The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin slipped back below $70,000 as inflation surprises, hawkish Fed signals, and rising oil prices triggered a broader risk-off move, with analysts saying the downturn is being driven by tightening liquidity and macro pressures rather than crypto-specific catalysts.

In today's newsletter, a bitcoin OG sells another $72 million in BTC, a whale investor buys $111 million worth of ETH, XRP treasury firm Evernorth files to go public, and more.

Meanwhile, Major League Baseball named Polymarket its exclusive prediction market partner and signed an MOU with the CFTC to safeguard betting integrity.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Bitcoin OG sells $72 million in BTC as whales flood exchange deposits

A bitcoin OG who originally accumulated 5,000 BTC back in 2013 sold another 1,000 BTC worth around $70 million, continuing a broader distribution trend.

• The same wallet has now transferred 3,500 BTC, or roughly $332 million, to Binance since November 2024, according to onchain analyst EmberCN.
• The whale bought at an average price of just $332 and sold at an average price of $94,786, generating around $330 million in profits while still holding about 1,500 BTC, the analyst said.
• Separately, Lookonchain said early investor Owen Gunden also sold an additional 650 BTC worth $46.3 million on Wednesday, adding to over $1 billion in prior disposals.
• CryptoQuant data shows whales dominated exchange inflows over the past few days, with the top 10 deposits accounting for up to 83% of total BTC inflows during recent peaks.
• As of Thursday, the exchange whale ratio sits at 0.66, indicating that whale holders are still driving the majority of deposits into exchanges.

Whale investor buys $111 million worth of Ethereum one year after selling

On the flip side, another whale trader bought 50,706 ETH for $111.6 million in USDT at an average price of $2,201, marking their first activity after seven months of dormancy.

• They recycled proceeds from selling 28,683 ETH a year ago for $3,892, suggesting the trader is positioning for a low entry anticipating price appreciation, according to Lookonchain.
• Similar whale behavior is emerging across the market, with large investors accumulating ETH after periods of extended inactivity.
• Lookonchain noted earlier this week that a trader bought 23,393 ETH with 49 million USDT, after selling 12,886 ETH a year earlier at $3,324.

XRP treasury firm Evernorth files S-4 registration for $1 billion SPAC deal

XRP-focused crypto treasury firm Evernorth filed an S-4 with the SEC to go public via a SPAC merger with Armada Acquisition Corp. II and list on the Nasdaq under the ticker XRPN.

• The deal is expected to raise over $1 billion in gross proceeds, backed by investors including Ripple, SBI, Pantera, Kraken, and GSR.
• The combined entity plans to launch with at least 473 million XRP ($678 million), positioning it as one of the largest XRP treasury vehicles.
• Evernorth aims to generate returns through (XRP) accumulation, lending, liquidity provision, and validator operations on the XRP Ledger.

Crypto.com cuts around 12% of staff as CEO pushes enterprise-wide AI integration

Crypto.com cut roughly 12% of its workforce, eliminating about 180 roles, based on a previously disclosed headcount of over 1,500 employees, as it accelerates enterprise-wide AI integration.

• CEO Kris Marszalek said the layoffs target roles that "do not adapt" as the company shifts toward AI-driven operations.
• The move marks the firm's third round of layoffs since 2022, following prior cuts tied to a macroeconomic downturn and the FTX fallout.
• The reductions reflect a broader industry trend, with firms like Gemini, Block, and Messari also recently announcing layoffs while pivoting to AI-focused models.

Bitcoin, ether ETFs snap multi-day inflow streaks with $219 million in combined outflows

Investors pulled $219.2 million from U.S. spot bitcoin (BTC) and ether (ETH) ETFs on Wednesday, snapping their recent multi-day inflow streaks.

• Bitcoin led the net outflows with $163.5 million exiting the funds, while ether ETFs saw $55.7 million in redemptions.
• The reversal came as bitcoin slipped back below $70,000, aligning ETF outflows with a broader market downturn.

In the next 24 hours

• It's quiet on the economic calendar front.
• LayerZero, Wormhole, and KAITO are among the crypto projects set for token unlocks.
• Merkle Meet DC 2026 gets underway.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.