Crypto World
How North Korea’s 6-month long secret espionage program has crypto community rethinking security
When Drift disclosed the details behind its $270 million exploit, the most unsettling part wasn’t the scale of the loss — it was how it happened.
According to the team behind the protocol, the attack wasn’t a smart contract bug or a clever piece of code manipulation. It was a six-month campaign involving fake identities, in-person meetings across multiple countries and carefully cultivated trust. The attackers, allegedly from North Korea, didn’t just find a vulnerability in the system. They became part of it.
This new threat is now forcing a broader reckoning across decentralized finance.
For years, the industry has treated security as a technical problem, something that could be solved with audits, formal verification and better code. But the Drift incident suggests something far more complex: that the real vulnerabilities may lie outside the codebase altogether.
Alexander Urbelis, chief information security officer (CISO) at ENS Labs, argues the framing itself is already outdated.
“We need to stop calling these ‘hacks’ and start calling them what they are: intelligence operations,” Urbelis told CoinDesk. “The people who showed up at conferences, who met Drift contributors in person across multiple countries, who deposited a million dollars of their own money to build credibility: that’s tradecraft. It’s the kind of thing you’d expect from a case officer, not a hacker.”
If that characterization holds, then Drift represents a new playbook: one where attackers behave less like opportunistic hackers and more like patient operators embedding themselves socially before making a move onchain.
“North Korea isn’t scanning for vulnerable contracts anymore. They’re scanning for vulnerable people… That’s not hacking. That’s running agents,” Urbelis added.
The tactics themselves aren’t entirely new.
Investigations in recent years have shown North Korean operatives infiltrating crypto firms by posing as developers, passing job interviews and even securing roles under fake identities. But the Drift incident suggests those efforts have escalated — from gaining access through hiring pipelines to running months-long, in-person relationship-building operations before executing an attack.
‘The Achilles’ heel’
That shift is what has many security leaders most concerned. Even the most rigorously audited protocol can still fail if a contributor is compromised.
David Schwed, chief operating officer of SVRN and a former CISO at both Robinhood and Galaxy, sees the Drift case as a wake-up call.
“Protocols need to understand what they’re up against. These aren’t simple exploits. These are well-planned, months-long operations with dedicated resources, fabricated identities, and a deliberate human element,” Schwed told CoinDesk. “That human element is the Achilles’ heel for many organizations.”
Many DeFi teams remain small, fast-moving and built on trust. But when a handful of individuals control critical access, compromising one can be enough.
Schwed argues that the response needs to be updated. “The answer is a well-fortified security program that protects not just the technology, but the people and the process… Security needs to be foundational to the project and the team.”
Some protocols are already adjusting. At Jupiter, one of Solana’s largest DeFi platforms, the baseline of audits and formal verification remains, but leaders claim it’s no longer sufficient.
“Clearly, securing code via multiple independent audits, open sourcing, and formal verification is just table stakes. The surface area for attacks has broadened substantially,” said COO Kash Dhanda.
That broader surface now includes governance, contributors and operational security. Jupiter has expanded its use of multisigs and timelocks while investing in detection systems and internal training.
“Given that flesh is more vulnerable than code, we’re also updating opsec training and monitoring for key team members,” Dhanda said.
Even then, he added, “there is no end-state for security” and complacency remains the biggest risk.
For protocols like dYdX, the Drift incident reinforces a reality that can’t be engineered away entirely.
“It’s an unfortunate fact of life that crypto projects are being increasingly targeted by state-sponsored bad actors… developers must take precautions to prevent and mitigate the impact of social engineering compromises, but users should also be aware that given the increasing sophistication of bad actors the risk of such compromises cannot be totally eliminated,” said David Gogel, COO of dYdX Labs.
That evolving threat model is also shifting responsibility toward users themselves.
“Users who are active in DeFi should take the time to understand the technical architecture of protocols or smart contracts that hold their funds, and should factor into their risk assessments the role and nature of any multisigs for software upgrades and the possibility that those could be maliciously compromised,” Gogel added.
