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  • Coinbase to Offer Crypto Derivatives to US Institutions After CFTC Approval

    Coinbase to Offer Crypto Derivatives to US Institutions After CFTC Approval

    The US Commodity Futures Trading Commission (CFTC) has cleared the way for Coinbase and other CFTC-registered exchanges to offer regulated access to global crypto derivatives markets.

    Coinbase Opens Access to Global Crypto Derivatives

    On Friday, Coinbase announced that its subsidiary, Coinbase Financial Markets (CFM), has become the first US-regulated Futures Commission Merchant (FCM) to provide its domestic clients with access to global crypto derivatives markets. Coinbase explained that crypto derivatives account for approximately 80% of global crypto trading volume, with options, perpetual futures, and other instruments driving the majority of that activity across international venues. However, US customers have not had regulated access to this multi-trillion-dollar market until now. As a result, some institutional clients were required to establish offshore entities to access these markets, incurring additional counterparty exposure and infrastructure costs.

    “Today that changes. Guidance issued by the CFTC positions Coinbase Financial Markets as the first CFTC-regulated FCM to connect US clients to global crypto options and perpetual futures liquidity. US clients will at long last have a fully regulated, compliant solution to access all of crypto’s largest markets,” the company stated.

    According to the announcement, US clients can now access global crypto perpetuals and options on futures without resorting to offshore workarounds through Coinbase Financial Markets, including access to Deribit, which holds over $31 billion in Bitcoin (BTC) options open interest. Coinbase Financial Markets has begun onboarding institutional clients, offering live access to Deribit options. Perpetual futures and additional collateral types are planned, with broader client access, including retail, also in the pipeline.

    CFTC Guidance Paves Regulated Path

    The announcement follows a Friday statement from the CFTC confirming the categorization of certain crypto asset perpetuals as “foreign futures,” as well as a non-action letter regarding FCM transfers of customer crypto assets to foreign brokers as margin. The Market Participants Division (MPD) confirmed in its letter that the described perpetual contracts “may be categorized as foreign futures as defined in Commission Regulation 30.1.” Additionally, the division will not recommend the Commission take enforcement action against CFM for “posting customer-owned digital commodities and payment stablecoins with CFM’s foreign broker affiliate to margin its foreign futures and foreign options positions on CFM’s affiliate foreign board of trade under circumstances where the foreign broker has obtained a right of re-use over the customer-owned assets.”

    Coinbase and its CEO, Brian Armstrong, expressed gratitude to CFTC Chairman Michael Selig and the regulatory agency for “recognizing that US customers deserve regulated access to these critical markets.”

    Simultaneously, the CFTC revealed it had issued an Order approving Kalshi to list the BTCPERP Contract, a perpetual contract referencing the spot price of Bitcoin, as a futures contract, making it the company’s first product beyond event contracts. Selig affirmed that the action to onshore crypto asset perpetuals “reflects the CFTC’s commitment to fostering responsible innovation while ensuring that these novel products are traded on regulated exchanges that uphold customer protections and market integrity.”

  • XRP Liquidity on Coinbase Seven Times Higher Than Sales

    XRP Liquidity on Coinbase Seven Times Higher Than Sales

    Traders are closely watching XRP, the cryptocurrency, following Stellar’s recent 40% weekly surge, and speculating whether the older and larger token could be next to experience significant gains. The two assets have historically moved in similar patterns, and some analysts believe the current market setup is becoming familiar.

    XRP and XLM: A Potential Correlation

    Analyst Kevin Cage noted that while Stellar (XLM) has broken out after months of sideways trading, XRP has remained range-bound. Reports suggest that if momentum builds, some traders anticipate XRP could reach the $1.76 to $2 range sometime in June.

    XRP itself has seen a 2.50% increase in the past 24 hours. However, it remains down 2.50% over the last seven days and approximately 5% over the past month. The price is currently hovering near the $1.23 to $1.30 liquidity zone on Coinbase’s spot market.

