Crypto World
Western Digital (WDC) Stock: $4 Billion Buyback Sends Shares Higher
TLDR
- Western Digital’s board approved an additional $4 billion for share repurchases on top of existing authorization
- The company had approximately $484 million remaining from its prior $2 billion buyback authorization from May 2024
- WDC shares rose about 5% in premarket trading following the announcement
- Stock has surged 57% year-to-date and more than tripled in value during 2024
- Global memory chip shortage is driving up prices and extending lead times as demand from AI and consumer electronics companies increases
Western Digital announced Tuesday that its board has greenlit an extra $4 billion for stock buybacks. The move comes as demand for memory chips used in AI servers continues to climb.
Western Digital Corporation, WDC
The company’s shares jumped roughly 5% in premarket trading. That adds to an already impressive 57% gain so far this year.
Last year was even better. The stock more than tripled in value during 2024.
As of Monday, Western Digital had about $484 million left from its previous buyback authorization. That program was worth $2 billion and started in May 2024.
CEO Irving Tan explained the thinking behind the decision. “Our capital allocation strategy balances reinvestment in the business, debt reduction, and capital returns to shareholders,” he said.
The new authorization takes effect immediately. But the company kept its options open.
Timing Depends on Market Conditions
Western Digital noted that the amount and timing of actual share repurchases will depend on market conditions. Other corporate considerations will also play a role.
The company can suspend or discontinue the program whenever it wants. That’s standard language for buyback programs.
The announcement comes as memory chip makers are riding a wave of demand. AI applications and consumer electronics companies are competing for limited supplies.
This competition has pushed prices higher. Lead times have also stretched out as manufacturers work to increase production capacity.
Last week, Western Digital released guidance that beat Wall Street expectations. The company forecast fiscal third-quarter revenue and profit above analyst estimates.
That optimism stems from sales of hard drives and flash storage for AI servers. These products are in high demand as companies build out their AI infrastructure.
Memory Chip Shortage Drives Growth
A global shortage of memory chips has intensified the competitive landscape. AI companies need these chips for their servers.
Consumer electronics makers also need them for their products. The result is a supply crunch that shows no signs of easing soon.
Manufacturers are scrambling to ramp up capacity. But building new production facilities takes time and massive investment.
The shortage has been good news for Western Digital and its peers. Memory product makers like Seagate Technology and others have seen their stocks soar over the past year.
Western Digital’s strong stock performance reflects this trend. The company is benefiting from its position in the memory chip market.
The $4 billion buyback authorization gives management flexibility. They can repurchase shares when they see value in the market.
Share buybacks can boost earnings per share by reducing the number of shares outstanding. They also signal management’s confidence in the company’s future.
Western Digital ended Monday with about $484 million available under its previous authorization. The new $4 billion adds substantially to that amount.
Nine major banks will participate in the pilot, which replaces government purchase cards with programmable blockchain-based payments starting in Q4.
South Korea’s Ministry of Economy and Finance will pilot blockchain-based deposit tokens for executing government operational expenses, marking a significant expansion of the country’s digital currency infrastructure into day-to-day public spending.
The ministry announced today that the project was selected as a 2026 regulatory sandbox initiative overseen by the Office for Government Policy Coordination. The pilot targets a full launch in Q4 2026, beginning in the administrative capital of Sejong City.
Under South Korea’s National Treasury Management Act, government operational expenses, such as business promotion costs, must currently be processed through government-issued purchase cards. Transactions made during restricted periods, such as late nights or weekends, require additional post-use justification, creating administrative friction.
The sandbox designation temporarily exempts the pilot from those card-based requirements, allowing deposit tokens to serve as the payment instrument instead. The programmable nature of the tokens enables authorities to preset conditions on spending, including allowable time windows and merchant categories, replacing the current review model with automated, rules-based controls.
Officials said the shift could also reduce transaction fees for small business owners by removing intermediaries from the payment settlement process.
Nine major Korean banks are participating in the experiment, including KB Kookmin, Shinhan, Woori, and Hana. Unlike stablecoins, deposit tokens remain liabilities of the issuing commercial banks and operate within the existing financial system.
