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1default hover:text-ct-ds-fg-stronger focus:outline-none ui-open:bg-ct-ds-bg-1 ui-open:text-ct-ds-accent-primary-default" rel="nofollow" href="https://www.youtube.com/channel/UCRqBu-grVX1p97WaX4d-OuQ" target="_blank" data-testid="social--youtube"><span class="size-5 text-xl empty:hidden"><!--[--><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1" style="--url:url("/_platypus/img/icons/logo-youtube.svg");--size:1.25rem;" data-allow-mismatch data-ct-icon role="img"> Â </span><!--]--></span><!----></a><!--]--></div><div data-headlessui-state class="relative" data-testid="language-select"><button class="flex h-9 cursor-pointer items-center rounded-lg py-2 ps-2 pe-1 text-ct-ds-fg-default hover:bg-ct-ds-bg-2 hover:text-ct-ds-fg-strong" data-testid="language-select__button" id="headlessui-menu-button-v-0-0-0" aria-haspopup="menu" aria-expanded="false" data-headlessui-state><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1" style="--url:url("/_platypus/img/icons/obj-world.svg");--size:1.25rem;" data-allow-mismatch data-ct-icon role="img"> Â </span><span class="ms-2 me-1 font-semibold">English</span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 transition-transform ui-open:rotate-180" style="--url:url("/_platypus/img/icons/arrow-chevron-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><!--[--><div class="relative" data-testid="theme-select" data-headlessui-state><button class="flex h-9 cursor-pointer items-center gap-0.5 rounded-lg py-2 ps-2 pe-1 text-ct-ds-fg-default hover:bg-ct-ds-bg-2 hover:text-ct-ds-fg-strong" aria-label="Light" data-testid="theme-select__button" id="headlessui-listbox-button-v-0-0-2" aria-haspopup="listbox" aria-expanded="false" data-headlessui-state><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1" style="--url:url("/_platypus/img/icons/app-theme-light.svg");--size:1.25rem;" data-allow-mismatch data-ct-icon role="img"> Â </span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 transition-transform ui-open:rotate-180" style="--url:url("/_platypus/img/icons/arrow-chevron-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><!--]--></div></div><button class="bg-ct-ds-accent-primary-default focus:bg-ct-ds-accent-primary-muted focus-visible:bg-ct-ds-accent-primary-muted flex size-12 shrink-0 items-center justify-center focus:ring-0 focus:outline-none focus-visible:ring-0 focus-visible:outline-none tablet:size-14 desktop:hidden" type="button" data-testid="top-bar__mobile-toggle" data-theme="light"><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 text-black" style="--url:url("/_platypus/img/icons/app-menu-hamburger.svg");--size:1.5rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button></div><nav class="hidden items-center justify-center header-menu-surface desktop:flex desktop:h-12 dark:border-b dark:border-header-menu-border" data-testid="header-menu"><div class="flex w-full max-w-7xl items-center justify-between pe-5 xl:ps-5 xl:pe-8"><div class="flex items-center"><!--[--><div class="relative" data-headlessui-state data-gtm-locator="main_menu_head_1"><button id="headlessui-menu-button-v-0-0-4" type="button" aria-haspopup="menu" aria-expanded="false" data-headlessui-state class="cursor-default flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_0" data-testid="header-menu__item"><span class="min-w-0 flex-1">News</span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 mt-0.5 shrink-0 opacity-70 transition-transform ui-open:rotate-180" style="--url:url("
1/_platypus/img/icons/arrow-chevron-large-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><a href="/category/markets" class="flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_2" data-testid="header-menu__item">Markets</a><div class="relative" data-headlessui-state data-gtm-locator="main_menu_head_3"><button id="headlessui-menu-button-v-0-0-6" type="button" aria-haspopup="menu" aria-expanded="false" data-headlessui-state class="cursor-default flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_2" data-testid="header-menu__item"><span class="min-w-0 flex-1">Features</span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 mt-0.5 shrink-0 opacity-70 transition-transform ui-open:rotate-180" style="--url:url("/_platypus/img/icons/arrow-chevron-large-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><a href="/category/research" class="flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_4" data-testid="header-menu__item">Research</a><a href="/podcasts" class="flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_5" data-testid="header-menu__item">Podcasts</a><a href="/newsletters" class="flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_6" data-testid="header-menu__item">Newsletters</a><div class="relative" data-headlessui-state data-gtm-locator="main_menu_head_7"><button id="headlessui-menu-button-v-0-0-8" type="button" aria-haspopup="menu" aria-expanded="false" data-headlessui-state class="cursor-default flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_6" data-testid="header-menu__item"><span class="min-w-0 flex-1">Commissioned</span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 mt-0.5 shrink-0 opacity-70 transition-transform ui-open:rotate-180" style="--url:url("
