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Bitcoin News
Bitcoin News
Browse all Bitcoin related articles and news. The latest news, analysis, and insights on Bitcoin.
US Inflation Rises on Oil Shock as Bitcoin Holds Near $80,000
April inflation data in the United States renewed caution across global markets. According to the Consumer Price Index released by the Bureau of Labor Statistics, annual inflation rose to 3.8% in April. This marked the highest level in three years. Annual inflation had stood at 3.3% in March and 2.4% in February.Markets had expected inflation to rise to 3.7%. However, the reported figure came slightly above expectations. The main driver behind the increase was the sharp rise in energy prices. The conflict in the Middle East has started to weigh on the U.S. economy, especially through higher fuel prices.According to the data, gasoline prices rose 28.4% year over year. Core inflation, which excludes volatile food and energy prices, also increased from 2.6% in March to 2.8%. This raised concerns that price pressures may not remain limited to energy.Oil Prices Put Pressure on MarketsEnergy prices stood out as one of the most important parts of the report. The closure of the Strait of Hormuz caused a sharp increase in global crude oil prices. This development directly affected pump prices in the United States. According to AAA data, gasoline prices reached $4.50 per gallon on Tuesday. Diesel prices also climbed to $5.64, approaching an all-time high.In recent days, optimism over a possible ceasefire deal had helped limit energy prices to some extent. However, that optimism weakened after U.S. President Donald Trump described Iran’s response to the latest proposal as “unacceptable.” Trump also said the possibility of a month-long ceasefire was under serious pressure.Higher fuel prices are creating a new source of pressure for household budgets and business costs in the United States. For this reason, some lawmakers proposed suspending federal fuel taxes to provide temporary relief for drivers. Still, such a move may have only a limited effect on inflation. The main source of the price increase appears to be the tightening in global energy supply rather than domestic tax rules.Bitcoin Tries to Stay Above $80,000Following the inflation data, the crypto market also showed a cautious outlook. According to market data, Bitcoin was trading around $80,803 at the time of writing. The leading cryptocurrency was down 0.37% over the past 24 hours, while its daily trading range stood between $80,487 and $82,041. The short-term chart shows that Bitcoin moved in a volatile range during the day. The price traded near $81,800 in the early hours before facing downward pressure and falling toward the $80,500 area. It later saw a limited recovery and moved back above $80,800. This move shows that investors are closely watching inflation data and energy-driven macro risks.Bitcoin’s gain of more than 13% over the past 30 days suggests that the broader trend has not fully weakened. However, the 24-hour decline and limited weekly loss show that the market has become more sensitive to new data. In particular, the renewed acceleration in U.S. inflation may strengthen expectations that the Fed will take a more cautious approach to rate cuts.For the crypto market, this picture can be read in two ways. On one hand, high inflation may support Bitcoin’s long-term “store of value” narrative. On the other hand, expectations that interest rates may stay higher for longer could pressure risk assets. For this reason, Bitcoin’s attempt to hold above $80,000 will remain important for short-term market sentiment.Markets are now watching both energy prices and signals from the Fed. If inflation remains persistently above 3%, volatility may increase across a wide range of risk assets, from stocks to cryptocurrencies. For Bitcoin, the $80,000 level stands out as short-term support, while the $82,000 area appears to be the first resistance zone.
Bhutan Makes New Bitcoin Transfer as Country’s BTC Outflows Accelerate
The Himalayan country of Bhutan has once again drawn attention in the crypto market with its Bitcoin holdings. According to onchain analytics platform Arkham, the Royal Government of Bhutan transferred around 100.44 BTC to another address on Tuesday. The transfer was valued at approximately $8.2 million at current market prices. The transaction is being seen as the latest step in Bhutan’s accelerating Bitcoin outflows in recent months. According to Arkham, the transfers took place in three separate transactions at 08:27 Turkey time. The BTC was sent to an unlabeled address beginning with “bc1qn,” which has not been linked to any institution or exchange.Bhutan’s Bitcoin Sales Draw AttentionArkham said more than $230 million worth of BTC has flowed out of Bhutan-linked addresses since the start of the year. This suggests that the country may have sold around $50 million worth of Bitcoin per month throughout 2026. Analysts noted that if Bhutan were to sell all of its BTC at current prices, it would exit the market with $767 million in onchain profit.Still, the exact purpose of the latest transfer remains unknown. Some previous transfers were linked to platforms such as Binance and investment firm Galaxy Digital. For this reason, the market is also interpreting the latest movement as a possible preparation for a sale.However, there is another possibility. The latest transaction may have been intended to move funds from an older Bitcoin address format to a newer one. According to Arkham, the BTC was moved from an old-style address beginning with “3” to a more modern SegWit address beginning with “bc1q.” This indicates that the transaction may have been a wallet update or fund consolidation rather than a direct sale.Bhutan Still Holds $252 Million Worth of BTCDespite the recent outflows, Bhutan still holds a significant amount of Bitcoin. According to Arkham data, the country holds around 3,119 BTC. These assets are currently valued at approximately $252.3 million.However, Bhutan’s Bitcoin balance has fallen sharply compared to last year. The country’s BTC holdings peaked at around 13,000 BTC in October 2024. Since the beginning of this year, the balance has dropped by nearly 3,000 BTC. This trend strengthens the view that Bhutan has been gradually reducing its Bitcoin reserves.Bhutan’s Bitcoin story differs from that of many other countries. While many governments usually obtain Bitcoin through seizures linked to illegal activity, Bhutan built most of its reserves through mining. The country’s state investment arm, Druk Holding & Investments, used Bhutan’s abundant hydroelectric resources to mine Bitcoin.This model has made Bhutan a notable example in the crypto world. Despite its small population and limited economic scale, the country long stood out as one of the largest state-linked Bitcoin holders in the world.According to Bitcoin Treasuries data, Bhutan ranks eighth among known nation-state Bitcoin holders. The countries ahead of it include the United States, China, the United Kingdom, Ukraine, El Salvador, the United Arab Emirates and Kazakhstan.Has Mining Activity Stopped?Recently, there has also been debate over whether Bhutan is still continuing its Bitcoin mining activity. According to Arkham, the last major BTC inflow of more than $100,000 to Bhutan-linked addresses took place more than a year ago. This has increased speculation that the country may have slowed down or completely halted its mining operations.
