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Solana’s Jupiter Buys DRiP Haus, DeFi Exchange’s First NFT Play

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Non-fungible tokens (NFTs) may be well off their frothy heights, but don’t tell that to Jupiter. Solana’s top DeFi exchange just brought digital collectibles platform DRiP Haus into its orbit.

The acquisition is part of Jupiter’s push to become what Jupiter’s Kash Dhanda calls the «Solana super app:» a home not only for traders of financial instruments like swaps and perps, but for digital culture connoisseurs too.

«We don’t believe it,» Dhanda said of the NFT doomsayers. «We think NFTs are here for the long term.»

Built from the bricks of the short-lived Solana store, DRiP Haus survived the NFT market’s brutal downturn as a digital collectibles distribution hub. Instead of trading it focuses on disseminating: Startups across Solanaland spin up and send out their visual campaigns on DRiP, according to Dhanda, who estimates it now creates the vast majority of Solana NFTs that «aren’t spam.»

Dhanda and DRiP Labs founder Vibhu Norby both declined to state how much Jupiter paid in the all-cash deal. A person familiar with the deal estimated it at two times the funds raised. The startup previously raised $11.5 million from venture investors.

Jupiter co-founder Meow hinted at the acquisition in late February during his campaign to defer a multi-million dollar token payday, which yields more JUP for him later while funding token incentive programs for acqui-hired teams now. Norby confirmed his team will be getting tokens from the incentives program.

Half of DRiP’s eight-person team will continue working on the distribution platform, while the other half will focus on bolstering Jupiter’s currently nonexistent NFT capabilities, most critically by adding a swaps router to the DeFi exchange’s homepage.

Norby will oversee DRiP from an «executive, strategic point of view» from within Jupiter. While the DRiP brand will remain separate, Norby said its visual identity will be reworked to align more closely with the new mothership. He’s also working on building a «really, really excellent NFT experience» within Jupiter’s mobile app.

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CoinDesk 20 Performance Update: Index Declines 6.8% as All Assets Trade Lower

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2425.32, down 6.8% (-176.31) since 4 p.m. ET on Wednesday.

None of the 20 assets are trading higher.

Leaders: BCH (-3.5%) and BTC (-4.7%).

Laggards: SOL (-12.5%) and SUI (-10.1%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Whales Buy the Bitcoin Dip: First Meaningful Accumulation in 8 Months

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Prices remain under pressure and sentiment is so weak one would think it’s 2022 all over again, but for the first time in nearly a year, bitcoin (BTC) whales are buying.

Following months of distribution as bitcoin surged to a record high above $109,000, so-called whales — wallets holding 10,000 BTC or more — are meaningfully accumulating as prices dip to just above $80,000, according to Glassnode data.

The last time whales were buying so aggressively was in August 2024 with bitcoin in the $50,000-$60,000 range as the yen carry trade was unwinding.

Often considered “smart money,” whales tend to buy during deep corrections and sell into strength — a pattern that has played out consistently over the past eight months.

Despite this renewed whale activity, broader market behavior remains bearish, with bitcoin currently down 25% from its all-time high. Glassnode’s Accumulation Trend Score, which tracks the behavior of different wallet cohorts over a 15-day window, shows that most other investor groups are still in distribution mode.

A score closer to 1 signals accumulation, while a score near 0 indicates distribution. With an overall market score of just 0.15, selling pressure remains dominant. This suggests that while whales are starting to buy the dip, broader market sentiment continues to lean bearish, potentially putting further downward pressure on price—at least in the short term.

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Brazil’s Largest Bank Itaú Unibanco Mulls its Own Stablecoin

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Itaú Unibanco, Brazil’s largest bank by assets, is exploring whether to issue its own stablecoin as regulatory discussions evolve and U.S. financial institutions slowly move into the sector.

The decision could hinge on how American institutions fare with their stablecoin rollouts, said Guto Antunes, head of digital assets at Itaú. At an industry event in São Paulo, Antunes cited the growing momentum behind blockchain-based settlement systems.

“Itaú has always had stablecoins on its radar. We cannot ignore the strength that blockchain has to settle transactions atomically,” local media quoted him saying. Stablecoins, for now, remain a “topic on the agenda.”

The renewed interest in stablecoins comes on the heels of a political shift in the U.S., where lawmakers rejected a central bank digital currency (CBDC) in favor of encouraging private stablecoin alternatives to preserve the dollar’s dominance.

In Brazil, regulators are conducting a public consultation—Consulta Pública No. 111—focused on how stablecoins might fit into the existing financial system. Antunes said the bank is waiting to see what rules the central bank sets before advancing any internal project.

Antunes also raised concerns about a proposed ban on self-custody in Brazil’s draft stablecoin rules. Brazil, it’s worth noting, has barred major pension funds from investing in cryptocurrencies.

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