1/_platypus/img/icons/arrow-chevron-large-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><div class="relative" data-headlessui-state data-gtm-locator="main_menu_head_8"><button id="headlessui-menu-button-v-0-0-10" type="button" aria-haspopup="menu" aria-expanded="false" data-headlessui-state class="cursor-default flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-5 py-3 h-12 gap-1.5 text-base/5 tracking-tight has-data-[ct-icon]:pe-2.5" data-gtm-locator="main_menu_head_7" data-testid="header-menu__item"><span class="min-w-0 flex-1">About</span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1 mt-0.5 shrink-0 opacity-70 transition-transform ui-open:rotate-180" style="--url:url("/_platypus/img/icons/arrow-chevron-large-down.svg");--size:1rem;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!----></div><!--]--></div><!--[--><!--[--><button id="reka-popover-trigger-v-0-0-12" type="button" aria-haspopup="dialog" aria-expanded="false" aria-controls data-state="closed" class="flex text-center items-center text-nowrap min-w-0 max-w-64 overflow-hidden font-medium text-header-menu-fg hover:text-header-menu-fg-hover focus:text-header-menu-fg-hover ui-open:text-header-menu-fg-hover hover:bg-header-menu-bg-hover focus:bg-header-menu-bg-hover ui-open:bg-header-menu-bg-hover focus:outline-none focus-visible:outline-none px-3 py-3 h-12 gap-1.5 text-base/5 tracking-tight inline-flex cursor-pointer items-center justify-center" data-testid="header-search-trigger__open" aria-label="Search"><!----><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1" style="--url:url("/_platypus/img/icons/app-search.svg");--size:1.5rem;" data-allow-mismatch data-ct-icon role="img"> Â </span><span data-allow-missmatch aria-hidden="true" class="inline-flex size-[1em] bg-current select-none _ct-svg-mask_4i9v8_1" style="--url:url("/_platypus/img/icons/mark-x.svg");--size:1.5rem;display:none;" data-allow-mismatch data-ct-icon role="img"> Â </span></button><!--v-if--><!--]--><!--]--></div></nav><!----></header><div class="translate-y-[calc(var(--header-top-height)-var(--header-top-height-start))] pt-(--header-content-offset) transition-transform duration-(--header-top-transition-duration) ease-out motion-reduce:transition-none"><div class="relative z-1 -mb-px flex flex-nowrap border-b border-ct-ds-border-strong bg-header-tickers-bg" data-testid="infinite-tickers"><div class="flex flex-nowrap overflow-hidden whitespace-nowrap select-none rtl:flex-row-reverse" style="--v5a63f52c:0;"><div class="_marquee-block_1a5fo_1"><!--[--><div class="flex"><!--[--><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">DOGE</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$0.09580</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 2.88%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">TRX</span>
1<span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$0.3374</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-red-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><!----><path d="M8.96741 13.4545C8.53745 14.1818 7.46257 14.1818 7.03262 13.4545L1.22826 3.63636C0.798305 2.90909 1.33575 2 2.19565 2H13.8044C14.6643 2 15.2017 2.90909 14.7718 3.63636L8.96741 13.4545Z" fill="currentColor"></path></svg> 0.02%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">LINK</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$14.45</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 1.15%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">ZEC</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$1,442.93</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 3.25%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">ADA</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$0.2538</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 4.56%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">XRP</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$1.50</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 0.73%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">ETH</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$2,714.97</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 1.92%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">BTC</span>