‘Threat model’
For some founders, the Drift exploit underscores a more uncomfortable conclusion: that trust itself has become a vulnerability.
“The Drift exploit wasn’t a code vulnerability. It was a six-month intelligence operation that exploited trust between humans,” said Lucas Bruder, CEO of Jito Labs.
In practice, that means designing systems that assume compromise — not just bugs.
“Smart contract audits are table stakes. The real attack surface is your team, your multisig signers, and every device they touch.”
That mindset is becoming central to how DeFi approaches security. Schwed of SVRN says it starts with asking not just how a protocol works, but how it could fail.
“Start with a threat model. Ask yourself, how can I be exploited? If one of the project owners becomes compromised, what’s the blast radius of that scenario?”
In that sense, the Drift exploit may be remembered less for the funds lost than for what it revealed — that the biggest risks in DeFi may no longer live in the code, but in the people who run it.
President Donald Trump bought up to $161 million in bonds during March 2026. The disclosure came in a Periodic Transaction Report released by the US Office of Government Ethics.
The filing arrives days before the Federal Open Market Committee meets to decide on interest rates. The vote could move bond prices broadly across the market.
Filing Shows Heavy Bond Buying Across Sectors
The filing lists 175 transactions, with 164 purchases and 11 sales. Trump’s report uses value brackets rather than exact dollar amounts. The bond purchases total at least $51 million at the low end of those ranges.
Many of the largest trades fell into the $1 million to $5 million bracket. Most of those positions were municipal bonds or US Treasuries. The combined upper-end value across all transactions reaches about $161 million.
The buys also covered corporate debt from Nvidia, Microsoft, Goldman Sachs, and Boeing. Other issuers named in the filing include Citigroup, Netflix, General Motors, Broadcom, and Meta.
The disclosure also lists a high-yield bond exchange-traded fund.
Fed Rate Decision Could Move Bond Prices
The Federal Open Market Committee begins its two-day meeting on Tuesday. The committee releases its rate decision on Wednesday at 2 p.m. Eastern.
The Fed last cut its benchmark rate by 25 basis points in December, its third reduction of 2025.
Treasury yields fell after that decision, and bond prices rose across the market. The 10-year yield dropped more than three basis points immediately afterward.
A second cut would likely produce a similar response, since bond prices generally move inversely to interest rates. Markets will watch Wednesday’s vote for guidance on whether the bond rally has further room to extend.
The post Trump Bought Millions in Treasury Bonds Days Before Fed Rate Cut Decision appeared first on BeInCrypto.
Three altcoins entered the final week of April 2026 at sharply different technical inflection points. Onyxcoin (XCN) printed a 47% daily gain while Rain (RAIN) and STABLE held their Fibonacci structures.
The three setups span a breakout retest, a neutral consolidation, and a healthy pullback. Each chart prints distinct signals on the daily timeframe heading into May.
Onyxcoin (XCN) Surges to Lead Altcoins in Final Week of April
Onyxcoin (XCN) led the group on April 27 with a 47.20% daily gain. Price pushed to $0.0086 intraday, its highest level since mid-January. XCN has since pulled back to $0.0069, retesting the resistance zone between $0.0068 and $0.0075.
The Upbit listing provided the catalyst, but the daily structure still looks fragile. The price remains below a descending trendline that dates back to July 2025. Overhead resistance at $0.010 and $0.013 caps any sustained breakout attempt.
The Relative Strength Index (RSI) broke out sharply to the upside, suggesting momentum favors the bulls. However, volume on the breakout candle came in below the prior demand spikes from March 26 and January 6.
If XCN fails to reclaim the $0.0068 to $0.0075 zone as support, the rally may be short-lived. A clean daily close above the descending trendline would shift the structure and open a path toward $0.010.
