Coinbase Derivatives LLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) has launched 24/7 trading for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) futures, making it the first CFTC-regulated exchange in the U.S. to offer around-the-clock access to <a href="https://www.benzinga.com/money/how-to-trade-bitcoin-futures">leveraged crypto derivatives</a>.



What Happened: The <a href="https://www.coinbase.com/en-gb/blog/24-7-futures-trading-has-arrived">move</a> expands access for traders who previously had to operate within limited weekday hours despite the continuous nature of the broader crypto market.



The shift allows both retail and institutional market participants to trade crypto futures at any time, including weekends and overnight sessions. 



Until now, such access was only available through offshore platforms or unregulated exchanges. 



The new offering aims to match the non-stop price activity typical of cryptocurrencies.



The contracts will be cleared through Nodal Clear, a CFTC-regulated clearinghouse. 



The exchange's infrastructure has been designed to accommodate uninterrupted trading activity, according to public statements. 



However, market participants will still face the same regulatory obligations as in traditional trading environments.



Market makers including Virtu Financial will provide liquidity on the platform. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45322570/treasury-secretary-criticizes-senate-for-failing-to-advance-stablecoin-bill">Treasury Secretary Criticizes Senate For Failing To Advance Stablecoin Bill</a>



Additionally, access to these products is being distributed through registered Futures Commission Merchants (FCMs), including ABN AMRO, Wedbush Securities, and Coinbase Financial Markets.



Why It Matters:This expansion comes as U.S. derivatives markets explore ways to adapt to crypto-specific trading behaviors.



While digital asset exchanges worldwide have operated on a 24/7 basis for years, most U.S.-based regulated derivatives products have maintained traditional weekday schedules.



Futures contracts listed under the new offering are standard monthly-settled products. 



According to Coinbase, perpetual futures, commonly used in the crypto space due to their non-expiring design, are being considered for future launch. 



Such a move would bring one of crypto's most heavily traded products into a regulated U.S. environment for the first time.



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Image: Shutterstock

Coinbase Launches 24/7 Bitcoin, Ethereum Futures Trading: What Does That Mean?

Analysts maintained their rating/price forecast on Hut 8 Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) following the first quarter <a target="_blank" href="https://www.benzinga.com/quote/HUT/analyst-ratings" rel="noreferrer noopener">results reported on Thursday</a>.



The company reported EPS of $(1.30), which was below the estimated $(0.24) and sales of $21.82 million fell short <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45279838/hut-8-reports-first-quarter-2025-results" rel="noreferrer noopener">of the estimated $33.28 million</a>.



H.C. Wainwright &amp; Co. analyst Mike Colonnese maintained a Buy rating with a price forecast of $25.



The analyst writes that despite weak results, Hut 8&#8217;s stock jumped 12% on positive High-Performance Computing (HPC)/AI colocation pipeline updates.



Colonnese says that Hut 8&#8217;s shift to an energy infrastructure platform (2.6 GW HPC/AI pipeline) warrants a re-rating upon securing stable HPC contracts.



The analyst is also bullish on the company&#8217;s legacy mining (American Bitcoin) and expects strong second-quarter growth post-fleetformational fleet upgrade at the end of the first quarter.



The analyst adjusted the 2025 revenue forecast downward to $245.6 million from $247 million prior, primarily due to their reduced outlook for the Compute segment to $161.9 million (vs. previously $175.3 million).



The revenue includes $135.6 million in Bitcoin mining revenue, $13.7 million from traditional data center services, and $16 million in GPU-as-a-Service revenue.



Needham analyst John Todaro retained a Buy rating with a price forecast of $21.



The analyst writes that quarterly revenue and adjusted EBITDA fell short of expectations on investments made during the quarter, including rig downtime.



Todaro says that he is increasingly optimistic about American Bitcoin, and this earnings call provided further clarity on the subsidiary.



American Bitcoin&#8217;s goal is to become &#8220;the world&#8217;s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,&#8221; aiming for over 50 EH/s in hash rate (a 500%+ increase from current levels) with an average fleet efficiency of 15 J/TH (a 25%+ improvement), adds the analyst.



The analyst writes that progress in the company&#8217;s HPC initiatives remains limited.



Todaro expects the primary customer in discussions for the River Bend, Louisiana, site to consider a 130 MW deployment with Hut 8 at an alternative location.



Consequently, the analyst is pushing back the projected HPC revenues from 2026 to 2027.



As a result, the analyst lowered 2025-26 adj. EBITDA to $72 million and $144 million, respectively (from $113 million and $315 million previously).



HUT Price Action: Hut 8 shares are down 3.95% at $13.61 at publication on Friday.



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Photo: Shutterstock

Hut 8 Analysts Still Bullish Despite Q1 Miss; Bets On American Bitcoin, HPC/AI Potential

Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) analysts highlight the company&#8217;s recent acquisition and how the future could be brighter with cryptocurrency prices jumping in the current second quarter after the company missed <a href="https://www.benzinga.com/news/earnings/25/05/45302422/coinbase-q1-earnings-highlights-revenue-eps-miss-2025">first-quarter estimates. </a>



The Coinbase Analysts:



<ul class="wp-block-list">
<li> Goldman Sachs analyst James Yaro maintained a Neutral rating on Coinbase and raised the price target from $189 to $209.</li>



<li>Canaccord analyst Joseph Vafi maintained a Buy rating with a $400 price target.</li>
</ul>



Goldman Sachs on COIN: A rising crypto market cap could offset the first-quarter earnings miss by Coinbase, Yaro said in a new investor note.



"We expect a somewhat muted market response to results, although broader crypto market cap appreciation in recent days could provide an offset, as it could support trading volume growth going forward, as we have seen historically," Yaro said.



The analyst highlighted Coinbase's acquisition of Deribit, which was also announced Thursday as the largest crypto acquisition in history.



"The company continues to expand its business offering."



Yaro said Coinbase's second quarter is likely to see strong transaction revenue based on the April figure of $240 million and the increased cryptocurrency prices currently with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) back over $100,000.



The analyst predicts second quarter transaction revenue of $802 million based on the likelihood of May and June being stronger than the $240 million April figure.



"Higher crypto prices have historically correlated with increased volumes."



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45287050/coinbase-acquires-deribit-in-2-9b-deal-to-expand-crypto-derivatives-business">Coinbase Acquires Deribit In $2.9B Deal To Expand Crypto Derivatives Business</a>



Canaccord on COIN: In a new investor note, Vafi highlighted Coinbase's market share gains and M&amp;A activity, as the cryptocurrency sector&#8217;s first quarter was down.



The analyst said Coinbase's "medium-term setup looking better."



