Ethereum's $407 million exchange withdrawal puts $2,400 in focus as traders assess whale positioning, ETF flows and fading altcoin momentum.

Ethereum has pushed back a key deployment on its Hoodi testnet. Developers are investigating security risks tied to the rollout.

The company spent another $193 million to repurchase STRC preferred stock. Its discretionary cash fell to $447 million.

Armada Acquisition Corp. II (XRPN) tumbled 50.3% on Tuesday to close at $19.20, down from $38.65, after touching an intraday high of $53. The SPAC is set to take the XRP treasury company Evernorth public, but the Nasdaq debut has been pushed back from Oct. 8 to Oct. 9. Armada’s trust account equates to about $10.49 per share, leaving the stock roughly 81% above that level.

Trading in pre-IPO perpetual contracts tied to Anthropic totaled $643 million through Sept. 21 across 12 crypto venues, exceeding the $590 million recorded in August. Open interest linked to Anthropic stood at about $80 million in the September snapshot, with Binance open interest up 88% over 30 days to $31.2 million. After reports suggested the listing timeline may slip beyond the November US midterm elections, Binance’s ANTHROPICUSDT perpetual fell 0.89% to $2,084.

Strategy is challenging MSCI’s proposed “nonoperating company” screen by pointing to language MSCI used in a 2022 letter to the U.S. Securities and Exchange Commission. The company argues the new methodology would force MSCI to judge whether Bitcoin should be treated as an operating asset, which it says clashes with MSCI’s stated neutrality. Strategy also says the rule would disproportionately affect MSTR, citing MSCI figures that put Strategy’s float-adjusted market capitalization at over $23.9 billion, or 86.9% of the value across six initially impacted companies.

Bitcoin perpetual contracts have gone live in the United States, while the SEC has yet to finalize a clear regulatory framework for crypto. The SEC proposed rules on the 18th that would create a path for token-network fundraising, and the CLARITY Act remains under consideration in Congress to split crypto market oversight between the SEC and the CFTC. Bitcoin traded around $77,000 that day, up about 22% over seven days.

The U.S. Securities and Exchange Commission has proposed a crypto-asset framework that would set compliance-based fundraising routes for token projects. Under the proposal, issuers could raise up to $5 million over a single period lasting as long as four years, or use a larger exemption with Tier 1 capped at $20 million without an audit and Tier 2 capped at $75 million with an independent audit. Nonaccredited investors would be limited to investing 10% of annual income or net worth, while accredited investors would not face a rule-specific cap. The framework is designed to cover the full lifecycle from token issuance through a filing process that can end the token’s securities-related investment contract.

Bitcoin miner IREN issued about 12.6 million shares in its acquisition of Mirantis, with nearly 12 million now registered for potential resale. At IREN’s Aug. 3 closing price, the registered block was worth about $476.3 million and could add selling pressure to the stock. The company will receive no proceeds from any sales because the shares are held by former Mirantis investors, directors, officers and employees. The prospectus filing did not indicate that any holder has sold or plans to sell.