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Bitcoin Is Leaving Exchanges in Batches of $10M or More: Van Straten

Institutional appetite for bitcoin has grown since Donald Trump won the U.S. election back in November.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is fighting a big milestone trying to sustain a $2 trillion market cap and a $100,000 price.

Once bitcoin has conclusively overcome these milestones, there may be clear skies ahead. Bitcoin has rallied over $30,000, since Donald Trump won the U.S. election in November, which coincided with many coins leaving exchanges, but primarily BTC leaving in large chunks.

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Glassnode data shows that transactions worth more than $10 million of bitcoin have been leaving exchanges at a rapid rate which signals aggressive buying from an institutional level. Many of these transactions appear to be coming from the exchange Coinbase, which is why we have noticed a Coinbase premium in recent weeks.

As of yesterday, almost 12,500 BTC ($1.3 billion) left exchanges, with roughly half of this amount leaving Coinbase, according to Glassnode data.

Since the U.S. election, Glassnode data reports that roughly 200,000 BTC have left exchanges, which leaves roughly 2.8 million BTC on exchanges which is the lowest amount in the past seven years.

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Power-Hungry AI Fuels Crypto VC’s Bet on Tokenized Uranium Startup

Portal Ventures wrote the lead check in Uranium Digital’s $1.7 million round.

The power-hungry AI revolution is already spiking global demand for energy. That’s putting a bigger focus on nuclear energy, and with it — according to one venture capital company — the need for better ways to trade the fuel that makes fission possible.

For crypto-focused VC firm Portal Ventures, the answer was downright radioactive. The firm is leading a $1.7 million round in Uranium Digital, a startup that tokenizes uranium ore for easier trading than was ever possible in the highly regulated metal’s surprisingly underfinancialized market.

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A “major nuclear renaissance from AI” is afoot, predicted Portal Ventures General Partner Catrina Wang. Her firm wrote the biggest check for Uranium Digital after concluding the startup was using crypto rails to more effectively tap into a “latent market.”

Uranium Digital isn’t the only effort to shake up the tightly controlled market for the most critical component of nuclear fuel. Just last week a separate startup started selling exposure to yellowcake (a form of powdered uranium) atop the Tezos blockchain.

According to Uranium Digital’s founder Alex Dolesky, his firm is the best-positioned to get the job done. He realized trading commodities years ago that, perplexingly, this commodity didn’t have a mature and robust market on par with gold, silver and other metals. Because of its tight controls, it traded solely in opaque deals across OTC desks manned by institutional players — inaccessible to retail traders.

Enter tokenization. Tokens alone can’t power a nuclear reactor. But Uranium Digital represents yellowcake with tokens that anyone can trade. To keep things kosher the underlying metal sits in storage, inaccessible to anyone but buyers with the right licensure to claim physical settlement.

“What we’re creating is the first vector where you have an actual functioning commodity contract underlying spot uranium, and a vector where both retail and institutional volume can converge,” Dolesky said.

He said the increased participation will be a boon for efficiency and price discovery.

This is where Uranium Digital differs from many of the crypto startups that CoinDesk covers in 2024. It isn’t going to issue its own “token” to represent decentralized governance, or whatever. Instead, it’s a pure-play blockchain-as-a-solution company.

“Its kind of a traditional VC equity-style play in the way that value accretes,” Dolesky said.

For his part, Dolesky is playing the AI bet a bit more conservatively than his startup’s biggest backer. He says that uranium trading is at such an early stage that “we first need to establish a financialized market.”

But he’s well aware that the Microsofts, Googles and other tech majors of the world are leaning into an AI future that will, inevitably, need massive amounts of power that nuclear power is well-equipped to deliver.

“They need uranium for reactors and we want to be part of the procurement solution,” he said.

Ethereum’s Ether Headed to $5K as Activity, Institutional Demand Grows

“According to ETH’s realized price—the average price at which holders purchased their ETH—the current upper limit for ETH’s price stands around $5.2k,” CryptoQuant said.

Investor demand, onchain metrics and network activity are setting up ether (ETH) to reach a $5,000 level for the first time, CryptoQuant analysts said in a report.

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Ether spot ETFs posted a 13-day inflow streak on Wednesday to reach nearly $2 billion in cumulative net inflows. The funds attracted their first billion from July to early December, but SoSoValue data shows that they needed only five trading days to capture the next billion.

