Invest ideasNews
22 Apr 2026, 16:00
Ethereum Staking Hits Fresh High As Network Locks Up More ETH
Ethereum staking activity continues to experience sharp growth in the face of renewed bullish momentum in ETH’s prices, which is now holding firmly above the $2,300 mark. After recent staking actions from both retail and institutional investors, the amount of staked ETH has surged to unprecedented levels. Staking On Ethereum Expands Rapidly Interest in Ethereum among institutional and retail investors is shifting to another level. A fresh milestone is reshaping the supply dynamics of Ethereum, as staking activity witnesses a sharp growth, breaking past previous peak levels. Leon Waidmann, a market expert and head of research at Lisk, announced on the social media platform X that the ETH staking ratio just exceeded 32%, marking a new all-time high. A 32% staking ratio reading implies that 1 out of 3 ETH is now locked away in staking contracts across the network. The increase in locked Ethereum is a reflection of increased confidence among players as they commit more of their holdings to support the network and earn yield. Such a milestone is likely to strengthen ETH’s security and reduce the amount available on the open market for trading. According to the data shared by Waidmann, this staking level took the leading network over 5 years to reach. As of January 2021, the staking ratio was sitting at 0%. With major achievements, staking is now unfolding as a crucial part of ETH, influencing the network’s structure and its entire market outlook. Waidmann highlighted that staking operations recorded a 5% increase in the last 12 months. At the same time, Digital asset treasuries (DATs) continue to add more ETH to their crypto holdings, snatching up between 6.6 million and 7.4 million ETH, representing between 5.5% to 6.1% of the entire Ethereum supply in the market. When combined, this rounds up to approximately 38% of ETH’s total supply , effectively leaving the market. “ The bottleneck for ETH isn’t demand, it’s available float,” Waidmann stated. Furthermore, the expert added that stakers do not unwind on drawdowns, and neither do corporate balance sheets sell their holdings on vibes. ETH’s supply locked in staking is a structural move, which is bullish for its near-term future. ETH Whales Are Showing Cautious Behavior Even though the price of Ethereum has undergone a brief upward move as the broader crypto market slowly recovers, investors’ sentiment appears to be shifting into a bearish state. This growing bearish sentiment among investors is observed in their recent positioning. In a report, Joao Wedson, the founder of on-chain data analytics platform Alphractal, shared that ETH investors, especially large holders or whales, are leaning toward the short side. These investors are betting against the current upward momentum, as they steadily open short positions. This trend is particularly evident among three leading trading platforms, such as Binance, OKX, and Gate. An interesting part of this trend is that these large holders are more interested in short positions on ETH than retail traders.
22 Apr 2026, 16:00
Starknet up 15%: Did STRK’s 1.5B transfer and Shinobi upgrade fuel this?
Uncovering the key drivers behind Starknet's price rally in the past 24 hours.
22 Apr 2026, 15:57
Stratiphy unlocks tax-free BTC and ETH ETN access in UK
🚀 UK investors now get tax-free access to $BTC and ETH ETNs via Stratiphy. Innovative Finance ISAs open the door to exchange-traded crypto products. 🧐 Key point: Only IFISA platforms can currently offer these crypto ETNs in the UK. Continue Reading: Stratiphy unlocks tax-free BTC and ETH ETN access in UK The post Stratiphy unlocks tax-free BTC and ETH ETN access in UK appeared first on COINTURK NEWS .
22 Apr 2026, 15:57
Trump-linked American Bitcoin shares spike over 12% after announcing more mining power
The Trump family-linked mining and treasury company announced 11,298 additional bitcoin mining ASICs at its Drumheller site.