Rain (RAIN) Sits Between Fibonacci 0.382 and 0.5 as Volume Dries Up
Rain (RAIN) trades at $0.00745 on the daily chart. The token sits between the 0.382 Fibonacci retracement at $0.0077 and the 0.5 retracement at $0.0067. The grid runs from the November 9, 2025, low of $0.0024 to the February 9, 2026, high of $0.011.
The 0.5 level has acted as the first line of support for several weeks. Price has repeatedly tested the area, only to bounce. RSI sits at roughly 46, a neutral reading, and daily volume has compressed to the lowest range of the year. Neither buyers nor sellers are pressing the tape.
A deeper correction would target the 0.786 Fibonacci at $0.0042, the next major demand zone visible on the chart. To the upside, the 0.236 Fibonacci at $0.009 marks the first resistance. That level would be the immediate target if buyers step back in.
The setup is binary. Continued absence of volume keeps RAIN coiling between Fibonacci levels. The breakout direction will likely come from a broader altcoin rotation rather than token-specific demand.
STABLE Holds Higher Highs After Tagging W-Pattern Target
STABLE was the cleanest technical structure of the three. Price hit the W-pattern target from the prior BeInCrypto analysis on April 23. The token then tagged resistance at $0.037 and corrected to the 0.382 Fibonacci at $0.0306 before bouncing.
The daily chart continues to print higher highs and higher lows, the textbook signature of a healthy uptrend. RSI sits at approximately 65, just below the overbought threshold. Price trades at $0.03477 with a 3.95% daily gain.
The next test sits at $0.037, the same level that capped the prior leg up. A daily close above this band, which extends to $0.038, would confirm continuation. The break would likely open a path toward $0.04385, the swing high marked on the Fibonacci grid.
Volume has been declining through the bounce, which signals weakening momentum even as price advances. The structure looks intact. A failure to break $0.037 with conviction would set up another retest of the 0.382 Fibonacci at $0.0306. STABLE remains one of the more constructive altcoins of the cycle on the daily timeframe.
The post 3 Altcoins to Watch in Final Week of April With Onyxcoin Up 30% appeared first on BeInCrypto.
Crude oil jumped as Trump called off Iran peace talks, dragging BTC back below $77,000 and triggering $288 million in long liquidations.
Bitcoin failed at the $80,000 level for the third time this month on Monday, briefly tagging $79,500 before reversing sharply, as a renewed move higher in oil prices amid stalling U.S.-Iran peace talks pushed risk assets into the red ahead of this week’s FOMC decision.
BTC last changed hands at around $76,800 per CoinGecko, down 1.8% over the past 24 hours but still up 1.2% on the week. Ether (ETH) led losses among the majors, falling 3.3% to $2,287. Meanwhile, SOL traded near $84, down 3%, XRP at $1.39, down 2.8%, and BNB at $623, down 2%.
Total crypto liquidations reached $435 million over the past 24 hours, according to CoinGlass, with more than 108,000 traders liquidated.
Stalled Peace Talks
President Donald Trump on Sunday called off a planned Pakistan trip by two senior U.S. negotiators, stalling a fresh round of peace talks even as Iran reportedly sent Washington a new proposal over the weekend. The Strait of Hormuz remains under a U.S. naval blockade.
The risk-off backdrop is unfolding two days before the April 28-29 FOMC meeting. CME FedWatch puts the odds of a rate hold at 100%, with the federal funds rate expected to remain in the 3.50-3.75% range. April carries no fresh dot plot or Summary of Economic Projections, leaving Chair Jerome Powell’s tone the focal point for traders. The Bureau of Economic Analysis releases its advance Q1 GDP estimate on Thursday, with PCE and the Employment Cost Index expected the same morning.
ETFs
U.S. spot Bitcoin ETFs pulled in $823.7 million in net inflows during the week ending April 24, the fourth consecutive positive week, per SoSoValue. April month-to-date inflows now exceed $2.4 billion, nearly double March’s total. Total BTC ETF AUM stood at $102.64 billion as of Friday, with the products holding 1,322,094 BTC, or roughly 6.3% of the circulating supply.
