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Bitcoin (BTC) narrowly missed a major breakout. History says be careful.

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Bitcoin (BTC) narrowly missed a major breakout. History says be careful.

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Bitcoin BTC$80,950.18 has pulled back below $81,000 after narrowly missing a test of the closely watched 200-day simple moving average (SMA), currently located near $83,300, on Wednesday. The broader crypto market is also trading in the red, with the CoinDesk Smart Contract Platform Select Capped Index losing more than 2% over the past 24 hours, making it the worst performer among major sector indices.

The 200-day simple moving average (SMA) is widely regarded as a key barometer of long-term market strength. A sustained move above the level would reinforce the narrative that the bear market ended during the early February dip below $63,000 and that a new bull cycle is underway.

However, there is an important historical parallel worth considering. During previous bear market recoveries, BTC has tested, and at times briefly broken above, the 200-day average before resuming its broader downtrend. Most notably, in late March 2022, BTC climbed above $48,000 and tested the 200-day SMA, only to collapse toward $20,000 by the end of June.

For now, macro and market conditions continue to lean supportive. Sliding oil prices and record highs in gold, alongside steady ETF inflows and improving on-chain dynamics, continue to support the case for further upside. Analysts at Marex pointed to three catalysts that could determine whether BTC extends higher.

“First, whether spot keeps buying into strength, not just buying dips. Second, whether exchange supply continues to tighten, which reduces immediate sell pressure. Third, whether the derivatives market stays constructive without overheating. If those line up, the path to the mid 80s opens fast,” they said.

Alex Kuptsikevich, chief market analyst at FxPro, said BTC’s recent pullback appears more like a pause than a sign of trend exhaustion.

“This pause also coincided with the RSI touching the overbought zone (>70) on daily timeframes. It is worrying that the previous three touches of these levels (in August, October and January) were followed by sharp selloffs. It is quite logical that market participants are taking a breather to assess the situation and gather strength,” he said in an email.

In traditional markets, the 10-year U.S. Treasury yield has eased to 4.32%, reversing the early-month spike to 4.46% in a potentially positive development for risk assets.

The Bank of Japan continues to intervene in FX markets to support the anti-risk Japanese yen, while several Asian currencies remain under pressure from the recent oil price spike triggered by the Iran war. Meanwhile, Nasdaq futures continue to hover near record highs. Stay alert.

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

BNY, world’s largest custody bank, expands crypto services in Abu Dhabi (CoinDesk): BNY, which oversees $59 trillion in assets, is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM).

Oil prices fall below $100 as U.S.-Iran tensions keep traders focused on Strait of Hormuz risks (CNBC): Oil prices fell Thursday in volatile trading amid renewed tensions between U.S. and Iran. International benchmark Brent crude futures for July fell 1.85% to $99.40 a barrel. U.S. West Texas Intermediate futures for June rose 1.85% to $93.21 per barrel.

Iran reviewing US proposal as Trump pressures Tehran for agreement on deal to end war (AP): Iran is reviewing the latest American proposals on ending the war, as Trump threatens with a new wave of bombing unless a deal is reached that includes reopening of the Strait of Hormuz.

France moves aircraft carrier to Red Sea with eye on Hormuz mission (Reuters): France deployed its carrier strike ​group to the Red Sea as part of planning for a potential mission to secure the Strait of Hormuz.

Today’s signal

Bitcoin’s price chart is trading near key levels. (TradingView)

The chart shows bitcoin struggling to establish a firm breakout above the upper boundary of the rising channel that has defined its steady recovery from the February lows below $63,000.

Just above the upper boundary sits the closely watched 200-day simple moving average (SMA) near $83,300, a long-term trend indicator many institutional and systematic traders use to gauge whether the broader market trend is bullish or bearish.

Taken together, the top of the channel and the 200-day SMA form a key resistance zone. A decisive break above both levels would strengthen the case that bitcoin’s recovery is evolving into a broader uptrend and could open the door for a move toward the mid-$80,000s.

But repeated failure to clear this area could encourage profit-taking and short-term caution, especially after bitcoin’s strong rebound over the past three months.

