Crypto World
Aave-Linked DeFi United Details rsETH Recovery Plan
The Aave-linked recovery group DeFi United has published a technical implementation plan to restore rsETH backing after the April 18 Kelp bridge exploit released 116,500 rsETH, worth about $293 million at the time, without a corresponding burn on Unichain.
The plan would convert committed Ether (ETH) into rsETH in tranches and deposit the tokens into the affected bridge lockbox, allowing the bridge to resume normal operations once the backing is restored. LayerZero and Kelp have also implemented additional security measures before the bridge returns to full operation, according to Aave.
In parallel, DeFi United plans to clear attacker-linked positions across Aave and Compound to recover collateral and resolve market impairments caused by the exploit. The group said seven addresses associated with the exploiter still hold active rsETH-backed positions on Aave and Compound, representing about 107,000 rsETH of the original 116,500 rsETH released in the incident.
Related: Kelp restaking platform exploited, $293M drained in attack
The proposed sequence would temporarily adjust the rsETH oracle price to enable controlled liquidations, transfer recovered collateral to a DeFi United multisig, restore the oracle, redeem the rsETH for ETH and use the resulting funds to clear deficits across affected markets.
The recovery plan moves the rsETH effort from pledges and public commitments into a coordinated technical process that depends on governance approvals, temporary oracle changes and execution across several DeFi protocols. While the process is designed to restore rsETH backing, it remains contingent on DAO votes, finalized agreements and the attacker not disrupting the liquidation steps.

Source: Aave
Ethereum backers joined the recovery effort
The technical plan follows earlier efforts to secure funding and governance support for the rsETH recovery.
On Monday, Consensys and Ethereum co-founder Joe Lubin had joined DeFi United with a commitment of up to 30,000 ETH, while Sharplink, a publicly traded Ethereum treasury company, joined in an advisory role to help structure the recovery plan.
Related: Crypto protocols pledge 43K ETH to restore rsETH backing
On the same day, Aave Labs had asked the Arbitrum DAO to release 30,765 ETH frozen by the Arbitrum Security Council after the exploit and send the funds to DeFi United.

DeFi United secured over $300 million in commitments. Source: DeFi United
As of Tuesday, the DeFi United website showed $302.26 million in total raised or committed toward the recovery effort, equal to 132,706.903 ETH, though some commitments remain subject to DAO votes and final execution.
Magazine: AI-driven hacks could kill DeFi — unless projects act now
Crypto World
Why XRP might be the next big winner after Bitcoin’s $21 billion ETF inflows
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
XRP gains institutional attention as ETF inflows and market demand reshape crypto investment strategies.
Summary
- XRP Power gains attention as investors seek stable crypto returns backed by green energy and compliance-focused design.
- Rising XRP interest and Bitcoin ETF inflows push platforms like XRP Power into focus for diversified crypto income.
- The platform combines green energy infrastructure, audits, and compliance frameworks to support stable return strategies.
Amidst Wall Street’s continued increase in crypto asset allocation, Bitcoin ETF inflows have surpassed $21 billion, signifying an unprecedented influx of mainstream capital into this market.
However, what truly ignites a new wave of market imagination is not just Bitcoin itself, but the long-undervalued XRP. With a gradually clear regulatory environment, surging demand for cross-border payments, and growing institutional interest, XRP is transitioning from a “fringe asset” to a potential core allocation target.

In this trend, more and more investors are seeking strategies that can capture market growth while also providing risk hedging capabilities. For example, digital asset service platforms like XRP Power are offering users relatively stable participation paths through diversified product design and profit mechanisms, allowing them to achieve stable returns even in a volatile market environment.
This combination of “growth + stability” may be the key to the next stage of competition in the crypto market.
Why choose XRP power for stable returns?
Regarding return sources, XRP Power utilizes a recycling mechanism based on green energy infrastructure (such as wind and hydropower) to provide continuous power support for system operation, thereby enhancing overall stability and efficiency. This model, combining physical energy and digital assets, helps enhance the sustainability and resilience of returns in volatile market environments.
In terms of security and compliance, XRP Power is headquartered in the UK and operates within a framework that references the EU’s MiCA (Crypto-Asset Market Regulation) and MiFID II (Markets in Financial Instruments Directive II), striving to align with international standards in transparency and investor protection. Furthermore, the platform incorporates a third-party guarantee mechanism; user assets are insured by Lloyd’s of London and undergo regular independent audits by PwC to enhance asset security and operational transparency.
