Saylor pitches Bitcoin-backed banking system to nation-states

Tether is backing a new class of industrial humanoid robots being built to take on dangerous and physically exhausting jobs inside factories and logistics hubs.

The stablecoin issuer joined AMD Ventures, Italy’s state-backed Artificial Intelligence Fund, and other investors in a €70 million round for Generative Bionics, a new spinoff from the Italian Institute of Technology.

The year-old company is developing “Physical AI” humanoids designed to operate in environments built for humans, handling lifting, hauling, and repetitive tasks that traditional robotic arms can’t easily perform.

For Tether, the investment is part of what CEO Paolo Ardoino describes as a shift toward backing “digital and physical infrastructure,” projects that expand the company’s footprint beyond stablecoins and reduce what he calls a growing “reliance on centralized systems overseen by Big Tech.” Tether has funded several internal and external AI projects and has investments across the Bitcoin mining sector.

He said Generative Bionics aligns with Tether’s belief that technology should “strengthen societal resilience” and accelerate real-world innovation.

It also arrives just weeks after S&P Global downgraded USDT’s stability score to the weakest level on its scale, citing Tether's rising exposure to bitcoin and other investments with limited disclosure. Tether rejected the assessment, calling S&P’s framework outdated.

Generative Bionics says its initial industrial deployment programs are slated for early 2026, with target sectors including manufacturing, logistics, healthcare, and retail. 

Last month, the Financial Times reported Tether was "in discussions" to invest in German tech startup Neura Robotics at an approximately $10 billion valuation.

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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

CoinDesk Bitcoin Price Index is down $648.78 today or 0.71% to $90807.10

• Snaps a two day winning streak
• Down 0.58% month-to-date
• Down 2.79% year-to-date
• Down 28.09% from its all-time intraday high of $126272.76 on Oct. 6, 2025
• Down 5.59% from 52 weeks ago (Dec. 9, 2024), when it traded at $96187.32
• Down 28.09% from its 52-week intraday high of $126272.76 on Oct. 6, 2025
• Up 19.68% from its 52-week intraday low of $74435.56 on April 7, 2025
• Traded as low as $89085.94
• Down 2.59% at today's intraday low

Note: CoinDesk Bitcoin Price Index (XBX) at 4 p.m. ET close

Data compiled by Dow Jones Market Data

Ethereum has reclaimed the $3,150 level after a volatile Sunday session that left traders divided on what comes next. Some analysts warn that ETH’s recent bounce is nothing more than a temporary pause before the downtrend resumes, while others see signs of a potential bullish reversal forming at current levels.

Fresh data from Binance reveals that Ethereum is now entering a delicate phase. Price momentum has clearly weakened, yet open interest remains relatively high despite the decline from the $3,900 region. This disconnect highlights a major shift in futures market behavior: traders are holding positions, but not aggressively increasing them.

The 30-day open interest Z-Score currently sits at 0.50, indicating that OI is just slightly above its 30-day average—well within normal volatility bands. Unlike previous corrections, where open interest surged during heavy selling, the current reading suggests neither extreme leverage buildup nor panic-driven position closures.

This unusual combination—weakening momentum paired with stable open interest—underscores a market in transition. Whether Ethereum resumes its downtrend or begins carving out a recovery will depend on how quickly momentum returns to spot and futures markets in the days ahead.

Open Interest Stability Signals a Market in Repositioning

According to the Arab Chain report on CryptoQuant, Ethereum’s $6.61 billion in open interest highlights that traders are still holding a substantial share of their positions despite the sharp decline from $3,900 to below $3,200. This divergence—falling price but steady OI—is characteristic of market repositioning phases, where traders reduce activity without fully exiting the market.

The supporting metrics reinforce this view: the OI avg30 sits at $6.44 billion, and the OI std30 at $329 million, indicating that current fluctuations remain well within normal volatility ranges. There is no sign of aggressive position buildup or liquidation pressure.

