The gap between bitcoin's spot price and realized price is compressing toward levels that historically marked cycle bottoms, but the on-chain data shows the capitulation that typically precedes those bottoms hasn't happened.
Bitcoin and ether rise alongside altcoins, yet muted open interest suggests the rally may rely on spot demand and short covering rather than strong leverage.
Asian stocks surged 4% and S&P 500 futures jumped after Trump said the conflict could conclude without a deal with Tehran, while Morgan Stanley's newly approved bitcoin ETF at 14 basis points opens a $6.2 trillion advisory channel.
Equity futures rallied and oil erased gains on the report, but the S&P 500 is on its longest losing streak since 2022 and MSCI Asia Pacific is heading for its worst month since 2008.
Prosecutors say Jonathan Spalletta exploited smart contract bugs twice in April 2021, laundering funds through Tornado Cash and spending proceeds on rare collectibles.