• Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000
• The slight dip happened despite ENA notching a 5-week high in whale activity.
• Prices could fall further, but a rebound for BTC could boost ENA.

Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.

This decline unfolded even as on-chain metrics signaled robust interest from large holders.

Analysts say the move highlights a disconnect between whale behavior and short-term price action.

Ethena hits 5-week high in whale activity

On-chain data shows Ethena’s ecosystem has managed notable momentum.

For one, the network just hit its largest daily network growth in over three months.

The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.

📈 Ethena has just seen its largest day of network growth (new wallets created) in over 3 months. Additionally, $ENA whale activity has just hit a 5-week high. Why? There has been a series of high-impact events that converged in the days leading up to May 12th:

🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN

— Santiment Intelligence (@SantimentData) May 13, 2026

According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to incorporate ENA into its DeFi Fund.

Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.

Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.

Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the “fee switch” have been satisfied.

This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.

The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.

Why’s ENA price down?

Despite the positive catalysts, ENA’s price succumbed to broader market dynamics.

Both RSI and MACD on the 4-hour chart suggest prices could fall further.

On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.

This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.

US stocks slid, and Bitcoin, the crypto sector’s bellwether, tumbled below $79,000 during intraday trading.

Declines meant bulls retreated to levels seen following Tuesday’s Consumer Price Index (CPI) report.

BTC prices had earlier bounced to above $81,000.

This macro-driven risk-off mood rippled across altcoins, with Ethereum down near $2,250, Solana slipping to $90, and XRP capped under $1.50.

Many DeFi tokens mirrored the weakness, including ENA, which traded from intraday highs of $0.12.

The profit-taking could extend losses to support at $0.10.

While the dip impacts ENA’s short-term outlook, network fundamentals and overall market outlook could position the token for potential recovery.

Bitcoin edges higher as altcoins rally and 21Shares debuts Canton Network ETF

Bitcoin briefly traded above $82,800 last week before a modest pullback, while a number of alternative tokens posted outsized gains as investors sought broader exposure to the crypto market. The price action coincided with the Nasdaq listing of the TCAN 21Shares Canton Network ETF, the first US-listed fund to track Canton Coin, the native token of the Canton Network.

The market moves were highlighted in commentary dated 11 May 2026 from eToro’s crypto analyst Simon Peters, who noted resilience in bitcoin amid macro uncertainty and renewed momentum across altcoins as investors diversify within digital assets.

Market snapshot and altcoin leadership

Bitcoin’s short-lived advance above $82,800 reflects continued interest at higher price levels, but the weekend pullback underlines persistent volatility. Measured by market share, bitcoin dominance dipped about 1 percentage point to 60.60 percent, indicating the recent leadership came from alternative coins rather than bitcoin itself.

Among the most notable moves, TON jumped roughly 67 percent following remarks from Telegram founder Pavel Durov that Telegram would assume development responsibilities for the TON blockchain and roll out a new roadmap. Jupiter (JUP) and Internet Computer (ICP) each rose more than 40 percent over the week, while Solana showed renewed strength as well. Such concentrated rallies are typical in risk-on stretches and can weigh on bitcoin’s share of total market capitalization as traders rotate into higher-beta tokens.

Macro and regulatory catalysts to watch

Traders are entering a week with potentially market-moving US macro data, including the Consumer Price Index and Producer Price Index releases. These inflation prints could influence expectations for Federal Reserve policy and, by extension, risk appetite for crypto assets. Elevated inflation or surprising readings could increase volatility across both bitcoin and altcoins.

At the same time, the crypto sector remains focused on US regulatory developments, particularly the proposed CLARITY Act and the possibility of a Senate Banking Committee markup. Any substantive legislative or regulatory action could reshape market access and the institutional case for digital assets, affecting both spot prices and demand for regulated investment products such as ETFs.