Spot Ether ETFs added $155 million for the week, their third consecutive positive week, while spot Solana ETFs added $9.4 million and spot XRP ETFs added $15.7 million.
Elsewhere
Strategy disclosed its fourth consecutive weekly Bitcoin purchase, adding 3,273 BTC for $255 million at an average price of $77,906, with the latest fill now sitting roughly 1.4% above spot. Total holdings stand at 818,334 BTC, acquired for roughly $61.81 billion at an average cost basis of $75,537, with chairman Michael Saylor citing a 9.6% year-to-date BTC yield. The buy follows last week’s $2.54 billion accumulation of 34,164 BTC, the firm’s largest since 2024.
In DeFi, Aave founder Stani Kulechov said the DeFi United recovery fund has reached the level needed to fully re-collateralize rsETH following the April 18 KelpDAO bridge exploit, subject to pending governance votes. Consensys and Ethereum co-founder Joe Lubin committed up to 30,000 ETH, while the Solana Foundation said it would lend USDT on Aave for the first time.
Outlook
With oil at multi-week highs, and four mega-cap tech names (Microsoft, Alphabet, Meta, Amazon) reporting Wednesday evening after the FOMC decision, the path of least resistance for crypto this week runs through the macro tape rather than crypto-native catalysts.
Crypto World
Western Union (WU) gears up stablecoin launch to settle global transactions without SWIFT
Western Union (WU) is preparing to roll out a stablecoin strategy that could reshape how the 175-year-old money-transfer company settles payments across its global network.
CEO Devin McGranahan said on the company’s first-quarter earnings call that Western Union’s U.S. dollar stablecoin (USDPT) is in the final stages of readiness and is expected to launch next month. The firm announced in October that the digital dollar will run on Solana (SOL) and will be issued with federally chartered crypto bank Anchorage Digital.
Western Union plans to use the stablecoin first as an alternative to the interbank settlement rails it uses today to move money between the company and its agents.
“We are not originally launching [USDPT] as consumer-facing,” McGranahan said. “We are launching it as an alternative to the interbank SWIFT settlement network that we use today.”
That matters, he said, because Western Union’s business still depends on legacy banking systems that settle only on business days and can take two or three days in some markets. Stablecoins could allow the company to settle with partners in real time, including over weekends and holidays, while reducing capital tied up in the system, he added.
The second piece of the company’s strategy is the Digital Asset Network (DAN), which lets crypto wallet companies offer Western Union as a cash-out option. Through that network, wallet users will be able to convert digital assets into local currency through Western Union’s retail footprint, McGranahan said.
The company said its partner pipeline represents tens of millions of crypto wallets globally.
Western Union also plans to launch a Stable Card, expected later this year. It will let customers hold funds in stablecoins and spend through card networks. McGranahan said the card could be useful in inflation-sensitive markets where customers want access to U.S. dollar-denominated value with everyday spending utility.
“We expect to begin rolling this out across dozens of markets with an initial wave targeted for later this year,” he said.
Western Union’s stablecoin push comes as its core remittance business faces pressure, with rival fintechs and crypto payments firms increasingly using blockchain tech for cross-border payments. MoneyGram, for example, is looking to Circle’s USDC stablecoin, while Stripe launched its own stablecoin infrastructure with a payments-focused chain Tempo.
Read more: DoorDash is bringing stablecoin payments to masses with Stripe-backed blockchain
TLDR
- Solana Foundation confirmed that its core developer teams selected Falcon as a post-quantum digital signature solution.
- Anza and Jump Crypto’s Firedancer independently agreed on adopting Falcon for future network protection.
- Solana developers have already started building and testing early versions of Falcon implementations.
- The foundation stated that current quantum computing risks remain distant, but migration plans are ready.
- Solana outlined a phased roadmap that includes research, wallet updates, and eventual network migration.