Bitcoin Giant Strategy Opens the Door to BTC Sales
Michael Saylor’s long-repeated “never sell” stance has become the center of a new debate after Strategy’s latest earnings call. The company’s Executive Chairman openly stated for the first time that Strategy could sell Bitcoin to meet its dividend obligations. The comment marked a notable shift in tone for a company that has long treated its Bitcoin reserves as almost untouchable.Since its rebranding in 2025, Strategy has clearly positioned itself as a “Bitcoin treasury company.” Its business model is largely built around increasing its Bitcoin holdings, raising capital through shares and debt instruments, and using that capital to buy more BTC. However, the latest remarks show that this model is becoming more complicated under the pressure of dividend payments and market valuation.As of May 11, 2026, the company holds 818,334 BTC. The market value of this reserve is estimated at around $66 billion. This amount represents roughly 3.9 percent of Bitcoin’s total issuable supply. For this reason, the possibility of Strategy buying or selling Bitcoin is closely watched not only by the company’s shareholders, but also by the wider market. Saylor steps back: “If we sell one BTC, we will buy 10 to 20 more”After his remarks during the earnings call, Saylor partially softened his tone in interviews released over the weekend. While he acknowledged that Strategy may occasionally sell Bitcoin, he stressed that the company would continue to accumulate BTC on a net basis. According to Saylor, even if the company sells one Bitcoin, it aims to be in a position to buy 10 to 20 more during the same period.This approach suggests that Saylor is trying to redefine his “never sell” message rather than abandon it entirely. He said Bitcoin is capital and that the company should end each year with more BTC than it had at the beginning of the year. In other words, Strategy now accepts that Bitcoin can be used as a financial tool when needed, while still keeping long-term accumulation as its main goal.Strategy CEO Phong Le framed the issue in a similar way. Le said the company would consider selling Bitcoin to fund dividend payments only if doing so proved more beneficial for shareholders. Pointing especially to the “Bitcoin per share” metric, Le said the company would act based on mathematical calculations rather than ideology.Dividend burden increases selling pressureAt the center of the debate is Strategy’s growing structure of preferred shares. The company has several instruments carrying dividend obligations, including STRK, STRF, STRD and STRE. However, the most notable item is STRC. STRC carries a variable 11.5 percent dividend paid monthly in cash. Given its $8.5 billion outstanding face value, this program alone creates an annual payment burden of roughly $982 million.Under normal conditions, Strategy prefers to cover this burden through new share sales. The company’s so-called “flywheel” model is also based on this mechanism. When MSTR shares trade at a premium to the net value of the company’s Bitcoin holdings, Strategy can raise capital by issuing new shares. This capital is then used to buy more Bitcoin, while the increase in BTC holdings raises the company’s net asset value.However, this cycle becomes fragile when the company’s market value moves too close to the value of its Bitcoin reserves. Strategy’s mNAV ratio currently stands at 1.01. This shows that the company’s market value carries only a limited premium over its Bitcoin assets. If mNAV falls below 1, new share issuance could dilute BTC per share instead of increasing it. In such a scenario, the company would be left with several difficult options: borrowing more, issuing shares despite dilution, or selling Bitcoin.First-quarter lossStrategy’s first-quarter 2026 results also strengthened this debate. The company reported a loss of $12.54 billion in the first quarter. Of that amount, $14.46 billion came from unrealized losses tied to the decline in Bitcoin’s price. Bitcoin’s temporary drop to $63,000 during the period showed once again how sensitive the company’s balance sheet is to BTC price movements.By contrast, revenue from the company’s software business stood at $124.3 million. This figure is far from enough to cover dividend obligations on its own. Although CEO Phong Le said the software and artificial intelligence business is gaining momentum and that the first quarter was the strongest software quarter in the past decade, the market’s main focus remains on Bitcoin reserves and the company’s financing model.The market reacted quickly after Saylor’s comments. Strategy shares fell more than 4 percent in after-hours trading following the earnings call. However, in the latest trading session, the stock closed up 4.31 percent at $187.59. Although the stock has recovered strongly over the past month, it remains in negative territory on a six-month basis.
