The Block
Quick Take Hadley Stern will lead endeavors to bolster Marinade’s staking solution and its place in the digital asset industry. He previously served as Global Head of Digital Asset Custody at the New York banking corporation BNYM.
Quick Take Persistent bearish sentiment in the perpetual swaps market has triggered negative funding rates, according to K33 analysts. The analysts said average returns after 30-day average funding rates flip negative and sit at 79%, supporting the case for a bullish end to the year.
CryptoQuant noted the number of bitcoins held by short-term holders has been declining since late May, suggesting a weakening in demand.In contrast, long-term bitcoin holders appear to accumulate in the face of this short-term holder capitulation.
Quick Take Caroline Ellison’s attorneys claimed she should not serve jail time for her role in FTX’s collapse. The attorneys advocated for a sentence of time served with a period of supervised release. Ellison will face sentencing on Sept. 24 in a New York courtroom.
On Tuesday, spot bitcoin exchange-traded funds in the U.S. posted total daily net inflows worth $117 million.Fidelity’s FBTC led with $63.16 million daily inflows among bitcoin ETFs.
BlackRock’s IBIT spot bitcoin ETF experienced heightened trading volumes of $1 billion in the first 20 minutes of trading the day after Donald Trump won the U.S. presidential election.Trump’s victory also sent bitcoin to an all-time high.
Election-themed memecoins such as Peanut the Squirrel and Department of Government Efficiency have seen substantial gains in the past 24 hours following Donald Trump’s U.S. election victory.In contrast, PolitiFi memecoins like Super Trump, MAGA, and Doland Tremp have experienced notable declines during the same period.
Arkham Research is launching an exchange for trading perps next week, marking its first foray directly into crypto trading.Perps, or perpetual swaps, are a type of derivative contract without an expiration date pioneered by the crypto industry.
Less than $1,500 of WLFI tokens have been sold over the past 24 hours.World Liberty Financial’s WLFI has generated sales of $14.8 million since going live on Oct. 15.
Analysts at Bernstein said that crypto’s regulatory headwind had turned into a tailwind following Donald Trump’s election victory.The analysts also reiterated their call for bitcoin to approach $90,000 by the end of this year and reach a bull cycle target of $200,000 in 2025.