Solana Foundation detailed a plan to address future quantum computing risks and protect network security. The foundation confirmed that core developers aligned on a post-quantum signature standard. It said the threat remains distant, yet teams have prepared migration strategies.
Solana Aligns Core Teams on Falcon Quantum-Resistant Signatures
The Solana Foundation said its core teams selected Falcon as a post-quantum digital signature scheme. Anza and Jump Crypto’s Firedancer reached the same conclusion through independent technical reviews. The foundation stated that both teams have started building early Falcon implementations for testing.
The foundation said Solana developers examined performance tradeoffs before selecting Falcon for integration. The network’s high-speed design requires low latency and efficient cryptography. However, developers concluded that Falcon can operate within existing technical limits without harming throughput.
The foundation said it will continue research and testing before any protocol change. It added that developers understand migration steps and maintain readiness for deployment. “Quantum is still years away,” the foundation said in its blog update.
Roadmap Covers Wallet Migration and Ecosystem Tools
Solana outlined a phased roadmap for introducing post-quantum protections across the network. The plan includes research on Falcon and other cryptographic options. It also covers potential deployment for new wallets if quantum risks increase.
The foundation said developers could introduce post-quantum schemes for newly created wallets first. Later, teams would migrate existing wallets through planned updates. The foundation stated that such a transition would remain manageable under the current infrastructure.
The blog post also referenced ecosystem work that already supports quantum resistance. Blueshift launched its Winternitz Vault primitive on Solana more than two years ago. The foundation said Google Quantum AI recently cited this implementation in research materials.
The foundation explained that Winternitz Vault operates as a quantum-resistant primitive on chain. It allows users to store assets with alternative cryptographic safeguards. Developers have maintained the tool live on Solana without protocol disruption.
Solana developers stated that they will monitor advances in quantum computing research. They will adjust timelines based on scientific progress and industry benchmarks. The foundation emphasized that no immediate network changes are scheduled.
The foundation said internal testing of Falcon implementations will continue across both core teams. Anza and Firedancer engineers will refine performance benchmarks during development cycles. The foundation confirmed that deployment would follow clear governance processes.
- Pudgy Penguins (PENGU) price touched $0.010 amid double-digit gains.
- The token surged as the Pudgy Penguins floor price pumped.
- Other non-fungible tokens also soared, including the Bored Ape Yacht Club.
Pudgy Penguins’ native PENGU token is up double digits in the past 24 hours, riding high on skyrocketing floor prices to touch three-month highs.
This surge comes amid notable price increases in the Pudgy Penguins NFT, with other tokens related to the sector also experiencing significant gains.
However, an uptick for Bitcoin and Ethereum fizzled on Monday, a scenario that puts the tokens’ prices in danger of retreating amid profit-taking.
Pudgy Penguins soars 14% amid NFT price gains
Data shows top non-fungible token collections are experiencing a remarkable resurgence, with floor prices extending their upside momentum.
Pudgy Penguins currently leads the charge as its floor price climbs above 5 ETH, with over 20% in weekly gains.
Market data highlights this momentum, with over 20 sales and nearly 1,000 ETH in trading volume over the past seven days.
The Bored Ape Yacht Club (BAYC) NFT boosts similar metrics and shows an 81% spike in floor price over the last 30 days.
Yet, this optimism contrasts with contracting overall NFT market participation.
Global sales, transactions, and active users have nearly halved since February, even as average sale prices have more than doubled.
This divergence suggests a concentration of capital among high-value collections like Pudgy Penguins, potentially signaling selective bullishness rather than broad recovery.
Notably, PENGU price is up 40% over the past week, and the 14% gain in the last 24 hours has pushed it to above $0.010 for the first time since late January.
Pudgy Penguins is in double digits up year-to-date.
Pudgy Penguins price analysis
Analysts attribute the NFT rally primarily to surging cryptocurrency prices, with Bitcoin (BTC) recently touching $80,000 and Ethereum (ETH) reaching $2,400.