The project is the second deposit token-based treasury payment initiative in South Korea, following a March pilot led by the Ministry of Climate, Energy and Environment and the Bank of Korea that used tokenized deposits to distribute 30 billion won ($21.4 million) in subsidies for electric vehicle charging infrastructure.
The move comes as South Korea’s broader digital asset policy has shifted toward a more permissive stance following the election of President Lee Jae Myung, who campaigned on promises to approve spot crypto ETFs and cut exchange fees. Meanwhile, in the private sector, Crypto.com recently partnered with Korea’s largest payment processor, KG Inicis, to enable crypto payments for foreign tourists in the country.
The MOEF said it plans to expand the program’s scope based on operational results and pursue related legal and institutional reforms in parallel.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Bitcoin (BTC) traded between $75,000 and $73,000 over a three-hour period during the New York market open on Thursday, and the abrupt downside move liquidated $283 million in futures positions. The resulting short squeeze pushed BTC back toward $75,000, but sustaining the rebound will require steady buying volume in the spot market.
BTC rebounds amid slower spot demand
A sharp move lower to $73,200 from $75,400 triggered a wave of long liquidations across the futures markets, totaling to $166 million, according to market commentator CryptoReviewing.
The price then reversed quickly, pushing back toward $75,000 and liquidating roughly $117 million in short positions, highlighting a rapid two-sided squeeze within the same trading window.
The move tracked closely with liquidation spikes, which forced closures of short positions. The funding rates turned positive to +0.0005 shortly after the bounce, signaling that bearish positioning had built up before unwinding.
This indicates that upside momentum came from shorts covering rather than new long exposure. The rally cleared nearby liquidity pockets and pushed the price back toward the session’s mid-range.
The spot cumulative volume delta (CVD), which tracks net buying and selling in spot markets, continued to trend lower during the recovery. The divergence points to weaker spot participation even as Bitcoin holds above $74,000.
For a move above the $76,000 range highs, spot demand needs to strengthen alongside derivatives activity, aligning both sides of the market behind the price.
Related: Bitcoin rebounds near $74.5K as US stocks chase after new all-time highs
Bitcoin’s liquidity map defines key inflection points
Bitcoin continues to move between defined liquidity clusters, with the price gravitating around key levels. According to analyst KriptoHolder, the $76,000–$78,000 range contains a concentrated supply zone with $2.81 billion in short-leveraged liquidity, while $74,000 serves as an equilibrium area.
Long-leveraged liquidity of $2.5 billion is below $72,000, forming a potential price magnet if the upper levels fail to clear.
Meanwhile, the short-term trader behavior also reflects recurring intraday patterns. Bitcoin trader Killa noted that eight of the past 11 Thursdays recorded more downside than upside. Thursday’s session has already seen a near 2% decline from the daily open, offering intraday opportunities within that pattern.
Related: Bitcoin bull run ‘still too early’ to call as demand lags exiting capital: Analyst
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
The $12 trillion brokerage will begin a phased rollout of Schwab Crypto, offering direct spot BTC and ETH trading to retail investors in the coming weeks.
Charles Schwab announced the planned launch of its spot crypto trading platform, Schwab Crypto, in a press release today, April 16. The platform offers Bitcoin (BTC) and Ethereum (ETH) trading to Schwab’s retail clients from within the existing platform, alongside traditional investments.
The phased rollout of the platform begins in the coming weeks, and will let Schwab’s existing brokerage customers buy and hold BTC and ETH directly within their accounts, without leaving the platform. Trading will be priced at 75 basis points, per the release. The platform will also provide educational content and analysis.
Schwab first announced that it would offer retail crypto trading a year ago, stating at the time that the platform would by mid-April 2026.
The move marks a strategic shift from Schwab’s previous indirect crypto exposure through ETFs, funds, and derivatives.
In today’s release, Schwab said that it plans to add more cryptocurrencies to the platform in the future. The brokerage also noted that it plans to enable deposits and withdrawals in the future, implying that the current product only allows for crypto buying and selling within Schwab platform.
Charles Schwab Premier Bank, SSB, (CSPB) will provide crypto custody for clients, while the bank has tapped Paxos for trade execution services and sub-custody, per the release.
