Crypto Bites | Recap 24062025
Hi crypto bros,
The crypto world is buzzing today with a mix of significant network adjustments, surprising market performance, and continued strides in institutional integration. From Bitcoin's impending mining difficulty drop to memecoins defying market trends, here's a recap of the key headlines.
Bitcoin Prepares for Largest Mining Difficulty Drop Since 2021
Bitcoin is poised for its most significant mining difficulty reduction since July 2021, with projections indicating a drop of around 9% within the next five days. This adjustment comes as the network's hashrate has plummeted approximately 30% over the past two weeks, now sitting just under 700 EH/s. The decline is attributed to seasonal power constraints, a pattern reminiscent of the 2021 China mining ban which saw a drastic 50% hashrate decrease. This easing of difficulty is expected to make mining less demanding, potentially boosting miner revenue, currently at $51.9 per exahash. If Bitcoin's price holds steady or increases, miners could see a significant uplift in profitability.
Nano Labs Eyes $500M BNB Treasury with Convertible Note Sale
Nasdaq-listed Nano Labs, founded by former Canaan Bitcoin miner executives, is making a bold move into the BNB ecosystem. The company plans to raise $500 million through zero-coupon convertible notes, maturing in 360 days, specifically to build a BNB treasury. This initiative could potentially double to $1 billion in BNB purchases if demand for the notes is strong. BNB, Binance's native token, boasts a market cap of $93 billion and a circulating supply of 145.9 million. Following this announcement, Nano Labs' shares soared nearly 200% in pre-market trading, pushing its market value above $181 million. This comes hot on the heels of another firm, Build & Build Corporation, revealing plans to raise $100 million for BNB acquisition and a public listing.
Memecoins Crowned Only Profitable Crypto Sector in 2025
A new study by NFTEvening reveals a surprising trend: memecoins are the only crypto sector to yield positive returns in 2025, averaging a remarkable 33.08% from January to May. The research indicates that 18.82% of meme projects generated profit, significantly outperforming sectors like AI (8.69%) and Layer 2 (6.14%). The explosion in meme token creation is equally staggering, with almost 5.9 million launched by June 11, exceeding the total number of DEXs in 2024 by over ten times. Daily meme token launches surged to an average of 36,000 in 2025, up from 10,400 in 2024, with January alone seeing 1.7 million new tokens. This highlights the unexpected resilience of memecoins amidst a challenging broader crypto market.
Hong Kong Family Office VMS Dips Toes into Crypto with up to $10M Allocation
In a significant sign of growing institutional interest in Hong Kong's evolving crypto landscape, family office VMS plans to allocate up to $10 million to its first cryptocurrency investment. While specific assets remain undisclosed, the move suggests a diversified approach to digital assets and blockchain projects. This strategic entry by a traditional family office underscores the increasing consideration of digital assets for portfolio diversification, reflecting a broader trend in global crypto market developments.
US Housing Regulator to Explore Crypto Holdings for Mortgage Qualifications
The U.S. Federal Housing Finance Agency (FHFA) is set to study the implications of cryptocurrency holdings on mortgage qualification processes. FHFA Director Bill Pulte, a known crypto investor, announced the study, signaling potential mainstream acceptance of crypto in housing finance. The agency's oversight of Fannie Mae, Freddie Mac, and Federal Home Loan Banks could pave the way for wider integration of digital assets into traditional financial and housing sectors. Pulte has openly disclosed his holdings in Bitcoin, Solana, and shares in Bitcoin mining firm MARA, valued between $500K and $1M.
Jaguar, Land Rover Customizer ECD Automotive Revs Up Bitcoin Treasury
ECD Automotive Design, Inc., a firm specializing in restoring classic Jaguar and Land Rover vehicles, has secured $500 million to build out its Bitcoin treasury. The funds were raised through an equity facility with ECDA Bitcoin Treasury LLC, making ECD Automotive Design one of the latest publicly traded companies to add Bitcoin to its balance sheet.
Digital Asset Secures $135M to Accelerate Canton Network Adoption
Digital Asset, the developer behind the Canton blockchain, has successfully raised $135 million in a funding round led by DRW Venture Capital and Tradeweb Markets. This capital injection aims to accelerate the adoption of institutional and decentralized finance on the privacy-focused Canton Network, further advancing the integration of blockchain technology within traditional financial systems.
Wealthy Investors Seek Crypto Advice But Distrust Advisors' Expertise
A CoinShares survey of 500 high-net-worth and sub-high-net-worth investors reveals a paradox: 82% are more likely to work with a financial advisor offering crypto investment guidance, yet 29% are wary of advisors lacking personal experience or failing to explain risks adequately. This highlights a significant "credibility gap" and a need for financial advisors to bolster their crypto knowledge and risk communication to meet growing client demand.
US Spot Ethereum ETFs Surpass $4 Billion in Cumulative Net Inflows
As their first anniversary approaches, US spot Ethereum ETFs have achieved a significant milestone, surpassing $4 billion in cumulative net inflows. This impressive figure has overcome more than $4 billion in net outflows from Grayscale's converted ETHE fund. Cumulative trading volume for these ETFs stands at $89 billion, with daily volume remaining elevated at $840 million, although this is down from a peak of over $1.5 billion in early February.
Blockchains Offer Hope to Free Banks from COBOL Legacy
The banking system, heavily reliant on the decades-old COBOL programming language, could finally find its liberation through blockchain technology. A 2017 Reuters study estimated that 43% of the world's banking systems, handling 80% of in-person transactions and 95% of ATM transactions, still run on COBOL. The industry has accumulated an estimated 220 billion lines of this legacy code. However, the emergence of stablecoins and deposit tokens, exemplified by JPMorgan's JPMD, offers a path to modernize payment processing, potentially making COBOL as obsolete as newspapers in the age of the internet.