Crypto World
Aave Models $124M to $230M in Bad Debt From Kelp Exploit
In a detailed incident report, Aave service providers quantified the protocol’s exposure for the first time and outlined two scenarios depending on how Kelp DAO allocates the loss. LayerZero and Kelp continue to blame each other for the compromised bridge configuration.
Aave service providers on Monday published an incident report quantifying the protocol’s exposure to the April 18 Kelp DAO rsETH bridge exploit, outlining two bad-debt scenarios ranging from $123.7 million to $230.1 million, and recommending an immediate pause of the protocol’s Umbrella safety module.
According to the report, posted to the Aave governance forum, 89,567 of the 116,500 rsETH stolen from Kelp’s LayerZero bridge were deposited across seven attacker-controlled wallets on Aave. Those positions borrowed 82,650 WETH ($190.86 million) and 821 wstETH ($2.33 million).
The single largest position, on Aave’s Ethereum Core market, supplied 53,000 rsETH and borrowed 52,460 WETH, or $121 million, from one wallet. The remaining positions were distributed across Aave’s Arbitrum deployment. All attacker positions currently sit at health factors between 1.01 and 1.03.
Kelp subsequently recovered 40,373 rsETH by freezing a second attempted drain. That balance is the only confirmed backing for 152,577 rsETH of claims across every L2, a pro-rata backing ratio of 26.46%. Ethereum mainnet rsETH is backed separately by Kelp’s underlying ETH staking deposits.
Two bad debt scenarios
The report declined to commit to a single bad-debt figure, stating that the outcome depends on decisions outside Aave’s control — primarily how Kelp accounts for the loss and whether it updates its LRTOracle exchange rate.
Under Scenario 1, a uniform socialization across all rsETH holders on all chains, each token takes a 15.12% haircut. Total bad debt reaches $123.7 million, with the Ethereum Core WETH reserve absorbing $91.8 million, or a 1.54% shortfall. Mantle absorbs $10.4 million, or 9.54% of its WETH reserve, the most proportionally acute.
Under Scenario 2, losses are isolated to rsETH on L2s. Remote-chain rsETH is repriced to its 26.46% backing ratio, or a 73.54% haircut, while Ethereum mainnet rsETH is unaffected. Total bad debt rises to $230.1 million, all concentrated on L2s.
In this scenario, Mantle faces a 71.45% shortfall ($77.7 million), Arbitrum 26.67% ($88.4 million), Base 23.28% ($47.5 million), and Ink 18% ($13.9 million). Ethereum Core is untouched.
Umbrella covers only Ethereum Core reserves. Under Scenario 2, it would not activate.
Balance sheet disclosure
The report disclosed the Aave DAO’s financial position. As of April 20, the treasury holds $181 million — $62 million in Ethereum-correlated holdings, $54 million in AAVE tokens, and $52 million in stablecoins. The DAO generated $145 million in revenue in 2025 and $38 million year-to-date in 2026, with operating cash flow of $149 million in 2025 and $40 million year-to-date.
Aave DAO service providers are “leading an effort with ecosystem participants to address a potential bad-debt scenario,” the report said, and the effort has received “indicative commitments from various parties.” It did not identify the parties or quantify the commitments.
The report also recommended the DAO immediately pause the WETH Umbrella module. As of writing, 18,922 of the 23,507 aWETH staked in Umbrella — approximately 80% — have already entered the 20-day unstaking cooldown. A pause would block further deposits, withdrawals, transfers, and slashing. Coverage under a paused module would need to be handled manually through governance rather than automatically.
A second-order liquidation risk
The report also quantified the risk of further bad debt if ETH falls in price while Aave’s WETH reserves remain at 100% utilization. Because idle WETH balances are below $20 on every affected chain, liquidators cannot receive WETH as underlying and instead receive aWETH receipts, which keeps their capital inside the reserve and slows liquidation throughput.
At a 50% ETH price drop, Aave modeled $100.8 million of residual bad debt on Ethereum alone, with smaller amounts on Arbitrum, Base, Linea, and Mantle. Arbitrum and Base were flagged as particularly vulnerable because wstETH looping positions on those chains run at health factors around 1.03 — meaning first liquidations would trigger at ETH price drops of just 0.77% and 1.77%, respectively.
LayerZero and Kelp continue to trade blame
The Aave report did not assign blame for the underlying bridge exploit. LayerZero and Kelp DAO have continued to publicly attribute the incident to each other.
In a Sunday post-mortem, LayerZero Labs attributed the attack to the DPRK-linked Lazarus Group. The company said attackers compromised two downstream Remote Procedure Call (RPC) nodes used by its LayerZero-operated Decentralized Verifier Network (DVN), and introduced malicious software that returned forged data only to the DVN, then launched a DDoS attack to force failover to the poisoned RPC nodes.
LayerZero said the protocol itself was not exploited and attributed the attack’s success to Kelp’s use of a 1-of-1 DVN configuration.
In a rebuttal reported by CoinDesk on Monday, a source familiar with Kelp’s position said a communications channel between the two teams had been open since July 2024 and that LayerZero had not issued a specific recommendation to change the rsETH DVN configuration. The source said the compromised DVN was LayerZero’s own infrastructure and that Kelp’s core restaking contracts were not affected.
Yearn Finance core developer known on X as @banteg, published a technical review showing LayerZero’s public V2 OApp Quickstart uses a 1-of-1 DVN setup in its reference configuration across Ethereum, BSC, Polygon, Arbitrum, and Optimism. CoinDesk reported approximately 40% of applications on LayerZero currently run 1-of-1 configurations.
LayerZero has said it will no longer sign messages for any application using a 1-of-1 DVN configuration.
“DeFi has spent years auditing smart contracts. Kelp is the moment the industry realises the threat doesn’t end at the code. Most protocols are completely exposed at the infrastructure layer,” said Yair Cleper, Co-Founder and CEO of MagmaDevs and contributor to Lava Network, a decentralized marketplace for blockchain data providers.
Bitcoin price is at $76,466 on April 20, pressing the upper boundary of a 4H ascending channel from the February lows while the MACD simultaneously prints a bearish crossover on the same timeframe, creating a directional tension that will define the nearterm trajectory heading into the FOMC meeting on April 28.
