Uncategorized

Why ‘ETH Is Going to $10,000,’ Explains EMJ Capital Founder and President

Published

19 часов ago

15 июля, 2025

admin

On Sunday, Eric Jackson, the founder and president of Toronto-based hedge fund EMJ Capital posted a thread on X that explained his firm’s bullishness on ether (ETH).

According to Jackson, the market has underestimated the impact of upcoming developments, particularly the anticipated approval of staking for ETH exchange-traded funds (ETFs) by October 2025. He argued that this event, rather than the already-approved ETH ETFs, represents the true catalyst for significant price growth, as it could transform ether into a yield-generating asset attractive to institutional investors.

Jackson explained that his firm’s model anticipates a supply crunch driven by several factors. He highlighted that staking approval would likely lead to increased institutional demand, reduced circulating supply, and passive investment flows from traditional finance. Combined with Ethereum’s deflationary tokenomics post-merge, growing transaction fees from layer-2 solutions, and the rise of real-world asset (RWA) tokenization, he believes these dynamics could significantly boost ETH’s value.

Jackson emphasized that Ethereum’s ability to generate real revenue positions it as an undervalued network, poised to become an institutional-grade yield product rather than merely a speculative asset.

In his analysis, Jackson projected a base case of ether reaching $10,000 by the end of the current market cycle, with a more optimistic scenario of $15,000 or higher if layer-2 adoption and ETF inflows exceed expectations.

He noted that while Bitcoin continues to dominate market attention with its price surpassing $120,000, Ethereum is quietly establishing itself as a critical infrastructure for cryptocurrency transactions.

Jackson also expressed skepticism about the analogy of Ethereum as “digital oil,” instead suggesting that its role as a foundational platform for commerce in a crypto-driven economy aligns it with companies like Circle, Coinbase, Shopify, and Robinhood. His firm remains bullish, maintaining a long position in the $ETHA ETF and plans to update its model as new developments unfold.

With the crypto market struggling today in the wake of the profit-taking that took bitcoin’s price in the past two days from above $123,000 to around $116,000, the ether price is holding up relatively well, down only 0.6% in the past 24-hour period at the time of writing. One reason for that is probably the support from Nasdaq-listed SharpLink Gaming (SBET).

Earlier today, the firm announced via a post on X that it has solidified its position as the largest corporate holder of ether globally, surpassing even the Ethereum Foundation. The company disclosed that between July 7 and July 13, 2025, it acquired approximately 74,656 ETH for roughly $213 million, at an average price of $2,852 per ETH, bringing its total holdings to around 280,706 ETH.

It says that this aggressive acquisition strategy, funded in part by raising $413 million through the sale of 24.5 million shares via its At-The-Market (ATM) facility during the same period, underscores its commitment to making ether its primary treasury reserve asset.

The announcement also highlighted that approximately 99.7% of SharpLink’s ETH holdings are actively staked, generating around 415 ETH in staking rewards since the company launched its ETH-focused treasury strategy on June 2, 2025.

Additionally, SharpLink reported a 23% increase in its proprietary “ETH Concentration” metric since June 13, 2025, reflecting greater ETH exposure per share. This move aligns with the company’s broader vision, articulated by Chairman Joseph Lubin, a co-founder of Ethereum, to position SharpLink at the forefront of digital commerce by leveraging Ethereum’s utility in decentralized finance and blockchain infrastructure.