    Order Book Analysis on Coinbase

    Analyst Dom, using the handle @traderview2 on X, highlighted interesting findings from Coinbase’s XRP order book. According to Dom, a heatmap of the order book reveals a significant concentration of buy orders below the current price, while sell orders above are comparatively smaller. He estimates the difference at roughly seven times, indicating that the buy-side depth significantly outweighs the selling pressure.

    Dom emphasized that order books reflect trader intentions rather than guaranteeing price movements, but he believes the data is still significant. He cited a 2025 Bitcoin call where similar order book readings supported his bearish outlook before Bitcoin’s price fell by around 30%. This suggests that when the data aligns, it can be a reliable indicator.

    Market Sentiment and Potential Price Movement

    Adding to the discussion, reports indicate that new wallets on Hyperliquid have opened large XRP long positions using 20x leverage, with some bets reaching millions of dollars. This activity has further fueled speculation about a potential price increase.

    Dom suggests that XRP’s market structure currently favors an upward price movement. Less buying pressure would be needed to push the price higher than the selling pressure required to drive it down. Whether this plays out depends on broader market sentiment. For now, traders are monitoring both the Coinbase order book and XLM’s momentum for clues about XRP’s next move.

  • Crypto Stocks Rise After CFTC Action

    Crypto Stocks Rise After CFTC Action

    Robinhood (HOOD) and Coinbase (COIN) closed the final trading session of the week in positive territory, with Robinhood’s stock leading the gains following regulatory developments that could broaden the U.S. market for crypto derivatives. Robinhood shares surged approximately 11% on the day, closing around $94 per share, the highest level since February. Coinbase (COIN) also saw significant gains, rising nearly 7% to finish the session near $189. This price point falls within the stock’s consolidation range of roughly $160 to $215, a band it has traded within since late March.

    CFTC Fuels Rally for HOOD and COIN

    The rally for both companies was largely attributed to actions taken by the Commodity Futures Trading Commission (CFTC). On Friday, the agency announced it would permit U.S. firms to offer perpetual futures trading, potentially spurring new product launches and increased trading activity within the United States. In addition to this policy shift, the CFTC issued a no-action letter to Coinbase. This letter allows Coinbase’s U.S. customers to access the options and perpetuals the company already provides.

    The impact of the regulatory moves extended beyond Coinbase. Other U.S.-based firms, including trading platform Gemini and Robinhood, which already offers the product in Europe, have indicated they are exploring perpetuals.

    Mizuho analyst Dan Dolev characterized the opportunity as a “massive market opportunity,” adding that Coinbase and other firms could capture a share of trading activity currently concentrated in offshore venues.

    Robinhood Price Targets Increase

    Mizuho also raised its price target for Robinhood from $110 to $115. Separately, Citizens reiterated its “market outperform” rating and maintained a $155 price target.

    Contributing to the positive sentiment was Robinhood’s plan to allow users to connect artificial intelligence (AI) agents to their accounts for trading and credit card purchases.

    Robinhood also announced that customers will soon be able to instruct AI agents to trade equities in a separate account, with user-defined limits. Support for options, event contracts, futures, and other products is expected to be added later.

  • Solana Holds Key Support Amid Breakout Hopes

    Solana Holds Key Support Amid Breakout Hopes

    Solana Nears Critical Juncture as Price Defends Key Support

    Solana is approaching a crucial moment as its price struggles to maintain a multi-year support zone near $79. Following months of consolidation and repeated failed breakouts, growing signs of accumulation are fueling speculation that SOL may be poised for its next significant upward move.

    $79 Support Emerges as the Most Critical Level

    Strategist Scient identifies two critical price levels that define Solana’s macro landscape: the 2024 low at $79 and the impulsive high at $210. The $210 level is particularly significant, representing the peak of the 2021 altseason. Since then, the market has attempted to reclaim this threshold three times, each attempt resulting in rejection.

    These failed breakouts reveal a challenging multi-year structure. The second rejection, originating from the 2024 lows, initiated a year-long consolidation phase that culminated in a third failed attempt in September 2025. Following this final setback, selling pressure intensified, leading to a swift retracement to the 2024 low, where accumulation has been ongoing.