Through this multi-layered structure of “underlying asset support + compliance framework + third-party audits,” the platform aims to build a relatively robust and sustainable return environment for users.
How to join XRP Power and start earning
1. Register an Account and Receive a New User Bonus
2. Choose a Suitable Earnings Plan
The platform offers various earnings contracts ranging from $100 to $100,000. Different contracts correspond to different earnings structures and periods, allowing users to flexibly choose according to their capital and risk tolerance.
3. Pay and Activate the Contract
Payment is supported through various mainstream digital assets, including USDT, USDC, Bitcoin, Ethereum, and XRP. The process is convenient, and funds arrive quickly.
4. Contract Activation and Earnings
After contract activation, the system will begin calculating earnings based on the selected plan and settle daily. Earnings will be automatically credited to your account balance. Users can choose to withdraw at any time or reinvest to increase potential earnings.
5. Popular Profit Contracts
Investment Amount: $1000 Investment Period: 7 days Daily Yield: $13.20 Total Profit: $92.40
Investment Amount: $5000 Investment Period: 15 days Daily Yield: $70.50 Total Profit: $1057.50
Investment Amount: $10000 Investment Period: 20 days Daily Yield: $153 Total Profit: $3060
Click to view daily profit details for different contracts.
6. The platform also offers user referral and team incentive programs to further enhance the diversity of profit opportunities. Users can earn long-term profit-sharing rewards by inviting friends to join the platform: enjoying a multi-tiered incentive structure of up to 3% + 2%, with increased potential profits from more referrals.
When a team reaches a certain size (e.g., more than 10 active members), users can unlock an additional monthly team reward mechanism, receiving more incentives based on the team’s overall performance.
This mechanism aims to encourage users to achieve both personal gains and team growth through sharing and collaboration, while simultaneously building a more active community ecosystem.
Summary
Since its launch in 2023, the XRP Power platform has expanded its business to 189 countries and regions worldwide, serving a continuously growing user base and gradually establishing its influence in the digital asset yield management field. The platform focuses on “user asset security and yield experience,” continuously improving its overall service capabilities through technological and mechanism optimization.
In terms of architectural design, XRP Power incorporates decentralized technology, ensuring key data is recorded on-chain and publicly verifiable, enhancing transparency and verifiability, allowing users to more clearly understand asset operations and yield sources.
Regarding the yield model, the platform strives to maintain relatively stable yield performance in different market environments through diversified strategies and risk mitigation mechanisms. Even in situations of increased market volatility, it is committed to providing users with continuous yield opportunities, rather than solely relying on market upturns.
For more details, please visit the official website.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Crypto World
What Crypto Whales Are Buying Ahead of the April FOMC Meeting
The April 29 FOMC decision lands with a 99% probability of a rate hold, but on-chain data shows crypto whales are not waiting for Powell’s tone to start positioning.
BeInCrypto analysts have identified three tokens seeing decisive whale accumulation in the hours before the meeting, each driven by a distinct logic. One rides a fresh exchange listing into pre-FOMC liquidity flows. Another tracks a steady inverse pattern toward a 17% breakout. The third is being absorbed quietly through a supply-shock window.
Onyxcoin (XCN)
Onyxcoin (XCN) trades at $0.0058, up 3.15% on the session, after a 64% spike to $0.0086 on April 27 following Upbit’s listing announcement. The South Korean exchange opened KRW and USDT pairs at 07:00 UTC, sending daily volume up 629% to $37 million.
Whale activity tells the more interesting story for the FOMC angle. Crypto whale wallets distributed aggressively into the listing rally, with Santiment’s supply-held-by-whales metric falling between April 26 and April 28.
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That distribution has now reversed. Whale accumulation has lifted the metric back to 62.15 billion XCN in the hours before the April 29 FOMC decision, recovering nearly 1.9 billion tokens. The timing matters because the broader crypto market is up at press time as traders rotate out of the S&P 500 ahead of Powell’s press conference. Whales appear to be positioning XCN as a beneficiary of pre-FOMC liquidity flowing into altcoins.