“With Schwab Crypto, investors can access familiar cryptocurrencies within an all‑in‑one investing and banking experience, backed by an ecosystem of education, tools, resources, and support so they can make informed decisions about how crypto might fit into their broader investing goals,” Schwab’s head of digital assets, Joe Vietri, was quoted as saying in the release.
Last November, U.S. neobank SoFi re-launched its spot crypto trading product, making it the first U.S. FDIC-insured and nationally chartered bank offering retail clients crypto trading alongside its traditional banking and investing services.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Bitcoin (BTC) treaded water at Thursday’s Wall Street open as the S&P 500 reached new all-time highs.
Key points:
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Bitcoin stays locked on $74,000 after its local highs preceded a new record for the S&P 500.
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Analysis warns that the US midterm elections may impact the stock rally.
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Bitcoin could follow the Nasdaq 100 higher, a trader suggests.
BTC price tripped after fresh highs from the S&P 500
Data from TradingView showed $74,000 continuing to form an intraday BTC price focus.
US jobless claims came in marginally below expectations at 207,000 versus 213,000, pointing to the labor market withstanding current geopolitical and inflation pressures.
These followed a new record for the S&P 500, which crossed 7,000 points for the first time in history after Bitcoin hit two-month highs.
Commenting, trading resource Mosaic Asset Company noted that the S&P had advanced by nearly 11% in the past 11 trading sessions.
“It ranks as the fifth quickest recovery to record highs following a deep pullback,” it wrote in its latest “Mosaic Chart Alerts” update.
“The S&P closed firmly above the 7,000 level for the first time in history despite the ongoing uncertainty in the Middle East that sparked a 9% drawdown in the index into late March.”
Gold dipped to intraday lows and WTI crude oil eyed $94 per barrel as markets awaited further cues over the US-Iran war.
QCP, meanwhile, warned that seasonal trends could still end the stock rally as the US entered midterm elections. The S&P 500, it noted, “tends to find its peak about now ahead of mid-term elections, and then recovering during the final quarter of the year.”
“I would not base any investment decision or outlook based on seasonals alone, which is why I’m also watching confirmation from breadth,” it cautioned.
Trader sees “opportunity” in Bitcoin versus Nasdaq
With BTC price action finding resistance near its range highs, market participants eyed exchange order-book liquidity for clues as to where the next showdown could come.
Related: Bitcoin can grow ‘probably a lot bigger’ than $30T+ gold market — Analysis
“The price bucket at $72.2K – 72.4K has a large amount of open interest that has slowly accumulated,” Shubh Varma, CEO of crypto data platform Hyblock, told Cointelegraph on the day.
“We’ve seen this level where traders are often active, entering and exiting. Most recently, about $100 million longs and shorts opened here, bringing the total close to $400 million at that price bucket, over the last seven days (on Binance stablecoin perps).”
Varma added that this could form “an area to watch as potential support if price revisits it, as many of these longs and shorts may exit at breakeven ‘psychological’ level.”
Continuing the stocks theme, crypto trader Michaël van de Poppe flagged Bitcoin’s relationship with the Nasdaq-100 index as a cause for optimism going forward.
“Bitcoin is about to follow Nasdaq,” he told X followers.
“The reason for this is quite simple: the correlation has been significantly strong most of the time. This period? The weakest correlation in the past 10 years.”
Van de Poppe eyed a “tremendous opportunity” for Bitcoin buyers, having recently seen a similar bullish setup in Bitcoin versus gold.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Commodity Futures Trading Commission (CFTC) Chairman Michael Selig told House lawmakers the agency will pursue anyone committing fraud or insider trading in prediction markets with “the full force of the law.”
Selig appeared before the House Agriculture Committee on Thursday as the agency faces mounting pressure over fast-growing event contract platforms and suspicious trades tied to political announcements.
Prediction Markets Under the CFTC Microscope
Selig told the committee that the Commodity Exchange Act grants the CFTC “very broad, exclusive jurisdiction” over commodity derivatives.
The chairman said he inherited a wave of self-certified event contracts from the prior administration, when “the floodgates really opened.”
The agency has since issued an advance notice of proposed rulemaking to set clearer standards for prediction market contracts.