$858 Million Inflow into Crypto Funds: Bitcoin and Altcoins Gains Strength
Cryptocurrency investment products once again took center stage in the market last week with strong capital inflows. According to CoinShares data, global crypto asset investment products saw net inflows of $857.9 million. This extended the positive streak in funds to a sixth week, with weekly inflows reaching their highest level since April 24th.US-based products and Bitcoin funds were particularly decisive in the acceleration of capital inflows. Market sentiment was supported by optimism generated by progress on crypto regulations in the US. CoinShares Head of Research James Butterfill pointed to developments around the CLARITY Act and the consensus text prepared regarding stablecoin yields as key factors in this recovery.Bitcoin's rise above $80,000 during the week was also a key factor supporting fund flows. With this move, the leading cryptocurrency reached its highest level since the correction in February, while institutional risk appetite was seen to have revived. Total assets under management also rose to $160 billion. Bitcoin funds lead by a wide marginLooking at assets, the strongest inflow of the week occurred in Bitcoin products. Bitcoin-focused investment products attracted a net inflow of $706.1 million, bringing the total inflow since the beginning of the year to $4.9 billion. This figure shows that the majority of the weekly total inflow was concentrated on Bitcoin.Conversely, a different picture emerged in short Bitcoin products. Short Bitcoin products saw an outflow of $14.4 million. According to CoinShares, this was the largest weekly outflow in this category this year, indicating that some hedging positions were being closed as bullish expectations strengthened. Ethereum funds also recovered after the weak performance of the previous week. Ethereum investment products recorded an inflow of $77.1 million last week, following an outflow of $81.6 million seen the previous week. This turnaround revealed that investors are beginning to show renewed interest in major assets other than Bitcoin.On the altcoin side, Solana and XRP stood out. Solana products received inflows of $47.6 million, while XRP products received $39.6 million. The significant acceleration of movement in these two assets compared to recent weeks shows that market participation is not limited to Bitcoin alone. While Chainlink, Sui, and Litecoin saw more limited inflows, multi-asset products experienced outflows of $5.5 million.US products dominated the weekIn terms of regional distribution, US-based investment products were clearly ahead. Cryptocurrency investment instruments listed in the US saw net inflows of $776.6 million last week. This figure indicates a very strong recovery compared to the $47.5 million inflow in the previous week.There was a more measured but positive outlook on the European side. German-based products saw inflows of $50.6 million, Swiss-based products $21.1 million, and Dutch-based products $5 million. This picture showed that the recovery in the US was also supported by Europe.Among fund providers, BlackRock's iShares products led the week by a wide margin. iShares saw inflows of $733 million, while inflows since the beginning of the year reached $4.58 billion. ARK 21Shares recorded weekly inflows of $52 million, and Bitwise recorded $41 million. Grayscale, however, deviated from the general trend. The company's products saw outflows of $63 million last week, bringing the total year-to-date outflow to $636 million. While Fidelity products saw weekly inflows of $31 million, they also recorded a net outflow of $1.05 billion year-to-date.
Bitcoin Rise: 12-Year Dormant Whale Moves Funds
Bitcoin rallied back above the $82,000 level over the weekend. The rise was driven by strong capital inflows into spot Bitcoin ETFs, a more supportive macroeconomic outlook, and continued institutional demand. A notable development was the transfer of 500 BTC by a Bitcoin whale who had been inactive for 12 years.Bitcoin briefly surged above $82,200 on Sunday, reaching its highest level since May 6th. Afterwards, the leading cryptocurrency continued trading around $80,700, recovering from the $66,000 region in recent weeks and gaining strong upward momentum. Analysts note that continued inflows into spot Bitcoin ETFs are creating a tightening of supply and providing a supportive effect on the price. According to the latest data, spot Bitcoin ETFs recorded net inflows of $622.7 million last week. This extended the positive inflow streak into ETFs to six weeks. In this six-week period, total net inflows exceeded $3.4 billion. Increased access to Bitcoin by institutional investors through spot ETFs has become one of the prominent factors in the short-term pricing of the market.Macro outlook supported BitcoinMacro conditions also played a role in the market's recovery. The partial easing of geopolitical tensions in the Middle East limited the sudden risk-aversion movements stemming from oil and inflation. In addition, global liquidity conditions and the resilient outlook in equity markets created a more balanced environment for crypto assets.Nevertheless, uncertainty has not completely disappeared. The US Federal Reserve's interest rate policy, persistent inflation concerns, and diplomatic impasses between the US and Iran are among the risk factors monitored by the markets. Although the possibility of extending the ceasefire and ending the war between the US and Iran has been raised, no clear result emerged from the recent talks.According to analysts, whether Bitcoin can remain above the $80,000-$82,000 band will depend on the continuation of new purchases. This region is being monitored as an important resistance area in the short term. If the price holds above this level, it could create a stronger technical outlook. However, pullbacks towards the $78,000-$80,000 range are also considered a healthy correction area.12-year Bitcoin whale moves 500 BTCAnother notable development during the same period as the rise in Bitcoin price came from an old whale wallet. According to on-chain data, an address that had been inactive for 12 years transferred 500 BTC to a new wallet on Sunday. The current value of the transferred Bitcoin is approximately $40.6 million.These 500 BTC arrived at the address on November 27, 2013. At that time, the value of this amount was approximately $457,000. In the 12 years that have passed, the value of these BTC has increased approximately 89 times. The reason for the transfer is not yet known. However, the reactivation of large wallets that have been inactive for a long time is generally interpreted in the market as a sign of a potential sell-off. While such movements don't always mean selling, they are closely monitored by investors. Large transfers from old wallets, especially during periods of strong price increases, can heighten expectations of profit taking. Last month, an Ethereum ICO participant who had been inactive since 2015 moved $23 million worth of ETH to a new address.