The chart confirms the bullish read. Between October 8 and April 28, the daily Relative Strength Index (RSI), a momentum indicator that measures price strength on a 0-100 scale, printed a higher low while price printed a lower low. That bullish divergence is the technical foundation whales appear to be banking on.
The level math is tight. XCN needs a daily close above $0.0060, the 0.618 Fibonacci level, to confirm the breakout and target the $0.0086 listing peak. A close above $0.0086 reopens the $0.0129 resistance from January. However, a drop below $0.0053 invalidates the divergence and exposes $0.0045.
Chainlink (LINK)
Chainlink (LINK) trades at $9.30, sitting just below a key technical level at $9.39 ahead of the April 29 FOMC decision. The setup carries the steadiest whale accumulation signal among crypto whale picks for the meeting.
Santiment data shows LINK whale wallets, excluding exchange addresses, have lifted their balance from 663.21 million LINK on April 23 to 667.84 million LINK on April 29. That is roughly 4.6 million LINK accumulated over six days, worth approximately $42.7 million at current prices. The accumulation has tracked steadily upward without the immediate distribution-and-rebuy pattern seen in faster-moving names.
Steady big money accumulation during a macro de-risking window typically reflects conviction rather than reaction, and LINK’s flow profile fits that pattern.
The chart confirms what whales are positioning for. LINK has carved out an inverse head and shoulders pattern, a bullish reversal structure. The head sits at $8.19, and the right shoulder formed near $8.99.
A daily close above $9.39 targets $10.02, a neckline-adjacent level that also aligns with the 0.618 Fibonacci zone. A clean break of $10.02 unlocks a 17% measured move toward $11.69. However, a failure at $9.39 and a drop below $8.99 weakens the structure, and a close under $8.19 invalidates the pattern entirely.
Ethereum (ETH)
Ethereum (ETH) trades at $2,309, holding above the 20-day Exponential Moving Average (EMA), an indicator that weights recent prices more heavily to track short-term trend changes, at $2,294. The position above the 20-day EMA gives the bullish setup its first technical foothold.
The crypto whale story here is the steadiest of the three. Santiment data shows ETH supply held by whale wallets, excluding exchange addresses, has lifted from 123.35 million ETH on April 19 to 124.43 million ETH on April 29. That marks roughly 1.08 million ETH accumulated over 10 days, worth approximately $2.49 billion at current prices.
The economic logic separates ETH from the FOMC-rotation trade. Whales are not buying ETH for a rate cut, since CME FedWatch shows zero probability of one. Instead, the accumulation aligns with structural on-chain demand. ETH exchange reserves have hit their lowest level since 2016 with 331,000 tokens withdrawn since April 19, and corporate treasuries like BitMine added 101,901 ETH last week worth roughly $233 million.
Whales appear to be using the pre-FOMC consolidation as a discount window before the supply shock thesis becomes priced in. The cumulative drawdown of liquid ETH supply is the catalyst, not Powell’s tone.
The chart confirms the patient setup. ETH has consolidated between $2,250 and $2,377 since mid-April, a tight 5% range that whales have used to absorb supply without lifting price.
A daily close above $2,349, the 100-day EMA, and then $2,377 unlocks an 11.92% measured move toward $2,583. Below the range, $2,294 (20-day EMA) and $2,245 (50-day EMA) are the first defenses. Therefore, a break below $2,250 invalidates the structure and exposes $1,936.90.
The post What Crypto Whales Are Buying Ahead of the April FOMC Meeting appeared first on BeInCrypto.
Crypto World
Canada proposes ban on BTC ATMs as fraud cases mount
Canada is proposing to ban crypto ATMs as part of a broader crackdown on fraud and money laundering, citing growing evidence that the machines have become a key tool for scammers.
The measure, included in the Liberal government’s Spring Economic Update released Tuesday, would eliminate crypto ATMs nationwide. Officials described the machines as a “primary method” for defrauding victims and laundering illicit funds.
“To protect Canadians by shutting down a primary method for scammers to defraud victims, and for criminals to place their cash proceeds of crime,” the government said, it plans to prohibit the machines entirely.
A crypto ATM (automated teller machine) may sound similar to a traditional cash machine that dispenses money from your bank account, but it works very differently. Instead of withdrawing cash, these machines let users convert physical cash into cryptocurrencies like bitcoin, which can then be sent to a digital wallet anywhere in the world, while bypassing traditional banking channels. That’s where the money-laundering risk comes in.
