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Crypto Platform Bullish Wins New York BitLicense, Clearing Path for U.S. Expansion

Bullish’s Beats Q2 Earnings, Sees Higher Adjusted Ebitda for Next Quarter

by admin September 17, 2025

Bullish (BLSH), the owner of CoinDesk, earnings per share beat average analyst estimates, while expecting higher adjusted Ebitda for the next quarter.

The crypto platform reported earnings per share (EPS) of $0.93 in the second quarter, beating the average analyst estimate of $0.03, according to FactSet data. Bullish also reported adjusted revenue of $57 million for the second quarter, versus estimate of $60.7 million.

Tom Farley, CEO of Bullish, said in a filing that the crypto firm experienced “exciting liquidity services growth, executed on a successful Consensus conference,” and that it is seeing “strong business momentum” in the third quarter.

The firm’s trading volume surged to $179.6 billion, up from $133.0 billion in the same quarter last year. For the next quarter, Bullish sees trading volume of $133.0 billion to $142.0 billion.

Bullish also expects $25 million to $28 million in adjusted Ebitda for the third quarter versus $8.1 million in the second quarter, according to the statement.

The report marks the company’s first quarterly report since going public on the New York Stock Exchange (NYSE) in August. BLSH’s IPO price was set at $37 a share and currently trades at $53.54, up 44% from the IPO price.

The stock was up during normal trading hours on Wednesday after the firm secured a BitLicense from the New York State Department of Financial Services. Analysts called this a crucial regulatory approval that opens the door for the firm to expand in the U.S.

The stock is up about 4.5% in post-market trading.

Crypto prices soared in the months from April to June, with bitcoin gaining 30% that quarter, making it the best-performing major asset globally. The CoinDesk20 Index, which tracks the broader market, rose 23% in the same period.

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September 17, 2025 0 comments

NFT Gaming

Bitcoin Market Shifts To Neutral As Adjusted MVRV Reads 39%

by admin August 31, 2025

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Bitcoin has entered a clear consolidation phase after breaking above its all-time highs two weeks ago, and the market is now at a critical juncture. While the rally to new records fueled optimism, the momentum has since slowed, with bulls struggling to hold key support levels. Analysts warn that if buying pressure does not strengthen soon, BTC could correct below the $105,000 mark, a level many are watching as the next decisive test.

According to fresh data from CryptoQuant, the cycle and volatility-adjusted MVRV currently stands at 39%. This metric, which compares Bitcoin’s market value relative to realized value while accounting for volatility, reflects a neutral balance between risk and reward. Historically, readings near this zone suggest the market has cooled from overheated extremes and entered a consolidation period, rather than signaling either full capitulation or euphoria.

This places Bitcoin in a delicate position. On one hand, the lack of extremes provides stability, suggesting the asset is not overextended. On the other hand, it highlights a market that is searching for direction, vulnerable to swings as liquidity shifts. With volatility persisting, the coming weeks could decide whether Bitcoin stabilizes for another leg higher or slips into its first deeper correction of the cycle.

Bitcoin Market Cools As MVRV Signals Neutral Risk

According to top analyst Axel Adler, Bitcoin’s cycle and volatility-adjusted MVRV offers a clear picture of where the market currently stands. On this metric, a reading near 100% has historically aligned with overheated extremes, often signaling euphoric tops. Conversely, a reading closer to 0% tends to correspond with complete capitulation, when investors have largely exited in panic and selling pressure exhausts itself.

Bitcoin MVRV Percentile | Source: Axel Adler

At present, the metric sits at 39%, placing Bitcoin in what Adler describes as a neutral risk/reward zone. This level is neither overly bullish nor outright bearish, and it implies that the market has cooled significantly from prior overheating. In other words, the explosive upward momentum that pushed BTC to fresh all-time highs two weeks ago has now transitioned into a phase of consolidation without extremes.

This neutrality brings both opportunity and uncertainty. On one side, the lack of overheated signals reduces the likelihood of an imminent crash fueled by speculative excess. On the other, the absence of a strong bullish signal means that Bitcoin lacks a clear catalyst to surge higher in the short term.

Adler notes that the coming weeks will be critical in shaping Bitcoin’s direction. If support holds and accumulation strengthens, BTC could stabilize before another push toward record levels. However, should bearish sentiment build, the market risks sliding below key levels such as $105,000, setting the stage for a deeper correction.

BTC Struggles Below Key Resistance

Bitcoin is currently trading around $108,845, showing signs of fragility after days of sustained selling pressure. The chart highlights how BTC has struggled to reclaim momentum following its rejection near $123,200, where a major resistance level continues to cap upside potential. Since mid-August, the price action has been marked by a clear downward trend, with lower highs and lower lows reinforcing bearish sentiment.