US Data Has Trapped Bitcoin Around the $79,000 Mark
Bitcoin is trying to maintain its position around $80,000 following better-than-expected employment data from the US. The April non-farm payrolls data showed that the labor market remains resilient despite signals of an economic slowdown. This picture has brought expectations regarding both the Fed's interest rate path and risk appetite in the crypto market back into focus.Critical data released in the USAccording to data released by the US Bureau of Labor Statistics, the US economy recorded an increase of 115,000 jobs in April. Market expectations were around 62-65,000. Thus, the employment increase significantly exceeded expectations. However, the data was below the 185,000 employment increase in March. The March figure was previously announced as 178,000 and later revised upwards.The unemployment rate remained stable at 4.3%, in line with expectations. This picture shows that the US economy has not completely cooled down, but has entered a more moderate pace of employment growth compared to previous months. The main question for the markets focuses on how the Fed will interpret this data. Strong employment figures could narrow the room for interest rate cuts, while signals of a slowdown in employment could keep alive the debate for a more cautious monetary policy in the coming months. Following the data release, Bitcoin initially traded around $79,900. However, the price came under renewed pressure during the day and fell below $80,000. According to the current data on the chart, BTC is currently priced around $79,553, having lost approximately 1.16% in the last 24 hours. The daily trading range is between $79,287 and $80,648. This suggests that Bitcoin is struggling to regain the $80,000 level in the short term. In recent days, Bitcoin's price movement isn't solely explained by macroeconomic data. Ongoing tensions between the US and Iran, particularly the risks surrounding the Strait of Hormuz, are putting pressure on global markets. Optimistic news flow regarding a potential agreement had previously pushed Bitcoin above $82,000. However, developments suggesting that tensions may continue weakened risk appetite and caused the BTC price to fall back below $80,000.The high level of oil prices also continues to be a separate pressure factor for the markets. Uncertainty regarding energy flows through the Strait of Hormuz keeps crude oil prices sensitive. The increase in energy prices risks pushing headline inflation upwards. At the same time, it can put pressure on consumer spending and hinder economic growth. Therefore, investors are following geopolitical developments at least as closely as US macroeconomic data.Uncertainty continues on the Fed side. The US central bank kept its policy interest rate stable in the 3.50-3.75 percent range last week. This decision showed that the Fed continues to seek a balance between slowing growth and persistent inflationary pressure. Better-than-expected employment data strengthened the view that the Fed may not rush into interest rate cuts.Markets are also watching for a possible change in the Fed leadership. It is stated that Kevin Warsh is expected to go through the confirmation process for the Fed chairmanship in the coming period. Such a transition is a key topic for risky assets because it could directly impact expectations regarding monetary policy.
The Story Behind the Coinbase Outage: An AWS Issue Halted Operations for Hours
US-based cryptocurrency exchange Coinbase announced that all markets have been reactivated after experiencing hours of disruption to trading services due to a technical outage originating from Amazon Web Services (AWS). During the outage, the exchange temporarily halted order matching and switched markets first to "Cancel Only" mode, then to auction mode. Users experienced difficulties trading via web and mobile applications, and transfer delays were observed on some networks. Initially, Coinbase support stated that users might experience reduced performance due to an AWS outage. A later update indicated the problem was linked to a more widespread AWS outage. According to the company's live status page, the disruption initially affected the Solana and ALEO networks. As of 4:00 AM UTC+3 on May 8th, delays were experienced in sending and receiving transactions on these two networks. Coinbase stated that trading, deposits, and withdrawals were not affected on these networks during this period. However, the problem spread to a wider area in the following hours. Coinbase initially reported a "degraded performance" outage, stating that users might be unable to trade on web and mobile platforms. The company explained that the disruption was caused by "increased temperatures" in the use1-az4 availability area in the US-EAST-1 region of AWS. A subsequent technical assessment by Coinbase indicated that systems were designed to withstand outages in a single AWS region. However, this incident affected multiple AWS regions, resulting in longer-term disruptions to core trading services. During the return to normalcy, the exchange initially put all markets into "Cancel Only" mode, allowing users to cancel existing open orders but not accepting new market or limit orders. Markets were then switched to auction mode, where users could place limit orders and track indicative opening prices. Order matching was suspended for at least 10 minutes. After the auction process concluded, overlapping orders were matched at the opening price. Coinbase Support has now announced that all markets are back open for trading on Coinbase Exchange. The company stated that the issue has been fully resolved, but that the technical team will be investigating the outage and details may change once AWS's official assessment is released.The outage came at a time when Coinbase was under pressure both financially and operationally. The company recently decided to reduce its workforce by 14% due to weak market conditions and an AI-focused restructuring. This decision reportedly affected approximately 660 employees. Furthermore, Coinbase's first-quarter results fell short of expectations. The company reported a loss of $1.49 per share, while analyst expectations were for a profit of $0.27. Revenue remained at $1.41 billion, while market expectations were around $1.52 billion.COIN shares fell after the outageCoinbase shares also came under pressure after the outage. COIN shares fell 2.53% in pre-market trading on Friday. It was also reported that shares fell by more than 5% in after-hours trading following the company's announcement of weaker-than-expected financial results on Thursday.
