Crypto
crypto
Sage D. Young

OP token rises after payments card provider Ether.fi finalizes migration to the layer 2 network

OP, the governance token for OP Mainnet, has increased as much as 5% since Tuesday night following news that Ether.fi, a decentralized finance protocol known for providing noncustodial crypto payment cards, completed its migration to the ethereum layer 2 blockchain network. 

Ether.fi’s move resulted in around $220 million in total value locked coming to OP Mainnet, the largest single TVL event in the network’s history, as well as over 70,000 payment cards and more than 300,000 accounts, according to a blog post from Ether.fi. 

Originally on alternative layer 2 network Scroll, Ether.fi made the switch to OP Mainnet due to lower median transaction fees of $0.00001 and sub-250-millisecond finality times. 

“To ship what comes next, we needed infrastructure that could handle real-time payments at consumer volume,” Ether.fi CEO Mike Silagadze told Sherwood News. “OP Mainnet delivered on every dimension. Three days to migrate $220M with no downtime answered the question. Now we get to build.” 

The migration comes about two months after Coinbase-incubated blockchain Base announced moving away from Optimism’s OP Stack. 

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Yaël Bizouati-Kennedy
6h
Bitcoin fails to hold $75,000 but analysts see hopeful signs

Halfway through April, bitcoin is faring much better than it has since May, up roughly 8.6%.

Bitcoin ice carving
crypto
Sage D. Young

Ethereum climbs to highest point since end of January

Ethereum has rallied 8% in the last 24 hours to trade just under the $2,390 level, liquidating over $151.7 million worth of ethereum short positions in the period. 

The last time ethereum was at its current level was the last day of January, data from CoinGecko shows.

According to Jim Hwang, COO of investment company Firinne Capital, ETH has been acting as a risk asset: declining in times of heightened uncertainties such as the conflict in Iran, inflation expectations, and diminished rate cut hopes.

“Only in the last 24+ hours when these uncertainties have diminished are we seeing prices lift again. We can feel a bit of optimism but to the extent that this cease fire remains tentative, we should probably view the current ETH price gains with caution,” Hwang told Sherwood News. 

A GlassNode senior analyst, who maintains the pseudonymous X account CryptoVizArt, said on X that ethereum has “reclaimed the one-to-three month holder cost basis at around $2,300. So far, this structure is consistent with a bear market relief rally, comparable to the bounces observed in Q3-Q4 2022, rather than a structural trend reversal.” 

Tom Lee, chairman of ethereum treasury firm BitMine Immersion Technologies, said ethereum’s performance since the start of the Iran conflict demonstrates how the cryptocurrency is a “wartime store of value,” per the firm’s press release on Monday, in which it announced acquired 71,524 additional tokens worth $170.5 million. That brings its total stockpile to nearly 4.9 million tokens, or 4% of the total supply of ethereum. 

That said, the founder of venture capital firm Kenetic, Jehan Chu, told Sherwood, “It’s clear that regaining ATH [all-time high] will take real-world revenue-generation, and not just a Tom Lee narrative.” 

Yaël Bizouati-Kennedy
4/14/26
Bitcoin flirts with key $75,000 level on hopes of an Iran deal

Several analysts argue that for bitcoin to have truly turned a corner and break from the tight range it’s been stuck in, a sustained rally above the $75,000 level is needed.

bitcoins on the eyes
Sage D. Young
4/10/26
Trump-backed World Liberty says "we are nowhere near liquidation" as token slips to all-time low

The team borrowed stablecoins by leveraging $5 billion worth of WLFI as collateral, igniting skepticism among those in crypto whether World Liberty would repay its debt.

Businessmen
Yaël Bizouati-Kennedy
DAT MAKES NO SENSE
4/10/26
TD Cowen initiates coverage of flailing Nakamoto with “buy” rating while cutting Strategy’s price target

Nakamoto has failed to rise above $1 a share since it received a delisting warning notice from Nasdaq in December.

SATOSHI NAKOMOTO

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