    SOL’s price action exhibits clear signs of accumulation near these historical lows, setting the stage for a potential breakout attempt. Scient notes the irony in the current setup: if SOL successfully establishes a bottom at the $80 level, it would mirror the historical support Ethereum found during its previous bear market cycle.

    The $79–$80 zone serves as the line in the sand for Solana’s structural integrity. As long as the price maintains this support, the bullish setup remains intact. However, a breach below this level could trigger a significant drawdown toward the mid-$20s. With the price currently trading above this vital support, the setup allows investors to cautiously position their bets within this critical consolidation range.

    Solana Breaks Out of Macro Downtrend

    Complementing the weekly outlook, Scient’s secondary analysis of the daily chart highlights a pivotal shift in Solana’s macro structure. The asset has decisively broken out of its long-standing macro downtrend, effectively flipping the trend to the upside. This marks a second bullish retest of this broken trendline, yielding a clean bounce that serves as textbook confirmation for technical traders.

    This bullish momentum is further validated by the volume profile, with a significant portion of the volume from previous highs having been absorbed, and current market activity showing a concentration at these levels.

    From current levels, there is little resistance leading up to the $120 mark, creating a clear path for the price. This lack of overhead supply suggests the market is positioned to move swiftly through this vacuum with minimal selling pressure. When these daily developments are synthesized with the broader weekly context, the resulting setup becomes increasingly compelling.

  • XRP Could Surge to $80 if Ripple’s Fed Account is Approved, AI Predicts.

    XRP Could Surge to $80 if Ripple’s Fed Account is Approved, AI Predicts.

    Ripple’s Potential Fed Account Approval Could Boost XRP

    Ripple’s potential approval to hold a Federal Reserve (Fed) master account could trigger a significant upward movement for XRP, according to market analyst Sam Daodu. Daodu’s recent report indicates that artificial intelligence (AI) models generally agree that XRP could experience a price increase if Ripple gains access to the Fed’s settlement infrastructure.

    A key factor driving this optimism is that direct access to the Fed would allow Ripple to settle transactions directly, bypassing the banks that currently act as intermediaries.

    Daodu suggests that this process may already be underway. He cited Kraken’s March 2026 acquisition of a master account through the Federal Reserve Bank of Kansas City as evidence that the approval pathway is no longer purely theoretical.

    XRP Price Forecasts

    Daodu shared model-driven forecasts for XRP, comparing various AI systems and their approaches to assessing catalysts and risks.

    According to Daodu, ChatGPT anticipates a measured recovery under base conditions, projecting XRP to trade between $2.50 and $3.00 by August 2026. The model also identifies $1.50 as a critical support level for the prediction to remain valid. Currently, the altcoin is trading below that level, having retraced to $1.32 per token. Daodu attributes this forecast to potential exchange-traded fund (ETF) inflows and growth in Ripple’s payment corridor. In a more bullish scenario, assuming accelerated ETF inflows and corridor growth, ChatGPT sees potential for XRP to reach $5.

    Grok’s projections are more aggressive, with a base forecast between $2.50 and $2.80, but an upper target of $10 under favorable conditions. Daodu reported that Grok links the $10 level to a scenario where Bitcoin surpasses $100,000.

    Claude’s outlook is more cautious, though still optimistic. The model’s base projection suggests XRP will remain in the $1.35 to $1.65 range for the remainder of 2026, with a 50% probability assigned to that outcome. Claude’s reasoning highlights that short-term rallies may fade without new catalysts. However, Claude’s long-term view is more constructive, with the potential for XRP to reach between $8 and $14 if ETF inflows exceed $10 billion and banking adoption accelerates. Claude emphasizes that sustained demand drivers are necessary to support such a price movement.

    Vincent Van Code’s AI forecast is the most ambitious among the models reviewed by Daodu. Instead of focusing on a single near-term target, Vincent Van Code projects a year-by-year trajectory, reaching $80 by 2032. This forecast is based on Ripple CEO Brad Garlinghouse’s projection that 30% of Ripple Treasury’s $13 trillion annual payment flow could move on-chain within five years. For 2026, the AI model targets price targets ranging from $6 to $10.

