Author: Michael Adeleke

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Bitwise and ProShares are pushing to launch the first-ever ETFs tied to Circle stock (CRCL), including a 2x leveraged fund and a covered call income strategy.

Asset managers Bitwise and ProShares have filed applications to launch single-stock exchange-traded funds (ETFs) tied to the performance of Circle’s publicly traded stock (CRCL). The filings represent the first ETF products of their kind to track a company deeply embedded in the digital asset ecosystem.

ETF Proposals: Leveraged Gains and Income Strategies

ProShares has proposed the Ultra CRCL ETF, a leveraged product designed to deliver 2x the daily returns of Circle’s share price. This type of ETF is designed for short-term trading and requires daily rebalancing, as holding periods that are too long can lead to performance that diverges from the intended target.

Meanwhile, Bitwise is rolling out a more income-focused strategy with its CRCL Income ETF, which will use a covered call approach. This fund seeks to generate returns by selling call options on CRCL while holding the underlying stock, which is ideal for investors prioritizing yield over aggressive growth.

Both filings await approval from the U.S. Securities and Exchange Commission (SEC) and are expected to go live on August 20, 2025, if greenlit.

Circle Stock Surges In Light of ETF Filings

Following news of the ETF filings, Circle’s stock surged by 17%, closing at $126.24. The stock had previously entered a period of consolidation after its initial public offering (IPO), but has now regained upward momentum, drawing renewed interest from both retail and institutional investors.

Much of this institutional enthusiasm is underscored by Ark Invest’s hefty $373 million allocation to Circle shares. The IPO marked a significant milestone for the fintech company, and the ETF filings are seen as a natural next step in boosting market participation and investor access.

Two new exchange-traded funds (ETFs) aim to bring stocks related to crypto into the main ETF market. These funds focus on traditional stocks, but Circle, known for its USDC stablecoin, highlights the growing connection between digital finance and traditional asset management.

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Apple, X, and Airbnb are exploring stablecoin payments to reduce fees, signaling a shift toward on-chain settlements that could transform digital transactions.

Many tech companies in Silicon Valley, including Apple, X (formerly Twitter), Airbnb, and Google, are exploring the use of stablecoins in their payment systems. This initiative aims to facilitate faster, cheaper, and more efficient payments, particularly for cross-border transactions.

A report from Fortune states that these companies are in early talks with cryptocurrency firms and payment processors, such as Stripe and Worldpay. They aim to explore how stablecoins can be integrated into their existing payment systems.

Behind the Shift: Cost, Efficiency, and Policy Tailwinds

Companies like Airbnb and X are interested in lowering credit card processing fees and improving their treasury operations. Airbnb has talked about using stablecoin for payments with Worldpay, while X is exploring the possibility of adding stablecoin features to its payments service, X Money, through a partnership with Stripe.

Google Cloud is also testing stablecoin use with PayPal’s PYUSD for some business clients. This means that payments will be made in stablecoins, even though the invoicing and accounting systems will remain unchanged.

Rich Widmann, who leads Web3 strategy at Google Cloud, stated, “This may be the most significant advancement in payments since SWIFT,” highlighting the potential impact of this change.

From Skeptical Beginnings to a Thriving, Serious Interest

Tech companies are becoming increasingly open to stablecoin technology following the Trump administration’s shift in approach to cryptocurrencies. The administration has called for less strict rules on digital assets. A key moment was Stripe’s purchase of the stablecoin startup Bridge earlier this year, which grabbed the industry’s attention.

Meta and Uber are also showing new interest. Meta is trying to restart its digital currency plans after putting them on hold. Meanwhile, Uber’s CEO, Dara Khosrowshahi, recently said the company is looking into using stablecoins for international payments.

A Parallel Push: Private Innovation vs Public CBDCs

The push for stablecoins is occurring simultaneously with governments worldwide developing Central Bank Digital Currencies (CBDCs). Experts believe that competition between private and public digital currencies could alter the way global payments are made in the future.

As on-chain assets become more popular, tech companies are attempting to lead a payments revolution that could finally reveal the true benefits of blockchain technology.

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Arkham Intelligence uncovers a strategic move involving $7.5 billion in Bitcoin, shedding light on one of the largest crypto holdings in the market.

Arkham Intelligence has revealed that it has identified 70,816 BTC, worth approximately $7.5 billion, that belongs to Strategy (previously known as MicroStrategy). This information highlights Bitcoin holdings that were not confirmed before. This discovery accounts for 87.5% of the company’s total Bitcoin assets, marking a significant milestone in institutional cryptocurrency ownership.

Arkham found that the funds traced back to several wallets, many of which used Fidelity Digital’s custody service. Although Strategy regularly reported its Bitcoin purchases to the SEC, the specific wallet addresses remained hidden. Founder Michael Saylor defended this choice for security reasons.

