A wallet suspected of being linked to Multicoin Capital exchanged a large amount of ETH for HYPE tokens. According to MLM observations, wallets suspected to be A wallet suspected of being linked to Multicoin Capital exchanged a large amount of ETH for HYPE tokens. According to MLM observations, wallets suspected to be

Important news from last night and this morning (February 4th - February 5th)

2026/02/05 10:30
25 min read

A wallet suspected of being linked to Multicoin Capital exchanged a large amount of ETH for HYPE tokens.

According to MLM observations, wallets suspected to be associated with Multicoin Capital have recently transferred large amounts of Ethereum to HYPE tokens. Starting January 22nd, these wallets transferred 87,100 ETH (approximately $220 million) to a Galaxy Digital deposit address linked to Multicoin. On January 23rd, a day after the initial deposit, Multicoin-related wallets began receiving HYPE tokens from Galaxy. On January 26th, Multicoin received its first 465,000 HYPE tokens (approximately $16 million), followed by approximately 990,000 HYPE tokens (approximately $30.6 million) over the next five days. No other large on-chain transfers have been detected yet, but more transfers may occur in the coming days. This suggests that Multicoin may hold a significant amount of ETH, but further confirmation is needed. Previously, it was reported that Multicoin co-founder Kyle Samani has transitioned to an advisory role, focusing on emerging technologies such as AI and robotics.

Important news from last night and this morning (February 4th - February 5th)

SBI Holdings has partnered with Startale Group to launch the Strium blockchain, focusing on on-chain securities markets.

Japanese financial giant SBI Holdings, in partnership with blockchain R&D company Startale Group (the team behind Sony's Layer 2 project), has jointly developed a Layer 1 blockchain network called Strium. Designed specifically to support on-chain securities trading, this network aims to become the "foundational trading layer" for the Asian on-chain securities market, providing 24/7 trading capabilities and DeFi composability. Previously, SBI and Startale announced a collaboration in August 2025 to develop a yen-based stablecoin and RWA trading platform, aiming to achieve cross-border instant settlement, fragmented ownership, and compliant on-chain trading. Strium's proof-of-concept was released today, demonstrating its key technological capabilities, including settlement efficiency, resilience under high load, and interoperability with traditional financial systems and blockchain networks. Furthermore, Startale recently received a $13 million investment from Sony to develop the Ethereum Layer 2 project Soneium and operate Astar Network, Japan's largest public blockchain. SBI Holdings has also increased its investment in the crypto space, including investing in Circle's IPO and developing a crypto ETF that may be listed on the Tokyo Stock Exchange.

A major whale liquidated its entire holdings of ETH worth $214 million and SOL worth $31.51 million within four days, incurring a loss of approximately $141 million.

According to Ember Monitoring, a whale completed its entire liquidation four hours ago. This address sold off 96,585 ETH (approximately $214 million) and 334,000 SOL (approximately $31.51 million) within four days, incurring a loss of approximately $141 million. Specifically, ETH was bought in July of last year at an average price of $3,363 and recently sold at an average price of $2,222, resulting in a loss of approximately $110 million; SOL was bought in October of last year at an average price of $186 and recently sold at an average price of $94, resulting in a loss of approximately $30.78 million.

Trend Research reports that the liquidation price has fallen to the $1575-$1681 range, with ETH losses exceeding $600 million.

According to AiYi's monitoring, Trend Research has lowered its liquidation price to the range of $1575.13 to $1681.94, temporarily alleviating liquidation risk. In the past 8 hours, Trend Research deposited 35,000 ETH into Binance, and since February 1st, it has seemingly sold 191,411.05 ETH, with a total value of approximately $442 million. The average deposit price was $2268, and the estimated loss is $160 million. Currently, it still holds 463,317.55 ETH (approximately $995 million) on-chain, with a floating loss of $442 million, and total losses have reached $602 million. Previously, it was reported that Trend Research transferred another $53.24 million worth of ETH into Binance, bringing the total to approximately $427 million.

a16z published an article stating that blockchain is a key infrastructure for internet trust in the AI ​​era.

