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Crypto Whale Data

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Crypto Whale Data

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  • JPMorgan rolls out GBP blockchain payments, extending EUR and USD offerings JPMorgan's blockchain division, Kinexys (formerly Onyx), has rolled out British pound-denominated blockchain deposit accounts in the U.K., marking a key expansion of its real-time settlement infrastructure following earlier euro and dollar offerings. "The new GBP-denominated blockchain accounts enable clients to conduct seamless cross-border transactions, including 24/7 foreign exchange," JPMorgan said in a statement shared with The Block on Monday. "Clients can access funds on demand with weekend processing and extended same-day FX settlements, offering enhanced flexibility, speed and efficiency." With the GBP addition, JPMorgan's corporate clients can now move funds between pounds, euros and dollars around the clock — regardless of traditional market hours. The London Stock Exchange Group's (LSEG) SwapAgent and global commodities firm Trafigura are the first clients to open GBP accounts with Kinexys. The launch comes as Kinexys continues to grow its blockchain-based services. Since its debut in 2019, the platform has processed more than $1.5 trillion in total transaction volume, with average daily activity exceeding $2 billion and payments volume growing tenfold year over year, JPMorgan said. That's still just a small fraction of the roughly $10 trillion in daily transactions that JPMorgan's payments division handles. "This is one of the first blockchain offerings of its kind in the U.K. and the first to have clients actually live, opening GBP blockchain accounts in London," a JPMorgan spokesperson told The Block. SwapAgent, LSEG's post-trade unit, is incorporating the GBP blockchain accounts into a pilot for its digital settlement services. "Integrating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future," Nathan Ondyak, CEO at SwapAgent, said in a statement. Trafigura will use the GBP accounts to enable real-time payments across financial hubs in London, New York and Singapore. The firm also plans to adopt programmable payment tools to automate liquidity management and transaction execution. Kinexys' programmable payments feature allows clients to automate treasury actions through a self-serve "if-this-then-that" interface — designed to improve cash flow efficiency and control.
  • SEC and Binance file joint motion for another 60-day pause in legal dispute The Securities and Exchange Commission and Binance, the world's largest crypto exchange, have asked the judge overseeing their legal dispute to continue keeping the case on hold as lawyers on both sides hold "productive discussions." According to a joint court filing submitted Friday, the SEC requested the pause be extended "...In light of these continued discussions and the time required for the staff to seek authorization from the [SEC] as necessary to approve any resolution or changes to the scope of this litigation." Binance's lawyers agreed that "...continuing the stay is appropriate and in the interest of judicial economy." Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia granted the parties' original request to stay the case in February, following a similar joint motion. The approval of another 60-day pause would mean the next joint status report would land in mid-June. Though some of the SEC's claims against Binance were partially dismissed by Judge Jackson last June, the majority of the claims were upheld, though it remains unclear how the changing leadership of the SEC will affect the case. Friday's filing references "discussions concerning how the efforts of the crypto task force may impact the SEC’s claims." The SEC's crypto task force is headed by Republican Commissioner Hester Pierce and has been holding roundtables with industry figures in a move towards more transparent regulation of the crypto industry. "We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime," Pierce said in February, shortly after the task force's creation.
