Bitcoin’s daily funding rate has been deeply negative for days, reflecting heavy short positioning, but historical data also suggests that a squeeze on bears could be brewing. Bitcoin (BTC) formed a new weekly low at $65,500 on Thursday, and the price has continued to trend lower over the past four days. Derivatives data also indicate that traders are heavily positioned to the downside. Analysts said that this setup may lead to a sharp move higher that forces sellers to close their positions, even as other indicators hint that the move may not be straightforward. Key takeaways: Read more
Fiserv launches a 24/7/365 settlement platform for digital asset companies, aiming to reduce banking friction and improve liquidity in the US dollar. Fiserv, a major US payments and financial technology provider, has launched a new cash settlement platform for digital asset companies, a move that could strengthen fiat infrastructure for crypto players and improve access to liquidity. On Thursday, Fiserv announced the debut of INDX, a real-time cash settlement system that operates 24 hours a day, 365 days a year. The platform allows digital asset companies to move US dollars instantly using a single custodial account, potentially improving how exchanges, trading desks and other crypto businesses manage fiat balances. INDX will be made available to more than 1,100 insured financial institutions participating in the Fiserv Deposit Network. The account structure provides up to $25 million in Federal Deposit Insurance Corporation (FDIC) coverage, according to the company. Read more
The move strengthens institutional support for 21Shares’ multibillion dollar digital asset investment platform and broadens its regulated staking capabilities. BitGo Holdings and 21Shares said Thursday they have expanded their existing partnership to include custody and staking services supporting 21Shares’ crypto exchange-traded products (ETPs) for investors in the United States and Europe. Under the agreement, BitGo will deliver qualified custody, trading and execution services and integrated staking infrastructure for 21Shares’ US exchange-traded funds and global ETPs. The arrangement also provides 21Shares with access to liquidity across electronic and over-the-counter markets, according to the announcement. BitGo said the services will be delivered through its regulated entities in the US and Europe, including its federally chartered trust bank approved by the Office of the Comptroller of the Currency (OCC) and its MiCA-licensed operations authorized by Germany’s Federal Financial Supervisory Authority. ...
While ETH’s price action remains weak, rising institutional investor inflows and surging network activity suggest that Ether is building a base for a possible rally to $2,400. Key takeaways: Ether exchange-traded funds saw $71 million in inflows, signaling strong institutional appetite. Weekly decentralized exchange volume doubled to $20 billion, narrowing the revenue gap with Solana. Read more
The funding follows a $305 million Bitcoin sale and increases a key investor’s voting power to nearly 50%, as the company restructures its balance sheet amid sector volatility. Bitcoin miner Cango said it closed a previously announced $10.5 million equity investment from Enduring Wealth Capital Limited and entered into agreements for an additional $65 million in equity financing from entities owned by Cango chairman Xin Jin and Chang-Wei Chiu, a director of the company. According to Thursday’s announcement, the $10.5 million investment was completed through the issuance of seven million Class B shares priced at $1.50 each. The shares carry 20 votes per share, increasing Enduring Wealth Capital’s voting power to 49.7% from 36.7%, while its economic ownership remains below 5% of outstanding shares. The additional $65 million would be raised through the issuance of about 49 million Class A shares, which carry one vote per share, at $1.32 each. The investments are being made through entities wholly owned by Jin a...
Bitcoin and Ether spot ETF holders are nursing steep losses as the market continues to search for a local bottom, but data from Bloomberg suggests neither cohort is capitulating. Bitcoin (BTC) and Ethereum’s native token, Ether (ETH), continue to seach for price stability after trading at respective intraday lows of $66,171 and $1,912 on Thursday. As this process runs its course, new analysis from Bloomberg analysts investigates how the spot BTC and ETF holders are faring amid sustained price weakness and slowing exchange-traded fund (ETF) inflows. Key takeaways: Read more
Glassnode analysts said Bitcoin remains stuck between “key cost-basis levels,” and a prolonged consolidation period may lie ahead even if traders are actively buying dips to the range lows. Fresh data from Glassnode says Bitcoin (BTC) may be in for another “prolonged phase of range-bound” price action if key support levels are not reclaimed. Key takeaways: Bitcoin is stuck between key cost-basis levels, predicting 2022-type consolidation unless key support levels are reclaimed. Read more