What the TCAN ETF signifies for institutional demand

21Shares’ TCAN ETF offers US-listed investors direct exposure to Canton Coin and represents a shift in ETF product strategy away from bitcoin-only offerings toward blockchain infrastructure plays. Canton markets itself as a privacy-enabled network geared to regulated financial institutions, enabling compliant data sharing and private transactions between counterparties.

From an institutional perspective, ETFs tied to infrastructure-layer tokens can serve several functions: they provide a familiar wrapper for access, create clearer channels for capital allocation, and enable portfolio managers to express views on blockchain utility rather than store-of-value narratives. For issuers and investors, the presence of a regulated ETF can also reduce some operational and custody frictions associated with direct token holdings, though important considerations remain.

Operational, compliance and market-structure considerations

While an ETF listing expands distribution, it does not eliminate underlying risks. Institutional adoption depends on custody solutions, compliance with anti-money-laundering and know-your-customer rules, liquidity of the underlying token, and how exchanges and market makers handle the asset. Canton’s focus on institutional-grade privacy and compliance could make it more attractive to certain regulated investors, but the token will still be subject to market liquidity and on-chain risks.

Regulators will also scrutinize whether utility tokens tied to specific networks meet securities law standards in various jurisdictions. The regulatory backdrop in the US remains a top-line concern for asset managers and allocators contemplating crypto exposure, and potential legislative action tied to the CLARITY Act could alter how products are structured or approved going forward.

Implications for investors and market participants

For portfolio managers and institutional allocators, the key takeaway is that product innovation is broadening the investment toolkit beyond bitcoin. That creates opportunities to express differentiated views on blockchain infrastructure and application-layer development. However, buyers and allocators should assess ETFs and token exposures with the same discipline applied to other niche or thematic allocations, including due diligence on token economics, custody arrangements, and the regulatory roadmap.

For traders, the current environment underscores the influence of macro prints and regulatory headlines on short-term price dynamics. The CPI and PPI releases, together with any Senate action on crypto legislation, could act as short-term catalysts, shifting flows between bitcoin, altcoins and newly listed infrastructure ETFs.

Conclusion

Last week’s price action and product launches signal that institutional appetite for crypto is evolving beyond bitcoin, with ETFs now targeting blockchain networks and infrastructure tokens. That trend could widen investor participation but will also bring increased scrutiny from regulators and market operators. In the near term, macro data and legislative developments are likely to remain the main drivers of volatility across crypto markets.

In a significant shift in bitcoin’s market structure the amount of supply held by “conviction buyers” has surged to nearly 4 million BTC, according to BitGo data cited by Bitfinex on Wednesday.

Bitcoin in long-term buyers’ hands currently represents a 300% increase since the end of 2025, signaling a massive migration of the crypto’s realized value into large, low-activity entities, according to Bitfinex.

The massive “conviction” capital is valued at just over $320 billion, based on bitcoin’s current price of roughly $80,000.

“While the exact methodology behind BitGo’s ‘conviction buyers’ metric isn’t immediately clear, the broader signal is notable,” said Mati Greenspan, a market analyst and founder of Quantum Economics. “Historically, periods of tightening liquid supply combined with renewed demand have created the conditions for bitcoin’s most aggressive upside expansions.”

The current accumulation trend marks the largest two-quarter surge in high-conviction buying since the 2020 COVID-19 crash, Bitfinex said. Conviction buyers are long-term investors, whether they be individuals or institutional.

Long-term buyers holdings are not part of the estimated 5.6 million BTC that has been inactive for over a decade, according to Jameson Lopp, a core bitcoin developer. The total amount of bitcoin in circulation is 20.03 million currently, according to CoinDesk data.

Bitfinex analysts noted that a growing share of bitcoin’s realized value is no longer circulating on crypto exchanges, but is instead moving into the hands of entities that rarely transact, regardless of price volatility.

This structural shift suggests that long-term holders, ranging from institutional “whales” to corporate treasures, are aggressively absorbing the available bitcoin supply, most notably Strategy (MSTR), the largest publicly traded corporate holder of bitcoin. This company, which is currently sitting on $4.6 billion in unrealized gains, recently increased its total holdings to 818,869 BTC, which it acquired for nearly $62 billion. When supply moves into these low-activity entities, it effectively reduces the liquid supply available on the open market, creating a potential “supply shock” dynamic.

