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Billions in Ethereum Waiting to Be Unstaked Could Add Sell Pressure to ETH: Analyst

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In brief

  • A growing queue to unstake ETH could put sell pressure on Ethereum, according to a Bitwise analyst.
  • Ethereum’s validator exit queue hit 855,158 ETH worth roughly $3.7 billion on Friday. 
  • Ethereum’s price dipped more than 3% on Friday, shortly after the token nearly hit a new all-time high.

Ethereum holders are increasingly lining up to unstake their tokens, a trend that could put significant sell pressure on the cryptocurrency, according to one crypto expert.

The Ethereum blockchain’s validator exit queue hit 855,158 ETH on Friday—the highest it’s ever been, according to validatorqueue.com. The tokens were worth a combined $3.7 billion as of late Friday, according to data provider CoinGecko.

Staking is a process by which digital asset holders lock up their tokens to secure a blockchain network and earn rewards. Stakers may choose to unlock and reclaim their crypto amid uncertain market conditions, transferring them to comparatively risk-off assets or cashing out.

The Ethereum networks limits the amount of ETH that can be unstaked at a given time. The limit is designed to maintain network stability by preventing mass validator exits, which could disrupt the blockchain’s consensus mechanism. Currently, the queue is expected to take 15 days to clear.



The mounting queue of soon-to-be-unstaked ETH could be driving the asset’s recent retracement, Bitwise Senior Investment Strategist Juan Leon told Decrypt. The second-largest crypto asset by market cap has shed hundreds of dollars in recent days after coming close to setting a new all-time high mark.

The unstaked Ethereum queue could negatively affect ETH’s price, particularly if staked ETH trades at a discount to ETH, he explained.

“Tokens like stETH can trade at a discount. That discount reduces their value as collateral, triggering risk cuts, hedges, or even liquidations that lead to spot ETH selling,” Leon said.

He added that some trades may unwind as the unstaking queue grows, particularly if the cost to borrow ETH spikes.

When that occurs, “leveraged ‘stETH loop’ trades via liquidity pools on DeFi protocols stop being profitable,” Leon said. “Traders unwind by exiting positions and selling ETH to repay loans, creating synchronized sell pressure.”

Growing efforts to unstake ETH came shortly after the token on Thursday came within striking distance of its record price of $4,878 hit in November 2021, per data from CoinGecko. Since then, the altcoin has retraced its gains, weighed down by growing geopolitical uncertainty and a hotter-than-expected producer-price-index report from the U.S.

Despite concerns about Ethereum’s validator exit queue, Leon cautioned that a rise in ETH waiting to be unstaked doesn’t necessarily signal that the token’s price will continue to edge down.

“Unstaking doesn’t usually cause a sudden crash, but under stress it can act like a steady tap of new supply,” he said, “pressuring prices lower if it overwhelms new demand for ETH.”

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(Source: NBIM, K33 Research via X)
NFT Gaming

Brevan Howard, Goldman Sachs and Harvard Lead Billions in Bitcoin ETF Buying Spree

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Wall Street ramped up its exposure to bitcoin in the second quarter, adding positions not only in spot bitcoin exchange-traded funds (ETFs) but also in U.S. stocks closely tied to the cryptocurrency’s price, according to new filings with the Securities and Exchange Commission (SEC).

Brevan Howard nearly doubled its position in BlackRock’s iShares Bitcoin Trust (IBIT) during the second quarter, according to a securities filing. The macro-focused hedge fund held 37.9 million shares at the end of June, up from about 21.5 million in March.

The stake was worth more than $2.6 billion based on IBIT’s closing price on June 28, making Brevan Howard one of the largest reported institutional holders of IBIT alongside Goldman Sachs, which boosted its position to $3.3 billion in IBIT and Fidelity’s Wise Origin Bitcoin Trust (FBTC). The banking giant also held $489 million worth of the iShares Ethereum Trust (ETHA), according to a filing.

Goldman’s ownership of the ETFs isn’t necessarily a direct wager by its trading desk on bitcoin’s price; rather, it more likely represents positions held by Goldman Sachs Asset Management on behalf of its clients.

Brevan Howard, best known for macro trading, however, has long been active in the crypto space and operates a dedicated digital asset division called BH Digital. The unit manages billions in assets and invests in blockchain infrastructure, decentralized finance and related technologies.

Harvard, Wells Fargo and more

Other major IBIT investors include Harvard University, which reported a $1.9 billion stake in the ETF, and Abu Dhabi’s Mubadala Investment Company, which continues to hold $681 million.

In terms of U.S. banks, Wells Fargo nearly quadrupled its holdings of IBIT to $160 million, up from $26 million in the previous quarter, while maintaining a $200,000 stake in the Grayscale Bitcoin Fund (GBTC).

Cantor Fitzgerald also boosted its holdings to over $250 million while also increasing stakes in crypto-related stocks, including Strategy (MSTR), Coinbase (COIN) and Robinhood (HOOD), among others.

