PA Daily | Bitcoin breaks through 104,000, Ethereum surges to $2,400, Coinbase will acquire Deribit for $2.9 billion
Reprinted from panewslab
05/09/2025·13DToday's news tips:
BTC breaks through $104,000, with an intraday increase of 3.46%
Ripple and SEC formally reach a settlement agreement to close the case for $50 million
Upbit will be launched in PENGU in Korean won, BTC, USDT markets
Binance supports DOOD airdrop for MUBARAK, BROCCOLI714, TST, 1MBABYDOGE and KOMA holders
A giant whale shorted 97,500 SOL with 20 times leverage, with a liquidation price of US$172.96
Coinbase to acquire crypto options platform Deribit for $2.9 billion
Regulatory/Macro
Germany seizes crypto exchange platform eXch and has seized 34 million euros of crypto assets
According to an announcement issued by the German Federal Criminal Police Agency (BKA) and the Frankfurt Prosecutor's General Office, on April 30, the cryptocurrency exchange platform "eXch" server and domain name (including eXch.cx) located in Germany was seized, and crypto assets worth about 34 million euros were seized, including BTC, ETH, LTC and DASH. The platform is accused of providing money laundering channels for illegal funds in multiple cases such as Bybit hacking, Multisig vulnerability, FixedFloat attack, Genesis currency theft, and has dealt with nearly US$1.9 billion in suspicious crypto assets. Officials pointed out that eXch deliberately evaded KYC and anti-money laundering measures and widely promoted it in the underground market. This case is the third largest crypto asset seizure in German history.
US Treasury Secretary Scott Bessent posted on social platform X that the U.S. Senate failed to advance the GENIUS Act, which is "a missed an intergenerational opportunity to expand the dominance of the dollar and the influence of financial innovation." He warned that in the absence of a unified federal regulatory framework, stablecoins will develop in the fragmentation of state regulations, which is detrimental to the United States to maintain global leadership and may push digital asset innovation overseas.
Metaplanet issue $21.25 million interest-free ordinary bonds to purchase Bitcoin
According to the Metaplanet announcement, the board of directors approved the issuance of the 14th ordinary bonds, with a total amount of US$21.25 million, and the creditor was EVO FUND, used to purchase Bitcoin. The bond is interest-free and redeemed on November 7, 2025. Metaplanet plans to use the exercise proceeds from the 15th and 16th adjustable exercise price warrants as a source of redemption funds.
CleanSpark announced that its revenue for the second quarter of fiscal year 2025 ended March 31 was US$181.7 million, a year-on-year increase of 62.5%; the net loss in the same period was US$138.8 million, compared with a profit of US$126.7 million in the same period last year. Adjusted EBITDA was -57.8 million US dollars, turning from profit to loss year-on-year. The company holds Bitcoin assets worth US$980 million, with total assets of US$2.7 billion, net assets of US$1.9 billion and working capital of US$838 million.
Mining company MARA's revenue grew by 30% in Q1, and Bitcoin holdings soared to 47,531
According to the company's financial report, MARA Holdings' revenue in Q1 2025 reached US$214 million, a year-on-year increase of 30%; Bitcoin holdings reached 47,531 pieces, an increase of 174% over the same period last year, and its current valuation is about US$3.9 billion. Despite revenue growth, the company still recorded a net loss of $533 million, mainly due to the decline in Bitcoin’s price at the end of the quarter, resulting in book losses on assets. The company emphasized that it will continue to promote the transformation of vertically integrated energy and computing power infrastructure.
Ripple and SEC formally reach a settlement agreement to close the case for $50 million
Court documents show that Ripple and the U.S. Securities and Exchange Commission (SEC) have reached a settlement agreement to lift the injunction imposed by the court in its August 2024 judgment, and pay only $50 million of the $125 million civil fine to the SEC, and the remaining $75 million is returned to Ripple. Both parties agreed not to appeal or request the revocation of the previous judgment. Since the lawsuit was filed in 2020, it involves the issue of XRP as a securities sales. SEC Commissioner Caroline Crenshaw publicly opposed the agreement, saying the move undermines regulatory authority, undermines court rulings and exacerbates regulatory gaps. The agreement will still require the court to make an "indicative decision" and be approved by the Court of Appeal before it can officially take effect.
