution through cashless conversions or cash settlement against lower share prices. The economics at the rig level anchor the discussion. Using The MinerMag’s base case with power at $0.06 per kWh, revenue runs near $0.054 per TH per day. Payback periods span roughly 458 days for S19XP+ Hyd to about 900 days for S23 Hyd across efficiency bands from 9.5 to 19 J/TH, reinforcing the gap between fleets on the latest-generation curve and those further back. The report’s rule-of-thumb elasticities imply that a 10 percent change in revenue per TH per day moves payback by roughly 10 to 15 percent, because opex tied to joules per terahash dominates while near-term capex per TH is fixed. That sensitivity makes difficulty and BTC path the primary variables, with a potential four percent difficulty relief flagged for the next adjustment likely to be brief. Miner Hardware Capex per TH/s Revenue per TH/s Revenue per kWh Opex per TH/s Payback (Days) S23 Hyd (9.5 J/TH) $30 $0.054 $0.237 $13.68 900 S21XP Imm. (13.5 J/TH) $18 $0.054 $0.167 $19.44 653 S21+ Hydro (15 J/TH) $21.5 $0.054 $0.150 $21.60 846 S21 Pro (15 J/TH) $16 $0.054 $0.150 $21.60 630 S21 Imm. (16 J/TH) $15.5 $0.054 $0.141 $23.04 647 S21+ (16.5 J/TH) $15 $0.054 $0.136 $23.76 645 S19XP+ Hyd (19 J/TH) $9 $0.054 $0.118 $27.36 458 Operationally, the zetahash regime raises the bar for power procurement, curtailment strategy, and efficiency upgrades. Operators without sub-$0.05 per kWh power or without enough latest-generation joules per terahash face compressed margins until BTC reprices or sustained difficulty relief arrives. The MinerMag’s scenarios outline three near-term paths from today’s base: if difficulty grinds higher and BTC stays flat, hashprice drifts 10 to 20 percent lower and paybacks extend by two to six months for common air-cooled fleets; if the flagged difficulty relief arrives with only a modest BTC bounce, a five to ten percent tailwind appears and fades; if BTC rerates while difficulty is flat, a 15 to 25 percent hashprice lift pulls lower-efficiency rigs back toward mid-cycle paybacks using the base table as anchor. The equity story now hinges on execution in non-mining revenue. The MinerMag’s recent pipeline items include a Google-backed $3 billion AI hosting initiative tied to Cipher, expanded credit support for CleanSpark’s high-performance computing push, Galaxy’s $460 million Texas site build framed as an AI hub, and the Microsoft-aligned Nscale and Ionic Digital agreement pegged at $14 billion. These targets, while large, require interconnects, transformers, and compute tenants to arrive on time, and disclosures to translate headlines into run-rate revenue. If ramp schedules slip, equity narratives built on>Kentucky to investigations around individual European operators, translate into a wider distribution of multiples as investors price regulatory and legal variance by geography and corporate governance. A simple runway lens ties the pieces together. Map the third-quarter and fourth-quarter convertible issuers to an eighteen- to thirty-six-month refi clock. In an up tape, equity sits above conversion prices and cashless conversions retire debt while funding capex for new sites and higher-efficiency rigs. In a down tape, companies either issue shares into weakness or reserve cash for settlement, curbing growth capex. Both paths feed back into network difficulty, because capacity additions today raise baseline difficulty three to six months out, which in turn lowers hashprice unless BTC outpaces the expansion. The MinerMag’s cycle description captures this reflexivity: equity up, deal window open, capacity up, difficulty up, each turn pressuring margins until BTC or fees absorb the difference. For operators racing toward or past 20 EH/s, scale and power quality provide optionality, including load-balancing across mining and AI tenants, treasury strategies around BTC holdings and sales, and the latitude to pause or accelerate expansions as power markets move. The MinerMag’s September table shows MARA selling about half of its monthly BTC output, a stance that adds operating cash while keeping some BTC beta. Others have leaned more fully into issuances, site-level debt, or colocation prepayments. The dispersion in choices will define who can sustain paybacks within the 500- to 700-day band if hashprice remains under the present baseline. The numbers, and the financing mix behind them, leave the industry priced as infrastructure with crypto torque. Hashrate has moved into a higher-pressure zone, equities have rerated on capacity and AI pipelines, and the debt stack has shifted toward convertibles with a clear refi window. The MinerMag posits that the immediate catalyst is limited to a possible single-digit difficulty relief, with economics still anchored by $0.06 per kWh power and revenue near $0.054 per TH per day. The near-term task for miners is converting announced> Mentioned in this article
New debt-fueled era for Bitcoin miners marked by 1 zetahash milestone – Report
Bitcoin mining crossed the zetahash threshold in September as the network averaged 1.034 ZH/s, and hashprice fell below $47 per PH per second. According to a new report by The MinerMag, the step up in difficulty coincided with miners’ equity values nearly doubling since August to about $90 billion by October 15, while BTC fell 3.7 percent over the same period. The sector’s center of gravity has shifted toward balance sheet capacity, convertible debt, and high-performance computing contracts. Record difficulty has squeezed operating margins, and power costs have remained pinned near fixed-rate agreements. According to the report, listed operators’ combined market capitalization climbed from roughly $41 billion in August to $58 billion in September and then to $90 billion by mid-October, even as hashprice revisited levels last seen in May. Period Combined Market Cap Notes August $41B Start of rally window September $58B Continued outperformance vs. BTC October 15 $90B More than doubled since August; BTC −3.7% in same period The repricing tracks a narrative of digital-infrastructure exposure, where miners present contracted power, data-center buildouts, and AI colocation as incremental earnings streams that are less tethered to block rewards. The MinerMag’s performance panel