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Cardano: Midnight Team Mints 24B NIGHT Token Supply Ahead of Mainnet Launch

Sam Wisdom Raphael
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Cardano: Midnight Team Mints 24B NIGHT Token Supply Ahead of Mainnet Launch

The Cardano Midnight team has minted the full supply of 24 billion NIGHT tokens ahead of the mainnet launch of Midnight, Cardano’s privacy-focused sidechain. 

In a recent announcement, the team explained that it created the entire NIGHT token supply as Cardano Native Assets (CNAs) in partnership with Midnight TGE and its technical collaborators. Onchain data shows that the team minted the full supply at exactly 5:34 PM on Oct. 14, 2025. 

Cardano Midnight NIGHT Token Mint
Cardano Midnight NIGHT Token Mint

Details of the NIGHT Token Minting

This minting represents the first time NIGHT exists directly on-chain and gives the token a permanent and verifiable record on the Cardano blockchain. With the completion of this process, the team has now established the foundation for NIGHT’s distribution and future use across the network.

According to the announcement, right now, all 24 billion tokens sit in a smart contract, which will hold them until the project completes the Glacier Drop and Scavenger Mine stages. 

Notably, this will help prevent any early movement of the tokens and ensure transparency as each phase comes up. The minting transaction also defined important details for the Glacier Drop’s gradual release schedule and outlined how tokens will unlock over time.

The minting is part of a larger rollout plan to guide Midnight from early testing toward full decentralization. The Glacier Drop has an important role in the plan. Specifically, it will distribute NIGHT tokens to millions of eligible wallet holders across leading blockchains. 

The claim window for the airdrop opened earlier this year and closed at 13:00 UTC on Oct. 20, 2025. With the end of this phase, the Scavenger Mine will begin, which will allow participants to complete puzzles or computational challenges to earn additional NIGHT rewards.

When both stages finish, the project will move into the Redemption Phase, where eligible users can finally claim their NIGHT tokens. This phase will also activate token allocations for network reserves, block producer rewards, and other key participants, all of which are detailed in the project’s tokenomics and incentive plans.

Progress Around Midnight

Alongside the minting, the Midnight team continues to make progress across its roadmap. The mainnet launch remains on track for the fourth quarter of 2025. Interestingly, the Glacier Drop campaign already spans more than 34 million eligible wallets across several blockchains, including BTC, ADA, XRP, SOL, ETH, and BNB.

In August 2025, the team added Ledger and Trezor wallet support, allowing Bitcoin holders to verify eligibility through secure null transactions. Around the same time, Midnight expanded Bitcoin integration, making it possible for users to claim tokens directly.

Notably, Cardano stake pool operators will also benefit from the launch. Specifically, they will earn both ADA and NIGHT tokens for producing blocks once the mainnet goes live. Operators like ENIGMA have already produced more than 756 blocks on the testnet. 

Meanwhile, the project’s developer ecosystem also continues to grow, with new tools for formal verification, Aiken support, and upcoming zero-knowledge (ZK) smart contracts planned for integration on the mainnet. Midnight also boasts over 100 partnerships at press time.

Jim Cramer Issues Bullish Signal for Crypto, Says They’re “Due for a Push Today”

Lele Jima
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Jim Cramer Issues Bullish Signal for Crypto, Says They’re “Due for a Push Today”

Jim Cramer, host of CNBC’s Mad Money, has stirred discussion across the crypto community after suggesting that a short-term rally in crypto prices could be on the horizon. 

In his latest remarks, Cramer suggested that cryptocurrencies are set for a “push today”. His commentary comes on the heels of a prolonged market downturn, which has sent the total valuation of the crypto market from over $4 trillion to $3.65 trillion.

Notably, Cramer is predicting a short-term rebound that could drive crypto asset prices higher today.

Dot-Com-Like Crash Looms

However, Cramer warned against too much speculation in the crypto market, comparing it to the dot-com bubble of 2000. He believes crypto has become overhyped, much like internet stocks were before that crash.