Premarket data (CoinDesk)

Bitcoin stalls below $83K while altcoins flash bullish rotation: Crypto Markets Today

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Bitcoin stalls below $83K while altcoins flash bullish rotation: Crypto Markets Today

The crypto market dropped back on Thursday with bitcoin BTC$80,840.60 losing around 0.7% since midnight UTC following Wednesday’s rally to a three-month high of $82,800.

Ether lost around 1% during Asia and European hours, now trading at $2,325 having briefly topped $2,420 on Wednesday.

The broader market is showing early signs of a bullish reversal following a two-month consolidation pattern between February and April, although it’s worth noting that bitcoin needs to break $98,000 in order to break its current cycle of lower highs and lower lows.

The altcoin market continues to indicate investor rotation, with the likes of ALGO and TON rising by between 8% and 9% since midnight UTC.

U.S. equity futures are flat on Thursday while the dollar index (DXY) is down by around 0.1% as investors remain hopeful over a deal to end the war in Iran.

Derivatives positioning

  • Crypto futures market activity remained relatively subdued over the past 24 hours, with total futures volume rising just 3% to $216 billion, while aggregate open interest (OI) declined 3% to $133 billion. The divergence between suggests that positioning is being reduced rather than expanded, pointing to deleveraging across the market.
  • BTC open interest fell to 762K BTC from 793K BTC a day earlier, ending a three-day streak of sustained positioning growth. Among major assets, DOGE recorded the sharpest decline in OI, down 6%, while XRP OI slipped roughly 1%. The declines across these assets suggest capital outflows and reduced speculative appetite in the near term.
  • DOGE positioning appears particularly weak. Funding rates remain negative at an annualized rate of around 6%, indicating that short positions are paying longs to maintain exposure. At the same time, DOGE’s 24-hour cumulative volume delta (CVD) is the most negative among major tokens, signaling aggressive selling pressure from market participants using market orders.
  • BTC funding rates, meanwhile, remain broadly neutral after averaging around minus 4% annualized in recent weeks. The normalization in funding suggests that excessive bearish positioning has largely been flushed out of the market. Some observers view this reset as constructive for BTC price action.
  • In contrast, ETH and SOL both recorded OI increases of 1% or more despite weakening spot prices. Rising open interest alongside falling prices typically suggests fresh short positioning is entering the market, indicating traders may be positioning for additional downside in these tokens.
  • TON continues to stand out on the positioning front. Open interest climbed more than 10% to another record high, signaling continued capital inflows into the asset. TON’s price briefly reached $2.90 earlier today, its highest level since September, and the token is now up 93% on the week. The simultaneous rise in both price and OI points to strong directional participation.
  • TON, TRX, and ZEC are currently the only top-30 tokens posting OI-adjusted positive cumulative volume delta readings. This suggests buyers are driving trading activity through aggressive market orders rather than passive limit bids. Most other major assets, including BTC, ETH, and XRP, continue to show negative CVD readings.
  • In the options market, bullish sentiment remains evident on Deribit, where call options at strike levels above $80,000 continue to dominate 24-hour volume rankings. According to Glassnode, dealers with short gamma exposure may buy into a potential BTC move above $82,000 to maintain hedges. That could further add to momentum.
  • Meanwhile, the one-month volatility risk premium, which measures the gap between implied volatility (IV) and realized volatility (RV), has turned positive again, per Glassnode. This shift indicates renewed demand for short-dated optionality and suggests traders are increasingly willing to pay for near-term volatility exposure after a prolonged period of compressed expectations.

Token talk

  • CoinDesk’s DeFi Select Index (DFX) and the CoinDesk MemeCoin Select Index (CDMEME) are the best performing benchmarks on Thursday, rising by 2.5% apiece as speculative trading begins to come into effect.
  • The Bitcoin-weighted CoinDesk 5 (CD5) and CoinDesk 20 (CD20) indices are flat since midnight UTC, while the broader CoinDesk 100 (CD100) was also marginally in the red.
  • CoinMarketCap’s “altcoin season” indicator is now at 45/100, its highest level since late March having risen from 32/100 since this time last month.
  • Despite the wider altcoin market being optimistic, popular DeFi token MORPHO lost 4.6% of its value since midnight UTC and 6.1% over the past 24 hours. it is currently trading at $2.13 with investors taking profits following a rally earlier in the week that lifted it from $1.95 to $2.33.

