Sky, the decentralized finance (DeFi) lending protocol formerly known as MakerDAO, is moving to overhaul how its treasury allocates net revenue now that the founding phase of capital deployment has formally ended.

In a forum post, founder Rune Christensen laid out the rationale for simplifying the Treasury Management Function (TMF), arguing that the recent transfer of Genesis Capital to Grove marks Sky’s permanent exit from the Genesis Capitalization phase. Genesis Capital was the bootstrap funding mechanism Sky used to seed new agents during the expansion of its Sky Agent Network.

The “irregular, governance-determined capital deployments” of the founding period are over, the post said, leaving behind a set of expenses that are rules-bound, predictable, and capped as a fixed percentage of revenue.

The proposal would simplify the TMF from a five-step conditional waterfall into a four-step structure with fixed allocations across Security and Maintenance, Aggregate Backstop Capital, the Smart Burn Engine, and USDS Staking Rewards.

It would also retire several legacy mechanisms, including the Net Revenue Ratio, phase-based distinctions, activity-based staking reward tiers, and Short Term Trading provisions.

The treasury overhaul comes as Sky scales rapidly. USDS supply has climbed to roughly $11.6 billion, making it the third-largest stablecoin, after the Sky community authorized up to $2.5 billion for deployment through stablecoin incubator Obex earlier this year and launched native USDS on Avalanche via the SkyLink bridge in April.

S&P Global Ratings, which last year assigned Sky a “B-“ issuer credit rating, has flagged governance and capital position as the protocol’s key constraints.

Tightening the rules around how revenue is split between security buffers, backstop capital, SKY buybacks, and staking rewards is consistent with the post-Endgame push to make Sky’s expense base more predictable.

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

TLDR

• Crypto funds recorded $1.2 billion in inflows, marking four consecutive weeks of positive momentum.
• Bitcoin attracted $933 million in weekly inflows and pushed its year-to-date total to $4.0 billion.
• Total assets under management rose to $155 billion, the highest level since early February.
• Ethereum posted $192 million in inflows, extending its streak to three straight weeks above $190 million.
• Blockchain equity ETFs drew $617 million over the past three weeks as demand increased.

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Crypto investment products recorded $1.2 billion in weekly inflows as Bitcoin price climbed to its highest level since early February. CoinShares reported four consecutive weeks of positive flows, which lifted total assets under management to $155 billion. The firm linked the momentum to improving institutional demand and stronger ETF participation.

Crypto Funds Extend Weekly Gains as Bitcoin Leads

Crypto funds posted their fourth straight week of inflows, bringing in $1.2 billion across digital asset products. CoinShares stated that the rise followed Bitcoin’s price move to its highest point since early February. Total assets under management increased to $155 billion, the highest level since February 1.

However, assets under management remain below the $263 billion peak recorded in October 2025. The report titled “Digital Asset Fund Flows Weekly Report” detailed asset-by-asset performance. It showed steady allocation activity across major cryptocurrencies and related equity products.

Bitcoin attracted $933 million in inflows during the reported week. This pushed its year-to-date total to $4.0 billion, according to CoinShares. The firm said the data reflected sustained ETF demand and ongoing accumulation.

Short-Bitcoin products added $16.5 million during the same period. CoinShares said this amount stayed close to the previous month’s average levels. The firm indicated that hedging activity continued but did not increase.

Ethereum, Altcoins Record Fresh Allocations

Ethereum recorded $192 million in inflows over the past week. This marked its third consecutive week with more than $190 million in allocations. CoinShares reported consistent demand across major Ethereum-linked products.

Solana attracted $31.8 million in fresh capital during the week. XRP followed with $25 million in inflows, according to the report. Chainlink also added $6.8 million during the same timeframe.

Litecoin and Sui posted smaller inflows of $0.5 million and $0.4 million, respectively. The data showed broad participation across multiple digital assets. However, Bitcoin and Ethereum accounted for most of the weekly totals.