Bitcoin's December 25th Calculation: $6 Billion Worth of Options Market Chaos
While expectations for the end of the year are strengthening again in the Bitcoin market, data from the options side shows that investors are not exhibiting one-sided optimism. According to Deribit data, the open interest in Bitcoin options with a December 25 expiry date has reached $6 billion. While this figure initially points to a very strong bullish expectation, the details reveal that the picture needs to be read more balanced.Bitcoin has gained approximately 33 percent in value since its year-to-date low of $60,130 on February 6th. This rise has brought more optimistic price targets for the end of the year back into the spotlight. In particular, the high open interest accumulated in call options above $115,000 has been interpreted as the market pricing in a strong upward possibility. However, high open interest in the options market does not always directly mean a price expectation.Deribit stands out in year-end optionsDeribit's share in December Bitcoin options is quite high. With $5.5 billion in open interest, the platform holds approximately 92 percent of the total market in this area. However, the actual value at expiry may be much lower than the current open position size. This is because a significant portion of these positions are not opened for direct directional betting purposes, but rather as part of hedging or neutral strategies. In the options market, investors don't just take simple positions betting on the price reaching a certain level. Strategies built with different expiries, different strike prices, and reciprocal positions can generate profit even if the price doesn't move sharply. Therefore, interpreting the $6 billion open position alone as "Bitcoin is definitely preparing for a major surge at the end of the year" doesn't seem healthy. Call options are dominant, but extreme targets exist on both sides.At Deribit, put options remain 56% lower than call options. This trend in the put-call ratio is not surprising, given that investors in the crypto market are naturally more optimistic. Nevertheless, the fact that there are $1.85 billion in open positions in call options above $115,000 is noteworthy. This picture shows that Bitcoin investors are keeping quite high prices on the table for the end of the year. However, similarly, there is a significant accumulation of positions on the sell side for extreme scenarios. Open positions in put options below $55,000 reach approximately $1 billion. This reveals that a considerable amount of positions have been opened in price zones considered "low probability" on both the bull and bear sides.In other words, concluding that the market is overly optimistic by only looking at call options may be incomplete. On the bear side, there is similarly positioning for sharply declining scenarios. The fact that approximately half of the open positions are tied to distant price targets on both sides shows that investors are not only making directional predictions but also trying to manage portfolio risk. Professional investors are pricing in downside risk.One of the indicators that gives clearer signals in option pricing is the delta skew metric. This indicator measures how investors premium upside and downside risks. On Deribit, six-month Bitcoin put options are trading at a 9% premium compared to equivalent call options. In neutral market conditions, this indicator is generally expected to remain in the range of minus 6% to plus 6%. A 9% put option premium indicates that professional investors are cautious about a potential pullback in Bitcoin. While this doesn't signal panic in the market, it reveals that downside risks are not being ignored. The lack of significant relief in derivatives markets despite Bitcoin's recovery towards the $80,000 level is also important in this respect. High-strike call options, on the other hand, allow investors to participate in large bullish scenarios at a relatively low cost. For example, a call option with a strike price of $120,000 offers an investor the potential to profit if Bitcoin reaches much higher levels by the end of the year, at a limited cost. Such positions may be part of an asymmetric return quest rather than a direct expectation of a strong bull run. Therefore, interpreting the $1.85 billion high-price target call option position solely as excessive bullish confidence can be misleading. Interest in the Bitcoin options market for the end of the year is high, but professional investors are simultaneously seeking protection against downside risks. The market remains cautious while keeping the possibility of an uptrend on the table.
'New Era' Message in the Crypto Market: The Four-Year Cycle is Over
Bitwise Asset Management CEO Hunter Horsley said that the long-referenced four-year cycle narrative in the crypto market is no longer valid. Speaking in Miami as part of Consensus 2026, Horsley stated that investors should not expect the market to recover according to the old timeline.According to Horsley, in the past, the crypto market was generally interpreted as three years of ups and one year of downs. However, the weak market outlook experienced last year indicated that this pattern has broken down. Therefore, the Bitwise CEO argued that the "four-year cycle is dead," suggesting that the sector has now entered a different phase. Emphasis on the new era in the crypto marketHorsley stated that old patterns and reflexes from the previous era no longer provide sufficient guidance to investors in the crypto market. According to him, the sector is moving towards a new structure that is more institutional, more widely participated in, and where fewer large players are decisive.While describing this change, the Bitwise CEO used Winston Churchill's frequently quoted saying, "This is not the end, nor the beginning of the end, but the end of the beginning." According to Horsley, the crypto sector has now moved beyond its early stages and is approaching a more mature market structure. The topics of discussion are also changing in this new era. Horsley stated that traditional financial giants like Morgan Stanley are now more prominent in crypto conversations than in-house companies like Gemini. He also noted that with the stablecoin supply exceeding $300 billion, market interest is shifting not only to altcoins but also to payment and financial infrastructure.A "juggernaut" comment for Strategy's new instrumentAnother point Horsley highlighted was Stretch, a preferred investment vehicle developed by Michael Saylor's company, Strategy. This structure stands out with elements such as Bitcoin collateral, stable net asset value, and a target return of over 10%.The Bitwise CEO described Strategy's product as a "juggernaut" and said the structure is still in its early stages. According to him, while Stretch may seem unusual at first glance, it addresses one of investors' fundamental needs: a Bitcoin-collateralized, income-oriented, and price-capable instrument. Horsley also predicted that this structure could become widespread across the sector within the next 12 months. In this scenario, Bitcoin could find a greater place not only as a spot market or treasury asset, but also in fixed-income products. The Bitwise CEO stated that Michael Saylor's financial engineering approach plays a significant role in this transformation. However, the picture on the Strategy side is not entirely risk-free. While the company's STRC product reached record transaction volume last month, it was also noteworthy that Saylor acknowledged the possibility of selling from the Bitcoin treasury. This possibility is seen as a significant break from the company's long-held "no selling Bitcoin" approach. Strategy is the company that holds the most Bitcoin. The payment narrative for Bitcoin may returnHorsley also approached the idea of Bitcoin being seen only as a store of value with caution. According to him, the vision of Bitcoin as a payment tool from its early days has not completely disappeared; it simply means the market needed to solve a different issue first.The Bitwise CEO said that the main debate in the last 10 years has revolved around whether Bitcoin is valuable or not. Horsley noted that hundreds of millions of people hold BTC today, and there is a stronger acceptance of Bitcoin's value across broader segments of the market. According to Horsley, this creates a more favorable environment for the resurgence of Bitcoin's use cases in the payments sector.