shows that leaders over the past month included Bitfarms, up 162 percent, Canaan, up 149 percent, and CleanSpark, up 125 percent. MARA rose 39 percent, Riot 32 percent, and BTC down 3.7 percent in the same window. The production league table has reshuffled as fleets scale. Per MinerMag’s September snapshot, MARA realized 53.3 EH/s, about 88 percent of deployed capacity, and mined 736 BTC, selling roughly half. Bitdeer increased its realized hashrate by one-third to 32.7 EH/s and moved into the fifth slot, while HIVE reached 19.3 EH/s and Cipher 18.2 EH/s as both pushed toward the 20 EH/s threshold that now informally defines the upper mid-tier. These levels set the backdrop for consolidation, site swaps, and power-density upgrades as operators seek to qualify for hyperscale AI leases that require long-term, low-interruption power. Financing is the other pillar of the new regime. Miners raised more than $1 billion in the second quarter through convertibles and close to $3 billion already in the third quarter, with issuers spanning Cipher, MARA, and TeraWulf. IREN closed $1 billion, TeraWulf outlined plans for $3.2 billion in senior secured notes, and Bitfarms proposed $300 million in convertibles. The structure of this cycle differs from 2021’s ASIC- and infrastructure-secured loans that later impaired, since today’s zero-coupon convertibles push cash interest out of the near term and leave the equity conversion path open. The trade-off is clear, if equity momentum moderates, maturities twenty-four to thirty-six months out move into focus and the sector confronts either dilution through cashless conversions or cash settlement against lower share prices. The economics at the rig level anchor the discussion. Using The MinerMag’s base case with power at $0.06 per kWh, revenue runs near $0.054 per TH per day. Payback periods span roughly 458 days for S19XP+ Hyd to about 900 days for S23 Hyd across efficiency bands from 9.5 to 19 J/TH, reinforcing the gap between fleets on the latest-generation curve and those further back. The report’s rule-of-thumb elasticities imply that a 10 percent change in revenue per TH per day moves payback by roughly 10 to 15 percent, because opex tied to joules per terahash dominates while near-term capex per TH is fixed. That sensitivity makes difficulty and BTC path the primary variables, with a potential four percent difficulty relief flagged for the next adjustment likely to be brief. Miner Hardware Capex per TH/s Revenue per TH/s Revenue per kWh Opex per TH/s Payback (Days) S23 Hyd (9.5 J/TH) $30 $0.054 $0.237 $13.68 900 S21XP Imm. (13.5 J/TH) $18 $0.054 $0.167 $19.44 653 S21+ Hydro (15 J/TH) $21.5 $0.054 $0.150 $21.60 846 S21 Pro (15 J/TH) $16 $0.054 $0.150 $21.60 630 S21 Imm. (16 J/TH) $15.5 $0.054 $0.141 $23.04 647 S21+ (16.5 J/TH) $15 $0.054 $0.136 $23.76 645 S19XP+ Hyd (19 J/TH) $9 $0.054 $0.118 $27.36 458 Operationally, the zetahash regime raises the bar for power procurement, curtailment strategy, and efficiency upgrades. Operators without sub-$0.05 per kWh power or without enough latest-generation joules per terahash face compressed margins until BTC reprices or sustained difficulty relief arrives. The MinerMag’s scenarios outline three near-term paths from today’s base: if difficulty grinds higher and BTC stays flat, hashprice drifts 10 to 20 percent lower and paybacks extend by two to six months for common air-cooled fleets; if the flagged difficulty relief arrives with only a modest BTC bounce, a five to ten percent tailwind appears and fades; if BTC rerates while difficulty is flat, a 15 to 25 percent hashprice lift pulls lower-efficiency rigs back toward mid-cycle paybacks using the base table as anchor. The equity story now hinges on execution in non-mining revenue. The MinerMag’s recent pipeline items include a Google-backed $3 billion AI hosting initiative tied to Cipher, expanded credit support for CleanSpark’s high-performance computing push, Galaxy’s $460 million Texas site build framed as an AI hub, and the Microsoft-aligned Nscale and Ionic Digital agreement pegged at $14 billion. These targets, while large, require interconnects, transformers, and compute tenants to arrive on time, and disclosures to translate headlines into run-rate revenue. If ramp schedules slip, equity narratives built on data-center optionality converge back toward BTC beta. Jurisdiction adds dispersion. The MinerMag cites new capacity in Norway and Bhutan under hydro-rich frameworks, and Laos exploring dam-linked mining finance, each of which shifts the global cost curve by moving incremental exahash into lower-cost buckets. At the same time, idiosyncratic risks, from U.S. state litigation such as cases in Kentucky to investigations around individual European operators, translate into a wider distribution of multiples as investors price regulatory and legal variance by geography and corporate governance. A simple runway lens ties the pieces together. Map the third-quarter and fourth-quarter convertible issuers to an eighteen- to thirty-six-month refi clock. In an up tape, equity sits above conversion prices and cashless conversions retire debt while funding capex for new sites and higher-efficiency rigs. In a down tape, companies either issue shares into weakness or reserve cash for settlement, curbing growth capex. Both paths feed back into network difficulty, because capacity additions today raise baseline difficulty three to six months out, which in turn lowers hashprice unless BTC outpaces the expansion. The MinerMag’s cycle description captures this reflexivity: equity up, deal window open, capacity up, difficulty up, each turn pressuring margins until BTC or fees absorb the difference. For operators racing toward or past 20 EH/s, scale and power quality provide optionality, including load-balancing across mining and AI tenants, treasury strategies around BTC holdings and sales, and the latitude to pause or accelerate expansions as power markets move. The MinerMag’s September table shows MARA selling about half of its monthly BTC output, a stance that adds operating cash while keeping some BTC beta. Others have leaned more fully into issuances, site-level debt, or colocation prepayments. The dispersion in choices will define who can sustain paybacks within the 500- to 700-day band if hashprice remains under the present baseline. The numbers, and the financing mix behind them, leave the industry priced as infrastructure with crypto torque. Hashrate has moved into a higher-pressure zone, equities have rerated on capacity and AI pipelines, and the debt stack has shifted toward convertibles with a clear refi window. The MinerMag posits that the immediate catalyst is limited to a possible single-digit difficulty relief, with economics still anchored by $0.06 per kWh power and revenue near $0.054 per TH per day. The near-term task for miners is converting announced data-center projects and balance-sheet firepower into steady non-mining revenue while absorbing the zetahash baseline. The post New debt-fueled era for Bitcoin miners marked by 1 zetahash milestone – Report appeared first on CryptoSlate.