Speed, Recognition, and Choice at the Modern Checkout

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Speed, Recognition, and Choice at the Modern Checkout

At the Retail Technology Show, the focus on the evolving merchant-customer relationship centered on three core pillars: integration, reliability, and real-time recognition. Kevin Carson, Senior Vice President and Global Partnerships at FreedomPay, joined the discussion to explain how the company is simplifying the checkout experience by delivering a best-in-class integration library. This extensive library allows customers the free choice to work with preferred vendors such as Oracle Retail, Aptos, or GKE Software, ensuring that technology remains a facilitator rather than a barrier to business.

To ensure this experience remains seamless on a global scale, the FreedomPay platform is built with a primary focus on stability and resiliency. Carson emphasized that the ability to run transactions with high speeds and total accuracy is essential for maintaining consumer trust. However, speed is only one part of the equation; for the modern consumer, the checkout is also an opportunity for engagement. The platform enables merchants to recognize customers in real time based on their specific purchase history, allowing for the immediate delivery of relevant rewards and incentives during the transaction.

Looking at the broader industry, Carson highlighted the rapid rise of intelligent retail solutions, ranging from RFID technology to new Android-based contactless payment methods. The biggest shift currently underway is the move toward tools that allow retailers to truly know and understand their customers in a deeper way. FreedomPay is preparing its clients for this shift by providing an underlying platform designed to consume and integrate these emerging services. By staying ahead of these trends, the company ensures that retailers can continue to offer cutting-edge experiences while maintaining a robust and accurate payment foundation.

Key Highlights from Kevin Carson:

  • Extensive Integration Libraries: Carson discusses how FreedomPay provides the freedom of choice by supporting a wide array of vendor integrations for its partners.

  • Global Stability and Speed: The importance of building a resilient platform that can handle high-velocity transactions with total accuracy across the globe.

  • Real-Time Consumer Recognition: How the platform allows merchants to identify shoppers and provide personalized rewards and incentives at the point of sale.

  • Underpinning Intelligent Retail: A look at how FreedomPay supports emerging trends like RFID and Android contactless solutions to help retailers understand their customers better.

Bitcoin Must Break Through This Level to Avoid a $50,000 Comedown

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Bitcoin Must Break Through This Level to Avoid a $50,000 Comedown

Bitcoin (BTC) is approaching its “most critical” resistance hurdle of the bear market, new BTC price analysis says.

Key points:

  • Bitcoin has arguably its most important resistance battle at $84,000.
  • A failure to reclaim a 200-day trend line opens up the road down to $50,000 lows, warns analysis.
  • The bull market support band needs to hold in the event of a corrective phase.

Bitcoin faces battle to avoid “bear cycle continuation”

In an X post on Wednesday, crypto investment company TradingShot revealed the next key decision point for Bitcoin bulls.

BTC price action continues to test $82,000, according to data from TradingView, but it is the area around $84,000 that will be essential to reclaim as support next.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“Bitcoin is about to test its 1D MA200, the most critical Bear Cycle Resistance but has also already entered the Pivot Zone formed from the previous Low,” TradingShot wrote.

An accompanying chart compares current price performance with the 2022 bear market, with the 200-day simple moving average (SMA) at the center.

At the time, BTC/USD retested the 200-day SMA from below after initially losing it, but the reclaim failed — and the result was a trip to new macro lows.

“This is a familiar pattern that $BTC forms during downtrends, it was also emphatically present during the 2022 Bear Cycle where those Pivot Zones got formed from a previous Low that was later tested as Resistance,” the analysis continues.

BTC/USD one-week chart. Source: TradingShot/X

Should history repeat, TradingShot is eyeing a dramatic correction, with a bottom target at $50,000.

“A rejection now on this ‘Stepping Stones’ pattern will confirm the Bear Cycle continuation for BTC to $50000, while a break-out will invalidate it,” it concludes.

As Cointelegraph reported, the $50,000 zone has long been a favorite among traders who see the bear market continuing.

BTC price support band as “main focus”

If the 200-day SMA is the resistance level to beat, two trend lines immediately below price are essential to retain as support, commentators argue.

Related: Bitcoin price nears $82K as ‘big level’ sparks warning of fresh macro rejection

The so-called bull market support band, formed of the 20-week SMA and the 21-week exponential moving average (EMA), sits near $78,000.