The a16z crypto team published an article pointing out that as AI systems scale up, the internet lacks a native way to distinguish between humans and machines, posing a challenge to the trust system. Blockchain technology can provide a solution. The article summarizes five key roles: Increasing the cost of AI impersonation: By using decentralized human identity verification systems (such as World ID), the scale of fake identity generation is limited, increasing the cost of attacks. Decentralized identity verification: Blockchain empowers users with control over their identities, avoiding single points of failure in centralized identity systems while protecting privacy and censorship resistance. Creating universal "passports": A blockchain-based identity layer allows AI agents to operate across platforms, carrying permissions and payment information, improving interoperability and preventing lock-in effects. Supporting machine-scale payments: Utilizing blockchain micropayments and smart contracts, low-cost, refined payment allocation is achieved, supporting economic activities between machines. Strengthening privacy protection: Through zero-knowledge proofs, users can verify their identities without exposing specific data, preventing AI from abusing information for impersonation. a16z believes that blockchain is a necessary infrastructure for building an AI-native internet, restoring trust and supporting the healthy development of AI systems.

US Treasury Secretary Bessent stated that there would be no "bailout" of Bitcoin, and the $500 million in Bitcoin seized by the government has since appreciated to $15 billion.

U.S. Treasury Secretary Scott Bessent testified before Congress that the U.S. government would not "bail out" the asset by requiring private banks to buy more Bitcoin during a market downturn. He emphasized that neither the Treasury Department nor the Financial Stability Oversight Council (FSOC) has this authority. Bessent also revealed that the $500 million in Bitcoin acquired by the U.S. government through asset forfeiture has appreciated to over $15 billion. According to an executive order signed by Trump in 2025, the U.S. can only increase its strategic reserves through asset forfeiture or budget-neutral strategies (such as converting oil or precious metals into Bitcoin), not through open market purchases. While this move has been criticized by some in the Bitcoin community as insufficient, Bitcoin advocates believe that U.S. government purchases could encourage other countries to build their own strategic reserves, thereby influencing Bitcoin prices and market demand.

U.S. Labor Department: Non-farm payrolls will be released on February 11, CPI data will be released on February 13.

According to Jinshi Data, the U.S. Bureau of Labor Statistics announced that the release date for the January non-farm payroll report will be February 11; the release date for the January CPI report will be February 13. In addition, the December job openings and labor mobility report will be released on February 5. Previously, due to the partial shutdown of the U.S. government, the release of some data was delayed, but the shutdown ended late Tuesday local time, and the operating funds for the Department of Labor and most other government agencies will remain until September 30. It is understood that in addition to the regular monthly employment data and unemployment rate data, the January employment report also includes the highly anticipated revisions to the annual employment data.

Multicoin co-founder Kyle Samani has transitioned to an advisory role, focusing on emerging technologies such as AI and robotics.

Multicoin co-founder Kyle Samani has announced his departure from day-to-day management, transitioning to an advisory role while focusing on exploring emerging technologies such as artificial intelligence, longevity technologies, and robotics. He stated that while leaving was a complex decision, he remains confident in the crypto industry and Multicoin's future development. He remains bullish on cryptocurrencies, particularly Solana, and plans to continue personally investing in and supporting Multicoin's portfolio companies. Kyle will continue to serve as a director of Zama and chairman of Forward Industries (@FWDind), and plans to increase his personal financial exposure to FWDI through a redemption request on March 31, 2026, with related documents expected to be released in April 2026. The Multicoin team stated that the company's strategy remains unchanged, the team is operating stably, and Tushar and Brian have taken over Kyle's management responsibilities to continue driving the development of the crypto ecosystem.

Coinbase adds Aztec, Espresso, Rainbow, and RaveDAO to its listing roadmap

According to an official announcement from Coinbase Markets, Aztec (AZTEC), Espresso (ESP), Rainbow (RNBW), and RaveDAO (RAVE) have been added to the listing roadmap today.