He also brought up JPMorgan CEO Jamie Dimon’s “cockroach” metaphor to highlight his concerns. While Dimon recently said the “cockroaches are ending,” Cramer pointed out that JPMorgan’s $1.5 trillion fund might have actually encouraged more risky trading, including in crypto.

For context, Dimon recently used the “cockroach” metaphor to warn about growing risks in the private credit market. Despite his cautionary remarks, JPMorgan announced the launch of a massive $1.5 trillion National Security Fund. According to JPMorgan, the fund will be directed toward industries deemed vital to the U.S. economy and national security interests.

While crypto wasn’t mentioned in the announcement, Cramer believes it sparked a wave of speculation in the crypto space. He warned investors to be cautious of the growing hype before it leads to major losses.

In the meantime, he advised crypto investors to “TRIM” their positions, meaning reduce their exposure—before a potential bubble bursts.

X Users React

Meanwhile, Cramer’s latest commentary, specifically his comment about crypto being due for a push today, has sparked concerns among investors, given his track record of notable prediction misses.

Historically, Cramer’s predictions have often played out in the opposite direction, with many investors viewing his bullish calls as contrarian sell signals. For instance, after predicting that Bitcoin would crash in January 2024, the premier asset spiked over 40% the following month.

As a result, his recent prediction of a crypto rally has not been well received by enthusiasts, some of whom pointed out how many of his bullish calls have ended poorly for Bitcoin.

Meanwhile, popular crypto exchange Bitget even humorously hinted at plans to block him following the prediction.

Hong Kong Stock Exchange to List First Solana Spot ETF

Zabi
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Hong Kong Stock Exchange to List First Solana Spot ETF

Hong Kong’s Securities and Futures Commission (SFC) has approved China Asset Management Company’s (ChinaAMC) application to launch a Solana Exchange-Traded Fund (ETF).

This marks Hong Kong’s first spot ETF tied directly to Solana, one of the world’s leading blockchain networks.

The ChinaAMC Solana ETF will debut on the Hong Kong Stock Exchange (HKEX) Main Board on October 27. It will be listed under three ticker codes: 3460 for Hong Kong dollars, 83460 for yuan, and 9460 for USD. Each trading lot will consist of 100 shares.

Fund Structure and Investment Approach

According to an HKEX filing, the ETF aims to replicate the performance of Solana’s native token, SOL. The fund will invest all of its assets directly in SOL. It will subsequently track the CME CF Solana-USD Index, which represents an Asia-Pacific (APAC) reference rate.

All transactions will take place through SFC-licensed virtual-asset trading platforms, ensuring regulatory oversight. The filing also clarifies that the ETF won’t engage in staking or earn rewards from holding SOL tokens.

Regulatory Tensions in the Background

The approval comes amid increased scrutiny of digital assets from Beijing. For instance, in recent weeks, mainland regulators have directed state-backed brokers to suspend real-world asset tokenization initiatives.

At the same time, they have urged major technology firms to discontinue their stablecoin development plans.

Nevertheless, Hong Kong has continued to carve out a distinct regulatory path, aiming to balance investor protection with innovation.

Thus, the launch of the Solana ETF reflects the city’s determination to attract both institutional and retail crypto investors under a supervised framework.

Hong Kong Moves Ahead of the United States

The move also places Hong Kong ahead of the United States, where the Securities and Exchange Commission (SEC) has yet to approve any spot Solana or altcoin ETFs. The SEC was anticipated to issue its initial decisions by October 10. However, ongoing government shutdown delays have necessitated a postponement of this timeline.

This development gives Hong Kong an early advantage in offering regulated crypto exposure, strengthening its status as a gateway between traditional finance and digital assets.

Solana Market Snapshot

As of Wednesday, SOL ranked as the world’s sixth-largest cryptocurrency, according to data from CoinGecko. The token’s market capitalization stood just above $100 billion, with SOL trading around US$186. 

The cryptocurrency has fallen about 2.7% in 2025 but remains 10% higher than a year ago, highlighting its long-term resilience despite short-term volatility.

Pundit Says Ripple Would Buy Chris Larsen 2.5B XRP Stack

Sam Wisdom Raphael
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Pundit Says Ripple Would Buy Chris Larsen 2.5B XRP Stack

An XRP community pundit has suggested that Ripple may choose to scoop up the billions in XRP held by its co-founder, Chris Larsen.