22 Apr 2026, 15:55
Coinbase: The 16x EV/Adjusted Ebitda Valuation Remains Attractive
Summary Coinbase remains a Buy, supported by resilient Subscription and Services growth and a fair EV/adjusted EBITDA multiple of 16.3x. COIN's transaction revenues contracted 55% YoY in Q4 2025, reflecting Bitcoin price cyclicality, but I expect a moderate rebound in 2026. Subscription and Services revenue grew 23% to $2.83B in 2025, now 41% of net revenues, justifying a SaaS-like valuation approach. Risks include prolonged Bitcoin price weakness and competitive threats from traditional financial institutions entering the crypto market. This is my second coverage of Coinbase ( COIN ), following my previous article published about a year ago. In that article I analyzed Coinbase, arguing that transaction revenues peaked and would potentially retreat due to the cyclicality of the Bitcoin price. The second argument was that Subscription and services would continue to consistently grow and provide predictable SaaS revenue. Based on the 2025 financial results, I conclude that both of my projections have fully panned out. In this update, I will discuss these projections and what I expect for the foreseeable future. Additionally, I will analyze their recent Q4 earnings release, the GAAP losses, and lastly, I will provide my valuation estimates to justify the continued "Buy" rating. Contraction in Transaction Revenue In my previous 2025 article, I noted that Q4 2024 was an exceptionally strong quarter due to Bitcoin being near its peak and the hype surrounding cryptocurrencies being sky-high. I estimated that once the Bitcoin price dropped, the hype would subside, consequently lowering the transaction revenues, similarly to the 2021-2022 crypto period, after which the revenues contracted sharply. Q4 2025 further validated my thesis, as the transaction revenues contracted approx. 55% compared to Q4 2024. This was to be expected as the Bitcoin price dropped significantly in the second half of 2025. Although the management didn’t give any specific transaction revenue guidance, I am optimistic and believe that the Bitcoin price is likely to reverse in the near term. My reasoning is based on the technical analysis of the Bitcoin price and also the macro uncertainty surrounding the Iran war attracting investors to relatively safe assets like Bitcoin and gold. A rise in the Bitcoin price would in turn impact transaction revenues. I strongly believe we will see transaction revenues return to growth in 2026 at a moderate pace of low double digits. Subscription and Services Revenue The second main pillar of my previous thesis was the projected growth in the Subscription and Services segment. In 2024 it amounted to $2.3 billion. For the full year 2025, the segment grew approx. 23% to $2.83 billion. In the same year, subscription and services revenue accounted for 41% of net revenues. Therefore, I would argue Coinbase should trade closer to a SaaS company due to the revenue predictability of the segment. I will use this assumption in the valuation chapter. I would also like to point out that stablecoin revenue was the fastest expanding subsegment, with revenues reaching $1.35 billion. In late 2025, the Federal Reserve cut rates, but growth remained strong due to sheer volume growth, driven by the popularity of USDC. Any further rate cuts could present a headwind for the segment. Still, as long as USDC holdings are consistently reaching new highs, I remain bullish, and potential rate cuts are just a temporary headache. Valuation In this update, I will use the EV/Adjusted EBITDA valuation metric. I cannot use the GAAP P/E multiple the same way I used it in the last article because of the large unrealized net loss in Q4. In the earnings presentation, Coinbase stated that "Q4 net loss was $667 million driven by a $718 million loss on our crypto asset investment portfolio which was largely unrealized, and $395 million loss on our strategic investments (which include our investment in CRCL)." I believe it is best not to consider such noise, as it might give an improper picture of the profitability. According to Seeking Alpha , TMM GAAP EBITDA multiple is approx. 31x, but this includes the aforementioned Q4 GAAP net loss. Thus, we have to do the calculation ourselves. At the time of writing, Coinbase’s market cap is $51.4 billion. In Q4 the company had $11.6 billion in cash & cash equivalents and $5.9 billion in long-term debt. This results in Coinbase’s enterprise value of $45.7 billion. According to the shareholder presentation, 2025 adjusted EBITDA was approx. $2.8 billion, making the EV/adjusted EBITDA multiple 16.3x. To consider if such a number is reasonable, we must consider expected growth. Analysts estimate that FY2026 revenues will be roughly the same compared to FY 2025, before reaccelerating to 20% YoY growth in 2027. For easier calculation, let’s use an annual growth of roughly 10-15%. I am estimating a bit higher annual growth due to their history of frequently beating analysts' estimates and a potential rebound of the Bitcoin price. I believe that accounting for the projected growth and a large part of revenues being SaaS-like, Coinbase's fair valuation should be somewhere between a 12-18x EV/adjusted EBITDA multiple. The current 16.3x multiple is near the high end, but there is still some upside. As such, I believe the fair valuation is still a "Buy." Risks The main risk to my bullish thesis is if the Bitcoin price remains depressed for longer, delaying the potential rebound in revenue growth. Still, I believe the macro uncertainty around the Iranian war and the possibility of persistent inflation could provide a basis for Bitcoin's price reversal. The second risk is competitive uncertainty. If traditional financial institutions, like large banks and stock brokers, continue to expand their operations into the crypto market, this could create fear of increased competition, negatively impacting Coinbase’s moat and the stock price. Plan I believe that Coinbase is not significantly undervalued but is instead in the fair value range. For the investors who agree the current macroeconomic uncertainty will provide the basis for Bitcoin price appreciation, this stock is a "Buy." I count myself among such investors and plan to open small positions on dips.