Selig described a multi-layered oversight system. Designated contract markets serve as self-regulatory organizations and act as the first line of defense.
The CFTC reviews every contract self-certification and retains authority to reject listings. The agency also sued multiple states that attempted to apply gambling laws to licensed prediction market operators.
Lawmakers Press on $500 Million Oil Trades
Rep. McGovern raised a specific incident from March 23, when someone placed roughly $500 million in oil and equities futures trades minutes before President Trump posted about ceasefire talks on Truth Social.
The trades bet oil prices would drop and equities would rally.
“We have a zero tolerance policy when it comes to fraud, abuse of trading practices and manipulation, and anyone who engages in that behavior will face the full force of the law,” said Selig, chair of the CFTC.
Selig declined to confirm or deny any active investigation, stating that doing so would hinder enforcement efforts.
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CFTC-SEC Crypto Push and Solo Rulemaking
Beyond enforcement, Selig highlighted the agency’s role in shaping crypto policy. The CFTC and SEC signed a Memorandum of Understanding in March to coordinate on digital asset oversight, stablecoins, and tokenized collateral.
Selig said the two agencies had “failed to work well together” for too long and that the MOU would establish open communication on surveillance and policymaking.
Ranking Member Craig pressed Selig on whether he would pause rulemaking while serving as the CFTC’s only sitting commissioner. Selig refused.
He told the committee that investor protections and market safeguards could not wait for additional nominees.
The coming weeks may reveal whether that stance draws further congressional pushback or accelerates the prediction market framework the industry has been waiting for.
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The post CFTC Chair Selig Vows To Stop Prediction Market Fraud appeared first on BeInCrypto.
Publicly traded Bitcoin miners sold more BTC in Q1 2026 than in all four quarters of 2025, signaling renewed pressure on the sector as mining economics tighten. The EnergyMag reports that operators including MARA, CleanSpark, Riot Platforms, Cango, Core Scientific and Bitdeer liquidated collectively more than 32,000 BTC in the first quarter, a quarterly record that eclipses earlier bear-market selloffs.
The quarter’s total also stands out against a backdrop of slumping profitability, as hashprice — the metric that combines network security costs with miner revenue potential — drifts toward the low end of profitability for many operators. Hashrate Index data puts current hashprice at roughly $33 per PH/s per day, near the $35 per PH/s per day breakeven line for older mining equipment, underscoring ongoing margin pressure in the sector. The combination of falling hashprice and rising electricity costs has pushed some miners into unprofitable territory, with CoinShares noting about 20% of the mining industry operating below breakeven on a cash-cost basis.
Key takeaways
- Publicly traded miners liquidated more than 32,000 BTC in Q1 2026, a new quarterly record and greater than their combined sell-off in all of 2025.
- Hashprice sits around $33 per PH/s per day, near the breakeven threshold for many operators, placing pressure on margins, especially for older hardware.
- An estimated 20% of miners are unprofitable at current hashprice levels, highlighting a widening profitability gap in the sector.
- Bitcoin treasury holders and corporate buyers diverge from miner selling, with Strategy reportedly increasing BTC purchases as price dips; co-founder Michael Saylor signaled continued accumulation.
Record miner liquidations reshape the mining economics landscape
The quarterly sell-off by public miners marks a notable shift in 2026, with The EnergyMag citing more than 32,000 BTC moved off balance sheets in Q1. The figure eclipses the 20,000 BTC sold during Q2 2022 — a period aligned with the Terra-Luna collapse and a severe crypto bear market — and sets a new benchmark for how much BTC miners liquidate in a single period. The scale matters because it highlights the fragility of a business model still adjusting to lower revenue per mined coin and higher energy costs, even as competition intensifies with more efficiently operated rigs joining the hash network.
Analysts say the burst of selling reflects both tightening margins and a shift in capital needs. As miners seek to cover operating expenses, network growth through hashrate expansion presses the economics of marginal production. The EnergyMag’s report underscores that even with a rising hashrate, a larger portion of cash flow may be diverted to debt service, electricity, and equipment upkeep rather than long-hold treasury strategies.