The Storm Behind ETH's Volatility: High-Leverage Liquidations and Dual Impact of Macroeconomic Policies
Event Review 🚨 Recently, the ETH market has experienced intense volatility. Starting around 23:10, positions of some institutions and high-leverage traders were liquidated, triggering panic selling in the market and causing a rapid release of liquidation effects. In a short period, the price of ETH hovered around $4,000, then plummeted by more than 3% in less than an hour. This round of market movement not only reflects the concentrated outbreak of inherent market risks but also mirrors the external shocks brought by macro policy uncertainties. Timeline ⏱️ 10-16 23:10 Initial market turbulence appeared, with ETH prices fluctuating in the $4,000–$4,020 range; some high-leverage positions began facing liquidation risks, and initial signals of panic selling were released. 10-16 23:56 In just 46 minutes, the price of ETH plunged from $4,019 to $3,890, a drop of about 3.22%. This was mainly due to large long positions triggering a chain of liquidations, resulting in a sudden decrease in market liquidity. 10-17 00:25 Under continued selling pressure, the price of ETH further dropped from around $4,002 to $3,866, then slightly rebounded to about $3,880.48. During this period, external macro factors intertwined with internal liquidation effects, significantly amplifying price volatility. Reason Analysis 🔍 The sharp market fluctuations mainly stem from two factors: High-leverage position liquidations triggered chain reactions Multiple institutions and high-leverage traders suffered liquidations during the price correction, and consecutive liquidations released massive selling pressure, causing market liquidity to dry up rapidly. In a short time, hundreds of millions of dollars in long positions were closed, dragging ETH prices down sharply and creating a clear chain reaction. Macro policy uncertainty intensified market risk aversion External factors such as government shutdown risks, expectations of interest rate cuts, and other policy transmission uncertainties led to a sharp decline in market risk appetite. Influenced by these uncertainties, investors chose to close positions to avoid risks, further spreading panic selling and accelerating the price decline. With the interaction of these two major factors, both the structural selling pressure from liquidations and the market sentiment downturn triggered by external macro risks jointly drove the sharp short-term drop in ETH. Technical Analysis 📊 Based on Binance USDT perpetual contract 45-minute candlestick data, the current technical outlook shows clear bearish signals, as follows: Oversold indicators and KDJ observation The current J value is in an extremely oversold region, and the KDJ indicator shows a divergent trend, suggesting a possible short-term rebound opportunity, but the overall downward momentum remains strong. OBV changes and abnormal trading volume The OBV indicator has broken below previous lows and turned negative, indicating that selling power continues to strengthen. Meanwhile, trading volume has surged by 190.85%, and there is a divergence between price and volume, showing the market is in a state of panic selling. The current trading volume is not only significantly higher than the 10-day average but also ranks in the top 10% of recent cycles. Moving average system and MACD trend The price is currently below the MA5, MA10, MA20, and MA50, with moving averages arranged in a bearish pattern; at the same time, all EMAs (including EMA5/10/20/50/120 and EMA24/52) show a strong downward trend. The MACD histogram continues to shrink, reflecting strengthening downward momentum, and the short- to mid-term technical trend remains weak. Liquidations and large transactions Recent statistics show that in the past hour, the total amount of liquidations across the network was about $10 million, with long positions accounting for as much as 94%. The main net outflow of funds was about $4 million, further confirming the huge selling pressure and lack of liquidity in the market. Market Outlook 🔮 Although ETH is currently under strong downward pressure due to high-leverage liquidations and macro uncertainty, some technical indicators (such as the extremely oversold region) suggest that a technical rebound may occur in the short term. Future trends should focus on the following aspects: Key support level observation Investors should closely monitor the important support level around $4,000 and changes in trading volume to determine whether panic selling has come to an end. Macro policy and market sentiment As government shutdown risks, expectations of interest rate cuts, and other macro factors continue to ferment, market risk aversion may persist in the short term. Investors should implement risk controls to avoid chasing highs. Liquidity recovery and long-short dynamics If the market structure improves and liquidity recovers, it may lay the foundation for a rebound. However, as long and short forces continue to alternate, investors are advised to remain cautious, closely tracking the subsequent impact of the liquidation wave. Overall, the current sharp volatility in ETH serves as a warning to the market. In a time when risks and opportunities coexist, investors should pay attention to internal liquidation data and external policy developments, adjust positions in a timely manner, and seek more stable trading opportunities amid future volatility.