Total daily transactions hovered around the 6.5 million to 7.5 million level in the past few months, compared to about 5 million through 2023, indicative of higher network activity.

Meanwhile, the total supply of ETH has reached its highest level since April 2023, but the amount of ETH burned via fees has been growing since September. The total supply of ETH has reached 120 million, marking the highest level since April 2023.

Burns refers to permanently removing tokens from circulating supply by sending them to a wallet that no one controls. As the network sees higher activity and demand, the burn rate increases, limiting the growth of ETH supply and creating deflationary pressure.

Higher network activity on Ethereum signifies increased usage and demand for the network’s capabilities, reflecting the growing adoption of decentralized applications. Moreover, it leads to greater ETH burned via transaction fees, which can create deflationary pressure on the total ETH supply, as the burn rate can outpace issuance during periods of high activity.

These factors cumulatively set up ETH to retake its all-time highs from 2021 and beyond.

“ETH could be heading above $5k if current demand and supply dynamics continue,” CryptoQuant said. “According to ETH’s realized price—the average price at which holders purchased their ETH—the current upper limit for ETH’s price stands around $5.2k.”

“This upper limit marked the top for ETH in the 2021 bull run. However, as new market participants buy ETH at higher prices, this upper price band continues to rise,” they added.

The recent surge in Ethereum’s price has significantly increased the total value of assets locked within its ecosystem, reaching $77 billion on Thursday, the highest level since January 2022.

The lion’s share of these assets is managed by just three key applications: Lido, which dominates with over $38 billion in staked ether, making it the largest liquid staking protocol; Aave, with $19 billion spread across various assets, functioning as a lending platform; and EigenLayer, a restaking platform, holding $18 billion.

The Ethereum network has witnessed a notable uptick in several key metrics in November. There’s been an increase in revenue, transaction fees, new wallet creations, and on-chain volume, all indicating heightened activity when compared to the quieter months from May to September, as a CoinDesk analysis previously noted.

Ether largely underperformed bitcoin and other major tokens since 2022 but saw a return in bullish sentiment after Donald Trump won the U.S. presidential elections in November, rekindling hopes for a DeFi bull run among investors.

Trump’s campaign has signaled a potential softening of regulatory pressures on cryptocurrencies, which could ease operations for DeFi platforms within the country. This anticipation has been a catalyst for increased demand for ETH and has propelled the growth of major DeFi tokens since early November.

Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain

The sale follows shortly after the Avalanche9000 upgrade went live in a testnet environment.

Avalanche, the layer-1 blockchain that is upgrading its technology platform, has raised $250 million in a token sale led by Galaxy Digital, Dragonfly and ParaFi Capital.

More than 40 investment firms participated in the deal.

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The sale follows the project’s Avalanche9000 upgrade went live in a testnet environment. The overhaul aims to make it cheaper to conduct transactions and run validators on the network, with the goal of making it easier to build apps on Avalanche. The upgrade cuts deployment costs by 99%, according to an announcement on Thursday.

AVAX, the native token of Avalanche, has climbed 4.95% since the token sale was announced. It up 9.6% in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), is 2.48% higher in that time.

Avalanche is the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

Ranger Finance Targets Crypto Perps Traders of ‘Size’ on Solana

Solana’s first crypto perpetuals aggregators service wants to compete with market leader Hyperliquid.

Solana’s nearly $500 million decentralized finance (DeFi) derivatives market is getting a new participant, one that’s looking to take a slice of all the other venues’ pies.

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Ranger Finance is an aggregator service that wants to be for perpetual futures what Jupiter is to spot swaps: Solana traders’ de-facto homepage for an entire category of on-chain trading.

“We want the Solana ecosystem to compete with your massive decentralized exchange (DEX) players — Hyperliquid, dYdX, Vertex — and currently the best way to do that is via aggregation,” said Ranger co-founder Barrett, a DeFi veteran who also runs the biannual mtnDAO hacker house in Salt Lake City.

Perps (futures contracts that don’t expire) are key drivers of DeFi activity. Most blockchains have their top venue, and Solana, with Jupiter’s perps service, is no exception. But traders seeking to place orders of “significant size” may not be able to find their fill on a single service, Barrett said in an interview.

That’s where the aggregator comes into play. It scans the market across multiple venues and routes orders accordingly, Barrett said. To start, Ranger will plug into Jupiter and the smaller Flash protocol but it plans to add Drift, Zeta and others.