Hashprice dynamics and the profitability squeeze
Hashprice has been a critical, forward-looking indicator for miners since it directly ties the cost of securing the Bitcoin network to revenue potential. Hashrate Index data shows hashprice hovering near $33 PH/s per day, a level that many operators equate with a break-even threshold of roughly $35 PH/s per day, depending on equipment vintage and energy costs. That proximity to break-even is enough to tilt decisions toward liquidation for underpowered rigs, and it helps explain why even modest price dips or energy hikes can trigger balance-sheet adjustments.
CoinShares’ Q1 2026 Bitcoin Mining Report echoes the stress the sector faces: at current hashprice levels, around one-fifth of the mining industry appears to be unprofitable. When combined with persistent competitive pressure — a rising hashrate means more competitors for the same block rewards — the calculus for staying operators becomes increasingly conservative. In practical terms, miners with higher operating costs or older hardware face the prospect of deeper consolidation as weaker players exit the field or pivot toward other lines of business.
Treasure dynamics diverge: miners sell, treasury buyers accumulate
While miners sold record amounts of BTC, a contrasting trend persists among Bitcoin treasury holders. CryptoQuant notes a long-running decline in the total BTC held by miners, a “Miner Reserve” metric that has drifted down from about 1.86 million BTC at the end of 2023 to roughly 1.8 million BTC at the time of publication. The dynamic highlights a fundamental tension: miners often liquidate holdings to fund operations, while independent treasury-holders and corporate buyers accumulate, reshaping the supply/demand balance across cycles.
In parallel, corporate buyers have continued to add BTC to their treasuries even as prices wobble. Strategy, the largest Bitcoin treasury company by profile, has been repeatedly described as a net buyer. Michael Saylor, Strategy’s co-founder, this week signaled further purchases as BTC pulled back from a local high near $73,000, posting on social media that investors should “think bigger” and pointing to Strategy’s long-running pattern of accumulating BTC over time. Such guidance reinforces the broad divergence between miners’ near-term liquidity needs and treasury buyers’ longer-term accumulation strategies.
CoinShares’s assessment adds nuance to the picture: even as wide-margin miners face ongoing cost pressures, the sector’s capital allocation remains a study in contrasts — with accelerating buying by treasuries on one side and sanguine but cash-constrained producers on the other. The broader implication is that while producer liquidations can temporarily depress price and sentiment, strategic buyers and reserve managers can act as counterweights, potentially stabilizing demand in downturns.
What comes next for miners and investors
Looking ahead, several factors will determine the trajectory of mining profitability and the sector’s health. The first is BTC’s price trajectory; a material recovery would widen the gap between current hashprice and breakeven, allowing marginal operators to stabilize or expand. The second is the pace of hashrate growth, which affects the competitive landscape and block rewards for all miners. Third, macro energy costs remain a meaningful driver of operating expenses, particularly for older facilities or regions with high electricity prices.
Industry researchers, including CoinShares, warned that if BTC fails to recover meaningfully in the near term, capitulation among higher-cost operators could accelerate in the first half of 2026. That possibility underscores the fragility of a sector that depends on a delicate balance of energy economics, equipment efficiency, and BTC price dynamics. Meanwhile, treasury buyers appear poised to press ahead with purchases should price volatility persist, a development that could create a counterweight to mining selloffs over time.
Readers should watch how the quarterly cadence of miner liquidations evolves in Q2 2026, and whether hashprice strengthens or weakens as new miners deploy more efficient rigs. Any shift in the balance between miner sales and treasury purchases will offer clues about how the sector negotiates the next major price cycle and whether new capacity can be absorbed without triggering further distress in the mining economy.
Sky’s native stablcoins are being deployed on Avalanche via Skylink, Sky’s crosschain bridge protocol built on LayerZero infra.
Sky, the decentralized finance protocol formerly known as MakerDAO, has announced the first native deployment of its native stablecoin, USDS, and its yield-bearing version, Savings USDS (sUSDS), on Avalanche.
The rollout runs on Skylink, the Sky ecosystem’s crosschain bridge protocol, built on LayerZero infrastructure. Unlike traditional bridge deployments, Skylink operates on a burn-and-mint framework that requires no bridge liquidity, accoriding to Sky’s X announcement.