Supporting this narrative of strengthening the market floor, CEX.IO research . Their analysis reveals that nearly 70% of recent buyers’ supply is now in profit, a metric that often serves as a psychological buffer against sell-offs, according to CEX.IO research.

CEX.IO also suggests that as most new bitcoin investors move into the “green,” their urgency to exit positions during minor pullbacks decreases, which helps stabilize the price of BTC.

“People who actually get bitcoin always want to accumulate as much as possible and never want to sell, particularly now with all the new existing ways to borrow against BTC holdings,” Ran Hammer, vice president of Business Development at Orbs, told CoinDesk. “That changes the supply equation entirely, with more BTC structurally removed from the market.”

In a separate email comment to CoinDesk, Connor Howe, CEO and co-founder at Enso, said he believes BTC’s long-term scarcity narrative is maturing from theory into market structure.

“With ETF flows and institutional accumulation becoming more structural than speculative, a larger share of supply is moving into conviction hands,” he said, adding that “this could make future scarcity far more visible when demand accelerates.”

Societe Generale said its digital assets subsidiary Societe Generale-FORGE will deploy EUR and USD CoinVertible stablecoins on the Canton Network and support tokenized collateral and repo financing activity on the network.

The Paris-based bank said it plans to use the network for collateral management and short-term financing transactions tied to tokenized assets. It added that Canton’s infrastructure could be used for collateral mobility, margin management and risk management workflows tied to tokenized assets.

SG-FORGE said its EURCV and USDCV stablecoins will be used for settlement, financing and cash management activity on the network in permitted jurisdictions. The stablecoins are restricted to non-US permitted participants and are not registered under the US Securities Act, according to the announcement.

Societe Generale will also participate in the network as a strategic partner and validator. The bank previously issued a tokenized green bond on the Canton Network in November 2025 through SG-FORGE.

SG-FORGE launched its euro-denominated EURCV stablecoin in 2023 and introduced the US dollar-denominated USDCV stablecoin in 2025. Data from DeFiLlama shows EURCV has a market capitalization of about $97 million, while USDCV has roughly $20 million in circulation.

Last month, the bank integrated USDCV into the MetaMask wallet through a partnership with Consensys.

Source: DefiLlama

Related: Stablecoins won’t strengthen global role of euro, ECB’s Lagarde says

Financial institutions expand tokenized collateral infrastructure

The announcement comes as banks and financial institutions are expanding their use of blockchain-based systems for collateral management, repo financing and stablecoin settlement.

This week, JPMorgan filed to launch a tokenized money market fund on Ethereum through its Kinexys Digital Assets unit. The fund will invest in Treasury bills and overnight repurchase agreements collateralized by Treasurys or cash.

On Tuesday, The Depository Trust & Clearing Corporation said it will integrate infrastructure from Chainlink into its collateral management platform ahead of a planned 2026 launch to support tokenized collateral movement, valuation and settlement workflows. DTCC’s subsidiaries processed $4.7 quadrillion in securities transactions in 2025.

Separately, Broadridge Financial Solutions yesterday announced it expanded its infrastructure to support tokenized stocks, funds and money market instruments across trading and post-trade operations. The company said its distributed ledger repo platform tokenizes more than $365 billion in assets daily.

RWA.xyz data shows more than $31.6 billion worth of real-world assets, excluding stablecoins, are currently tokenized on blockchain networks. Tokenized US Treasury products account for the largest share of the market at more than $15.3 billion, followed by commodities at about $5.1 billion.

Snapshot of tokenized real-world assets. Source: RWA.xyz

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

Key points:

• Bitcoin has reached a crucial support, as a break below the $79,000 level may deepen the pullback.
• Several major altcoins are facing selling pressure, indicating that the bears remain in the game. 