CME Group is exploring the launch of "CME Coin" and is partnering with Google to pilot tokenized cash.

According to CME Group CEO Terry Duffy's remarks during the company's latest earnings call, the company is exploring the launch of its own cryptocurrency, "CME Coin," and plans to deploy it on a decentralized network for use by industry participants. This is the first time CME has explicitly mentioned the possibility of issuing its own token. Duffy stated that this plan is part of CME's exploration in the tokenized collateral space, and the company is also collaborating with Google to develop a "tokenized cash" solution, expected to launch later this year. This solution will involve banks acting as custodians to facilitate transactions. Currently, CME has not clarified whether "CME Coin" will be used as a stablecoin, settlement token, or for other purposes. Duffy added that the market may have higher trust in it compared to tokens issued by systemically important financial institutions. Furthermore, CME plans to launch 24/7 trading services for cryptocurrency futures in the second quarter of this year, adding futures contracts for Cardano, Chainlink, and Stellar. CME's daily cryptocurrency trading volume is projected to reach $12 billion by 2025, with micro Ethereum and Bitcoin futures performing particularly well.

White House official: Trump will sign the crypto market structure bill before April.

According to The Bitcoin Historian, White House officials have just stated that President Trump will sign the Bitcoin and Cryptocurrency Market Structure Act before April.

Fidelity's stablecoin FIDD has officially launched, open to both retail and institutional investors.

According to The Block, Fidelity Investments' USD stablecoin, Fidelity Digital Dollar (FIDD), has officially launched and is open to retail and institutional investors. Issued on Ethereum by the Fidelity Digital Asset Association, the stablecoin can be purchased or redeemed directly for $1 through Fidelity Digital Assets, Fidelity Crypto Assets, and Fidelity Crypto Assets services for wealth management platforms.

US Senate Democrats plan to restart discussions on a cryptocurrency market structure bill later today.

According to Crypto In America, US Senate Democrats plan to reconvene on February 4th to discuss legislation concerning the structure of the crypto market. This is the first key meeting of pro-crypto minority members since the Senate Banking Committee postponed the Clearance Act last month, aiming to coordinate positions on core issues such as ethics and DeFi. Prior to this meeting, Democratic senators and their teams have consulted with crypto industry representatives multiple times in the weeks following the bill's postponement. It remains unclear whether stablecoin yields are on the agenda, a key point of contention that led to the sudden halt in deliberations in January. The report notes that crypto industry and banking representatives held "constructive" talks on this issue at the White House on February 3rd. Patrick Witt, executive director of the White House Crypto Council, described the meeting as "fact-based and solution-oriented" and expressed confidence in resolving differences. According to attendees, Witt urged all parties to reach an agreement by the end of the month at the close of the meeting. The White House and the Senate Banking Committee previously stated that they would not set a new deliberation date until the outstanding issues were resolved.

Venture capital investment in the crypto space is projected to reach $34 billion in 2025, doubling from 2024.

According to a Cointelegraph Research report, total venture capital investment in the cryptocurrency sector reached $34 billion in 2025, doubling from $17 billion in 2024. Real-world asset tokenization became the dominant narrative, with this sector raising over $2.5 billion. Investment logic has shifted significantly: institutions are favoring projects with sustainable revenue models and clear market fit, leading to later funding stages. Seed rounds declined by 18%, while Series B funding increased by 90%. Tokenized RWA's total market capitalization has exceeded $38 billion, making it one of the fastest-growing segments in the crypto market, but it still has enormous room for growth compared to the trillion-dollar traditional market globally. Meanwhile, the funding frenzy for Ethereum Layer 2 and modular infrastructure has sharply declined, with only $162 million raised in 2025, a 72% decrease from 2024. The report attributes this to the saturation of the L2 ecosystem, indicating that investment demand has been fully met.

A whale/institution sold 41,800 ETH to avoid liquidation, and then deposited the proceeds into Aave to repay a loan.