In some of its latest X analysis, trading account Cryptic Trades said that the support band should stay the “main focus.”

“I believe that as long as price keeps holding above this range, as well as the April 2025 bottoming formation around $76K, the broader market structure remains intact,” it wrote on Wednesday alongside an explanatory chart. 

“The other key level to track is the lost high-timeframe support range marked in purple around $84K, where I believe we could see a short-term rejection.”

BTC/USD one-day chart. Source: Cryptic Trades/X

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

US Prosecutors Ask Judge to be Lenient on ex-Celsius Exec, Citing Cooperation

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US Prosecutors Ask Judge to be Lenient on ex-Celsius Exec, Citing Cooperation

Federal prosecutors are recommending a light sentence for Roni Cohen-Pavon, the former chief revenue officer of defunct cryptocurrency lending platform Celsius.

In a Monday letter filed in the US District Court for the Southern District of New York (SDNY), US Attorney Jay Clayton cited Cohen-Pavon’s “substantial assistance” to the government by being prepared to testify against former Celsius CEO Alex Mashinsky.

Prosecutors did not request a specific amount of time for the former executive to spend in prison, instead asking the judge to consider the sentencing guidelines for an “appropriate sentencing reduction for a defendant who has rendered substantial assistance.”

“As soon as he pled guilty, Cohen-Pavon’s cooperation was public and known to Mashinsky,” said Clayton. “Cohen-Pavon’s cooperation was likely a significant factor in Mashinsky’s decision to plead guilty a few months prior to his January 2025 trial date.”

Excerpt from US Attorney’s letter in Cohen-Pavon sentencing. Source: PACER

Cohen-Pavon pleaded guilty to fraud and conspiracy to commit price manipulation related to Celsius’s CEL token in September 2023 as part of his role in the crypto lending platform’s activities that led to the loss of billions of dollars when the company collapsed in 2022. He had been scheduled to be sentenced before Judge John Koeltl on May 7, but on Monday the judge moved the sentencing hearing to May 13.

Related: Celsius founder Alex Mashinsky settles FTC case with $10M payment

Mashinsky, the public face of Celsius and one of the most prominent figures in the cryptocurrency industry at the time, was sentenced to 12 years in prison in May 2025 after pleading guilty to commodities and securities fraud. Many experts saw the fall of Celsius as intertwined with the 2022 crypto market downturn that resulted in the collapse of several exchanges, including FTX and Voyager Digital.

Cohen-Pavon’s lawyers asked for time served ahead of his sentencing hearing, saying that the former Celsius executive took “full responsibility for his conduct and the harms caused by his participation in the CEL token manipulation scheme.”

No new trial for former FTX CEO

The sentencing hearing, expected to wrap up the criminal cases associated with Celsius, will come after another SDNY federal judge denied former FTX CEO Sam Bankman-Fried’s request for a new trial. Bankman-Fried, also known as SBF, asked for a new trial by claiming that the judge overseeing his 2023 trial, Lewis Kaplan, showed “manifest prejudice” during the proceedings. He still awaits a decision on his appeal to overturn the conviction.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

CME to Launch Regulated Bitcoin Volatility Futures in June

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CME to Launch Regulated Bitcoin Volatility Futures in June

CME Group plans to launch Bitcoin Volatility futures on June 1, pending regulatory review, giving investors a compliant way to trade expected Bitcoin volatility rather than price direction, according to a company release published Tuesday.

The Chicago-based derivatives marketplace said the contracts will settle to the CME CF Bitcoin Volatility Index, a 30-day measure of expected Bitcoin volatility derived from CME options markets.

CME describes the new contracts as Commodity Futures Trading Commission (CFTC)-regulated futures aimed specifically at Bitcoin volatility, extending the existing US regulatory framework that already covers CME’s Bitcoin and Ether derivatives.

Giovanni Vicioso, CME Group’s global head of cryptocurrency products, said in the release that market participants are seeking regulated products that offer exposure to market moves, and that the new futures would let traders invest in or hedge against future Bitcoin volatility.

The launch would give institutions a regulated way to trade Bitcoin volatility in the US directly through CME’s clearing framework, rather than building similar exposure through combinations of Bitcoin options and futures or using offshore venues.

Related: CME CEO Duffy says exchange is exploring issuing its own token

In the same release, Morgan Stanley managing director and head of derivatives sales David Schlageter said the contracts should help market participants manage portfolio risk by trading volatility itself.

