Hougan drew parallels between Ethereum and Bitcoin’s performance over the past one and a half years. ETPs and corporate treasuries’ massive buying spree have been a significant driver for Bitcoin’s upward trajectory, consuming more than 100% of all newly minted Bitcoin.

However, Ethereum had not enjoyed the same trend until recently. Ether ETFs, which launched in July 2024, only managed to attract about $2.5 billion until mid-May. This situation has been drastically reversed recently, with spot ETH ETFs purchasing the asset at an unprecedented rate. Bitwise estimates that ETPs and corporate treasuries combined have bought 2.83 million ETH since May 15, amounting to over $10 billion at current prices. This is 32 times the net new supply during the same period.

Hougan believes this trend will persist as investors are “significantly underweight” in Ethereum compared to Bitcoin. Furthermore, the growing market for real-world asset tokenization and the implementation of stablecoin regulations will further increase Ethereum’s demand.

BitMEX founder, Arthur Hayes, agreed with this outlook in his recent blog post, predicting that Ether’s price would soar to $10,000 by year-end. Ether prices are currently consolidating around $3,720 after encountering resistance at $3,800 thrice.

Over the past month, Ether has outperformed Bitcoin with an impressive 67% gain from around $2,250, where it was trading in June.

The post Surge in Ethereum Demand Could Propel ETH to a $10K Valuation This Year appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

After pleading guilty to operating an unlicensed money transferring business, Legkodymov’s legal representation officially requested a presidential pardon from Trump. Legkodymov was indicted in January 2023, admitted his guilt in December, and was sentenced to time served in July 2024 after spending approximately 18 months in custody.

Ivan Melnikov, the Vice President of the Russian branch of the International Committee for Human Rights, suggested that Legkodymov was a scapegoat in a political campaign against the crypto market and skilled Russian programmers. He added that the plea for pardon is based on the optimism that the US might adopt a more balanced and equitable approach towards digital finance.

As per the indictment, Legkodymov was involved in an operation that enabled the transmission of illegal funds via his role at Bitzlato. US authorities claim that hundreds of millions of dollars were transferred from Bitzlato to the dark web’s Hydra Marketplace, with the exchange receiving approximately $15 million linked to ransomware attacks.

Reportedly, French authorities are seeking to extradite Legkodymov to face similar charges after his US sentence. It remains uncertain if Trump has received the pardon request or if he intends to act on it. As of the time of reporting, Cointelegraph had not received a response from the White House.

Since assuming presidency in January, Trump has granted at least 58 presidential pardons. Among those pardoned were Ross Ulbricht, the founder of Silk Road, who was serving two life sentences in federal prison, and four ex-executives of the cryptocurrency exchange BitMEX: Arthur Hayes, Benjamin Delo, Gregory Dwyer, and Samuel Reed.

Changpeng “CZ” Zhao, the former CEO of Binance, revealed in May that he had sought a pardon from Trump. Zhao admitted to one felony charge in November 2023 as part of an agreement with US authorities and Binance, leading to a four-month prison term. There are reports that former FTX CEO Sam Bankman-Fried is also seeking a federal pardon from Trump by making appearances on conservative news channels and distancing himself from the Democratic Party. In 2024, Bankman-Fried was sentenced to 25 years in prison and is currently housed at the Federal Correctional Institution in Terminal Island.

The post Bitzlato’s Ex-CEO Seeks Presidential Pardon from the US Following Guilty Plea: A Review appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The group has set its sights on various exchanges, including Phemex and Bybit, and they even attempted to deceive a BitMEX staff member by proposing a bogus project as a disguise for a phishing attempt to implant harmful software on the staff member’s device. However, BitMEX is now retaliating by delving into the malevolent code deployed by the hacker group.

BitMEX has unearthed serious loopholes that exchanges can leverage to safeguard their assets. This includes revealing the group’s tracking databases and originating IP addresses, which allows BitMEX to monitor its functioning hours and single out key players crucial to the group’s operations.

The BitMEX team has distinguished different levels for the hackers, ranging from novice hackers performing phishing tasks to experts assigned to conduct post-exploitation procedures. The BitMEX blog post proposes various real-time security breach detection measures, including an internal monitoring system for identifying infections.

BitMEX’s sudden interest in cybersecurity stems from a Lazarus Group member reaching out to a BitMEX employee on LinkedIn with a proposition to participate in a counterfeit NFT project. This audacious phishing attempt prompted BitMEX to probe deeper into the matter, which resulted in a chance to analyze live Lazarus code.

BitMEX researchers uncovered a Lazarus Supabase, which contained data related to the malware, such as username, hostname, operating system, geolocation, timestamp, and IP address. With this data, BitMEX identified various devices as either a developer or test machine based on their operational frequency.