  • US Senate Democrats condemn DOJ for dropping crypto unit, calling it 'nonsensical' U.S. Democratic Senators issued strong criticism toward U.S. Deputy Attorney General Todd Blanche in a letter on Thursday, for his decision to shift the Department of Justice away from crypto enforcement priorities and disband the crypto enforcement team. The six Democrats, including Sen. Elizabeth Warren (D-Mass.), said in the letter that the decisions giving "a free pass" to crypto money launderers are "grave mistakes" that would enable sanctions evasion, drug trafficking, scams and child sexual exploitation. Blanche, who served as President Donald Trump's defense lawyer in 2024, directed the immediate shutdown of the DOJ's crypto litigation division, in line with the current administration's friendlier approach to crypto regulation. The Thursday letter specifically took issue with Blanche's announcement that the DOJ would "no longer target" crypto exchanges and mixing services. It cited previous statements and rulings to argue that mixers are mainstays for cybercriminals, including North Korean hackers, in laundering stolen crypto assets. "Mixers are also a favorite tool of drug traffickers and those who trade child sexual abuse material," the letter said. "It makes no sense for DOJ to announce a hands-off approach to tools that are being used to support such terrible crimes." The lawmakers called Blanche's latest announcement to have the DOJ no longer prosecute digital asset crimes and Bank Secrecy Act violations "similarly nonsensical." "By abdicating DOJ’s responsibility to enforce federal criminal law when violations involve digital assets, you are suggesting that virtual currency exchanges, mixers, and other entities dealing in digital assets need not fulfill their AML/CFT obligations, creating a systemic vulnerability in the digital assets sector," the letter said. "Drug traffickers, terrorists, fraudsters, and adversaries will exploit this vulnerability on a large scale." The letter added that Blanche's decision to dismantle the National Cryptocurrency Enforcement Team (NCET) can exacerbate the problem, as it was instrumental in leading a department-wide effort to tackle crypto crimes. "Further, NCET operates as a critical resource for state and local law enforcement who often lack the technical knowledge and skill to investigate cryptocurrency related crimes," the lawmakers wrote. "Disbanding NCET will make the work of these state and local law enforcement agents that much harder." Recently, U.S. crypto firm SafeMoon cited the DOJ's directive to deprioritize crypto enforcement in an attempt to have charges against the company and its CEO dropped, which include securities violations, wire fraud and money laundering. Among moves to deregulate crypto, earlier today, Trump signed a resolution to repeal the Internal Revenue Service rule, which required "decentralized finance industry participants" to operate like traditional securities brokers, mandating that they collect and report user trading data. On Thursday, New York Attorney General Letitia James also sent a letter to Congress urging lawmakers to pass legislation on crypto regulation, mentioning in particular that a framework is "all the more critical" following the disbanding of the NCET.
  • Quantum Cats NFT floor price plunges 54% post-Taproot Wizards mint The floor price of Bitcoin NFT Quantum Cats halved in value last week, falling from 0.087 BTC on March 30 to 0.04 BTC as of Saturday, April 5. Meanwhile, the floor prices of other notable Bitcoin NFT collections remained relatively flat in comparison. For example, NodeMonkes and Bitcoin Puppets declined by just 5% and 8%, respectively, over the same period. The significant and isolated ~54% decline in Quantum Cats’ floor price is linked to the recent Taproot Wizards mint that began on March 25. Quantum Cats holders were given a discount for the Taproot Wizards mint, thus incentivizing people to buy and hold them prior to the mint. Specifically, collectors who owned pairs of "entangled" Quantum Cats were given a 50% discount on the mint price, from 0.2 BTC to 0.1 BTC. However, after the Taproot Wizards mint, those who bought and held Quantum Cats solely to access the discount no longer had the same incentive to keep the NFTs, thus prompting them to sell in a classic example of a "sell the news/event." This event has now brought Quantum Cats' floor price closer to its peers, such as NodeMonkes and Bitcoin Puppets, as opposed to the relatively significant premium it commanded from late December 2024 due to anticipation and hype of the aforementioned Taproot Wizards mint. This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
  • Taurus launches interbank digital asset network to streamline settlement, collateralization Swiss fintech firm and infrastructure provider Taurus on Wednesday launched Taurus-NETWORK, an interbank platform designed to connect financial institutions globally for seamless collaboration on digital assets. The network aims to unlock new use cases, such as collateralized lending, real-time settlement and operational automation, while reducing counterparty risk. Built for clients of Taurus-PROTECT, the company’s institutional-grade custody solution, the new network creates a permissioned ecosystem of regulated institutions, according to a release shared with The Block. It enables secure interaction between participants without relying on third parties to process or unwind transactions. "Network participants retain control of their assets and never rely on Taurus to enter or unwind transactions," Vassili Lavrov, Taurus head of product infrastructure, said in the release. The network currently includes over 35 institutions across 10 countries. It enables members to maintain full control over their digital assets while collaborating across jurisdictions in line with local regulatory requirements. Arab Bank Switzerland, Capital Union Bank, Flowdesk, ISP Group, Misyon Bank and Swissquote are joining the Taurus-NETWORK as founding members at launch. Taurus said more features and partnerships will be announced throughout 2025. The company, founded in April 2018, is a global provider of enterprise-grade digital asset infrastructure including custody, tokenization and trading services. It has relationships with institutions including Deutsche Bank, State Street and the entity formerly known as Credit Suisse, which led Taurus's $65 million Series B round before being acquired by UBS. "Taurus-NETWORK is a pivotal milestone in Taurus' mission to reshape the digital asset industry," Yann Isola, head of product financial services, said. "By bringing together institutions and facilitating secure, efficient and automated operations, we are unlocking new opportunities for growth and innovation. This is just the beginning as we are planning to release innovative solutions on a regular basis." Taurus-NETWORK introduces a collateral management system that allows members to pledge funds or assets for instant credit within the network. This enables banks to participate in syndicated loans, while exchanges can implement off-exchange trading processes without moving funds outside their Taurus-PROTECT setup. Settlement speed is optimized across both fiat and blockchain rails using an advanced orchestration engine. Compliance and regulatory checks are embedded into the platform. The Taurus-NETWORK supports automatic enforcement of the travel rule, proof-of-reserves and ownership verification, significantly reducing manual compliance workloads. The network also automates over 90% of typical operational burdens, such as identity management and address whitelisting, enabling instant transaction confirmation and cryptographic proof of identity. Participants interact directly from their own Taurus-PROTECT custody instances, regardless of infrastructure.
