Category: Business

A single on-chain indicator has quietly called every major Bitcoin cycle bottom for the past decade, and it is now approaching that important level once again.

The setup comes from a monthly Bitcoin chart paired with the NUPL indicator, which tracks whether the average holder is sitting on unrealized profit or loss. In each of the last three major bear market lows, the indicator fell into the same area and touched a rising trendline.

Nailing The Bitcoin Bottom

Bitcoin’s latest break above $70,000 and into the mid-$70,000s has seen a bullish mood slowly returning. The fear and greed index has improved, but one question is still unresolved. Has the market already found its bottom, or is another washout still ahead? Interestingly, a long-term reading of the Net Unrealized Profit/Loss, or NUPL, shows that the answer may lie in a pattern that has repeated across multiple market cycles.

NUPL is a clean sentiment gauge in Bitcoin analysis because it strips price action down to a question of whether holders, on average, are in profit or in pain. When the reading is high, the market is sitting on large unrealized gains. When it falls hard, those profits disappear, and losses dominate.

The monthly candlestick chart shows that Bitcoin’s major cycle lows have consistently formed when NUPL resets into deep territory and tags a long-term ascending support line. That happened at the 2015 cycle bottom, repeated again at the 2018 bear market low, and showed up once more around the 2022 bottom. Each of those touches came at points when sentiment had already been crushed, and the Bitcoin price had shed most of its previous gains.

The current NUPL reading of 22.9 represents a cryptocurrency that is still in modest aggregate profit, although it has shed a huge portion of the gains investors accumulated during the rally to the October 2025 peak above $126,000.

Is The Bottom Already In?

According to a crypto analyst that goes by the name CrypFlow on the social media platform X, the NUPL indicator is now approaching that level of Bitcoin bottoms again. If this pattern holds, Bitcoin may still need another deeper reset in sentiment before the market reaches a true long-term washout.

Price may have already corrected a lot, but the indicator shows the emotional capitulation seen at prior bottoms may not be complete yet. The NUPL might continue to push downwards and reach the trendline before a bottom is confirmed.

Related Reading: Analyst Says Bitcoin Bulls Have Won And This Is The Next Target

Although no single indicator can call every bottom with perfect precision, the NUPL leaves room for the possibility that one final price crash could still come before the next full cycle expansion begins. At the time of writing, Bitcoin is trading at $74,220, up by 1.3% in the past 24 hours.

Featured image from Pngtree, chart from Tradingview.com

Ondo Finance, an innovative DeFi platform that focuses on connecting Traditional finance with blockchain markets by tokenizing institutional-grade RWAs such as U.S. Treasury bonds and several others, today announced a strategic partnership with Bitget, a centralized crypto exchange that allows users to buy, sell, and trade digital assets. As disclosed today on X social media, this collaboration enabled Ondo to launch its tokenized version of U.S. stocks, ETFs, and community-linked products on Bitget, an integration that makes such RWAs (real-world assets) accessible to millions of global customers on the global cryptocurrency exchange.

Ondo Bridging Tokenized Assets With Crypto Trading

The integration of these digital securities on Bitget aims to expand the accessibility of Ondo’s real-world assets, showcasing Ondo’s commitment to driving the adoption of tokenized securities globally. Last month, Ondo brought its tokenized US stocks and ETFs to Binance, highlighting its ongoing commitment to expanding the adoption of tokenized assets.

Beginning this week, Bitget’s crypto exchange will list multiple Ondo’s tokenized products, including TSLAon, NVDon, IVVon, SPYon, QQQon, IAUon, SLVon, and many more, allowing its huge customer base worldwide to gain economic exposure to these highly sought-after American assets through a regulated framework. By listing such tokenized offerings, Bitget is widening the accessibility of global investing, developing more financial flexibility, liquidity, and inclusivity than before.

Bitget is a crypto exchange known for offering a wide variety of cryptocurrencies for trading and low fees, supported by strong security features. Established in 2018 and based in Seychelles, Bitget has experienced rapid growth, currently serving millions of global customers in multiple countries and regions, offering copy, futures, and spot trading on its platform.