Bitcoin (BTC) extended its pullback on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term.

Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the previous bear market, and when it did, a new bull market started. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle.

Another bullish projection came from Maelstrom chief investment officer Arthur Hayes, who said in a Substack post that BTC “retaking the $126,000 is a foregone conclusion.” He expects BTC to pick up momentum after breaking above $90,000, where “many call over-writers will rush to cover as their strike gets taken out.”

Hayes expects the AI sector race with China and the ongoing war with Iran to result in money printing, benefitting the crypto ecosystem.

BTC’s bullish view is not shared by everyone. A BTC whale, known by the moniker ‘pension-usdt.eth,’ is short 1,000 BTC, worth roughly $81 million, with 3x leverage. The trade, which was opened when BTC was at $67,990, is down about $13 million, but the trader confirmed on X that he was still short as “the trade makes sense.”

Could BTC and the major altcoins rebound off their support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

Bitcoin price prediction

BTC has dipped to the 20-day exponential moving average ($79,092), which is a critical near-term support to watch.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

If the price rebounds off the 20-day EMA with strength, the bulls will try to push the BTC/USDT pair above the $84,000 resistance. If they succeed, the BTC price is expected to pick up momentum and skyrocket toward $92,000 and subsequently to $97,924.

This bullish view will be invalidated in the near term if the price continues lower and breaks below the 20-day EMA. That suggests traders are booking profits. That may start a deeper pullback toward the 50-day simple moving average ($74,571) and later to the support line.

Ether price prediction

Ether (ETH) attempted to start a recovery from the 50-day SMA ($2,245), but the long wick on the candlestick shows selling at higher levels.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

A break and close below the 50-day SMA opens the doors for a drop to the support line of the ascending channel pattern. Buyers are expected to fiercely defend the support line, as a close below it may sink the ETH/USDT pair to $1,916.

The first sign of strength will be a break and close above the $2,465 resistance. The ETH price may then ascend to the resistance line, which is a critical level to watch. A break above the resistance line may catapult the pair toward $3,050.

BNB price prediction

BNB (BNB) rebounded off the 20-day EMA ($643) on Tuesday and reached the $687 overhead resistance on Wednesday.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA and the RSI near the overbought zone signal that the bulls have the upper hand. A close above the $687 level opens the doors for a rally to $730 and later to $790.

Sellers will have to tug the BNB price back below the 50-day SMA ($623) to weaken the bulls. If they manage to do that, the BNB/USDT pair may consolidate inside the $570 to $687 range for a while longer.

XRP price prediction

XRP (XRP) has been stuck between the downtrend line of the descending channel pattern and the moving averages for the past few days.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

A tight consolidation below a crucial resistance suggests that the bulls are holding on to their positions as they anticipate an upside breakout. If the downtrend line is scaled, the XRP/USDT pair may surge to $1.61. Sellers are expected to defend the $1.61 level with all their might, as a close above it signals a potential trend change. The XRP price may then soar to $2.40.

Conversely, a close below the moving averages suggests that the bulls have given up. The pair may then descend to the $1.27 level, where the buyers are expected to step in.

Solana price prediction

Solana (SOL) turned down from the $98 resistance on Tuesday, indicating that the bears are active at higher levels.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The upsloping 20-day EMA ($89) and the RSI in the positive territory indicate an advantage to buyers. If the price rebounds off the 20-day EMA, the bulls will again attempt to pierce the $98 resistance. If they can pull it off, the SOL/USDT pair may climb to $106 and then to $117.

This positive view will be negated in the near term if the SOL price continues lower and breaks below the 20-day EMA. Such a move suggests that the pair may continue to oscillate between $76 and $98 for some more time.

Dogecoin price prediction

Dogecoin (DOGE) bounced off the 20-day EMA ($0.10) on Tuesday, indicating that the bulls are viewing the dips as a buying opportunity.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls tried to clear the $0.12 overhead hurdle but are facing significant resistance from the bears. However, if the bulls prevail, the DOGE/USDT pair may rally to $0.14 and subsequently to $0.16.

