THORSwap issues bounty offer tied to more than $1M exploit of THORChain founder’s wallet: onchain analysts

Bitcoin is trading around $115,400, up about 1% today. Ethereum has also inched higher, while Dogecoin jumped 4–5%, making it one of the day’s top performers. Overall sentiment in the crypto market is cautiously positive as traders wait for clues from the U.S. Federal Reserve. Hopes of interest rate cuts, along with steady progress on crypto ETFs and regulation, are keeping momentum alive.

Altcoins Attract Big Money

While Bitcoin remains range-bound, altcoins are pulling in fresh capital.

• BitMine Immersion Technologies made headlines with a $200 million Ethereum purchase, boosting its ETH treasury to more than $9 billion.
• On the Solana side, Forward Industries announced a massive $1.65 billion plan to build a Solana-focused treasury, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.

These moves are bringing not just money, but also renewed momentum and excitement into the altcoin sector.

Bitcoin’s Quiet Phase

Over the past week, Bitcoin has been trading between $110,000 and $116,000 without a clear breakout. According to Galaxy Digital CEO Mike Novogratz, this sideways movement is normal as capital rotates into altcoins.

Fed Cuts and Regulation Could Spark the Next Rally

Novogratz believes the Federal Reserve’s upcoming rate cuts will be a major driver of Bitcoin’s next surge. Historically, lower rates benefit risk assets, and Bitcoin could be one of the top winners.

On the regulatory front, the tone is also shifting. SEC Chair Paul Atkins has been pushing for updated securities rules to bring more activity on-chain. Meanwhile, Nasdaq has filed for approval to tokenize stocks and ETFs, signaling that traditional markets are beginning to embrace blockchain technology.

Beyond Bitcoin’s Store-of-Value Role

For years, Bitcoin has been viewed mainly as a digital store of value, while stablecoins handled payments. But now, with faster blockchains, safer infrastructure, and clearer rules, the crypto landscape is expanding.

Novogratz explained:

From Hype to Real Progress

Summing up the market’s shift, Novogratz said:

If he’s right, Bitcoin’s calm phase is just a pause, while altcoins continue to fuel the next chapter of crypto’s growth story.

FAQs

Yes, many analysts, including Mike Novogratz, believe Fed interest rate cuts will boost Bitcoin. Lower rates usually help risk assets, and Bitcoin could benefit the most.

Altcoins are rallying due to fresh institutional inflows. Ethereum saw a $200M treasury boost, while Solana gained backing for a $1.65B treasury plan.

Not stronger, but Ethereum is gaining traction as institutions like BitMine increase ETH holdings. Both BTC and ETH are seen as key players in the ecosystem.

Analysts point to Fed rate cuts, ETF approvals, rising on-chain adoption, and tokenized assets as key catalysts.

The fight between Coinbase and the U.S. Securities and Exchange Commission (SEC) has taken another sharp turn and Cardano founder Charles Hoskinson just added fuel to the fire with a sarcastic jab at former SEC Chair Gary Gensler.

Here’s what’s buzzing on X.

Coinbase Calls Out SEC Over Destroyed Records

Coinbase’s Chief Legal Officer Paul Grewal revealed this week that the SEC, under Gensler, destroyed internal texts from October 2022 to September 2023. These messages, he said, were directly related to ongoing legal battles and should have been preserved.

He called it a “gross violation of public trust” and confirmed Coinbase is asking the court for expedited discovery, sanctions, and the immediate release of any remaining communications.

For Coinbase, the accusation highlights a double standard: the same regulator that fines crypto companies billions for poor record-keeping is now accused of breaking its own rules.

Hoskinson Turns Gensler’s Line Back on Him

Hoskinson wasted no time in pointing out the irony. Responding to Grewal’s post, he wrote: “I’m sure Gary can come in and register :)”

The comment cuts at one of Gensler’s most famous talking points. During his time at the SEC, he repeatedly told crypto firms to “just come in and register.” Industry leaders argued that no clear path for registration existed. 

Hoskinson’s one-liner flips that message back on the regulator itself – highlighting what many see as hypocrisy.

Coinbase’s Lengthy Legal Battles 

The regulator has previously charged the exchange with operating as an unregistered securities exchange, broker, and clearing agency. It also accused Coinbase of running an unregistered staking-as-a-service program, which has been a major revenue source for the company.