According to on-chain analyst @ai_9684xtpa, a whale/institution sold 41,800 ETH to avoid liquidation. Through 10 addresses, it sold a total of $94.14 million worth of ETH via Hyperunit in the past 8 hours, subsequently depositing it into Aave to repay loans. Since the market downturn on January 31st, it has cumulatively sold 58,117 ETH (approximately $131 million), and currently still has 38,465.3 ETH staked on-chain and has 40.06 million USDC borrowed.

Arthur Hayes bought 57,881 HYPE tokens in the last 24 hours, worth $1.91 million.

According to Lookonchain, Arthur Hayes sold PENDLE, ENA, and LDO, and then bought HYPE. In the past 24 hours, he bought 57,881 HYPE tokens (worth $1.91 million), and currently holds 131,807 HYPE tokens (worth $4.33 million).

Traders: Bitcoin's key trendline at $68,000 is expected to support its price.

According to Cointelegraph, multiple traders have analyzed that Bitcoin's price may be approaching a key long-term trendline support level. Analysis shows that Bitcoin's 200-week exponential moving average (EMA) is currently around $68,400, a level considered an important potential macro bottom area. Trader Nic Puckrin points out that if Bitcoin breaks below its current April low of around $74,400, the next key support level is around $70,000. A further break below this level could see the market target the $55,700 to $58,200 area, a range between the global average holding cost and the 200-week moving average, which is expected to be the final bottom. Other traders such as Altcoin Sherpa and BitBull also believe that a price pullback to the 200-week EMA is "logical," and historically, every time Bitcoin has broken below the 100-week EMA, it has typically retested the 200-week EMA as long-term support.

Analysis: The ADP employment report, dubbed the "mini-nonfarm payrolls," showed weaker-than-expected figures, indicating a continued slowdown in the US labor market.

According to Jinshi News, U.S. companies added fewer jobs than expected in January, indicating a continued slowdown in the labor market at the beginning of the year. ADP Research data released Wednesday showed that private sector employment increased by only 22,000 jobs in January, below market expectations, and the previous month's data was revised downwards. Due to the partial shutdown of the federal government, the official data from the U.S. Bureau of Labor Statistics was delayed, making ADP data likely the most complete reference for the January labor market this week. Despite some signs of stabilization in recent months, the lower-than-expected increase in private sector employment suggests that the labor market continued to cool in January. ADP data showed that education and healthcare services led hiring growth, while professional/business services saw the largest job decline since June of last year.

A trader's short positions in BTC and ETH currently have a combined unrealized profit of $31.5 million.

According to The Data Nerd, 17 hours ago, a trader dollar-cost averaging down his short positions in BTC and ETH at $75,500 and $2,230 respectively. Currently, the unrealized profit from all his short positions is approximately $31.5 million.

US ADP employment figures for January were 22,000, below the expected 48,000.

According to Jinshi News, the US ADP employment figure for January was 22,000, below the expected 48,000 and the previous figure of 41,000.

Citigroup: Bitcoin is nearing pre-US election support levels; ETF inflows have slowed significantly.

According to CoinDesk, Citi analysis indicates that Bitcoin is approaching a key pre-US election price support level. The report states that after weeks of decline, Bitcoin's price has fallen below the bank's estimated average entry cost of approximately $81,600 for US spot Bitcoin ETFs and is approaching the key level of around $70,000 reached before last year's election. The report points out that the main source of new demand supporting the market—ETF inflows—has slowed significantly, while the futures market continues to see long liquidation. Analysts say the cryptocurrency market exhibits volatility similar to precious metals but has failed to follow the recent safe-haven rally in gold, highlighting that its price is still primarily influenced by liquidity conditions and risk sentiment, rather than safe-haven demand. The report believes that regulatory progress remains a key potential catalyst, but the slow and uneven progress of the US digital asset market structure bill has weakened related expectations. The report also mentions macroeconomic risks, including concerns about the contraction of the Federal Reserve's balance sheet, which has historically put pressure on crypto assets by reducing liquidity in the banking system.

Opinion, a prediction market, has completed a $20 million Pre-A round of financing, with participation from Hack VC and others.

