Figment, a major player in blockchain staking services, is actively looking to buy companies in a spree of crypto industry consolidation sparked by renewed optimism over U.S. regulatory clarity.

The Toronto-based firm is targeting acquisitions between $100 million and $200 million, with a strong regional presence or within blockchain ecosystems, such as Cosmos and Solana, CEO Lorien Gabel told Bloomberg. He said the firm already has term sheets out for some deals, the report added.

Figment helps institutions earn yield by staking, whereby tokens are locked to help secure blockchain networks and validate transactions supported by networks. The company currently manages around $15 billion in staked assets and employs about 150 people, Gabel said.

The flurry of crypto deals, which include Kraken’s $1.5 billion purchase of NinjaTrader and Ripple’s $1.25 billion acquisition of Hidden Road, comes as the Trump administration brought on a more crypto-friendly regulatory environment. That environment saw the U.S. Securities and Exchange Commission drop cases against various crypto firms, with crypto ally Paul Atkins recently taking over the commission.

Despite the acquisition strategy, Figment isn’t seeking additional funding and has ruled out a sale. Gabel, who co-founded the firm and has launched three prior startups, said he’s committed to building Figment for the long term. “I’d rather go to zero,” he said.

The company has raised $165 million to date, according to data from TheTie. Its latest Series C funding round was led by Thoma Bravo and saw participation from giants including Morgan Stanley, StarkWave, and Franklin Templeton India.

Read More: Kraken to Buy NinjaTrader for $1.5B to Enter U.S. Crypto Futures Market

The recent bitcoin (BTC) price rally above $90,000 might have some holders eyeing a run to a new record topping the $109,000 hit in January.

However, the path higher may not be so straightforward. The latest analysis by Glassnode shows potential for increased selling pressure from some groups of market participants at around $99,900.

For a start, long-term holders — defined by Glassnode as wallets that have held coins for at least 155 days — may take profits at $99,900. This aligns with their historical behavior of selling at price levels that deliver roughly 350% paper gains.

«Historically, LTHs begin distributing more aggressively around a 350% unrealized profit margin, which aligns with a $BTC price of ~$99.9k. As the market nears this level, increased sell-side pressure is likely, requiring strong demand to absorb it,» Glassnode said in an analysis post on X.

A second source of selling pressure could be wallets that acquired coins early this year, when the largest cryptocurrency traded between $95,000 and $98,000. They weathered the sell-off to $75,000 last month and may be tempted to exit their positions at the breakeven or minor profit, at least partially. That’s consistent with the behavioral aspects of trading, which suggests investors are quick to take gains while holding on to losing positions.

«A large cluster of coins was acquired between $95k–$98k, meaning some $BTC holders may exit at breakeven. This, combined with rising LTH profits, creates a key resistance zone,» Glassnode said. «A clean breakout could open the path to price discovery above $100k.»

Read more: Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call

VIRTUAL, the native cryptocurrency of the Base-based Virtuals Protocol for creating and owning AI agents, has outperformed all major cryptocurrencies, including bitcoin (BTC), over the past four weeks.

This rally is characterized by increased participation from the «smart money» wallets, according to on-chain data tracked by Nansen.

VIRTUAL has rallied 207% to $1.66 in 30 days to rank as the best performer among the top 100 tokens by market value, according to data source CoinDesk. Prices have risen 11% in the past seven days. Market leader bitcoin, meanwhile, has gained just 13% in four weeks, with flat performance over the past seven days.

VIRTUAL is also the most traded token by smart money—wallets identified by Nansen as owned by institutions, funds, and influential whales.

The token has attracted smart money inflows of $14.2 million over the past 30 days and $8.56 million in the past week. EBTC, LINK and PEPE are the other smart money favorites.

The table shows the top tokens traded — bought or sold on a DEX or sent/received from centralized exchanges — by smart money wallets. Per Nansen’s explainer, the buying activity is represented in green and the selling activity in red.

VIRTUAL’s leadership is likely led by excitement about the debut of the Genesis launchpad two weeks ago. The new system, designed to reward genuine contributors and not mere speculators, uses a «proof of contribution» points system, where participants earn Virgen points through activities like staking or staking AI projects.

«Since its debut, most tokens launched through it have 2x’d or more, fueling demand for Virgen Points and showing there’s still room for creativity in token design,» Bankless said on X.

Other key features of the new system include contribution-based allocations, automatic refunds if goals aren’t met, and transparent vesting schedules.

«Genesis breathes fresh life into Virtuals while also showcasing a novel mechanism for designing token launches,» Bankless said, adding that while the contribution-based system is not perfect, it certainly «rivals» who-knows-who or other primitive systems prone to manipulation.