Summary
- Bitcoin price is at $76,466 on April 20, up 0.99% on the 4H session, pressing the upper trendline of a 4H ascending channel that has been intact since the February lows near $59,000.
- The 4H MACD (12,26,9) has printed a bearish crossover with the histogram at -51.11, the MACD line at 148.89 crossing below the signal at 200.00, flagging momentum deceleration precisely at the channel’s upper boundary.
- A confirmed 4H close above the channel upper boundary near $77,500 opens the CME gap at $77,540 as the immediate target; a rejection and close below the SMA 20 at $75,881 exposes the SMA 100 at $72,467 as the next support.
Bitcoin (BTC) price is at $76,466 on April 20, up 0.99% on the 4H session, as price reaches the upper trendline of the ascending channel that has framed the entire recovery from the February lows. The 4H MACD has simultaneously printed a bearish crossover, with the MACD line at 148.89 crossing below the signal at 200.00 and the histogram printing at -51.11. The four SMAs remain in a bullish stack below price: SMA 20 at $75,881, SMA 50 at $74,605, SMA 100 at $72,467, and SMA 200 at $70,552. The 4H volume of 3.1K BTC is modest, confirming neither a high conviction breakout nor a distribution event at this stage.
The ascending channel on the 4H chart connects the February lows near $59,000 with successive higher lows through March and early April, producing a clearly defined upper boundary now aligning near $77,500. The CME futures market closed at $77,540 on Friday before the weekend and reopened Monday at $74,600, creating an upside gap of approximately 3.8% that is acting as a nearterm technical magnet for institutional positioning.
The 4H ascending channel from the February lows is the dominant structural framework for Bitcoin’s current price action. Each prior touch of the upper boundary has been followed by a pullback toward the channel midpoint or the SMA ribbon, and the current test is the most significant since the channel formed. The 4H MACD bearish crossover at this level is the signal that most directly challenges the breakout case. When the MACD line crosses below the signal while price is at a key resistance, the technical convention is that momentum is shifting toward sellers before a breakout can be confirmed on a closing basis.
The histogram reading of -51.11 is modest relative to the 148.89 MACD and 200.00 signal readings, suggesting early-stage deceleration rather than deep bearish momentum. Early-stage crossovers at resistance levels that do not expand into deeply negative histograms have historically resolved with a retest of the resistance rather than a breakdown, provided the ascending channel structure holds on a closing basis below.
Analyst @ChmielDk, a trader with over 15 years of market experience who posted analysis on X, flagged $60,000 as a potential floor under a worst-case geopolitical deterioration scenario, while the CME gap at $77,540 represents the primary nearterm technical target that short covering and institutional buying could accelerate price toward if the sell wall is cleared.
Key Levels: Support, Resistance, and Price Targets
The SMA 20 at $75,881 is the first 4H support on a closing basis. A close below it removes the shortterm dynamic support and brings the SMA 50 at $74,605 into play, which aligns broadly with the ascending channel midpoint. A sustained close below $74,605 breaks the channel midrange and puts the lower boundary near $70,552 into focus, where the SMA 200 also sits.
On the upside, the channel upper boundary near $77,500 is the immediate resistance. A confirmed 4H close above it opens the CME gap at $77,540 as the first target, with $80,000 as the extended psychological objective. Per Coinglass data from April 17, a $450 million sell wall was identified between $75,900 and $76,300, and price is currently sitting directly on top of this cluster. Clearing it on volume is the precondition for a clean push to the channel upper boundary.
Invalidation of the bull case: a 4H close below $74,605 alongside continued expansion of the bearish MACD histogram.
On-Chain and Market Data Context
Bitcoin open interest stands at $57.15 billion per Coinglass, with 24-hour futures volume of $72.75 billion and $136.5 million in futures positions liquidated in the past 24 hours. The modest liquidation figure relative to total open interest indicates the current price has not triggered a cascade in either direction. Bitcoin funding rates on Binance have remained negative for approximately 46 days, meaning short positions have been paying long positions throughout the entire ascending channel advance. Persistently negative funding rates during an uptrend signal accumulated short-side positioning that becomes vulnerable to a squeeze if price clears the overhead sell wall.
Iran reimposed controls on the Strait of Hormuz over the weekend, effectively ending the two-week ceasefire and pushing Brent crude back above $100 per barrel. Bitcoin pulled back from Friday’s high of $78,000 as the macro risk environment reasserted itself at the weekend open. The FOMC meeting on April 28 and 29 is the next scheduled catalyst, with CME FedWatch showing a 98% probability of a rate hold. Until either the geopolitical situation de-escalates or the Fed changes course, Bitcoin’s nearterm ceiling is likely to be defined by the interplay between the ascending channel upper boundary and the accumulated short positioning sitting directly overhead.
If Bitcoin closes a 4H candle above $77,500 with expanding volume, the CME gap at $77,540 is the immediate target and $80,000 the extended objective. A failure to clear $76,300 on the current session and a reversal below $75,881 shifts the focus back to the channel midpoint at the SMA 50 near $74,605.
NVIDIA Corporation (NVDA) stock price tests $201.75 resistance after a near 23% rally from its March 30 low at $164.04. NVDA trades at $199.24, down 1.21%, inside a bull flag handle that mirrors Bitcoin’s structure.
A US Supreme Court ruling on tariffs unlocks cost relief for NVIDIA’s import chain. And the next 1.5% of price action decides whether the 23% pole projection activates.
NVIDIA Stock Runs Bitcoin’s Playbook at Matched Volatility
NVIDIA volatility, measured as the 30-day rolling annualized reading, sits at 27.7%. Bitcoin (BTC) prints 27.8% on the same screen. The gap is 10 basis points.
The S&P 500 reads 14.9%, NASDAQ-100 18.4%, Apple 18.4%, and Microsoft 24.6%. NVDA trades roughly 1.5 times its parent index and closely matches a crypto asset. Only MicroStrategy (52.8%), Meta (42.8%), and Tesla (39.9%) print hotter volatility.