According to Fortune, Meta is initially negotiating stablecoin applications with several crypto companies three years after giving up the Libra/Diem project, exploring cross-border payments to creators through stablecoins to reduce fees. Since January this year, former Plaid executive Ginger Baker has served as vice president of Meta products, leading the relevant promotion.
Viewpoint
According to the latest Matrixport report, the price of Bitcoin has once again exceeded $100,000, up about 16% since it broke through $85,450 on April 11. The report mentioned that after Bitcoin broke through the 21-week moving average ($87,199) and Fibonacci resistance ($87,045), coupled with the accelerated inflow of ETF funds, forming a stable upward signal framework, providing a reasonable basis for placing call options. Currently, the proportion of Bitcoin's market value has risen to 64.5%, the highest since the DeFi boom in 2021, indicating funds' preference for high-quality assets. In contrast, altcoins have continued to be sluggish, with social media discussions falling by more than 40% since December 2024. The report recommends continuing to hold Bitcoin longs in the form of spot or perpetual futures, while using altcoin perpetual futures for hedging as its capital rates remain low.
CryptoQuant founder and CEO Ki Young Ju said that although he predicted the end of the Bitcoin bull cycle two months ago, this judgment is currently wrong. He pointed out that the selling pressure in the Bitcoin market is eased, while the large inflow of ETFs and institutional funds is changing the market structure. He mentioned that in the past, the Bitcoin market was mainly dominated by veteran whales, miners and retail investors, and market volatility is easier to predict. But with the addition of ETFs, institutional investors and government agencies, the inflow of new funds has made the market more complex and difficult to predict. Past earnings cycles were usually triggered by whales cashing out at highs, and today liquidity in institutions and ETFs may offset the whales’ selling effects. Ki Young Ju believes that the market is still absorbing new liquidity and there is no obvious bull market or bear market signal yet. He stressed that on-chain data is still important, but the analysis angle may vary from person to person.
Binance founder CZ posted on the X platform that users cannot hold Bitcoin for a long time often due to insufficient understanding of technology, finance and the world's operating mechanism. He said that if you buy Bitcoin only because of recommendations from others, you will be more likely to fall into panic and sell when encountering fluctuations. He advises investors to read more relevant materials to enhance their cognition and belief.
Project News
Upbit will be launched in PENGU in Korean won, BTC, USDT markets
PANews May 9th news, according to the official announcement, South Korean crypto exchange Upbit will launch PENGU in the Korean won, BTC, and USDT markets, and trading will start at 18:00 (UTC+9) (expected).
Moonshot announced the launch of the Solana Chain New Coin Dupe ($DUPE). Its current market value is approximately US$5 million, with a 24-hour trading volume of US$917,000.
Binance supports DOOD airdrop for MUBARAK, BROCCOLI714, TST, 1MBABYDOGE and KOMA holders
According to Binance announcement, the platform will support Doodles (DOOD) airdrop activities, and will be used to provide snapshots and distributions for the top 40,000 users who hold MUBARAK, BROCCOLI714, TST, 1MBABYDOGE in the Binance platform and wallet, as well as the top 10,000 users who hold KOMA in Binance Wallet. The snapshot time is 00:00 on May 7, 2025 (UTC), and the specific issuance time will be notified separately. Binance's support for airdrops does not mean that DOOD will be traded directly.
According to The Block, Camp Network announced the launch of its first public test network "K2", focusing on intellectual property management. The project completed a US$30 million Series A financing led by 1kx and Blockchain Capital in April. Camp said dozens of dApps will be deployed before the main network is launched, and the ecological partners cover more than 5 million users and creative content. Camp also builds a "clearable AI training data market" to promote verifiable traceability and fair monetization of IP in the fields of art, music, data, etc.