CME Group to Launch Bitcoin Volatility Futures Contracts. Source: PR Newswire.

CME described the contracts as the “first-of-their-kind regulated futures contracts,” distinguishing them from existing crypto-native volatility products offered outside the US-regulated futures framework.

Cointelegraph reached out to CME for additional comment, but had not received a response by publication.

CME’s product keeps Bitcoin volatility trading onshore

Similar products exist elsewhere. Deribit launched BTC DVOL futures in March 2023, tied to its implied-volatility index, while BitMEX introduced its BVOL 30-day historical volatility futures back in January 2015.

CME first introduced cash-settled Bitcoin futures in December 2017 and has since expanded its regulated crypto lineup to include Bitcoin options, Micro Bitcoin futures and options, Ether futures and options and other cryptocurrency contracts.

The group is preparing to move its cryptocurrency futures and options to 24/7 trading from May 29, subject to regulatory review, further aligning its market structure with the always-on nature of digital assets.

That push comes as crypto derivatives continue to dominate trading activity more broadly, with a CoinGlass report estimating 2025 crypto derivatives volume at about $85.7 trillion, and Swiss bank Amina Group finding that derivatives account for roughly three-quarters of all crypto trading.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Trusted Volumes Confirms $6.7M DeFi Resolver Exploit

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Trusted Volumes Confirms $6.7M DeFi Resolver Exploit

TrustedVolumes, an independent market maker and resolver used by 1inch Fusion, confirmed it was exploited and said about $6.7 million in stolen funds are being held across three Ethereum addresses.

In a Thursday X post, the market maker said the stolen funds were split across three wallets, with two addresses each holding about $3 million and a third holding about $700,000. TrustedVolumes said it was open to “constructive communication” over a bug bounty and a “mutually acceptable resolution.”

The confirmation came after Web3 security company Blockaid said its exploit detection system had identified an ongoing Ethereum exploit targeting TrustedVolumes. Blockaid said the attack involved a TrustedVolumes-controlled custom swap infrastructure. Blockaid initially estimated that about $5.87 million had been extracted, including Wrapped Ether, USDT, Wrapped Bitcoin and USDC.

Blockchain security company CertiK said the attacker registered as an allowed order signer through a public function, then used that authorization to execute orders that transferred funds from the targets.

The incident highlights the risks around third-party infrastructure used in decentralized exchange execution, where resolvers and market makers can operate their own contracts even when the core protocol and ordinary users are not directly affected. TrustedVolumes operates independently as a liquidity provider for multiple protocols, including 1inch, which said its own systems, infrastructure and user funds were not affected.

Cointelegraph reached out to TrustedVolumes for additional comment but had not received a response by publication. 

Source: TrustedVolumes

1inch says none of its protocols were breached

In an X post, 1inch said reports linking it directly to the TrustedVolumes exploit were “misleading,” adding that “neither 1inch nor any of the 1inch protocols are involved.” The platform said there was “no impact on 1inch systems, infrastructure or user funds.”

1inch co-founder Sergej Kunz also said TrustedVolumes operates independently and is not exclusive to 1inch. “While it is true that 1inch uses TrustedVolumes as a resolver, we are one of many,” Kunz said.

Kunz said the framing of the exploit as a 1inch-related incident was “confusing and harmful,” adding that 1inch is monitoring the situation with security partners and will assist where appropriate.

Related: Andre Cronje says DeFi is ‘no longer DeFi’ as builders debate circuit breakers

Security researcher Vladimir Sobolev, known as Officer’s Notes on X, also told Cointelegraph there was “no risk for 1inch users,” adding that the exploit was related only to TrustedVolumes. 

Sobolev said the exploit points to broader weaknesses in crypto security practices, where vulnerabilities can quickly produce immediate losses. 

“We lack security in general. Blockchains just tend to have an immediate payoff,” Sobolev told Cointelegraph. “We need to pay more attention to kill switches, monitoring, circuit breakers, etc.”

Both Blockaid and Sobolev noted that the attack was carried out by the same operator responsible for the March 2025 1inch Fusion V1 resolver exploit. However, Blockaid said the latest attack involved a different vulnerability.