The identity does not stop at volatility. Bitcoin bottomed on March 29 at $64,869, per today’s BTC analysis. NVDA bottomed on March 30 at $164.04, one session apart.
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Bitcoin rallied 20.72% to an April 17 peak of $78,380. NVDA rallied 22.95% to $201.75 in the same window. Both assets now trade inside near-identical bull flag pattern handles below resistance.
Bitcoin’s measured move projects $90,841, a 21% extension. NVDA’s measured move projects $248, a 23% extension. The geometry is near-symmetric.
One difference sharpens the read. Bitcoin’s handle shows two rejections at the upper trendline and a long upper wick on April 20. NVDA’s handle shows the opposite footprint, with pullback volume visibly thinner than the seven green candles that built the pole.
Two assets at matched volatility, bottomed together, peaked together, facing the same measured-move math, printing the same pattern. This is not a correlation. The same money is possibly buying both.
The volatility alignment explains the rally size. The next question is whether institutions are actually paying to stay long inside the handle.
Put-Call Ratio Drops as Tariff Refund Clears Tail Risk
The bull flag needs a demand catalyst inside the handle, and the options tape is already supplying one. NVIDIA’s put-call ratio compares bearish put activity to bullish call activity. The reading has moved lower on both measurement methods since the March 30 pole base.
On March 30, when NVDA bottomed at $164.04, the volume-based ratio read 0.74. The open-interest-based ratio read 0.89. Both sat near the upper end of the post-October 2025 range, reflecting thick downside hedging at the low.
NVDA now trades at $199.24. The volume ratio has fallen to 0.59, and the open interest ratio sits at 0.84. That is a 20% compression in volume and a 6% compression in open interest. Both point in the same direction. Puts (bearish bets) are being closed faster than calls (bullish bets). That is the counterintuitive signal. Hedging usually rises as prices approach resistance. Here it is falling.
Options desks are not buying insurance against the $201.75 rejection.
The catalyst explaining the unwind landed today. The Supreme Court ruled Trump’s reciprocal tariff policy unlawful. The US government has begun refunding up to $166 billion to 330,000 importers across 53 million shipments. Refunds plus interest are scheduled within 60 to 90 days.
NVIDIA’s hardware stack depends on imported components across the global semiconductor supply chain. The tariff rollback reduces forward cost pressure on the AI infrastructure build-out. More importantly, the ruling retires a specific tail risk that had sat on the options curve through 2025. That is the exact risk the puts were pricing, now being dismantled.
Downside protection is cleared with a real catalyst under the tape. The NVIDIA price chart becomes the final decider of how far the bull flag can travel.
NVIDIA Stock Needs $201.75 Close to Activate $250 Target
The NVDA price action has the final call. The pole stalled at $201.75, which is not arbitrary resistance. That zone marks the 0.618 Fibonacci level while plotting the previous swing.
Capital flow confirms the pole was real. Chaikin Money Flow (CMF), a proxy for institutional buying and selling pressure, currently reads 0.21.
CMF traveled from roughly -0.25 at the March low to above zero in mid-April. The indicator then pushed into positive territory as the rally extended. That sequence confirms that real money was rotated in while the pole was being built.
This is why the Bitcoin volatility match is not a statistical coincidence. The same institutional pools are bidding on NVIDIA stock the way they rotate into Bitcoin. Synchronized March bottoms, parallel 21-23% poles, matched 27.7% and 27.8% volatility, and CMF inflows together describe one liquidity regime.
A daily close above $201.75 activates the 23% pole projection, which adds roughly $46 to the breakout trigger. The extension at $253.82 aligns with horizontal resistance at $248.25, suggesting $250 as the average target.
Intermediate checkpoints sit at $211.70 and $227.79. Bull flags in high-volatility regimes can meaningfully widen their handles before resolving. A dip into the $191 zone does not automatically invalidate the pattern. Only a daily close below $185.67 would significantly weaken the structure.
This NVDA price prediction now depends on one level. $201.75 separates the $250 path for NVIDIA stock from a $185.67 retest that would weaken the bull flag.
The post NVIDIA Mirrors Bitcoin Setup as Trump’s Tariff Refunds Hit appeared first on BeInCrypto.
Key Highlights
- Ripple establishes 2028 deadline for complete XRPL quantum-resistant transition
- Four-phase strategic plan addresses evolving quantum computing challenges
- XRPL’s native architecture provides unique advantages for cryptographic migration
- Initiative responds to Google Quantum AI research on blockchain vulnerabilities
- Structured upgrade approach balances security enhancement with network efficiency
Ripple has unveiled a comprehensive strategy to protect the XRP Ledger from quantum computing threats through a phased implementation plan. The initiative aims to achieve complete post-quantum security by 2028 without compromising transaction speed or network efficiency. This strategic response comes amid growing concerns about quantum technology’s potential impact on blockchain cryptography.
Google Research Accelerates Security Timeline
New studies from quantum computing experts reveal significant vulnerabilities in current cryptographic frameworks used throughout the blockchain industry. Ripple has responded by fast-tracking its quantum defense preparations for XRPL. The research underscores particular risks to digital signatures, transaction integrity, and long-term asset security.
Experts have identified a critical “harvest now, decrypt later” vulnerability affecting publicly accessible blockchain information. Malicious actors can capture encrypted data in the present and wait for quantum technology advancement to break encryption. Consequently, Ripple emphasizes proactive measures to protect both current and future ledger operations.
While existing security protocols remain effective against today’s threats, Ripple acknowledges the necessity of forward-looking defense strategies. The company stresses that timely preparation and systematic implementation will keep XRPL secure as quantum technology matures.
Built-In Features Enable Seamless Upgrade
The XRPL platform possesses inherent capabilities that facilitate cryptographic transitions more efficiently than competing blockchain systems. Notably, integrated key rotation functionality enables users to refresh security credentials without transferring assets. Consequently, Ripple can orchestrate smooth migrations while preserving existing account infrastructure.
XRPL’s seed-based key generation system supports deterministic cryptographic management throughout transition periods. This mechanism ensures secure credential creation during security upgrades. Ripple can deploy enhancements while preserving user autonomy and operational stability.