  • NYSE Parent Studies Hyperliquid’s Crypto Expertise

    NYSE Parent Studies Hyperliquid’s Crypto Expertise

    Hyperliquid, a crypto platform, has spurred interest from traditional markets, prompting discussions and scrutiny of its 24/7 trading model. Regulators are now being asked whether U.S. exchanges can offer similar perpetual futures under clear guidelines.

    ICE’s Interest in Hyperliquid

    According to Jeffrey Sprecher, founder, chairman, and CEO of Intercontinental Exchange (ICE), the company is engaging with Hyperliquid to understand its operations. Sprecher made these remarks during a fireside chat at Bernstein’s 42nd Annual Strategic Decisions Conference on Wednesday.

    “We’re not freaked out about it,” Sprecher said, referring to Hyperliquid. “We’re actually talking to these people and learning about it. They’re learning what we’re doing. We’re helping them understand our world. They’re helping us understand their world.”

    Hyperliquid allows traders to bet on price movements around the clock, outside of the traditional Wall Street system. Perpetual futures, or “perps,” are contracts that enable traders to speculate on price direction without an expiration date.

    Sprecher highlighted the question of whether regulated exchanges can offer products comparable to the perpetual futures already available on crypto platforms. ICE, which owns the New York Stock Exchange, has inquired with regulators about the restrictions preventing traditional venues from offering similar products.

    “But what we are saying to the regulators is: Can we do that?” Sprecher said. “Like, why are you prohibiting us from doing this when it’s already happening? And can’t we have a level playing field?”

    Regulatory Developments

    The gap between traditional and crypto markets is already closing. On Friday, the Commodity Futures Trading Commission (CFTC) issued an order allowing Kalshi to offer Bitcoin perpetual futures, a move that brings part of the market Sprecher described closer to regulated U.S. venues.

    Coinbase, a publicly traded U.S. crypto exchange, also announced Friday that it can now connect U.S. institutional clients to global crypto options and perpetual futures liquidity through its CFTC-regulated futures business.

    SpaceX as a Test Case

    On Wednesday, Sprecher pointed to SpaceX, Elon Musk’s rocket and satellite company, as a near-term test of whether prices formed on crypto trading venues can influence a company’s public listing.

    Market participants and regulators will be watching whether a derivative price linked to SpaceX, formed before the IPO, proves irrelevant or becomes a reference point for the listing, he added.

    Traders are already using perpetual futures to bet on SpaceX’s expected listing price months before a potential IPO, with those contracts averaging nearly $18 million in daily volume over two weeks, according to Bloomberg.

    Interest in SpaceX has also grown alongside reports that Musk has discussed folding the rocket firm together with Tesla, a move that could place more than $2.2 billion worth of Bitcoin under one corporate roof.

    Ultan Miller, CEO of private markets infrastructure firm Hecto Finance, told Decrypt that such discussions suggest price discovery for companies such as SpaceX is “increasingly happening on crypto rails” before a bank syndicate files their IPO paperwork.

    “Perpetuals are not the only tool in that shift, but they are an important signal of where marginal views on value are being expressed and hedged in real time,” Miller said. He added that regulators should focus on providing a “clear, technology neutral home onshore” for this activity to improve transparency in “notoriously opaque private markets.”

    Wall Street’s Perspective

    Fernando Lillo, marketing director at crypto trading platform Zoomex, told Decrypt that ICE’s talks with Hyperliquid demonstrate that Wall Street is taking on-chain derivatives more seriously.

    Lillo noted that access to companies such as SpaceX before they go public has long been “a venture capitalists’ and institutional elites’ game.”

    Traditional firms previously viewed crypto derivatives platforms as “unregulated shadow markets,” he said, but now, Hyperliquid highlights an “on-chain architecture validation” and “retail-driven pre-IPO markets.”

    Sprecher is making a “pragmatic” case to regulators, Lillo said: “If the demand exists and the technology works, let us host it safely in a regulated environment before we lose the market entirely to offshore entities.”

    The demand is already evident on crypto platforms. While the door to Bitcoin perps is open, products outside of it still require a “case-by-case” review process, the CFTC said.