While most of the developers utilized VPNs to conceal their location, one developer made an error revealing the actual IP address of the machine, which is located in Jiaxing, China. BitMEX considers this a significant lapse that could potentially unveil the hacker’s identity.

BitMEX has now developed a script to automatically analyze the Supabase and search for operational errors. After all, even hackers are prone to mistakes, which can prove to be their downfall. BitMEX’s astute analysis of Lazarus Group’s operations will continue to enhance their cybersecurity measures and protect their platform.

The post Unveiling Lazarus Group’s Secrets: BitMEX Developers Dive Deep into Hackers’ Database appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

One of the most substantial hacks in the month took place on May 22 on the Cetus decentralized exchange, leading to user losses of $223 million within a span of 24 hours. As per blockchain security firm Dedaub, hackers exploited a flaw in the most significant bits (MSB) check, which allowed them to manipulate the liquidity parameters and establish large positions instantly.

PeckShield and the Sui Network promptly froze $157 million in stolen funds, accounting for 71% of the total stolen amount. The second-largest exploit of the month was a $12 million attack on the DeFi platform, Cork Protocol. The attacker reportedly stole around 3,761 Wrapped Staked Ether (wstETH), which was later converted to Ether ETHUSD.

The remaining three of the top five hacks in May included a suspected DPRK-linked hack of $5.2 million, an MBU token exploit of $2.2 million, and a MapleStory Universe exploit resulting in a loss of $1.2 million.

This decline in crypto theft comes as the industry is stepping up its measures to fight against hackers. BitMEX’s security team discovered operational security gaps in the Lazarus Group, a North Korean state-sponsored cybercrime network, following a counter-operations investigation.

In the first quarter of 2025, over $1.63 billion in cryptocurrency was stolen, with the Bybit exploit accounting for more than 92% of the total losses. The industry saw over $87 million in crypto hacks in January, and a dramatic increase to $1.53 billion in February, largely due to the Bybit incident, marking one of the largest crypto thefts to date.

The post Crypto Theft Declines by 40% in May; $244M Targeted, Reports PeckShield appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Hayes has previously suggested a million-dollar valuation for BTC, citing reasons such as Treasury buybacks, bond market panic, and institutional movement towards Bitcoin due to “monetary detonation”. However, his new theory, as explained in his latest Substack essay, incorporates an unexpected twist: a drastic policy change that could see the Trump administration shift from tariffs to taxing foreign holdings of stocks, bonds, and real estate in an effort to balance trade deficits.

According to Hayes, such a policy move could result in a massive rotation of capital into assets like Bitcoin. He argues that tariffs, initially employed to reshore manufacturing, are politically untenable – leading to higher consumer prices and disruptions in supply chains. Therefore, a switch to capital controls could be the alternative solution policymakers are seeking.

Hayes suggests that a hypothetical 2% tax on foreign-owned U.S. assets could generate around $600 billion – enough, in his estimation, to abolish income taxes for the “bottom 90%” of American earners. However, such a move could destabilize the $33 trillion foreign-held U.S. debt and equity market.

Hayes warns that the implementation of this policy could force the Federal Reserve to restart quantitative easing (QE) to suppress bond yields and prop up asset prices. He believes this could result in multiple outcomes: foreign investors continuing to earn surpluses from selling goods to the United States while facing taxation on their earnings, reducing exports to the U.S. to avoid taxes, or shifting their investments into stateless assets like gold or Bitcoin.

With Bitcoin’s ability for seamless cross-border movement, unlike gold which relies on custodial intermediaries, Hayes argues that it could become a critical asset in a world of financial balkanization. Currently, Bitcoin is trading around $102,000, marking a 3.2% increase over the past week and a nearly 20% surge over the past month.

The post Bitcoin could Skyrocket to $1M by 2028 due to Predicted Capital Controls, says Arthur Hayes appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In a recent blog post, Hayes shared his bullish prediction, tying it to a significant shift in US monetary policy. According to Hayes, the Federal Reserve will eventually succumb to political and economic pressures and reinstate quantitative easing (QE). Hayes is confident that this move will cause Bitcoin’s price to soar as the Fed infuses liquidity back into the system to bolster the US economy.

Hayes underscored the Federal Reserve’s recent change of heart regarding the supplementary leverage ratio (SLR) and its balance sheet policy. He anticipates that the central bank will permit banks an SLR exemption, enabling them to hold more Treasury bonds without increased capital requirements. This, in Hayes’ view, equates to Treasury QE, flooding the market with liquidity.