Blockchain equity ETFs drew $617 million over the past three weeks. The products reached record weekly levels during this period. The report said investors sought exposure to both technology firms and digital asset markets.

The United States led regional inflows with $1.1 billion. Germany followed with $61.7 million, which more than doubled the previous week’s figure. Switzerland reversed prior outflows and posted $35.2 million in new allocations.

Canada added $15 million, reflecting broader regional participation. Australia and Brazil reported inflows of $0.8 million and $0.5 million, respectively. Meanwhile, Hong Kong, France, the Netherlands, Italy, and Sweden recorded modest outflows.

QCP Capital said geopolitical developments influenced short-term price action. “BTC and ETH initially moved higher, but gains were quickly reversed as new geopolitical concerns emerged,” the firm stated. Bitcoin remains up more than 15% this month as ETF demand continues and traders watch the April 28-29 FOMC decision.

TLDR

• Sam Altman apologized for not alerting police about a banned account linked to the Tumbler Ridge shooting suspect.
• OpenAI banned the suspect’s account in June 2025 for activity related to violent behavior.
• The company decided the content did not meet its threshold for an imminent threat.
• The February attack in British Columbia left eight people dead and 25 injured.
• Altman said he spoke with local and provincial leaders before issuing the public apology.

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OpenAI CEO Sam Altman apologized to Tumbler Ridge officials for not alerting police about a banned account. The company had removed the account months before a February mass shooting. Altman acknowledged the failure in a public letter released Friday.

Sam Altman Addresses Reporting Failure

Sam Altman sent the letter to leaders in Tumbler Ridge, British Columbia. He admitted the company did not notify authorities after banning the suspect’s account. He wrote, “I am deeply sorry that we did not alert law enforcement.”

He explained that OpenAI banned the account in June 2025. The company cited activity tied to the “furtherance of violent activities.” However, internal reviewers decided the posts did not meet the threshold for imminent harm.

Altman stated that OpenAI considered contacting the Royal Canadian Mounted Police. Yet the company concluded the content lacked a credible and immediate threat. As a result, staff removed the account but did not escalate the case.

He added, “While I know words can never be enough, I believe an apology is necessary.” He recognized the “harm and irreversible loss” suffered by the community. He expressed sympathy for families who lost loved ones.

The February attack unfolded in Tumbler Ridge, British Columbia. Police identified 18-year-old Jesse Van Rootselaar as the suspect. Authorities said she killed her mother and stepbrother before attacking a local school.

At Tumbler Ridge Secondary School, five children and one educator died. Twenty-five others sustained injuries during the shooting. Police confirmed that Van Rootselaar later died by suicide.

Officials Respond to Sam Altman Letter

Altman said he spoke with Mayor Darryl Krakowka and Premier David Eby. He stated they shared the anger and sadness felt across the town. He said they agreed that a public apology was necessary.

He wrote, “No one should ever have to endure a tragedy like this.” He added, “I cannot imagine anything worse in this world than losing a child.” He pledged to work with authorities to prevent similar events.

After the attack, OpenAI disclosed that its systems had flagged the account months earlier. The company said it reviewed the content under its safety policies. It confirmed the account violated usage rules and led to a ban.

The firm stated that it weighed whether to alert police. However, reviewers determined the material did not show imminent danger. Therefore, OpenAI did not contact law enforcement at that time.

Premier David Eby responded publicly on X. He wrote, “The apology is necessary, and yet grossly insufficient.” He added that officials will continue supporting Mayor Krakowka and residents.

The letter emerged as other investigations examine technology platforms and violent incidents. Florida authorities are reviewing whether ChatGPT influenced a 2025 shooting suspect. Separately, a lawsuit claims Google’s Gemini deepened a man’s delusions before his death.

Altman prepares for a civil trial with Elon Musk in federal court this week. The apology letter marks his latest public statement. He reaffirmed his commitment to work with government leaders on safety measures.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2106.81, down 0.8% (-17.25) since 4 p.m. ET on Friday.