Acurast will launch token sale on CoinList at 1 a.m. May 16
According to CoinList announcement, the decentralized computing network Acurast will start token sales on CoinList at 1 a.m. on May 16 (Beijing time), and the tokens will be unlocked 100%. Acurast uses smart phones to build a decentralized computing platform, and more than 65,000 devices have been connected. The total sales volume is 60 million ACUs, with a unit price of $0.09 and a valuation of $90 million. Adopt a "bottom-up" distribution mechanism to give priority to small purchasers. This sale is not open to specific regions such as the United States and Canada.
Important data
A giant whale shorted 97,500 SOL with 20 times leverage, with a liquidation price of US$172.96
According to Lookonchain monitoring, a user had just deposited US$1.21 million in USDC into the Hyperliquid platform and opened a short position with 20 times leverage, with a price of US$164.9. The position reached 97,500 SOLs (approximately $16 million) and the liquidation price was $172.96.
According to Lookonchain monitoring, the price of ETH exceeded US$2,300, with an increase of more than 20% in the past 24 hours. Meanwhile, Abraxas Capital continues to increase its holdings, withdrawing 61,401 ETH from the exchange in the past two days, worth approximately US$116.3 million.
According to data from Greeks.live analyst Adam, a total of 26,000 BTC options and 165,000 ETH options expired on May 9, with nominal values of US$2.67 billion and US$360 million respectively. The maximum pain point of BTC options is $94,000, Put Call Ratio is 1.05; the maximum pain point of ETH options is $1,850, Put Call Ratio is 1.42. BTC and ETH have rebounded strongly recently, with Bitcoin exceeding $100,000, and Ethereum rose 20% to more than $2,200 in a single day. The implicit volatility (IV) and actual volatility (RV) of BTC's main period remained at around 45%; due to the sharp rebound of ETH, the short-term IV has exceeded 100%. The delivery volume this time is less than 10% of the total position. Previously, a large number of put options have returned to zero, and market sentiment has turned to optimism, and the proportion of call options expiring in June has increased significantly.
According to Lookonchain monitoring, a trader added USDC to the Hyperliquid platform and continued to short ETH with 25 times leverage. Its loss has now exceeded US$2.6 million, with a liquidation price of US$2,343.4.
Bitcoin spot ETF net inflows of $117 million yesterday, with IBIT dominating
According to SoSoValue data, on May 8, Eastern Time, the total net inflow of Bitcoin spot ETFs was US$117 million. BlackRock ETF IBIT has a single-day net inflow of US$69.0012 million, ranking first among all products, with a total historical net inflow of US$44.355 billion; Fidelity ETF FBTC followed closely with a single-day net inflow of US$35.3366 million, with a cumulative net inflow of US$11.672 billion. As of now, the total net asset value of Bitcoin spot ETFs is US$118.66 billion, accounting for 5.82% of Bitcoin's total market value, and the cumulative net inflow is US$40.836 billion.
According to SoSoValue data, on May 8, Eastern Time, the total net outflow of Ethereum spot ETFs was US$16.1138 million in a single day, and has recorded net outflows for three consecutive days. Grayscale Mini Trust ETH ETF had a net inflow of US$3.1893 million on the day, the most inflows, with a cumulative net inflow of US$620 million; Fidelity FETH had a net outflow of US$19.3031 million, the most outflows of ETFs on the day, with a cumulative net inflow of US$1.427 billion. As of now, the total net asset value of ETH spot ETF is US$7.219 billion, accounting for about 2.74% of the total market value of ETH.
BTC breaks through $104,000, with an intraday increase of 3.46%
According to the Ouyi OKX market, BTC has just broken through US$104,000 and is now at US$104,253.40 per coin, an intraday increase of 3.46%.
According to coinglass data, the entire network was liquidated in the past four hours, the long position was liquidated in US$49.7769 million, the short position was liquidated in US$203 million, the BTC was liquidated in US$35.6488 million, and the ETH was liquidated in US$117 million. The ETH was liquidated in approximately 3.28 times that of BTC.
Ethereum network Gas fee rises to 38.03 Gwei
According to OKX Wallet data, the Gas fee for Ethereum network has risen to 38.03Gwei.
