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Crypto Whale DataThis wallet account is Animalverse Club NFTs holder has been Verified

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Crypto Whale Data

@0x1d7a9641dcccfe07c722bede8b3c2221cc19d4caThis wallet account is Animalverse Club NFTs holder has been Verified

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  • Tether CEO predicts one trillion AI agents will use Bitcoin and USDT for transactions within 15 years Tether CEO Paolo Ardoino expects an explosion of machine-to-machine commerce and says the USDT stablecoin and Bitcoin will sit at its center. Speaking on The Block’s Big Brain podcast, Ardoino predicted that one trillion AI agents will eventually use blockchain-based assets to settle trades within 15 years. "I believe that in the future, every single AI agent will have a wallet, and it should be a self-custodial wallet. We are going to have one trillion agents in 15 years," Ardoino said, adding that it's unlikely legacy financial service providers like JPMorgan would onboard autonomous bots as customers. AI agents are autonomous software bots that will be able to interact with other machines without human oversight. Observers see these bots as vital to a maturing digital economy. Many expect AI agents to dominate online activity and to rely on cryptocurrencies as a means of exchange. Ardoino pointed to Tether’s wallet-development kit (WDK), launched last November, as a ready tool for non-custodial integration. "I don't think JPMorgan will open a bank account for any AI agent. So I think AI agents will use stablecoins and use Bitcoin to transact," Ardoino told The Block. He argued that USDT makes the most sense because traders already use it more than any other digital currency. A study last year by the U.S. Treasury Department noted that most crypto transaction volume flows through stablecoin pairs. There are over $243 billion worth of U.S. dollar-pegged stablecoins currently in circulation, The Block's data shows. More than half of that amount is dominated by Tether's USDT, with an over $155 billion market cap. Ardoino's predictions come amid a critical moment for the sector as the U.S. Congress considers two stablecoin bills, which could pass by the end of the summer. Treasury Secretary Scott Bessent said clear stablecoin rules could push the sector’s value above $2 trillion by 2028. Meanwhile, Tether has already pushed into artificial intelligence. The firm, which recently opened a headquarters in El Salvador, launched Tether Data in April 2024 to foster the development of open-source AI models. In May, the company unveiled Tether AI, which will "enable an unstoppable peer-to-peer network of billions of AI agents," Ardoino said at the time.
  • Bit Digital winds down Bitcoin mining operations, doubles down on Ethereum as latest ETH treasury play Bit Digital, the publicly traded mining and staking company founded in 2015, has announced a strategic shift to become "a pure-play" Ethereum staking and treasury company. As part of this transition, Bit Digital (ticker BTBT) said it will wind down its Bitcoin mining operations and redeploy the net proceeds into ETH. The move is part of a trend of firms launching crypto treasury strategies, which offer investors leveraged exposure to assets like BTC, ETH, and SOL. While many firms have historically held ETH on their balance sheets, there have been comparatively fewer Ethereum treasury plays — outside of Consensys founder Joe Lubin's recently announced SharpLink startup. As of the end of March, Bit Digital held 24,434.2 ETH and 417.6 BTC, valued at approximately $44.6 million and $34.5 million, respectively. It plans to convert its BTC holdings into ETH "over time." Bit Digital began accumulating and staking ETH in 2022 and "now operates one of the largest institutional Ethereum staking infrastructures globally," according to a statement. The company also offers validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance guidance. Additionally, Bit Digital has announced a public offering of its ordinary shares to fund additional ETH purchases as well as a plan to spin out its wholly-owned HPC subsidiary, WhiteFiber Inc., via a public offering. BTBT closed down 3.7%, according to The Block’s data, and was down another 6% in after-hours trading. The Nasdaq-listed stock has a $488 million market cap.
