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exits

NFT Gaming

Bit Digital Exits BTC Mining to Focus Solely on ETH Staking Strategy

by admin June 25, 2025

Bit Digital (BTBT) is changing course to become a dedicated ether

staking and treasury operation, the company said Wednesday.

The New York-based firm will exit the bitcoin

mining business entirely, repurposing its assets and capital into its growing ETH strategy.

The company began building its ether position and Ethereum staking infrastructure in 2022. As of March 31, Bit Digital held 24,434.2 ETH, valued at $44.6 million, and 417.6 BTC worth $34.5 million. It plans to convert the remaining bitcoin into ether over time.

To fund the transition, Bit Digital has started a process to sell or wind down its bitcoin mining operations. Net proceeds from the divestiture will be reinvested in ether. No specific timeline was given for the sale or conversion of assets.

The announcement marks a significant pivot for a company once rooted in bitcoin mining, especially considering the incredible run BTC has been on compared to ETH. The ETH/BTC ratio is down 75% since December 2021.

However, the move isn’t a big surprise given how tough the mining industry has become since last year’s halving cut the BTC rewards for miners to half, squeezing profit margins, despite rally in bitcoin prices.

The firm has also announced that it will be selling shares to fund the purchase of more ether, and that its high-performance computing (HPC) subsidiary, WhiteFiber, has submitted a draft registration letter with the Securities and Exchange Commission with regards to going public.

BTBT is down 3.41% in after hours trading.

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June 25, 2025 0 comments

Crypto Trends

$150 Million In XRP Exits Largest Crypto Exchange Binance In 24 Hours

by admin June 11, 2025

More than $151 million worth of XRP was withdrawn from Binance on June 11, according to on-chain data from CryptoQuant.

This dramatic jump in outflows follows a much smaller $23 million recorded the previous day, hinting at a sudden and strategic move by XRP holders.

Such a rise in exchange outflows is usually an indication of increasing confidence in the digital asset. When huge quantities of a token are withdrawn from exchanges, it is a sign that those holding it are not looking to sell at that time.

Rather, it is possible that they are accumulating their XRP in cold wallets, which is sometimes a precursor to holding for long periods. What stands out the most here is the scale and timing.

The XRP outflows indicate the actions of knowledgeable investors

This is a reminder to new investors to watch out for on-chain signals. A massive withdrawal does not necessarily imply a rise in price, but it usually reflects what knowledgeable investors are doing.

It’s also a reminder of the growing role that exchange activity plays in market analysis. Exchange inflows usually indicate selling pressure.

Outflows often suggest the opposite. That’s why traders who stay ahead look at more than just charts: they track where the money is moving.

It will be interesting to see whether this is the beginning of a long-term trend or a one-off occurrence. The transfer is a useful hint to those who own XRP or are planning to, enabling them to make informed decisions. While this transfer could mean nothing, it could also indicate that smart money is already on the move.

Earlier today, VivoPower, a publicly traded company, and blockchain network Flare announced a partnership to enable the former to earn passive income with its XRP holdings.

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June 11, 2025 0 comments

GameFi Guides

Sensational Crypto Trader James Wynn Exits with $17.5M in Loss

by admin June 2, 2025

The high-profile crypto trader known for his audacious bets, James Wynn, has suffered a staggering loss of $17.5 million in the recent market uncertainty.

The pseudonymous trader captivated the crypto community with his bold strategies throughout the past few weeks, but his latest X post suggests that he might be going on a break after ‘exhausting losses.’

“Its been a fun ride. Approx $4m into $100m and then back down to a total account loss of $17,500,000,” Wynn said in his X post, “the time has come for me to return to where I came from. The place that helped carve me into the gigantic degenerate I’am today.”

I’ve decided to give perp trading a break.

Thank you @HyperliquidX for your hospitality. Your service, impeccable. Your platform exquisite.

Its been a fun ride. Approx $4m into $100m and then back down to a total account loss of $17,500,000.

The time has come for me to…

— James Wynn (@JamesWynnReal) June 2, 2025

Wynn’s saga began with a meteoric rise, with him turning a mere $7,000 investment in the Pepe meme coin into $25 million and amassing $83 million in unrealized profits at his peak. However, his aggressive leverage trading strategy proved perilous as his recent $1.25 billion Bitcoin long position on Hyperliquid forcefully liquidated when Bitcoin price dropped below $105K last week.

On-chain data from Hypurrscan reveals Wynn’s multiple liquidations on the Hyperliquid perpetual DEX, including a 527.29 BTC at $55.3 million and 421.8 BTC at $43.9 million, contributing to a total loss exceeding $100 million.

While Wynn’s trades highlighted a capacity to open billion-dollar positions, such trading strategies underscore the risks of using leverage.

Also read: Binance’s CZ: Now’s Time for a Privacy-Focused Perpetual DEX

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June 2, 2025 0 comments

Parikshit Mishra, Regional Head of Asia, CoinDesk at Consensus Hong Kong 2025.(CoinDesk)

Crypto Trends

Sandeep Nailwal Becomes Last Remaining Member of Polygon’s Founding Team as Bjelic Exits

by admin May 24, 2025

Mihailo Bjelic, one of the four co-founders of Polygon, is exiting the network.