With the Z-Score at 0.50, the modest rise in open interest does not suggest overwhelming bearish leverage. Instead, it shows that traders are still engaging with the market and selectively building new positions as price declines. This level of participation is important: it signals that the derivatives market is active but not overheated.

Ethereum’s price weakness, driven by fading momentum after failing to sustain its previous highs, leaves the market at an inflection point. If large traders are predominantly short, stable OI could support the continuation of downward pressure. However, if long positions dominate, this same stability may lay the groundwork for a rebound once momentum returns.

Testing Momentum as Bulls Attempt to Reclaim Control

Ethereum is attempting to stabilize above the $3,150–$3,160 zone after a volatile multi-week decline. The chart shows ETH rebounding from a local low near $2,750, forming a short-term rising structure. However, momentum remains fragile. The 50-day SMA continues to slope downward and sits well above current price action, reinforcing the broader downtrend. Until ETH can break and close above this moving average, upside attempts will likely face resistance.

The 100-day SMA is also declining, converging with the $3,350–$3,400 region—an area that could act as the next major ceiling for any bullish continuation. Meanwhile, the 200-day SMA remains flat but sits just above price, creating an additional barrier around $3,250–$3,300. This cluster of resistance levels confirms that Ethereum is still operating within a corrective structure despite the recent bounce.

Volume has tapered off noticeably compared to the heavy sell-side spikes seen in November. This suggests that the rebound may be driven more by diminishing selling pressure than strong spot demand. If volume remains weak, ETH may struggle to build enough momentum for a sustained recovery.

Featured image from ChatGPT, chart from TradingView.com

By Brian Schreiner

About the author: Brian Schreiner is the founder and chief investment officer of Alpha Rock Investments, a boutique investment management firm.

Since the launch of spot Bitcoin ETFs in early 2024, investors have been haunted by a persistent narrative: "Bitcoin is just a tech stock on steroids."

The common view is that when the stock market sneezes, Bitcoin catches a cold. As soon as liquidity dries up, crypto goes into free fall. It is a convenient theory for Bitcoin skeptics. But a closer look at the data reveals what many investors are missing: Bitcoin hasn't been highly correlated with stocks.

Generally, a high correlation of +0.7 to +1.0 means that two assets move closely together or in lockstep. Moderate correlations of +0.3 to +0.7 mean that a relationship exists, but the assets often diverge. Low correlations of 0.0 to +0.3 mean that the assets don't move together very often and, at the lower end, their movements are entirely independent.

To understand the true relationship between Bitcoin and stocks, my firm looked at the correlation coefficients of the Bitwise Bitcoin ETF to the S&P 500 SPY ETF and BITB to Invesco QQQ Trust ETF. Since the launch of the BITB last year, its average correlation with the SPY and QQQ has sat squarely at the lower-end of moderate: 0.38 and 0.39, respectively.

So while Bitcoin and the stock market are influenced by some of the same market forces, they are by no means tethered to one another.

They both have unique drivers. Generally speaking, Bitcoin halving — the programmed four-year reduction in new coin supply — doesn't impact the stock market. Bitcoin adoption rates, sovereign purchases, corporate treasury purchases, and government regulatory action don't affect stock prices either. Crypto-specific events like network improvements, technology upgrades, and issues with exchanges, such as the collapse of FTX, also strongly influence Bitcoin without affecting equities. Risks that quantum computing may pose to blockchains could influence the entire cryptocurrency market, but shouldn't change stock prices.

Of course, we could also create a long list of factors that would impact stock prices but have little or no effect on the price of Bitcoin. There are many days, weeks, months and longer periods where stocks may be flat or down while Bitcoin is up, and vice versa.

Modern portfolio theory tells us this is a good thing for diversifying portfolios. Adding an asset with positive expected returns and low-to-moderate correlation can improve a portfolio's overall risk-adjusted returns. If Bitcoin had a high correlation to stocks, adding it to a stock portfolio would offer little diversification benefit beyond simply adding volatility. But with a correlation below 0.40, the story changes.