Sellers are likely to have other plans. They will attempt to defend the overhead resistance and pull the DOGE price back below the 20-day EMA. If they do that, the pair may extend its stay inside the $0.09 to $0.12 range for a few more days.

Hyperliquid price prediction

Hyperliquid (HYPE) continued lower and broke below the 50-day SMA ($40.55) on Tuesday, indicating profit-booking by short-term traders.

HYPE/USDT daily chart. Source: Cointelegraph/TradingView

If the price breaks below $38.70, it suggests that the HYPE/USDT pair may have topped out in the near term. The HYPE price may then tumble to $34.45.

Buyers have an uphill task ahead of them. Any recovery attempt is expected to face selling at the 20-day EMA ($41.56) and then in the $43.76 to $45.77 zone. The bulls will have to drive and sustain the price above the $45.77 level to signal the resumption of the up move. The pair may then surge to $50.

Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days

Cardano price prediction

Cardano’s (ADA) pullback is attempting to find support at the 20-day EMA ($0.26), but the bears continue to exert pressure.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

If the price continues lower and breaks below the moving averages, it suggests that the ADA/USDT pair may remain inside the $0.22 to $0.31 range for a few more days.

Buyers will have to fiercely defend the moving averages and start a rebound off it to signal strength. The ADA price may then rise to $0.29 and later to $0.31. Sellers are expected to defend the $0.31 level, as a close above it indicates the start of a new up move. The pair may soar to $0.36 and eventually to the pattern target of $0.40.

Zcash price prediction

Zcash (ZEC) bounced off the $560 level on Tuesday, but the bulls could not sustain momentum on Wednesday.

ZEC/USDT daily chart. Source: Cointelegraph/TradingView

If the ZEC price closes below the breakout level of $560, it signals profit booking by short-term traders. The ZEC/USDT pair may then slump to the 20-day EMA ($481). A deeper correction to $400 may begin if the 20-day EMA cracks.

Contrarily, if the price bounces off the 20-day EMA with force, it suggests that the bulls remain in charge. Buyers will then make one more attempt to drive the price above the $643 level. If they succeed, the pair may surge to $750.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) fell below the moving averages and the $443 support on Tuesday, indicating that the bears have an edge.

BCH/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will attempt to pull the BCH price to the solid support at $419. Buyers are expected to aggressively defend the $419 level, as a close below it may resume the downtrend. The next stop on the downside may be $375.

Instead, if the price turns up sharply from $419 and breaks above the moving averages, it suggests that the BCH/USDT pair may remain range-bound for some more time. Buyers will be back in the driver’s seat on a close above $486.

Key Takeaways

• UNH reached a 52-week peak of $404.14 mid-week, climbing approximately 30% in the last 30 days
• First quarter revenues totaled $111.7 billion, representing a 2% annual increase, while adjusted EPS exceeded forecasts at $7.23
• Operating margins at UnitedHealthcare expanded from 6.2% to 6.6% during the first quarter
• The company’s Medical Care Ratio declined to 83.9% in Q1, a significant improvement from the previous quarter’s 88.9%
• Strategic reduction of 1.3 million Medicare Advantage members in 2026 aims to preserve profitability

UnitedHealth Group (UNH) reached a 52-week peak of $404.14 during Wednesday’s trading session, concluding an impressive rally that pushed shares up approximately 30% during the previous month.

UnitedHealth Group Incorporated, UNH

For the current year, UNH has advanced roughly 21%. Looking at the trailing twelve-month period, the stock has delivered gains of about 29%.

This upward momentum represents a dramatic reversal from earlier weakness. Between January and late March, shares tumbled from $336 down to $259 — representing approximately a 23% decline.

The turnaround gained momentum following UnitedHealth’s first quarter earnings report in late April, which surpassed Wall Street estimates and included an upward revision to full-year guidance.

