#crypto breaking

U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) continued to face pressure on Monday, extending their losing streak amid persistent market uncertainty and political unrest. Investor sentiment remains cautious as the combination of macroeconomic headwinds and ongoing government instability weighs on risk appetite across the cryptocurrency market. Bitcoin and Ethereum ETFs recorded another day of net outflows, signaling ongoing investor caution. BlackRock’s IBIT saw the largest Bitcoin ETF withdrawal at over $100 million. Political unrest in the U.S. and a prolonged government shutdown are amplifying market concerns. Analysts warn that confidence in institutional stability may be tested if the shutdown continues. Experts expect continued volatility until clearer policy and macroeconomic signals emerge. According to data from SoSoValue, spot Bitcoin (BTC) ETFs registered $40.47 million in net outflows on Monday, marking a fourth consecutive day of withdrawals. BlackRock’s IBIT led with $100.65 million in outflows, while Fidelity’s FBTC and Bitwise’s BITB posted modest inflows of $9.67 million and $12.05 million, respectively. The total cumulative inflows for spot Bitcoin ETFs now stand at $61.50 billion, with overall net assets dipping to $149.66 billion—about 6.76% of Bitcoin’s market capitalization. Spot Ether (ETH) ETFs followed a similar pattern, with $145.68 million in daily net outflows, marking their third consecutive session of redemptions. BlackRock’s ETHA saw the largest single-day withdrawal at $117.86 million, followed by Fidelity’s FETH with $27.82 million in outflows. Spot Bitcoin ETFs see fourth day of outflows. Source: SoSoValue “No Kings” protests intensify political pressure The ETF outflows come as political unrest grows across the U.S. On Sunday, during the 18th day of the ongoing government shutdown, nationwide “No Kings” protests erupted, accusing the Trump administration of authoritarian tendencies. From New York’s Times Square to Portland and Los Angeles, demonstrators chanted “Resist Fascism” and “We the People Rule,” according to Politico. Analysts from Bitunix noted that the “political turmoil is not merely a clash between public sentiment and authority but a stress test of institutional confidence.” They warned that the longer the shutdown persists, the greater the risk to market liquidity and structural trust in the U.S. system. “The market’s next move may depend on whether the nation’s political institutions can restore consensus amid deep division,” they said. Investors shift toward de-risking Vincent Liu, chief investment officer at Kronos Research, said the sustained ETF outflows highlight a broader de-risking phase in the market. “Investors are locking in profits and stepping back from new exposure. Both Bitcoin and Ethereum ETFs are seeing weaker demand and thinner bid depth across exchanges,” he explained. Liu added that U.S. political turbulence is amplifying the cautionary sentiment. “The erosion of confidence in policy stability is pushing investors toward defensive positions,” he said. Looking ahead, Liu expects volatility to remain elevated until clearer policy direction emerges. “A defined macro path or easing political tension could restore confidence, reviving risk appetite and turning ETF flows positive again,” he concluded.