The broader market sentiment looks to have amplified demand for top-tier NFTs, where Pudgy Penguins has stood out with elevated transaction counts accompanying its price climb.
In the market, surging floor prices typically reflect strong conviction, and the opposite shows amid declining floor prices.
PENGU gains mirror Pudgy Penguins’ NFT momentum, and the upmove lifts bulls above the $0.008 supply zone.
The surge to above $0.010 makes the 100-day and 50-day moving averages key support levels at $0.0082 and $0.007.
Among technical indicators to note is the Relative Strength Index (RSI) that currently hovers above 70, signalling overbought conditions.
Traders may need to watch out for NFT market fatigue or a significant BTC pullback.
If this happens, PENGU price could test lower support levels, including Feb 6 low of $0.0052.
On the flipside, the moving averages hint at a potential golden cross, with price likely to extend towards the YTD peak around $0.014.
TLDR
- Shiba Inu added 24000 new wallets between April 20 and April 27, 2026.
- The total number of SHIB holders surpassed 1.585 million, reaching a new high for 2026.
- On April 25, the network recorded its largest daily increase with 10718 new holders.
- Shibarium has processed more than 1 billion total transactions since its launch.
- The team confirmed the updated wallet and transaction data on April 27, 2026.
Shiba Inu (SHIB) recorded sharp user growth and network activity between April 20 and April 27, 2026. The team reported 24,000 new wallets during the period, pushing total holders above 1.585 million. At the same time, Shibarium processed more than 1 billion transactions, marking a new network record.
SHIB Wallet Count Climbs to 1.585 Million
Shiba Inu’s team shared updated wallet data on April 27 through its official X account. The update confirmed that SHIB holders increased by 24,000 wallets within one week. As a result, the total number of SHIB wallets surpassed 1.585 million, reaching a new high for 2026.
The data showed the largest daily rise occurred on April 25. On that day, the network added 10,718 new holders, which marked the strongest daily growth this year. The team stated, “The ecosystem continues to expand as new users join the network each day.”
Earlier in the week, wallet growth began to accelerate from April 20. The steady rise continued through April 24 before the sharp spike on April 25. This pattern reflected rising participation during the recent crypto market rebound.
After the peak day, growth levels moderated but remained positive. On April 26, the network added 1,040 new holders. On April 27, it recorded another 1,100 new wallets, according to the team’s update.
These additions brought the cumulative holder count to its current level. The team described the increase as a continuation of rising engagement across the ecosystem. The figures reflect on-chain wallet data recorded during the reporting period.
Shibarium Surpasses 1 Billion Transactions
Shibarium also reached a new usage milestone during the same period. The layer 2 network processed more than 1 billion transactions, according to the shared data. This achievement places Shibarium among networks with high cumulative activity counts.
The team confirmed the milestone while outlining recent network statistics. It stated, “Shibarium has now crossed 1 billion total transactions.” The update linked the transaction growth to expanding network usage.
Transaction volumes increased as wallet numbers climbed during the week. The network handled daily transfers that contributed to the cumulative total. Each processed transaction is added to the overall count tracked on-chain.
Shibarium operates as Shiba Inu’s layer 2 scaling solution. The network supports faster transactions and lower fees compared to the main Ethereum chain. Developers continue to build and deploy projects within the ecosystem.
The 1 billion transaction mark reflects total processed transfers since launch. The data covers all confirmed transactions recorded on the network ledger. The team released the figures alongside updated holder statistics on April 27, 2026.
The latest wallet additions and transaction totals represent the most recent verified data. Shibarium’s cumulative transaction count now stands above 1 billion as of April 27. Total SHIB wallet addresses exceed 1.585 million based on on-chain records.
BitMine Immersion Technologies, the Ether treasury company backed by Fundstrat’s Tom Lee, has expanded its ETH holdings for the second time in as many weeks, even as large unrealized losses underscore the strategy’s risks.