Notably, this claim came from “XRP Liquidity,” an anonymous market commentator who has persistently tracked XRP’s circulating supply and the movements of XRP tokens to and from prominent wallets on the XRP Ledger (XRPL).

His latest commentary comes on the back of Evernorth’s decision to raise $1 billion worth of XRP for the establishment of the largest XRP treasury globally. For context, while firms like VivoPower and Trident Digital have announced plans to set XRP treasuries, no single firm has purchased up to $1 billion worth of the asset.

Larsen Moves 50M XRP to Evernorth

According to a recent report from The Crypto Basic, Japanese financial giant SBI is one of the firms backing Evernorth’s campaign for an XRP treasury, committing $200 million to the cause. Other investors have pledged $645 million, while Ripple will be contributing $300 million. 

Interestingly, as one of the investors, Ripple co-founder Chris Larsen has committed 50 million XRP, worth $120 million, to the campaign from his personal purse. Larsen, who currently serves as Ripple’s executive chairman, moved the 50 million XRP from one of his accounts, labeled “chrislarsen2,” to the Evernorth wallet on Oct. 20.

While the transaction initially triggered selloff fears, as highlighted by CryptoQuant analyst Maartunn, The Crypto Basic confirmed that the movement pertained to Larsen’s contribution to the Evernorth fundraiser, which did not translate to a selloff. After the transaction, Larsen now holds 2.5 billion XRP, part of the stack he received as a gift when the XRPL launched over 13 years ago.

Ripple Co founder Chris Larsen XRP Stack XRPScan
Ripple Cofounder Chris Larsen XRP Stack | XRPScan

Could Ripple Procure Larsen’s XRP Stack?

Speaking on this, “XRP Liquidity” suggested that Ripple, as a firm, could buy off these leftover 2.5 billion XRP tokens from Larsen. Despite his affiliation with the firm, Larsen is still a private individual with an enormous amount of XRP. The market pundit suggests Ripple would have to take control of this stack.

Notably, the firm could learn a lesson from fellow co-founder Jed McCaleb, who systematically dumped all his XRP stack on the open market after leaving the firm, although it took him eight years to empty his bag. 

“XRP Liquidity” also noted that Ripple may also look to purchase the XRP holdings of Arthur Britto, another Ripple co-founder who has chosen to remain anonymous. Data from XRPScan indicates that Britto owns up to 1.3 billion XRP.

Today, Britto’s XRP holdings are worth about $3.12 billion, while Larsen’s bag carries a value of $6 billion. For context, his XRP balance alone makes Larsen as rich as billionaire Mark Cuban, the 638th richest man in the world. 

Interestingly, XRP Liquidity pointed out that if XRP ever hit an ambitious price of $200, Larsen would hold $500 billion. He suggested that Ripple could not have that. However, his commentary represents mere speculation at this point, as there is no hint that Ripple would be looking to procure Larsen’s stack.

Analyst Says Time to Stop Being a Cardano Holder, Predicts Deep Correction to This Zone

Elendu Benedict
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Analyst Says Time to Stop Being a Cardano Holder, Predicts Deep Correction to This Zone

A deep correction is coming for Cardano, according to a recent analysis, with the downside target being a price level last seen in late 2020.

Cardano could correct harder, analyst “Behdark” stated in his recent TradingView price outlook. He noted it was time to “stop being a Cardano holder,” projecting a bearish price target never seen in the last five years.

ABC Correction Targets Massive Decline

Cardano trades at $0.635, down 10% in the past seven days. However, this would be minor compared to what the analyst predicted is on the horizon for Cardano.

The pseudonymous commentator identified that Cardano has been following an ABC correction pattern, with the correctional wave C about to start. Notably, the pattern’s origin came from its 2021 all-time high of $3.10, with the first correction wave (wave A) pushing ADA from that peak to $0.239.

Meanwhile, wave B began with Cardano forming an expanding ascending triangle on the weekly chart. The token continued to make higher highs and higher lows within the structure until it reached the current area, which Behdark marked as the end of this phase.