Bjelic made the announcement on X, “After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation, and wind down my day-to-day involvement with Polygon Labs,” he said.

With Bjelic’s exit, co-founder Sandeep Nailwal becomes the last remaining member of the original founding team.

Nailwal acknowledged Bjelic’s contributions to the network and wished him luck for the future.

The layer 2 network, which was original known as Matic, was formed by Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic and Anurag Arjun.

As of writing, Polygon’s POL is down 5% in the last 24 hours, trading over 23 cents.

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May 24, 2025 0 comments

Crypto Trends

CFTC Signals Crypto Perps Could Trade in US as Commissioners Head for the Exits

by admin May 22, 2025

In brief

CFTC Commissioner Summer Mersinger said Thursday crypto perpetual futures could come to market in the U.S. “very soon.”
The approval of those derivatives contracts comes as several commissioners are preparing to leave the federal agency.
Perpetual markets generally boast greater trading volume than their spot counterparts.

Outgoing CFTC Commissioner Summer Mersinger signaled Thursday that the Commission could “very soon” greenlight crypto perpetual futures products in the U.S., despite leadership shakeups at the federal agency that risk diminishing its enforcement powers.

“I think those can come to market now, and we’re seeing some applications, and I believe we’ll have some of those products trading live very soon,” Mersinger told Bloomberg TV in an interview Thursday.

The products “will be really beneficial to the [crypto] industry broadly and to our economy here in the United States,” she added.

Perpetual futures are financial contracts in which traders speculate on the underlying value of an asset such as Bitcoin or XRP. The offerings’ proponents argue that the availability of 24/7 leveraged trading stateside could significantly bolster participation and inject more liquidity in the U.S. market. However, critics argue perpetual futures pose significant risks to investors.

Commissioner Mersinger’s comments on the likelihood of crypto perpetuals futures’ debut in the U.S. come ahead of her departure from the agency to lead the crypto lobbying group, the Blockchain Association.

She’s one of four commissioners that have signaled their intentions to depart the CFTC, as Republican Caroline Pham and Democrats Christy Goldsmith Romero and Kristin Johnson will also soon step down from their posts.

The Commission is poised to continue its work under the Trump-appointed Brian Quintenz, a pro-crypto regulator who is awaiting confirmation from the Senate. But with fewer regulators in its ranks, the federal agency may struggle to perform its duties in a timely manner, stymieing any pro-digital asset regulations reforms.

Quintenz may well be the only commissioner left, depending on when the others make their departures, at least until additional commissioners are confirmed by the Senate.

“The reduced number of commissioners could delay enforcement actions, rulemaking activity, and coordination with other financial regulators, increasing pressure on the Senate to expedite the confirmation process,” several partners of Paul Hastings, a U.S.-based law firm, said in a blog post on Thursday.

Edited by James Rubin

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May 22, 2025 0 comments

Crypto Trends

KAITO price surges as funding rate exits danger zone

by admin May 22, 2025

Kaito token price surged to its highest level since March 2 as demand for cryptocurrencies jumped.

Kaito (KAITO), a top player in the artificial intelligence and data analytics industry, rose to a high of $2.2524, up by 240% from its lowest level this year. This rally brought its market cap to $525 million and its fully diluted valuation to $2.17 billion.

Kaito token jumped as the mood in the crypto market improved, as Bitcoin (BTC) soared to a record high. This surge pushed most altcoins higher, with tokens like Cookie DAO, Haedal Protocol, Grass, and Dogwifhat soaring by over 20%.

Kaito has also jumped as more people staked their tokens. Data show that it has a staking yield of 11%, higher than popular tokens like Ethereum (ETH) and Solana (SOL).

Per Dune Analytics, there are over 15,000 stakers in the network, while the total Kaito tokens jumped to a record high of 21 million KAITO.

More data shows that Kaito made over $32.9 million in the first quarter as the number of monthly yappers rose to over 200,000. These numbers mean that the Kaito ecosystem is growing.

Kaito price also jumped as CoinGlass data shows that the weighted funding rate exited the negative zone, where it has remained since May 10. The rate rose to 0.0038%, the highest point in weeks.

Kaito funding rate | Source: Coinglass

A positive funding rate is a sign that investors anticipate that the Kaito price will be higher in the future than it is today.

Kaito price technical analysis

Kaito price chart | Source: crypto.news

The eight-hour chart shows that the Kaito token price made a strong bullish breakout on Wednesday. It moved above the important resistance level at $2.1267, the upper side of the forming bullish flag chart pattern. A bullish flag is a popular continuation sign.

It has moved above the 50-period moving average and the 61.8% Fibonacci Retracement level. It is also being supported by the Supertrend indicator, a sign that the bulls are in control.

Therefore, the path of the least resistance for the Kaito price is bullish, with the next point to watch being the all-time high of $2.92, up by 32% above the current level. A move below the support at $2 will invalidate the bullish view.

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May 22, 2025 0 comments