The following article is adapted from The Block’s newsletter, The Daily, which comes out every weekday.
Happy Monday! It may be the Labor Day holiday in the U.S., but crypto never takes a break, with the Trump family-backed DeFi project World Liberty Financial unlocking its first set of WLFI tokens for trading this morning.
In today's newsletter, an OG Bitcoin whale continues to rotate into Ethereum, Metaplanet's treasury holdings reach 20,000 BTC, Sonic Labs plans to expand into U.S. capital markets, and more.
Let's get started.
P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!
OG Bitcoin whale ramps up BTC-to-ETH rotation
An OG Bitcoin whale sold thousands more BTC over the weekend and into Monday, rotating heavily into Ethereum.
- The whale sold another 4,000 BTC ($430 million) for 96,859 ETH on Sunday, followed by 2,000 BTC ($215 million) for 48,942 ETH on Monday.
- The transactions are the latest in a series of similar swaps the wallet holder has made in recent weeks, following their emergence from a seven-year slumber.
- The wallet, which initially held over $5 billion in BTC, has now accumulated 886,317 ETH worth around $4 billion in total, according to onchain analysts.
- The whale's BTC-to-ETH pivot mirrors exchange-traded product flows, with global Ethereum-based funds attracting $4 billion worth of inflows in August compared to $300 million in outflows for their Bitcoin counterparts.
- Large whale moves such as this, and another bitcoin whale's 80,000 BTC offloading after 15 years in July, can spark broader market reactions as traders follow suit, the analysts said.
Metaplanet's bitcoin holdings reach 20,000 BTC milestone
Japan's leading bitcoin treasury firm Metaplanet bought another 1,009 BTC for around $112 million at an average price of $111,068 per bitcoin, pushing its total holdings to 20,000 BTC.
- The former hotelier has doubled its stash in less than three months and now ranks as the sixth-largest public bitcoin holder.
- Metaplanet aims to raise $880 million through a global share offering to keep buying bitcoin over the next two months.
- Earlier this year, the company revised its year-end target to 30,000 BTC from its initial goal of 10,000 BTC, and said that it may borrow against its bitcoin holdings to buy cash-generating businesses in the future.
Sonic passes $150 million proposal to expand into the US capital markets
The Sonic blockchain community near-unanimously passed a $150 million proposal to back a Nasdaq private investment in a public equity treasury vehicle and launch a regulated ETF for its native S coin.
- The plan, titled "U.S. Expansion and TradFi Adoption," includes $100 million worth of S for a PIPE and $50 million to fund ETF operations with a "top-tier" partner.
- Furthermore, Sonic Labs will launch a U.S. entity, Sonic USA, and issue another 150 million S to support operations and D.C. engagement.
- The proposal also updates Sonic's tokenomics to make its cryptocurrency more deflationary through fee burns and adjusted distributions.
Binance taps ex-Crypto.com executive for APAC head
Binance has named former Crypto.com Vice President SB Seker as its new Head of APAC to lead its regional strategy and regulatory outreach.
- Seker brings legal and compliance experience from Crypto.com, Ant Group, Rothschild & Co., Amicorp Group, and the Monetary Authority of Singapore.
- "APAC has always been a key region for Binance, and Seker's deep-rooted experience across its diverse markets makes him uniquely positioned to lead the company's next phase of regional growth and engagement,” Binance CEO Richard Teng said.
- Binance continues to dominate global crypto trading, with spot volumes hitting $724.6 billion last month, up from $706.1 billion in July, according to The Block's data dashboard.
Pete Davidson, Casey Affleck to star in 'Killing Satoshi' conspiracy thriller
Pete Davidson and Casey Affleck will star in "Killing Satoshi," a conspiracy thriller about Bitcoin's mysterious creator set for release in 2026.
- "The Bourne Identity" and "Mr. & Mrs. Smith" director Doug Liman will direct the film, described as a "David and Goliath" battle mixing espionage, politics, and global power struggles.
- Davidson and Affleck's roles are undisclosed, leaving it unclear if they'll portray known associates like Hal Finney or Nick Szabo.
- The story channels Facebook drama "The Social Network" but centers on Satoshi Nakamoto's identity and the fight over who controls money itself.
In the next 24 hours
- Eurozone CPI figures are due at 5 a.m. ET on Tuesday.
- Ethena is set for a token unlock.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