Grove Finance initiated the bridge of Sky’s USDS and sUSDS to Avalanche via Skylink, becoming the first entity to transfer the assets directly from Ethereum mainnet to Avalanche. “This is the first native deployment of USDS and sUSDS on Avalanche,” Sky emphasized on X, clarifying:
“Every previous stablecoin expansion into a new network required third-party bridges, but Skylink removes that dependency entirely.”
Explaining the phased rollout, Sky wrote that the Avalanche bridge went live on April 13 with a daily transfer cap of 5 million in either direction, set by Sky governance. Limits are set to increase to their final capacity on April 27, with native USDS-to-sUSDS conversions directly on Avalanche expected later in Q2 2026, per Sky’s X thread.
Avalanche currently has just over $756 million in total value locked in DeFi, per DefiLlama data, making it the 12th-largest chain by DeFi TVL. Ethereum is the largest with over $58 billion.
In a separate collaboration between Grove and Sky, yesterday Grove announced it had received 25 million USDS from the Sky ecosystem as part of its Agent Network allocations. “Each allocation expands the Sky Agent Network’s capacity to generate diversified yield,” Sky wrote on X.
Sky is the rebranded version of MakerDAO, one of DeFi’s oldest and most influential protocols. As The Defiant reported in August 2024, the rebrand introduced USDS as a successor to DAI, the protocol’s long-running decentralized stablecoin, as part of the protocol’s sweeping “Endgame” overhaul.
The Avalanche news adds to a busy week for the network. Just yesterday, April 15, Bitwise launched its Avalanche ETF (BAVA) on NYSE Arca, offering investors regulated AVAX exposure with in-house staking.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Key takeaways:
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Negative Bitcoin futures funding rates signal bear-market losses and forced liquidations rather than a shift in sentiment.
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Institutional inflows into Bitcoin ETFs and corporate accumulation suggest that spot demand remains solid.
Bitcoin (BTC) sold off in early trading hours at the US stock market open, briefly losing the $75,000 level before rebounding. This unexpected price swing triggered $120 million in liquidations of leveraged long (buy) BTC futures positions. During this ordeal, the Bitcoin funding rate has remained negative, which could hint at further downside and a potential advantage to the bears.
The negative funding rate has been the norm since Monday, indicating a lack of demand for bullish leverage. Negative rates mean shorts (sellers) are the ones paying to keep their positions open. Under neutral conditions, the indicator should range between 5% and 10% to compensate for the cost of capital and exchange risks. At first sight, a 20% rate indicates conviction, but that is not the whole story.
Liquidations back Bitcoin’s negative funding rate
The perpetual contract funding rates are calculated every 8 hours on most exchanges. Temporary spikes to 20%, either positive or negative, are not particularly concerning for most traders, as they amount to a 0.05% daily fee. In essence, even if the position has extremely high leverage, such as 20x, the cost is 1%. Unless this issue persists for much longer, it is hardly a burden.
Bitcoin bearish positions have been forcefully liquidated for $365 million since Monday, which has naturally eroded collateral on short positions. Traders could have opted to sit tight rather than rush to add margin, anticipating that funding rates would adjust on their own. Thus, the negative funding rate reflects losses from bears rather than conviction.
Bitcoin’s intraday moves have largely tracked the S&P 500 index for the past couple of weeks. The US stock market jumped to an all-time high on Thursday while Bitcoin remains distant from its $126,200 peak. Consecutive failures to re-establish the $76,000 level partially explain the lack of enthusiasm in BTC derivatives markets. Still, the latest round of US economic data is supportive for risk markets, including Bitcoin.
US industrial production decreased by 0.5% in March from the previous month, according to data released by the Federal Reserve on Thursday. Consumer durable goods were the negative highlight, with automotive production down 2.8%. In parallel, the continuing jobless claims increased 31,000 to a seasonally adjusted 1.818 million during the week ended April 4.
While counterintuitive, the S&P 500 benefited from the increased economic recession, which forced the government to accelerate stimulus measures. The upward pressure on inflation, which has also been fueled by the surge in oil prices, reduces incentives to hold fixed-income investments.
