41+ min ago (459+ words) The fresh debt draw shows how Metaplanet is using both debt and preferred equity to accelerate Bitcoin purchases and income-generation strategies. On Tuesday, Metaplanet disclosed it executed the loan on Friday under a previously announced credit facility. The borrowing forms part of the company's $500 million credit line, which allows it to raise short-term liquidity using its Bitcoin (BTC) as collateral." With the fresh capital, the company has now drawn $230 million in cumulative loans from the facility, up from the $100 million disclosed for an earlier Oct. 31 credit pull." The company recognized that borrowing against its BTC exposes it to collateral calls if the BTC price declines. However, it expressed confidence in its reserve size, saying that it's large enough to withstand volatility." "Given the substantial scale of Bitcoin holdings relative to the loan amount, the Company expects to maintain sufficient collateral…...

59+ min ago (425+ words) A suspected airdrop farmer burned through their entire $112,000 of MON rewards in hundreds of failed transaction attempts. A crypto airdrop farmer lost more than $112,000 in newly issued tokens after burning the entire reward on failed blockchain transactions. In crypto, a professional airdrop farmer (or squatter) is an entity that interacts with emerging protocols solely for the airdrop rewards, often using multiple wallets to compound the rewards. The cryptocurrency wallet "0x7f4" received approximately $112,700 worth of Monad (MON) tokens as a reward for their previous activity leading up to the launch. In an unfortunate turn of events, the trader lost their entire $112,000 across hundreds of failed blockchain transactions, which all deducted gas fees despite not being completed, according to blockchain data from Solscan. Related: Nasdaq-listed Enlivex plans $212M RAIN token play with ex-Italian PM onboard The incident serves as a reminder to run test…...

1+ hour, 38+ min ago (343+ words) Bitcoin's Sharpe ratio has fallen to nearly zero, matching levels from 2019, 2020, and 2022 market bottoms, as 8% of all BTC moved onchain in historic volatility. A Bitcoin technical indicator known as the Sharpe ratio, has dropped to nearly zero, reaching levels usually seen near major market bottoms. The Bitcoin Sharpe ratio is at "a level historically associated with moments of maximum uncertainty and the early stages of risk repricing," said CryptoQuant analyst I. Moreno on Monday. The analyst observed that Bitcoin is now entering the same zone seen in 2019, 2020 and 2022, when the ratio spent time at "structurally depressed levels" before new multimonth trends emerged." The Sharpe ratio measures return versus risk. When it is near zero, it means Bitcoin (BTC) has delivered poor returns relative to its volatility, creating a better investment setup. Historically, periods of low Sharpe ratio have often preceded new…...

3+ hour, 16+ min ago (607+ words) The Pump.fun co-founder disputed claims of a massive off-ramp and says Pump.fun's USDC shifts were routine treasury operations. Pseudonymous Pump.fun co-founder Sapijiju rejected claims that the project cashed out more than $436 million in stablecoins, calling the allegations "complete misinformation" from the blockchain analytics firm Lookonchain." In an X post, Sapijiju addressed the report, insisting that none of the transferred funds were sold. He said the USDC originated from the PUMP token's initial coin offering (ICO) and was simply redistributed to internal wallets as part of the company's treasury management process." "What's happening is a part of Pump's treasury management, where USDC from the $PUMP ICO has been transferred into different wallets so the company's runway can be reinvested into the business," Sapijiju. "Pump has never directly worked with Circle." Treasury management happens when a project allocates, stores…...

3+ hour, 53+ min ago (608+ words) It comes several months after the SEC issued a similar no-action letter to DoubleZero, seen as a significant regulatory milestone for DePIN projects." The SEC has just issued its second "no-action letter" toward a decentralized physical infrastructure network (DePIN) crypto project in recent months, giving its native token "regulatory cover" from enforcement. The no-action letter was sent to the Solana DePIN project Fuse, which issues a network token, FUSE, as a reward to those actively maintaining the network. Fuse initially submitted a letter to the SEC's Division of Corporation Finance on Nov. 19, asking for official confirmation that it would not recommend the SEC take enforcement action if the project continues to offer and sell FUSE tokens. Fuse also outlined in its letter that FUSE is designed for network utility and consumptive purposes, not for speculation. They can only be redeemed…...