Notably, the supply zone, highlighted in red, is the area where the wave C correction would start, pushing prices lower. The analysis asserted that Cardano’s price would remain bearish for several months, from the start of this wave until its completion.

Cardano ABC Formation
Cardano ABC Formation

Wave C to End at This Demand Zone

Furthermore, the market watcher predicted that the target for the wave C correction is the demand zone between $0.127 and $0.180. From the current market price of $0.635, this would culminate in a 71.6% to 80% correction.

Notably, Cardano last trended this low during the previous cycle, specifically between November and December 2020.

However, the market commentator predicted that a close above the $1.040 price level on the weekly timeframe would invalidate this bearish move. This area lies just 64% away from the current price level.

Conflicting Cardano Views

Meanwhile, the bearish outlook is a sway from the predominant bullish sentiment among market analysts. This unwavering bullishness comes even as Cardano trends downward.

For instance, Lark Davis highlighted an imminent golden cross, one that pushed ADA up 60% the last time it happened. Dan Gambardello also identified a double-bottom Bollinger Band formation targeting higher prices upon confirmation.

Experts Say Ripple Endgame Is About XRP Price, But Ripple Just Can’t Say It

Abdulkarim Abdulwahab
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Experts Say Ripple Endgame Is About XRP Price, But Ripple Just Can’t Say It

A new discussion has emerged among XRP community figures about Ripple’s ultimate mission, whether it has always been centered on the price of XRP.

In a tweet, software engineer Vincent Van Code argued that the company’s long-term play has always been about the XRP Ledger (XRPL) and XRP itself. In his view, the goal isn’t stablecoins or cross-border payments but rather building global on-chain liquidity through the XRPL.

“It’s Always Been About XRP Price”

Responding to Van Code, XRP influencer Digital Asset Investor echoed a sentiment long held by many in the community. He claimed Ripple’s entire business model depends on the eventual growth of XRP’s price.

“It’s always been about XRP price, but Ripple can’t say it,” he stated.

Notably, Ripple’s silence on XRP price targets is often attributed to regulatory caution. However, its large holdings of XRP, about 35 billion in escrow and another 5.01 billion in spendable wallets, mean that a higher XRP valuation directly benefits the company’s financial strength and its ability to fund ecosystem growth.

In perspective, with XRP currently trading at $2.40, every $1 increase in price would add approximately $40 billion to Ripple’s balance sheet. This underscores the strong alignment between Ripple’s success and XRP’s market performance.

Divided Opinions on Ripple’s Execution

Meanwhile, not all community members agree with the “XRP-first” theory. A prominent X user, Fishy Catfish, criticized Ripple’s strategic choices, claiming that the company’s decision to issue 90% of RLUSD on Ethereum shows a lack of confidence in the XRPL.

Notably, RLUSD has a total supply approaching 900 million. According to CryptoQuant data, only 92.5 million RLUSD is on the XRPL, while the overwhelming majority resides on Ethereum.

“Not even Ripple wants to use XRP or XRPL,” Fishy Catfish wrote, calling XRPL “an obsolete, irrelevant ghost chain.”

Another user, Crypto School, pointed out that Ripple’s cross-border focus has always involved using XRP as a bridge asset over the past 13 years — and questioned whether the company might now be pursuing something different, as Van Code hinted.

Ripple’s Quiet XRP-Driven Endgame

Despite differing opinions, analysts note that Ripple’s ongoing partnerships with institutions such as Evernorth, GTreasury, and SBI Holdings demonstrate its commitment to expanding real-world XRP use cases.

Additionally, the firm is backing ongoing efforts to establish the largest public XRP treasury, aiming to adopt MicroStrategy’s Bitcoin accumulation playbook to drive future price appreciation.

Essentially, Ripple’s silence on XRP price discussions doesn’t negate its reliance on the asset’s success. Rather, it reflects a strategic necessity to avoid regulatory scrutiny.

As Ripple continues to build institutional liquidity rails and integrate the XRPL into global finance, many in the XRP community believe the writing is on the wall that the endgame is about XRP’s value.