Competing platforms often lack integrated migration capabilities and necessitate complicated asset relocation processes. Ripple’s architectural design provides distinct advantages when implementing post-quantum security measures. These foundational elements create an optimal framework for advanced security deployments.
Staged Implementation Ensures Smooth Transition
Ripple has developed a comprehensive four-stage implementation framework to shepherd XRPL toward quantum resistance. The initial stage prioritizes contingency protocols for addressing potential cryptographic vulnerabilities. This foundation enables secure fund migration during unforeseen security challenges.
Ripple plans extensive testing of quantum-resistant cryptographic methods and performance impact analysis. Increased signature sizes and computational requirements demand thorough evaluation. Therefore, Ripple maintains ongoing experimentation to optimize the security-performance balance.
Subsequent implementation stages will introduce quantum-resistant signatures parallel to existing systems on development networks. This methodology allows thorough performance assessment without risking production environment stability. Ripple targets seamless full deployment by 2028 with minimal operational impact.
Ripple further emphasizes cryptographic flexibility through support for multiple internationally recognized algorithms. This adaptability ensures XRPL can evolve alongside emerging global cryptographic standards. Ripple strategically positions the network for sustained security amid shifting technological landscapes.
Ripple coordinates its strategic vision with worldwide progress in quantum computing and cryptographic science. The implementation roadmap demonstrates both technical readiness and collaborative ecosystem planning. This methodical strategy seeks to fortify XRPL while maintaining transaction velocity and system dependability.
Key Highlights
- Anchorage Digital Bank named as new custodian for Grayscale HYPE ETF
- Coinbase removed from custody role in amended filing
- Strategic custody diversification by Grayscale for HYPE ETF product
- Anchorage selection reinforces institutional-grade infrastructure
- Custody transition reflects evolving crypto ETF market dynamics
Grayscale Investments has updated its HYPE ETF application, transferring custodial responsibilities to a different service provider. The amended documentation names Anchorage Digital Bank as the new custodian, replacing Coinbase in this critical operational role. This modification represents a tactical repositioning as Grayscale continues developing its HYPE ETF product amid shifting regulatory frameworks.
Anchorage Digital Bank Assumes Custodial Responsibilities
The latest amendment to Grayscale’s HYPE ETF filing establishes Anchorage Digital Bank as the designated custodian. In the original submission, Coinbase performed both prime brokerage and custodial duties for the proposed fund. The revised documentation eliminates Coinbase from these combined functions.
Anchorage holds the distinction of being America’s first federally chartered digital asset bank. Consequently, appointing Anchorage enhances the institutional credibility underlying the HYPE ETF custody arrangement. The financial institution has broadened its offerings to encompass stablecoins, wealth advisory services, and comprehensive token management.
Grayscale previously engaged Anchorage as a backup custodian for its Bitcoin and Ethereum investment vehicles. Conversely, Coinbase continues serving as the main custodian for those established products. This custody transition underscores a wider diversification approach connected to the HYPE ETF launch.
Competitive Landscape and Infrastructure Considerations
Coinbase Custody Trust Company presently safeguards the majority of American spot bitcoin exchange-traded products. In contrast, Fidelity Digital Assets provides custody exclusively for its proprietary bitcoin offering. The HYPE ETF custody modification by Grayscale represents an uncommon shift in this established ecosystem.
The revised submission continues listing The Bank of New York Mellon in its transfer agent capacity. Thus, the foundational operations of the HYPE ETF stay unchanged notwithstanding the custody transition. The product also retains its dependence on CoinDesk benchmark pricing information.
Grayscale submitted its original HYPE ETF application in March alongside comparable submissions from industry competitors. Organizations including 21Shares and Bitwise had earlier pursued similar investment vehicles. As a result, competitive pressures continue influencing the HYPE ETF regulatory approval process.
Hyperliquid Platform Expansion Fuels HYPE ETF Demand
Hyperliquid currently ranks as the dominant onchain perpetual futures decentralized trading platform according to current market metrics. Nevertheless, regulatory barriers continue preventing direct platform participation for American traders. Notwithstanding these constraints, the HYPE ETF seeks to deliver indirect investment exposure to the underlying protocol.
Hyperliquid witnessed substantial expansion throughout 2025, amplifying interest in associated financial instruments. The HYPE ETF exemplifies growing institutional appetite for derivatives-oriented blockchain ecosystems. The fund architecture incorporates optional staking features, subject to regulatory authorization.
Grayscale maintains momentum in expanding its investment product portfolio under enhanced regulatory transparency. The asset manager has introduced additional fund proposals tied to cryptocurrencies including BNB and Zcash. The HYPE ETF constitutes one component of an extensive initiative to broaden digital asset investment options.
Bitcoin held above $76,000 on Monday, rebounding from overnight lows as the broader crypto market remained steady despite Iran war risks.
The largest cryptocurrency climbed about 2.4% over the past 24 hours, recovering from a dip below $74,000 earlier in the session. Ether (ETH), XRP, Solana (SOL) and other major altcoins also mirrored bitcoin’s move, as the broad-market CoinDesk 20 rose 1.7%.
That resilience comes against a shaky macro backdrop. U.S. President Donald Trump said Sunday that American forces had fired on and seized an Iranian-flagged cargo ship, warning of further escalation while Tehran refuses to strike a deal. A fragile ceasefire is set to expire later this week.
Oil prices jumped 6% to near $90, while the S&P 500 and Nasdaq slipped modestly, down around 0.3%-0.4%.
Crypto equities were mixed. Coinbase (COIN) and bitcoin treasury firm Strategy (MSTR) gained roughly 2%, while Circle (CRCL) and ether treasury Bitmine (BMNR) edged lower by 1%-2%.
“The fact that prices have not fully retraced despite new tensions suggests some genuine demand,” said Jasper De Maere, trader at Wintermute, pointing to recent spot ETF inflows as a supporting factor. Unlike earlier rallies this year, he said, the current move appears less driven by leverage.
That said, the path forward remains tied to geopolitics. A renewed ceasefire could push bitcoin back toward $80,000, while further escalation may keep markets under pressure.