4+ hour, 30+ min ago (472+ words) Exodus is using its Bitcoin reserves to back a $175 million acquisition of W3C Corp, bringing Monavate and Baanx under its roof as it expands into onchain payments. Crypto wallet provider Exodus plans to use its Bitcoin reserves to finance a major push into onchain payments, striking a $175 million deal to acquire W3C Corp, the parent company of payment infrastructure providers Monavate and Baanx. The agreement, announced on Monday, marks a major shift in strategy for the NYSE-listed company. By bringing Monavate and Baanx in-house, Exodus aims to become one of the few self-custodial wallets to control the entire payments stack, from crypto storage to card issuance. "By bringing card and payments infrastructure in-house, we are closing the gap between holding and spending, and positioning Exodus as the only platform you need for your money," CEO JP Richardson said. The company plans to…...

4+ hour, 43+ min ago (456+ words) Bitcoin price tools returned to levels last seen several years ago as calls for a BTC price relief rally continued to grow louder. Bitcoin (BTC) risk-reward has delivered a rare bullish signal as multiple metrics flip green. Bitcoin price metrics are showing multiyear opportunities when it comes to risk versus reward. While not a guarantee that the BTC price bottom is in, the odds for buyers are "becoming more attractive." Data is increasingly mimicking the end of the 2022 bear market. Data from onchain analytics platform CryptoQuant confirmed multiyear lows for Bitcoin's Sharpe ratio. Bitcoin is more attractive as a bet in terms of risk versus reward than at any time since mid-2023. The Sharpe ratio, a classic economic tool used to assess an asset's investment risk, has entered its "green" zone below zero for the first time since June that year....

6+ hour, 25+ min ago (514+ words) Berachain's founder says a report that it gave one of its Series B investors a year-long refund right on its $25 million investment is both "inaccurate and incomplete." The founder of Berachain has thrown cold water on a recent report suggesting that one of its lead Series B backers was granted the right to be refunded $25 million, calling its framing both "incomplete" and "inaccurate." Unchained reported on Monday that Berachain gave Brevan Howard's crypto-focused fund, Nova Digital, a one-year right to a refund on its $25 million investment in Berachain's Series B round in April 2024. Unchained also provided a side letter signed by Berachain general counsel Jonathan Ip and Nova director Carol Reynolds that said Nova can recoup "some or all" of its investment for "twelve months following" Berachain's token generation event (TGE). Berchain's TGE, or token mint, took place on Feb....

6+ hour, 29+ min ago (310+ words) The Hyperliquid whale that made $200 million in the October crash has just added another $10 million to its long position on Ether. The infamous Hyperliquid "OG Whale" who made nearly $200 million from the Oct. 10 market crash, alongside a few other successful plays, has loaded up $44.5 million in Ether longs. The whale, known by some as the "$10B HyperUnit Whale," who has yet to be officially identified, added $10 million to an existing long position on Monday, taking the total up to $44.5 million, according to data from blockchain analytics platform Arkham Intelligence. "He is currently long $44.5M of ETH and is up over $300K in less than an hour," said Arkham in an X post on Monday. Since last month, the whale has gained infamy for profiting handsomely through several well-timed market shorts. If they are right again, they would be capitalizing on a potential rally…...

6+ hour, 30+ min ago (506+ words) Half of the capital raised in the third quarter was from seven venture deals, with Revolut leading the way with a $1 billion investment. Crypto-focused venture capital investment reached $4.65 billion in the third quarter, the second-highest amount of activity since crypto exchange FTX collapsed in late 2022 and decimated venture bets on crypto. Galaxy Digital's head of research, Alex Thorn, said in a report on Monday that Q3's venture bets were a 290% quarter-on-quarter jump and the largest quarter since Q1, which saw $4.8 billion in investments. The growing investment activity comes amid a lull period for crypto venture capital, which has largely pulled out of the industry following the uncovering of FTX's massive fraud in November 2022, which collapsed the exchange into bankruptcy. Q3 saw 414 venture deals, with seven accounting for half of the capital raised over the quarter. Those included financial technology company Revolut, which…...