Morgan Stanley Ushers in a New Era in Crypto: Trading Begins
Morgan Stanley, one of Wall Street's largest banks, is expanding its presence in the cryptocurrency market through ETrade. The bank has launched a pilot cryptocurrency trading service on its online brokerage platform. According to Bloomberg, ETrade users will be charged a fee of 0.50% of the transaction amount. This rate indicates Morgan Stanley's entry into the retail crypto market with a highly competitive pricing strategy. Charles Schwab charges 75 basis points per transaction, while Fidelity Crypto charges 1% on buy and sell orders. Robinhood's fees range from 0.03% to 0.95% depending on transaction size, while Coinbase's fees for individual users can be higher for some transactions. Morgan Stanley's pricing strategy doesn't just mean the launch of a new crypto service. The bank plans to include ETrade's 8.6 million customers in this service later in the year. This shows that traditional financial institutions are now more directly engaging in competition in the crypto market. E*Trade users will initially be able to buy and sell Bitcoin, Ethereum, and Solana. In this model, users will directly own crypto assets instead of taking indirect positions through ETFs or funds. However, direct ownership brings additional risks for the investor. Issues such as custody, security, and market volatility require more attention compared to traditional investment products. Zerohash will provide the infrastructureThe crypto asset infrastructure company Zerohash is behind the service. The company will manage liquidity, custody, and clearing processes. Morgan Stanley's previous investment in Zerohash makes this collaboration noteworthy. Interactive Brokers led Zerohash's $104 million Series D-2 funding round. Funds led by Apollo, Northwestern Mutual Future Ventures, SoFi, and Jump Crypto also participated in the round. Morgan Stanley Asset Management President Jed Finn sees the crypto trading service as part of a larger transformation. Finn previously described this initiative as traditional finance's own answer to the next generation of platforms that cut out intermediaries. The bank's goal is not just to offer cheaper transactions; it aims to reshape how clients access digital assets within its own ecosystem.The bank is preparing to further expand its crypto services. According to sources, Morgan Stanley is working on services where crypto assets can be converted into exchange-traded products without being sold. It is also preparing for tokenized stock trading later in the year. This area involves representing and trading traditional securities through blockchain infrastructure.Morgan Stanley's digital asset plans don't stop there. The bank reportedly aims to launch its own digital wallet in the second half of 2026. This wallet is expected to be designed to hold not only cryptocurrencies but also tokenized versions of traditional assets such as stocks, bonds, and real estate.The crypto race is accelerating on Wall StreetMorgan Stanley has recently been taking more visible steps in the crypto sector. The bank launched a spot Bitcoin ETF product and is also working on Ethereum and Solana-related products. It has also applied to the U.S. Office of the Comptroller of the Currency to establish a federally authorized trust bank. The interest of traditional financial giants in crypto is also changing the direction of competition. Crypto-focused or fintech-based platforms like Coinbase and Robinhood have long held strong positions in the individual user market. However, with new products from institutions such as Morgan Stanley, Charles Schwab, Fidelity, and Goldman Sachs, this area is now becoming a major area of competition for Wall Street players as well.
Coinbase Sued: Anonymous Whale Demands Return of Stolen Cryptos
Cryptocurrency exchange Coinbase has been sued over frozen funds allegedly linked to a major theft in 2024. The plaintiff is an anonymous crypto whale, identified only as “D.B.” in the filing. D.B. alleges that Coinbase froze funds associated with the stolen assets but refused to return them. The lawsuit is filed against Coinbase and an unidentified individual named “John Doe,” who is accused of the theft. While parts of the file are confidential, details revealed corroborate a major crypto theft in August 2024 that resulted in the loss of approximately $55 million worth of DAI.Access to wallet gained through fake pageAccording to the complaint, D.B. was the victim of a phishing attack on August 20, 2024. After the user logged into a fake website, the attacker gained access to the wallet and emptied the DAI assets. The filing states that the attack was carried out using a crypto theft infrastructure called “Inferno Drainer.” Inferno Drainer is known as one of the tools that helps malicious actors withdraw assets from user wallets, and has been mentioned in various phishing attacks in the past. In such attacks, users are usually directed to fake pages that mimic a real platform. Then, the approvals they unknowingly give open the door for attackers to move the assets in the wallet.According to D.B.'s lawyers, a portion of the stolen funds was later traced to an individual user account on Coinbase. The application states that this tracing was carried out by the blockchain security company Zero Shadow. However, the amount of funds in the Coinbase account was not disclosed in the lawsuit.Coinbase froze the funds but did not return themD.B. informed Coinbase after the theft. The exchange then froze the assets in question. However, the company stated that a court order was required for the funds to be returned directly to the plaintiff. The plaintiff's lawyers argue that Coinbase acted reasonably in the initial stages, but changed its attitude later. According to the application, despite D.B. proving under oath that he was the true owner of the funds, Coinbase did not process the return. Lawyers argue that it is unreasonable for the exchange to continue holding the funds at this point.D.B. is requesting the court to return the stolen crypto assets, which are said to be traceable. The filing states that the plaintiff argues that he is the true owner of the frozen cryptocurrency and has an immediate right to dispose of these assets.Legal process becomes more difficult in crypto theft casesThe case highlights the legal uncertainties surrounding the tracking, freezing, and recovery of stolen funds in the crypto market. While blockchain transactions are publicly traceable, it is often not easy for an exchange to directly return frozen funds to the victim. Exchanges may need a court order to avoid the risk of paying the wrong person or becoming a party to an ownership dispute.This prolongs the process for victims of crypto theft. The fact that funds are identified on the blockchain does not always mean they will be recovered. Especially when stolen assets reach centralized exchanges, clarifying legal ownership and how the relevant institutions will act becomes critical. According to FBI data, crypto-related fraud has increased significantly recently. Last year, losses from cryptocurrency scams reached $11.3 billion. This figure represents more than half of the total $20.9 billion in internet crime losses tracked by the FBI. Coinbase has not yet made a public statement on the matter, according to the information in the report.