Driven by innovation, the exchange constantly pushes to revolutionize how digital assets fulfill mainstream investors’ needs. The listing of Ondo’s tokenized assets on Bitget is a natural continuation of the exchange’s mission. This integration is crucial as it expands the usage and adoption of RWAs. It means customers can trade Ondo’s tokenized assets using crypto balances on Bitget, convert profit into stablecoins, lending, staking, etc. By integrating Bitget’s massive customer base spanning over 150 countries, Ondo’s tokenized RWAs trading is anticipated to maintain robust demand.

Tokenization: A Driver To Global Financial Inclusion

The partnership between Ondo and Bitget represents a strategic combination of Traditional financial assets with blockchain infrastructure, introducing regulated digital securities into the flexibility of crypto asset trading. Access to US yield-bearing assets such as tokenized US equities, ETFs, treasuries, and commodities has historically been limited due to regulatory, geographical, and financial infrastructural obstacles. Although large institutions in certain jurisdictions have always enjoyed full access, millions of retail investors worldwide have experienced significant barriers.

Ondo’s collaboration with Bitget is part of wider efforts to dismantle such limitations. The partnership means users from Nigeria, Brazil, Pakistan, and several other countries can now access and trade US tokenized assets instantly, just like the way they trade Bitcoin on Bitget.

WASHINGTON, D.C. — The Senate’s stalled crypto market structure bill is making progress behind-the-scenes, the chairman of the body’s Banking Committee said Tuesday.

Senator Tim Scott, who heads the banking panel overseeing the market structure bill, said at the Digital Chamber’s DC Blockchain Summit that lawmakers may see a new draft of at least stablecoin language as soon as this week.

Stablecoin yield has been the most publicly debated issue in the market structure bill, but lawmakers have remained engaged, Scott said.

“I believe that this week we will have the first proposal in my hands to take a look at,” he said. “If that actually happened before the end of this week, and I think that it will, we’ll at least know that the sketch looks like the person. If that’s the case, I think we’re gonna be in much better shape.”

He credited Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis, and the White House’s Patrick Witt for their efforts on yield.

Other outstanding issues have also been negotiated, particularly over the past month, he said, pointing to concerns lawmakers had about U.S. President Donald Trump and his family’s crypto projects, the lack of bipartisan commissioners at the major regulatory agencies and know-your-customer regulations.

“I think we’re very close to landing the plane on the ethics issue, on quorum,” Scott said. “We know that that’s a big issue for our friends on the other side of the aisle, so we’re fixing that as well. I think we’re moving forward with some [nominations], which is great news that we were able to get some out of the other side. I think the issue of DeFi is something that [Senator] Mark Warner’s held on tightly, AML [anti-money laundering] being a very important part. So I think we’re working on that issue.”

In one of its first actions since signing a memorandum of understanding with the Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) said it would interpret how “non-security crypto assets” fall under federal securities laws.

In a Tuesday notice, the SEC said its interpretation of how to address crypto assets would serve as an “important bridge” as lawmakers in the US Congress consider market structure legislation which will codify how financial regulators oversee digital assets.

The commission said the interpretation would provide a “coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities,” address how a “non-security crypto asset” may or may not be considered an investment contract under the SEC’s purview, and clarify federal securities laws on “airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset.”

“This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chair Paul Atkins. “It also acknowledges what the former administration refused to recognize -– that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end.”

Source: SEC on X

According to Atkins’ prepared remarks for the DC Blockchain Summit on Tuesday, “only one crypto asset class remains subject to the securities laws” under the interpretation, and those were “traditional securities that are tokenized.” The commission called on market participants to review the interpretation to “better understand the regulatory jurisdiction between the SEC and CFTC” on cryptocurrencies.

The SEC notice came as lawmakers in the US Senate continue to negotiate terms under which they may reach an agreement on a digital asset market structure bill. The legislation is expected to give the CFTC more authority in overseeing cryptocurrencies.

Shakeup in SEC enforcement leadership draws criticism

On Monday, the SEC announced that its enforcement division director, Margaret Ryan, has resigned from the agency. Its principal deputy director, Sam Waldon, was named as acting enforcement director.

In response to Ryan’s departure, former SEC official John Reed Stark said “not a single person on this planet” believed the commission’s claims that the enforcement director prioritized investor protection and “renewed focus on holding individual wrongdoers accountable” at the agency.