  • Bernstein raises target for 'most misunderstood' crypto firm Coinbase to $510 as shares near all-time high Analysts at research and brokerage firm Bernstein have raised their price target for Coinbase (ticker COIN) stock to $510 from $310, based on a combination of higher earnings projections, new growth drivers, and a revised valuation framework. Coinbase is the only crypto-native firm in the S&P 500 index but remains the "most misunderstood" company in Bernstein's crypto coverage, analysts led by Gautam Chhugani said in a Wednesday note to clients. Chhugani cited the exchange's diversified business lines, including leading U.S. crypto trading, providing custody services for most Bitcoin exchange-traded fund issuers, and incubating Base, Ethereum's fastest-growing Layer 2 and a key hub for tokenization like JPMorgan Chase's proposed JPMD coin. The firm will also be a key beneficiary of U.S. stablecoin and crypto market structure legislation, Chhugani said. Coinbase earns revenue from Circle's USDC stablecoin and recently agreed to purchase derivatives exchange Deribit, an indication it plans to expand its offerings globally. "The bear thesis on Coinbase has not played out," the analysts wrote. "Coinbase's market share has been persistent despite new competition. Coinbase's take rate has held, while competition such as Robinhood have moved up their take rate equivalent to Coinbase (for advanced traders which is the price-sensitive segment). Traditional brokerage competition is several months away from launch, which is an eternity on crypto timelines. And we believe, the traditional crypto brokerage launches are likely not even going to be full suite products, which Coinbase offers." The 'Amazon of crypto financial services' Bernstein updated its model following Coinbase's Q1 2025 results to reflect stronger growth, especially from derivatives, staking, and stablecoin-related revenue. It now forecasts 2025 revenue of $9.5 billion, including around $4.2 billion from non-trading sources. The analysts' 2026 and 2027 estimates have also been revised upward to $12.7 billion and $14.1 billion, respectively, reflecting rising income across both trading and non-trading segments. The analysts also predict Coinbase's earnings per share will rise to $17.92 in 2026 and $20.38 in 2027 as operating leverage boosts profitability. Bernstein's $510 price target for COIN stock is based on a 25x end-of-2027 P/E multiple — in line with peers, the analysts said. Coinbase's stock is currently up 3.6% in early trading on Wednesday at $356.83, according to The Block's COIN price page — nearing its all-time closing high of $357.39 — with Bernstein's target implying upside potential of more than 40% over the next 12 months. Gautam Chhugani maintains long positions in various cryptocurrencies. Certain affiliates of Bernstein act as market makers or liquidity providers for Coinbase stock. Bernstein has long been bullish on Coinbase, and has previously predicted COIN could see $9 billion in passive inflows as the crypto market matures.
  • Bank for International Settlements argues stablecoins fail 'three key tests' The Bank for International Settlements said that stablecoins are not money. In a report published Tuesday, the BIS, sometimes called the “central bank for central banks” claimed that fiat-pegged digital assets fail “the three key tests” that would enable them to be the backbone of the monetary system: singleness, elasticity and integrity. “It remains to be seen what role innovations like stablecoins will play in the future monetary system,” BIS authors wrote in an annual report examining the next-generation finance. “But stablecoins do not stack up well against the three desirable characteristics of sound monetary arrangements and thus cannot be the mainstay of the future monetary system.” According to the authors, stablecoins do offer some advantages — like programmability, pseudonymity, and “easy access for new users.” Further, their “technological attributes mean they can potentially offer lower costs and faster transaction speed,” particularly for cross-border payments. However, when stacked up to the gold standard of central bank issuances and the instruments issued by commercial banks and other private sector entities stablecoins may introduce risks to the global financial system by undermining governmental monetary sovereignty (sometimes through “stealth dollarisation”) as well as facilitating crime, the authors allege. While stablecoins have a clear role as an on- and off-ramp to the crypto ecosystem as well as a growing presence in countries with high inflation, capital controls or limited access to dollar accounts, these assets should not be treated like cash. Three key tests Namely, stablecoins fail the elasticity test due to their construction. Because assets like Tether’s USDT is backed by a “nominally equivalent amount of assets” any “additional issuance requires full upfront payment by holders,” which imposes a “cash-in-advance constraint." Further, unlike central bank reserves, stablecoins do not pass monetary “singleness” — where money can be issued by different banks and accepted by all without hesitation — because they are typically issued by centralized entities that may set different standards and may not always share the same settlement guarantees. "Stablecoin holdings are tagged with the name of the issuer, much like private banknotes circulating in the 19th century Free Banking era in the United States. As such, stablecoins often trade at varying exchange rates, undermining singleness," the authors write. For similar reasons, stablecoins have "significant shortcomings when it comes to promoting the integrity of the monetary system," in that not all issuers will follow standardized KYC/AML guidelines or safeguard against financial crime. Transformative tokenization Circle, the issuer of USDC, saw its stock sink over 15% on Tuesday following publication of the BIS report. CRCL shares hit a record high of $299 on Monday, up over 600% from its initial public offering price of around $32. Despite the BIS’s concerns, the organization remains bullish on the potential for tokenization, which represents a “transformative innovation” for everything from cross-border payments to securities markets. “Tokenised platforms with central bank reserves, commercial bank money and government bonds at the centre can lay the groundwork for the next-generation monetary and financial system,” the authors wrote.