Corporate-controlled blockchains are destined to fail in the long run, according to Eli Ben-Sasson, co-founder and CEO of StarkWare. Speaking on X (formerly Twitter), Ben-Sasson argued that centralized blockchain systems contradict the core principles of decentralization that define technologies like Bitcoin and Ethereum. His comments come amid growing debate over the rise of “corporate chains” — blockchain networks developed and managed by large companies entering the crypto space. StarkWare CEO Eli Ben-Sasson predicts that corporate blockchains will eventually be abandoned. He believes blockchain technology must remove centralized control to deliver true value. Corporate chains may assist early mainstream adoption but will lose users over time. Community opinions remain divided on whether corporations should build their own blockchains. Critics argue many firms adopt blockchain out of fear of being left behind rather than real need. Ben-Sasson stated that blockchains created by corporations are not sustainable, as users will eventually reject systems controlled by a central authority. He emphasized that decentralization is the fundamental concept of blockchain, despite its complexity and challenges in development and usability. Source: Eli Ben-Sasson Bitcoin, the first cryptocurrency, was designed to disrupt traditional finance and empower individuals through decentralization. This may explain why many within the crypto community remain skeptical about new corporate-backed blockchains like Stripe’s layer-1 network, Tempo. Corporations will back off if user adoption remains low Ben-Sasson acknowledged that corporate interest in blockchain is positive because it signals wider acceptance of the technology. However, he agreed that while these corporate chains could accelerate mainstream adoption in the short term, their long-term survival is unlikely. He predicted that many such networks will eventually be abandoned due to high technical complexity and limited appeal to users who prioritize DeFi, self-custody, and control over their digital assets. “Fast forward a few years: Corporate chains will end up with the complex tech but without the added value for users, which is no central entity to control them. At that point, these chains will lose the focus from corporates.” Community divided on the role of corporate blockchains Not everyone shares Ben-Sasson’s view. An X user, Boluson, argued that most corporations don’t need blockchain technology and are adopting it mainly to avoid being perceived as outdated. “Not every project in crypto needs a blockchain,” the user wrote. Rob Masiello, CEO of Sova Labs, which develops Bitcoin-native infrastructure, countered that corporate chains can succeed — though only for the benefit of the companies that own them. “Users just won’t have any way to participate in their upside. Base is an example,” he added. Other community members speculated that corporations might eventually transfer control of their blockchains to native crypto projects or acquire existing decentralized networks to scale them for commercial use.

Coinbase has called on the U.S. Treasury Department to adopt modern technologies such as blockchain analytics and artificial intelligence to combat illicit activity in the cryptocurrency industry. The exchange’s leadership emphasized that using cutting-edge tools could help modernize the country’s financial crime prevention framework, aligning it with the evolving digital asset landscape. Coinbase urged the U.S. Treasury to use blockchain analytics and AI to fight crypto-related financial crime. Paul Grewal called for regulatory clarity to support innovation in AML compliance tools like APIs and AI. The exchange wants decentralized IDs and zero-knowledge proofs recognized as valid compliance mechanisms. Coinbase believes modernizing AML laws aligns with the goals of the Anti-Money Laundering Act of 2020. Think tank experts proposed creating a communication system between crypto firms and law enforcement. In a letter sent on Oct. 17 by chief legal officer Paul Grewal, Coinbase responded to the Treasury Department’s request for public feedback on new methods to deter illicit crypto activity. Grewal noted that money laundering operations have evolved with technology, and regulators must do the same to effectively detect and prevent financial crime. “Blockchain and other innovative technologies can counter these emerging risks. Treasury and other policymakers should promote their use to identify and deter illicit activity.” He added that embracing innovation would advance the main objective of the Anti-Money Laundering Act of 2020, which seeks to modernize the Bank Secrecy Act. Coinbase’s chief policy officer, Faryar Shirzad, echoed this message on X, stating that government agencies should adopt digital tools such as AI, APIs, digital IDs, and blockchain analytics to strengthen AML systems. Source: Faryar Shirzad Regulatory clarity for AI and APIs in anti-money laundering Grewal proposed that the Treasury introduce a regulatory exception under the Bank Secrecy Act for firms that use AI and Application Programming Interfaces (APIs) to monitor transactions. He suggested that any safe-harbor rules focus on governance and measurable outcomes rather than rigid, one-size-fits-all models. Source: Paul Grewal According to Grewal, companies have hesitated to deploy AI in AML compliance due to unclear regulations. Similarly, APIs face obstacles like inconsistent standards and fragmented oversight. Clear guidance defining acceptable use cases, data privacy expectations, and interoperability standards could help firms confidently integrate such tools into their compliance programs. Blockchain and decentralized IDs need clear compliance rules Coinbase also urged the Treasury to issue guidance recognizing decentralized identities and zero-knowledge proofs as valid mechanisms for customer verification and blockchain-based compliance. The company argued that promoting blockchain analytics and privacy-preserving technologies could enhance oversight without burdening all participants with excessive recordkeeping requirements. The Treasury’s request for public comment, published Aug. 18 and now closed, was issued under the GENIUS Act, which mandates exploring innovative methods to detect illicit activity involving digital assets. Think tank proposes direct communication framework Meanwhile, Jim Harper, Senior Fellow at the American Enterprise Institute, proposed establishing a communication network where law enforcement can directly query crypto firms for investigative data. In his view, such a system could maintain law enforcement’s capabilities while reducing reliance on widespread financial surveillance. “Such a system would maintain or strengthen law enforcement capabilities while obviating the existing broad and costly financial surveillance regime,” Harper wrote.