  • Base and stablecoins set stage for Coinbase to become ‘mission-critical’ crypto infrastructure, Cantor Fitzgerald says Traders and investors are recovering from the market onslaught over the past week. The price of bitcoin is still trading under $80,000, but the world's largest cryptocurrency has held up relatively well compared to traditional equities. Institutional crypto adoption remains stalled due to regulatory uncertainty, leaving crypto markets largely driven by retail traders and hedge funds. Analysts suggest bitcoin may be evolving into a hedge against U.S. economic isolation and could rebound faster than other risk assets. One stock poised to benefit greatly from institutional adoption, according to Cantor Fitzgerald, is Coinbase. "We believe institutionalization of crypto, like the internet, is a decade- or multi-decade-long trend, with the first barrier to enabling this trend to take off being on the regulatory front," Cantor analysts Brett Knoblauch and Thomas Shinske wrote Tuesday in a note to clients. "We expect we will soon see a 'ChatGPT' moment when it comes to web3, and there is, in our view, no better way to play this dynamic than COIN given it has its hands in virtually every aspect of the crypto ecosystem." It is for this reason that Cantor expects Coinbase's business to be perceived less like a trading platform and more as "a mission-critical infrastructure layer of the crypto economy." In particular, the analysts said, Coinbase's Ethereum Layer 2 Base and relationship with stablecoin issuer Circle are instrumental in changing the narrative. Base positions Coinbase strongly by offering faster, cheaper transactions and seamless user onboarding into onchain ecosystems, the analysis said, helping it outpace other Ethereum L2 solutions. As user growth fuels developer interest and dapp creation, Base’s momentum could drive a long-term flywheel effect that significantly benefits COIN — an edge the market may be undervaluing. The L2 saw 4.15 million new unique addresses on March 30, its highest single-day jump in users following a parabolic increase that began in the preceding two weeks, according to Basescan. However, both the transaction count and active addresses on Base remained stagnant. "This discrepancy indicates that a significant portion of the new address growth may be inorganic or at least driven by short-term incentives or bot-generated activity," according to The Block's Research team. "In cases where address generation grows rapidly without a matching uptick in actual usage, it often suggests the creation of multiple addresses by a single user or bots." Meanwhile, the largest component of subscription and services revenue is stablecoins, which generated $910 million of revenue for Coinbase in 2024, up from $694 million in 2023. Cantor says Circle and Tether will maintain a similar share of the stablecoin market well into the future and predicts the stablecoin market can exceed $1 trillion by 2030. This could result in Coinbase's stablecoin revenue increasing by 5-10x, depending on where short-term yields go. As such, the firm initiated coverage on COIN with an "overweight" rating and $245 price target, suggesting about 53% upside from the stock's current levels. "We would note that our valuation multiple represents, in our view, a 'down year' in terms of volumes, revenue, and earnings," the Cantor analysts wrote in the note. "We believe if seasonality holds true, crypto markets will be down in 2026. As such, we believe we are applying a reasonable multiple on what could be trough earnings for COIN. Should 2026 divert from historical seasonality, we see significant upside to our 2026 estimates and thus valuation." Coinbase shares are trading higher by 4% to $163.76 in Tuesday's session. The stock is down about 36% in the year-to-date period. Of note, Secretary of Commerce Secretary Howard Lutnick previously served as CEO of Cantor Fitzgerald for nearly 35 years. "Under Lutnick's leadership, Cantor Fitzgerald began managing the reserves backing Tether's USDT stablecoin in late 2021. Lutnick has been a vocal supporter of Tether, frequently defending it against criticism," The Block's RT Watson reports. "Further strengthening these ties, Cantor Fitzgerald also acquired a 5% ownership stake in Tether." As President Donald Trump’s administration continues its friendlier approach to crypto, Coinbase's CFO expressed optimism last month about renewed discussions with the SEC to potentially allow the company to introduce a security token and international crypto products to the U.S. market.