According to CoinDesk, blockchain prediction market platform Opinion announced the completion of a $20 million Pre-A round of financing, with participation from Hack VC, Jump Crypto, Primitive Ventures, and Decasonic, among others. Opinion is a prediction market platform with entirely on-chain settlement, its model more similar to Polymarket. The company stated that it currently handles approximately one-third of global prediction market trading volume, with open interest exceeding $130 million. The platform is characterized by its diversified trading categories, covering a wide range of areas including macroeconomics, regional events, and crypto assets, not just sports and politics. The company's founders stated that this round of financing will be used to deepen regional presence and expand globally, in preparation for events such as the 2026 World Cup and multiple elections.

Analysis: Bitcoin has historically spent very little time in the $70,000 to $80,000 range, and its current consolidation may indicate a prolonged period of range-bound trading.

According to CoinDesk, Bitcoin's price has been consolidating in the $70,000 to $80,000 range for five consecutive days. This price band has historically been extremely short-lived, lasting only about 35 days in total, lacking solid historical support or resistance levels, making it a potential consolidation zone or a test of downward pressure. Data shows a weak on-chain supply structure within this price range. The largest corporate holder, Strategy, has only made one large purchase within this range, buying 27,200 Bitcoins at an average price of approximately $74,463 in November 2024. Historical price action also shows that Bitcoin often moves quickly through this area; for example, after the November 2024 election, the price surged from $68,000 to $100,000 within weeks without forming a valid consolidation. Analysts point out that the longer the price stays within a range, the stronger the accumulated positions can become. The current situation suggests that Bitcoin may continue to consolidate within this range or retest the lower edge of the range before establishing a more solid foundation.

An entity is selling large amounts of ETH through Hyperliquid to repay its Aave loans across 11 wallets.

According to MLM monitoring, an entity is selling large amounts of ETH through Hyperliquid to repay its Aave loans across 11 wallets. The entity sold 31,700 ETH (worth $80.8 million) on Hyperliquid in the past 5 hours, and a total of 47,000 ETH (worth $120 million) over the past 4 days. They are still depositing 49,600 ETH (worth $112 million) into Aave as collateral, while simultaneously borrowing 86 million USDC using this collateral. As the price of ETH falls, this position is nearing liquidation, forcing them to continue selling ETH to repay debts and avoid full liquidation.

Analysis: Multiple data points suggest that Bitcoin's downward trend may not yet be over.

According to Cointelegraph, despite Bitcoin's price rebounding above $76,000, multiple indicators suggest its downtrend may not be over. Technical analysis shows the BTC/USD weekly chart has confirmed a head and shoulders pattern. After breaking below the $82,000 neckline support, its theoretical downside target is around $52,650. Furthermore, a bearish flag pattern has been confirmed on the daily chart, with analysts pointing to the next key liquidity target around $65,500. Analyst BitcoinHabebe believes that given the macro headwinds, a drop to $60,000 for Bitcoin is "obvious." On-chain indicators also point to weakness. The Puell Multiple indicator, which tracks miner revenue, has entered the "discount zone" and may remain there, which analysts note typically signifies a continuation of the bearish trend. Meanwhile, Bitcoin's network hashrate has fallen 12% from its November 2025 high, the largest drop since 2021, suggesting a possible miner capitulation. In addition, on-chain data shows that a large amount of BTC has been continuously flowing into the Binance exchange, with a cumulative inflow of 56,000 to 59,000 BTC on February 4 and 5. This may create actual selling pressure in the spot market, indicating that the market may be entering a panic selling phase.

A certain whale borrowed 20 million USDT to buy 8,806 ETH in the past two days.

According to Onchain Lens monitoring, after a nine-month hiatus, a whale borrowed 20 million USDT in the past two days and bought 8,806 ETH at a price of $2,271 per ETH. Currently, this whale holds 21,094 ETH, worth $47.53 million.

Analysis: One indicator suggests Bitcoin may be approaching a cycle bottom again, a prediction that has historically been accurate multiple times.