  • Democratic senator introduces bill targeting Trump’s crypto ties, seeking to ban officials from endorsing crypto projects Democrat Senator Adam Schiff introduced legislation on Monday, seeking to prohibit public officials, including the president and their immediate family, from issuing or endorsing crypto assets. In a statement released Monday, the senator said that the Curbing Officials’ Income and Nondisclosure (COIN) Act aims to bar top public officials from "issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins." The proposed prohibition would cover a 180-day period before and two years after an individual's term. Schiff's move to introduce the legislation, cosponsored by nine other Democratic senators, came just a week after he voted in favor of the GENIUS Act, a landmark stablecoin bill that had previously been halted due to scrutiny over Trump's crypto interests. The bill eventually passed with bipartisan support and advanced to the House of Representatives for further consideration. However, Schiff argued that Trump's crypto ventures have sparked considerable ethical, legal, and constitutional questions regarding his exploitation of presidential power for personal enrichment. "We need far greater scrutiny of the president’s financial dealings, and to stop him and any other politician from profiting off of such schemes," he said. Trump-tied World Liberty Financial has shown great ambition in expanding in the crypto space. It launched the USD1 stablecoin in March and recently airdropped the stablecoin to wallets that participated in the sale of the project's native token WLFI. USD1 currently has a market capitalization of $2.2 billion, according to CoinGecko data. According to Trump's latest financial disclosure, he made $57.35 million from World Liberty Financial's token sales in 2024. Several other lawmakers have also proposed legislation with a similar intent to Schiff’s bill. Dem. Representative Ritchie Torres, for example, introduced a bill last month seeking to "stop presidential profiteering from crypto." With Democrats in the minority in both the Senate and the House, it may take considerable work for these bills to advance effectively.