For now, capital continues to concentrate in large-cap assets like bitcoin, De Maere noted, with riskier altcoins lagging, a pattern typical of market environments driven by macro headlines.
DeFi reels from $292 million KelpDAO hack
Elsewhere from the current price action, tensions are still high in the DeFi sector following the biggest crypto exploit of the year.
The $292 million KelpDAO hack cascaded across the market, as a vulnerability allowed the attacker to drain funds that were then used as collateral across lending protocols.
Because those assets were widely integrated into DeFi, the impact quickly spread, with users rushing to withdraw funds amid fears of bad debt and contagion.
Total value locked (TVL) across DeFi protocols fell by $14 billion over the past two days, according to DefiLlama data, even as asset prices remained steady.
DeFi TVL dropped to about $85 billion, its lowest level in a year and roughly 50% below October peaks. Aave, the largest lending protocol that was central in the exploit, saw around $10 billion in deposits withdrawn.
“There’s a tremendous risk-reward imbalance in DeFi,” David Shuttleworth from Anchorage Digital’s protocol team said. “Users will no longer accept the slightly higher (and sometimes lower) than risk-free rate they get by depositing in lending pools,” especially given the latest wave of exploits across protocols.
Read more: ‘DeFi is dead’: crypto community scrambles after this year’s biggest hack exposes contagion risk
Crypto World
Tokenised Gold on Bitget Reacted to Geo-political Events before Global Markets Opened Highlights Block Scholes Report
Bitget, the world’s largest Universal Exchange (UEX), in collaboration with Block Scholes, has released a new report highlighting the growing convergence between crypto and traditional financial markets, as traders increasingly move across asset classes in response to global macro events.
The report “Tokenised Markets on Bitget UEX: How Traders Are Utilising 24/7 Real-World Assets For Real-Time Macro Hedging,” examines trading behavior during the volatile first quarter of 2026. It finds that as macro events increasingly impact multiple asset classes simultaneously, traders are shifting away from fragmented systems toward environments that allow them to move across markets in real time.
This shift is reflected in activity on Bitget. The platform’s TradFi offering reached $2 billion in daily trading volume within days of launch, doubling to $4 billion shortly after and surpassing $6 billion during periods of heightened volatility. Rather than treating crypto, equities, and commodities as separate strategies, users are increasingly managing them as part of a single, continuous trading approach.
The report highlights that Bitcoin’s correlation with major equity indices has reached its highest level since late 2025, aligning with the belief that emerging markets are responding to shared macro drivers. In this environment, the ability to adjust exposure across asset classes without delay is becoming a core requirement rather than a niche advantage.
“Modern traders don’t wait for markets to open anymore, they know it never closes. There weren’t many avenues to explore this earlier but with tokenization stocks, gold, silver, commodities and any traditional financial asset can now be traded 24/7. Our platform is a proof of how this is happening in real time. ” said Gracy Chen, CEO of Bitget.
One of the clearest examples of this behavior emerged during recent geopolitical events that unfolded outside traditional market hours. Tokenized assets on Bitget enabled traders to hedge positions and participate in price discovery in real time, with trading volumes in gold-linked contracts increasing sharply as users reacted to unfolding developments.
The report also points to the importance of continuous liquidity and globally distributed participation. With trading activity spanning regions and time zones, price discovery is no longer confined to specific market sessions. This has increased the value of platforms that operate without interruption, particularly during periods of heightened volatility.
As correlations between asset classes continue to strengthen and macro-driven trading becomes more prominent, the report concludes that unified trading environments are gaining traction. Platforms that integrate crypto, tokenized real-world assets, and traditional market instruments into a single system are increasingly becoming the default choice for active traders.
Within Bitget’s Universal Exchange model, where multiple asset classes operate under one account structure, this trend reflects a broader shift in user behavior. As markets converge, traders are directing attention to platforms that allow them to manage risk, allocate capital and respond to global events without friction.
To read the full report, visit here.
About Bitget
Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users and offering access to over 2M crypto tokens, 100+ tokenized stocks, ETFs, commodities, FX, and precious metals such as gold. The ecosystem is committed to helping users trade smarter with its AI agent, which co-pilots trade execution. Bitget is driving crypto adoption through strategic partnerships with LALIGA and MotoGP™. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. Bitget currently leads in the tokenized TradFi market, providing the industry’s lowest fees and highest liquidity across 150 regions worldwide.
The post Tokenised Gold on Bitget Reacted to Geo-political Events before Global Markets Opened Highlights Block Scholes Report appeared first on BeInCrypto.
Apple will appoint John Ternus as its next chief executive officer on September 1, marking the end of Tim Cook’s tenure after more than a decade.
Cook will move into the role of executive chairman, maintaining strategic oversight while handing day-to-day leadership to Ternus.
The announcement triggered a modest reaction in markets. Apple shares dipped slightly in after-hours trading following the news, after closing at $273.05.
The move reflects short-term uncertainty that typically follows leadership transitions, rather than a clear negative view on Ternus.
Everything to Know About Apple’s New CEO
Ternus brings a very different profile to the role. He is a mechanical engineer by training and has spent more than 20 years inside Apple. He joined the company in 2001 and rose through the hardware division to become Senior Vice President of Hardware Engineering in 2021.
In that role, he oversaw engineering across Apple’s core products, including iPhone, Mac, and iPad. His work focused on product durability, materials, and manufacturing improvements.
He also played a role in advancing Apple’s environmental targets through hardware design.
This background signals continuity but also a subtle shift in priorities. Under Cook, Apple expanded its services business and built a dominant global supply chain.
How Will Apple and iPhone Change Under John Ternus?
Ternus is expected to focus more directly on product development and hardware innovation.
However, there is no indication of a sharp strategic pivot. Ternus has operated within Apple’s existing structure for decades. His appointment suggests the company is prioritizing stability and execution over disruption.
At the same time, his engineering focus may influence how Apple approaches upcoming product cycles. Areas such as device design, materials, and performance could take on greater importance.
This could shape future iterations of flagship products rather than introduce entirely new categories.
Will Apple Shares Suffer Temporarily?
