CryptoQuant found that large custody wallets accumulated $53 billion in Bitcoin over 12 months, suggesting that institutional demand for Bitcoin hasn’t gone away. Bitcoin accumulation by wallets holding between 100 and 1,000 BTC could signal that there is continued interest in Bitcoin from institutional investors in the US. “Institutional demand for Bitcoin remains strong,” said CryptoQuant founder Ki Young Ju on Tuesday, adding that 577,000 Bitcoin (BTC) has been added to this wallet cohort (which includes exchange-traded funds) over the past year, “and it’s still flowing in.” The increase is around 33% over the last 24 months, according to CryptoQuant, which is around the time when the first spot Bitcoin ETFs were launched. Read more
Pendle will begin to slowly phase out its governance token vePENDLE and replace it with sPENDLE this month, offering a more flexible model it hopes will boost adoption. DeFi protocol Pendle will begin phasing out its vePENDLE governance token this month, replacing it with a new liquid staking token called sPENDLE as part of a broader overhaul aimed at boosting adoption. The yield-trading platform said the long lock-ups, complexity and lack of interoperability baked into vePENDLE had become “significant barriers” for most users, despite strong growth in the underlying protocol. In an announcement via X on Monday, Pendle unveiled sPENDLE, a new liquid governance and fee token that will replace vePENDLE as the protocol’s primary governance asset. Read more
Trove shocked the community last week with a last-minute decision to pivot its perps DEX from Hyperliquid to Solana, a move that upset many of its initial backers. Vocal critics within the Trove Markets community on X are in uproar again after the team announced it will keep most of the investor funds it had raised to build on Hyperliquid and instead use them to build on Solana. Trove had raised over $11.5 million for a token sale tied to its integration on Hyperliquid, but announced on Friday, just days before its token generation event, that it will pivot to building on Solana. One of Trove’s builders, “Unwise,” later blamed the pivot on a liquidity partner withdrawing 500,000 Hyperliquid (HYPE) tokens needed for the Hyperliquid integration, with dozens of Trove investors demanding refunds since the sudden change in direction. Read more
Bitcoin is holding above $92,000, but spot ETF outflows and rising geopolitical tensions threaten to weaken the resistance. Will traders pile into the dip? Key takeaways: The BTC futures premium held near 5%, showing leverage demand was not impacted after the failed $98,000 breakout attempt. Bitcoin ETFs saw $395 million in outflows as gold hit new records, weakening hedge appeal and pushing traders to price downside risk. Read more