Bitcoin Retirement Plans: $200K BTC Target Still in Play?
Bitcoin's Retirement Boost: $200,000 Price Target Remains
Despite recent market volatility, analysts suggest that allowing digital assets in US 401(k) retirement plans could inject billions into the crypto market. Bitwise's head of European research, André Dragosch, believes this could push Bitcoin (BTC) above $200,000 by the end of 2025.
Dragosch estimates a modest 1% portfolio allocation to Bitcoin in these retirement plans could unlock $122 billion in new capital.
Bitcoin Whale Dumps BTC for ETH
Interestingly, while some focus on Bitcoin's potential, a major investor recently shifted gears. A Bitcoin whale moved $189 million worth of BTC to Hyperliquid, converting most of it into a $295 million perpetual future long position on Ether (ETH) and a subsequent $240 million spot ETH position.
YZY Token Scandal: Insider Trading Allegations
An onchain investigation has linked a wallet that sniped the Kanye West-themed token YZY to wallets involved with the LIBRA token launch. The analyst, Dethective, alleges that the same operator extracted tens of millions of dollars using insider information.
Key findings:
- A YZY sniper wallet bought $250,000 worth of tokens at a significantly low price, securing over $1 million in profit within minutes.
- The same treasury wallet received funds from wallets tied to LIBRA's launch, where two "Libra sniper" wallets extracted a combined $21 million.
- In total, nearly $23 million was allegedly pulled across the YZY and LIBRA launches.
DeFi Developments: Billionaire Bets on DeFi and AI
Chamath Palihapitiya, an early Bitcoin investor, has filed to raise $250 million for a SPAC (American Exceptionalism Acquisition Corp A), targeting the decentralized finance, AI, energy, and defense sectors. Palihapitiya seems more focused on DeFi solutions than Bitcoin, emphasizing the integration of traditional finance with blockchain technology.
Tether Hires Ex-White House Crypto Director
Stablecoin issuer Tether has hired Bo Hines, former White House Crypto Council Executive Director, as its new strategic advisor for digital assets and US strategy. This move signals Tether's ambition to expand its presence in the US market.
Ethena's USDe Stablecoin Gains Traction
Ethena Labs reports that its Ethena protocol has generated over $500 million in cumulative revenue. Its synthetic stablecoin, Ethena USDe (USDe), has seen accelerated growth, with the protocol revenue hitting $13.4 million in the past week and USDe supply reaching an all-time high of $11.7 billion.
DeFi Market Overview
Most of the top 100 cryptocurrencies experienced losses this week. Pump.fun's (PUMP) token saw the most significant decline, falling over 22%.