BitMine has made headlines once again after its chairman, Tom Lee, confirmed a major Ethereum accumulation amid recent market volatility. Following one of the largest deleveraging events in the crypto market this year, the company capitalized on the price dip to strengthen its Ethereum holdings, signaling long-term confidence in the blockchain’s future. BitMine acquired an additional $250 million worth of Ethereum from major crypto exchanges. The company now holds over 3.3 million ETH, representing 2.74% of the total supply. Chairman Tom Lee reaffirmed his $10,000 Ethereum price prediction for 2025. BitMine’s stock surged nearly 8% following the latest Ether purchase. Institutions continue to accumulate Ethereum, now holding over 5.7 million ETH in total. “Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” Lee said in a statement on Monday. Source: Arkham According to blockchain analytics platform Arkham Intelligence, BitMine purchased an additional $250 million worth of Ether (ETH) on Monday from crypto exchanges Bitgo and Kraken. This move brings the firm closer to its ambitious goal of owning 5% of Ethereum’s total circulating supply. The company’s current Ethereum stash now exceeds 3.3 million tokens, valued at over $13 billion, accounting for 2.74% of all ETH in existence. The expansion underscores BitMine’s growing influence in institutional crypto investment and its commitment to Ethereum as a long-term asset in the evolving decentralized finance (DeFi) ecosystem. During a recent Bankless podcast appearance, Lee maintained his bullish stance, reiterating his forecast for Ethereum to reach $10,000 by year’s end. With ETH trading around $3,986 on Monday, achieving this target would require a rally of roughly 150% in just over two months. BitMine stock on the rise Following the latest Ether accumulation, BitMine’s stock (BMNR) jumped 7.92% to $53.80 on Monday, extending its six-month rally to an impressive 691%. The surge reflects investor optimism toward the company’s aggressive digital asset strategy and growing market presence. BitMine’s stock gained over 7% on Monday night. Source: Google Finance “BitMine continues to attract institutional investor capital as our high liquidity is appealing. The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume,” Lee added. BitMine reigns as the largest Ether company BitMine remains the largest institutional holder of Ether worldwide. The next closest publicly listed company, SharpLink Gaming, holds roughly 840,000 tokens, according to StrategicETHReserves. Institutions have been steadily accumulating Ether throughout 2025, with total holdings across treasury companies now surpassing 5.74 million ETH, equivalent to 4.75% of the entire token supply. This trend highlights Ethereum’s growing role as a cornerstone asset for institutional crypto portfolios, alongside Bitcoin and emerging blockchain-based investments.