  • Lenovo Stock Soars in May, Driven by AI Server Demand

    Lenovo Stock Soars in May, Driven by AI Server Demand

    Lenovo’s stock surged as much as 31% on Friday, bringing its gains for May to 109% – its best monthly performance since 1999.

    Shares of the world’s largest PC maker have more than doubled this month, making it the top performer on the Hang Seng Index year-to-date, with a 159% increase.

    Strong Earnings Fuel Rally

    The rally was driven by strong financial results. Lenovo’s fourth-quarter earnings showed quarterly revenue of $21.6 billion, a 27% year-on-year increase and its fastest quarterly growth rate in five years. Net profit reached $521 million, a 479% increase from $90 million a year earlier. Such a significant profit increase for a company of Lenovo’s size prompted the market to reassess its price targets.

    Infrastructure Solutions Group Drives Growth

    The company’s Infrastructure Solutions Group (ISG), which builds AI-optimized servers, storage systems, and data center products for large enterprise clients and cloud providers like Amazon, Microsoft, and Google, was a key driver of this growth. ISG posted record quarterly revenue of $5.6 billion, up 37% year-on-year, and reached $19.2 billion for the full fiscal year.

    Across the entire company, AI-related revenue grew 84% year-on-year and now accounts for 38% of Lenovo’s total quarterly sales. More than one in three dollars that Lenovo earns today is tied to AI. Goldman Sachs more than doubled its price target on Lenovo following these results.

    Dell’s Performance Further Boosts Investor Confidence

    Dell’s recent performance also contributed to investor optimism. On Thursday, Dell Technologies reported first-quarter fiscal year 2027 revenue of $43.84 billion, an 88% year-on-year increase, and raised its full-year AI server revenue guidance to $60 billion. Dell’s AI server backlog now stands at $51.3 billion. Investors responded by buying Lenovo stock.

    “AI server growth is obviously a driver, with demand now spreading from hyperscalers to enterprise for AI inferencing demand, which benefits conventional server OEMs like Lenovo and Dell,” said Bloomberg Intelligence analyst Steven Tseng.

    Shift to Enterprise Clients

    The shift in demand from hyperscalers like Amazon and Google to regular enterprise companies is a significant development. For the past two years, the AI infrastructure buildout has been concentrated around Nvidia chips and a few specialized players. Lenovo and Dell are now assembling the racks, qualifying the hardware configurations, and shipping compute-ready systems to businesses seeking AI solutions without building them from scratch.

    PC Business Remains Strong

    Lenovo’s PC business is also performing well. The Intelligent Devices Group posted $14.6 billion in fourth-quarter revenue, up 24% year-on-year, with Lenovo holding a 24.4% global PC market share – its widest lead over its nearest rival in 15 years. The AI PC wave is contributing to this success. However, server infrastructure is what significantly impacted the stock price.

    Contrasting Performance in Hong Kong Tech

    The rally is even more striking when compared to the performance of other Hong Kong tech companies. The Hang Seng Tech Index has fallen more than 15% this year, weighed down by internet platforms experiencing margin pressures due to AI hardware spending. Lenovo, on the other hand, is selling the infrastructure, not buying it.

    Ambitious Targets Set

    CEO Yuanqing Yang called fiscal year 2026 the best year in Lenovo’s 40-year history and set a target of $100 billion in annual revenue within two years. Full-year revenue reached $83.1 billion, up 20% – the first time the company has surpassed the $80 billion mark.

    ISG enters fiscal year 2027 with an AI server pipeline exceeding $21 billion in committed demand, although the speed at which Lenovo can fulfill these orders depends on securing GPU allocations from Nvidia, which remains the primary supply constraint across the server industry.

  • Coinbase Launches Global Crypto Perpetual Futures

    Coinbase Launches Global Crypto Perpetual Futures

    The Commodity Futures Trading Commission (CFTC) has authorized Coinbase to offer crypto perpetual futures, paving the way for the U.S. exchange to connect its customers to the high-stakes offshore market.

    Access to Offshore Market

    Coinbase is now effectively permitted to provide its customers access to the global crypto perpetual futures market through Deribit, an offshore crypto options exchange Coinbase acquired for $2.9 billion last year. Perpetual futures are derivative contracts without an expiration date, allowing traders to make highly leveraged bets on the future price of crypto assets using borrowed capital.

