Ethereum, XRP and Dogecoin Dive as Crypto Market Gets Frothy

Windtree Therapeutics plans to buy up to $700 million worth of BNB for its balance sheet, partnering with Kraken for custody. The company is raising funds through equity and stock-purchase pacts to support its BNB purchases.

Joseph Chalom, former BlackRock executive, has become co-CEO of SharpLink Gaming, known for its Ethereum treasury. With Chalom's addition, current CEO Rob Phythian will transition to president, as the company aims to add long-term shareholder value through Ethereum strategies.

Tron Inc.—which is associated with Tron network founder Justin Sun—operates from a low-profile office in Winter Park, Florida, under the name SRM Entertainment. Despite the recent rebranding to Tron, the office still uses the SRM name, with occasional visits from Tron representatives.

The GENIUS Act, signed into law by President Donald Trump, aims to provide legal clarity for stablecoins, prompting concerns from Sen. Elizabeth Warren about potential negative impacts on the American people. Warren criticized the act, warning against industry-designed bills and emphasizing the need for comprehensive and effective crypto legislation.

Strategy, led by Michael Saylor, is increasing its preferred stock offering of Stretch (STRC) from 5 million to over 28 million shares, generating an additional $2 billion for Bitcoin purchases. The shares will be sold at a discounted price of $90, down from the initial $100 per share.

According to Empire's Jason Yanowitz and Dragonfly's Rob Hadick, the market is being driven by human emotions, known as "animal spirits," rather than fundamentals or technicals. Hadick mentioned a decrease in market frothiness and the possibility of reduced volatility in the coming weeks.

Analysts warned of large-scale Bitcoin movements to exchanges, with Galaxy Digital shifting $3.7 billion worth of Bitcoin. Short-term holders moved 26,100 BTC to exchanges, contributing to selling pressure.

Bitcoin's original purpose was as a peer-to-peer electronic cash system for value transfer, not just a store of value like gold. Using Bitcoin for transactions strengthens its role as a long-term store of value and promotes adoption, as seen in a recent bike purchase with Bitcoin.

WOO X has not yet lifted its withdrawal ban following a $14 million crypto theft via a phishing attack. Despite implementing security measures, exploiters managed to coordinate withdrawals from user accounts. The exchange has frozen withdrawals and announced temporary freezes for certain tokens on the Solana network.

The U.S. money supply has hit a record high, but the crypto market is still declining, despite the correlation between liquidity and asset prices. Analysts warn of market fatigue and profit-taking, with traders waiting for clarity before reinvesting.