BlackRock Targets the "Digital Wallet Era": Larry Fink Aims to Tokenize All Traditional Assets
Larry Fink, CEO of the world's largest asset management company BlackRock, has identified "asset tokenization" as the next revolution in financial markets, with the goal of "putting all traditional financial assets into digital wallets." On October 14, during the company's latest Q3 2025 earnings call, BlackRock not only announced that its assets under management (AUM) had reached a record $13.5 trillions, but Fink also clearly pointed out the company's key direction for the future. According to him, the value of assets held in global digital wallets has reached approximately $4.1 trillions, representing a huge potential market. Fink's vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between the traditional capital markets and a new generation of tech-savvy crypto investors. "This is the next wave of opportunity for BlackRock in the coming decades," Fink said in an interview with CNBC. This strategy has already been preliminarily validated by the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billions in assets in less than 450 days, becoming the fastest-growing ETF in history. This forward-looking strategy has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, noting that "tokenization of all assets" is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the $4 Trillion Digital Wallet Market The core of BlackRock's strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is valued at about $4.1 trillions. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded $4.5 trillions, and that these funds "currently do not have access to long-term investment products." According to Morgan Stanley's analysis, BlackRock's goal is to "replicate everything in today's traditional finance into digital wallets." By achieving this, BlackRock can introduce young investors who are accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, and provide them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, for example in real estate and other sectors. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to bring new investors into mainstream financial products through digital means. Fink pointed out that although tokenization has great potential, it is still in its early stages. He cited research from Mordor Intelligence predicting that the tokenized asset market will exceed $2 trillions by 2025 and could soar to over $13 trillions by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. The company's internal teams are actively exploring new tokenization strategies to consolidate its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink's shift in attitude towards digital assets marks the evolution of mainstream financial institutions' views on the sector. He once called Bitcoin a "money laundering index," but his stance is now completely different. In a recent interview, Fink admitted that his views have changed. He told CNBC: "I used to be a critic, but I am growing and learning." He now compares crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry status and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target share price to $1,486 in his report, emphasizing that its "grand vision of tokenizing all assets" is a key driving force. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown its assets under management to nearly $3 billions since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top management, company scale, broad business footprint, and client relationships, BlackRock is well-positioned to influence the future industry structure and to collaborate with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the digital wallet-native paradigm—currently, crypto assets, stablecoins, and tokenized assets worth over $4.5 trillions cannot access long-term investment products. BlackRock's goal is to replicate everything in today's traditional finance into digital wallets, so that investors never have to leave their digital wallets to build a long-term, high-quality portfolio that includes stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets towards more traditional assets and prepare them for future long-term retirement savings opportunities.
BlackRock CEO: Crypto Wallets Surpass $4 Trillion, "Asset Tokenization" Is the Next "Financial Revolution"
Original Title: "World's Largest Asset Management CEO: 'Crypto Wallets' Now Exceed $4 Trillion, 'Asset Tokenization' Is the Next 'Financial Revolution'" Original Author: Long Yue, Wallstreetcn Larry Fink, CEO of BlackRock, the world's largest asset management company, has positioned "asset tokenization" as the next revolution in financial markets, aiming to "put all traditional financial assets into digital wallets." On October 14, during the company's latest Q3 2025 earnings call, BlackRock not only announced a record-breaking $13.5 trillion in assets under management (AUM), but Fink also clearly outlined the company's key future direction. According to him, the total assets held in global digital wallets have reached approximately $4.1 trillion, representing a huge potential market. Fink's vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between traditional capital markets and a new generation of tech-savvy crypto investors. "This is the next wave of opportunity for BlackRock over the coming decades," Fink said in an interview with CNBC. This strategy has already seen initial validation through the success of its iShares Bitcoin Trust (IBIT), which surpassed $100 billion in assets in less than 450 days, making it the fastest-growing ETF in history. This forward-looking approach has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its "overweight" rating on BlackRock stock in a research report, noting that "tokenization of all assets" is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the $4 Trillion Digital Wallet Market The core of BlackRock's strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is valued at about $4.1 trillion. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded $4.5 trillion, and that these funds "currently do not have access to long-term investment products." According to Morgan Stanley's analysis, BlackRock's goal is to "replicate everything in today's traditional finance into digital wallets." By achieving this, BlackRock can introduce young investors accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, providing them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, such as in the real estate sector. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to bring new investors into mainstream financial products through digital means. Fink pointed out that although tokenization has huge potential, it is still in its early stages. He cited research from Mordor Intelligence, which predicts that the market size of tokenized assets will exceed $2 trillion by 2025 and could soar to over $13 trillion by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. Internal teams are actively exploring new tokenization strategies to solidify its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink's shift in attitude toward digital assets marks an evolution in how mainstream financial institutions view the sector. He once referred to bitcoin as a "money laundering index," but his stance has changed dramatically. In a recent interview, Fink admitted that his views have changed. He told CNBC, "I used to be a critic, but I am growing and learning." He now likens crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry position and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock's target share price to $1,486 in a report, emphasizing that its "grand vision of tokenizing all assets" is a key driver. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown to nearly $3 billion in assets under management since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top, company scale, broad business footprint, and client relationships, BlackRock is well-positioned to shape the future industry structure and collaborate with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the native digital wallet paradigm—currently, crypto assets, stablecoins, and tokenized assets valued at over $4.5 trillion cannot access long-term investment products. BlackRock's goal is to replicate everything in today's traditional finance into digital wallets, so that investors never need to leave their digital wallets to build a long-term, high-quality portfolio including stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets toward more traditional assets and prepare them for future long-term retirement savings opportunities.
