Bitcoin miners face record margin pressure as proxy stocks sink, Kalshi lands $1B funding and Ether derivatives volumes overtake Bitcoin on CME. Bitcoin (BTC) miners are learning the hard way that “number go up” doesn’t always trickle down. Even with Bitcoin prices still elevated by historical standards, mining margins have been sharply squeezed, with some industry analysts describing the current climate as the “harshest margin environment” on record. Balance sheets are shrinking, leverage is being reduced, and companies such as CleanSpark are moving to pay down Bitcoin-backed credit lines. The strain is spilling into public markets. Bitcoin miners and other BTC “proxy” trades have come under heavy pressure, highlighted by the collapse in shares of American Bitcoin. Not every corner of the market is retreating, however. Capital is flowing into crypto-adjacent platforms, with prediction market Kalshi recently raising $1 billion at an $11-billion valuation after a tenfold increase in trading volumes since 2024,...
The collaboration aims to bring more than 1,000 entertainment properties onchain and establish a new framework for funding and distributing media as real-world assets. Mugafi, an AI-driven platform for entertainment intellectual property (IP), has partnered with Avalanche to tokenize films, anime, music and other media assets, allowing creators to finance and distribute projects directly onchain. The initiative will draw from Mugafi’s catalog and upcoming films. According to the company, its AI systems, trained on thousands of scripts and story structures, help evaluate projects before they are brought onchain for financing. Mugafi and Avalanche plan to finance more than $10 million in entertainment IP. The companies said their long-term target is to exceed $1 billion in annual IP financing throughput. Read more
Bitcoin’s bounce evaporated as the weekly close approaches and traders say multiple risk-off metrics point to a high correction risk for BTC. Is $100,000 by the end of 2025 possible? Bitcoin (BTC) may be holding above $90,000, but data implied that its price is still flashing a significant risk-off signal. CryptoQuant’s multi-metric risk-off oscillator remained near the “High-Risk” zone, a level that historically precedes corrections and diminishes the probability of a sustained bullish trend. Key takeaways: Bitcoin’s risk-off signal was positioned near “High-Risk” territory, which has previously indicated a bearish period. Read more
Corporate Ether acquisitions declined 81% in the past three months, but the largest corporate ETH holders continued to scoop up billions of dollars in Ether. Cryptocurrency markets saw another week of consolidation following last week’s long-awaited market recovery. While Bitcoin (BTC) remained above the key $90,000 psychological level, investor sentiment continued to be dominated by “fear,” with a marginal improvement from 20 to 25 within the week, according to CoinMarketCap’s Fear & Greed index. In the wider crypto space, the Ether (ETH) treasury trade appears to be unwinding, as the monthly acquisitions by Ethereum digital asset treasuries (DATs) fell 81% in the past three months from August’s peak. Read more
ProCap BTC’s Jeff Park reveals how institutional flows and ETFs could shorten Bitcoin’s market cycle — with major implications heading into 2026 For more than a decade, Bitcoin investors have relied on the familiar four-year cycle to navigate bull runs, capitulations and market shifts driven by halving events. In 2025, that long-standing roadmap is beginning to look outdated — and analysts are seeking a new framework to understand where Bitcoin (BTC) is headed next. Some argue that institutional capital is reshaping the market. Others highlight the weakening impact of the halving, the rise of AI as a competing investment frontier, or global liquidity trends that no longer line up with old patterns. Whatever the cause, one thing is clear: Bitcoin doesn’t seem to be moving like it used to. In this exclusive Cointelegraph interview, Jeff Park, partner and chief investment officer at ProCap BTC, challenges the assumptions behind the four-year cycle, claiming that Bitcoin may now be transitioning into a much short...
The company has approached traders, including sports bettors, about joining the effort as it expands in the US and rival Kalshi faces scrutiny over similar practices. Polymarket is recruiting staff for an internal market-making team that may trade against users on its platform. The company has recently approached traders — including sports bettors — about joining the group, Bloomberg reported on Thursday, citing people familiar with the discussions. The initiative comes as Polymarket expands its US presence after resolving regulatory issues stemming from a 2022 case, when it paid a $1.4 million penalty to the Commodity Futures Trading Commission. Read more