First quarter revenues reached $111.7 billion, marking a 2% year-over-year expansion. Adjusted earnings per share landed at $7.23, exceeding analyst projections. Reported EPS registered at $6.90.

UnitedHealthcare’s operating margins expanded from 6.2% to 6.6%, representing a modest yet significant enhancement for an organization navigating a transitional phase.

Medicare Advantage Continues to Present Challenges

Medicare Advantage has emerged as one of the more prominent headwinds for UNH. Federal reimbursement rates have failed to match the acceleration in program expenses, creating margin compression in recent years.

To address this dynamic, UnitedHealth strategically reduced its Medicare Advantage enrollment by 1.3 million participants for 2026. While challenging, leadership characterized this decision as essential for maintaining long-term financial health.

The financial results are reflecting this strategic shift. UnitedHealth’s Medical Care Ratio — representing the portion of premium revenue allocated to claims payments — dropped to 83.9% in Q1, compared to 88.9% in the fourth quarter of 2025.

This substantial quarter-over-quarter improvement indicates the enrollment reductions are already positively impacting the company’s cost profile.

Early 2025 Presented a Contrasting Scenario

The start of 2025 proved turbulent. UnitedHealth experienced significant selling pressure in early January following disappointing fourth quarter 2024 results and a Centers for Medicare & Medicaid Services proposal for Medicare Advantage rate adjustments that fell short of industry expectations.

The organization has additionally navigated executive transitions and an active antitrust review. While these concerns persist, market participants currently appear focused on operational performance rather than these ongoing issues.

At its current valuation near $400, UNH offers a dividend yield of approximately 2.3%, with a market capitalization hovering around $360 billion.

The stock’s 52-week trading range extends from $234.60 to $404.15 — with Wednesday’s high matching the upper boundary of that range.

Wednesday’s volume registered approximately 4.8 million shares, trailing the average daily volume of 8.5 million, indicating the advance occurred without exceptional trading activity.

UNH closed Wednesday’s session at $400.38 according to the most recent available pricing data.

Key Takeaways

• OpenAI CEO Sam Altman delivered approximately 4 hours of testimony in the federal lawsuit filed by Elon Musk in Oakland, California
• Altman maintained that Musk left OpenAI voluntarily, contradicting Musk’s allegations of a stolen charitable mission
• According to Altman, Musk demanded complete majority ownership of OpenAI, a proposal that left him “extremely uncomfortable”
• Defense attorneys questioned Altman’s credibility, referencing previous allegations of dishonesty from former colleagues
• The trial moves to closing statements on Thursday; the jury will provide an advisory verdict only

Sam Altman, CEO of OpenAI, appeared in federal court on Tuesday to defend against claims made by Elon Musk that he and fellow executives undermined OpenAI’s foundational nonprofit principles.

During his roughly four-hour testimony at the Oakland, California federal courthouse, Altman presented a clear counternarrative: rather than having his charitable endeavor taken from him, Musk chose to walk away from the project.

“We were kind of left for dead,” Altman stated during his testimony.

The legal proceedings originated from a 2024 complaint filed by Musk against OpenAI, Altman, and Greg Brockman, OpenAI’s president. Musk alleges that this trio diverted the organization from its initial nonprofit framework. Additionally, he contends that his approximately $38 million in contributions were redirected toward commercial ventures without his consent.

Altman denied making any commitments to Musk regarding maintaining OpenAI’s nonprofit status. He characterized their relationship as one marked by fundamental disagreements over strategic direction, ultimately leading to Musk’s complete loss of confidence in the organization.

To support his account, Altman referenced a December 2018 email from Musk stating: “My probability assessment of OpenAI being relevant to DeepMind/Google without a dramatic change in execution and resources is 0%. Not 1%.”

Altman emphasized these words were “burned into my memory.”

The Battle Over Ownership

A significant portion of Altman’s court appearance centered on Musk’s insistence on securing majority ownership of any for-profit iteration of OpenAI. According to Altman, Musk demanded controlling authority while making only vague references to potentially reducing his stake in the future.