In March 2025, 1inch said a vulnerability affected resolvers using an outdated Fusion v1 implementation in their own contracts, while end-user funds remained safe. SlowMist later traced about $5 million in stolen assets, including USDC and Wrapped Ether.

1inch and the affected resolver negotiated with the attacker, who returned most of the stolen funds under a bug bounty agreement, according to 1inch and Decurity’s postmortem.

Magazine: North Korea denies crypto hacks, Upbit’s bank tests Ripple: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

59% of organizations made a “bad AI hire” in the past year, new TestGorilla research reveals

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59% of organizations made a “bad AI hire” in the past year, new TestGorilla research reveals

Study of nearly 2,000 senior hiring leaders finds 53% now prioritize AI fluency over domain expertise, but a critical gap between definitions and measurement is producing confident wrong hires on both sides of the Atlantic

TestGorilla, the leading skills-based hiring platform, today released The State of Hiring for AI Fluency, revealing a fundamental shift in talent evaluation: AI fluency has overtaken domain expertise as the top hiring priority. 53% of hiring managers now prefer candidates with strong AI fluency over deep subject matter experts.

Although 72% of UK and 71% of US organizations have formally defined AI fluency, and nearly all list it as a hiring requirement, 59% across both markets still made a bad AI hire in the past year.Share

But ambition is outpacing reality. Although 72% of UK and 71% of US organizations have formally defined AI fluency, and nearly all list it as a hiring requirement, 59% across both markets still made a bad AI hire in the past year — a candidate who spoke the language fluently in the interview but couldn’t apply it on the job.

“Organizations are no longer just looking for subject matter experts; they are looking for AI-augmented performers who can use emerging technology to 10x their output,” says Wouter Durville, CEO of TestGorilla. “But a candidate can learn the vocabulary, ‘agentic workflows,’ ‘RAG,’ ‘prompt chaining’ in a single weekend. They can describe a workflow convincingly without ever having built one.”

The Infrastructure Paradox

TestGorilla’s research identifies an “Infrastructure Paradox”: companies are investing in AI hiring frameworks built on the same broken proxies that have failed recruiters for decades. The report flags three critical issues:

  • The Awareness Trap: 37% of organizations set their minimum bar at tool awareness — simply knowing a tool exists.
  • The Subjectivity Trap: 19% leave AI assessment entirely to individual hiring manager discretion. Without a shared rubric, fluency becomes a vibe-check that rewards the best storyteller, not the best hire.
  • Confidence vs. Competence: Interviews are designed to observe communication, not execution. Candidates can speak fluently about AI workflows without ever auditing an output or redesigning one.

A bad AI hire can cost more to fix than a vacancy: in lost output, failed projects, and rehiring costs.

A Transatlantic Divide

The data exposes a sharp split. 33% of US organizations report frequent AI-driven errors, compared to just 13% in the UK. UK employers are also less likely to set the bar at mere tool awareness (29% vs. 45% in the US), showing stronger internal alignment on what AI fluency requires.

The conclusion is the same on both sides: subjective evaluation is no longer fit for purpose. Objective, skills-based assessment is the only reliable path to verifying AI competence.

Morgan Stanley To Launch Crypto Trading On E*Trade In 2026

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Morgan Stanley To Launch Crypto Trading On E*Trade In 2026

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Wall Street behemoth Morgan Stanley has launched its long-awaited crypto trading pilot on its E*Trade platform, aiming to challenge major established players with competitive pricing.

Morgan Stanley Debuts Crypto Trading Pilot

Baking giant Morgan Stanley has rolled out a pilot to offer direct crypto trading on its E*Trade platform, with cheaper pricing than its competition, Bloomberg reported on Wednesday.

According to the report, the bank is charging E*Trade users a 50-basis-point fee on the transaction value, placing its prices below those of other major players. For instance, Robinhood’s fees start at 95 basis points, while Coinbase and Charles Schwab’s fees start at 60 and 75 basis points, respectively.

Morgan Stanley is currently offering its crypto trading pilot to a limited number of users, but expects to give access to all of E*Trade’s 8.6 million clients later this year. Jed Finn, Morgan Stanley’s head of wealth management, said in an interview that the launch is “much bigger than trading crypto at a cheaper rate,” adding that “the strategy is disintermediating the disintermediators.”

