The Block
Quick Take Mt. Gox transferred around 32,371 BTC to two unknown wallet addresses on Monday evening, according to Arkham data. The exchange moved 500 BTC last week, as it works to repay creditors.
Quick Take A bearish week for Coinbase’s stock saw the company fall below Block, the company behind Square, in total market capitalization. Barclays bank revised its stance on Coinbase on Friday, shifting its price target down to $169 from $206 but upgrading the company to “Equal Weight” from “Underweight.”
Quick Take Tether has quietly invested $102 million since July buying 9.8% of the shares of Adecoagro, a Nasdaq-listed agricultural giant which operates in South America. Adecoagro, Argentina’s main producer of milk and rice, also produces sugar cane in Brazil and other crops across Argentina and Uruguay. A Tether spokesperson said the investment in land, an inherently scarce “crucial asset class” that provides long-term yield, complements the company’s prior investments in gold and Bitcoin.
Quick Take Friend.Tech, the Web3 social network which surged in activity one year ago to become a dominant player in the space, has been effectively shuttered after its developers renounced control over its smart contracts. While the platform saw explosive growth at first, an underwhelming airdrop and launch of Version 2 failed to attract the same level of enthusiasm.
Quick Take Late last night, the U.S. Commodities and Futures Trading Commission filed an emergency motion in an attempt to block prediction market Kalshi from listing election contracts for two weeks while the agency works on its appeal. The motion was filed before the judge published her reasoning for dismissing the lawsuit and allowing Kalshi to list the contracts.
The total value held by U.S.-based spot Bitcoin ETFs is currently at its lowest level since May 1 after Bitcoin’s price declined this week.Spot Ethereum ETFs have hit their lowest total asset value yet recorded after similar price action.
Bernstein analysts predict a price target of $200,000 by the end of 2025, regardless of the election outcome.However, they anticipate a short-term impact on market sentiment as Donald Trump is seen as the pro-crypto candidate compared to Kamala Harris’s relatively hawkish crypto stance.
Quick Take This is an excerpt from the thirteenth edition of The Funding sent to our verified subscribers on Nov. 3. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take Solana had over 123 million active addresses on the network last month, reaching its highest level.
Quick Take The crypto casino Metawin was drained of about $4 million in tokens after hackers exploited its withdrawal system to attack the protocol’s hot wallets on Ethereum and Solana. Metawin has restored access, backfilled the stolen funds, and contacted law enforcement, according to its CEO.