Trading firm Jane Street revealed holding a $1.46 billion stake in IBIT, which represents the largest single position in its portfolio after Tesla (TSLA) at $1.41 billion. It increased its stake in MSTR while reducing its holdings of FBTC.

Spot bitcoin ETFs like IBIT, which launched in January, allow investors to gain exposure to bitcoin’s price without directly holding the cryptocurrency. That structure offers traditional institutions an avenue to participate in the crypto market through familiar brokerage accounts and custodial arrangements.

Norway buys more

For some overseas entities, gaining exposure to bitcoin is easier through U.S.-listed companies that hold large amounts of BTC on their balance sheets.

That’s the approach being taken by Norway’s sovereign wealth fund, along with several other European state-backed investors, which are opting for equity stakes in crypto-adjacent firms rather than holding the crypto directly.

Norges Bank Investment Management (NBIM), the investment arm of the Norwegian central bank and the entity that manages the country’s $2 trillion pension fund, now indirectly holds 7,161 BTC, according to a new note from K33 Research. That figure is up 192% from 2,446 BTC a year ago, and up 87% from the 3,821 BTC it held at the end of 2024.

(Source: NBIM, K33 Research via X)

The largest portion of its exposure — 3,005 BTC — comes through shares in Strategy. The rest is spread across companies like Marathon Digital, Coinbase, Block, and Metaplanet. K33 also counted GME (GameStop) and several smaller holdings as contributing to the total.

Still, the exposure remains tiny in context. Norway’s fund owns stakes in thousands of companies across global markets, and the value of its bitcoin-linked investments is a fraction of its total holdings. At a current market price of $117,502 per BTC, the fund’s 7,161 BTC is worth around $841 million — or less than 0.05% of the $2 trillion portfolio.

The sharp increase over the past year may signal growing institutional comfort with the asset class, but it doesn’t represent a major strategic shift—yet.



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Crypto Trends

Massive Data Breach Hits Billions of Logins Across Google, Facebook and GitHub

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In brief

  • A major data breach has exposed sensitive information, sparking fresh concerns about cybersecurity.
  • The previously unreported data breach has exposed more than 16 billion login credentials.
  • Experts warn that poor adoption of multi-factor authentication and passkeys leaves users vulnerable.

A previously unreported data breach has exposed more than 16 billion login credentials, making it one of the largest compilations of stolen personal data ever discovered.

First reported by Cybernews, the trove of data includes credentials for widely used services, including Facebook, Google, Telegram, and GitHub, as well as access to corporate, developer, and government websites.

Researchers from Cybernews said the information likely comes from a mix of infostealer malware logs, credential stuffing databases, and previously repackaged leaks.

“This is not just a leak – it’s a blueprint for mass exploitation,” Cybernews researchers said in a statement. “With over 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing.”

Google, Facebook parent Meta, and GitHub did not immediately respond to Decrypt’s requests for comment.

An info-stealer is malicious software that secretly collects sensitive data—such as passwords, financial information, and browser activity—and sends it to cybercriminals.

Unlike keyloggers, info-stealers not only capture what a victim types but also scan systems for stored passwords, cookies, autofill data, and other exploitable information.

The researchers identified 30 datasets, each ranging from tens of millions to more than 3.5 billion records. The average dataset contained around 550 million entries.

According to Cybernews, the datasets were briefly exposed online through unsecured cloud storage. While they were quickly taken down, the exposure was enough for the datasets to be collected and analyzed.

The individuals or groups responsible for the leak have not been identified.

In a separate incident, Coinbase disclosed in May that a breach in December affected more than 69,000 customers. That same month, the crypto exchange was targeted by cybercriminals demanding a $20 million Bitcoin ransom for stolen customer data. Instead of complying, Coinbase launched a $20 million bounty to track down the attackers.

“They then tried to extort Coinbase for $20 million to cover this up. We said no,” Coinbase said in a statement at the time.

Experts warn that data breaches pose serious risks to individuals and organizations, particularly those that lack strong cybersecurity practices, such as multi-factor authentication and routine password updates.

“Not all sites force password reset upon breach discovery,” a security expert told Decrypt. “People reuse passwords all the time, or variants of them, making them easy targets.”

The expert, speaking on condition of anonymity, noted that the latest leak will most severely impact smaller websites and individual users with limited cybersecurity resources.



A Preventable Breach?

While the scale of the breach is alarming, the root cause isn’t new or particularly sophisticated, and could have limited impact on those using two-factor authentication, password managers, and passkeys as essential defenses.

“Normal users will be impacted,” the expert said. “Users with 2FA will be fine.”

Multi-factor authentication in the form of mobile apps like Google Authenticator and Microsoft Authenticator adds a critical layer of security by requiring users to verify their identity through an additional method, such as a text message code, app notification, face ID, or fingerprint.

Passkeys, a newer alternative to traditional passwords, eliminate the need for login credentials entirely by using cryptographic keys stored on a user’s device. Passkeys are “origin-bound,” meaning they only work with the specific website or service for which they were created.

Passkeys are considered more secure and less vulnerable to phishing attacks, and are being adopted by industry giants such as Google, Amazon, Apple, and Microsoft.