  • Benchmark hikes Coinbase price target to $421, citing 'transformational' catalysts Coinbase shares surged more than 23% last week amid a string of bullish headlines, and at least one analyst says the rally may just be getting started. Benchmark analyst Mark Palmer is doubling down on Coinbase (ticker COIN), calling recent developments around the crypto exchange "transformational" and hiking his price target to $421 from $301. Palmer reiterated his "buy" rating, pointing to a flurry of regulatory wins and product launches that he says could drive material revenue expansion and justify a higher multiple on earnings. The move comes a week after Cantor Fitzgerald analysts reiterated an “overweight” rating on Coinbase’s stock and raised their 12-month price target to $292 from $253, citing Coinbase's evolution "from being a cyclical cryptocurrency exchange to being a mission-critical infrastructure layer of crypto." Likewise, Palmer predicts a spate of product launches and the changing regulatory environment will support a period of "long-term growth" for the largest U.S.-based exchange. "The path to a meaningfully higher price for the stock is coming into view," Palmer wrote Monday in a note to clients. His updated target reflects a 35x multiple on Coinbase’s 2026 estimated earnings per share (EPS) of $12.03 — below Robinhood’s 47.1x, which Palmer notes is often used as a comparison. Key catalysts Among the key catalysts Palmer flagged was the U.S. Senate's bipartisan passage of the GENIUS Act, which would establish a legal framework for stablecoins. Coinbase, through its longstanding partnership with USDC issuer Circle, stands to directly benefit if the bill clears the House and is signed into law — a scenario that could play out by August. Relatedly, the analyst is bullish on Coinbase’s new Payments platform for USDC. Distinct from the company’s existing Commerce offering, Payments is aimed at embedding low-cost, 24/7 stablecoin transactions directly into apps and platforms — a move Palmer called a "scalable revenue stream" aligned with pending legislation. He also highlighted Coinbase’s partnership with Nodal Clear to use USDC as collateral in regulated U.S. futures markets — which would mark a first if approved — and pointed to the potential for the CLARITY Act in the House to clear up staking regulation. Under the market structure bill, staking wouldn’t be considered a securities offering, which Palmer says could significantly boost Coinbase’s institutional staking volumes. Palmer further noted a report that Coinbase is pushing to offer tokenized equities, calling the move a potential "game changer" if approved by the Securities and Exchange Commission. Coinbase Chief Legal Officer Paul Grewal described it as a “huge priority,” and it is another way the company could compete with legacy brokerages. "Coinbase is positioning itself at the center of crypto’s next regulatory and structural evolution," Palmer said, adding that the exchange's newly secured MiCA license will enable it to operate seamlessly across all 27 EU member states and several additional jurisdictions. . Coinbases shares traded around $306.34 at publication time, according to The Block's COIN price data.
  • Hong Kong's financial secretary says upcoming stablecoin licensing offers competitive edge Hong Kong's top financial official said the city's upcoming stablecoin regulations and role as an offshore yuan center have given it a strategic advantage as the global race to regulate digital assets intensifies. Paul Chan, Hong Kong's financial secretary, said at a forum on Saturday that Hong Kong's legislature has passed a stablecoin bill that is expected to take effect on August 1 — which "will make Hong Kong one of the first jurisdictions in the world to establish a statutory regulatory framework for stablecoins." Chan also noted that the city processes 80% of global offshore yuan transactions. "Strengthening Hong Kong's role as a global offshore renminbi hub is an important responsibility in aligning with national development strategies and a unique advantage for its future financial development," he said. Chan's comments echoed the Chinese central bank's new policy announced last week. Pan Gongsheng, governor of the People's Bank of China, acknowledged that stablecoins and central bank digital currencies are reshaping global payment infrastructure. Pan also announced plans to establish an e-CNY international operation center in Shanghai to expand the Chinese yuan's global influence. Hong Kong has been at the forefront of a global race to develop stablecoin legislation. In May, Hong Kong's Legislative Council passed a stablecoin bill, establishing a licensing regime for stablecoin issuers. Meanwhile, the U.S. Senate passed the GENIUS Act, a landmark stablecoin bill, advancing it to the House for further consideration. Last year, the Hong Kong Monetary Authority, its de facto central bank, launched a sandbox for stablecoin issuers with participants including Standard Chartered Bank, Animoca Brands, Hong Kong Telecommunications, Jingdong Coinlink, and RD InnoTech. Possibility of offshore yuan-pegged stablecoins With stablecoins high on the global agenda, Jianguang Shen, Vice President of Chinese e-commerce giant JD.com, said at the Saturday forum that Hong Kong could develop stablecoins pegged to the offshore yuan, which would help the yuan secure a position in the "next generation of international currency competition," according to a report from local media outlet Wenweipo. Lo Wai-kwok, a Hong Kong lawmaker, also held a press briefing last week, urging the authorities to promote the development of stablecoins pegged to the offshore yuan, local media HKTKWW reported. Stablecoins are also emerging as a new battleground for Chinese e-commerce giants. JD Coinlink, a subsidiary of JD.com, recently tested a stablecoin pegged to the Hong Kong dollar, while Ant Group's international unit, which operates the Alipay platform, announced plans to apply for a license to issue stablecoins in Hong Kong.
