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Bitcoin BTC$121,956.02 is unlikely to enter a bear market in the coming months as supportive monetary conditions are expected to prevail, effectively rendering the traditional four-year halving cycle obsolete, according to Arthur Hayes, chief investment officer and co-founder of Maelstrom.In an essay titled “Long Live the King!” published Thursday, Arthur Hayes argued that the primary catalyst behind previous bitcoin bear markets in 2014, 2018, and 2022 was monetary tightening in major economies, not the four-year halving cycle. On each of these occasions, bitcoin’s price plunged by 70% to 80% from its bull market peak.CoinDesk made a similar point in 2023,…

The Ethereum Foundation is making privacy a formal pillar of its roadmap, expanding research efforts into a dedicated cluster that now covers private payments, proofs, identity, and enterprise use cases.Ethereum has supported privacy research through its Privacy and Scaling Explorations (PSE) team since 2018, with experiments like Semaphore for anonymous signaling, MACI for private voting, zkEmail and zkTLS, and the Anon Aadhaar project.These have become reference points for developers across the ecosystem, spawning hundreds of forks and integrations.The new “privacy cluster,” coordinated by Igor Barinov, brings these experiments under a single umbrella alongside new initiatives, per a Wednesday blog post.Those…

Shares in BitMine Immersion Technologies managed to end a choppy day of trading at a slight gain after the crypto treasury company became the latest target of short seller Kerrisdale Capital.Kerrisdale said in a report on Wednesday that Tom Lee’s BitMine is “chasing a model that is on its way to extinction,” as it took a short position on the company, a bet that its stock would fall.Kerisdale argued BitMine’s strategy of selling shares at a premium to purchase Ether (ETH) and grow its token-per-share metric is no longer effective, and the company’s value compared to its crypto holdings is…

In brief Realized profits have fallen 50% since July, signaling restrained selling pressure. Long-term holders’ profit margins remain well below overheated cycle levels. Derivatives traders are clustering around $120,000 call options, reinforcing bullish sentiment. Bitcoin’s push to new record highs this week isn’t letting up, with on-chain data and derivatives activity revealing a market built on stable foundations rather than speculative excess.The current market run still has momentum as profit-taking remains below prior cycle peaks despite Bitcoin setting numerous all-time highs this year, according to CryptoQuant’s latest weekly report.Kicking off what has historically been Bitcoin’s strongest month, dubbed “Uptober,” the…

Hotlink Group, a publicly traded Japanese company, announced that it has begun actively deploying capital into decentralized finance (DeFi) using the synthetic stablecoin USDe. The firm stated that its subsidiary, Nonagon Capital, executed an initial investment toward a total target of $4 million in DeFi operations. While USDC remains the common institutional choice due to its regulatory standing, Hotlink chose the high-yield USDe.Sponsored SponsoredThe USDe Rationale: Yield Trumps Simple CustodyHotlink’s decision to use USDe, issued by Ethena, over established fiat-backed stablecoins like USDC or USDT, reveals a strong commitment to maximizing returns in its treasury management.Historically, firms opting for stability…

Nearly all of Bitcoin’s supply is now in profit after a recent rally, but rising leverage and “crowded call positioning” could suggest growing short-term fragility, according to onchain analytics. As of Wednesday, 97% of Bitcoin (BTC) supply is in profit, reported blockchain analytics provider Glassnode.“Building on the accumulation trend, Bitcoin’s rally to a new all-time high has lifted nearly all circulating supply back into profit.”Elevated profit levels often precede consolidation and realized profits remain contained, “suggesting an orderly rotation rather than distribution pressure,” the analysts added.This means that investors have been gradually taking profits and reallocating their holdings rather than panic…

The U.K.’s Financial Conduct Authority (FCA) has officially lifted its four-year ban on retail access to bitcoin and crypto exchange-traded notes (cETNs). Starting today, firms can offer retail investors exposure to bitcoin and other cryptoassets through ETNs traded on FCA-approved investment exchanges such as the London Stock Exchange or Cboe UK.  The change came into effect today after months of consultation and signals a more open — though still cautious — regulatory stance toward crypto. “Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood,” said David Geale, executive director…

Asset manager Bitwise’s decision to set a 0.20% fee on its amended US-based Solana ETF application, which now includes staking, may be a sign of how competitive the product could get among ETF issuers, according to ETF analyst Eric Balchunas.“Thought we’d see higher first, need war to get this low,” Balchunas said in an X post on Wednesday. “They prob figured it’s gonna end up there anyway, so just do it now,” he said, adding it is a “veteran Terrordome move right there.”Bitwise amended its filing with the US Securities and Exchange Commission on Wednesday, updating the proposed Solana (SOL)…

Uganda has launched a central bank digital currency (CBDC) pilot as part of a broader tokenization effort across the African nation, while its neighbor Kenya is on the verge of enacting a crypto regulation bill. Blockchain financial infrastructure company the Global Settlement Network (GSN) has partnered with Ugandan developer Diacente Group in an initiative to tokenize $5.5 billion of real-world assets, which also includes a CBDC pilot, the companies announced on Wednesday. It comes as Kenya’s virtual asset service providers (VASP) bill passed through the country’s parliament on Tuesday and now awaits President William Ruto’s signature to become law. Kenya’s VASP bill passed…

Anticipation is rising as Polymarket hints at a POLY token airdrop that could outshine previous records set by Pi Network and Uniswap. With over 1.35 million users and recent institutional investment at a $9 billion valuation, Polymarket’s potential airdrop is poised to make history in the crypto community.Sponsored SponsoredIs the Biggest Airdrop Yet Coming with Polymarket’s POLY Token?Speculation gained momentum after Polymarket CEO Shayne Coplan tweeted about POLY. The crypto executive’s post spurred discussions about whether the token could join the ranks of the largest crypto assets. The post signalled major ambitions for the project, with users wondering if the…