Asian Stock Exchanges Move to Block Crypto Treasury Companies

Zabi
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0
Asian Stock Exchanges Move to Block Crypto Treasury Companies

Stock exchanges across Asia are tightening oversight on firms that convert their balance sheets into cryptocurrency holdings.

According to a Bloomberg report released Wednesday, regulators in Hong Kong, India, and Australia have recently rejected or restricted such business models.

Digital Asset Treasury (DAT) companies typically hold a significant portion of their assets in cryptocurrencies such as Bitcoin, rather than operating traditional businesses. The structure gained traction earlier this year as firms sought exposure to digital assets without creating new products.

Hong Kong Rejects Multiple DAT Applications

The Hong Kong Exchanges & Clearing Ltd. (HKEX) has reportedly rejected at least five applications from companies aiming to become DATs.

Anonymous sources told Bloomberg that the exchange cited rules prohibiting “cash companies,” or firms whose primary holdings are liquid financial assets rather than revenue-generating operations.

Regulators fear these entities could function as empty shells, which might enable them to attract speculative investment. Such a practice could undermine the creation of genuine enterprises.

India and Australia Impose Listing Barriers

The Bombay Stock Exchange (BSE) took a similar stance last month when it denied a listing request from a firm planning to invest its proceeds in cryptocurrencies. Officials reportedly viewed the proposal as inconsistent with listing norms that emphasize active business operations.

In Australia, the Australian Securities Exchange (ASX) enforces rules that prevent listed firms from holding more than half of their assets in cryptocurrency or cash equivalents.

The ASX has indicated that companies seeking to focus on digital assets should instead consider exchange-traded fund (ETF) structures.

Japan Emerges as the Regional Exception

While its Asian peers tighten restrictions, Japan continues to permit DAT listings under strict disclosure standards. The country currently hosts 14 listed firms holding Bitcoin, including Metaplanet, recognized as the fourth-largest digital asset treasury globally.

Japan’s openness reflects its long-standing regulatory approach, emphasizing transparency rather than prohibition. This has allowed Tokyo’s exchanges to become a hub for publicly listed crypto treasury companies.

Meanwhile, outside Asia, the MSCI index group is also reviewing its approach. The company is reportedly considering excluding large DATs, those with more than 50% of assets in cryptocurrencies, from its major indexes.

If implemented, this move could limit access to passive investment funds that track MSCI benchmarks, reducing liquidity for affected firms.

Regulatory Concerns Over Shell Companies

Exchanges have expressed unease that some DAT applicants might be using their listed status for financial engineering rather than building real operations.

This echoes broader global worries about “cash companies”, entities holding mostly liquid assets without substantive business activity. Regulators believe this structure could be misused for speculative or improper purposes.

Market Downturn Puts Pressure on DATs

While DATs attracted significant investor interest earlier this year, recent downturns in crypto markets have left a portion of them trading below their net asset value (NAV).

Analysts at 10x Research noted that “the age of financial magic is ending for Bitcoin treasury companies,” referencing the poor performance of firms like Metaplanet. 

Even BitMine chair Tom Lee suggested this month that the DAT boom may be fading. He observed that investors are withdrawing from high-risk cryptocurrency exposure.

Here’s How High Cardano Must Rise to Overtake BNB

Lele Jima
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Here’s How High Cardano Must Rise to Overtake BNB

Amid renewed discussions about Cardano’s 2021 rally, during which it briefly flipped BNB, this analysis estimates how much ADA must rise to replicate that achievement today.

Despite approaching the $0.70 mark yesterday, Cardano has once again resumed its downward trajectory amid a broader market sell-off. At the current price of $0.64 per token, ADA is down 1.19% over the past 24 hours and 9.27% over the past seven days. 

Cardano’s negative performance aligns with the broader market downturn that has gripped the crypto sector this month. Established assets, such as Bitcoin and Ethereum, have recorded notable losses during this period. 

Growth Required for Cardano to Overtake BNB 

As the downtrend continues, community members have been recounting ADA’s incredible performance in 2021, especially how it became the third-biggest token after overtaking BNB. This happened in February and September 2021. In September 2021, ADA’s market cap climbed to nearly $90 billion while BNB stood at $84 billion at the time. 

