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Optimism Developer Op Labs Cuts 20% of Staff in Effeciency Push

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Optimism Developer Op Labs Cuts 20% of Staff in Effeciency Push

Op Labs’ CEO said the move was not about finances, and that the firm has “years of runway.”

The development company behind Ethereum Layer 2 network Optimism has laid off 20 employees — what appears to be approximately 20% of its team. The news was announced by OP Labs CEO and Optimism co-founder Jing Wang in an X post today, March 12, and included a screenshot of an internal Slack message Wang had sent to staff earlier in the day.

“This decision reflects a narrowing of our focus, not our runway,” Wang wrote on X.

In a Slack message to what appears to be Op Labs’ 102 employees, Wang said that the decision is “not about finances” but rather about “doing fewer things well, making decisions faster, and reducing coordination overhead.”

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Op Labs’ CEO also noted in the Slack messaged that OP Labs “is well capitalized with years of runway.”

The OP token fell slightly on the news, down 2.4% in the past 24 hours, per The Defiant’s price page, while the broader market is flat today.

Last month, Coinbase’s Base — which was reportedly contributing an estimated 97% of Superchain revenue — announced it was departing the OP Stack for a self-managed codebase, sending OP down 26% in a single day. Wang acknowledged the blow but said evolving the business model was overdue.

On the product side, Optimism launched OP Enterprise in January and also passed a governance vote to direct 50% of Superchain revenue toward OP token buybacks.

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This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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Crypto World

Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

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Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO, Cathie Wood.

Key points:

  • Bitcoin will not see another correction of 85% or more versus its latest all-time high, Cathie Wood argues.

  • A new prediction sees $34,000 becoming the next BTC price bottom.

  • Bitcoin bear-market seasonality hints that a reversal could come this month.

Wood on BTC price: No more 85% “collapses”

In an interview with CNBC’s Squawk Box segment on April 1, Wood stayed calm about double-digit BTC price losses.

“Believe it or not, in the Bitcoin community, down 50% — if that’s as far as it goes — they’ll consider that a real victory,” she said.

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“Because you’re right; the 85-95% collapses associated with a very new technology — that’s done. This is a proven technology, it’s a proven monetary system and it’s a new asset class.”

Wood, a longtime Bitcoin bull, was speaking as Bitcoin circled its old $69,000 all-time highs from 2021.

Those preceded a year-long bear market in which BTC/USD lost nearly 80% before bottoming at $15,600. That marked the latest such correction, with bear markets typically bringing losses around the 80% mark.

Data from onchain analytics platform Glassnode shows that the current bear market has yet to match historical patterns with maximum downside versus Bitcoin’s $126,200 record from October 2025 at 52%.

BTC price drawdowns from all-time highs. Source: Glassnode

Responding to Wood, analyst Tony Severino predicted that 2026 would bring a price bottom equal to a 72% drawdown.

“Correct, -72% max drawdown next =$34,000,” he wrote on X.

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That figure exceeds commonly held predictions by traders for where Bitcoin’s next generational floor will be. As Cointelegraph reported, consensus favors the area between $40,000 and $50,000.

This week, however, Bloomberg Intelligence analyst Mike McGlone warned that price may already be trending toward seven-year lows

Bitcoin historically rebounds in April

Continuing the bear-market comparison, data from network economist Timothy Peterson revealed that April could mark some form of inflection point for price.

Related: Bitcoin risks new lows as US dollar targets highest level since April 2025

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A chart uploaded to X this week shows April typically being a recovery month during bearish phases. 

Bitcoin bear-market price comparison. Source: Timothy Peterson/X

The March monthly close, meanwhile, ended a five-month losing streak for BTC/USD with modest gains of 1.8%.