Crypto developments continue to reshape markets and politics this week. Ripple-linked Evernorth prepares a $1 billion public listing to build an XRP treasury, Jack Dorsey reignites the debate over Bitcoin’s true identity, and former New York governor Andrew Cuomo leans on crypto and AI as part of his political comeback in the New York City mayoral race. These stories highlight how blockchain, decentralized finance, and digital assets are increasingly influencing both global finance and public policy. Evernorth, backed by Ripple, plans a $1 billion SPAC merger to create one of the world’s largest XRP treasuries. Jack Dorsey sparked fresh discussion by claiming “Bitcoin is not crypto,” emphasizing BTC’s monetary roots. Dorsey’s comments reignited speculation over his potential link to Bitcoin’s mysterious creator, Satoshi Nakamoto. Andrew Cuomo aims to position New York City as a global hub for crypto, AI, and biotech innovation. Ripple-linked Evernorth to go public in $1B SPAC to build massive XRP treasury Evernorth Holdings, a digital asset firm closely associated with Ripple Labs, announced plans to go public through a merger with Nasdaq-listed Armada Acquisition Corp. II. The move aims to capitalize on institutional interest in publicly traded digital asset treasuries and strengthen XRP’s position in the crypto market. The merger could generate over $1 billion in gross proceeds, including $200 million from Japan’s SBI Holdings, with further investments from Ripple, Pantera Capital, Kraken, and GSR. Evernorth intends to use the funds to accumulate a large XRP (XRP) reserve through open-market purchases. Once finalized, the company is expected to trade on Nasdaq under the ticker symbol XRPN. CEO Asheesh Birla said the initiative will “accelerate XRP adoption” by giving investors public-market access to XRP and related decentralized finance (DeFi) strategies. Source: Asheesh Birla What is Bitcoin if not crypto? Rumored Satoshi Nakamoto weighs in Jack Dorsey, Twitter’s founder and a long-time Bitcoin advocate, has reignited debate in the cryptocurrency community with his post declaring, “Bitcoin is not crypto.” His statement drew thousands of responses and reopened old discussions about Bitcoin’s unique role within the blockchain ecosystem. While Satoshi Nakamoto originally described Bitcoin (BTC) as a “peer-to-peer cryptocurrency,” Dorsey emphasized its role as a form of money, not just another digital asset. He pointed out that the 2008 Bitcoin white paper makes no mention of “crypto,” describing BTC instead as an “electronic cash system based on cryptographic proof.” An excerpt from the Bitcoin white paper. Source: Bitcoin.org Dorsey, who has long dismissed rumors of being Nakamoto, reaffirmed in past interviews that he’s not the creator. Still, his statements continue to influence how both investors and developers perceive Bitcoin’s distinct identity within the cryptocurrency landscape. Andrew Cuomo pitches crypto-fueled comeback in NYC mayoral bid Former New York governor Andrew Cuomo is reportedly betting on crypto and artificial intelligence to power his bid for New York City mayor. His campaign vision is to make NYC “the global hub of the future” by aligning blockchain, AI, and biotech sectors to drive technological growth and economic renewal. According to journalist Eleanor Terrett, Cuomo plans to appoint a chief innovation officer and establish an Innovation Council with advisory committees for crypto, AI, and biotech. The initiative aims to attract investment, create jobs, and modernize how the city supports emerging industries. Source: Eleanor Terrett By leveraging blockchain and AI technologies, Cuomo hopes to redefine New York’s innovation strategy, signaling a broader shift in how political leaders embrace the digital economy and crypto regulation as tools for urban transformation.

Ethereum co-founder and Consensys CEO Joseph Lubin has weighed in on the ongoing debate about venture capital (VC) influence in the blockchain ecosystem, emphasizing that while concerns about centralization are valid, VC funding remains a vital part of Ethereum’s evolution. His comments arrive amid growing scrutiny over the role of investment firms like Paradigm in shaping the direction of major blockchain projects. Joseph Lubin reaffirmed the importance of VC funding for Ethereum’s continued development. He acknowledged Paradigm’s influence but argued it supports mainstream adoption. Lubin stated that decentralized on-chain funding alternatives will eventually replace VCs. Recent moves by Ethereum researchers to join Paradigm-linked projects have reignited centralization concerns. Paradigm’s new Tempo blockchain diverges from Ethereum’s open-source ethos by favoring a curated validator model. Lubin addressed the topic on X, stating that firms like Paradigm primarily aim to extract value from the Ethereum and broader crypto ecosystem but also contribute to “progressing the systems towards rigorous decentralization.” He dismissed growing community concerns, saying there was “no reason for concern.” His remarks followed the recent departure of two key Ethereum researchers, which sparked renewed discussion about the increasing sway of centralized investment