The initial stock dip also reflects the broader context. Markets showed signs of volatility on the day of the announcement, with macro factors weighing on equities. This makes it difficult to isolate the impact of the leadership change alone.
Overall, the transition appears controlled and planned. Apple is moving from one internal leader to another with deep institutional knowledge. The market response suggests investors are cautious in the short term but not alarmed by the shift.
The post Apple’s New CEO John Ternus Spent 20 Years Behind the Scenes appeared first on BeInCrypto.
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Crypto World
Players Searching for FanDuel Alternatives Are Discovering ZunaBet and the Numbers Keep Growing
A quiet revolution is taking place in how people choose where to gamble online. The old model — pick a brand you recognize, sign up, stay indefinitely — is being replaced by something more deliberate. Players now compare, research, and evaluate before committing, and they switch when something better comes along. FanDuel has been one of the primary beneficiaries of the old model for years. Its brand awareness is enormous, its product is well established, and its market position in the United States is deeply entrenched. But the search data paints a picture of an audience that is looking beyond the familiar. Queries for FanDuel alternatives have been rising consistently, and one name keeps appearing in the results with increasing frequency — ZunaBet. Launched in 2026 as a crypto-native casino and sportsbook, it has quickly become the platform that players land on when they go searching for something that feels built for the present rather than inherited from the past.
FanDuel: Where the Industry Has Been
FanDuel’s story is well documented. It began in daily fantasy sports, cultivated a massive user base, and expanded into sports betting and online casino gaming as American regulation created the opportunity. The execution was sharp at every stage. Today FanDuel holds active licenses across numerous US states, enjoys partnerships with major professional leagues and sports media networks, and runs an advertising operation large enough to make its brand virtually inescapable for anyone with even a passing interest in sports.
The sportsbook covers what you would expect from a platform of its stature. NFL, NBA, MLB, NHL, and college athletics receive comprehensive treatment alongside international markets in football, tennis, golf, motorsports, and other global sports. The casino section offers a curated library of slots, table games, and live dealer rooms from providers with strong reputations. The mobile experience is polished and performs consistently well. FanDuel is a product that works and has worked for a long time.
Financial transactions follow the traditional template. Deposits and withdrawals move through bank accounts, debit and credit cards, PayPal, Venmo, and other mainstream payment services. These methods provide broad accessibility, which has been central to FanDuel’s ability to onboard a wide demographic without creating friction at the point of entry.
What FanDuel faces now is not a product problem but a relevance challenge. The platform was optimized for a market defined by traditional finance, moderate game catalogs, and loyalty programs that all follow the same playbook. That market still exists, but it is no longer the only market that matters. A new generation of players has arrived with different tools, different habits, and different expectations. They hold cryptocurrency. They have experienced game libraries that number in the tens of thousands. They have seen what gamified loyalty looks like in other digital contexts and they wonder why their casino still hands them a generic points balance. FanDuel was not built for these players. It was built for the players who came before them.
ZunaBet: Where the Industry Is Going
ZunaBet was built with full awareness of who the next generation of online gamblers is and what they expect. The platform launched in 2026 under the ownership of Strathvale Group Ltd, guided by a management team with over 20 years of combined experience in the gambling sector. It operates under an Anjouan gaming license with corporate registration in Belize. The crypto-first label that ZunaBet carries is not marketing language. It is an accurate description of how every system within the platform was designed and built.
The game library establishes the platform’s intentions immediately. ZunaBet hosts 11,294 games from 63 providers. That volume exceeds what most established operators have accumulated over many years of operation. The provider list reads like a directory of the industry’s best — Pragmatic Play, Evolution, Hacksaw Gaming, Yggdrasil, and BGaming anchor the roster, with dozens of additional studios ensuring that no category or style goes underrepresented. Slots form the largest share of the catalog as they do everywhere, but ZunaBet’s depth in RNG table games covering blackjack, roulette, baccarat, and multiple poker formats is substantial. The live dealer section draws on premium studios for high-definition real-time streaming that brings the energy of a physical casino into the digital space.
What a library of 11,000-plus games creates is a platform where content exhaustion is not a realistic concern. Players who spend months exploring the catalog will still find providers they have not tried and games they have not played. That perpetual sense of discovery keeps the platform feeling alive and rewarding in a way that smaller libraries structurally cannot sustain. It transforms the relationship between player and platform from something transactional into something exploratory.
The sportsbook is built with the same commitment to completeness. Football, basketball, tennis, NHL, combat sports, and virtual sports receive thorough coverage. Esports is elevated to a primary category with dedicated betting markets on CS2, Dota 2, League of Legends, and Valorant. This is not a gesture toward an emerging trend. It is a strategic investment in an audience that is already massive and still growing rapidly. The competitive gaming viewer base numbers in the hundreds of millions globally, and the overlap between that audience and the crypto-native demographic is substantial. ZunaBet built its esports product for that intersection, and the result is a betting experience that traditional operators have not come close to matching.
Cryptocurrency underpins the entire payment system. More than 20 coins and tokens are accepted — Bitcoin, Ethereum, USDT across multiple blockchain networks, Solana, Dogecoin, Cardano, XRP, and additional options. Platform processing fees do not exist. Withdrawals settle on blockchain networks that run without pause, returning funds to player wallets in minutes regardless of when the request is made. Because ZunaBet was designed around crypto from inception, there is no secondary fiat system creating inconsistencies beneath the surface. The payment experience is unified, fast, and free from start to finish.
New players can access a welcome package worth up to $5,000 plus 75 free spins distributed across three deposits. The first deposit receives a 100% match up to $2,000 plus 25 free spins. The second qualifies for a 50% match up to $1,500 plus 25 spins. The third completes the offer with a 100% match up to $1,500 plus 25 final spins. Structuring the bonus across multiple deposits rewards continued engagement rather than incentivizing a single large deposit followed by departure.
The technical execution is modern throughout. HTML5 powers a dark-themed responsive interface with fast load times across all devices. Native apps are available for iOS, Android, Windows, and MacOS. Live chat support operates 24 hours a day without interruption.