"While Q1 saw some ‘hangover effect' in crypto spot prices after a Q4 buoyed by US presidential results, COIN nevertheless continues to strengthen its market position," Vafi said.



Coinbase saw a 10% volume pullback compared to crypto volumes being down around 13% globally in the first quarter.



"We believe this trend will continue for a while, as COIN remains a gold standard entry point into digital assets for both institutional and retail investors."



Vafi called Coinbase's acquisition of Deribit "a landmark M&amp;A deal in the sector."



The analyst highlighted $30 billion in open interest on the Deribit platform and noted that Coinbase expects the acquisition to be accretive to adjusted earnings.



"While much of the Deribit service offering in crypto options is not yet approvable for the U.S. markets, we like the forward thinking on this deal now instead of waiting. Combining the platforms and go to market ex U.S. now provides plenty of synergies for those customers with some inevitably medium term for the U.S. market."



Vafi also said "Coinbase as a service" could become an increase new growth driver for the cryptocurrency industry.



While there is a risk of more players entering the crypto market with an increased regulatory framework, Vafi sees Coinbase as a leader in providing custody and other services.



Price Action: Coinbase stock is down 0.5% to $205.41 on Friday versus a 52-week trading range of $142.58 to $349.75. Coinbase stock is down 17.3% year-to-date and down 2.4% over the last year.



Meanwhile, Bitcoin trades at $103,127.30 and is up 10.3% year-to-date in 2025 and up over 60% in the last year.



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Photo Courtesy: Camilo Concha On Shutterstock.com

Coinbase Analysts Look Ahead To Q2 After Disappointing Q1: 'Higher Crypto Prices… Increased Volumes'

Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) has exploded for a 30% gain, triggering a wave of liquidations and whale activity; traders are now eyeing a massive weekend <a href="https://www.benzinga.com/money/pepe-price-prediction">ahead for the meme coin.</a>



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Market Cap</td><td>24-Hour Trend</td><td>7-Day Trend</td></tr><tr><td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td><td>$0.00001252</td><td>$5.26 billion</td><td>+29.9%</td><td>+42.7%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2043</td><td>$30.5 billion</td><td>+9.1%</td><td>+12.3%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001500</td><td>$8.8 billion</td><td>+9.4%</td><td>+10.7%</td></tr></tbody></table></figure>



Trader Notes: Crypto trader MaxBecauseBTC highlighted that Pepe is approaching a critical resistance at the 180-day VWAP, coinciding with a key retest of the February trend breakdown. A breakout here, he says, could set off a rapid surge.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24Pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Pepe</a> is approaching a big level here &#x1f438; If price can flip the 180D VWAP &#8212; which just so happens to align with an underside retest of the trend breakdown in February &#8212; then I think this could snowball QUICKLY to the upside. This is the level. We&#39;ll know very soon what this… <a href="https://t.co/i4kOdtkYzj">pic.twitter.com/i4kOdtkYzj</a>&mdash; Max (@MaxBecauseBTC) <a href="https://twitter.com/MaxBecauseBTC/status/1920834997532954985?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, trader EddyXBT is <a href="https://x.com/EddyXBT/status/1920758466097910246">calling</a> for a $10 billion market cap for Pepe by this weekend. 



Adding to the intrigue, trader lyx <a href="https://x.com/DexGemsReal/status/1920753387458482465">pointed </a>out that the current move comes exactly 420 days from Pepe's 2024 peak, a symbolic number in meme culture. They believe this alignment could kick off "the biggest rally in crypto history."



Unipcs <a href="https://x.com/theunipcs/status/1920772283066425503">noted</a> Pepe's 43% surge in 24 hours, comparing the momentum to its early 2024 rally where PEPE soared 1,100% in just four weeks, often leading other meme coins.



Statistics: Whale Alert data shows 7.14 trillion PEPE coins, valued at around $78.8 million, transferred from an unknown wallet to another unknown wallet, stirring speculation of accumulation, wallet reshuffling or OTC trading.



Coinglass data shows Pepe liquidations in the past 24 hours at $19.4 million. As of May 9, short liquidations of $9.4 million and long liquidations of $4.9 million indicate the highest levels since November 2024 and February levels.



Open interest of $545.4 million is at the highest level since mid-January.  Pepe derivatives trading volume expanded by 305.8% in a single day.



IntoTheBlock data shows Pepe large transaction volume expanding by 244.7% and daily active addresses spiking by 115.8% in a single day. Transactions greater than $100,000 jumped from 141 to 597.



Read Next:



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<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/05/45293189/pepe-jumps-14-outpaces-dogecoin-shiba-inu-as-meme-coins-roar">Pepe Jumps 14%, Outpaces Dogecoin, Shiba Inu As Meme Coins Roar</a></li>
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Image: Shutterstock

Pepe Pops 30%, Leapfrogs Meme Veterans Dogecoin, Shiba Inu In Trading Volume And Momentum

Treasury Secretary Scott Bessent on Friday publicly criticized the U.S. Senate&#8217;s failure to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, expressing concern over the missed opportunity to establish a federal <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45187736/elizabeth-warren-slams-shady-deal-involving-trump-family-backed-usd1-as-democrats-withdraw-support-for-senarte-crypto-bill">regulatory framework for stablecoins</a>.<a href="https://www.pymnts.com/cryptocurrency/2025/what-you-should-know-about-genius-stablecoin-act-senate-vote/?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener"></a>



What Happened: &#8220;For stablecoins and other digital assets to thrive globally, the world needs American leadership,&#8221; Bessent <a href="https://x.com/SecScottBessent/status/1920551341531017606">stated</a>.



He emphasized that the Senate&#8217;s inaction could result in stablecoins being governed by a fragmented set of state regulations, rather than a cohesive federal framework conducive to growth and competitiveness.



The GENIUS Act, introduced by Senator Bill Hagerty (R-TN), aims to provide a comprehensive regulatory structure for payment stablecoins, digital assets pegged to traditional currencies like the U.S. dollar. 



The bill outlines operational standards, consumer protections, and compliance requirements with existing financial laws, including the Bank Secrecy Act.



Despite initial bipartisan support, the bill failed to secure the necessary 60 votes to end debate and proceed, with a 49-48 vote in favor. 



Why It Matters: Key points of contention included concerns over foreign stablecoin oversight and anti-money laundering measures.



Notably, some Democrats withdrew support amid revelations that World Liberty Financial, a crypto firm linked to former President Donald Trump, planned to use its stablecoin in a significant investment deal with an Abu Dhabi firm for Binance.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins">98% Of Pump.fun Tokens Are Frauds: The Extractive Nature Of Solana Meme Coins</a>



Senator Elizabeth Warren (D-MA) criticized the bill for potentially enabling political corruption, highlighting the need for stronger safeguards against elected officials&#8217; involvement in stablecoin businesses. 