According to CoinDesk analysis, an on-chain metric called "Bitcoin Profit and Loss Supply" suggests the market may be approaching a historic bottom. This metric measures the relationship between overall market holding costs and price by comparing the number of Bitcoins in profitable and loss-making states. Glassnode data shows that approximately 11.1 million Bitcoins are currently profitable, while 8.9 million are losing money. Historically, when these two figures converge, it often corresponds to a market cycle bottom. For example, the bottoms in 2022 (around $15,000), 2020 (below $3,000), 2019 (around $3,300), and 2015 (slightly above $200) all occurred after this signal appeared. Analysis indicates that if these two figures converge at the current cost base level, it could mean the Bitcoin price will approach $60,000. This metric reflects overall market holding pressure and investor sentiment by tracking changes in the amount of profitable and loss-making coins in the circulating supply, and its convergence point is considered a reliable signal for identifying market capitulation and long-term opportunities.

A whale/institution holding leveraged ETH has sold 36,900 ETH in the past four days to cut losses.

According to on-chain analyst Yu Jin, a cluster of whale/institutional addresses holding ETH lending positions recently sold 36,900 ETH via Hyperliquid over the past four days to stop losses, withdrawing 82.36 million USDC for repayment. He is currently still at a loss: holding 56,000 ETH (worth $115 million), with the liquidation price of these ETH lending positions around $2,050, only about $200 away from the current price. He bought his ETH last July at an average price of approximately $3,363, and the current loss has reached $105 million.

BNB Chain: The AI ​​agent economy standard ERC-8004 has been deployed on the BSC mainnet and testnet.

BNB Chain announced on its X platform that its "AI Agent Economy" has been launched on BNB Chain, and the ERC-8004 infrastructure has been deployed on the BSC mainnet and testnet. This standard aims to establish a trust layer for AI agents by introducing two core components: identity registration and reputation registration, providing a verifiable on-chain identity and reputation system for autonomous AI agents.

The Canadian Investment Industry Regulatory Organization has formally established a temporary cryptocurrency custody framework.

According to Cointelegraph, the Investment Industry Regulatory Organization of Canada (CIRO) has officially released a provisional regulatory framework for the custody of cryptocurrencies and tokenized assets. This framework aims to provide regulatory clarity for investment dealers and protect investor interests during the long-term rule-making process. The framework imposes custody requirements on dealer members operating crypto trading platforms, including setting caps on custody percentages, specifying capital thresholds, and clarifying reporting obligations. CIRO introduces a tiered custody model, increasing capital, insurance, governance, and technical safeguards requirements based on the percentage of client assets a custodian is allowed to hold. For example, Tier 1 and Tier 2 custodians can hold 100% of a dealer's client crypto assets, but must meet higher capital thresholds; while the maximum percentage of assets held internally by the dealer is capped at 20%.

Bybit Alpha has added MNT as a settlement currency, allowing users to trade and stake MNT.

According to official news, Bybit Alpha recently added MNT as a settlement currency. Users can now directly purchase on-chain assets and participate in liquidity pool mining using MNT within their Bybit Unified Trading Account (UTA). Previously, the Alpha platform already supported USDT, USDC, SOL, and Bybit SOL staking (bbSOL) as settlement assets. With the addition of MNT, the platform now supports five major cryptocurrencies, further improving users' capital utilization efficiency and trading flexibility. Currently, Bybit users can use MNT to participate in MNT-USDC liquidity pool staking, enjoying an annualized yield of up to 77.83%.

Butuo County, Sichuan Province, issued a notice prohibiting virtual currency "mining" activities.

Butuo County, Liangshan Yi Autonomous Prefecture, Sichuan Province, recently issued a "Notice on Prohibiting Virtual Currency Mining Activities," stating that virtual currency mining is a prohibited activity by the state. The province and prefecture attach great importance to rectifying virtual currency mining activities and have made a series of arrangements and deployments. To maintain social stability and regulate market order, the county hereby announces the following prohibition on virtual currency mining activities: (I) All forms of virtual currency mining activities are prohibited, including but not limited to mining of virtual currencies such as Bitcoin and Ethereum. (II) Township governments and relevant industry authorities such as telecommunications and electricity departments shall strengthen the investigation and supervision of virtual currency mining activities in accordance with the principles of territorial and industry management, and resolutely crack down on illegal mining activities. (III) If any illegal mining activities are discovered, please report them to the Butuo County People's Government and the Development and Reform Commission immediately.