The proposal follows mounting concerns from law enforcement and regulators that crypto ATMs have become central to fraud schemes.
A 2023 internal analysis by Canada’s financial intelligence agency, FINTRAC, found that bitcoin ATMs are likely to remain “the primary method” fraudsters use to collect and launder funds from victims.
Canadian lawmakers are debating banning crypto as a payment method for electoral donations, citing concerns about the anonymity of fund transfers.
Canada was home to the first bitcoin ATM, installed in a downtown Vancouver coffee shop in 2013.
Crypto World
CFTC deploys AI to police crypto as Innovation Task Force targets prediction markets
CFTC turns to AI tools and a new Innovation Task Force to police booming crypto and prediction markets as staff shrinks and CLARITY Act hangs over federal turf wars.
Summary
- CFTC chair Michael Selig says Microsoft 365 Copilot and AI surveillance tools now underpin crypto and prediction market oversight with a workforce reduced by more than 20% since FY2024.
- A new Innovation Task Force will write rules for crypto assets, artificial intelligence, and event contracts as Congress weighs the CLARITY Act and federal–state fights over prediction markets intensify.
- Selig’s push comes as monthly prediction market volumes approach tens of billions of dollars and the agency seeks exclusive federal jurisdiction over event-based contracts.
The U.S. Commodity Futures Trading Commission is turning to artificial intelligence to supervise surging crypto and prediction markets even as its workforce has shrunk by more than one‑fifth since 2024.
Chairman Michael Selig told the House Agriculture Committee that the agency has authorized Microsoft 365 Copilot across its staff and is building “AI‑driven surveillance systems to flag fraud, market manipulation, and insider trading” in digital asset and derivatives markets.
CFTC leans on AI as staff shrinks
According to a report cited by Selig, the CFTC’s headcount has fallen from about 708 full‑time employees at the end of fiscal 2024 to roughly 543 a year later, a reduction of just over 20%, even as Congress prepares to hand it primary oversight of non‑securities crypto trading.
He argued that Copilot and other machine‑learning tools are compensating for that gap by ingesting large data sets from crypto exchanges, prediction platforms, and futures markets and surfacing anomalies for human investigators to review.
At the same time, Selig is trying to replace ad hoc enforcement with clearer guardrails.
In March, he launched an Innovation Task Force “dedicated to advancing clear rules of the road for American innovators” building in three areas: crypto assets and blockchain, artificial intelligence and autonomous systems, and prediction markets and event contracts, according to a CFTC release.
The task force, led by senior adviser Michael Passalacqua and five other experts, will work with the Innovation Advisory Committee and coordinate with the Securities and Exchange Commission on joint initiatives.
“Our goal is to foster responsible innovation at home and ensure American market participants are not left on the sidelines,” Selig said, promising a forum for founders and developers to “come meet with the staff” rather than face only after‑the‑fact crackdowns.
Bitcoin 2026 underscores prediction market pivot
Selig amplified that message on April 27 at the Bitcoin 2026 conference in Las Vegas, where he appeared back‑to‑back with SEC chair Paul Atkins and told attendees that regulators are “turning over a new page” on crypto coordination.
He framed the CFTC’s agenda around property rights, saying “our country was founded on the idea of private property” and arguing that token holders and innovators deserve predictable treatment instead of overlapping enforcement from Washington and the states.
That stance matters for prediction markets, a sector that platforms like Polymarket and Kalshi have helped push to nearly $24 billion a month in trading volume as AI bots and Wall Street capital pour in.
The CFTC is simultaneously defending what Selig calls its “sole regulatory jurisdiction over prediction markets” in lawsuits against states including New York, Arizona, and Illinois, warning that a patchwork of gambling rules could fracture a market now moving into mainstream finance.
In a recent congressional hearing, Selig said the agency has “numerous investigations ongoing” in prediction markets and insisted that CFTC‑registered platforms must serve as the “first line of defense” against fraud before federal enforcement steps in.
With the CLARITY Act still pending in Congress and the Innovation Task Force ramping up, the CFTC is betting that AI‑enhanced supervision and formal rulemaking can keep pace with crypto derivatives and event contracts that now trade at global scale.