She and other Democrats called for amendments to address money laundering, foreign issuer accountability and national security concerns.



Senate Majority Leader John Thune (R-SD) expressed disappointment over the bill&#8217;s blockage, accusing Democrats of hindering a potential bipartisan achievement. 



He emphasized the importance of establishing a federal framework to maintain the U.S.&#8217;s competitive edge in financial innovation.



The failure to advance the GENIUS Act leaves the $200 billion stablecoin market in a regulatory gray area, with stakeholders urging Congress to revisit the legislation and address the highlighted concerns to ensure the U.S. remains at the forefront of digital asset innovation.<a href="https://www.axios.com/newsletters/axios-crypto-cabf81d0-275f-11f0-a1ad-370aa2f5a374?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener"></a>



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Image: Shutterstock

Treasury Secretary Criticizes Senate For Failing To Advance Stablecoin Bill

XRP is trading 8.17% higher on Friday at $2.39, <a href="https://www.benzinga.com/money/how-to-buy-ripple-xrp#:~:text=To%20purchase%20XRP%20on%20a,your%20assets%20as%20the%20custodian.">extending its weekly gain to 8% and monthly climb to 30.5%</a>. The rally follows Thursday's news of a formal settlement agreement between Ripple and the U.S. Securities and Exchange Commission (SEC), a development that could bring final closure to a multiyear legal battle that has loomed over the cryptocurrency.



According to court filings, the SEC and Ripple jointly requested the dissolution of the $125 million civil penalty and injunction stemming from the August 2024 ruling. If approved, Ripple would retain $75 million from the escrowed penalty while paying the remaining $50 million to the SEC. In exchange, both parties would drop their appeals.



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While the deal signals a regulatory reset under the newly crypto-friendly SEC leadership, Commissioner Caroline Crenshaw publicly dissented. Crenshaw criticized the agreement as weakening investor protection and undermining judicial authority, suggesting it creates a regulatory vacuum by nullifying the earlier penalty and injunction.&nbsp;



She also warned that the settlement may incentivize future violations by failing to uphold existing standards.



Despite the internal SEC pushback, traders are responding favorably. XRP&#8217;s recent momentum has been further fueled by broader market strength and technical indicators. According to CoinDesk, XRP has broken above resistance, a signal often interpreted as a bullish trend reversal. The price now sits just above the closely watched $2.38 resistance level.



However, analysts caution that short-term holders (STHs) may cap further upside. Metrics like the MVRV Long/Short difference are at a 31-month low, indicating rising profitability among recent buyers—many of whom may look to take profits near current levels. This behavior could create selling pressure just as XRP attempts to confirm a breakout.



XRP must turn $2.38 into support to sustain its rally. A move above that level could pave the way toward $2.56 and potentially $3.00, but failure to hold current gains could see a retest of $2.12 support. Market watchers are also eyeing further institutional and ETF-related developments as potential catalysts.



With the lawsuit seemingly in the rearview and bullish signals aligning, XRP enters a new phase. A successful breakout could reinvigorate longer-term investors, while any faltering near resistance may reinforce a more cautious, range-bound outlook.



More Opportunities:



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<li>Trade, earn, and grow your crypto portfolio with Crypto.com — <a href="https://www.benzinga.com/go/crypto-com-signup-bonus">plus receive up to $500 worth of rewards in the most popular tokens if you're a new customer</a>.</li>
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XRP Price Breaks Higher as Ripple Settlement Lifts Legal Woes

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) has surged 20% in the past 24 hours to trade at $2,343, extending a two-week rally that has <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45314930/ethereum-explodes-higher-largest-gain-in-four-years">pushed the asset up 32%.</a> 



The move, however, still leaves it 52% below its all-time high of $4,878.26, recorded on November 10, 2021. 



But according to industry experts, this rebound reflects more than just a technical bounce—it points to renewed conviction in Ethereum's long-term structural role in the blockchain ecosystem.



What Experts Are Saying: Speaking with Benzinga, Steve Milton, Co-Founder and CEO of crypto infrastructure firm Fintopio, notes that the latest rally underscores Ethereum's internal strength, independent of major institutional flows.



"Ethereum's latest rally, despite relatively modest ETF inflows, highlights how much strength still comes from within the crypto ecosystem itself," he said. 



According to Milton, while many expected traditional finance to drive price action through the recent Ethereum ETF approvals, it was crypto-native capital that led the charge.



"This move appears to be driven more by crypto-native capital than traditional institutional flows," Milton added. "It reinforces the idea that Ethereum is increasingly seen as foundational infrastructure, not just a speculative asset." 



He emphasized that Ethereum's expanding role across decentralized finance (DeFi), Layer-2 scaling solutions, and smart contract platforms is now being reflected in investor behavior. "Narratives, whether negative or overly bullish, can often cloud real value. But strong fundamentals tend to come through over time, and Ethereum's continued relevance shows that substance matters more than sentiment."



The market dynamics also seem to validate the idea that Ethereum, in periods of low external hype, can still find upside through endogenous drivers, especially during network development milestones like the recent Pectra upgrade.



Eugen Kuzin, CMO and board member at Cryptopay, offered a more technical assessment of Ethereum's recent performance, placing it within the broader market correction that followed a sharp decline from late 2024 highs. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins">98% Of Pump.fun Tokens Are Frauds: The Extractive Nature Of Solana Meme Coins</a>



"Ethereum has significantly dropped in the past few months, a movement that some attributed in part to the reported $1.5 billion ByBit hack," Kuzin told Benzinga. "On December 16th, ETH hit approximately $4,100 and then lost 66% of its value, falling to around $1,380 by April 10 and entering a consolidation period."



Kuzin noted that while Bitcoin&#8217;s decline over the same period was just 31%, Ethereum's deeper correction created a potential buying opportunity. 



"The ETH/BTC pair became significantly oversold, drawing attention from traders who view Ethereum as a high-risk, high-reward play in the altcoin space," he explained.



But the recent upswing has not occurred in a vacuum. Ethereum's Pectra hard fork, launched on May 7, introduced structural changes that may have played a role in the price movement. 



These included higher token burn rates, reportedly pushing Ethereum's deflation rate above 1% annually, as well as technical upgrades that improved staking and wallet flexibility.



According to Kuzin, this combination of internal improvements and external pressure created a volatile but upward-moving environment. 



"Nearly $500 million in ETH liquidations have occurred over the past few days, surpassing those in BTC and other altcoins," he said. "This suggests a high volume of short positions from bears, potentially influenced by geopolitical concerns, including the India-Pakistan crisis. Some observers believe this may have contributed to more significant price growth."