“We are a blue ocean, because there’s no competition” on Solana for aggregating perps, Barrett said.

Ranger’s eight-person team also includes the pseudonymous FA2, a co-founder of block explorer SolanaFM, and Coby Lim, who leads the OTC spot trading desk for Blockchain.com.

Lim said Ranger is going to build additional tooling and trading capacities that institutional investors expect. For now, it’s sticking with the fee-based perps aggregator.

Another plan: Ranger’s own crypto. Barrett, an avowedly pro-token founder, said “there will be a token” when asked if the protocol has plans for community governance. He didn’t elaborate on the token’s relation to governance beyond that.

Still, it’s unlikely Ranger will treat tokens like votes and their holders as voters, as nearly every other community-governed crypto project does. Instead, the tokens might sooner have a role to play in futarchy, the markets-based governance model that was pioneered at mtnDAO.

Barrett said Ranger will aggressively embrace futarchy when the platform inevitably moves to decentralized governance.

“Where futarchy really excels is making sure an organization is moving and implementing in the right direction,” Barrett said.

Michael Sonnenshein, Ex-Grayscale CEO, Joins Tokenization Firm Securitize as COO

Sonnenshein left asset management firm Grayscale, issuer of spot bitcoin and ether ETFs, earlier this year.

Real-world asset tokenization firm Securitize appointed Michael Sonnenshein, formerly CEO of asset management company Grayscale Investments, as chief operating officer.

“There is massive demand for tokenization, and I am thrilled to join Securitize at such a pivotal moment for the company and the industry,” Sonnenshein said in a Thursday statement. His appointment started on Dec. 9.

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Tokenization is a booming sector at the intersection of digital assets and traditional finance. The process involves representing financial instruments like bonds, credit, commodities and other real-world assets on the blockchain in pursuit of operational efficiency, speedier settlements and cheaper transactions.

Securitize is a key service provider and marketplace in the field, with over $1 billion worth of tokenized instruments on its platform. The company jointly manages asset management behemoth BlackRock’s tokenized money market fund BUIDL. BlackRock also invested in Securitize.

“Michael is a trailblazer whose strategic vision and ability to navigate complex regulatory landscapes have helped pave the way for establishing digital assets as a mainstream investment class,” Carlos Domingo, CEO and co-founder of Securitize, said in a statement.

Sonnenshein’s appointment followed his departure earlier this year from Grayscale, where he had served as CEO since 2021. During his tenure, the company was one of the firms to have a spot-based bitcoin ETF approved to list in the U.S. in January. Grayscale had taken the Securities and Exchange Commission (SEC) to court over the regulator’s repeated refusal to allow it to convert its flagship, closed-end fund Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.

Sonnenshein also joined Aptos Labs, developer organization of layer-1 blockchain Aptos (APT), as an adviser last month.

Activist Investor Starboard Has Built Stake in Bitcoin Miner Riot: WSJ

Starboard is reportedly pushing the miner to convert some of its mining sites into data centers.

Activist investor Starboard Value has made a large investment in bitcoin miner Riot Platforms (RIOT) and is pushing for changes in the company’s business model, The Wall Street Journal reported, citing people familiar with the matter.

Starboard has been pushing Riot to convert some of its bitcoin mining sites into data centers that can host machines to enable high-performance computing (HPC) for big tech companies, according to the story. Riot is currently a “pure-play” bitcoin miner that gets its revenue only from mining bitcoin, as opposed to some other peers, such as Core Scientific (CORZ), which has dedicated a significant amount of its facilities to HPC and artificial intelligence computing.

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“Riot regularly speaks with our shareholders and values their feedback,” a spokesperson for the firm told CoinDesk in an emailed statement. “We have engaged with Starboard on multiple occasions and welcome their input on the company. We are committed to creating value for all shareholders, and we look forward to constructive dialogue with Starboard on ways to achieve this shared goal.”

For many years, publicly traded mining companies were considered one of the main ways for institutional investors to get exposure to bitcoin. This was good for their stock prices, which soared during the 2020-21 bull market. The 2022 crypto winter, though, decimated the sector and most of the names haven’t come anywhere close to recovering the previous bull market highs even though bitcoin has soared past $100,000.

The industry has faced an intense profit squeeze following the bitcoin halving earlier this year (which slashed mining profitability), leading some miners to look for ways to diversify their revenue sources. Still, nothing was a game change until Core Scientific signed a multi-billion dollar deal with a hyperscaler— a firm operating large-scale data centers for cloud computing and AI. This changed the sentiment and brought large investors back into the sector.

