The Block
Quick Take A Bitcoin address containing around 119 BTC ($6.8 million) has woken up after being dormant for more than 12 years. The Bitcoin address last sent funds on Feb. 28, 2012, when the balance was worth just $600.
Quick Take Restaking protocol Symbiotic has surpassed deposits of $1 billion. The protocol reached its deposit cap of 210,600 wrapped stETH yesterday. Symbiotic allows users to deposit funds to secure third-party protocols, competing with EigenLayer.
The price of bitcoin fell 3% to trade under $59,000.Experts pointed to the impending Mt. Gox payout and uncertainties in the U.S. economy.
Quick Take Coinbase continued to press for a search of Gensler’s personal emails on crypto, arguing that his email is “an appropriate source of discovery.” The Securities and Exchange Commission previously rejected the request, stating that the proposed approach for discovery is an “improper intrusion into a public official’s private life.”
Spot bitcoin ETFs in the U.S. saw $20.45 million in net outflows yesterday.Nine funds, including BlackRock’s IBIT, had zero flows.
Quick Take FriendTech said that its native token will remain on the Base blockchain in response to community feedback. It also said it turned off all protocol fees from BunnySwap, Clubs and V1 smart contracts.
Quick Take BitMEX launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract on Thursday. The new instrument offers traders exposure to the top t10n memecoins in the market through a single contract.
Quick Take Sam Ikkurty of Oregon and his company Jafia, LLC made “material misrepresentations,” Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois said in an opinion issued this week. Notably, Judge Rowland also said that OHM and Klima were commodities. That might not be a big deal since they still could be deemed securities, according to one lawyer.
Quick Take Bitcoin miners are showing signs of capitulation, likely turning off underperforming hardware and selling coins following April’s halving event, according to CryptoQuant data. Daily miner outflows have spiked while the network’s hashrate continues to decline and average revenue by hash hovers around its all-time low level. The supply of bitcoin active in the past 90 days has been steadily decreasing as the three-month anniversary of the halving approaches, according to The Block’s data.
Quick Take Compute Labs has raised $3 million in a pre-seed funding round led by Protocol Labs. The round brought Compute Labs’ fully diluted token valuation to $30 million, founder Albert Z told The Block.