Related: Bitcoin bull run ‘still too early’ to call as demand lags exiting capital–Analyst
The Bitcoin options market data provides no signs of excessive demand for downside price protection. The premium paid on put (sell) options on Deribit has lagged behind the equivalent call (buy) instruments over the past week. The $921 million in net inflows into US-listed Bitcoin spot ETFs over five days, along with continued accumulation from Strategy (MSTR US), boosted investors’ confidence.
At the moment, Bitcoin’s negative funding rate does not raise alarms, especially since institutional investor demand remains strong in BTC’s spot markets.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
Josh Stark, a leading researcher and project manager at the Ethereum Foundation, is stepping away after five years with the non-profit behind Ethereum’s core ecosystem. In a short post on X, Stark said he has “no plans for the future” and will take time off to focus on family and friends, without detailing his next steps. His departure marks the most high-profile exit from the Foundation since a broader leadership reshuffle began to take shape in 2025.
Stark’s exit appears to be part of a larger current of change at the Ethereum Foundation, which has seen several leadership moves and a reorientation of its long-term strategic direction over the past year. Stark was listed among the four individuals identified as “Management” on the Foundation’s organizational chart, which maps reporting lines across the staff. Cointelegraph reached out to Stark for comment but did not receive a response by publication time.
The timing sits against a broader background: in early 2025, Ethereum co-founder Vitalik Buterin announced sweeping changes to the Foundation in response to growing debate over the organization’s trajectory. The updated plan aimed to infuse the Foundation with new talent, broaden decentralization, and invest in upgrading the protocol for higher throughput and faster transaction speeds. Buterin stressed that the changes would not involve lobbying in Washington or representing “vested interests,” and signaled that anyone seeking a different vision could form new organizations if they chose to do so.
Key takeaways
- Josh Stark leaves the Ethereum Foundation after five years, choosing a period of personal time with family and friends, with no stated next step.
- The departure follows a year of leadership shifts at the Foundation that align with Vitalik Buterin’s 2025 reform and decentralization push.
- In March 2025, the Foundation announced new co-directors: Hsiao-Wei Wang, a researcher at the Foundation, and Tomasz Stańczak, CEO of Nethermind, signaling a tighter, more centralized governance structure—at least in the near term.
- Stańczak stepped down from his role in February 2026, while Wang remains on the management board, indicating ongoing realignment within the organization.
- Observers will be watching how these leadership changes influence EF-backed projects, community sentiment, and the pace of Ethereum ecosystem initiatives.
Inside the leadership churn
Stark’s departure is a notable marker in a period of redefinition for the Ethereum Foundation. He has long been considered a key steward of Ethereum’s core research and project management efforts, helping navigate improvements to the network and its development roadmap. The explicit reasons for his exit were not disclosed, but his message on X underscored a personal, rather than strategic, exit—“no plans for the future”—and a focus on private life for the time being. The Foundation’s internal structure shows Stark among the core management team, suggesting his role was central to ongoing projects and coordination across teams.
The broader context is critical. In January 2025, Vitalik Buterin outlined a set of leadership changes designed to address community concerns about the Foundation’s direction and to accelerate progress on Ethereum’s scaling, governance, and decentralization. Buterin described a move away from centralized influence toward a model that emphasizes decentralization and openness to new organizational forms that might pursue different visions for Ethereum. He stressed the Foundation would refrain from ideological campaigning or lobbying, and invited others to form alternative groups if they believed they could advance different priorities.
That shift culminated in March 2025 with the Foundation officially naming new co-directors. Hsiao-Wei Wang, a longtime Ethereum Foundation researcher, joined Tomasz Stańczak, the chief executive of Nethermind (an Ethereum execution client), as co-directors. The arrangement signaled a renewed emphasis on leadership depth and an alignment of research and execution capabilities with governance oversight. The move was framed as a step toward more robust governance and a refreshed mandate for Ethereum’s ongoing development and ecosystem support.
What changed—and what remains uncertain
The leadership overhaul in 2025 represented more than a personnel reshuffle. It signaled a strategic pivot aimed at accelerating protocol improvements and expanding the Foundation’s ability to back core infrastructure and ecosystem projects. Buterin’s remarks suggested a deliberate move away from direct activism or involvement in external lobby efforts, focusing instead on building out internal capabilities and encouraging the broader ecosystem to organize around shared goals—and to form new entities if they desired a different course.