Crypto World
Ripple linked token falls to $1.38 after breaking key support zones
XRP lost $1.40, and it didn’t happen quietly. The level had held for weeks, but once it gave way, price slipped quickly and hasn’t recovered it. That shift matters because when support breaks on strong volume, it usually turns into resistance, and that changes how traders position around it.
News Background
• Bitcoin dominance pushed toward 60%, signaling capital rotating away from altcoins and limiting demand for XRP.
• XRP continues to unwind after a long consolidation phase, with the recent move marking the first clean break below its range floor.
Price Action Summary
• XRP dropped from $1.40 to $1.38, breaking below a key support level that had held through the range.
• The move was driven by a clear spike in selling activity rather than gradual drift.
• Price is now holding just below $1.40, consolidating after the breakdown instead of bouncing back.
Technical Analysis
• The structure has shifted. $1.40 was support, now it acts as resistance unless reclaimed.
• Volume expanding into the move confirms real selling pressure, not a low-liquidity drop.
• The longer consolidation that kept price stable has now started to resolve lower.
• Short-term rebounds are shallow so far, which suggests buyers are not stepping in with strength yet.
What traders should watch
• $1.40 is the key level. A move back above it would signal the breakdown failed.
• $1.37 is the next support. Losing that opens the path toward $1.32-$1.28.
• As long as price stays below $1.40, rallies are likely to face selling pressure.
Crypto World
Galaxy Digital posts $216M Q1 loss as crypto slump hits, data centers switch on
The CFTC is turning to artificial intelligence and a new Innovation Task Force to police explosive crypto and prediction markets as its workforce shrinks and jurisdictional battles over event contracts intensify.
Summary
- Galaxy Digital reported a Q1 2026 net loss of $216 million, or diluted EPS of $(0.49), as a roughly 20% drawdown in digital asset prices erased mark‑to‑market gains.
- The firm said sequential losses narrowed and confirmed that its Data Centers division generated revenue for the first time, in line with earlier guidance that the business would switch on in early 2026.
- Management framed the quarter as a pivot toward AI‑driven infrastructure, pointing to its Helios campus in Texas and long‑term contracts that it expects will underpin multi‑billion‑dollar revenue streams over the coming decade.
Galaxy Digital (Nasdaq: GLXY) swung to a Q1 2026 net loss of $216 million, as a roughly 20% decline in digital asset prices during the quarter pulled the crypto‑focused financial services firm into the red despite growing fee and infrastructure revenue.
In its earnings release, the company reported diluted earnings per share of $(0.49) and said “the decline in token prices and unrealized losses on balance sheet positions more than offset operating income” across trading, asset management, and principal investments.
Management stressed that the loss narrowed compared with the prior quarter and argued that the business mix is becoming less sensitive to crypto price swings. “While digital asset volatility continues to impact our reported net income, our core operating businesses remain resilient, and we are executing on a strategy that diversifies our revenue base,” Galaxy said in its shareholder letter.
The firm pointed to its Digital Assets segment — spanning trading, lending, asset management, and staking — which generated hundreds of millions of dollars in adjusted gross profit over 2025, even as full‑year net income was negative.
Last year Galaxy posted a $241 million net loss for 2025, but adjusted EBITDA of $216 million and a stock price that jumped more than 11% after the annual report underscored that investors were willing to look through non‑cash marks.
Data Centers start to earn as Helios ramps
The first quarter also marked a structural shift: Galaxy’s Data Centers division booked revenue for the first time, reflecting the initial commercialization of its Helios AI campus in West Texas.
“We anticipate revenue from our data center business to commence in the first half of 2026,” management had said on a prior earnings call, a timeline that Q1’s results suggest the company is now meeting.
Helios, which Galaxy has described as a “multi‑hundred‑billion‑dollar digital infrastructure opportunity,” has secured more than 1.6 gigawatts of approved capacity and a long‑term contract with AI cloud provider CoreWeave that is expected to generate over $1 billion in annual revenue at full ramp.
Galaxy recently closed a $1.4 billion project financing facility to fund the site’s initial retrofit and expansion, positioning the firm less as a pure crypto trading proxy and more as a hybrid of digital assets bank and AI infrastructure play.
CEO Mike Novogratz has argued that this pivot gives Galaxy a durable earnings engine that is less correlated to bitcoin and altcoin prices, even if quarterly results like Q1’s still reflect the sector’s boom‑bust dynamics.
