Kraken parent Payward reports a 12% revenue drop, Bitcoin falls below $70K, MANTRA halts unstaking, and Goolsbee warns inflation remains elevated.
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The Fed is sounding alarms about inflation, and crypto markets are feeling every decibel.
Over $1.6B in liquidations swept through the market in 24 hours.
Meanwhile, a wallet exploit forced MANTRA to freeze unstaking entirely.
Today's newsletter covers the squeeze from both directions: macro pressure and protocol-level risk.
Kraken's parent company tripled its EBITDA in one quarter
Payward posted $60M in adjusted EBITDA for Q3, a 163% jump from last quarter.
The rebound came through diversification, not just trading volume, which actually declined.
But that number is still down 67% from the same quarter last year, a reminder that the broader environment hasn't fully recovered.
Future growth depends on regulatory approvals Kraken is still waiting on.
Markets
Futures traders flip bearish as bonds sell off
Bitcoin's perpetual futures funding rate turned negative for the first time in a month.
That means short sellers are now paying longs, a sign the crowd is betting on further downside.
The 10-year Treasury yield surged nearly 30 basis points to 5.15%, its worst weekly move since April 2025.
BTC slipped below $69K, ETH fell near $1,915, and SOL dropped below $79.
Fed's Goolsbee says inflation is getting worse, not better
Chicago Fed President Austan Goolsbee called current inflation "widespread and worsening."
Services and health care costs are the main culprits, pushing core inflation higher.
Tighter policy from here would squeeze risk assets, crypto included.
MANTRA freezes unstaking after wallet exploit leaks private keys
Attackers used a Web3Auth and Keplr wallet vulnerability to steal users' private keys.
With those keys, they could unstake and drain MANTRA holdings directly.
The project froze all new unbonding requests for seven days while it patches the flaw.
On Our Radar
The Great Wallet Divide: Where you keep your crypto matters way more than most people think.*
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Bitget Wallet analyst warning: Bitcoin traders eyeing a $62K floor as risk appetite takes a breather.
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