22 Apr 2026, 15:50
Gold Price Analysis: Safe Haven Asset Trades Range-Bound Amid Critical US-Iran Uncertainty
BitcoinWorld Gold Price Analysis: Safe Haven Asset Trades Range-Bound Amid Critical US-Iran Uncertainty Gold prices demonstrated remarkable resilience this week, trading within a narrow range after bouncing from significant weekly lows. The precious metal’s movement reflects persistent uncertainty surrounding US-Iran relations, creating a complex trading environment for investors globally. Market analysts observe that gold’s traditional safe-haven status continues to influence price action, particularly during periods of geopolitical tension. Gold Price Technical Analysis and Market Dynamics Technical charts reveal gold trading between $2,150 and $2,185 per ounce this week. The precious metal found support at $2,142, marking the weekly low before staging a modest recovery. Market participants note that trading volume remains elevated, indicating sustained institutional interest. Furthermore, the 50-day moving average currently sits at $2,165, providing immediate resistance. Several key factors contribute to gold’s range-bound behavior. First, the US dollar index shows relative stability, limiting gold’s upside potential. Second, Treasury yields exhibit mixed signals, creating conflicting pressures on non-yielding assets. Third, physical demand from central banks continues to provide underlying support. Market data indicates consistent buying from emerging market central banks throughout the quarter. Geopolitical Context: US-Iran Relations and Market Impact The ongoing uncertainty in US-Iran relations represents a primary driver of gold market sentiment. Diplomatic communications between Washington and Tehran remain tense, with recent developments suggesting potential escalation. Historical data shows that Middle Eastern geopolitical tensions typically increase gold’s appeal as a safe-haven asset. However, current market reactions appear more measured than during previous crises. Several specific developments influence market psychology. First, nuclear negotiations continue without clear resolution. Second, regional proxy conflicts create persistent uncertainty. Third, energy market volatility indirectly affects gold through inflation expectations. Market participants monitor these factors closely for signals about future price direction. Expert Perspectives on Gold Market Behavior Financial analysts provide valuable insights into current market conditions. According to commodity strategists at major investment banks, gold’s range-bound trading reflects balanced risk assessment. “The market prices in geopolitical risk without assuming worst-case scenarios,” notes one senior analyst. Technical analysts emphasize the importance of key support and resistance levels in determining future price action. Historical comparison reveals interesting patterns. During similar geopolitical tensions in 2020, gold exhibited more pronounced volatility. Current relative stability suggests markets have developed greater resilience or different risk assessment frameworks. Economic data from the past decade shows gold’s correlation with geopolitical risk indices remains strong but variable. Macroeconomic Factors Influencing Gold Prices Beyond geopolitical concerns, several macroeconomic factors shape gold’s trading pattern. Inflation expectations remain elevated but stable, supporting gold’s appeal as an inflation hedge. Central bank policies, particularly from the Federal Reserve, create important background conditions. Interest rate expectations influence opportunity costs for holding non-yielding assets. The global economic landscape presents mixed signals. Growth projections for major economies show modest improvement. However, structural challenges persist in several regions. These conditions create a complex environment for gold pricing. Market participants must weigh multiple factors when assessing gold’s future trajectory. Comparative Analysis with Other Safe Haven Assets Gold’s performance relative to other safe haven assets provides additional context. The Swiss franc and Japanese yen show similar patterns of modest strength. US Treasury bonds exhibit mixed performance across different maturities. This comparative analysis suggests broad but measured safe-haven demand rather than concentrated gold-specific buying. Key differences in asset behavior include: Gold shows stronger correlation with inflation expectations