It is important to note that during periods of extreme market panic, correlations among risk assets tend to spike. It is prudent to expect the correlation of Bitcoin to stocks to be high during such periods. So although Bitcoin acts as a good diversifier in most market conditions, it probably isn't the best hedge to protect your portfolio when stock prices tank. History shows that in such panics there are very few true havens beyond cash and short term bonds. Those are the only assets where correlations with stocks have remained low.

But asset correlations aren't static; they change over time. And every panic is unique. It is possible that in the future, assets like commodities, gold, bitcoin will act as a haven from equities. As the Bitcoin adoption rates increase and the network matures, I expect its correlation to stocks to continue to moderate. For my clients, that modest correlation is a feature, not a bug.

Guest commentaries like this one are written by authors outside the Barron's newsroom. They reflect the perspective and opinions of the authors. Submit feedback and commentary pitches to ideas@barrons.com .

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Bitcoin traders are facing fresh on-chain signals that suggest older coins are re-entering the market as investors prepare for the upcoming Federal Reserve policy decision. Analysts expect the Fed to cut rates at its December meeting, and markets have already priced in a 25-basis-point move.

However, on-chain activity indicates uncertainty beneath the surface. 

Dormant Bitcoin Supply Returns as Market Waits for Policy Clarity

Over 2,400 BTC aged more than ten years moved this week, activating long-dormant supply worth more than $215 million. These coins usually stay untouched, and movement often precedes distribution rather than accumulation.

Another signal shows Coin Days Destroyed flashing again. This metric highlights old holders moving Bitcoins, often to sell into strength. 

Demand absorbed this supply earlier in the year, but analysts now observe buyers stepping back while experienced holders send coins to market.

Older supply returning during weak demand has historically pressured price action. ETF inflows remain soft, and netflows show reduced institutional appetite compared with recent peaks. This suggests rallies may struggle unless liquidity returns.

Institutional analysts remain confident in the broader cycle. Bernstein argues Bitcoin may have broken the four-year halving rhythm and is entering an extended adoption phase. 

The firm expects Bitcoin to reach $150,000 in 2026, with a potential 2027 peak near $200,000.

Yet market direction now depends on the Federal Reserve. If policymakers cut rates as expected, liquidity may improve and strengthen risk assets through early 2026. 

A weaker dollar and lower capital costs could help support ETF demand and absorb long-term holder selling.

A delay or smaller cut could create volatility. Combined with revived supply, Bitcoin may face deeper corrections before recovering. 

Analysts warn that strong bids will be necessary to offset aging supply reactivation.

For now, Bitcoin sits between shifting on-chain behavior and macro expectations. Investors will watch the FOMC signal closely to understand whether the next move strengthens market resilience or exposes further downside.

AI infrastructure provider CoreWeave (CRWV) plans to raise $2 billion through a private offering of convertible senior notes due 2031, with proceeds earmarked for general corporate purposes and for capped-call transactions that could reduce potential future shareholder dilution.

The notes include an option for purchasers to buy an additional $300 million, the company said Monday. They can be settled in cash, shares or a combination of both at CoreWeave’s discretion.

To limit dilution if the notes are ultimately converted into equity, CoreWeave is entering into capped-call transactions. This hedge increases the effective conversion price and provides a degree of protection for existing shareholders while preserving financial flexibility.

CoreWeave was founded in 2017 as Atlantic Crypto, a company that used GPUs to mine Ether (ETH). As the crypto market weakened, it pivoted in 2019 into cloud and high-performance computing services, eventually refocusing its GPU infrastructure on AI workloads.

The company now operates a network of data centers built specifically for AI, and as of this year, reported running more than 33 facilities. It has not said whether proceeds from its latest fundraising will go toward further expanding that footprint.