Bitcoin Approached $82,000, While Oil Plummeted Sharply
The most notable movement in global markets this week came after news that progress had been made in diplomatic talks between the US and Iran aimed at ending the war. As flight towards risky assets increased, Bitcoin approached the $82,000 level, Nasdaq futures contracts linked to technology stocks rose, and oil prices experienced a sharp pullback.Hope for an agreement in US-Iran talks boosted risk appetite in crypto and stock marketsAccording to Axios, Washington and Tehran are close to agreeing on a one-page memorandum of understanding aimed at ending the war and paving the way for more comprehensive nuclear talks. As reported by Reuters, the draft contains a 14-point framework, and it is stated that Steve Witkoff and Jared Kushner on the US side are conducting direct and intermediary contacts with Iranian officials.This development strengthened expectations that geopolitical risks may decrease in the markets. Bitcoin maintained its gains from the Asian session in European trading, hovering near $82,000. According to CoinDesk data, BTC followed the recovery in risky assets after the news flow. At the same time, Nasdaq futures saw a rise of over 1%.The movement in the oil market was sharper. WTI crude oil futures fell by approximately 6% to $95.28 per barrel. This decline was influenced by the expectation that a potential agreement could normalize oil flow through the Strait of Hormuz. The disruption of flow in the region since the end of February had driven up energy costs, particularly in Asian markets, and increased global inflation concerns.The Strait of Hormuz is considered one of the most sensitive transit points for global energy trade. Therefore, any news suggesting a potential decrease in tensions in the region affects not only the oil market but also a wide range of assets, from stocks to cryptocurrencies. The recent price movement also showed investors shifting away from energy risk towards risky assets like technology stocks and Bitcoin. One of the most striking points in the draft agreement was the claim that Iran might agree to remove highly enriched uranium from the country. This has long been a key demand of the US. However, market experts emphasize that a lasting agreement on this issue may not be easy.ForexLive analyst Justin Low also stated that he is cautious about the possibility of Iran making concessions in the nuclear field. Low expressed skepticism on this point and said it is necessary to see how the process will unfold. This comment shows that despite the optimism in the markets, the agreement is not yet finalized and the diplomatic process remains fragile.Despite this, the market reaction was strong. Traders began to price in the possibility that the risk of war might decrease and that energy supply might normalize. This picture once again revealed how sensitive Bitcoin has been to macroeconomic developments in recent days. Apparently, the drop in oil prices, the recovery in technology stocks, and the weakening need for safe haven assets created a more supportive environment for BTC. Market data also showed Bitcoin trading above $81,000 and remaining in positive territory for the past 24 hours. In the coming period, the focus of the markets will shift to whether the US-Iran agreement is formalized. If the agreement is signed, further easing in oil prices and a new wave of relief in risky assets may be seen. Conversely, a deadlock in negotiations could create renewed pressure on global markets, particularly through energy prices.
Venture Capital Giant a16z Raises $2.2 Billion in Crypto Funding
Andreessen Horowitz has demonstrated its long-term position in the sector with its new fund for crypto startups. The venture capital firm, known as a16z, announced a new $2.2 billion crypto fund called “Crypto Fund 5.” The fund aims to invest in startups developing real use cases on blockchain infrastructure. According to the company's statement, the new fund will support crypto entrepreneurs at different stages. The capital is planned to be distributed over a period of approximately 10 years. a16z will focus particularly on founders working on payment systems, financial services, and decentralized structures.The company acknowledges that market sentiment is not as strong as in past bull periods. Nevertheless, it believes that fundamental indicators present a more solid picture for the sector. According to a16z, the crypto market is currently experiencing a quieter period; however, this quietness creates a healthier ground for entrepreneurs developing sustainable products.Focusing on sustainable productsIn their blog post, a16z partners stated that the new fund will focus on real use cases rather than short-term market excitement. The company believes that crypto infrastructure is now in the process of transforming into products that can be used in daily life. This approach is also reflected in the fund's investment areas. a16z sees stablecoins as one of the prominent areas. The fact that the digital dollar market has reached a market capitalization of $320 billion shows that growth in this area is not based solely on speculation. Stablecoins are increasingly used, especially for cross-border payments, savings, and daily transactions. According to a16z, the fact that traditional financial systems are slow, expensive, and sometimes unreliable is among the main factors supporting the use of stablecoins. Therefore, the company considers stablecoins as one of the most concrete use cases of crypto infrastructure. Other areas of interest for the fund include perpetual futures, blockchain-based lending protocols, prediction markets, and tokenized assets. a16z states that it sees significant growth in these sectors. This indicates that the fund will allocate capital not only to infrastructure projects but also to financial applications that can directly reach users. Confidence in crypto persists despite the AI waveThe timing of the new fund is also noteworthy. Artificial intelligence (AI) has been the strongest investment theme in the venture capital market recently. While many investors are allocating significant resources to AI startups, the cryptocurrency sector is not experiencing the same level of investment appetite as in 2021.However, a16z argues that the rise of AI has not diminished the importance of cryptocurrency, but rather increased it in some areas. According to the company, as software systems become more complex, the issue of trust is also growing. Many AI systems operate opaquely from the user's perspective, and internet infrastructure is increasingly reliant on centralized structures.The new fund is smaller than a16z's previous crypto fund. The company's fourth crypto fund raised $4.5 billion in 2023. Despite this, the $2.2 billion size shows that there is still significant capital available in the sector.The fund is also larger in scale than Huan Ventures' $1 billion fund and Dragonfly Capital's $650 million fund. Andreessen Horowitz, or a16z for short, is a large US-based venture capital firm. That is, it is not a publicly traded company; it is not listed on the stock exchange. Its core business is investing in technology startups from early stages to growth.