The company said Monday it purchased an additional 101,901 Ether last week, bringing its total holdings to roughly 5.08 million ETH. Its combined crypto and cash reserves now stand at about $13.3 billion.
Source: Wu Blockchain
The latest acquisition follows a purchase of 101,627 ETH a week earlier, which was the company’s largest accumulation since December.
Despite the aggressive buying, BitMine is sitting on more than $6.5 billion in unrealized losses, based on total investments of approximately $17.6 billion, highlighting the impact of recent volatility in Ether prices.
The share price of the NYSE-listed BMNR stock is down more than 20% year-to-date, according to Yahoo Finance data.
Still, the company is generating yield on a portion of its holdings. BitMine has staked roughly 3.7 million ETH, allowing it to earn rewards for helping secure the Ethereum network and validate transactions, a strategy that provides a steady income stream even during price downturns.
BitMine’s unrealized losses on its ETH treasury have topped $6.5 billion. Source: Dropstab
Related: Crypto Biz: Same players, bigger bets as crypto eyes a rebound
Ether, crypto markets show signs of stabilization
BitMine’s large purchases come as the broader crypto market shows early signs of stabilizing after months of declines through March.
Ether rebounded above $2,400 last week after falling to a low near $1,800 earlier this year, according to TradingView data. Despite the recovery, the second-biggest crypto by market cap remains down roughly 23% year-to-date.
The rebound mirrors a broader uptick across equities and other risk assets in recent weeks, suggesting improving investor sentiment.
However, the volatility underscores the challenges facing crypto treasury players. Companies that accumulate large digital asset reserves are highly exposed to price swings, which can lead to significant unrealized losses during downturns, even as they continue buying.
While strategies like staking can generate yield, they often do little to offset large drawdowns in asset value, leaving balance sheets sensitive to market cycles.
Related: Michael Saylor’s Strategy adds 3.2K Bitcoin at nearly $78K per BTC
TLDR
- Strategy purchased 3,273 Bitcoin for $255 million at an average price of $77,906 per coin.
- The latest acquisition increased Strategy’s total holdings to 818,334 BTC.
- The company funded the purchase by selling 1,451,601 MSTR shares through its at-the-market program.
- Strategy’s Bitcoin holdings are now valued at about $63.7 billion at current market prices.
- The company’s position has returned to profit with an estimated gain of $1.9 billion.
Strategy expanded its Bitcoin holdings with a new 3,273 BTC purchase worth $255 million. The acquisition lifted total reserves to 818,334 BTC and returned the company to profit. However, Peter Schiff challenged Michael Saylor’s $1 million Bitcoin forecast and questioned the accumulation strategy.
Strategy Expands Bitcoin Holdings With $255M Purchase
Strategy confirmed it purchased 3,273 Bitcoin for about $255.0 million at an average price of $77,906. The company increased its total holdings to 818,334 BTC as of April 26, 2026. It acquired the entire stash for $61.81 billion at an average price of $75,537 per coin.
At current prices near $77,850, the holdings carry a market value of $63.7 billion. This valuation places Strategy at roughly $1.9 billion in profit. Earlier this year, Bitcoin traded below $70,000 and left the company’s position underwater.
Michael Saylor announced the purchase on X and reported a 9.6% Bitcoin Yield year-to-date in 2026. He also released the company’s Form 8-K filing with the U.S. SEC. The filing detailed that Strategy funded the purchase through its at-the-market equity program.
Between April 20 and April 26, 2026, Strategy sold 1,451,601 MSTR shares. The share sales generated $255.0 million in net proceeds after commissions. During the same period, the company sold no preferred stock.
Schiff Challenges $1 Million Bitcoin Prediction
Peter Schiff responded to Saylor’s update and targeted his $1 million Bitcoin forecast. In 2025, Saylor said Bitcoin could reach $1 million if Strategy acquired 5% of the total supply. Schiff argued that current accumulation trends do not support that outlook.