Ethereum market share exceeded 8% to hit a new high since April 6 last year, and now it is 8.8%
According to CoinMarketCap data, the share of Ethereum has risen to more than 8% for the first time since April 6, 2024, and is currently 8.8%, up 1.48% in 24 hours. Previous news, ETH broke through US$2,400, an intraday increase of 17.40%.
ETH breaks through US$2400, with an intraday increase of 17.40%
According to the Ouyi OKX market, ETH has just broken through US$2400 and is now at US$2408.50 per coin, with an intraday increase of 17.40%.
Financing
According to The Block, Web3 consumer entertainment platform T-Rex completed a $17 million Pre-Seed financing, and investors include Portal Ventures, Framework Ventures and Arbitrum Gaming Ventures. The platform tracks users' content interactions on platforms such as X, TikTok, YouTube, etc. through browser plug-ins, obtains encryption rewards by "clicking on popcorn", and uses zkTLS technology to ensure privacy. T-Rex is expected to launch plug-ins this summer and expand content creators and IP cooperation within the year.
Musk AI company xAI is negotiating a new round of financing with a valuation of US$120 billion
Musk's AI startup xAI is negotiating a new round of financing, with its valuation likely to rise to US$120 billion, a sharp increase from US$80 billion in March. Investors discussed the financing amount to approximately US$20 billion. Previously, Musk had sold social platform X to xAI in an all-stock manner, so that the two businesses were deeply integrated. xAI's chatbot Grok is trained based on X platform user data and contributes part of its revenue to X. The round of financing follows OpenAI's announcement of a $300 billion valuation.
BlackRock-backed Securitize receives strategic investment from Jump Crypto
Jump Crypto, a crypto division under quantitative trading giant Jump Trading, has strategically invested in the asset tokenization platform Securities, with the specific amount not disclosed. This is the latest funding funding from Security after BlackRock’s $47 million investment last year. Michael Sonnenshein, chief operating officer of Securities, said Jump's entry shows traditional financial institutions' recognition of the on-chain capital market. The advantages of tokenized products include daily dividends, collateral applications, etc. These characteristics are attracting investors who pursue returns to shift from stablecoins to tokenized treasury bonds. Securities currently provides tokenization services to top asset management institutions such as BlackRock and Apollo. The scale of its star product BUIDL Fund (tokenized money market fund) has reached US$2.86 billion. Securitize is working with Ethena Labs to develop a compliant DeFi blockchain designed for institutions, Converge, which is expected to be launched this quarter.
Sonic Labs completes $10 million strategic financing, led by Galaxy
Sonic Labs announced the completion of a US$10 million S token strategic financing, led by Galaxy. This cooperation will accelerate Sonic Labs' expansion in the US market and provide key support for its DeFi ecosystem development. The collaboration aims to bridge traditional finance with Sonic’s high-performance blockchain infrastructure through its resources. Sonic Labs CEO Michael Kong said that the addition of Galaxy will bring important market insights and resources to the ecosystem. This cooperation also reflects the institutions' confidence in blockchain technology to transform financial infrastructure.
Digital asset trading infrastructure provider GoQuant announced a $4 million seed round led by crypto investment institution GSR. Copper.co, Lombard Odie, Capital Union Bank, TYR Capital and FRNT Financial participated in the investment. The new funds will be used to improve trading infrastructure performance, providing institutional clients with faster execution speeds and a more transparent trading environment. According to reports, GoQuant was established in 2022. Its trading system currently processes millions of orders per day, providing institutional customers with intelligent order routing services across centralized exchanges, decentralized platforms and over-the-counter markets. The platform integrates real-time market data, transaction cost analysis tools and risk management functions to help institutions optimize digital asset trading strategies.
Coinbase to acquire crypto options platform Deribit for $2.9 billion
Coinbase executives said the company has agreed to acquire Deribit, the world's largest Bitcoin and Ethereum options trading platform, for about $2.9 billion. The deal still needs regulatory approval, and Coinbase will also take over Deribit's operating license in Dubai.
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