A 175-year-old French bank issues its first stablecoin under new EU regulations
The development of this stablecoin will depend on the degree of acceptance by payment providers and investors, who are seeking a reliable euro-denominated alternative asset in the digital economy. Written by: Blockchain Knight French banking group ODDO BHF has launched the euro-backed stablecoin EUROD, a token that represents a compliant digital version of the euro under the European Union's new Markets in Crypto-Assets Regulation (MiCA) framework. This move by the 175-year-old bank highlights how traditional banks are gradually expanding into the regulated blockchain finance sector. ODDO BHF, which manages over 150 billions euros in assets, stated that EUROD will be listed on Madrid-based exchange Bit2Me. Bit2Me, supported by Telefónica, BBVA, and Unicaja, has completed registration with the Spanish National Securities Market Commission (CNMV) and is among the first exchanges to receive MiCA authorization, allowing it to expand its business across the EU. ODDO BHF has partnered with infrastructure provider Fireblocks to handle custody and settlement. EUROD is issued on the Polygon network to enable faster and lower-cost transactions. The token is fully backed by euro reserves and is subject to external audits. Bit2Me CEO Leif Ferreira stated that, as Europe embraces regulated digital assets, this listing "builds a bridge between traditional banking and blockchain infrastructure." The Markets in Crypto-Assets Regulation (MiCA), which came into effect this year, requires stablecoin issuers to maintain a 1:1 reserve and guarantee redeemability, while enforcing strict governance and transparency standards. The launch of EUROD will test MiCA's practical effectiveness in harmonizing digital asset regulation across the EU. European Central Bank (ECB) President Christine Lagarde recently warned that foreign stablecoins lacking "sound equivalent regulatory mechanisms" could trigger reserve runs in the eurozone. In a letter to the European Parliament, she urged lawmakers to restrict stablecoin issuance rights to EU-authorized entities, citing the collapse of TerraUSD as evidence of the risks posed by unregulated projects. According to CoinGecko data, the market capitalization of euro-pegged stablecoins has doubled this year, with Circle's EURC dominating the market and its market cap climbing to around 270 millions USD. Under the MiCA framework, demand for bank-issued stablecoins such as EUR CoinVertible by Société Générale remains relatively low. ECB advisor Jürgen Schaaf believes that Europe must accelerate innovation or risk "erosion of monetary sovereignty." The European Systemic Risk Board (ESRB) has warned that a multi-issuer model, in which EU and non-EU entities jointly issue the same stablecoin, could introduce systemic risks and requires enhanced regulation. Despite these warnings, the regulatory clarity brought by MiCA has spurred market competition: Société Générale's FORGE division has launched the euro stablecoin EURCV; Deutsche Börse has partnered with Circle to include EURC and USDC in its trading system. Nine European banks, including ING, CaixaBank, and Danske Bank, have formed the Dutch Alliance, planning to issue a MiCA-compliant euro stablecoin in 2026. Citigroup later joined the alliance, with the related stablecoin expected to launch in the second half of 2026. Meanwhile, ten G7 banks, including Citigroup and Deutsche Bank, are exploring the issuance of multi-currency stablecoins to modernize settlement processes and enhance global liquidity. Compared to the more than 160 billions USD in dollar-pegged stablecoins, the total market capitalization of euro-backed stablecoins remains small, at less than 574 millions USD. Regulators believe that, if managed transparently, euro-denominated digital assets will help strengthen financial sovereignty. For ODDO BHF, EUROD is a strategic move to attract institutional clients through compliance and credibility. The development of this stablecoin will depend on the degree of acceptance by payment providers and investors, who are seeking a reliable euro-denominated alternative asset in the digital economy.