    A source familiar with the matter told Decrypt that Coinbase has yet to determine which crypto assets it will enable for perpetual futures trading. The CFTC has cleared the way for the company to offer all “digital commodity” perpetual futures contracts traded on Deribit—a category that includes markets for tokens such as Bitcoin, Ethereum, Solana, Dogecoin, and the TRUMP meme coin, among others.

    Coinbase will decide which of those assets are “fit for purpose” and “the right kind of assets” to offer U.S. customers in the form of perpetual futures, the source said.

    Risks and Rewards

    Successful bets on perpetual futures can yield significant returns for traders. However, losing bets can be quickly liquidated or forcibly closed by exchanges, potentially triggering a devastating cascade effect. Last fall, rapid price fluctuations in crypto markets wiped out $19 billion worth of crypto positions within minutes, largely due to the extent of leverage.

    CFTC’s Stance

    The CFTC has indicated for over a year its intention to regulate crypto perpetual futures, also known as “perps,” within the United States. While risky, the crypto perps market is highly lucrative. According to DeFi Llama, the past month alone saw over $588 billion in crypto perps trading volume. In contrast, the entire decentralized finance (DeFi) ecosystem saw just $160 billion in trading volume during the same period.

    On Thursday, Coinbase sent the CFTC a letter requesting a no-action letter—a guarantee that the regulator would not sue if Coinbase began offering customers access to offshore crypto perps. Less than 24 hours later, the CFTC responded with a detailed, 16-page document outlining a new policy permitting Coinbase’s requested activities.

    New Product Approval

    In addition to granting Coinbase the ability to offer offshore crypto perps on its domestic exchange, the CFTC also approved prediction market Kalshi to create its own Bitcoin perpetual futures in the United States—the first such American-born product of its kind.

    While Coinbase is the first U.S. crypto exchange to receive approval to offer U.S. customers access to the global crypto perps market, other exchanges are expected to follow suit, referencing the guidelines outlined in the CFTC’s no-action letter.

  • Wintermute Fuels Liquidity on Kalshi and Polymarket

    Wintermute Fuels Liquidity on Kalshi and Polymarket

    Wintermute, a major market maker in the cryptocurrency industry, confirmed on Friday that it is providing liquidity on prediction markets.

    The London-based firm, which claims to process over $3.5 trillion in annual trading volume, announced in a blog post that it has been actively “quoting two-sided markets across event contracts on leading venues.”

    A source familiar with the matter told Decrypt that these venues include Polymarket and Kalshi. This suggests that capital is flowing dynamically between the two platforms, a process designed to make it easier for traders to buy and sell positions without significant price fluctuations.

    Liquidity and Market Development

    In a statement, Wintermute’s Head of OTC Trading, Jake Ostrovskis, described the liquidity profile for prediction markets as being in an “early-stage,” a characteristic that contrasts with growing demand.

    “For these markets to become a reliable real-time source of probability estimates, they need sustained two-sided liquidity,” he said. “That depth tightens spreads, supports larger trade sizes, and in turn improves the signal embedded in market prices.”

    The announcement underscores a fundamental operational connection between two companies operating in an emerging market. Kalshi has repeatedly stated that its business is exclusively based in the U.S., while Polymarket’s primary venue operates offshore.

    The Role of Liquidity Providers

    Rather than betting on the outcome of an event, liquidity providers aim to facilitate trades, primarily profiting from the “spread,” or the difference in costs associated with buy and sell orders. In a casino analogy, they would be akin to card dealers rather than gamblers.

    Wintermute stated that its involvement in the prediction market space transforms the platforms from “a nice forecasting tool into a broader venue for trading event risk,” adding that providing liquidity enhances the reliability of the probabilities displayed on Polymarket and Kalshi.

    Separately, the Commodity Futures Trading Commission (CFTC) issued an order on Friday allowing Kalshi to offer perpetual futures in the U.S. that are tied to Bitcoin’s price. Last year, Wintermute CEO Evgeny Gaevoy told Bloomberg that the firm plans to place a “new added focus on the U.S.”