Both Milton and Kuzin agree that the present move is less about hype and more about repositioning. 



While ETF flows for Ethereum have so far remained modest, around $100 million, according to data from Bloomberg, market participants have demonstrated that capital rooted in the crypto economy itself remains a dominant force.



The current rally may also be seen as Ethereum recalibrating to its historical trajectory following an extended drawdown. 



What&#8217;s Next: Whether the momentum will sustain remains uncertain, but with structural upgrades, a reinforced monetary policy via burn mechanisms, and a realigned ETH/BTC valuation, analysts are beginning to revisit higher price targets.



A break above $2,500 would be a critical psychological and technical marker, potentially setting the stage for Ethereum to reapproach the $3,000 range if macro conditions remain stable.



Meanwhile, Georgii Verbitskii, market analyst and Founder of TYMIO, a crypto investor app said that after a long sideways range, the market is now seeing a strong impulse move—technically a high-probability setup for continued growth. 



&#8220;I think altseason could start right after Bitcoin reclaims its all-time high. We've likely already seen the medium-term lows across most major coins, so the downside risk looks limited. Unless something unexpected happens geopolitically, the next couple of months could be very strong for crypto,&#8221; he said.



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Image: Shutterstock

Ethereum Skyrockets 20% In 24 Hours: What Is Driving The Surge?

Imagine creating a money-generating AI agent and then confidently setting it loose without writing a single line of code. That's the premise behind Virtuals Protocol. The Ethereum L2 project makes it possible to build AI agents with distributed ownership and then run them in permissionless environments.



Three months after its debut, the price of the blockchain&#8217;s VIRTUAL governance token rocketed skyward, surging by 23,000% to $4.61 as developers rushed to test use cases and crypto traders waded in behind.



Markets brought it back to Earth in Q1 — but it&#8217;s surging again, up more than 300% in the past four weeks and more than 32% in the past seven days. Despite the robust move, at $2.14 (at time of writing) it's 59% under its all-time high of $5.25.



Still, VIRTUAL is back in demand. What's driving it?



<h1 class="wp-block-heading">What is Virtuals Protocol?</h1>



Launched last October on the Ethereum Layer 2 Base, Virtuals' innovative use of blockchain technology allows AI agents to be tokenized. That means their ownership can be shared and decentralized, then put to work in open, permissionless environments.



The project's <a href="https://whitepaper.virtuals.io/">white paper</a> calls Virtuals "a society of productive AI agents, each designed to generate services or products and autonomously engage in commerce — either with humans or other agents — onchain."



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09094433/VIRTUAL_1M_graph_coinmarketcap-1024x683.png" alt="" class="wp-image-12685" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09094433/VIRTUAL_1M_graph_coinmarketcap-1024x683.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09094433/VIRTUAL_1M_graph_coinmarketcap-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09094433/VIRTUAL_1M_graph_coinmarketcap-768x512.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09094433/VIRTUAL_1M_graph_coinmarketcap.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Image: VIRTUAL one-month price trajectory &#x7C; Source: CoinMarketCap



What sets it apart from other agentic AI plays is the focus on democratisation. Instead of surrendering AI to Big Tech, Virtuals gives individual developers and smaller firms the power to create autonomous agents capable of communicating through text, speech, and animation while engaging dynamically with their virtual surroundings.



In a statement on the company website, Virtuals Protocol said it aims to create "a new economic model where AI agents are not just tools — they are community-owned assets that represent a blend of profit-driven incentives and decentralized governance."



An AI agent built on the platform could, for example, serve a dual role inside a gaming ecosystem like Roblox. In some games, it could be a virtual influencer. In others, it could be an interactive character. The agent/character/influencer would retain the memory of its interactions, promoting deeper engagement across games and use cases.



<h1 class="wp-block-heading">How does Virtuals Protocol work?</h1>



On Virtuals, an AI agent's ownership is represented by its token. When an AI agent is created on Virtuals, 1 billion tokens linked to that agent are minted and then added to a liquidity pool for users to buy.



In a sense, owning an agent token is like owning stock in a company. Each token represents a user's ownership share in that agent.



As more people interact with AI agents and pay for their service, value accrues to the token through a buyback-and-burn mechanism.



The protocol currently operates on Ethereum (ETH) and Base. Plans are underway to bring it Solana, potentially this year.



<h1 class="wp-block-heading">First movers</h1>



At time of writing, more than 16,000 AI agents had been deployed on the Virtuals Protocol with a <a href="https://dune.com/virtual_protocol/virtual-protocol-on-base">total market capitalization</a> of $675,387,503. The two most dominant agents are aixbt and GAME.



<h2 class="wp-block-heading">1. aixbt</h2>



Crypto analytics tool aixbt tracks crypto-related discussions on X (Twitter), engages in discussions, detects upcoming market trends, and highlights crypto alpha. At a market cap of $197.5 million, the AIXBT token is currently <a href="https://coinmarketcap.com/view/defai/">the most valuable</a> cryptocurrency in the decentralized finance artificial intelligence (DeFAI) category.



<h2 class="wp-block-heading">2. GAME</h2>



GAME (shirt for Generative Autonomous Multimodal Entities) is an AI agent developer platform for application in gaming environments like Roblox and Sandbox (SAND). At time of writing GAME had a market cap of $56.9 million.



<h1 class="wp-block-heading">The takeaway</h1>



Plans are now in the works to create a Virtuals <a href="https://whitepaper.virtuals.io/the-protocol/co-ownership-of-virtual-agents/agent-subdao-governance">governance </a>token that hands agent owners more power to approve new AI models and shape future standards.



VIRTUAL's recent surge highlights renewed interest in AI-driven crypto projects. If momentum continues, it could signal that markets believe blockchain-based agents are a viable mechanism for responsible AI development. As interest in decentralized AI grows, VIRTUAL could be on the cusp of deeper moves.

VIRTUAL Is Surging Again. Can Crypto's Agentic AI Mashup Sustain Its Momentum?

Dogecoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) explosive 26% three-day rally is drawing renewed attention from traders, with technical signals and whale movements hinting at the beginning of a <a href="https://www.benzinga.com/money/dogecoin-doge-price-prediction">much larger bullish run</a>.



What Happened: Prominent analyst Kevin on Thursday shared technical analysis in his exclusive <a href="https://www.patreon.com/posts/major-dogecoin-128439174">Patreon group</a>, flagging a potential inverse head-and-shoulders pattern forming on the one to three-day DOGE chart, anchored at a key support level.