BlackRock CEO: Crypto Wallets Hold Over $4 Trillion in Assets, 'Asset Tokenization' Is the Next Financial Revolution
原文标题：《全球最大资管 CEO：「加密钱包」规模已超 4 万亿美元，「资产代币化」是下一场「金融革命」》 原文作者：龙玥，华尔街见闻 全球最大资产管理公司贝莱德的首席执行官 Larry Fink 已将「资产代币化」定位为金融市场的下一场革命，目标「将所有传统金融资产装入数字钱包。」 10 月 14 日，在公司最新的 2025 年第三季度财报电话会议上，贝莱德不仅公布了其管理资产规模（AUM）达到创纪录的 13.5 万亿美元，Fink 更明确指出了公司未来的关键方向。据他透露，全球数字钱包中持有的资产规模已达到约 4.1 万亿美元，这是一个巨大的潜在市场。 Fink 阐述的愿景是，通过将交易所交易基金（ETF）等传统投资工具进行代币化，可以在传统资本市场与精通加密技术的新一代投资者之间架起一座桥梁。 「这是贝莱德未来几十年的下一波机遇，」Fink 在接受 CNBC 采访时表示。这一战略已通过其 iShares 比特币信托（IBIT）的成功得到初步验证，该产品在不到 450 天内资产规模突破 1000 亿美元，成为历史上增长最快的 ETF。 这一前瞻性布局迅速获得了华尔街的积极反馈。投资银行摩根士丹利在一份研究报告中重申了对贝莱德股票的「增持」评级并指出，「所有资产的代币化」是支撑其看好贝莱德前景的核心叙事之一。 瞄准 4 万亿美元的数字钱包市场 贝莱德的战略核心是触达目前游离于传统金融体系之外的庞大资金池。根据 Fink 的说法，这个数字钱包市场规模约为 4.1 万亿美元。 而摩根士丹利在 10 月 15 日发布的报告中估算，当前加密资产、稳定币和已代币化资产的总价值已超过 4.5 万亿美元，而这些资金「目前无法获得长期投资产品」。 据摩根士丹利的分析，贝莱德的目标是「将当今传统金融中的一切复制到数字钱包中」。 通过实现这一目标，贝莱德可以将习惯使用代币化资产的年轻投资者引入股票、债券等更多传统资产类别，并为他们提供长期的退休储蓄机会。 Fink 认为，代币化还能降低交易成本和中介费用，例如在房地产等领域。 资产代币化：金融的未来愿景 Fink 坚信，全球金融的下一次重大变革将来自传统资产的代币化，包括股票、债券和房地产等。他在接受采访时表示，公司将代币化视为通过数字手段将新投资者引入主流金融产品的机遇。 Fink 指出，尽管代币化潜力巨大，但目前仍处于早期发展阶段。他引用 Mordor Intelligence 的研究预测，2025 年代币化资产市场规模已超过 2 万亿美元，到 2030 年有望飙升至 13 万亿美元以上。 贝莱德已在为深入参与这一领域奠定基础。公司内部团队正积极探索新的代币化策略，以巩固其在数字资产管理领域的领导地位。 从比特币怀疑论者到区块链倡导者 Fink 对数字资产态度的转变，标志着主流金融机构对该领域看法的演进。他曾一度将比特币称为「洗钱指数」，但如今的立场已截然不同。 在最近的一次采访中，Fink 承认自己的看法已经改变。他对 CNBC 表示：「我以前是个批评者，但我在成长和学习。」 他现在将加密资产比作黄金，认为其可以作为一种另类投资，用于投资组合的多元化。 华尔街看好「代币化」增长前景 华尔街分析师认为，贝莱德凭借其行业地位和资源，完全有能力在代币化领域占据主导地位。 摩根士丹利分析师 Michael J. Cyprys 在报告中将贝莱德的目标股价上调至 1486 美元，并强调其「代币化所有资产的宏大愿景」是关键驱动力。 报告指出，贝莱德已经通过其代币化货币市场基金 BUIDL 进行试验，该基金自 2024 年 3 月推出以来，资产管理规模已增长至近 30 亿美元。 大摩认为，凭借从最高管理层开始的战略聚焦、公司规模、广泛的业务足迹和客户关系，贝莱德有能力影响未来的行业结构，并与领先的交易所和供应商合作，以执行和提供代币化的贝莱德产品。 贝莱德寻求将传统资产代币化，作为连接传统资本市场和数字资产的桥梁。代币化有潜力将传统资产带入数字钱包原生范式——目前价值超过 4.5 万亿美元的加密资产、稳定币和代币化资产无法接触到长期投资产品。 贝莱德的目标是将当今传统金融中的所有东西复制到数字钱包中，这样投资者永远不需要离开他们的数字钱包，就能构建一个包含股票、债券、加密货币、商品等在内的长期、高质量投资组合。 通过实现这一点，贝莱德可以将大量使用代币化资产的年轻投资者引向更传统的资产，并为他们未来的退休长期储蓄机会做好准备。
The CEO of the world's largest asset management firm: The scale of "crypto wallets" has exceeded $4 trillion, and "asset tokenization" is the next "financial revolution"
BlackRock has revealed its goal to introduce traditional investment products such as stocks and bonds into digital wallets, tapping into this ecosystem worth over 4 trillions USD. Written by: Long Yue Source: Wallstreetcn Larry Fink, CEO of the world’s largest asset management company BlackRock, has positioned “asset tokenization” as the next revolution in financial markets, with the goal of “putting all traditional financial assets into digital wallets.” On October 14, during the company’s latest Q3 2025 earnings call, BlackRock not only announced a record-breaking assets under management (AUM) of 13.5 trillions USD, but Fink also clearly outlined the company’s key future direction. According to him, the total assets held in global digital wallets have reached approximately 4.1 trillions USD, representing a huge potential market. Fink’s vision is that by tokenizing traditional investment tools such as exchange-traded funds (ETFs), a bridge can be built between traditional capital markets and a new generation of tech-savvy crypto investors. “This is the next wave of opportunity for BlackRock over the coming decades,” Fink said in an interview with CNBC. This strategy has already seen initial validation through the success of its iShares Bitcoin Trust (IBIT), which surpassed 100 billions USD in assets in less than 450 days, making it the fastest-growing ETF in history. This forward-looking strategy has quickly received positive feedback from Wall Street. Investment bank Morgan Stanley reiterated its “overweight” rating on BlackRock stock in a research report, noting that “the tokenization of all assets” is one of the core narratives supporting its bullish outlook on BlackRock. Aiming at the 4 Trillion USD Digital Wallet Market The core of BlackRock’s strategy