Why Crypto Payments Have Become a Deciding Factor
The choice between crypto and traditional payments is no longer a preference. For a growing number of players, it is a dealbreaker. The practical differences between the two systems affect the gambling experience at its most fundamental level — how money moves in and how money moves out.
Traditional payment infrastructure processes transactions through layered networks of financial institutions. Each layer introduces potential delays and costs. Deposits may arrive relatively quickly through certain methods, but withdrawals almost universally involve waiting periods. Platform review times, banking processing schedules, weekend and holiday pauses, and method-specific timelines combine to create withdrawal experiences that can stretch across multiple business days. Fees surface at various points throughout the chain, charged by platforms, banks, processors, or some combination of all three.
Crypto payments eliminate the majority of that complexity. A blockchain transaction does not route through banks. It does not wait for business hours. It does not incur fees from intermediary institutions. When a player deposits cryptocurrency on ZunaBet, the blockchain confirms the transaction and the funds become available within minutes. Withdrawals follow the identical path in reverse with the same speed. ZunaBet charges nothing for any of it.
Over time the difference compounds. A player making regular deposits and withdrawals throughout a year saves substantial time and money on a crypto-native platform compared to a traditional one. Those savings are not promotional. They are structural, meaning they apply to every transaction automatically because the infrastructure itself is more efficient.
ZunaBet benefits from having built this infrastructure from scratch rather than retrofitting it onto existing fiat systems. There are no compatibility layers or hybrid payment paths. Every transaction follows the same clean, fast, fee-free route because the platform was never built to accommodate anything else. As crypto adoption spreads globally, this native efficiency becomes an increasingly significant competitive advantage.
How ZunaBet Transformed Loyalty From an Afterthought Into an Experience
Loyalty programs across the gambling industry share a common problem — nobody cares about them. Not because rewards are unwelcome, but because the process of earning them is so bland and uniform that it generates no emotional response whatsoever. Players wager. Points appear. A threshold is eventually crossed. A bonus is claimed. Nothing about the journey between those steps is memorable or motivating.
ZunaBet identified that emptiness as an opportunity and built a loyalty system that fills it completely. The dragon evolution program structures progression across six distinct tiers. Squire provides 1% rakeback. Warden increases to 2%. Champion moves to 4%. Divine delivers 5%. Knight jumps to 10%. Ultimate reaches 20% rakeback at the top of the system. Each tier adds layers of additional rewards — free spins that escalate to 1,000 at the highest level, membership in a VIP club, and double wheel spins. A dragon character named Zuno accompanies the player through the entire journey, evolving visually at each tier to create a personal sense of narrative and achievement.
The psychology behind the system comes directly from video game design. Clearly defined levels. Escalating rewards that make each new tier feel like a genuine step up. Visual progression that makes advancement tangible. Goals that feel earned through engagement rather than simply purchased through volume. These are the mechanics that have driven player retention across the gaming industry for decades, and they translate powerfully into the gambling context because they address exactly what traditional loyalty programs lack — a reason to care.
Players on ZunaBet talk about their loyalty tier. They plan around reaching the next level. They feel genuine satisfaction when they advance. That active engagement with the loyalty system creates a retention dynamic that passive points accumulation cannot replicate. It makes the loyalty program a feature that players value in its own right rather than a background process they barely notice.
What the Search Numbers Are Really Saying
Record search volume for FanDuel alternatives communicates something larger than discontent with a single brand. It communicates that the player base has matured to the point where it demands more than any single traditional platform currently offers. FanDuel will remain a powerful presence in its core markets. Its brand equity, regulatory licenses, and financial resources ensure ongoing relevance for the audience it was built to serve.
But the audience that is growing fastest wants a different kind of platform. It wants payments that move at blockchain speed without costing anything. It wants a game library so expansive that running out of new experiences is not a possibility. It wants esports treated with the same respect as traditional sports. It wants a loyalty program that makes progression feel rewarding and personal. It wants a platform that was conceived for the world as it exists today rather than the world as it existed a decade ago.
ZunaBet was engineered from the ground up to be that platform. Every major decision — the crypto-native payment architecture, the 11,000-plus game library, the comprehensive esports sportsbook, the dragon evolution loyalty system — was made with a clear understanding of what the next generation of players values most. That clarity of purpose is why ZunaBet keeps rising to the top of alternative searches. Players are not just looking for something different. They are looking for something better. And the platform they keep finding when they look is ZunaBet.
Paul Atkins was sworn in as chair of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, marking a notable shift in the agency’s posture toward digital assets. After years in which enforcement actions and civil suits defined the crypto regulation playbook, observers note a move toward policy-driven governance and greater regulatory clarity under Atkins’ leadership.
Political momentum surrounding crypto regulation shaped the landscape in the lead-up to and during Atkins’ tenure. During his 2024 presidential campaign, Donald Trump pledged to replace SEC leadership, pursue a national Bitcoin stockpile, and oppose a U.S. central bank digital currency. Following Trump’s November 2024 victory, Gary Gensler resigned in January 2025, and Commissioner Mark Uyeda served as acting chair until the Senate confirmed Atkins. The transition coincided with a competency shift within the agency as it prepared to implement a new regulatory approach to digital assets. According to Cointelegraph, the appointment and subsequent actions signaled a broader reorientation of the SEC’s crypto policy framework.
Ahead of confirmation, the commission had already begun reorienting its stance. Uyeda had overseen the creation of an SEC crypto task force led by Commissioner Hester Peirce, while the agency started to wind down several civil enforcement actions and investigations into crypto companies, beginning with Coinbase in February. In the first year of Atkins’ chairmanship, the SEC’s approach to crypto—enforcement, policy, and regulatory coordination—has been widely interpreted as more industry-friendly, or at least more predictable, than the prior era.
Key regulatory moves during the initial year have included the approval of multiple exchange-traded funds (ETFs) tied to crypto assets, a memorandum of understanding with the Commodity Futures Trading Commission (CFTC) to coordinate digital asset regulation, and an interpretative notice indicating that most cryptocurrencies would not be treated as securities under federal law. These actions collectively suggest a shift from a purely enforcement-driven posture toward a framework that emphasizes regulatory clarity, inter-agency coordination, and a measured approach to asset classification. In a CNBC interview conducted in April 2026, Atkins said the agency has delivered “a new day” at the SEC, asserting that the move away from “regulation through enforcement” and opacity marks a lasting change in crypto policy. The interview underscored a broader objective of aligning the SEC’s stance with evolving market structures and stakeholder expectations.