Historical chart Showing Cardano and BNB valutions | CoinMarketCap
Historical chart Showing Cardano and BNB valutions | CoinMarketCap

It has been over four years since ADA achieved this feat, and several events have taken place. As of today, ADA currently ranks as the tenth-largest cryptocurrency globally, trading around $0.64 with a market capitalization of approximately $23.27 billion. 

In contrast, Binance Coin BNB holds the fourth position, trading at $1,068 and boasting a market cap of $148.77 billion. For Cardano to surpass BNB’s valuation, its market cap would need to reach at least $149 billion. This remarkable feat that would require a 540% rally. 

ADA Price If Cardano Market Cap Hits $149B 

Given Cardano’s circulating supply of roughly 35.9 billion tokens, one ADA will change hands at $4.15, marking a new all-time high (ATH). Notably, this estimate assumes that BNB remains stable at $148.77 billion, a scenario that is highly unlikely to happen. 

Nonetheless, several analyses have framed $4 as a realistic target for Cardano. Last year, crypto analyst Ali Martinez revealed that he planned to keep accumulating ADA during its decline, aiming to sell once the asset reached the $4–$6 range.

In August 2024, crypto YouTuber Max Maher forecasted that Cardano could soar 10x to $4.29 this cycle, highlighting growing community hype as a key driver of the potential rally. 

Earlier this year, top community figure Mintern predicted that ADA would clinch a new all-time high of $4 by the end of 2025.

With barely two months left before the year runs out, there is uncertainty about whether ADA will set a new all-time high at $4 or even overtake BNB to become the fourth-biggest token globally. 

Tokentus Investment CEO Says XRP Is More Than a Coin, It’s a Complete Financial Ecosystem

Sam Wisdom Raphael
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Tokentus Investment CEO Says XRP Is More Than a Coin, It’s a Complete Financial Ecosystem

Despite the ongoing XRP price struggles, the CEO of German venture capitalist firm Tokentus insists XRP is not just a coin, but part of a complete financial ecosystem.

For context, XRP has been under pressure since the Oct. 10 market crash, with its price now sitting around $2.40. Despite the dip, several analysts still believe in its long-term potential. One of them is Oliver Michel, CEO of Tokentus Investment AG, who implied that XRP’s real value goes beyond market charts.

Tokentus CEO Speaks on XRP Price Position

Speaking with Germany’s Deraktionaer TV, Michel talked about what’s holding XRP back and what could drive it forward. He said the ongoing U.S. government shutdown has slowed progress in the crypto market, especially with the approval of spot exchange-traded funds (ETFs) for assets like XRP and Solana.

According to him, the standstill means regulators can’t make key decisions or release data. However, Michel sounded confident that ETF approvals are coming soon. He suggested that XRP and Solana ETFs would gain approval and called the development “massive” for both projects.

Michel believes the delay might even be strategic, suggesting that officials could be playing what he called a “tactical game.” Despite the hold-up, the Tokentus CEO expects positive surprises once the government resumes normal operations.

Speaking further, he discussed XRP’s recent price performance, noting that it has been moving sideways for months. He pointed out that XRP gained about 23% over a four-week period before stabilizing again. Right now, the token trades between $2.40 and $2.50, a range he called the “Dump Money Zone.” 

Tokentus CEO on XRP
Tokentus CEO on XRP

Michel believes this is a neutral zone where traders should wait and watch instead of rushing in or out. He said XRP could go in either direction depending on how Bitcoin and the broader market behave in the coming weeks.

“XRP is Not Just a Coin”

However, his most bullish comments focused on what sets XRP apart from other cryptocurrencies. He said XRP’s strength is in the ecosystem Ripple has built around it. This features a system that ties together banking, risk management, and blockchain technology. 

He called attention to Ripple’s $1 billion acquisition of GTreasury, a treasury management software company, whose tools already run in 13,000 banks. According to him, this gives Ripple a solid position in TradFi and opens the door for wider adoption of its technology. 