  • Crypto prices plummet, Strategy's $6 billion in Q1 unrealized losses, crypto attorney sues to uncover Satoshi Nakamoto's true identity and more It's Monday! The week started off with more of the crypto market in the red, with ether's price falling to lows not seen since 2023. It's not all looking bleak, though — we might be closer to finding out more information on Bitcoin's creator, and a high-profile crypto figure is guiding blockchain industry efforts abroad. In today's newsletter, $1.6 billion in leveraged bets evaporate as digital asset prices continue to fall, Michael Saylor's Strategy discloses around $6 billion in Q1 unrealized losses, a crypto attorney sues the Department of Homeland Security to find out more about Satoshi Nakamoto and more. Meanwhile, the stablecoin issuer Tether is deciding whether to launch a new stablecoin just for institutions. Let's get started. Crypto prices plummet as $1.6 billion in leveraged bets evaporate The crypto market experienced a sharp 10% drop on Monday, with ether falling to its lowest price point since 2023. At least $1.6 billion in leveraged crypto positions were liquidated in 24 hours, though the real figure may be higher due to incomplete exchange data. The selloff followed the announcement of historically high U.S. tariffs and related global macroeconomic uncertainty. DeFi users scrambled to protect ETH-backed loans as ether dipped below $1,500. A whale lost $106 million on a 67,570 ETH position, and even the alleged ZKasino scammer saw a $27.1 million loss on a leveraged bet. Despite the turmoil, analysts predict a potential short-term rebound driven by oversold conditions and upcoming U.S. economic data releases. Strategy discloses around $6 billion in Q1 unrealized losses Strategy reported $5.91 billion in unrealized losses on its bitcoin holdings in Q1 2025 due to a sharp market downturn driven by macroeconomic pressures. The firm paused bitcoin purchases between Mar. 31 and Apr. 4 amid zero demand for its equity offerings, MSTR and STRK. Strategy purchased 80,715 BTC at an average price of $94,922 per BTC in Q1, but the firm faced its steepest quarterly loss since 2018, when bitcoin fell 12% to $84,000. Strategy currently holds 528,185 BTC — nearly 3% of the total supply. Crypto attorney sues Homeland Security to uncover Satoshi Nakamoto's true identity Crypto lawyer James A. Murphy filed a lawsuit against the U.S. Department of Homeland Security to seek documents that could reveal the identity of Bitcoin’s creator after his FOIA requests went unanswered. Murphy, known as 'MetaLawMan' online, argues the public deserves to know what the government might know about Satoshi Nakamoto. The lawsuit references a 2019 interview in which DHS Special Agent Rana Saoud allegedly claimed to have met four individuals involved in Bitcoin's creation, suggesting potential government knowledge of Nakamoto’s identity. Murphy emphasized the importance of transparency amid growing federal interest in bitcoin. CZ joins Pakistan Crypto Council as advisor Former Binance CEO Changpeng 'CZ' Zhao has been appointed as a strategic advisor to the Pakistan Crypto Council to support crypto education, infrastructure and adoption efforts in the nation. The Pakistan Crypto Council, established by the government in March 2025, aims to position the country as a leader in blockchain innovation amid global momentum driven by U.S. crypto policy shifts. CZ stated he advises several governments on crypto regulation and blockchain use, maintaining a non-political stance and solely on crypto. Despite legal troubles in the U.S., the world's largest crypto exchange Binance recently secured $2 billion in funding from Abu Dhabi's MGX. Franklin Templeton leads $8 million seed round for stablecoin startup Cap Cap, a blockchain startup building a yield-generating stablecoin and lending platform, raised $8 million in a seed round led by Franklin Templeton. The protocol leverages Ethereum’s EigenLayer and the MegaETH Layer 2 to enable users to mint cUSD using USDC or USDT, which can then be lent out to institutions for yield while being secured by restaked ETH. Cap's model involves institutions borrowing user-supplied stablecoins in exchange for interest, though borrowers must take out a kind of "loan insurance" to protect lenders amid potential loan defaults.