Technical Analysis

According to CoinDesk Research’s technical analysis model, ETH-USD showcased very high volatility throughout the 24-hour period from July 14 15:00 UTC to July 15 14:00 UTC, establishing a trading corridor of $132.08 that constituted 4% movement between the session’s floor at $2,933.50 and ceiling at $3,065.45.
The trading session was characterized by sustained bearish pressure during overnight hours, witnessing ETH’s descent from $3,013.65 to reach the daily nadir of $2,933.50 approximately at 03:00, subsequently entering a lateral consolidation phase within the $2,960-$2,990 bandwidth throughout the majority of the session.
The pivotal moment materialized during the concluding trading hour as ETH orchestrated a spectacular ascent from $3,000.02 to $3,051.89, accumulating $51.87 gains within a single hour accompanied by extraordinary trading activity of 496,321 units — exceeding twice the 24-hour baseline of roughly 225,000.
This dynamic surge indicates robust institutional positioning and signals a potential breakthrough beyond the $3,000 psychological barrier that previously constrained upward momentum attempts.
ETH-USD exhibited extraordinary price action during the final 60 minutes spanning 15 July 13:08 UTC to 14:07 UTC, accelerating from $3,016.75 to achieve a session pinnacle of $3,065.45 before consolidating at $3,047.00, marking a net appreciation of $30.25 or 1%.
The timeframe showcased a compelling breakout narrative commencing at 13:25 when ETH catapulted from $3,017.89 to $3,026.08, succeeded by persistent bullish momentum that reached its zenith during the 13:42 to 13:50 UTC interval, where valuation skyrocketed from $3,029.14 to $3,065.37 — capturing $36.23 appreciation within an 8-minute window as trading activity surged beyond 21,000 units at 13:46, approaching triple the hourly baseline.
This powerful advance definitively penetrated the $3,030 resistance threshold and established fresh session peaks, although subsequent profit-realization dynamics surfaced during the concluding 17 minutes, retreating ETH to $3,047.00 amid declining activity that reached zero during the final three minutes, indicating momentary fatigue following the exponential climb.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Uncategorized

Strategy’s Convertible Bond Prices Surge as Stock Advances Back Toward Record High

Published

2 часа ago

16 июля, 2025

admin

Disclaimer: The analyst who wrote this article owns shares in Strategy.

Strategy’s (MSTR) aggressive bitcoin BTC acquisition strategy has dramatically boosted the value of its convertible debt.

With bitcoin steady near its record price and the company’s shares rebounding toward $450, five of the six bonds outstanding are deep in the money, meaning the stock price exceeds their conversion prices. Only the 2029 note, with a high $672.40 conversion price, remains out of reach.

The Tysons Corner, Virginia-based company issued convertible notes totaling $8.2 billion in notional principal with ultra-low average coupons of just 0.421%. The bonds, which mature between 2028 and 2032, carry a set price based on MSTR and BTC levels at the time of issues at which the debt can turn into the common stock.

MSTR stock has rebounded from as low as $235 three months ago and is within sight of late last year’s $543 record. The rally has pushed the bonds’ market value to $13.4 billion, roughly $5.2 billion above their notional value. The premium reflects how much investors are willing to pay in secondary markets, driven by the bonds’ potential to convert into valuable equity.

Of late, however, Strategy has paused issuing new convertible notes. That may be due to more cautious sentiment as reflected in the options market.

As of July 15, MSTR’s implied volatility sits at 53.1%, well below past highs above 200%. Implied volatility is an indication of how much the options traders believes the stock will move in the future based on their market positioning.

Open interest remains healthy at over 2.4 million contracts, but both the open interest put-call ratio (0.93) and the volume put-call ratio (0.62) indicate neutral sentiment, suggesting traders are not aggressively betting on a major surge in the stock. A put is a cautious position that offers protection against price declines in the underlying asset while a call is a bullish instrument that allows traders to profit when the price rises.

Additionally, trading volume is just 20% of its 30-day average, hinting at reduced speculative interest.

This muted options activity implies that while MSTR’s price is high enough to put five of the six convertible bonds deep in the money, there may not be the same frothy market enthusiasm that allowed the company to issue convertibles at ultra-low coupons and favorable terms.

Investors might demand higher yields or lower conversion prices for any new issuance, which could dilute existing shareholders sooner.

Uncategorized

Crypto Exchange BigONE Confirms $27M Hack, Vows Full User Compensation

Published

2 часа ago

16 июля, 2025

admin

Crypto exchange BigONE has confirmed a $27 million breach stemming from a hot wallet exploit on July 16 and states that all user funds will be fully reimbursed.

In an official statement, the exchange said it detected “abnormal movements” tied to a third-party attack and has since identified and contained the vector. All private keys remain secure, and no additional losses are expected.

BigONE is working with blockchain security firm SlowMist to track the stolen assets, with fund tracing already underway across Bitcoin, ethereum, Tron, Solana, and BNB Chain, per a release.