is to tap into the vast pool of funds currently outside the traditional financial system. According to Fink, the digital wallet market is worth about 4.1 trillions USD. In a report released on October 15, Morgan Stanley estimated that the total value of current crypto assets, stablecoins, and tokenized assets has exceeded 4.5 trillions USD, and that these funds “currently cannot access long-term investment products.” According to Morgan Stanley’s analysis, BlackRock’s goal is “to replicate everything in today’s traditional finance into digital wallets.” By achieving this, BlackRock can introduce young investors accustomed to using tokenized assets to more traditional asset classes such as stocks and bonds, and provide them with long-term retirement savings opportunities. Fink believes that tokenization can also reduce transaction costs and intermediary fees, for example in real estate and other sectors. Asset Tokenization: The Future Vision of Finance Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. In an interview, he stated that the company sees tokenization as an opportunity to use digital means to bring new investors into mainstream financial products. Fink pointed out that although the potential of tokenization is enormous, it is still in its early stages. He cited research from Mordor Intelligence predicting that the tokenized asset market will exceed 2 trillions USD by 2025 and could soar to over 13 trillions USD by 2030. BlackRock is already laying the groundwork for deeper involvement in this field. The company’s internal teams are actively exploring new tokenization strategies to consolidate its leadership in digital asset management. From Bitcoin Skeptic to Blockchain Advocate Fink’s shift in attitude toward digital assets marks an evolution in mainstream financial institutions’ views on the sector. He once referred to Bitcoin as the “money laundering index,” but his stance has now changed dramatically. In a recent interview, Fink admitted that his perspective has changed. He told CNBC, “I used to be a critic, but I am growing and learning.” He now compares crypto assets to gold, seeing them as an alternative investment for portfolio diversification. Wall Street Bullish on Tokenization Growth Prospects Wall Street analysts believe that BlackRock, with its industry position and resources, is fully capable of dominating the tokenization space. Morgan Stanley analyst Michael J. Cyprys raised BlackRock’s target share price to 1,486 USD in his report, emphasizing that its “grand vision of tokenizing all assets” is a key driving force. The report noted that BlackRock has already experimented with its tokenized money market fund BUIDL, which has grown its assets under management to nearly 3 billions USD since its launch in March 2024. Morgan Stanley believes that with strategic focus from the top management, company scale, broad business footprint, and client relationships, BlackRock is capable of influencing the future industry structure and collaborating with leading exchanges and providers to execute and deliver tokenized BlackRock products. BlackRock seeks to tokenize traditional assets as a bridge connecting traditional capital markets and digital assets. Tokenization has the potential to bring traditional assets into the native paradigm of digital wallets—currently, crypto assets, stablecoins, and tokenized assets worth over 4.5 trillions USD cannot access long-term investment products. BlackRock’s goal is to replicate everything in today’s traditional finance into digital wallets, so that investors never need to leave their digital wallets to build a long-term, high-quality portfolio that includes stocks, bonds, cryptocurrencies, commodities, and more. By achieving this, BlackRock can guide a large number of young investors who use tokenized assets toward more traditional assets and prepare them for future long-term retirement savings opportunities.