For investors, the tension between a $216 million reported loss and the first trickle of data center revenue underlines the central question around GLXY: how quickly Helios and related projects can scale to outweigh crypto market drawdowns in the income statement.
Crypto World
Robinhood Dips 9% As Crypto Activity Falls Nearly 50% in Q1
Online trading platform Robinhood fell 9.4% in after-hours trading after its Q1 revenue missed analyst estimates, while crypto revenue and trading volume fell nearly 50% from a year ago.
Robinhood’s crypto transaction revenue fell 47% year-on-year from $252 million to $134 million, while crypto trading volume fell 48% to $24 billion over the same period, according to the company’s Q1 earnings report on Tuesday.

Robinhood’s transaction-based crypto revenue fell for the third consecutive quarter in Q1. Source: Robinhood
Its earnings per share of $0.38 and $1.07 billion in revenue missed industry expectations by 11.6% and 6.1%, respectively, contributing to a 9.4% fall in Robinhood (HOOD) shares. The company still made a profit, with its net income rising 3% year-on- year to $346 million.
Robinhood CEO Vladimir Tenev attributed the crypto revenue and trading volume fall to price swings in the market but added that the company is more focused on building crypto infrastructure and integrating assets that have “real-world utility.”
“Price moves up and down, but what I can tell you is crypto as technology infrastructure is going to be big, and we’re investing,” he said, adding: “We’re at the very beginning of what’s gonna be a tokenization supercycle.”
Robinhood is one of several trading platforms that have used the bear market to expand their blockchain-based offerings in an effort to capture new revenue streams and broaden retail demand.
Robinhood Predictions records best quarter yet
Another one of those offerings is Robinhood Predictions, a predictions market platform integrated through Kalshi, which saw a record 8.8 billion event contracts traded on Robinhood in Q1, marking a 780% increase from Q2 2025 — its first full quarter on the market.
Tenev added that Robinhood Predictions is on track to reach around $3 billion in trading volume for April, a figure that would mark its second-highest month since rolling out the product in March 2025.
Related: Nasdaq files for prediction market-style options on Nasdaq-100
Robinhood Predictions is part of Robinhood’s “other” trading category, which saw its revenue increase 320% year-on-year to $147 million in Q1, helping offset the crypto-related losses.
Not included in the crypto figures was trading activity from Bitstamp, which was acquired by Robinhood in June 2025. The exchange recorded $42 billion worth of trading volume over the quarter, down 13% from Q4 2025.
Magazine: IronClaw rivals OpenClaw, Olas launches bots for Polymarket — AI Eye
Crypto World
Institutional money is coming for bitcoin, but Adam Back says it moves slower than you think
The arrival of Morgan Stanley at the U.S. spot bitcoin ETF party earlier this month was characterized by some observers as the catalyst that will end the current crypto bear market thanks to the massive distribution power of the Wall Street wirehouse’s $8 trillion advisory network.
Not so fast, said Blockstream CEO Adam Back, an early contributor to the Bitcoin community and recently tipped by the New York Times to be the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, an assertion he denies.
The bitcoin ETFs could be the single most important development of recent times when it comes to positive market signals, more so even than a pro-crypto U.S. administration, Back said, but it takes longer than most people realize. It won’t be immediate.
“I think what people may have miscalculated is that institutional adoption is very slow,” said Back in an interview with Coindesk. “So the ETFs got bought, but when BlackRock is saying they recommend 2% to 4% allocation in their general stock portfolio, the fund managers haven’t done that yet. And they will, but it’s slower than people anticipate.”
Investors don’t just pile in overnight, he said. A build-up could take a year, even 18 months.
“Some of that stuff is just starting to happen, and it will happen slowly. So I think there’s a tailwind.”
Founded in 2014 by Back and other prominent Bitcoin developers, Blockstream offers retail and institutional clients self-custody wallets, layer-2 network settlement and asset issuance. Back is also the CEO and co-founder of BSTR, a bitcoin treasury company looking to go public via a SPAC merger with Cantor Equity Partners (CEPO).
The Trump effect
While ETFs may trump the government for boosting the industry, there’s still a regulatory influence. Consider President Donald Trump’s crypto-friendly term and compare it with the previous administration’s Security and Exchange Commission (SEC) and Chair Gary Gensler’s assault on the industry.