Arkham can track company wallets using on-chain data, which raises important questions about transparency and privacy. In an industry that values decentralization and transparency, this case demonstrates how blockchain analysis can uncover hidden information about even the most secretive companies.

The findings show two important points. First, Strategy has aggressively bought Bitcoin since 2020, reflecting growing trust among institutions in Bitcoin as a reserve asset. Second, this situation sparks ongoing debate in the crypto community. Some critics worry that such disclosures could weaken security. Others believe they are essential for making corporate players accountable in an open financial system.

Bitcoin was trading at about $107,277 when Arkham released its report. This is a slight drop from its recent high of $109,990. The price fell by more than 2% in the last 24 hours, but interest from institutions remains strong. Strategy’s holdings make up a significant part of the overall market value.

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Bitcoin’s realized cap hits a record $900 billion, signaling increased investor profit-taking and renewed market momentum.

Bitcoin is changing quickly as it reaches a new milestone. For the first time, the total value of all bitcoins, measured by the price they last sold for, has gone over $900 billion. This growth shows that investors who have held Bitcoin for a long time and those who have just bought it are starting to take profits. Currently, Bitcoin is trading close to its highest price, around $107,000.

Investor Behavior Shifts as Market Heats Up

Glassnode data shows a big increase in profit-taking. Daily realized gains have reached $747 million, and short-term holders (STHs) have locked in over $11.4 billion in profit in just the past month. This is a 71% rise in profitable supply for STHs, one of the fastest shifts in market sentiment ever seen. The STH MVRV ratio (Market Value to Realized Value) is now at 1.13, meaning most short-term participants are making a profit.

For long-term holders, the MVRV ratio has gone above 3.2, entering the “euphoria zone.” This indicates that many early Bitcoin buyers are holding coins worth more than three times what they originally paid. This often signals a potential local market top, followed by increased volatility.

Altcoins May Follow as Bitcoin Dominance Wavers

Despite Bitcoin’s rise, analysts like Michaël van de Poppe see signs that Bitcoin dominance is weakening. This could mean that investment money may soon move into altcoins. Ethereum is not performing as well, but it is showing its own strength. Its active realized price has now reached $2,900, up from $1,900. If Bitcoin goes into a period of consolidation, this could help ETH and other altcoins increase in value.

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BTCS allocates $8.4 million to Ethereum for its treasury reserves, marking a bold shift away from Bitcoin in its crypto investment strategy.

Blockchain company BTCS has changed its financial strategy by investing $8.4 million in Ethereum (ETH) instead of Bitcoin (BTC). The company bought 3,450 ETH at an average price of $2,441 each, increasing its total ETH holdings to about 12,500, which are now worth over $31 million.

BTCS CEO Charles Allen highlights that Ethereum is essential for its validator node infrastructure and for earning staking revenue. The company has also secured up to $57.8 million in a convertible note facility from ATW Partners, which is dedicated solely to buying more Ethereum. Allen compares this strategy to MicroStrategy’s focus on Bitcoin.

The company has heavily invested in Ethereum because more institutions are recognizing its usefulness in decentralized finance, staking, and smart contracts. This investment comes after Ethereum’s price recently jumped 53% in the last month, thanks to the successful Pectra upgrade that improved the network’s efficiency and scalability.

BTCS Stock Performance

BTCS’ stock has reacted positively to the news. On the day of the announcement, shares jumped over 13% to close at $2.68, and they rose another 8.5% in after-hours trading. In the past month, the stock has increased by 68%, partly due to growing confidence in its plans focused on Ethereum.

The company’s financial situation has improved, with total crypto and cash assets reaching $38.4 million, an 88% rise since the beginning of Q2. With a current ratio of over 43, BTCS shows strong short-term financial health.

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MicroStrategy (MSTR) stock declines despite adding 7,390 Bitcoin to its holdings, as investors react to mounting legal pressure from a class action lawsuit

Strategy Inc. (formerly MicroStrategy) has deepened its commitment to Bitcoin, snapping up 7,390 BTC for nearly $765 million between May 12 and May 18, 2025. This brings the firm’s total Bitcoin stash to 576,230 BTC, valued at more than $59 billion based on current market prices. 

Despite making strong efforts to buy more Bitcoin and achieving a 16.3% return on its BTC investments this year, Strategy’s stock (MSTR) fell over 2% in pre-market trading. This drop reflects investor concern due to new legal issues.

Class Action Casts Shadow Over Strategy’s BTC Bet

On the same day the acquisition was announced, the company disclosed in an SEC filing that a class action lawsuit had been filed in the Eastern District of Virginia. The lawsuit targets Michael Saylor, the executive chairman, Phong Le, the CEO, and Andrew Kang, the CFO. It claims they misled investors about how profitable and risky Strategy’s Bitcoin-focused treasury strategy would be in the long term.