BTC testing fresh lows | Source: BTCUSDT chart on TradingView

The moving averages confirm this weakness. The 50, 100, and 200-period SMAs are now stacked bearishly, with the short-term averages trending below the longer-term ones. This alignment signals continued downward momentum unless bulls manage to stage a convincing rebound. For the moment, Bitcoin’s attempts to recover have been muted, and the current bounce looks more like consolidation than the start of a new uptrend.

Key support lies just above $105,000, where buyers previously stepped in to prevent deeper losses. A decisive breakdown below this level could expose Bitcoin to further downside, possibly toward the psychological $100,000 threshold. On the other hand, reclaiming the $112K–$115K zone would be critical for shifting momentum back toward the upside.

Featured image from Dall-E, chart from TradingView

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August 31, 2025 0 comments

Game Reviews

Good, the grubby paid clan plan for Vampire: The Masquerade – Bloodlines 2 is being “adjusted”

by admin August 28, 2025

Vampire: The Masquerade – Bloodlines 2 publisher Paradox appears to be rethinking its plan to charge for two of the six playable clans in the game.

Community developer DebbieElla told the Bloodlines 2 Discord community last night (spotted by ResetEra): “We are listening to your feedback about the Lasombra and Toreador clan access, and we’re making adjustments ahead of launch to reflect this. We will share more information about what this means as soon as possible.”

The comment comes a week after Paradox announced the release date for Vampire: The Masquerade – Bloodlines 2, which is 21st October, along with pricing details for the game. It was then we learned the company intended to charge £20 extra to access two clans in the game, via a Shadows and Silk content pack.

The Shadows and Silk pack can be bought alone for £18.69/€22/$22, or as part of a Premium Edition for £75/€90/$90, which also includes a cosmetic-focused Santa Monica Memories pack. For reference, the Standard Edition of the game costs £50/€60/$60.

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At a glance, this might not seem untoward. Plenty of games sell additional content at launch and bundle it with premium editions of a game. The base price of Bloodlines 2 even appears to have been adjusted because of it, so it’s cheaper than other full-priced games. But the problem comes from the content being charged for itself: the clans.

The clans in Bloodlines 2 are a core part of the game. Choosing one is equivalent to choosing your character class and therefore the playstyle you’re opting for. Clans also determine the storied group you belong to in the world and give you access to different clothing options and clan-specific non-player characters. Clans are not superfluous, cosmetic content.

What’s more, the locked Toreador and Lasombra clans are highly desirable. Toreador are a clan built around the iconic archetype of vampires as seductive, sexy beings, and come fitted with the power to enthrall their prey by, yes, kissing them. Lasombra, on the other hand, do their work in the shadows, and can manipulate shadows to tangle and hold enemies and teleport themselves. I tried both clans briefly in the Bloodlines 2 preview build I played and enjoyed them, especially Lasombra.

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Important caveat: you can access powers from another clan in Bloodlines 2, so you’re not locked to only doing things your clan offers. Every time you gain a higher tier of power, you’ll see other powers listed to the left and right of them that belong to other clans. You can unlock them but doing so is costly and complicated. You need to pay a higher skill-point cost for them as well as a price related to other ‘currencies’ in the game, which are usually earned by drinking special types of blood, and you need to find certain NPCs to teach these powers to you.

It’s a faff, in other words, so it’s more likely your experience of Bloodlines 2 will be unlocking your clan-specific powers first before branching into other clan’s abilities. Your clan choice, therefore, is an important one, and so the decision to paywall access to a third of them is notable.

The justification for doing it, as relayed by developer The Chinese Room to Rock Paper Shotgun at Gamescom, was these two clans represented content developed beyond what was originally planned for the game. The Chinese Room inherited development of Bloodlines 2 from Hardsuit Labs, remember – it didn’t originate it. So The Chinese Room’s reasoning was this was additional content developed for the game, so it would sell it as such at release. But if the content is developed during a game’s main development period, is it really additional? And if it appears alongside other content in the game, only with a padlock over it, is it really additive or withheld?

Portioning off parts of a game to be sold around release is nothing new. Paradox itself has a track record of leveraging paid-for downloadable content as a significant source of income for games it makes. It was expected, to a degree, here. But Paradox has chosen the wrong approach. Carving off core gameplay will never be an acceptable proposition, and its decision has tainted the upcoming arrival of an excruciatingly long-awaited game. Here’s hoping the “adjustments” being considered will turn this situation around.

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August 28, 2025 0 comments