Digital Currency Group (DCG), the parent company of CoinDesk, has announced the closure of its trade execution and prime brokerage services unit, TradeBlock. The decision to shut down TradeBlock is attributed to the challenging market conditions during the crypto winter and regulatory uncertainties. The unit, which caters to institutional investors by providing trading services, will cease operations on May 31, according to a DCG spokesperson. TradeBlock was initially acquired by CoinDesk in 2020 and subsequently established as an independent business. Despite the closure of TradeBlock, CoinDesk will continue to operate the index data obtained from the acquisition, now known as CoinDesk Indices. This strategic move has proven to be a successful acquisition for the company, the spokesperson added. The news was first reported by Bloomberg.
Recent data from Glassnode indicates that the number of ether (ETH) held on exchanges has reached its lowest level since July 2016. As of Thursday, centralized exchanges owned only 14.85% of all ether, marking the smallest proportion since the early stages of ether’s existence in 2016. In comparison, during the bullish market of 2021, the exchange balance accounted for approximately 25% of the total supply. This decrease in exchange balances is typically interpreted as a positive indicator, suggesting a limited supply of ether available for purchase—a trend that often correlates with a bullish market sentiment.
U.S. Bitcoin Corp. (USBTC) is poised to become one of the leading mining companies in the United States following its acquisition of mining assets from bankrupt lender Celsius. As part of the Farenheit consortium, USBTC successfully secured the Celsius assets through a bankruptcy auction. These assets encompass a lending portfolio, various cryptocurrencies, and an impressive 121,800 mining machines. USBTC plans to activate all acquired mining rigs, which will bring its total fleet to a minimum of 270,000 units, along with a computing power of 12.2 exahash per second (EH/s), as stated by the firm in communication with CoinDesk. This positions U.S. Bitcoin Corp. alongside other prominent U.S. mining giants such as Riot Blockchain (RIOT), Core Scientific (CORZ), and Marathon Digital Holdings (MARA).