Altman expressed skepticism about this happening. “My belief is he wanted to have long-term control,” he told the court.

He recounted what he characterized as a “hair-raising” exchange. When fellow co-founders questioned what would become of OpenAI should Musk pass away while maintaining control, Musk allegedly responded casually, suggesting his children could potentially inherit his stake.

Altman emphasized that OpenAI’s founding principle centered on preventing any individual from controlling artificial general intelligence. This made Musk’s ownership demands fundamentally incompatible with the organization’s values.

During negotiations, Musk floated the idea of combining OpenAI with Tesla. Altman declined, arguing that Tesla’s identity as an automotive manufacturer made it unsuitable for advancing OpenAI’s objectives.

Musk officially departed from OpenAI’s board in February 2018. Altman testified that staff reactions were mixed, with some experiencing a “morale boost,” while others feared Musk might pursue “vengeance.”

Defense Targets Altman’s Trustworthiness

Steven Molo, representing Musk, utilized cross-examination to cast doubt on Altman’s reliability. His questioning began bluntly: “Are you completely trustworthy?” Altman initially responded “I believe so,” before modifying his answer to an unqualified yes.

Molo highlighted previous accusations from former associates, including Dario Amodei, who founded Anthropic, and cited Monday’s testimony from Ilya Sutskever, OpenAI’s former chief scientist. Sutskever claimed to have documented what he characterized as recurring instances of dishonesty by Altman.

Altman also discussed his temporary 2023 ouster as CEO. He described the experience as an “incredible betrayal” and noted that board members offered minimal justification beyond claiming he hadn’t been forthcoming with them.

“I had poured the last years of my life into this,” Altman testified. “I was watching it about to be destroyed.”

OpenAI currently carries a valuation exceeding $850 billion according to private market investors. Musk’s lawsuit seeks the removal of both Altman and Brockman, along with redirecting over $130 billion to OpenAI’s nonprofit foundation. Final arguments are set for Thursday. The jury will deliver an advisory opinion, with final authority resting with Judge Yvonne Gonzalez Rogers.

Nigel Farage, the leader of Reform UK and a member of Parliament, is facing a formal investigation by the parliamentary standards watchdog after failing to declare a 5 million-pound ($6.8 million) gift from crypto billionaire Christopher Harborne, news services including the Guardian reported Wednesday.

Farage received the donation from Harborne, a Thailand-based businessman with a 12% stake in stablecoin issuer Tether, weeks before announcing he would stand as a candidate in the 2024 general election, and did not declare it when elected as MP for Clapton. New MPs must register all financial interests received within the 12 months preceding their election.

A weekly YouGov poll of voting intentions has Reform UK gaining the largest share of votes, at 28%, putting Farage as the frontrunner to become the next prime minister. If the watchdog finds he breached the code of conduct, he could face suspension and potentially be forced to fight again for his parliamentary seat.

Farage, who is supportive of the crypto industry, has said that because Harborne’s donations were intended to cover his security expenses he was not compelled by law to declare them. Reform UK recently said the gift falls under the exemption for purely personal gifts. Labour and other parties argue that Harborne’s donations are subject to the rule, and the gift was referred to the parliamentary commissioner last month.

The parliamentary commissioner for standards, Daniel Greenberg, is set to investigate Farage under rule 5 of the code of conduct, which compels lawmakers to “fulfil conscientiously” requirements relating to their registration of interests, the Guardian said.

The Reform UK leader does not appear on the commission’s list of current investigations.

In April, BitMEX co-founder Ben Delo said in an op-ed for CoinDesk that he had given the party 4 million pounds since the start of the year.

The U.K. government imposed a moratorium on political crypto donations in March, citing a review warning that digital assets could be used to channel foreign money into U.K. politics. The ban covers donations of any size and will be written into the Representation of the People Bill, with criminal penalties for non-compliance.

Read more: Nigel Farage takes 6% stake in UK bitcoin treasury firm Stack BTC