According to the SEC, Coinbase has made billions since 2019 by combining exchange, broker, and clearing functions without registering any of them. The agency argues this deprived investors of critical protections such as proper disclosures, inspections, and safeguards against conflicts of interest.

It goes beyond this too. 

In July, it challenged the Federal Deposit Insurance Corporation (FDIC) for allegedly trying to push crypto firms out of banking. In Oregon, it is contesting the state’s attempt to enforce its own crypto rules, arguing that only federal regulators have that authority.

Coinbase says these cases are about forcing real regulatory clarity for the crypto industry.

A New Dawn for Crypto

But things have shifted dramatically under President Trump’s second term. With Chairman Paul Atkins now leading the SEC, the agency has launched Project Crypto – an initiative to draft clear, simple rules and bring digital asset activity back onshore. 

Atkins has made it clear that most crypto assets should not be treated as securities, and even where they are, the rules will be rewritten to encourage innovation, not punish it. 

Backed by the America First Policy Institute and embraced by industry leaders, the new SEC has signaled a complete break from Gensler’s crackdown era – positioning the U.S. to become the global capital of crypto.

The Smarter Web Company, the United Kingdom’s largest corporate Bitcoin holder, is considering acquiring struggling competitors to expand its treasury, CEO Andrew Webley said.

Webley told the Financial Times that he would “certainly consider” buying out competitors to acquire their Bitcoin (BTC) at a discount.

According to BitcoinTreasuries.NET data, The Smarter Web Company is the world’s 25th biggest and the UK’s top corporate Bitcoin treasury. It currently holds 2,470 BTC worth nearly $275 million.

Key points:

• Bitcoin “shark” wallets have started buying the dip, adding 65,000 BTC to their holdings in just seven days.

• Short-term holders also cross a milestone, with the profit ratio of coins moving onchain flipping positive.

• Long-term holders have yet to return to net accumulation.

Bitcoin “conviction-driven” holders have bought 65,000 BTC in just seven days as price bounces from two-month lows.

New research from onchain analytics platform CryptoQuant released Thursday shows Bitcoin “sharks” buying the dip.

Bitcoin’s big players rethink distribution

Bitcoin wallets with a balance between 100 BTC and 1,000 BTC have wasted no time bagging coins at lower prices.

CryptoQuant data shows that in a single week, these “sharks” added 65,000 BTC of net market exposure.

“Bitcoin’s recent market action highlights a sharp divide between short-term traders and larger, conviction-driven buyers. Addresses holding 100–1,000 BTC—known as ‘sharks’—have added 65,000 BTC in just seven days, lifting their total to a record 3.65 million BTC,” contributor XWIN Research Japan wrote in one of its Quicktake blog posts.

World Liberty Financial’s community is lining up behind a proposal to route all fees from the project’s protocol-owned liquidity into open-market purchases of WLFI that are then permanently destroyed.

If approved, the POL-fee burn would run continuously. This means that fees accrue to treasury-owned LP positions, then are swapped for WLFI on the open market. Next, the purchased tokens are sent to a burn address, reducing circulating supply and, in theory, increasing each remaining token’s claim on future protocol activity.

Burns would be executed and disclosed onchain, and the program could later expand to other protocol revenue streams, the proposal states. Fees earned by community or third-party LPs are unaffected.

With a week left in the vote, support stands at 99.57% in favor, 0.09% against, and 0.34% abstaining, according to the project’s governance portal.

WLFI is the native token of World Liberty Financial, a decentralized finance project publicly backed by members of the Trump family. The protocol presents itself as a bridge between traditional finance and on-chain markets, featuring a fully reserved USD 1 stablecoin and treasury-style operations. Earlier community votes cleared the way for WLFI trading and explored buyback mechanisms tied to broader protocol income, as World Liberty builds out exchanges, payments, and DeFi integrations.

The buyback-and-burn push follows World Liberty’s token launch this month and adds to a wave of protocol revenue recycling across crypto.

Protocols like Hyperliquid, Solana launchpad, Pump.fun, and Raydium have spent nearly $400 million in cumulative buybacks since mid-June, The Block’s data dashboard shows. It’s part of a broader shift by DeFi venues to use cash flows for supply reduction rather than pure emissions.