He noted the 3-day MACD is showing early bullish momentum, though it hasn't yet crossed the zero line, a classic signal that the move is in its infancy.



Further confirmation may come from the 2-week Stochastic RSI, which is oversold and poised for a bullish cross above 20 cents, historically a powerful crypto buy signal. 



Kevin emphasized that while macro alignment remains important, the current structure shows strong breakout potential.



Trader Tardigrade echoed the sentiment, pointing out that Dogecoin's 30% gain in under three days follows previous similar rallies of 24% and 26% over 5–6 days, calling this phase the start of a parabolic stage.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> pump is accelerating &#x1f525;<a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> jumps over 30% in under 3 days &#x1f680; Previously, it saw gains of 24% and 26% in 5-6 days. It seems to be entering a parabolic stage. <a href="https://t.co/IlopaV5TvA">pic.twitter.com/IlopaV5TvA</a>&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1920803954302349432?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45294059/dogecoin-zooms-12-higher-whats-going-on">Dogecoin Zooms 12% Higher: What&#8217;s Going On?</a>



Why It Matters: In an X <a href="https://x.com/whale_alert/status/1920581686074507759">post</a> on May 9, Whale Alert data shows around 793.09 million DOGE, worth $153.2 million, being transferred from an unknown wallet to another unknown wallet.



In another <a href="https://x.com/whale_alert/status/1920470836579831931">post</a> on May 8, around 807.4 million DOGE, valued at $148.9 million, was transferred between two unknown wallets.



These movements between unknown wallets suggest institutional or whale repositioning, often preceding major price volatility.



Coinglass data shows DOGE derivatives trading volume expanding by 118.95%, while open interest spiked 18% in a single day. 



Short liquidations as of May 8 spiked to $13.3 million, the highest since Feb. 3. 



In the past 24 hours, DOGE liquidations stood at $20.5 million, with $14.3 million in short liquidations as traders were forced to close their positions with sudden price spikes.



Prediction markets are catching on, with Polymarket bettors now giving Dogecoin an 80% chance of being significantly up by May 2025, a sharp rise from just 28% on May 5.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45233324/dogecoin-teases-diamond-bottom-reversal-is-a-breakout-imminent">Dogecoin Teases &#8216;Diamond Bottom&#8217; Reversal: Is A Breakout Imminent?</a></li>
</ul>

Dogecoin Surges 26% In 3 Days: What Is Going On?

Crypto markets are extending their rally for a second straight day, fueled by renewed optimism around global trade deals and <a href="https://www.benzinga.com/25/05/45308288/bitcoin-closing-in-on-104000-ethereum-dogecoin-rally-on-trade-deal-optimism-analytics-firm-highlights-the-double-edged-sword-amid-bullish-sentiment">bullish macro sentiment</a>. As price momentum accelerates, seasoned analysts warn against FOMO, advocating instead for disciplined, intentional strategies.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$103,120.94</td><td>+3.6%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$2,350.17</td><td>+20.4%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$173.61</td><td>+12.8%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.40</td><td>+9%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2087</td><td>+14%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001525&nbsp;&nbsp;</td><td>+13.8%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin large transaction volume and daily active addresses increased by 3.8% and 1.2%, respectively, in a single day. Transactions greater than $100,000 increased from 10,628 to 14,818. Driven by recent optimism, 99% of BTC holders are in profit.</li>



<li>Coinglass data shows 249,335 traders were liquidated in the past 24 hours for $1.14 billion. Short liquidations as of May 8 peaked to $394 million, implying traders forced to close positions amid sudden spike in prices.</li>



<li>Santiment <a href="https://x.com/santimentfeed/status/1920677308924297638">data</a> shows a surge in Bitcoin wallet creation, with 344,620 new wallets added as BTC crossed $103,800, a high not seen since January. </li>
</ul>



Trader Notes: With crypto markets moving higher, More Crypto Online <a href="https://x.com/Morecryptoonl/status/1920732719010484237">urged</a> traders to stay sharp and not chase the rally, stressing not to be afraid of missing out, but trading with intention.



Kevin <a href="https://www.youtube.com/live/pvmzAtpB-kw">reminded</a> followers that Bitcoin&#8217;s three-month-old &#8220;reversal zone&#8221; prediction has played out as it breaks through critical resistance levels, potentially setting the stage for new all-time highs. 



The analyst&#8217;s framework identifies that major Bitcoin correctional phases typically last between 114 and 174 days after the three-day MACD crosses bearish. He expects BTC weekly candle to close above $100,712.



Michael van de Poppe foresees Bitcoin consolidating between current levels and $107,000 before a potential new ATH this quarter.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What a move on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. I assume we&#39;ll pause for a bit between here and $107,000 before we&#39;ll break to a new ATH in this quarter. <a href="https://t.co/IhRueTnyJf">pic.twitter.com/IhRueTnyJf</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1920745537713684570?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CryptoQuant <a href="https://x.com/cryptoquant_com/status/1920786305484570731">reported</a> Bitcoin's bull score jumping from 20 to 80, indicating a sharp shift in sentiment and strong spot demand. Any score above 60 implies bullish conditions and supports higher prices.



Crypto Zeinab <a href="https://x.com/CryptoZeinab/status/1920520532220653688">noted</a> a bullish inverse head and shoulders on Solana&#8217;s high-time frame. A break above the $160 neckline could trigger moves toward $180–$200. For Dogecoin, Trader Tardigrade observed RSI crossing above 50, suggesting a bullish trend is forming.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> RSI has risen above 50, indicating an incoming bullish trend &#x1f525;<a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> <a href="https://t.co/aJjxKPu40s">pic.twitter.com/aJjxKPu40s</a>&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1920776508626661419?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CrediBULL Crypto <a href="https://x.com/CredibleCrypto/status/1920765910878486580">revealed</a> a long position on XRP with tight stop-loss for a high-risk/reward setup, riding on broader market momentum.



More Crypto Online <a href="https://x.com/Morecryptoonl/status/1920782753982824627">identified</a> a C-wave upward structure in play for Ethereum, now in wave (4), with crucial support between $2,111–$2,304. If that level holds, a move to $2,594–$2,775 is likely.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45284152/coin-vs-mara-which-crypto-stock-chart-has-the-bullish-edge-before-q1-earnings-drop">COIN Vs. MARA: Which Crypto Stock Chart Has The Bullish Edge Before Q1 Earnings Drop?</a></li>
</ul>

Bitcoin, Ethereum, XRP, Dogecoin Continue Surging As Altcoin Market Buzzes

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the world&#8217;s second-largest cryptocurrency by market capitalization, has soared 20% within 24 hours following the successful deployment of its <a href="https://www.benzinga.com/content/45294226/ethereum-price-surges-after-pectra-upgrade-bulls-now-eye-10-000-target">Pectra upgrade on May 7</a>.