  • Standard Chartered sees bitcoin as a hedge against tariff risks amid 'US isolationism' Bitcoin could benefit from rising tariff risks as signs of "U.S. isolationism" begin to shape market sentiment, according to Standard Chartered. "There is a lot of noise at the moment, but as per my Friday email, I think bitcoin will become a hedge against tariff risks this time around," Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said in a Sunday note emailed to The Block. "U.S. isolationism is akin to increased risks of holding fiat, which will ultimately benefit bitcoin," he added. The note followed bitcoin's drop below $80,000 over the weekend. Bitcoin is currently trading at around $77,000, according to The Block's bitcoin price page. Kendrick pointed to $76,500 — the top of the Nov. 6 daily candle, formed the day after the U.S. election — as a key support level. He acknowledged the market drawdown but noted that bitcoin continues to outperform most of the so-called Magnificent Seven or Mag7 tech stocks, trailing only Microsoft and Google since tariff-related headlines earlier this week. Mag7 index + bitcoin and ether percentage change since tariff announcement Source: Standard Chartered In last week's note, Kendrick said bitcoin could be viewed as a "U.S. isolation" hedge and called bitcoin the "strongman," noting it had held up better than most tech stocks during the recent selloff. The updated framing — from a general "U.S. isolation" hedge to a more specific "tariff risk" hedge — reflects Kendrick's interpretation of recent developments. He added that the recent crypto selloff would likely fade and that bitcoin could return to its Friday close of around $84,000, barring any broader risk-off moves in traditional markets. Kendrick has been among the more bullish voices on bitcoin, previously forecasting a price target of $200,000 by the end of 2025. He sees bitcoin reaching $300,000 by end-2026, $400,000 by end-2027, and $500,000 by end-2028 — a level he expects it to hold through 2029. Last week, Kendrick also initiated coverage on Layer 1 blockchain Avalanche, projecting that its native token AVAX could rise more than 10 times to $250 by the end of 2029 from its current price of around $15. The forecast was driven by Avalanche's recent Etna upgrade, which made the network cheaper and more attractive for developers. Kendrick is less bullish on Ethereum, having cut his 2025 ether price target by 60% last month to $4,000, citing factors such as Base's growing market share. Ether is currently trading at around $1,500, down more than 15% over the past 24 hours
  • Bitcoin dips below $80,000 after dropping over 3% in two hours, dragging crypto market downward The crypto market experienced a significant dip on Sunday as international markets began to open to an uncertain macroeconomic environment, sending the price of bitcoin below $80,000 for the first time since early March. The world's largest cryptocurrency fell over 3% in just two hours on Sunday; it's currently down a total of 3.4% in the past 24hours, according to The Block's Bitcoin Price page. Its rival Ethereum has fared even worse, having fallen nearly 8% in the past 24 hours. The ETHBTC ratio of the two leading tokens' prices is currently near its five-year low, according to TradingView data. The Block's GMCI 30 Index performance since the start of the month. The top 30 cryptocurrencies in total are down over 6% over the past day, according to The Block's GMCI 30 index. Year to date, the index is down over 32%. Bucking the trend, Pi Network (PI) has gained about 1.52% over the past day, and ZCash is up 0.7%, according to The Block's price data. The significant dip comes as international markets begin to open after a weekend in which U.S. President Trump made no indication that he plans to ease up on the significant tariffs he imposed on most other nations last Wednesday, triggering the worst stock performances since 2020. Injective CEO Eric Chen previously told The Block that Bitcoin may be holding up better than altcoins "...because its market structure has fundamentally changed post-ETF, with demand now coming from retirement accounts, macro funds and corporate treasuries like MicroStrategy (MSTR) and GameStop (GME)."

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