With Stańczak’s February 2026 departure, the Foundation’s leadership picture shifted again. Wang remains on the management board, indicating continuity in the new direction and a continued emphasis on research-driven governance. Yet the exact long-term balance between centralized leadership and decentralized governance within the Foundation remains an evolving question. For developers and projects that rely on EF funding and strategic guidance, leadership stability—alongside predictable support for grant programs, tooling, and ecosystem initiatives—will continue to be a watch point.
From an ecosystem perspective, the changes could have several implications. On one hand, a renewed leadership slate—combining deep technical know-how with execution-focused leadership—could streamline decision-making, reduce bottlenecks, and accelerate critical upgrades or incentive programs. On the other hand, persistent turnover at the Foundation can raise questions about continuity and the consistency of funding priorities, particularly for projects spanning Layer 2s, client implementations, and security research.
Market watchers and project teams will be looking for signals about how the Foundation plans to allocate resources, how it engages with core development efforts, and how governance processes might evolve under Wang’s and the Foundation’s current leadership. The near-term question is whether the shift will translate into more ambitious support for scaling solutions, faster client performance improvements, and a more transparent, participatory approach to funding decisions that reflect the wider Ethereum community’s priorities.
Broader implications for builders and users
For builders and users, leadership changes in the Ethereum Foundation can be both a source of reassurance and uncertainty. Reassurance comes from the prospect of a more focused, technically driven strategy that prioritizes resilient infrastructure and scalable upgrades. Uncertainty arises when leadership transitions intersect with funding cycles, policy directions for research, and the timing of strategic initiatives that affect development roadmaps and ecosystem incentives.
As the Foundation navigates this period of transition, contributors and stakeholders will be paying close attention to commitments around critical efforts—such as client diversity and performance improvements, rollouts of Layer 2 technologies, and security research that underpins Ethereum’s continued resilience. The ongoing governance arrangements within the EF’s management structure will likely shape how quickly these initiatives advance and how broadly they are supported across the ecosystem.
What to watch next
Readers should monitor how the Ethereum Foundation balances leadership continuity with strategic renewal. Key questions include how Wang’s ongoing role on the management board will influence budgeting, project selection, and stakeholder engagement; whether additional leadership changes will follow Stańczak’s departure; and how the Foundation’s stance on decentralization and external collaboration evolves in practice. As Ethereum’s roadmap continues to unfold—toward higher throughput, stronger security, and broader adoption—the Foundation’s governance choices will remain a meaningful barometer of the project’s longer-term direction.
In the near term, stakeholders will also want clarity on grant cycles, support for core infrastructure initiatives, and the Foundation’s approach to coordinating with other major ecosystem players. The volatility of leadership turnover is not new to Ethereum’s ecosystem, but it will be important to see how the Foundation translates changes in management into tangible progress for developers and users alike.
Crypto World
Class Action Lawsuit Filed Against Circle Over Drift Protocol $280 Million Hack: Gibbs Mura Law Group
Law firm charges Circle Internet Financial with failing to freeze $230 million in stolen USDC after the April 1 Drift Protocol exploit, allegedly linked to North Korean attackers.
A class action lawsuit was filed on April 14, 2026, by Gibbs Mura, A Law Group on behalf of Drift Protocol investors who lost funds in the $280 million April 1 hack. The lawsuit alleges that Circle Internet Financial knowingly permitted attackers—reportedly tied to North Korea’s government—to offload $230 million in stolen funds using Circle’s USDC stablecoin and CCTP bridge infrastructure over eight hours without freezing the assets, despite having the technical and contractual authority to do so.
The Drift Protocol exploit, executed via pre-signed administrative transactions on Solana, caused total value locked to collapse from $550 million to under $250 million and triggered indirect losses across at least 20 additional DeFi protocols. Blockchain analytics firm Elliptic linked the attack to North Korean state-sponsored actors. The lawsuit claims Circle has accumulated over $420 million in alleged compliance failures by repeatedly allowing unrestricted use of its stablecoin and bridge services during large breaches involving misappropriated funds.
Sources: Gibbs Mura, A Law Group
This article was generated automatically by The Defiant’s AI news system from publicly available sources.
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