What Happened: This surge, the largest single-day gain for ETH in four years, has reignited optimism among investors and developers, positioning Ethereum for a potential price breakout.



The Pectra upgrade, described as the most significant overhaul since the 2022 Merge, introduces a suite of improvements aimed at enhancing scalability, user experience and staking efficiency.



As the crypto community buzzes with excitement, analysts are dissecting whether this milestone could propel ETH past the $2,000 mark for the first time since March 2025.



Speaking with Benzinga, Peter Chung of Presto Labs said despite the price move, as the macro worries continue to subside on the back of the positive tariff-related headlines, investors are willing to move further up on the risk curve to higher beta asset beyond Bitcoin, especially given alts huge underperformance so far.



Moreover, he added that the series of announcement last night on tokenization, like Robinhood&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) putting U.S. stocks on blockchain, Supperstate launching &#8216;Open Bell&#8217;, bode well for Ethereum, which is the most popular based layer for the tokenization.



The Pectra Upgrade: A Game-Changer For Ethereum



Activated on May 7, 2025, at 10:05 AM UTC, the Pectra upgrade represents Ethereum's 16th major network update since its inception in 2015. 



Combining the Prague execution layer and Electra consensus layer upgrades, Pectra integrates 11 Ethereum Improvement Proposals (EIPs), making it the largest hard fork in the blockchain's history. 



<a href="https://coinjournal.net/news/ethereum-eth-sees-major-uptick-as-pectra-upgrade-goes-live/">According</a> to Tim Beiko, who oversees Ethereum's core protocol meetings, Pectra is second only to the Merge in its transformative potential, redefining staking economics and validator efficiency across the ecosystem.



Among the standout features is EIP-7702, which introduces account abstraction, allowing externally owned accounts (EOAs) to function like smart contracts within a single transaction. 



This enables users to pay transaction fees with tokens other than ETH and enhances wallet functionality, making Ethereum more user-friendly. 



Ivo Georgiev, CEO of Ambire, a self-custodial smart wallet, <a href="https://cointelegraph.com/news/lockbit-ransomware-breach-bitcoin-addresses-leaked">called </a>EIP-7702 "the single greatest UX upgrade to Ethereum so far," noting that wallets like Ambire and Trust Wallet have already adopted these features.



Another key change is EIP-7251, which raises the staking limit for validators from 32 ETH to 2,048 ETH—a 64-fold increase. 



This adjustment streamlines staking operations for both individual and institutional validators, reducing operational complexity and encouraging greater participation in Ethereum's proof-of-stake system. 



Additionally, Pectra doubles the number of data "blobs" Ethereum can handle, building on the Dencun upgrade of March 2024 to keep transaction fees on Layer 2 (L2) blockchains affordable. 



These enhancements aim to bolster Ethereum's scalability, particularly for rollups, which are critical to the network's Layer 2 ecosystem.



Despite a rocky development journey, including failed testnet deployments on Holesky and Sepolia due to configuration issues, the successful Hoodi testnet in March 2025 paved the way for Pectra's mainnet launch. 



Ethereum Foundation researcher Justin Drake <a href="https://cryptoslate.com/post-pectra-ethereum-now-targets-efficiency-with-60-million-gas-limit-expansion/">confirmed</a> that validators are already configured for post-Pectra efficiency measures, such as a 60 million gas limit expansion to boost transaction throughput.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45138065/uae-sets-global-benchmark-for-crypto-banking-integration-amina-banks-rohan-misra-says">UAE Sets Global Benchmark For Crypto-Banking Integration, Amina Bank&#8217;s Rohan Misra Says</a>



Market Impact And Investor Sentiment



The market's response to Pectra was swift and decisive. ETH's price, which had been trading around $1,830 before the upgrade, surged to over $2,400 on Friday morning, recording the strongest single-day increase since 2021 on Thursday.



Trading volumes spiked by nearly 46%, driven by heightened activity in the Ethereum Virtual Machine (EVM), which Pectra has made faster, cheaper, and more scalable. 



The upgrade also triggered a surge in network activity, reducing ETH's circulating supply to an 18-day low of 120.69 million ETH, creating upward price pressure.



Analysts attribute the rally to renewed confidence in Ethereum's technical roadmap. 



Posts on microblogging site X echoed this sentiment, with users highlighting Pectra's potential to unlock mass adoption through faster transactions, lower gas fees, and improved scalability. 



However, some market watchers remain cautious, noting that ETH futures premiums remained flat at 3% post-upgrade, signaling a lack of aggressive bullish bets from leveraged traders. 



Additionally, Ethereum-based ETFs have <a href="https://sosovalue.com/assets/etf/us-eth-spot">seen</a> $16.11 million in net outflows since January 2025, reflecting institutional hesitation.



Ethereum's Upgrade Legacy



Pectra builds on a decade of Ethereum upgrades, each addressing critical limitations. 



The 2022 Merge transitioned Ethereum from energy-intensive proof-of-work to proof-of-stake, slashing its carbon footprint by 99.95%. 



The 2024 Dencun upgrade reduced Layer 2 transaction costs, making rollups more viable for decentralized applications (DApps). 



Since its launch, Ethereum has undergone approximately 20 major upgrades, with Pectra marking a continuation of its commitment to scalability, security, and decentralization.



However, Pectra's immediate impact on DApp interoperability remains limited. 



Unlike Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) or BNB Chain (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>), Ethereum's Layer 2 ecosystem still faces challenges in seamless asset and data bridging, which may explain why ETH has struggled to reclaim its March 2025 high of $2,200. 



Analysts suggest that a surge in DApp and network activity could drive further price recovery, potentially pushing ETH toward $3,000 if bullish momentum persists.



What Lies Ahead



As Ethereum charts its path forward, Pectra sets the stage for future upgrades like Fusaka, which will further refine Layer 2 and Layer 3 scalability. 



The upgrade has already spurred staking activity, with 627,000 ETH staked since mid-February 2025, reversing a pre-Pectra decline. 



Companies like BTCS Inc. are leveraging Pectra to roll out initiatives like the Staker Protection Plan, aimed at improving transaction inclusion and regulatory compliance.



While Pectra's technical achievements are undeniable, its long-term impact hinges on market adoption and developer innovation. 



For now, Ethereum's 20% surge underscores the market's faith in its evolution as the leading smart contract platform. 



As one X user put it, "Pectra is where Ethereum starts feeling like a modern network". 