The banking giant bought E*Trade in 2020 for $13 billion. In May 2025, it introduced plans to allow crypto trading on the platform, following the Trump administration’s efforts to make the US “the crypto capital of the world.”

People familiar with the matter told Bloomberg that executives are preparing an offering to directly convert cryptocurrencies into shares of exchange-traded products (ETPs) without selling the assets. In addition, the bank reportedly plans to add the ability to trade tokenized equities in the second half of 2026.

Morgan Stanley’s Strategic Digital Assets Push

The launch is part of Morgan Stanley’s broader push to expand in the digital assets space, an industry that until recently was off-limits to banks. Over the past few years, the Wall Street giant has been betting on the convergence of traditional finance (TradFi) and decentralized finance (DeFi).

In 2024, Morgan Stanley, which has built one of the most significant Bitcoin Exchange-Traded Fund (ETF) holdings in the US, allowed its managers to offer the funds as an investment option for its wealthy customers.

Last year, it expanded access to crypto fund investments for all clients, moving away from the previous restrictions that limited access to individuals with at least $1.5 million in assets and an aggressive risk tolerance. The shift allowed its financial advisors to present the funds to any client, including those with retirement accounts.

Notably, Morgan Stanley became the first Wall Street bank to debut a spot Bitcoin ETF in April, and made it the cheapest fund in the category. The bank also filed for spot Ethereum and Solana ETFs earlier this year, which are expected to debut this year.

In February, it joined the list of companies applying for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). In its application, the bank said that the charter would be used to conduct crypto trading and staking for its investment clients, reinforcing its strategic push for the broader digital asset industry.

crypto, total

The total crypto market capitalization is at $2.69 trillion in the one-week chart. Source: TOTAL on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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ADX Hosts Region’s First IOP for a US-Based ETF, Listing First Shari’ah-Compliant Fund

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ADX Hosts Region’s First IOP for a US-Based ETF, Listing First Shari’ah-Compliant Fund


Middle East & Africa Wealthtech



The Abu Dhabi Securities Exchange (ADX) Group has further strengthened its position as the Middle East’s most liquid ETF hub. The exchange recently hosted the region’s first initial offering period (IOP) for a U.S.-based ETF, which culminated in the successful cross-listing of the KraneShares Wahed Alternative Income Index ETF (KWIN).

This milestone firmly underscores ADX’s continued push to expand access to global investment products and enhance market accessibility for regional investors.

Global demand and ETF mechanics

The IOP for the new ETF ran from 15 to 21 April. Highlighting strong and diverse international demand, the offering attracted investors from more than 46 different nationalities who subscribed directly through the ADX website.

Developed collaboratively by KraneShares and Wahed Invest, KWIN marks a key regional milestone. Key details of the newly listed ETF include:

  • It is the first Shari’ah-compliant ETF to be cross-listed from the U.S..

  • It represents the fourth ETF overall from the New York Stock Exchange to join the ADX.

  • The fund utilizes an options-based strategy designed to generate income.

  • It tracks the Wahed Shariah Alternative Income Index, which, as of March 2026, contained 306 holdings, including major companies such as Amazon and Lululemon.

Furthermore, KWIN represents the second ETF listing on the ADX since the onset of recent regional geopolitical developments, closely following the KraneShares Artificial Intelligence & Technology ETF (AGIX). According to ADX, this highlights the exchange’s ability to sustain strong momentum and retain investor trust.

A surging ETF ecosystem

The launch of KWIN officially increases the total number of ETFs listed on the ADX to 23. This latest addition brings the total ETF market capitalization on the Abu Dhabi exchange to nearly AED 27 dirhams.

The ADX’s ETF segment continues to experience rapid expansion. In the first quarter of 2026, ETF trading value reached 155 million dirhams, representing a massive 228 per cent year-on-year increase.

This immense growth aligns with broader market performance across the exchange. Over the same period, total trading value across the ADX approached 90 billion dirhams, an increase of 7.5 per cent.

Institutional and foreign engagement

The exchange’s first-quarter metrics also underscore strong international engagement and deep institutional trust:

  • Institutional participation rose to account for 78 per cent of the total trading value.
  • Foreign investors accounted for 47.5 per cent of trading.
  • Transactions from foreign investors exceeded 85 billion dirhams, marking a 22 per cent year-on-year increase.


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