Edited by Sebastian Sinclair

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Digital Finance Reform Could Add Billions to Australia’s Economy, New Research Shows

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In brief

  • Digital finance innovation could contribute 1% to the country’s annual GDP, if drastically improved.
  • Foreign exchange markets represent a $4.6 billion opportunity.
  • Industry collaboration and regulatory reform could accelerate the adoption timeline, Decrypt was told.

Billions in economic gain could be achieved if Australia develops a strategic approach to innovating its digital finance sector, according to new research revealed at the Australian Digital Economy Conference held on Monday at the Gold Coast, Queensland.

Mapping specific opportunities across financial markets, the study found that foreign exchange emerged as the most significant opportunity, estimated at approximately US$4.8 billion annually, followed by cross-border payments at US$7.6 billion.

Additional opportunities span several asset classes: investment funds ($670 million), private credit ($1.34 billion), public debt ($1.07 billion), and private equity ($800 million). Even niche markets, such as carbon credits, present potential gains through tokenization and streamlined trading.

“Australia is at a key fork in the road,” Talis Putnins, chief scientist at the Digital Finance Cooperative Research Centre, said in a statement shared with Decrypt. “By working together at pace, we can choose a path that allows us to seize this opportunity and make Australia a digital finance leader.”

Still, the team acknowledges the country “isn’t currently on track to realize even half of the potential economic gains,” though it says that it has ongoing engagements with the government.

Data based on the research indicates that only around $1.8 billion per year is expected to be unlocked for economic gains by 2030, assuming the current pace continues.

The research methodology measured how blockchain technology enhances value exchange, essentially eliminating intermediaries and reducing friction in financial transactions.

When settlement happens instantly rather than over days, and costs drop from dollars to cents, entirely new economic activity becomes possible.



OKX Australia CEO Kate Cooper, meanwhile, noted the research captures just two segments currently, with “additional benefits to be gained from digital finance innovation beyond economic impact,” she said, hinting at broader applications in the final report due in November.

When asked what specific policy or regulatory changes would best boost the adoption of digital finance innovation in Australia, Cooper pointed to the need for licensing clarity and addressing the country’s debanking issues.

“Treasury’s digital asset regime is coming, but speed is everything. Clear rules will unlock capital and confidence,” Cooper told Decrypt. “Without access to basic financial rails, innovation is operating with a handbrake on.”

The research suggests Australia already possesses the foundational elements: strong financial markets and its technological capability, to become a global digital finance hub.

Still, the biggest barriers to unlocking Australia’s full US$12 billion digital finance potential include outdated infrastructure, unclear regulatory standards, and resistance from sectors such as private credit, commodities, and real estate, which are slow to adopt tokenization due to disruption and legal complexity, Cooper said.

What remains as a question, however, isn’t whether these gains are achievable, but how quickly the country could mobilize to capture them. The path forward requires coordinated action, according to DECA CEO Amy-Rose Goodey.

Already, the groundwork is being laid “for more informed, coordinated decisions as we shape the next chapter of Australia’s digital economy,” Goodey said.

Edited by Sebastian Sinclair

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Billions of stolen cookies are still for sale on the internet – here’s how to stay safe

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  • Research from NordVPN reveals 94 billion stolen cookies on the dark web
  • Only a small percentage of these are still active
  • These cookies represent serious risk for customers

New research from NordVPN has revealed cookies, the small information files generated from web servers and sent to web browsers, are being leaked and exploited on the dark web in huge numbers.

The findings calculate there to be around 94 billion cookies circulating on the dark web, with almost 42 billion of these originating from Redline, a notorious infostealer malware – although only 6.2% of these were still active, meaning they have a relatively short lifespan.

In fact, most were inactive, with only 7.2% of the 10.5 billion cookies identified from Vidar showing as valid, alongside 6.5% of LummaC2 – a newer infostealer service – which has collected a total of 8.8 billion stolen cookies. There is one outlier though, with CryptBot proving by far the most effective malware given that 83.4% of the 1.4 billion cookies stolen are still active.


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What’s inside?

This isn’t the first time NordVPN has warned that cookies are being abused, with millions of stolen UK consumers internet browser cookies leaked on the dark web in 2024, although globally the total for 2024 was 54 billion – outlining an increase year-on-year.

These cookies from the dataset contained a range of different information types, with the most common keywords being “ID” (18 billion), alongside “session” (1.2 billion), “Auth” (292 million), and “login” (61 million) – this is particularly worrying, as it suggests that they could be used “hijack live sessions without a password”. The researchers warn;

“Cookies may sound sweet, but sometimes they can leave a bad taste. The truth is, even the most seemingly unimportant cookies can do a lot of damage to you or your business. Once one door is open, it isn’t that difficult to open others. Session cookies, especially active ones, are a goldmine. They let attackers skip login pages altogether.”

That’s not all though. These cookies could allow attackers to take over social media accounts, bypass two-factor authentication, launch social engineering attacks, or even access sensitive financial information.

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