However, some firms, including Riot, remained pure-play miners, largely ignoring the trend of turning some of their sites into HPC computing. This, in turn, led to their underperformance relative to others in the industry. Starboard’s move would mark the first time a traditional activist investor is taking a position in a publicly traded miner to push them to diversify their revenue into data centers.

Riot hasn’t been completely opposed to this trend, as its CEO Jason Les has said that the company has been considering deals with these large tech companies. However, it hasn’t announced anything so far that would suggest a potential deal is in the works, while other miners forge ahead with AI and HPC deals.

Most recently, Michael Novogratz’s Galaxy Digital said it signed a non-binding deal with a U.S.-based hyperscaler firm to turn all its 800 megawatts of mining capacity into hosting high-performance computers. Meanwhile, bitcoin miner IREN (IREN) saw its shares surge after saying it had received interest from a trillion-dollar hyperscaler firm and Hut 8 (HUT) was speculated to have been building a data center with Facebook owner Meta Platforms (META).

Riot’s stock rose as much as 11% in early Thursday trading and were higher by 6% at press time. The shares have fallen nearly 30% this year, while CoinShares Valkyrie Bitcoin Miners ETF (WGMI) rose 40%.

Solana Was the Biggest Draw for New Crypto Developers in 2024: Electric Capital

Ethereum remained the blockchain with the most devs, and the overall population of software builders in crypto was flat, the VC firm said in its annual survey.

The ranks of cryptocurrency developers held steady in 2024, as some recent entrants left the industry while veterans mostly stuck around, according to a report released Thursday by Electric Capital.

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The total developers working in crypto worldwide was basically flat, declining a statistically insignificant 7% from a year earlier, and the number of monthly active developers went to 23,613 in November, the report said.

Meanwhile, the Solana ecosystem, ground zero for the memecoin craze, was the most popular blockchain among new developers, an 83% increase in its ecosystem compared to a year earlier. In July, this community became the first since 2016 to bring on board more devs than Ethereum. Solana attracted 7,625 new developers in 2024, the most of any chain and a little over 1,000 more than Ethereum.

The results underscore the challenge Ethereum faces as rival smart contract platform Solana’s low fees and fast transactions attract investment and talent.

According to Maria Shen, a general partner at Electric Capital, the share of developers who have worked in crypto for more than two years grew in 2024. Among those who left the industry, the largest group were relative newcomers.

“These are people who effectively joined during the bear market, and haven’t really seen anything since then,” Shen told CoinDesk in an interview.

The stability of the developer population is an auspicious sign, Shen said.

“When we look at the sector of established developers, it’s growing and looking very healthy,” she said. “When we look at full-time developers .. this had the least amount of declines, very small, like [a] 4% decline year over year. So overall, I would say, [the population is] looking very healthy, but it’s flat, and mainly because of the losses from people who joined less than a year ago and then less than two years ago.”

Solana has momentum, Ethereum remains dominant

Despite Solana’s momentum and massive increase in new developer talent, its main competitor, Ethereum, is still ahead.

“Ethereum absolutely dominates,” said Shen “Ethereum has very, very deep network effects, and you can see that through the data.”

The number of monthly Ethereum developers shrank by 17% over the last year, to 6,244, but Shen said this blockchain still has the biggest developer ecosystem by far.

“Ethereum dominates by overall developers everywhere, in every continent of the world. But Solana is currently number two,” Shen said.

Growth in Ethereum development can mainly be attributed to the vast number of layer-2 networks that have popped up, with Base, Optimism, and Arbitrum seeing many developers working on their chains. Slightly more than half – 56% – of Ethereum developers are working on the layer-2s on top of it, Electric Capital found.

Furthermore, Eigenlayer, the main restaking protocol on Ethereum, brought in a period of massive developer innovation for its ecosystem as protocols deployed their Actively Validated Services (AVS) in the ecosystem. Eigenlayer was the fastest growing developer ecosystem in 2024, with a 167% increase by monthly overall developers, the report said.

Developers are global

Electric Capital’s report also showed that crypto is becoming more global, as Asia became the continent with the biggest number of blockchain developers, and North America dropped from first place to third. However, the U.S. remains the number one country for now for developers, with a 19% share.

India, however, brought on board more new crypto developers in 2024 than any other country, with 17% of the new developer share.

