Research
Research
Philadelphia Fed finds Bitcoin traders follow whale signals faster than Ethereum users
A Philadelphia Fed event study found broad same-direction activity among non-whale BTC wallets, while ETH's clearest response was concentrated among larger sellers.
Deals
Why Circle is spending $400M to fix the last mile holding stablecoins back from real-world payouts
How the $400M cross-border deal could finally link stablecoins directly to local bank accounts worldwide.
Exchanges
Crypto exchange recovery rules split NES holders into winners and losers after $286M exploit fallout
Binance Alpha uses two eligibility snapshots for swaps and refunds, while Kraken now supports only Ethereum-based NES.
Tokenization
Nasdaq deepens Kraken ties with proposed $100 million Payward investment
The expanded Payward relationship adds surveillance across five market categories while NETs remain a Q2 2027 target.
Macro
Treasury buys $5.2 billion of bonds as Bitcoin ETF flows stay negative
The operation supported older bonds, but rising real yields showed why market plumbing had yet to ease Bitcoin’s funding backdrop.
Derivatives
Bitcoin’s $2.24 billion Friday options expiry teased a reversal then fell to $76k again
BTC rose across three venues after Deribit settled, then finished below its starting level.
Scams
Attackers exploit fake STM32 vulnerability alert to target Trezor and BitBox holders
Trezor confirms an email-provider breach and says its wallets remain safe, while BitBox investigates a likely newsletter-provider compromise.
Stablecoins
Aave’s proposed interest rate hike threatens to crush Ethena’s most popular yield loop
The proposed curve change adds 13 to 89 basis points across a $323.8 million debt snapshot for USDe positions.
Tokenization
Binance traders just put a $2.1 trillion valuation on Anthropic before its IPO terms are even set
Anthropic's leveraged contract uses a one-billion-share denominator that can change before IPO terms create an external anchor.
AI
HIVE is making $1M a day, and almost all of it comes from Bitcoin mining not AI
HIVE's preliminary figures for Aug. 21 through Sept. 10 show GPU-cloud revenue at about $100,000 a day, while Swedish reuse remains under evaluation.
Analysis
MetaMask and Consensys split exposes the gap between Ethereum adoption and ETH demand
The wallet and infrastructure businesses are set to operate independently, while Monad products and private networks complicate the link to ETH demand.
Lending
Visa is quietly routing $2.5 billion in credit through smart contracts, and no one knows who carries the risk
Private Visa files size the loans, smart contracts collect repayment, and undisclosed terms determine who takes the first loss.