Three of 20 assets are trading higher.

Leaders: AAVE (+1.0%) and CRO (+0.8%).

Laggards: XLM (-3.4%) and NEAR (-2.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Canada’s proposed ban on crypto political donations moved a step closer to becoming law on Friday, advancing through Parliament with cross-party support and little opposition.

Bill C-25, the Strong and Free Elections Act, passed second reading in the House of Commons and was referred to committee for further review. In Canada’s system, that vote signals lawmakers broadly agree with a bill’s core principles before it faces detailed scrutiny and possible amendments.

The legislation would prohibit political contributions made in crypto, alongside money orders and prepaid payment products, grouping them as funding methods that are difficult to trace.

The ban would apply across the federal system — registered parties, electoral district associations, candidates, leadership and nomination contestants, and third parties that run election advertising.

Recipients would have 30 days to return illegal crypto contributions or remit them to the Receiver General, Canada’s equivalent of the U.S. Treasury.

The bill’s lead defender on the floor was Kevin Lamoureux, the Liberal parliamentary secretary to the government’s House leader, a junior official who helps manage the ruling party’s legislative agenda and acts as a floor spokesperson during debate.

His opening speech walked through AI deepfakes, foreign interference, and administrative penalties. Crypto did not come up, according to an official transcript. Asked by a Liberal colleague to pick from three priorities — foreign interference in nominations, political financing transparency or artificial intelligence — Lamoureux picked AI.

Several Conservative Members of Parliament — the party is led by Pierre Poilievre, who marketed himself as crypto-friendly during the last election — raised questions about political financing rules and how new restrictions would be applied.

But the issue never became a central point of contention.

Conservatives backed sending the bill to committee, while other opposition parties raised concerns about different elements of the legislation, but did not center their arguments on crypto.

The limited resistance also reflects how little crypto has been used in Canadian politics.

Canada has technically allowed crypto donations since 2019, when Elections Canada classified them as non-cash, in-kind contributions similar to property. But no major federal party has publicly accepted crypto, and no contributions have been disclosed in recent elections.

C-25 is itself a re-run. Its predecessor, Bill C-65, contained identical crypto language and died when Parliament was prorogued — suspended without dissolving — in January 2025.

Canada’s Chief Electoral Officer recommended tighter regulation of crypto donations in 2022, then, in November 2024, shifted to recommending an outright prohibition, citing pseudo-anonymity and the difficulty of verifying contributors’ identities.

The U.S. is moving in the opposite direction. The Federal Election Commission has permitted crypto donations to American campaigns since 2014.

Earlier this year, the U.K. passed a law banning crypto donations, citing concerns that digital assets could be used to hide the origins of foreign money in British politics.

The digital assets market entered the second quarter in consolidation mode, but Fidelity Digital Assets said underlying data points to early signs of stabilization beneath the surface.

In its Q2 2026 Signals Report published Monday, the crypto trading firm highlighted improving conditions across a number of key metrics, including unrealized profitability, momentum and network usage.

Rather than focusing solely on prices, the report is framed through a broader lens of risk, positioning and cycle dynamics across bitcoin BTC$76,823.14, ether (ETH) and solana (SOL).

Bitcoin, the largest cryptocurrency, continues to serve as the market’s primary source of resilience, with unrealized profit levels and dominance metrics indicating that capital remains concentrated in the most established and liquid asset during the consolidation phase.

“BTC’s dominance continues to gradually increase after declining throughout the latter half of 2025,” wrote analysts led by Daniel Gray.

The digital asset was trading around $77,000 at publication time.

Crypto markets have turned in a choppy performance in recent months, with bitcoin and other major tokens largely range-bound as investors navigate a complex macro backdrop.