WLFI’s latest governance move would formalize a similar mechanism focused on fees generated by the protocol’s own liquidity positions on Ethereum, BNB Chain, and Solana. According to The Block's price page, the Trump-backed crypto has slipped almost 40% from its all-time high logged shortly after a Sept. 1 debut.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 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.

Dogecoin is approaching a familiar inflection on the monthly chart that previously preceded its most explosive advances, according to a new high-timeframe analysis from Kevin (Kev Capital TA) published on September 11. The analyst argues that a fresh stochastic RSI (stoch RSI) cross to the upside on the monthly timeframe—now forming but not yet above the 20 threshold—echoes the technical regime that fueled Dogecoin’s prior cycle blow-offs.

Dogecoin Explosion Imminent?

“Back in February 2017, Dogecoin got a V-shaped stock RSI cross above the 20 level and it went on another rally… 1,852%,” he said, adding that a subsequent monthly cross “produced a very nice 1,751% gain” before the market ultimately topped. The setup, he contends, is again coalescing into Q4.

The framework is deliberately simple: pair the monthly stoch RSI with the monthly RSI and an anchored trend structure. In the 2015–2017 cycle, sustained stoch RSI crosses above 20 were the dividing line between failed bear-market feints and true bull-cycle advances. By contrast, a 2019 impulse rally faded because “the stock RSI never really got a durable cross to the upside,” occurring amid a still-dominant bear regime, he noted. In the 2020–2021 cycle, a new stoch RSI bull cross above 20 “goes on its major bull market rally, which was the biggest rally Dogecoin has ever been on.”

Kevin says the present cycle has followed a cleaner sequence than prior ones. After a confirmed monthly stoch RSI bull cross earlier in the cycle, Dogecoin delivered an initial advance “roughly 280%,” then, following a corrective phase, another monthly cross powered a “November-December rally” of about “497%.” The market then reset again.

Today, he sees that process restarting: “We are getting a monthly stock RSI cross again. However, we have not yet crossed the 20 level. So this is the very beginning stages of a potential rally for Dogecoin.” He emphasizes that historically, “you don’t even get your most bullish price action until the stock RSIs are above the 80 level,” calling the current moment the “first or second inning.”

Beyond momentum, the analyst highlights a three-part structural confluence he considers critical on the monthly chart. First, the RSI itself has repeatedly crossed back above its moving average at inflection points; second, each of those RSI/MA recaptures “has coincided with a stock RSI cross to the upside”; third, price has defended a long-running trend line on a series of higher lows.

After a brief deviation below, “we’re now breaking back above the trend line and the [RSI] MA at the same time after holding the 50 level,” which he describes as a textbook double-bottom reaction. He stresses that monthly closes still matter—“we still have… more than half a month to go… this is not guaranteed”—but the multi-indicator alignment is intact. In his words, “we’re talking about a combination of indicators and technicals that have never failed before,” provided the macro backdrop doesn’t flip adverse.

Macro Conditions Need To Align

Macro is the caveat and, potentially, the accelerator. Kevin frames US monetary policy as the decisive driver of the crypto risk cycle: “Monetary policy… that’s the earnings report for the crypto market.” He argues that inflation has been range-bound on a year-long view while labor data “continues to soften,” a mix he believes anchors expectations for rate cuts “this month… and… in November and December.”

If that path holds and the Federal Reserve’s tone is dovish at the upcoming FOMC, he expects Bitcoin dominance to drift lower and for “alt season” dynamics to reassert, with Dogecoin positioned to “outperform over Bitcoin.” Conversely, a hawkish turn or a renewed inflation drift higher would be a “major hiccup” for the setup.

Seasonality and timing also figure in his risk management guidance. September remains “seasonally weak,” and with the FOMC roughly a week away from his recording date, he anticipates choppier, indecisive price action in the near term while markets “sit back and wait for the tone of Powell.”

The higher-timeframe roadmap, however, remains his anchor: monthly uptrend structure, RSI reclaim over its MA, stoch RSI in early-stage turn, and the historical tendency for major Dogecoin expansions to ignite only after those momentum gauges push well into overdrive. “These charts are telling us right in our faces that Dogecoin is preparing for a bigger move higher… the pathway is laid,” he said.

At press time, DOGE traded at $0.261.