“Anecdotally, there’s a lot of education programs and developer education programs, there’s a lot of hackathons in India,” Shen said.

The geographic diversification of developers is another salubrious trend, Shen said.

“The idea that the U.S. and North America continues its dominance is not only unlikely, but I would say, kind of undesirable,” she said. “You do want to see more global diversity in crypto, and to be borderless, and I think there’s a lot of great engineering talent outside of the U.S.”

French Hill to Lead Powerful Congressional Panel Next Term: Report

Hill, who chaired the House Financial Services Committee’s digital assets subcommittee, has long been a crypto advocate on the Hill.

Congressman French Hill will be the next chair of the powerful House Financial Services Committee, Punchbowl News reported Thursday.

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The Arkansas Republican was named to the role Thursday by the party’s Steering Committee, which named the leaders of the various committees ahead of the 119th Congress’s start next year. Hill will succeed North Carolina’s Patrick McHenry, who will retire after 20 years in Congress and multiple terms leading Republicans on the Financial Services Committee.

Hill has chaired the Digital Assets, Financial Technology and Inclusion subcommittee over the past few years and cosponsored the Financial Innovation and Technology for the 21st Century Act (FIT21), a market structure bill that much of the cryptocurrency industry hoped would become law. He’s also introduced or cosponsored a number of other bills over the years addressing various aspects of the crypto world.

McHenry shepherded multiple pieces of crypto legislation through the House of Representatives, including FIT21. Over the past few years, he also worked on stablecoin legislation with his counterpart, California Representative Maxine Waters, though this bill was not ultimately introduced.

Waters will again lead Democrats on the House committee after being “unanimously” picked by the caucus, a Wednesday press statement said.

In the statement, Waters said she was “honored that the Democratic caucus has once again put their faith in me.”

“I will continue the fight to improve conditions for working families across the country,” she said. “Under my leadership over the past few years, we’ve achieved historic progress to expand housing and address homelessness, support small businesses, and protect people from fraud. But our work is far from finished.”

Waters said Democrats on the committee would fight any efforts by incoming U.S. President Donald Trump to “raise costs for working families and eliminate hard fought consumer protections.”

Bitcoin Grapples with $100K as Rally on Trump’s Crypto-Positive Comment Fizzles

Altcoins as a group outperformed bitcoin, with AVAX and LINK leading sector gains.

Appearing set for a run to a new record high earlier on Thursday, bitcoin (BTC) fell sharply in U.S. afternoon trading as tumbling bond markets took a toll on risk assets.

The positive price action came as President-elect Donald Trump said “we’re going to do something great with crypto” while ringing the opening bell at the New York Stock Exchange, reiterating his ambition to embrace digital assets in the U.S. and create a strategic bitcoin reserve. Alongside, the European Central Bank trimmed its benchmark interest rates by 25 basis points and in its dovish policy statement hinted that more rate cuts were likely to happen.

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Bitcoin rose as high as $102,500, its strongest price since last week’s all-time record above $104,000. Not only did that rally not hold, but the $100,000 level didn’t either, with the price falling to $99,800 by press time late Thursday afternoon.

Major risk assets as a group sold off as well, perhaps as Western bond markets reacted negatively to the ECB dovishness. The German 10-year Bund yield rose 8 basis points to 2.21% and the U.S. 10-year Treasury yield gained 6.5 basis points to 4.34%. U.S. stocks gave up early gains to close lower, the Nasdaq dropping 0.7% and S&P 500 0.5%. The price of gold also fell during the afternoon, shedding 1.8% to $2,706 per ounce.

Altcoins on average outperformed BTC with most members of the broad-market CoinDesk 20 Index booking daily gains. Native tokens of Avalanche network (AVAX) and data provider Chainlink (LINK) were the best-performing assets in the basket, advancing 9% and 13%. AVAX was perhaps benefiting from news of a $250 million token investment led by Galaxy, Dragonfly and ParaFi Capital, while Trump-affiliated decentralized finance project World Liberty Financial (WLFI) continued to purchase LINK through the day, adding $1 million more tokens in the later hours, onchain data by Arkham Intelligence showed.

The second-largest cryptocurrency ether (ETH) also outperformed BTC, holding onto a 1.5% daily gain after retracing from its session high just shy of $4,000. Analytics firm CryptoQuant said that strong spot ETF inflows and burgeoning Ethereum blockchain activity sets ETH up to reach new all-time highs above $5,000.