funds over Ethereum’s development. Last week, longtime Ethereum Foundation researcher Dankrad Feist announced his move to Tempo, a new layer-1 blockchain designed for payments and stablecoins, built by Stripe and Paradigm. Former Consensys researcher Mallesh Pai also joined Paradigm earlier this year before taking a full-time position at Tempo. Despite the criticism, Lubin viewed these transitions as signs of growth, suggesting that such moves reflect blockchain’s expanding integration with mainstream finance. “The gold rush of corpo-chains is validating for the traditional economy and signals our mainstreaming,” he wrote. Source: Joseph Lubin VCs still play a key role in connecting global capital to blockchain innovation Lubin acknowledged that the crypto and DeFi sectors still depend on traditional venture funding to attract global capital. “We need VCs for now because they represent a comfortable bridge for the world’s capital to flow into our ecosystem,” he explained. However, he predicted that emerging decentralized investment platforms will soon make VCs obsolete. “Very soon better, fairer, more broadly accessible on-chain investment platforms with healthy tokenomics will mature sufficiently so that VCs will have no choice but to set up shop on these platforms, if they want to stay in the game.” Lubin argued that venture participation is essential for achieving “progressive decentralization” and building a secure global infrastructure for the blockchain economy. Meanwhile, Paradigm’s Tempo blockchain is introducing a payment-focused network governed by a curated group of validators—an approach more aligned with corporate control than Ethereum’s open-source model. Paradigm announced its plans for Tempo in September, citing the growing need for scalable global payment infrastructure.

Wise, a global leader in international money transfers, appears to be exploring a significant step toward cryptocurrency integration. The London-based fintech giant has opened a new position for a digital-asset product lead, focusing on stablecoins. This move comes as stablecoins gain momentum worldwide, supported by improving crypto regulations and growing consumer demand for faster, lower-cost cross-border payments. Wise is hiring a digital-asset product lead to explore stablecoin-based payment solutions. The role, based in London, indicates Wise’s potential expansion into cryptocurrencies. Stablecoins are becoming a preferred method for global remittances and DeFi access. Regulatory clarity in the U.S. is accelerating adoption, while the U.K. aims for new rules by 2026. Wise’s entry could bridge traditional finance with blockchain-based payment systems. Wise’s product director, Matthew Salisbury, announced the job posting on LinkedIn, inviting applicants with experience in stablecoin wallets or payment systems. The position will be part of Wise’s Accounts team, responsible for investigating how digital assets could be integrated into customer accounts and everyday transactions. According to the job listing, which has drawn more than 100 applicants, the company is seeking a professional with at least five years of product management experience and a track record in blockchain or digital asset products. The initiative highlights Wise’s interest in adapting to the rapidly evolving crypto landscape. Formerly known as TransferWise, the company currently provides international transfers in over 160 countries and 40 currencies. Wise reported £979.9 million ($1.23 billion) in revenue and £345.6 million ($443 million) in profit in 2024, signaling strong financial performance that could support new innovations in the digital-asset space. Wise and stablecoin payments: Assessing the potential It remains to be seen how Wise might adopt stablecoin technology, but the move could significantly enhance its payment infrastructure. Stablecoins allow instant global transfers without relying on traditional banking intermediaries, reducing fees and settlement times. Visa recently launched a pilot using USDC and EURC to streamline cross-border payments, underscoring a broader trend among financial institutions. While Visa targets institutions, Wise’s focus on retail clients could accelerate stablecoin adoption among everyday users. Data from Chainalysis shows stablecoin usage is surging in regions like Latin America and Africa, driven by inflation, currency volatility, and the need for low-cost remittances. Stablecoins also provide users in emerging markets access to decentralized finance (DeFi) tools such as lending and staking. Stablecoin remittances offer greater cost savings than traditional methods in Sub-Saharan Africa. Source: Chainalysis The global regulatory landscape is also shifting. In the United States, the GENIUS Act has provided a clearer framework for stablecoin adoption, while the United Kingdom plans to finalize its own rules by 2026. Until then, dollar-backed stablecoins dominate the market, with GBP-pegged alternatives still representing a small fraction of total circulation. If Wise embraces stablecoin payments, it could mark a major step toward merging traditional finance with blockchain technology—potentially transforming how millions move money worldwide.