After Vitalik raised questions about the L2 scaling model, Arbitrum, Optimism, and Base responded one after another.

According to Cointelegraph, following Ethereum co-founder Vitalik Buterin's comments that "the original vision of Layer 2 as the primary scaling engine is no longer applicable," several L2 builders responded, generally agreeing that Rollups need to transcend the positioning of "cheaper Ethereum," but disagreeing on whether scaling should still be its core role. Optimism co-founder Karl Floersch welcomed the challenge of building a modular L2 stack supporting "full-spectrum decentralization," while acknowledging major obstacles such as long withdrawal periods, the incomplete production readiness of Phase 2 proofs, and a lack of cross-chain application tools. He supported the native Rollup pre-compilation scheme emphasized by Buterin. Offchain Labs co-founder Steven Goldfeder, the developer of Arbitrum, took a stronger stance, arguing that while the Rollup model has evolved, scaling remains the core value of L2. He pointed out that Arbitrum was not built as "a service of Ethereum," but rather because Ethereum provides a highly secure, low-cost settlement layer that enables large-scale Rollups. He warned that if Ethereum is perceived as hostile to Rollups, institutions might choose to launch independent Layer 1 chains instead of deploying on Ethereum. Base head Jesse Pollak stated that the scaling of Ethereum L1 is a "victory for the entire ecosystem," agreeing that L2 cannot simply be "cheaper Ethereum." He mentioned that Base is differentiating itself through applications, account abstraction, and privacy features, and is working towards the second phase of decentralization. StarkWare CEO Eli Ben-Sasson hinted that some ZK-native L2s (such as Starknet) believe they already meet the specialized role described by Buterin. The entire Ethereum ecosystem is facing a roadmap adjustment: the base layer aims to enhance its own capabilities, while L2 is repositioned as a dedicated environment serving different technical needs.

Tom Lee refuted the claim that unrealized losses in the Ethereum treasury would suppress future ETH prices: "This is a characteristic, not a flaw."

According to The Block, BitMine Chairman Tom Lee refuted claims that its unrealized Ethereum losses would suppress future ETH prices. He stated that unrealized losses during market downturns are "a characteristic, not a flaw, of the Ethereum Treasury strategy," and pointed out that such pullbacks are an expected part of the market cycle. Previously, market commentators had suggested that BitMine's approximately $6.6 billion in unrealized losses would eventually create selling pressure and limit price increases. Lee responded that this view misunderstands the Ethereum Treasury's positioning, emphasizing that BitMine aims to track Ethereum prices and generate excess returns throughout the entire market cycle. He likened this to an index ETF incurring losses during a broad market downturn.

Norway's sovereign wealth fund indirectly holds 9,573 bitcoins.

According to CoinDesk, Norway's $1.8 trillion sovereign wealth fund indirectly holds 9,573 bitcoins through its equity holdings in companies such as Strategy, MARA, and Metaplanet. Its bitcoin exposure is projected to increase by 149% year-over-year by 2025.

UBS CEO: UBS is adopting a "fast follower" strategy in the tokenized asset space.

According to Bloomberg, UBS CEO Sergio Ermotti stated during an earnings call that the bank is considering offering cryptocurrency access to individual clients, while emphasizing that it will not act as a "pioneer" in blockchain-based technology applications. Ermotti pointed out that UBS is building core infrastructure and exploring a range of targeted services, from crypto access for individual clients to tokenized deposit solutions for corporate clients. He stated that UBS is adopting a "fast follower" strategy in the tokenized asset space, with related business expansion expected to unfold over the next three to five years, complementing its traditional business.

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