  • Hacken cites 'human error' after private key leak triggers $5 million crash in $HAI value Ukrainian cybersecurity firm Hacken said "human error" was to blame for a private key leak that led to near-unlimited minting of its native $HAI token, crashing its value by around 98%. "A private key of an account with a minter role (ETH & BNB) was compromised, leading to unauthorized HAI minting and a dump on BSC DEXs," Hacken wrote on X Saturday. Hacken said the attacker got away with around $250,000, but the minting of roughly 900 million $HAI tokens on Ethereum and BNB, nearly doubling its supply, led the token to drop catastrophically in price. The token crashed by as much as 97% before recovering somewhat on Sunday. $HAI's market capitalization dropped from around $12.7 million before the incident to around $7.2 million as of Sunday evening, according to CoinGecko data. Hacken said there was no evidence of additional compromised accounts, and the team plans to publish a post-mortem after investigating the incident. "Responsibility is on me," wrote Hacken's co-founder and CEO Dyma Budorin on X. "I didn't implement multisig bridge [infrastructure] 5 years ago. I understood the risk, but delayed bridge restructuring due to not unimportant reasons." Since the deployer wallet was not compromised, the Hacken team was able to revoke control from the compromised minter accounts. Hacken teased a token swap in the future that may compensate $HAI holders, calling it "a big merge between $HAI and Hacken equity shareholders, valued at over $100M" on X. Hacken did not immediately respond to a request for comment from The Block. Hacken's own Q1 Web3 security report from April noted that access control exploits form the top current threat to the Web3 ecosystem, noting $1.6B in losses in Q1 alone. "While smart contract vulnerabilities remain a threat, most damage is now caused by failures in people, processes, or permission systems," the report states.
  • Spot Ethereum ETFs log largest outflows in one month as ETH price tumbles below $2,400 U.S. spot Ethereum ETFs saw their largest outflow since mid-May on Friday, before ether's price tumbled below $2,400 on Saturday. Spot Bitcoin ETFs, on the other hand, continued to set cumulative inflow records with a 9-day streak of net positive inflows. The Ethereum ETF outflows were led by a $19.7 million outflow from BlackRock's ETHA fund, the largest such fund on the market by assets under management (AUM). The fund still holds $4.03 billion worth of assets, a hair more than the total AUM of Grayscale's two funds — ETHE and ETH — which hold $4.02 billion combined, according to SoSoValue data. The outflows from BlackRock's fund were slightly offset by $6.6 million worth of inflows into Grayscale's ETH on Friday and $1.8 million in inflows to VanEck's ETHV fund, with an AUM of $114.8 million. The price of ETH is down about 5% over the past seven days, according to The Block's Ethereum Price page, dipping below $2,400 on Saturday afternoon. Despite the outflows, the ETH funds have logged around $840 million in cumulative net inflows since the start of the month. "The data suggests institutions remain constructive on crypto's medium-term upside, but Ethereum's catch-up phase appears to be over," BRN Lead Research Analyst Valentin Fournier told The Block recently. Bitcoin ETFs keep setting new cumulative inflow records While Ethereum funds bled, spot Bitcoin ETFs set a new cumulative inflow total high on Friday, the fifth straight day a new record has been set, according to SoSoValue data. The funds have logged $46.7 billion in cumulative net inflows. However, Friday's meager inflow of $6.4 million was the smallest inflow sum since June 6, which saw $47.8 million worth of outflows, signaling a possible reduction in demand for the BTC funds. BlackRock's IBIT, the market-leading fund, logged $46.9 million worth of inflows, while Fidelity's FBTC saw $40.6 million worth of outflows. Spot Bitcoin ETFs now account for around a quarter of global Bitcoin trading volume, The Block recently reported, though transactions on the actual Bitcoin blockchain are hitting 18-month lows. Speculative bets around Bitcoin-native protocols Runes and Ordinals have largely failed to pan out as demand cools.
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