Instead, the U.S. now has a presidency that not only introduced a new legislative framework for crypto, but even launched its own token shop.
“They’ve definitely improved the open-for-business framework in the U.S., which has indirectly encouraged other jurisdictions to do likewise,” said Back, who lives in Malta. “So the U.K.’s FCA [Financial Conduct Authority] finally approved ETFs for retirement accounts and things. And I think maybe one or two other countries. They look at each other.”
While Donald Trump’s America may be open for crypto business, the now-established bitcoin TFs have the power to transcend administrations, whether Republican or Democrat, Back pointed out.
“One of the reasons to suppose the ‘open for business’ is going to stay, even as you get new administrations, is that now Black Rock and the other ETF providers are going to defend their business,” he said.
“They’re going to apply a banking lobby to say they make a lot of money from the bitcoin ETF. We don’t want you to interfere with it. And so I think that now bitcoin has new allies in Black Rock, Morgan Stanley and Fidelity and all these guys.”
Four-year cycle
Another pricing factor to consider is bitcoin’s cyclical nature, a historical pattern driven by the quadrennial halving event, which cuts the supply of new tokens by 50%. The reduction often leads to a relatively consistent bull run followed by a bear market/recovery period.
Even if the four-year cycle is breaking, as some commentators believe, there’s still the reasonable possibility of a price slide happening simply because “people expected it to happen. So they sold and they made it happen,” Back said.
That logic is likely to change only when people see strength in the market, he said. That’s now coming in the form of institutional flows, such as the ETFs, sovereign and sovereign wealth fund investments, and investors buying bitcoin directly or shares in bitcoin treasury companies such as Strategy (MSTR), formerly called MicroStrategy.
“They are growing their ability to buy bitcoin in different market conditions,” Back said. “MicroStrategy, particularly, has been having an accelerated success with their Stretch kind of fixed-income product. So they’ve been able to use that to buy a lot of bitcoin, and it’s escalated even in the last few weeks. So those recurring buyers plus new institutional and wealth management buyers will eventually overwhelm the sellers.”
Strategy’s Stretch (STRC) is a perpetual preferred stock designed as a high-yield, bitcoin-backed income instrument.
Quantum-tative
As well as fielding inquiries about his identity, Back has also been answering a volley of claims about quantum-computing hardware progressing faster than expected and its power to break Bitcoin’s cryptography.
“People are trying to say it’s a factor,” Back said of quantum technology’s effect on the price of bitcoin. “But I think there’s a lot of information asymmetry in these markets, meaning that things which you think are perfectly clear are confusing to some other people, and their uncertainty impacts their decisions.”
That said, the recent round of quantum doomsaying may have institutions paying a bit of attention, Back conceded.
“Institutions are more systematic about risk,” he said. “So if there’s a tail risk, even a small one, they want to know that it’s covered. For retail investors, it sounds like something in the distant future that perhaps they’re not really worried about. But institutions will think a decade ahead and ask, ‘Is this 1% risk? Is there an answer to it?’ They’ll check stuff like that.”
Crypto World
Bitcoin rises to $77,000 ahead of Fed decision as Trump preps for lengthy Hormuz block
Bitcoin is doing nothing while everything around it moves.
The largest crypto just under $77,000 on Wednesday in Asian hours, up just 0.1% over 24 hours and down 0.8% on the week, holding a tight band even as Brent crude pushed above $111 a barrel on a Wall Street Journal report that President Donald Trump told aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz.
Iran has said the country is in a “State of Collapse,” Trump claimed on Truth Social Tuesday, while Tehran has signaled it may accept an interim deal to reopen the strait if Washington lifts its blockade of Iranian ports.
Ether dropped 2.6% on the week to $2,310. XRP fell 3.8% to $1.39. Solana lost 3.2% to $84.57. BNB shed 2.3% to $625. The exception was dogecoin, up 5.5% on the week to $0.1016, the only top-10 token outside stablecoins to print green over seven days.
Bitcoin’s market dominance is slowly climbing again as a result, which is what tends to happen when macro stress arrives and capital rotates into the largest asset.
Zaheer Ebtikar, founder of Split Research, said in a note that bitcoin’s relative calm was indicative of a change in market strucute.
