News linked to both this project and an event.
crypto research firm K33 stated that although Bitcoin has retested its 200-day moving average around $82,000 this month and subsequently fallen by about 6%, the low near $60,000 in February this year may still represent the maximum drawdown of this cycle. K33 Research Head Vetle Lunde pointed out that unlike the bear market rallies in 2014, 2018, and 2022, this market experienced a slow recovery lasting 189 days after breaking below the 200-day moving average. Furthermore, market leverage and risk appetite have not been quickly rebuilt. Therefore, the current trend resembles a moderate correction rather than a precursor to another sharp decline.K33 also noted that institutional fund flows still reflect a defensive sentiment. The latest 13F filings show that institutional investors reduced their holdings by a total of approximately 26,733 BTC in the first quarter, while retail investors increased their holdings by about 19,395 BTC. Neutral strategy institutions like Jane Street and Millennium accounted for most of this reduction. Additionally, Bitcoin ETFs recently recorded the ninth-largest five-day capital outflow since the launch of U.S. spot ETFs. K33 believes this typically occurs when BTC is near the cost basis of ETF holdings, reflecting investors' tendency to cut losses or reduce risk exposure after experiencing significant drawdowns. (The Block)
According to CoinDesk, newly unsealed court documents allege that Jane Street, a major Wall Street quantitative trading firm, obtained non-public internal information from Terraform Labs via a private Telegram group named “Bryce’s Secret” prior to the 2022 Terra collapse. The firm is accused of selling approximately $192 million worth of UST in advance and establishing short positions, thereby profiting roughly $134 million amid the collapse of the Terra ecosystem—valued at approximately $40 billion. The complaint states that on May 7, 2022—just nine minutes after Terraform withdrew $150 million in liquidity from the Curve pool—Jane Street sold around $85 million worth of UST on Curve. The associated wallet was subsequently suspected of being a key address contributing to UST’s de-pegging. However, Jane Street denies these allegations, calling the lawsuit “baseless,” and states it will vigorously defend itself.
According to The Block, three Wall Street firms—Benchmark, TD Cowen, and Mizuho—maintained “Buy” ratings on four crypto-related companies—Bitdeer, DeFi Technologies, Strive, and Gemini—on Monday, noting that the market continues to value these platforms, which have pivoted toward AI infrastructure, capital markets tools, and structured financial products, using trading-business valuation multiples. Benchmark analysts reiterated their “Buy” rating on Bitdeer and $27 price target, highlighting its global power asset portfolio of approximately 3.0 GW and the growth of its AI cloud business’s annual recurring revenue—from roughly $10 million at the end of January to approximately $69 million by the end of April. TD Cowen raised its price target for Strive to $30, forecasting a 26.1% Bitcoin yield for the company in 2026. Mizuho maintained its “Outperform” rating on Gemini but lowered its price target from $12 to $10, noting that although Q1 trading volume declined by over 50%, trading revenue remained largely flat—reflecting higher fee rates and an optimized revenue mix.
Odaily reports, State Street, in partnership with Galaxy, has launched the on-chain liquidity fund SWEEP, allowing investors to "one-click transfer" stablecoins into yield-generating tokenized assets for 24/7 on-chain cash management.The fund will initially be deployed on Solana, with future plans to expand to Stellar and Ethereum, and integrate infrastructure such as Chainlink.Targeting qualified investors, SWEEP is positioned similarly to products like BlackRock's BUIDL, offering U.S. Treasury-like yields through an on-chain structure. It represents the latest exploration in the convergence of traditional asset management and blockchain technology.
SpaceX is about to launch a massive initial public offering (IPO), sparking intensive interest from major Wall Street funds. According to reports, about a week ago, a private jet emblazoned with the SpaceX logo carried nearly 200 investors from major Wall Street funds to Texas to attend a multi-day roadshow briefing held by SpaceX executives. Due to overwhelming subscription demand, the plane could not even accommodate all interested investors. As the listing of this company, composed of Musk's rocket and AI businesses, draws near, Wall Street may be discussing which tech stocks to sell in order to free up capital for subscribing to SpaceX shares, which is expected to trigger a sell-off in tech stocks worth tens of billions of dollars. (The Information)
Galaxy Digital released its first-quarter 2026 financial results, reporting a net loss of $216 million and a diluted loss per share of $0.49. The primary driver was the broad downturn in cryptocurrency markets during the quarter, with total crypto market capitalization shrinking by approximately 20%. Its crypto asset holdings declined from $1.67 billion in Q4 2025 to $1.36 billion. As of the end of March, its largest crypto holding was 6,894 BTC (approximately $431 million), followed by $61 million worth of SOL and $42 million worth of ETH. Despite the pressure on earnings, Galaxy Digital’s AI infrastructure business is progressing smoothly: the company confirmed delivery of its first data center facility to CoreWeave and expects to fulfill its full commitment of 133 megawatts of AI/IT infrastructure by the end of Q2. Boosted by this news, the company’s stock (NASDAQ: GLXY) rose 5% intraday—a move that diverged from Bitcoin’s concurrent decline. Wall Street analysts currently assign GLXY an aggregate rating of “Moderate Buy,” with a consensus target price of $39.40—implying roughly 50% upside from its share price of $26.30 at the time of writing.
According to Arkham data, a suspected Block Street team address has transferred tokens to a Bybit deposit address (0xEcB8...0D51) over the past two hours, with a cumulative transfer of 5 million BSB tokens, valued at approximately $3,653,400. The tokens in this sending address previously originated from the BSB team's multi-signature address.Currently, the circulating supply of BSB is 207.75 million tokens, and the total amount received by this address accounts for approximately 2.41% of the circulating supply. BSB is currently trading at $0.7595, down 9.11% in the past 24 hours, with a circulating market cap of approximately $157.8 million.
Odaily News Wall Street investment bank Jefferies' analysis indicates that the approximately $293 million attack on Kelp DAO on April 18 exposed critical infrastructure risks, which may prompt traditional financial institutions to reassess the pace of blockchain and tokenization advancement.Jefferies believes the attacker triggered market sell-offs and liquidity stress by minting unbacked tokens and borrowing across platforms. The incident is suspected to be potentially linked to the Lazarus Group and also highlights the single point of failure in the validation mechanisms of cross-chain bridges. As institutions accelerate the tokenization of assets (such as funds, bonds, and deposits), related risks may cause some banks and asset management firms to temporarily pause deployments, prioritizing a review of system security. Especially in scenarios reliant on cross-chain infrastructure, security vulnerabilities could lead to market fragmentation, undermining the practical utility of tokenized assets.Despite short-term confidence being shaken, Jefferies still emphasizes that the long-term trend remains unchanged. Against the backdrop of regulatory progress and continuous infrastructure improvement, use cases like stablecoins still hold growth potential. However, the industry as a whole is still in its early development stage and requires time to enhance system robustness. (CoinDesk)
Odaily News SpaceX will hold a three-day closed-door analyst meeting in the United States this week to present its business and strategy to Wall Street institutions in preparation for a potential IPO. Informed sources stated that the company aims to raise approximately $75 billion, with a valuation potentially reaching $1.75 trillion, and plans to go public as early as June.The meeting will cover SpaceX's Starbase launch site in Texas and its data center project in Tennessee. Participating analysts are required to surrender electronic devices to ensure information confidentiality. This roadshow is a key part of the IPO process, and subsequent model explanation meetings will be held to further disclose financial and growth expectations.Furthermore, the company plans to reserve approximately 30% of its shares for retail investors and expand into global markets. Several Wall Street investment banks have already participated in underwriting arrangements. (Reuters)