What Was Stolen?

The stolen tokens span across major and minor assets, including:

120 BTC
350 ETH
9.5B SHIB
7.1M USDT (multi-chain)
538,000 DOGE
1,800 SOL
1 WBTC
20,730 XIN
15.7M CELR
25,487 UNI
16,071 LEO

BigONE said user balances are safe, and all losses will be covered in full using a combination of internal reserves (BTC, ETH, SOL, USDT, XIN) and external borrowing to restore liquidity for niche tokens.

Deposits and trading are expected to resume within hours, but withdrawals will be delayed until further security reinforcements are complete.

“We sincerely apologize for the impact this incident may have caused,” the team wrote. “All investigation progress and handling results will be communicated with full transparency.”

The incident marks yet another major exchange hack in 2025, pushing total crypto exploit losses beyond $2.1 billion for the year.

Uncategorized

Bitlayer’s BitVM Bridge Debuts Its Mainnet, Offers Trust-Minimized Bitcoin DeFi

Published

2 часа ago

16 июля, 2025

admin

Bitlayer’s BitVM Bridge launched its mainnet on Wednesday, enabling bitcoin (BTC) liquidity for decentralized finance through a trust-minimized framework.

The bridge keeps users’ BTC safe by locking it in the BitVM smart contract that operates under the assumption that at least one honest market participant exists, ready to expose malicious attempts to move funds.

This trust-minimized setup starkly contrasts traditional custodians that involve centralized custody or distributed custodianship.

«Over the past year, we’ve dedicated significant resources to developing the BitVM bridge, and we’re thrilled to finally deliver this milestone to the community,» Bitlayer co-founder, Kevin He said in a press release shared with CoinDesk.

«Post-mainnet deployment, our focus shifts to scaling asset compatibility and deepening integration with additional blockchain networks,» He added.

YBTC, a gateway to BTC DeFi

Central to Bitlayer is YBTC, a token that directly represents the user’s locked bitcoin. Its value is pegged 1:1 with BTC, and it opens decentralized finance to BTC holders looking to generate additional yield by allowing them to stake, lend, borrow, trade and provide liquidity across multi-chain decentralized exchanges.

The token’s security stems directly from the transparent and verifiable BitVM smart contract – unlike wrapped BTC (such as WBTC), which relies on a trusted central entity to hold the actual BTC.

Note that YBTC is distinct from Bitlayer’s native token, BTR, which is used for governance, fees and staking within the ecosystem and is slated to be listed on major centralized exchanges.

Front-and-reclaim model

Typically, eliminating centralized custodians implies longer waiting times, especially in the case of fraud-proof systems like Bitlayer. Here, while transactions are assumed to be honest, anyone watching can step in to prove if something went wrong.

To allow enough time for these crucial security checks, there’s a built-in waiting period, typically seven days, during which a fraudulent transaction could be challenged. This can lead to longer withdrawal times.

However, Bitlayer employs an innovative «front-and-reclaim» model, transferring the waiting period to specialized brokers or third-party liquidity providers. These entities provide the withdrawn BTC from their own funds to users within approximately one hour. Meanwhile, they wait for their original seven-day security period to end before getting their funds back from the smart contract.

This approach offers both trustless security and a fast, convenient user experience.

«There is a front mechanism in BitVM bridge design, the pegout user will get their BTC back at bitcoin block time,» He told CoinDesk. «The waiting time will be left to the broker(operator).»

Expansive ecosystem

Bitlayer is prioritizing integration with the Ethereum mainnet and major layer 2 solutions, as well as exploring Solana and Bitcoin-native layer 2s, such as Lightning Network applications. It has already secured integration with other leading ecosystems, including Sui, Base, Starknet, and Arbitrum, Sonic, Plume Network and Sundial.

«Our goal is to make YBTC universally accessible wherever significant DeFi liquidity exists, enabling bitcoin to flow securely and seamlessly into diverse ecosystems,» BitLayer’s team told CoinDesk.

The team added that it plans to establish a security committee, release audit reports and conduct bug bounties and open-source their code, creating a roadmap that positions BitLayer’s BitVM Bridge as a crucial piece of infrastructure for BTC’s future in DeFi.