A complaint has been filed under the Securities Exchange Act, saying that the executives did not properly inform shareholders about the risks of Bitcoin’s price swings and the dangers of having too much investment in it. Strategy plans to strongly contest these claims.

MSTR Slides Despite Outperformance

MSTR has performed better than Bitcoin in 2025 so far, with a year-to-date gain of 38% compared to Bitcoin’s 8%. However, the recent drop in MSTR’s stock shows that the market is sensitive to changes in regulations and legal issues. The strong link between MSTR’s stock and Bitcoin’s price continues to cause short-term fluctuations.

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The crypto market remains stable, as new data shows that US inflation has dropped by 2.3%.

This week, the crypto market strengthened due to new inflation data suggesting a slowing U.S. economy. The U.S. Bureau of Labor Statistics reported that April’s Consumer Price Index (CPI) was up 2.3% compared to last year, which is lower than the expected 2.4%. Monthly inflation increased by only 0.2%. These numbers have led to renewed talk about possible interest rate cuts from the Federal Reserve.

In April, the Producer Price Index (PPI) increased by 2.4% compared to last year, which was lower than expected. This rise was mainly due to a 0.7% drop in final demand services, indicating that wholesale prices are easing. The Consumer Price Index (CPI) and PPI reports show a general decrease in inflation across the economy.

Bitcoin gained a modest 1%, briefly reaching $103,000 before dropping slightly below that level. Ethereum stayed strong around $2,548. The total value of the cryptocurrency market remained above $3.3 trillion, backed by steady investor confidence and a strong job market.

Rate Cut Odds And Market Outlook

The Federal Reserve has not changed its interest rate policy yet, but lower inflation is pushing it to rethink its strict approach. Some analysts believe there is a 35% chance of a rate cut in July, and a 66% chance by September, which is lower than earlier predictions.

Fed Chair Jerome Powell recently said that ongoing tariff talks and global issues could impact future decisions. Still, if inflation continues to retreat and trade pressures stabilize, conditions could align for a rate reduction sooner than expected.

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Ethereum developers have implemented the Pectra upgrade, introducing major developments on the network.

Ethereum has announced the launch of its long-awaited “Pectra” upgrade, which combines the “Prague” and “Electra” improvements. This update aims to make the network faster, smarter, and more scalable. The Pectra upgrade was applied at epoch 364032 on May 7, 2025.

Key Technical Improvements

At the heart of the upgrade are three core Ethereum Improvement Proposals (EIPs, with EIP-9698 yet to be launched:

• EIP-7702 introduces smart account functionality. This means regular crypto wallets can work like smart contracts, allowing “gasless” transactions. Users can pay fees with tokens other than ETH.
• EIP-7251 raises the maximum amount validators can stake from 32 ETH to 2,048 ETH. This makes it easier for institutional validators to operate and gives them more flexibility. It also increases the time needed to join or leave the validator group.
• EIP-7691 boosts data blob capacity per block. This benefits Layer 2 (L2) networks by lowering costs and improving speed, which is crucial for Ethereum’s growth.

Why this upgrade matters

Pectra is Ethereum’s way of staying competitive against other networks. With Bitcoin becoming more popular and platforms like Solana and Base succeeding, it is important for Ethereum to keep evolving to maintain its status.

This upgrade makes Ethereum more appealing to businesses, especially those looking for better staking options and robust blockchain solutions. With the aforementioned developments, ETH has surged 2.59% with a 65.47% increase in 24-hour trading volume.

 This hints at renewed market optimism as investors anticipate ETH’s growth after such a key technical update. With ETH fluctuating between $1,760 and $1,840, a rally towards $2000 and beyond could be due soon.

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Ripple has unlocked 1 billion XRP from its escrow, raising eyebrows about its market moves. Is Circle acquisition on the cards?

On May 3, blockchain data showed that Ripple completed three separate transactions: 200 million, 300 million, and 500 million XRP sent to two wallets linked to the company. This action follows a new trend: Ripple locks 700 million XRP before starting its usual monthly release, which differs from its previous practice of locking tokens after the release.

The timing of this large-scale XRP movement is drawing market attention amid rumors that Ripple is actively attempting to acquire Circle, the company behind the USDC stablecoin. This move comes following a growing demand for stablecoins in the market.

Reports say that an initial $5 billion offer was rejected, and Ripple has reportedly raised its offer to $20 billion. Although neither company has confirmed these discussions, sources suggest that this move fits Ripple’s recent shift from plans for an IPO to expanding aggressively through acquisitions.

The market’s reaction to the news has been quiet, with XRP trading between $1.96 and $2.50. The $2.25 mark is acting as a key resistance level. Analysts say momentum indicators hint at a possible short-term dip, but the long-term outlook is still cautiously optimistic. 

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