Crypto Stocks Plunge Wednesday, With Galaxy, Bitcoin Miners Leading Decline

[Ethereum Foundation Transfers $600 Million to Treasury] The Ethereum Foundation recently transferred approximately $600 million from its reserves to its treasury, possibly to optimize fund management or address market fluctuations. Previously, the foundation has made multiple adjustments to fund allocations to support ecosystem development. As of now, the community remains uncertain about the specific purpose of this large transfer, with some expressing concerns that it may be related to market strategies. (Decrypt)

[Whale Wallet Closes Position with $5.7 Million Profit and Opens $32.5 Million Short Position] Whale wallet address '0xc2a3' closed its Bitcoin long position, earning a profit of $5.7 million, and subsequently opened a $32.5 million short position with 18x leverage. (Cointelegraph)

[UK Reform Party Leader Vows to Block CBDC Issuance and Support Cryptocurrency Development] UK Reform Party leader Nigel Farage stated that he will do everything in his power to prevent the issuance of a central bank digital currency (CBDC) in the UK, calling it a 'complete nightmare' and vowing that he would 'rather go to jail than accept it.' He pledged that if elected, he would establish a 'Bitcoin Digital Reserve,' lower crypto tax rates, and prohibit banks from closing accounts due to crypto transactions, aiming to make London a global cryptocurrency hub.

The success of stablecoins isn’t about speculation but about efficient utility — they are quietly becoming the most-used form of digital currency around the world, writes CoinFund’s David Pakman.

Bitget KAS/USDT's perpetual trading volume surged 12 times within 10 minutes, with a turnover of 7.1 million US dollars in the past 24 hours, a decrease of 7.21% A surge in trading volume generally indicates an increase in market trading activity or large-scale fund buying and selling operations, which may be caused by certain important market changes or news announcements. According to AiCoin data, the comprehensive ranking of Bitget contracts ranks fourth globally