Schiff stated that Strategy now controls about 3.9% of the total Bitcoin supply. He said the company purchased 231,666 BTC since Saylor made the forecast. According to Schiff, similar price reactions to future purchases could push Bitcoin below $60,000 before Strategy reaches 5%.
He wrote that “if the next 231,666 BTC move the market as the last ones did, the price could be under $60,000.” Schiff used this calculation to dispute the $1 million target. He has repeatedly supported gold as an alternative store of value.
Schiff also criticized claims about covering a reported 11.5% yield on STRC with modest Bitcoin growth. He argued that continuous issuance raises the required price increase. He said falling STRC prices could force higher yields and strain the structure.
According to Schiff, selling Bitcoin to cover yields would pressure the market. He warned that such actions could trigger a “death spiral” unless Strategy cancels the dividend. Strategy’s latest Form 8-K filing, dated April 27, 2026, confirms the recent equity-funded purchase.
TLDR
- Bitcoin reached $79,488 before easing to $78,223 as futures activity powered the latest price move.
- CryptoQuant CEO Ki Young Ju said the current Bitcoin rally is driven by derivatives, not strong spot demand.
- On-chain data shows Bitcoin’s 30-day apparent demand metric remains in negative territory.
- Michael Saylor’s firm, Strategy, purchased $255 million in Bitcoin after a $2.54 billion acquisition last week.
- Bitcoin ETFs acquired more than $2.6 billion worth of BTC this month despite weak on-chain demand.
Bitcoin climbed toward two-month highs as derivatives activity powered the latest advance. The asset reached $79,488 before easing to $78,223 during the session. However, CryptoQuant CEO Ki Young Ju said futures markets, not spot demand, drive the current Bitcoin rally.
Bitcoin Rally Fueled by Futures While Spot Demand Stays Weak
Ki Young Ju stated that derivatives traders lead the present move in Bitcoin. He said rising open interest shows traders are increasing leverage across futures markets.
He explained, “This rally is futures-driven,” and he pointed to negative on-chain demand data. CryptoQuant data shows Bitcoin’s 30-day apparent demand metric remains below zero.
Meanwhile, institutional buyers continued acquisitions through direct purchases and exchange-traded funds. Michael Saylor’s firm, Strategy, bought $255 million in Bitcoin after acquiring $2.54 billion last week.
At the same time, Bitcoin ETFs accumulated more than $2.6 billion worth of BTC this month. Yet on-chain metrics did not reflect matching growth in spot-driven demand.
CryptoQuant data showed futures demand in strong positive territory during the same period. However, Ju said bear cycles end only when both spot and futures demand recover together.
He added that current data does not show that alignment. Therefore, the structure behind the Bitcoin rally remains uneven.
Short Squeeze Accelerates Bitcoin Price Surge
On April 23, Bitcoin rose from $76,351 to $79,447 within hours. The move marked a 4.05% increase during that session.
Carmelo Alemán, an on-chain analyst at CryptoQuant, attributed the surge to forced liquidations. He said short traders closed positions rapidly as prices climbed.
Open interest jumped from $24.88 billion to nearly $28 billion during the rally. This rise showed a sharp increase in leveraged futures positions.
Short liquidations exceeded $607.9 million in Bitcoin during that move. Ethereum short liquidations reached $580.9 million in the same period.
Together, short liquidations totaled about $1.19 billion across both assets. In contrast, long liquidations remained just above $111 million combined.
Alemán said the imbalance highlighted strong pressure on bearish traders. As shorts closed, forced buying pushed prices higher.
CryptoQuant data indicated that derivatives activity expanded faster than spot transactions. Therefore, leverage played a central role in the advance.
Ju reiterated that on-chain demand still shows weakness despite price gains. He stated that negative apparent demand contrasts with rising futures exposure.
Bitcoin traded near $78,223 after touching $79,488 earlier in the day. Open interest remained elevated near $28 billion at the latest reading.
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