Hayes alludes to Federal Reserve Chair Jerome Powell’s hints at cessation of the Fed’s balance sheet asset roll-off and a statement from Bessent on the impact of SLR removal. These factors could potentially decrease treasury bill yields and increase liquidity by tens of billions of dollars.

Additionally, Hayes addressed the possible inflationary effects of proposed tariffs, noting that Powell’s stance on “transitory” inflation empowers the central bank to continue its monetary expansion policies without trepidation of long-term repercussions, regardless of tariff-induced inflation on goods and services.

Exploring the liquidity dynamics, Hayes drew attention to the US Treasury’s reduced pace of quantitative tightening (QT), from $25 billion per month to a mere $5 billion post-April 1. This results in an annualized liquidity boost of $240 billion, potentially increasing to $420 billion as the year progresses, symbolizing a shift towards more aggressive easing.

Hayes likens these circumstances to the 2008 global financial crisis (GFC), where gold and other commodities thrived as the Fed initiated liquidity injections. He perceives Bitcoin as the current “anti-establishment” asset, poised to reap the benefits from similar liquidity-driven tailwinds that boosted gold in the previous crisis.

Hayes reiterates his $250,000 Bitcoin prediction, arguing that the Fed’s eventual return to QE will uplift the cryptocurrency, given its resilience in fiat currency debasement environments. He believes Bitcoin’s technology and its status as a value store make it the perfect asset to capitalize on the expected liquidity influx.

Despite recognizing market risks, Hayes stands firm in his belief that Bitcoin’s value will skyrocket as the Fed’s monetary policies align with his predictions for a price surge in the upcoming months.

The post Bitcoin Could Hit $250,000 by 2025, Predicts BitMEX Co-founder Arthur Hayes appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

It was revealed on Thursday that Benjamin Delo, Arthur Hayes, and Samuel Reed, all co-founders of BitMEX, had received presidential pardons. These individuals had previously admitted to charges of money-laundering. The pardons are seen as a positive sign by the crypto industry, which had been hopeful of more relaxed regulations under Trump’s administration. The former president had actively sought support from crypto donors during his campaign.

According to a Reuters report from January, the founders of BitMEX, Delo, Hayes, and Reed, were accused by prosecutors of intentionally breaching the Bank Secrecy Act between 2015 and 2020. They were alleged to have failed in implementing anti-money laundering and “know your customer” programs. BitMEX has yet to respond to Reuters’ request for comment on this matter.

Furthermore, Trevor Milton, the founder of the now-defunct electric and hydrogen-powered truck manufacturer Nikola NKLAQ, who was found guilty of fraud, has also been pardoned by the president.

The post BitMEX Co-founders Receive Presidential Pardons, Confirms White House Aide appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In a recent discussion, Severino suggested that Bitcoin’s price is at risk of a more significant crash due to the S&P 500’s monthly LMACD starting to display bearish tendencies. This change is critical, as data from IntoTheBlock indicates that Bitcoin and the stock market continue to have a positively correlated price trajectory.

Severino believes that if the Bitcoin bulls can diverge from this bearish setup within the next 20 days, it could result in a bullish trend. However, if they fail to do this, Bitcoin could suffer a severe decline, potentially worse than what it has already endured.

If this bearish setup is confirmed by the end of the month, it could signal the beginning of a bear market or a Black Swan event. This scenario has happened twice in the past when similar crossovers occurred. It’s important to note that Bitcoin has already dipped to a low of $76,000 recently, raising concerns that a bear market may already have begun.

Despite this, crypto authorities like BitMEX co-founder Arthur Hayes believe that the bull market still holds for Bitcoin. Hayes pointed out that Bitcoin has experienced a 30% correction from its most recent all-time high (ATH), which is not unusual during a bull run. Hayes anticipates that Bitcoin will bounce back once the US Federal Reserve starts to relax its monetary policies.

Even in light of the recent crash, Kevin Capital, a crypto analyst, is optimistic about Bitcoin’s future. He insists that Bitcoin is still performing as expected and that the currency could potentially test the range between $70,000 and $75,000, which he believes would be acceptable.

According to Capital, Bitcoin’s price could stay afloat if it maintains a key market structure and if the 3-day MACD resets. He suggested that positive macro data could assist Bitcoin in remaining above critical support levels. Today, the US CPI data will be released, and if it indicates a slowdown in inflation, it could provide some market relief. In Capital’s view, a single positive inflation report could reverse the current situation.

At the time of this writing, Bitcoin is trading at approximately $81,860, representing a 2% increase in the last 24 hours, as per CoinMarketCap data.

The post “Bitcoin’s Price Danger: Further Downturn Looms as S&P’s Monthly LMACD Turns Bearish – 20 Days for Bulls to Act” appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.