  • Hyperliquid Surpasses Nasdaq in Trading Volume

    Hyperliquid Surpasses Nasdaq in Trading Volume

    Hyperliquid’s Rise

    Jeff Sprecher, founder of Intercontinental Exchange and architect of the modern NYSE, stated at Bernstein’s 42nd Annual Strategic Decisions Conference that Hyperliquid, a cryptocurrency exchange, is larger than Nasdaq by volume. Sprecher noted that Hyperliquid was built by a team of only eleven people and cannot be ignored.

    Hyperliquid has attracted market participants, including traders who would typically operate in traditional markets like ICE and Nasdaq, to its blockchain platform. Sprecher highlighted the significance of Hyperliquid’s trading of crude oil perpetuals on weekends, when ICE’s markets are closed, particularly given that key price-moving events related to the Iran conflict have occurred on weekends.

    He also commented on institutional clients, stating that while most are not yet trading on blockchain, they are closely monitoring price discovery, and it is becoming part of the prevailing sentiment. Sprecher also discussed the potential impact of the SpaceX listing, suggesting that regulators and market participants will assess its relevance. He concluded that the industry will need to adapt to the 24/7, 365-day interplay of retail and professional trading.

    The market responded positively to Sprecher’s comments, with HYPE rebounding 10% overnight to $62.50.

    JPMorgan on the “Debasement Trade”

    JPMorgan analysts released a research note on Thursday arguing that the “debasement trade” is losing momentum. This trade involved buying Bitcoin and gold as hedges against inflation, geopolitical instability, and currency weakness.

    The analysts pointed to simultaneous outflows from both Bitcoin and gold ETFs over the past two weeks, along with weakening institutional positions in CME futures for both assets. JPMorgan suggested that the recent pullback may reflect growing expectations of easing tensions between the United States and Iran, leading investors to adjust their positions.

    The report suggests that geopolitical tensions are subsiding, reducing the need for hedging. However, Bitcoin’s performance as a debasement hedge during the Iran conflict was not particularly strong compared to stocks and gold.

    The true test of the debasement thesis will unfold over time as inflation continues to impact the US and global economies, which is the primary driver of the thesis, more so than geopolitical hedging.

    Standard Chartered’s Ethereum Outlook

    Standard Chartered analyst Geoffrey Kendrick published a note comparing Ethereum’s current situation to Amazon following the dot-com bubble burst, arguing that its price does not reflect the network’s improving metrics.

    Kendrick referenced Jeff Bezos’s statement during that period: “The stock is not the company. And the company is not the stock.” He noted that Amazon’s stock has increased significantly since its post-dot-com lows. Kendrick believes a similar disconnect exists for ETH.

    Standard Chartered maintained its year-end price target of $4,000 for Ethereum and $40,000 by the end of the decade. The bank’s bullish outlook is based on the dominance of DeFi and stablecoins. They forecast the stablecoin market cap to increase sevenfold to $2 trillion by 2028 and real-world assets (RWAs) to reach $2 trillion by 2028. Ethereum is expected to be the primary beneficiary of this growth, driving transaction volume and total value locked (TVL) to new highs, thus supporting higher ETH prices.

    In contrast, Polymarket bettors give only a 15% chance of ETH reaching $4,000 in 2026.

    Anthropic’s Funding Round

    Anthropic raised $65 billion in a Series H funding round at a $965 billion post-money valuation, becoming the most valuable AI company in Silicon Valley. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, each contributing over $2 billion.

    Anthropic’s valuation has more than doubled since February, increasing from $380 billion.

    The company’s revenue has surged due to its AI coding assistant, Claude Code. Annualized revenue has surpassed $47 billion, up from a $30 billion run rate earlier this year and $10 billion in annual revenue last year. Anthropic also highlighted strategic infrastructure relationships with Micron, Samsung, and SK Hynix, and expanded its computing footprint through agreements with Amazon, Google, Broadcom, and SpaceX. Anthropic simultaneously released Claude Opus 4.8.

    This could be the AI startup’s final private fundraising before entering the public markets.