First US Crypto Bank Gets the Green Light — Backed by Thiel, Luckey, and Lonsdale
The US Office of the Comptroller of the Currency has granted preliminary, conditional approval for Erebor Bank’s national charter, opening the door for a tech- and crypto-focused lender backed by Palmer Luckey, Joe Lonsdale, and Peter Thiel. The decision came just four months after Erebor’s application and followed Washington’s rollout of the GENIUS Act, which set new standards for stablecoin issuance. The bank plans digital-only operations from Columbus and New York, supported by $275 million in capital and a conservative risk framework. OCC Greenlights Erebor’s $275M Charter The Office of the Comptroller of the Currency (OCC), the federal agency overseeing national banks, granted Erebor preliminary and conditional authority to form a federally chartered bank on Wednesday. It is the first such approval under Comptroller Jonathan Gould since his July appointment, underscoring a shift toward a more innovation-friendly regulatory posture. This status lets founders raise deposits, hire staff, and build infrastructure while regulators vet their systems. Erebor must complete cybersecurity, capital, and anti-money-laundering audits before opening. “The OCC remains committed to a diverse banking system that supports responsible innovation,” Gould said in a statement. “Today’s decision is an early step, not the finish line.” The OCC granted preliminary conditional approval to Erebor Bank after thorough review of its application. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. — OCC (@USOCC) October 15, 2025 Once fully licensed, Erebor’s charter will permit lending, custody, and payments using digital-asset rails. Headquartered in Ohio with a secondary office in New York, Erebor will operate primarily through mobile and web platforms. Backers include Founders Fund, 8VC, and Haun Ventures—all active in crypto and fintech. Before launching, Erebor must also obtain Federal Deposit Insurance Corporation (FDIC) approval, which typically takes nine to ten months. Analysts note that dual OCC-FDIC oversight could set a new compliance bar for digital-asset banking. Silicon Valley Money and Trump-Era Links Erebor’s founding network is deeply intertwined with influential Silicon Valley and political figures. Co-founder Palmer Luckey, also the founder of defense-tech company Anduril, and Joe Lonsdale, co-founder of Palantir and head of 8VC, have been notable supporters of President Donald Trump and Vice President J.D. Vance. Both donated heavily to Republican campaigns during the 2024 election cycle. Another early backer, Peter Thiel, remains one of the most prominent conservative venture investors and an ally of the Trump family. Erebor’s formation aligns with the current administration’s efforts to loosen regulatory barriers for banks engaging in digital-asset activities. The company’s leadership, including CEO Owen Rapaport and President Mike Hagedorn, maintains operational independence from its politically connected investors. However, the presence of high-profile financiers such as Founders Fund, 8VC, and Haun Ventures has raised questions about the speed of regulatory approval. Critics argue the bank benefited from favorable access to federal agencies, while supporters claim the rapid process reflects Erebor’s strong compliance design and deep capital reserves. $312B Stablecoin Market Poised for Change The charter could reshape US crypto banking by linking insured-bank infrastructure with blockchain finance. Under the GENIUS Act, banks issuing stablecoins must maintain 100 percent reserves and publish monthly disclosures. The framework could accelerate institutional adoption and payments testing. If Erebor secures final licenses, it may compete with Anchorage Digital for stablecoin issuance and custody services. Its plans to lend against crypto or AI hardware could expand liquidity for miners, market makers, and infrastructure firms. Critics, however, warn of favoritism and potential risk concentration. Senator Elizabeth Warren called the approval a “risky venture.” Still, regulators portray the move as a measure toward integrating digital assets under strict supervision. Top 7 Stablecoins by Market Capitalization / Source: CoinGecko According to data from CoinMetrics, the stablecoin market has grown by nearly 18 percent in 2025, reaching a capitalization of roughly $312 billion. Analysts at Galaxy Research forecast that regulated banks could capture up to 25 percent of this market by late 2026 as compliance frameworks mature.
OCC grants preliminary approval to Erebor Bank, a Peter Thiel-backed startup focusing on crypto an AI
A national bank regulator has granted "preliminary conditional approval" for the venture capitalist Peter Thiel-backed Erebor Bank, which plans to serve the cryptocurrency and artificial intelligence sectors. The Office of the Comptroller of the Currency (OCC) granted approval on Wednesday. Comptroller of the Currency Jonathan Gould called Erebor the "first de novo bank to receive a preliminary conditional approval" since he started his role at the OCC in July. "Today’s decision is also proof that the OCC under my leadership does not impose blanket barriers to banks that want to engage in digital asset activities," Gould said in a statement. "Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner." Erebor is aiming to fill the gap of Silicon Valley Bank, a bank popular with startups and venture capitalists that collapsed in 2023. Erebor was founded in 2025 by Silicon Valley mainstays Palmer Luckey and Joe Lonsdale with backing from Thiel's firm Founders Fund and Haun Ventures, according to reporting from the Financial Times . Like other projects associated with Thiel, Erebor is named after a mountain in author J.R.R. Tolkien's book series "The Lord of the Rings." In its application , Erebor said it would be a national bank that would provide both traditional banking and crypto-related products and services. According to the Financial Times, citing an unnamed source close to Erebor, the bank's application did not receive " special treatment " from the Trump administration, despite Luckey, Lonsdale, and Thiel's longstanding ties to the president. "The target market for the Bank comprises businesses that are part of the United States innovation economy, in particular technology companies focused on virtual currencies, artificial intelligence, defense, and manufacturing, as well as payment service providers, investment funds and trading firms (including registered investment advisers, broker dealers, proprietary trading firms, and futures commission merchants)," according to the application. Erebor also said it would hold certain cryptocurrencies on its balance sheet. The main office will be in Columbus, Ohio with another office in New York City. Over the past year under the Trump administration, regulatory agencies, including the OCC, have shifted their stance toward crypto. The Federal Reserve has since withdrawn guidance that previously discouraged banks from participating in crypto. The central bank has also, along with the OCC, released a joint statement last month setting out how existing rules apply to banks holding crypto on customers' behalf, among other moves.
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