Whether this upgrade marks ETH's breakout moment remains to be seen, but for the first time in years, Ethereum is back in the spotlight.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins">98% Of Pump.fun Tokens Are Frauds: The Extractive Nature Of Solana Meme Coins</a></li>
</ul>



Image: Shutterstock

Ethereum Explodes 25% Higher To $2,400, Notches Largest 1-Day Gain In 4 Years

Billionaire investor and Shark Tank fame Mark Cuban criticized the growing popularity of memecoins and said that it undermines the &#8220;value and utility&#8221; of cryptocurrencies.



What Happened: When asked about President Donald Trump&#8216;s support for cryptocurrency and memecoins, Cuban <a href="https://www.theblock.co/post/353484/mark-cuban-slams-trumps-crypto-ventures-as-bad-example">told</a> the Block that &#8220;Memecoins and gaming TVL sets a bad example to people who want to try to understand the utility and value of crypto.&#8221;



Trump has been personally involved in promoting assets like memecoins via his sons&#8217; ventures and also via Trump Media &amp; Technology Group Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) foray into the space.



The President owns DJT through a trust. Specifically, he transferred his shares in the company to a trust controlled by his son, Donald Trump Jr., to mitigate potential conflicts of interest ahead of his swearing-in ceremony.



However, Cuban was supportive of Trump&#8217;s efforts to regulate cryptocurrencies at large. &#8220;I&#8217;m glad to see what he has done from a regulatory perspective,&#8221; he said, adding, &#8220;I&#8217;m thrilled to see changes at the SEC. They are long overdue.&#8221;



See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45310934/tinder-parent-match-group-cuts-13-of-workforce-after-earnings-miss-taps-gen-z-features-like-double-date-to-spark-growth">Tinder Parent Match Group Cuts 13% Of Workforce After Earnings Miss, Taps Gen Z Features Like &#8216;Double Date&#8217; To Spark Growth</a>



Why It Matters: A Trump-owned business entity holds a 60% stake in World Liberty and receives 75% of all coin sale revenue. Eric Trump and Donald Trump Jr. are involved in management, while Zachary Folkman, Chase Herro, and Zach Witkoff handle daily operations. &nbsp;



This Trump family-backed platform launched its stablecoin $TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) in January alongside other digital currencies. The coin has surged 1082.11% since it began trading on Jan. 18.



As of the publication of this article, it was 18.91% at $14.44 per coin.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Friday. The SPY was up 0.33% to $566.90, while the QQQ advanced 0.46% to $490.52, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



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<li><a href="https://www.benzinga.com/government/regulations/25/05/45311562/mohamed-el-erian-flags-adverse-implications-for-domestic-industries-as-chinas-exports-rise-8-despite-21-drop-in-us-shipments">Mohamed El-Erian Flags &#8216;Adverse Implications&#8217; For Domestic Industries As China&#8217;s Exports Rise 8% Despite 21% Drop In US Shipments</a></li>
</ul>



Photo Courtesy: Akif CUBUK on Shutterstock.com

Mark Cuban Slams Memecoins, Says They Set A 'Bad Example' For New Crypto Investors

An address believed to be linked to World Liberty Financial, a cryptocurrency project backed by President Donald Trump, scooped up millions worth of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) following the coin's meteoric jump on Thursday.



What happened: On-chain tracker Lookonchain said in an X post that the wallet bought 1,587 Aave Ethereum WETH (aEthWETH), worth $3.5 million, in a series of transactions



The token represents a one-to-one equivalent of ETH on the Ethereum blockchain and is used by Aave for lending and borrowing within its decentralized finance platform.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A wallet likely linked to <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a>'s World Liberty(<a href="https://twitter.com/worldlibertyfi?ref_src=twsrc%5Etfw">@worldlibertyfi</a>) bought 1,587 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($3.5M) and 9.7 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WBTC</a>($1M) ~30 minutes ago.<a href="https://t.co/0qWkRUhm0D">https://t.co/0qWkRUhm0D</a> <a href="https://t.co/KaYsTQrQ6G">pic.twitter.com/KaYsTQrQ6G</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1920677995221512673?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



World Liberty Final didn't immediately return <a href="http://pro.benzinga.com">Benzinga's</a> request for comment on these trades.



The Trumps are <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45160707/eric-trump-says-world-libertys-stablecoin-will-be-used-to-close-a-2-billion-deal-dollar-token-to-also-get-integrated-with-justin-suns-tron-blockchain">closely tied to the DeFi project</a>, although it maintains that none of its offerings are political or related to any political campaign. A Trump-affiliated organization holds a 60% share in the platform's parent firm, while Eric Trump sits on the board.



Other institutional investors were also seen hoarding the second-largest cryptocurrency. Abraxas Capital, a digital assets investment firm, pulled out 61,401 ETH, valued at over $116 million, from exchanges over the last two days.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">ETH has surged past $2,300, up more than 20% in the past 24 hours. Meanwhile, Abraxas Capital continues to accumulate, withdrawing 61,401 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($116.3M) from exchanges over the last 2 days.<a href="https://t.co/ObH6pw7cwd">https://t.co/ObH6pw7cwd</a> <a href="https://t.co/cKk7K8ZXe0">pic.twitter.com/cKk7K8ZXe0</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1920745446646972794?ref_src=twsrc%5Etfw">May 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, the balance held by long-term ETH holders rose 0.02% in the last 24 hours, <a href="https://app.intotheblock.com/">per </a>IntoTheBlock, implying a broader accumulation sentiment.



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45275169/ethereum-stagnant-after-pectra-upgrade-but-analyst-deems-the-overhaul-tailwind-that-could-power-eth-above-2000">Ethereum Flat After Pectra Upgrade, But Analyst Foresees Overhaul &#8216;Tailwind&#8217; That Could Take ETH Above $2,000</a>



Why It Matters: These accumulations came after ETH burst out following weeks of sideways trading <a href="https://www.benzinga.com/25/05/45308288/bitcoin-closing-in-on-104000-ethereum-dogecoin-rally-on-trade-deal-optimism-analytics-firm-highlights-the-double-edged-sword-amid-bullish-sentiment">due to encouraging developments</a> around the U.S. trade deals.



ETH charted a sharp recovery, hitting levels not seen since the last week of February. The coin's trading volume has popped 150% to $51.35 billion in the last 24 hours.



Price Action:&nbsp; At the time of writing, ETH was exchanging hands at $2,334.63, up 20.63% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the coin was still down 31%.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45277600/trumps-crypto-policy-like-a-large-buffet-says-anthony-scaramucci-you-have-to-eat-everything-at-the-table">Anthony Scaramucci Compares Trump&#8217;s Crypto Policy To Mar-A-Lago Buffet: &#8216;You Have To Eat Everything At The Table&#8217;</a></li>
</ul>



Image Via Shutterstock/VPLAB

Trump-Backed World Liberty Likely Scooped Up $3.5 Million In Ethereum — Here's What On-Chain Data Shows

After posting record earnings on Thursday, D-Wave Quantum Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>) management highlighted its progress in enabling energy-efficient measures to enhance blockchain hashing using quantum computing.