Sticky inflation, shifting expectations around central bank rate cuts and periodic volatility in global equities have weighed on risk appetite, while ongoing regulatory scrutiny in the U.S. and abroad has added another layer of uncertainty.

At the same time, conflicts in Eastern Europe and the Middle East and trade frictions between major economies have contributed to bouts of risk-off sentiment, limiting sustained upside across digital assets.

At the same time, the analysts noted that momentum and profitability indicators are consistent with a corrective period, one that may be laying the groundwork for a more stable market structure.

A notable divergence is emerging between price and network activity. The analysts pointed to sustained usage across Ethereum and Solana, suggesting that demand at the protocol level remains intact even as valuations lag.

Taken together, these signals reflect a market still in recovery, but with structural improvements underway that may not yet be fully reflected in prices, the report said.

Read more: Bitcoin faces near-term pressure as liquidity tightens, Hilbert Group CIO says

Bitcoin’s BTC$76,767.57 recent climb toward $80,000 is showing signs of strain, with low trading volume and muted derivatives activity raising questions about how durable the rally may be.

In a weekly report, 10x Research head Markus Thielen pointed to a disconnect between price action and underlying market participation. “Bitcoin rallied 4.7% over the past week, yet the accompanying data tells a cautious story beneath the surface,” he wrote.

Trading volumes have dropped sharply. Bitcoin weekly volume came in 17% below average, while ether (ETH) volume fell 20%. At the same time, funding rates — a measure of leveraged positioning — remain deeply negative. “Funding rates fell 6.8% to the 3rd percentile and volumes collapsed 33% to the 4th percentile,” Thielen said, adding that the move higher “was driven by spot buying or short covering rather than leveraged long conviction.”

That distinction matters. Spot buying, often linked to institutional demand, tends to be steadier but less explosive than leveraged trades. It also leaves the market without the kind of momentum typically seen in strong bull runs.

Institutional flows have been a bright spot. Bitcoin ETFs have recorded nine consecutive days of inflows, helping push total April inflows to $2.5 billion. Bitcoin dominance has also climbed to 60%, signaling capital is concentrating in the largest cryptocurrency rather than spreading across the market.

Still, Thielen cautioned that the rally’s structure remains fragile. “The market has shifted from a more actively traded environment to one where participants are largely on the sidelines,” he wrote, describing a “low-funding, low-volume regime that historically reflects hesitation rather than momentum.”

Options markets reinforce that view. Volatility has fallen into the lower quartile of its historical range, and traders are pricing in relatively modest price swings over the coming week. “The market is pricing in a relatively calm environment,” the report noted, even as sentiment gauges approach elevated levels.

Ethereum paints a similar picture, though with even weaker participation. Volumes have dropped more than 50%, and derivatives positioning shows limited appetite for risk. “The volume implosion points to a market where conviction remains low, and participants are largely disengaged,” Thielen said.

Despite these signals, the setup is not outright bearish. With leveraged long positions limited, the risk of forced liquidations on the downside is reduced. “Near-term risk/reward is asymmetric to the upside if a catalyst emerges,” Thielen wrote.

That catalyst may come from outside the crypto space. The report highlights macroeconomic developments as the key factor that could determine direction in the days ahead. For now, bitcoin’s rally appears intact, but without stronger participation, it may struggle to hold unless broader market conditions provide support.

IREN could become the next major Bitcoin miner to transition into AI infrastructure following its multi-billion-dollar deal with Microsoft, underscoring a broader shift in mining economics, according to a new research report from Bernstein.

The Bernstein analysts point to IREN’s rapidly expanding AI cloud division, where around 150,000 GPUs are already contracted, supporting an estimated $3.7 billion in annual revenue run rate once fully functional.

A significant portion of this capacity is tied to a long-term agreement with Microsoft, which has committed to using GPU capacity for AI workloads over five years. The deal also includes substantial customer prepayments, helping fund the infrastructure buildout.