“The supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side than it was just a few months ago,” he said to CoinDesk over email.
“Bitcoin is far less sensitive to regulatory noise or central bank policy than people think. Its sensitivity is purely a function of wider volatility, and since we’re currently in a quieter trading range, there’s no immediate rush for the exits,” Ebtikar added.
The technical levels are sharper. Analysts at Bitget flagged $75,000 as the line where the upward range that has held since late March breaks, with a clean loss potentially opening room for further downside.
A reversal back toward $80,000 from current levels keeps the rally structure intact and sets up a retest of the resistance that has rejected bitcoin every attempt since February.
The Fed announces its rate decision later on Wednesday, the ECB follows Thursday, and the U.S. equity market sold off Tuesday on growing skepticism about the payoff from artificial intelligence capital expenditure, with Nasdaq 100 futures clawing back 0.4% in Asian hours.
Brent crude whipsawed between gains and losses but stayed elevated near $111 on the blockade reporting, putting renewed pressure on inflation expectations heading into the central bank decisions.
Traders may watch whether bitcoin’s apparent supply exhaustion holds against the next macro shock. If Ebtikar’s read is correct, the seller base that capitulated through March and April is gone, and bitcoin trades on volatility rather than headlines until something forces a fresh leg of selling. If the read is wrong, $75,000 gets tested quickly and the range break Bitget flagged plays out as drawn.
Crypto World
OKX Adds BlackRock Tokenized Treasury Fund to Standard Chartered Collateral Program
Crypto trading platform OKX has added BlackRock’s BUIDL tokenized US Treasury fund to its collateral framework with Standard Chartered, allowing eligible institutional and VIP clients to use the yield-bearing asset as trading margin while holding it off-exchange with the bank.
The arrangement, announced in a Tuesday release shared with Cointelegraph, lets institutional and VIP clients post BUIDL as collateral held with Standard Chartered while trading on OKX Middle East, or deposit it directly on the exchange. The companies described it as the first globally systemically important (G-SIB) bank-backed off-exchange tokenized collateral framework.
It also adds to a broader industry push to turn tokenized real-world assets into working market infrastructure. By allowing a yield-bearing fund to be used as collateral while remaining in regulated custody, the framework shows how companies are trying to make tokenized cash-like assets more useful in day-to-day trading and risk management.
A key driver behind that shift is a simple inefficiency in how trading capital has traditionally worked. Cash posted as margin on crypto exchanges has typically sat idle, earning little or no yield while still being locked up as collateral. By converting that cash into a tokenized money market fund backed by US Treasuries and repurchase agreements, the structure allows institutions to keep their capital productive even while it is being used to support trading activity.
The framework builds on OKX’s existing collateral mirroring program with Standard Chartered, launched last year to support the exchange’s European expansion. What’s new, Rifad Mahasneh, CEO of OKX Middle East, North Africa and Commonwealth of Independent States, told Cointelegraph, is demonstrating how tokenized assets can be actively used within trading systems rather than held passively.
Related: OKX accelerates US push with BitGo off-exchange settlement
BUIDL is treated as fungible with USD, USDC and other dollar-denominated stablecoins within OKX’s margin system, he said, while clients retain full ownership of the underlying asset and its yield.
OKX targets institutional edge in tokenized collateral
The move deepens OKX’s competition with exchanges like Binance, which has also integrated tokenized treasury products, including BlackRock’s BUIDL and Franklin Templeton’s BENJI fund, into off-exchange collateral frameworks.

OKX adds BlackRock’s tokenized Treasury fund to Standard Chartered custody program: Source: OKX
Mahasneh said the framework is now live for eligible institutional and VIP clients through OKX Middle East, with plans to expand based on jurisdiction and demand.
He described the setup as unique in combining regulated custody, a major asset manager and a G-SIB partner, adding that OKX is “the only global digital asset exchange” to establish this type of framework.
BlackRock’s BUIDL fund, tokenized by Securitize, invests in cash, US Treasury bills and repos, with yield distributed onchain, according to the release.
Standard Chartered serves as the off-exchange custodian, holding client collateral separately from OKX’s own assets while the exchange manages real-time margining and liquidation processes through its internal risk systems, Mahasneh said. He said the structure aligns with traditional finance standards, though he did not detail margin call procedures during market stress.
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