What Happened: CEO Alan Baratz highlighted the inference of its recent research paper titled Blockchain with Proof of Quantum Work.



The study showed that quantum computation can be used to generate and validate blockchain hashes. Hashes are unique &#8220;digital fingerprints&#8221; of data, which makes it easy to detect tampering.



The CEO said that &#8220;using quantum computation for hashing and proof of work could potentially require a fraction of the electricity used by classical resources alone and reduce electricity costs by up to a factor of 1000.&#8221;



He explained that blockchain &#8220;security and efficiency&#8221; can be increased by adding quantum to traditional blockchain computation.



&#8220;D-Wave scientists deployed the blockchain architecture across four of its cloud-based annealing quantum computers in Canada and the United States, performing distributed quantum computing for the first time,&#8221; he said during the earnings call.



Baratz said that D-Wave was eyeing &#8220;potential partnerships&#8221; after being approached by interested &#8220;blockchain-focused organizations.&#8221;



See Also: <a href="https://www.benzinga.com/government/regulations/25/05/45283497/federal-reserve-will-be-the-last-to-cut-says-expert-anticipating-4-cuts-in-2025-a-thaw-in-us-china-trade-dispute-is-good-news">Federal Reserve &#8216;Will Be The Last To Cut&#8217; Rates, Says Expert Who Still Expects Four Cuts In 2025</a>



Why It Matters: Its <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45294899/d-wave-quantum-stock-is-soaring-thursday-whats-going-on">first quarter</a> saw a more than sixfold increase in the company&#8217;s revenue of $15 million on a year-over-year basis.



Revenue surged on the back of the sale of its Advantage quantum computer to a key research center and wider use of its hybrid offerings.



It reported a loss of 2 cents per share, beating estimates for a loss of 7 cents per share, according to Benzinga Pro. The gross margin zoomed by 92% in the said quarter, with a gross profit of $13.9 million.



QBTS shares were up by 8.43% on a year-to-date basis and 695.42% over a year. On Thursday, the shares closed 51.23% higher.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Thursday. The SPY ended 0.70% higher at $565.06, while the QQQ advanced 1.03% to $488.29, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Benzinga Edge Stock Rankings shows that QBTS had a weaker price trend over the short term but a strong price trend across the medium and long term. Its momentum ranking was solid at 99.70th percentile, whereas its value ranking was very poor at 3.12th percentile; the details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/QBTS"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09024246/QBTS-edge-1024x147.png" alt="" class="wp-image-909554" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09024246/QBTS-edge-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09024246/QBTS-edge-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09024246/QBTS-edge-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09024246/QBTS-edge.png 1215w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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<li><a href="https://www.benzinga.com/general/market-summary/25/05/45251508/warren-buffett-falls-behind-nancy-pelosi-in-stock-market-returns-over-the-last-11-years-heres-what-data-shows">Warren Buffett Falls Behind Nancy Pelosi In Stock Market Returns Over The Last 11 Years: Here&#8217;s What Data Shows </a></li>
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Image Credit: A9 STUDIO/Shutterstock

Quantum Computing Aids Energy Efficiency For Blockchain Hashing: 'Require A Fraction Of The Electricity Used By Classical Resources,' Says D-Wave CEO

MARA Holdings Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) CEO Fred Thiel reiterated the company&#8217;s commitment to its Bitcoin holding strategy on Thursday, emphasizing the potential benefits for its stockholders.



What Happened: During the first quarter earnings call, Thiel said MARA held a &#8220;distinguishing&#8221; position in the market, allowing shareholders to gain from its Bitcoin HODL play as well as pure-play mining activities. 



&#8220;What MARA is doing is a twin turbocharge strategy,&#8221; Thiel said. &#8220;And then when you drive a twin turbo engine, you see the benefit of both the sides.&#8221;



Thiel also noted that the decision to pivot to a &#8220;full HODL&#8221; strategy was based on careful market conditions and macroeconomic factors analysis, which he believed would yield long-term benefits for MARA stockholders.



&#8220;So I think we&#8217;re going to continue to see things move up in Bitcoin longer term, which is why we are still in very much a full HODL position,&#8221; he added.



See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/22/12/30062542/tether-enables-binance-to-convert-3b-usdt-from-tron-to-ethereum" target="_blank" rel="noreferrer noopener">Tether Enables Binance To Convert 3B USDT From Tron To Ethereum</a>



Why It Matters: MARA adopted a&nbsp;<a href="https://www.benzinga.com/news/earnings/25/05/45303574/mara-holdings-stock-dips-after-worse-than-expected-q1-report">buy-and-hold strategy</a> in July of 2024, retaining all Bitcoin it mines and periodically making strategic open market purchases. In March, the firm revealed plans to raise up to <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44558783/mara-holdings-joins-gamestop-metaplanet-in-bitcoin-reserve-push-with-2-billion-stock-sale">$2 billion&nbsp;through a stock offering</a> to expand its Bitcoin treasury.



As of this writing, MARA was the second-largest corporate holder of Bitcoin, amassing a stockpile of 48,237 BTC, worth $4.97 billion, <a href="https://bitcointreasuries.net/">according </a>to Bitcointreasuries.net. Michael Saylor&#8217;s Strategy Inc. (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remains the market leader, having over $57 billion in Bitcoin.



MARA reported&nbsp;<a href="https://www.benzinga.com/news/earnings/25/05/45303574/mara-holdings-stock-dips-after-worse-than-expected-q1-report">worse-than-expected first-quarter</a> financials after market close, with revenue and earnings missing analyst estimates. 



Price Action:&nbsp; At the time of writing, Bitcoin was exchanging hands at $103,197.90, up 4.22% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;



Shares of MARA dipped 1.82% in after-hours trading after closing 7.20% higher during Thursday&#8217;s regular session.



MSTR reported low momentum and growth scores as of this writing. To find out how Strategy and other Bitcoin-holding firms stack up on these parameters, visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.



Photo Courtesy: OlegD On Shutterstock.com



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45277600/trumps-crypto-policy-like-a-large-buffet-says-anthony-scaramucci-you-have-to-eat-everything-at-the-table">Anthony Scaramucci Compares Trump&#8217;s Crypto Policy To Mar-A-Lago Buffet: &#8216;You Have To Eat Everything At The Table&#8217;</a></li>
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