“The SEC has abandoned its identity,” said Stark on Monday. “It has transformed from the cop on Wall Street’s beat into something far more troubling, a regulatory body that functions less like a law enforcement agency and more like a concierge service for the largest financial players in the country.”

A 19-year veteran of the regulator, Stark was founder and chief of the SEC’s Office of Internet Enforcement, according to his LinkedIn profile.

Atkins, along with SEC Commissioners Mark Uyeda and Hester Peirce — all Republicans — remain the only three leaders at the agency on a panel intended to consist of a bipartisan group of five members. As of Tuesday, US President Donald Trump had not announced any plans to nominate other commissioners to the SEC or CFTC, which had only one Senate-confirmed member.

With risk appetite recovering in global financial markets, Bitcoin ($BTC) has surpassed the $75,000 level for the first time in a long time. Major altcoins, including Ethereum (ETH), are also showing signs of recovery. Ethereum rose 6.2% in the last 24 hours to $2,330, while XRP increased by 9% to $1.56.

While this increase is attributed to strengthened risk appetite stemming from a combination of factors in the market, such as the recovery in the Nasdaq index and the fall in oil prices, 10x Research CEO Markus Thielen shared his latest analysis.

According to the analyst, the rise in $BTC is due to increased put option sales and liquidations in the options market.

According to Markus Thielen’s analysis, Bitcoin’s recent upward trend was triggered by options traders closing their put positions.

According to CoinDesk, Thielen believes the rally was influenced by a structural shift in put options trading between $55,000 and $60,000.

“The recent rise is largely due to the closing of put options with strike prices of $55,000 and $60,000, as their probability of being realized at expiry has decreased.”

Put options are a hedge against price declines, and investors typically buy them when they expect a market downturn. In this context, a decrease in put options also signals a decrease in expectations of a market decline.

In this context, Thielen noted that during the sharp decline in February, investors heavily purchased put options to hedge against downside risk. However, as the market stabilized, the probability of these options being in the money at expiration decreased, leading investors to close their put positions.

Thielen argues that this process creates upward momentum, as closing put options reduces selling pressure from market makers managing their risks, forcing them to buy $BTC to rebalance their positions, which could ultimately push the $BTC price higher.

*This is not investment advice.

Bitcoin and altcoins are experiencing a significant recovery amid the ongoing US-Iran conflict. Bitcoin has surpassed $75,000, and the effects of this rise are also being seen in Ethereum and other altcoins.

$ETH surged to $2,350, while other major altcoins saw daily gains of up to 10%. With a bullish sentiment prevailing in the market, cryptocurrency analytics company Santiment recently revealed the most popular altcoins in the crypto world.

According to Santiment, investors showed strong interest in altcoins such as Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), Bittensor ($TAO), Fetch.ai ($FET), and Nexo ($NEXO).

Bitcoin led the trending cryptocurrencies in the last 24 hours, surprisingly followed by $ETH, $SOL, $TAO, $FET, and $NEXO.

According to social media data, the most popular cryptocurrencies driving market trends on social media were:

Bitcoin: Trending due to large-scale, institutional $BTC accumulation, as reported by MicroStrategy.

Ethereum: Trending due to institutional staking and spot ETF inflows linked to recent product launches and large company acquisitions. BlackRock’s launch of its $ETH staking ETF, increased ETF inflows, staking yields, large $ETH purchases by miners and firms, and the resulting price increase are fueling discussions.

Solana: Solana is trending due to high-profile NFT issuances, increased on-chain activity, new DeFi protocol launches, high yields compared to Ethereum, and lower fees.

Bittensor: Trending due to its revamped AI token narrative and price increase. Social media posts promote $TAO as an open-source and independent/enterprise AI infrastructure.

Fetch.Ai: Like $TAO, it’s trending due to its revamped AI token narrative and price increase. Weekly percentage gains reaching double and triple digits are fueling the conversation.

Nexo: With cryptocurrency company BlockFills filing for bankruptcy, Nexo is listed as a creditor with $4.746 million in unsecured promissory notes. This is a major focus of discussion, raising concerns about transparency regarding the status of $NEXO token payments.

*This is not investment advice.