Crypto Biz: Capital has no consensus

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AI cloud is expected to become IREN’s dominant revenue stream very soon. Source: Bernstein Tom Lee’s BitMine added another 101,000 ETH to its balance sheet, doubling down on its accumulation strategy even as its existing holdings remain deeply underwater. The latest purchase brings total investment to roughly $17.6 billion, reinforcing the company’s position as the largest corporate holder of Ether. That aggressive buying streak comes amid more than $6.5 billion in unrealized losses, reflecting Ether trading well below BitMine’s average acquisition price, $2,248.55 at last look versus the average $3,621.34, according to DropsTab data. The scale of the drawdown underscores the risk of concentrating corporate treasuries in a single volatile asset, especially when accumulation continues during price weakness. BitMine is deeply underwater on its ETH position. Source: DropsTab Stablecoin transfer activity fell sharply over the past month, with total volume dropping 19% to about $8.3 trillion, even as the overall market continued to expand, according to RWA.xyz data. At the same time, total supply climbed above $305 billion, while the number of holders and active addresses also edged higher. The divergence points to a buildup of capital that isn’t moving. More dollars are entering or staying in stablecoins, but fewer are being used across blockchains. In practical terms, liquidity is rising, but activity is slowing, suggesting that users are holding rather than deploying funds. Flows across individual assets tell a similar story. Tether’s USDt (USDT) led inflows with roughly $3.6 billion added, followed by USDC (USDC), while USDe (USDE) and PayPal USD (PYUSD) saw outflows. Net flows of stablecoins over the past 30 days. Source: RWA.xyz OKX has added BlackRock’s tokenized US Treasurys fund, BUIDL, to its platform, allowing institutional clients to use the asset as trading collateral. The integration is part of a new framework developed with Standard Chartered, where the fund can be posted as margin while remaining in regulated custody with the bank. The setup changes how collateral works on crypto exchanges. Instead of parking cash or stablecoins that sit idle, clients can hold a yield-bearing Treasury-backed asset and still use it to support trading activity. In some cases, the collateral stays off-exchange under Standard Chartered’s custody, while OKX mirrors it for trading — a structure designed to reduce counterparty risk without interrupting execution. Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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