Bitcoin and XRP Show Positive Divergence in Crypto Funds: 5 Funds See Exits
Cryptocurrency-based investment products closed with inflows for the fifth consecutive week, according to CoinShares’ latest weekly fund flow report. However, the picture isn’t as strong as it seems at first glance. The net weekly inflow was $117.8 million, marking the lowest level in the positive streak. The most striking aspect of the week was the sharp shift in fund flows within days. From Monday to Thursday, a total of $619 million flowed out of investment products. A strong single-day inflow of $737 million on Friday turned the week back to positive. According to CoinShares Head of Research James Butterfill, this movement hints at a significant recovery in risk appetite by the end of the week. Total assets under management remained around $155 billion. While this level didn’t show a major change compared to previous weeks, the narrowing of fund participation was noteworthy. While nine different assets saw inflows the previous week, only four assets recorded positive flows in the latest report.Bitcoin was by far the strongest area of the week. Bitcoin investment products saw inflows of $192.1 million. Thus, net inflows into Bitcoin funds since the beginning of the year have reached $4.2 billion. However, this latest figure is significantly below the weekly average of approximately $1 billion seen in the previous three weeks. In other words, while Bitcoin remains at the center of investor interest, there is a noticeable slowdown in the pace of inflows.What about altcoins?In Ethereum, the picture has reversed. There was an outflow of $81.6 million from Ethereum investment products. This outflow ended a strong inflow streak of over $190 million in Ethereum funds for three weeks. In recent weeks, appetite for Ethereum had been showing signs of recovery; therefore, we can say that the outflow indicates a short-term shift in market sentiment.The picture remains mixed in altcoins. There was an inflow of $3 million into XRP funds and $3.6 million into multi-asset products. Short Bitcoin products also stood out with an inflow of $6 million. Therefore, we can conclude that while some investors are maintaining their bullish positions in Bitcoin, others are taking positions against downside risks. There was an outflow of $11.1 million from Solana investment products. Litecoin saw limited outflows of $100,000, and Sui saw limited outflows of $400,000. Chainlink recorded no weekly inflows.Regional and Funder DistributionIn terms of regional distribution, the US led with inflows of $47.5 million. However, this figure was significantly lower than the $1.1 billion inflow from the previous week. The slowdown in the US was consistent with the risk-aversion sentiment seen in the middle of the week. Germany was one of the strong markets of the week with inflows of $43.8 million. Canada recorded inflows of $16 million. Switzerland, Australia, and France were on the positive side with inflows of $5.2 million, $4 million, and $1.1 million respectively. In contrast, Sweden saw outflows of $1.9 million. On the funder side, iShares stood out with weekly inflows of $131 million. ARK 21Shares products saw inflows of $51 million, while Fidelity recorded inflows of $9 million. Grayscale products experienced outflows of $72 million. ProFunds Group also ended up on the negative side with a $21 million outflow.
Bitcoin Surpasses $81,000: New Signal Comes from Options
Bitcoin surged above $81,000 in the morning, reaching its highest level since late January. This move in the leading cryptocurrency comes amidst strong macroeconomic risks and a mixed outlook for other major crypto assets. Despite this, Bitcoin's break above the $80,000 threshold has begun to shift the balance, particularly in the options market, which is closely watched. BTC was around $79,000 at the end of US trading hours on Monday. On Tuesday, it climbed above $81,000, gaining over 5% on a weekly basis. Currently trading around $80,689, investors are focused on whether the $80,000 level can be sustained. Other major assets in the market have seen more limited and mixed movements. Ethereum held steady around $2,379, experiencing a slight daily decline, but its weekly performance remained around 4%. XRP fell 0.03% to $1.40, while Solana similarly lost value, dropping to $84. BNB remained flat at $626.Geopolitical risks persist, Bitcoin overcomes pressure for nowWhile Bitcoin is rising, tensions between the US and Iran continue. Brent oil rose sharply on Monday following the controversial missile claim regarding Iran. Although it later retreated partially, it remained around $113. WTI oil traded near $104. This high level of energy prices continues to put pressure on markets in terms of inflation and global risk appetite.Developments in the region are also increasing uncertainty. It was reported that the US destroyers Truxtun and Mason passed through the Strait of Hormuz, escorting two US-flagged ships. While the US Central Command evaluated this passage in the context of "coordinated threats," the airstrike on a VTTI oil terminal in Fujairah kept concerns alive in the energy markets. US President Donald Trump's statement that the war could last two to three more weeks also indicated a weakening of the previously announced four-week ceasefire.Despite this, Bitcoin's reaction to these developments appears more resilient compared to previous periods. The macro picture has not significantly improved, but the pressure of geopolitical issues on Bitcoin remains limited for now.Option tables were waiting for a break above $80,000A significant part of the recent movement in Bitcoin is seen as linked to positioning in the options market. Bitcoin volatility has been low in the last week. Since the price did not move quickly, investors did not heavily buy hedging options. When hedging demand arose, the market mostly turned to put options, i.e., hedging against a decline. This picture showed that the market was more concerned about a possible pullback than a rally. However, there was a different positioning under the surface. Some option tables started to set up low-cost upside bets. These transactions are usually done with "call ratio" strategies. In this strategy, the investor buys call options that will gain value if Bitcoin rises only slightly; To reduce costs, they are also selling other call options at higher levels. This allows the trade to be established at almost zero cost, providing an advantage in a scenario where Bitcoin rises gradually rather than experiencing a sharp surge. Two important headlines stand out for Bitcoin in the coming days. Strategy's earnings report, to be released on Tuesday, is being closely watched by the market due to the company's Bitcoin-focused structure. The US non-farm payrolls data, to be released on Friday, could also impact interest rate expectations and risk appetite.
