Santiment says the pattern of large holders selling while retail scoops up Bitcoin is “what historically creates bear cycles.” Large Bitcoin holders are now controlling the smallest share of the cryptocurrency’s supply since late May, when it first reclaimed $100,000 after more than three months, according to crypto sentiment platform Santiment. Santiment posted to X on Thursday that “whale and shark wallets” holding between 10 and 10,000 Bitcoin (BTC) have fallen to a nine-month low, collectively accounting for about 68.04% of the entire Bitcoin supply. “This includes a dump of -81,068 BTC in just the past 8 days alone,” Santiment said, as Bitcoin fell from around $90,000 to $65,000 over the same period, a roughly 27% decline, according to CoinMarketCap. Bitcoin is trading at $64,792 at the time of publication, up from a 24-hour low of just over $60,000. Read more
Tether and Gold.com are exploring options to allow the use of Tether’s stablecoins to purchase physical gold. The investment arm of stablecoin issuer Tether has acquired a $150 million stake in the precious metals platform Gold.com to expand access to tokenized gold. Tether said on Thursday that it acquired an approximately 12% stake in the company, which will integrate Tether Gold (XAUt), its gold-backed cryptocurrency, into Gold.com’s platform. Gold.com is a publicly listed online marketplace that sells gold and other precious metals, such as silver and platinum, to several markets, including the US. Read more
US Treasury Secretary Scott Bessent says banks and crypto may begin to offer similar products, and pledged to prevent deposit flight concerns that are stalling a key crypto bill. US Treasury Secretary Scott Bessent has told Congress that traditional and crypto banking products and services may be more intertwined in the future. Appearing before the Senate Banking Committee on Thursday, Bessent was asked by Republican Senator Cynthia Lummis whether there could come a time when conventional banks and crypto are offering the same types of products. “I think that can happen over time,” Bessent said. “We’ve actually been working with small and community banks to discuss how they can be part of the digital asset revolution.” Read more