In total, IREN’s roughly $5.8 billion GPU investment is largely funded through a combination of Microsoft customer prepayments and GPU-backed financing facilities, alongside additional cash and capital sources, helping keep borrowing costs relatively low.

Bernstein expects this shift to fundamentally reshape the company’s business model.

“IREN will eventually sunset the Bitcoin mining business as it retrofits existing sites to accelerate cloud deployment,” the analysts wrote.

Rather than shutting down operations outright, IREN is repurposing its existing mining infrastructure, particularly in Texas and British Columbia, by replacing ASIC mining rigs with GPUs designed for AI workloads.

Bernstein expects IREN’s AI cloud revenue to be its primary source of income in the coming years. Source: Bernstein

Monday’s report suggests Bitcoin mining will gradually fade into a legacy segment, with mining revenue declining over time as power capacity is redirected toward higher-margin, contracted AI computing.

IREN is not alone in exploring this pivot. Several mining companies, including TeraWulf and HIVE Digital, have begun reallocating power and capital toward AI and high-performance computing, often alongside their existing Bitcoin mining operations.

Related: AI data center gold rush sparks debate over impact on Bitcoin mining

Bernstein sees nearly 100% upside for IREN stock

Bernstein assigned IREN stock a $100 price target, pointing to significant upside as the company shifts away from Bitcoin mining and toward AI infrastructure.

With the stock currently trading below $50, the target implies a nearly 100% increase from current levels.

The analysts maintained an Outperform rating, even after reducing their previous $125 target, reflecting a more conservative view on dilution and the gradual wind-down of Bitcoin mining.

IREN stock. Source: Google Finance

Related: CoreWeave’s $8.5B loan shows how AI is replacing crypto mining finance

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The bitcoin BTC$76,716.87 rally toward $80,000 didn’t last long on Monday, with prices slipping back to $76,600 during the U.S. session as geopolitical tensions crept back into focus.

After trading near $80,000 overnight, its highest level since early February, the largest cryptocurrency reversed course and was down about 1.5% over the past 24 hours. Major altcoins followed, with ether (ETH), XRP and solana (SOL) each falling around 3%. CoinDesk 20 Index, a benchmark for the broader digital assets market, fell about 2% on Monday.

The pullback comes as investors grow cautious about the outlook for U.S.-Iran negotiations and the ongoing disruption to the Strait of Hormuz, a key global oil transit route.

According to a Wall Street Journal report, Iran has proposed halting attacks on ships in the strait in exchange for a full end to the war, including lifting the U.S. naval blockade and delaying nuclear talks. The proposal aims to restart stalled negotiations, but uncertainty remains high after President Trump on Saturday canceled sending envoys to Pakistan for negotiating with the Iranian side.

Oil prices continued to rise during the day. Brent crude oil prices, often used as the international benchmark, climbed more than 3% to $107 a barrel, while the West Texas Intermediate crude oil was up 2.6% to $97.

The Nasdaq edged 0.3% lower in morning trading, pulling back from recent record highs, while the S&P 500 was flat, ahead of a big earnings week that includes Mag7 firms such as Alphabet, Meta, Microsoft and Apple.

Meanwhile, crypto-linked stocks declined across the board. Shares of crypto exchange Coinbase (COIN) fell 1.5%, while Circle (CRCL), issuer of the USDC stablecoin, dropped 3.5% and Galaxy Digital (GLXY), a digital asset investment firm, slid nearly 6%.

Short-term holders selling

Under the surface, bitcoin’s price action points to a market struggling to build momentum despite strong institutional demand.

Bitfinex analysts noted that short-term BTC holders sitting in profit have been selling into strength, offsetting fresh demand from ETF buyers and Strategy (MSTR).

“The path of least resistance in the near term is likely consolidation or a pullback toward the $75,000 region,” the analysts said, adding that “a decisive break above $80,000 [is] required to confirm a more durable bullish regime.”

Read more: Bitcoin is climbing on thin volume, leaving rally vulnerable to macro shock