Key takeaways
- The SEC under Chair Atkins has signaled a regulatory shift toward policy clarity and inter-agency coordination, diverging from the prior enforcement-heavy posture.
- Actions include crypto-asset ETF approvals, a bilateral MoU with the CFTC, and an interpretive notice that most cryptocurrencies are not securities under federal law.
- Efforts were preceded by a restructuring of enforcement posture, including the winding down of certain investigations and civil actions, beginning with Coinbase early in the Atkins era.
- Political and regulatory scrutiny remains high in Congress, with Democrats raising questions about potential conflicts of interest and enforcement data, even as the industry broadly notes a more predictable regulatory environment.
Regulatory shift at the SEC under Paul Atkins
The core pivot of Atkins’ leadership centers on reframing how the SEC regulates digital assets. Where the Gensler era emphasized a broad, securities-focused regime with robust enforcement actions, Atkins has steered attention toward policy development, clarity around asset classification, and formal coordination with other agencies. The signing of a memorandum of understanding with the CFTC underlines a recognition that digital assets operate in a cross-cutting regulatory space that benefits from joint oversight and shared principles. Moreover, the issuance of an interpretive notice clarifying that the majority of cryptocurrencies are not securities signals a move toward less uncertain asset categorization, potentially reducing the scope of blanket regulatory actions against blockchain projects and token issuers.
Industry observers have noted that the combination of ETF approvals and clarified regulatory standards can improve market access for institutional participants, including banks and asset managers seeking regulated exposure to crypto markets. By stitching together policy guidance with observable regulatory milestones, the SEC’s trajectory under Atkins appears to prioritize stability and compliance pathways for market participants, while maintaining guardrails against investor fraud and market manipulation. According to Cointelegraph, these shifts have been read as a deliberate attempt to balance innovation with investor protection in a rapidly evolving market structure.
Policy moves, enforcement posture, and inter-agency coordination
Beyond the publicized policy changes, the SEC’s coordination with other regulators has gained particular attention. The CFTC-MoU underscores a shared interest in aligning digital asset oversight, risk monitoring, and supervisory expectations across a spectrum of market participants—from crypto exchanges to conventional financial institutions exploring tokenized products. In parallel, the interpretive notice regarding securities classification aims to provide clearer boundaries for issuers and investors, potentially reducing inadvertent non-compliance while ensuring ongoing protection against fraud and manipulation.
Enforcement, historically a defining feature of the agency’s crypto approach, has shown signs of a recalibrated tempo. The early months of Atkins’ tenure saw the pace of high-profile actions slow, with regulators signaling a transition toward strategic enforcement that targets egregious activities and preserves avenues for compliant innovation. The trend has been a point of debate in Congress. Democratic lawmakers, including Senator Elizabeth Warren, have criticized the SEC for potential conflicts of interest after enforcement actions against entities tied to the Trump orbit were dropped or deprioritized, arguing that data from the 2025 fiscal year indicated a decline in enforcement actions relative to recent years. While industry participants may view the shift as positive for project development and fundraising, policymakers caution that ongoing oversight is essential to prevent regulatory capture and to maintain investor trust.
The regulatory pivot and its implications for market participants extend beyond the United States. As policymakers weigh cross-border coordination, the SEC’s approach interacts with evolving frameworks in other jurisdictions, such as the European Union’s Markets in Crypto-Assets Regulation (MiCA). For banks and financial institutions, the development matters insofar as it clarifies where crypto activities can be conducted within a compliant framework and how licensing, supervision, and reporting obligations may evolve. The broader policy context—balancing innovation with investor protection and financial stability—remains a live, dynamic area of regulatory reform that institutionsmust monitor closely.
Regulatory implications for industry and policy context
The changes in U.S. regulation come at a time when market participants increasingly seek predictable, rules-based governance for digital assets. The combination of ETF authorizations, inter-agency coordination, and asset-class interpretive guidance could influence how exchanges structure products, how custodians manage risk, and how banks engage with crypto clients. From a compliance standpoint, firms will need to align with formal interpretations of asset classification, adopt robust KYC/AML frameworks, and monitor cross-border regulatory differences as firms scale their operations to serve global markets. The evolving U.S. framework will interact with global policy developments, potentially affecting the pace and nature of crypto market access for institutional investors seeking regulated exposures.
As regulatory attention continues to evolve, observers will watch for further clarity on classification standards, licensing regimes, and the treatment of new asset types such as tokenized securities and decentralized finance products. The SEC’s ongoing collaboration with the CFTC could shape a more unified U.S. stance, reducing fragmentation across jurisdictions and helping to define a framework that supports compliant innovation while safeguarding market integrity.
Overall, the Atkins era appears to be defined by a transition from a posture of enforcement-led output to a governance and safety-first approach, with a focus on clear standards, inter-agency coordination, and measured market access. The practical effect for market participants is a potential reduction in regulatory uncertainty and a clearer path to compliant product development—though questions about enforcement dynamics, data transparency, and ongoing congressional oversight remain central to the policy conversation.
What to watch next includes the continued evolution of the SEC-CFTC framework, any updates to interpretive guidance on asset classification, further ETF approvals or denials, and ongoing congressional inquiries into enforcement data and possible conflicts of interest. These developments will shape not only the regulatory risk landscape for crypto firms and banks but also the broader policy debate about how best to align innovation with investor protection in a rapidly maturing market.
According to Cointelegraph, the current regulatory trajectory is being assessed for its implications on enforcement posture, market access, and international policy alignment, making the next 12–24 months pivotal for institutions navigating the U.S. crypto regime.
Cointelegraph is committed to independent, transparent journalism. This analysis draws on reported developments and regulatory filings to provide a forward-looking perspective for analysts, compliance teams, and institutional readers. Readers are encouraged to verify information independently and monitor official SEC statements and inter-agency guidance for updates.
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