Currency safe havens respond more directly to interest rate differentials Government bonds benefit from flight-to-quality flows during crises Gold maintains unique characteristics as both commodity and monetary asset Market Structure and Participant Behavior Exchange data reveals interesting patterns in market participation. Commercial hedgers maintain relatively neutral positions, suggesting balanced physical market conditions. Speculative positioning shows modest net longs, indicating cautious optimism. ETF holdings demonstrate stability after previous outflows, suggesting investor confidence in gold’s medium-term prospects. The options market provides additional insights. Implied volatility remains elevated but below extreme levels. Skew measures suggest balanced risk perceptions between upside and downside scenarios. These technical indicators support the narrative of range-bound trading with managed risk. Regional Demand Patterns and Physical Markets Physical gold markets show varied regional patterns. Asian demand remains robust, particularly from China and India. European investors demonstrate increased interest in allocated gold accounts. North American markets focus primarily on paper gold products. These regional differences create complex global supply-demand dynamics. Central bank activity continues to support physical markets. Official sector purchases remain substantial, though slightly below record levels. This institutional demand provides important structural support for gold prices. Market analysts monitor these flows for indications of longer-term trends. Technical Outlook and Price Projections Chart analysis suggests several possible scenarios for gold prices. The immediate trading range appears well-defined, with clear support and resistance levels. Breakout scenarios depend on catalyst events, particularly geopolitical developments. Technical indicators show mixed signals, reflecting current market uncertainty. Critical technical levels to watch: Immediate resistance at $2,185-2,190 zone Primary support at $2,140-2,145 area 200-day moving average at $2,115 providing longer-term support Year-to-date high at $2,195 representing key psychological level Conclusion Gold prices continue to trade within a defined range, reflecting balanced market forces amid persistent US-Iran uncertainty. The precious metal demonstrates its traditional safe-haven characteristics while responding to complex macroeconomic signals. Market participants face challenging decisions as multiple factors influence price action. Ultimately, gold’s range-bound behavior suggests markets await clearer signals about geopolitical developments and economic conditions before establishing sustained directional trends. FAQs Q1: Why is gold trading range-bound despite geopolitical tensions? Gold exhibits range-bound trading because markets price in geopolitical risk without assuming worst-case scenarios. Multiple factors, including dollar stability and mixed economic signals, create balanced pressures that limit sustained directional movement. Q2: How do US-Iran relations specifically affect gold prices? US-Iran tensions affect gold prices by increasing safe-haven demand during periods of escalation. However, markets have become more nuanced in assessing these risks, leading to measured rather than extreme reactions in recent trading sessions. Q3: What technical levels are most important for gold traders to watch? Traders monitor several key technical levels, including immediate resistance at $2,185-2,190, primary support at $2,140-2,145, and the 200-day moving average around $2,115. Breakouts above or below these levels could signal sustained directional moves. Q4: How does current gold market behavior compare to previous geopolitical crises? Current market reactions appear more measured than during previous crises. Markets show greater resilience and more sophisticated risk assessment, though gold’s fundamental safe-haven characteristics remain intact during periods of uncertainty. Q5: What factors could break gold out of its current trading range? Sustained breakouts would require clear catalysts, such as significant escalation in geopolitical tensions, major shifts in Federal Reserve policy, substantial changes in inflation expectations, or unexpected developments in physical market demand patterns. This post Gold Price Analysis: Safe Haven Asset Trades Range-Bound Amid Critical US-Iran Uncertainty first appeared on BitcoinWorld .