He then suggested that XRP is not just a crypto asset, insisting that it is part of a broader financial infrastructure. “XRP is not just a coin; it is part of a complete ecosystem, from a bank to a ledger, to a custody solution, to treasury management software,” Michel said.

He added that new features will continue to expand the network, which could potentially turn XRP and the XRP Ledger into a complete solution and a leading platform for bridge currency use.

Michel also mentioned Evernorth, a new company backed by Ripple, key investors, and Chris Larsen. He pointed out that Evernorth plans to become the largest publicly listed XRP treasury, backed by $1 billion in funding. The project will use that money to buy XRP directly from the market.

“It is supposed to be the largest publicly listed treasury for XRP, and XRP is supposed to be bought with this one billion in spot,” he said, calling it a major step for institutional adoption and long-term stability.

Meanwhile, in the long term, Michel expects XRP to rebound once ETF approvals come through and market conditions improve. He said the token could rise from its current level of $2.40 to $6, $7, $8, or even $9 if momentum picks up.

Ex-Trump Crypto Advisor: I Feel Sorry for People Selling Their Bitcoin

Zabi
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0
Ex-Trump Crypto Advisor: I Feel Sorry for People Selling Their Bitcoin

Bo Hines, a former White House crypto advisor and now a senior figure at Tether, has once again urged investors to hold onto their Bitcoin. 

In a recent post on X, Hines wrote, “I feel sorry for people that sell their Bitcoin,” reinforcing his earlier advice to crypto holders: “Never sell your Bitcoin.”

His statement comes at a time of pronounced instability in the cryptocurrency market. Specifically, Bitcoin remains under pressure as it tries to recover from a notable decline earlier in October.

Bitcoin Struggles to Regain Momentum

Bitcoin continues to battle volatility after a steep drop on October 10. While the asset has since rebounded to around $108,000, it remains roughly 14% below its recent all-time high of over $126,000, recorded earlier this month.

The decline has put major investors, including the infamous ‘whales,’ under pressure. According to data from CryptoQuant, newly formed whale wallets that accumulated Bitcoin near recent highs are now facing significant unrealized losses.

The firm estimates that these wallets hold Bitcoin at an average cost of approximately $113,000. Consequently, they are positioned roughly $6.95 billion underwater. This constitutes the largest unrealized loss among major holders since October 2023.

Hines Takes Lead in Tether’s U.S. Strategy

Bo Hines’ comments carry added weight given his growing influence at Tether, the issuer of the world’s most widely used stablecoin, USDT.

After leaving his role as Executive Director of the White House Crypto Council, Hines joined Tether on August 19, 2025. There, he assumed the role of strategic adviser.

In this position, he oversees the company’s U.S. market expansion and helps shape its digital asset policy in coordination with regulators and industry groups. His appointment underscores Tether’s push to strengthen its foothold in the American market as new regulations reshape the crypto landscape.

Tether Unveils U.S.-Regulated Stablecoin “USAT”

On September 12, Tether announced a new initiative to create USAT, a U.S.-regulated, dollar-backed stablecoin. The project, in turn, aims to reinforce the dollar’s role within digital finance.

The token will operate under the guidelines of the GENIUS Act, the landmark legislation that now regulates stablecoin issuance in the U.S.

As part of this expansion, Hines is set to take over as CEO of Tether U.S., the company’s new domestic arm responsible for overseeing the launch of USAT by December 2025. The move is seen as a key step in Tether’s strategy to bridge global liquidity with U.S. financial standards.

Tether Expands Bitcoin Reserves Despite Market Volatility

Moreover, Tether recently made one of its largest Bitcoin purchases of the year. The company added 8,889 BTC, worth approximately $1 billion, to its treasury. 

According to Arkham Intelligence, the transfer originated from Bitfinex, a crypto exchange closely linked to Tether.

This acquisition has pushed Tether’s total Bitcoin holdings to nearly $10 billion. It further cements its position among the largest corporate holders of BTC.

As Bitcoin continues to hover below its record levels, the market awaits signs of recovery. For now, Hines’ words capture a broader sentiment among crypto believers: patience remains key during turbulent times.

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