1<span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$84,121.36</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 1.28%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">XMR</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$552.26</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 2.83%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">BNB</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$770.74</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 1.86%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">XLM</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$0.2275</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 2.65%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">SOL</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$119.24</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 0.97%</span></div><div data-testid="rate-ticker" class="inline-flex gap-1 px-2 py-1.5 tabular-nums hover:bg-header-tickers-hover"><span class="text-sm font-semibold text-ct-ds-fg-stronger" data-testid="rate-ticker__title">HYPE</span><span class="text-sm text-ct-ds-fg-default" data-testid="rate-ticker__price">$89.63</span><span class="inline-flex items-center font-semibold tracking-tight gap-1 text-sm text-ct-ds-accent-green-default" data-testid="rate-ticker__price-change"><svg viewBox="0 0 16 16" fill="none" xmlns="http://www.w3.org/2000/svg" class="mt-px size-3"><path d="M7.03262 2.54545C7.46257 1.81818 8.53745 1.81818 8.96741 2.54545L14.7718 12.3636C15.2017 13.0909 14.6643 14 13.8044 14H2.19565C1.33575 14 0.798305 13.0909 1.22826 12.3636L7.03262 2.54545Z" fill="currentColor"></path><!----></svg> 4.78%</span></div><!--]--></div><!--]--></div><!--[--><!--]--></div><div class="h-8 grow"></div></div></div><!--]--><main class="flex-1"><!--[--><div></div><!--[--><!----><div class="container"><div class="w-full mb-8" data-testid="ad-banner--leaderboard"><div class="relative w-full overflow-hidden rounded-lg dark:ring dark:ring-white/15" 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1<a href="/authors/ezra-reguerra" class="pe-1 text-ct-ds-fg-default underline hover:decoration-ct-ds-accent-primary-default" data-testid="post-byline-text__name"><bdi>Ezra Reguerra</bdi></a><!--]--></span><span class="lowercase" data-testid="post-byline-text__position">staff writer</span></span><span data-testid="post-byline-text--editor"><span>Reviewed by <!--[--><a href="/authors/felix-ng" class="pe-1 text-ct-ds-fg-default underline hover:decoration-ct-ds-accent-primary-default" data-testid="post-byline-text__name"><bdi>Felix Ng</bdi></a><!--]--></span><span class="lowercase" data-testid="post-byline-text__position">staff editor</span></span></span></div><div class="hidden flex-wrap items-start gap-x-3 gap-y-2 desktop:flex"><div class="flex items-center gap-2"><span class="ct-post-byline-avatar relative shrink-0 overflow-hidden rounded-full bg-ct-ds-bg-2 align-middle ring-1 ring-ct-ds-bg-default inline-block max-desktop:hidden" style="--post-byline-avatar-default:24px;--post-byline-avatar-tablet:24px;--post-byline-avatar-desktop:24px;" data-v-75aa44f9><img src="https://s3-images.ctmedia.io/media/author-images/author-1451-ezra-reguerra.jpg" srcset="https://s3-images.ctmedia.io/media/author-images/author-1451-ezra-reguerra-160x160.webp 160w, https://s3-images.ctmedia.io/media/author-images/author-1451-ezra-reguerra-320x320.webp 320w" sizes="24px" alt width="24" height="24" loading="eager" decoding="async" class="size-full object-cover" data-testid="post-byline__image" data-v-75aa44f9><span class="absolute inset-0 rounded-full border border-ct-ds-border-clear" data-v-75aa44f9></span></span><span data-testid="post-byline-text"><span>Written by <!--[--><a href="/authors/ezra-reguerra" class="pe-1 text-ct-ds-fg-default underline hover:decoration-ct-ds-accent-primary-default" data-testid="post-byline-text__name"><bdi>Ezra Reguerra</bdi></a><!--]--></span><span class="lowercase" data-testid="post-byline-text__position">staff writer</span></span></div><div class="flex items-center gap-2"><span class="ct-post-byline-avatar relative shrink-0 overflow-hidden rounded-full bg-ct-ds-bg-2 align-middle ring-1 ring-ct-ds-bg-default inline-block max-desktop:hidden" style="--post-byline-avatar-default:24px;--post-byline-avatar-tablet:24px;--post-byline-avatar-desktop:24px;" data-v-75aa44f9><img src="https://s3-images.ctmedia.io/media/author-images/author-1538-felix-ng.jpg" srcset="https://s3-images.ctmedia.io/media/author-images/author-1538-felix-ng-160x160.webp 160w, https://s3-images.ctmedia.io/media/author-images/author-1538-felix-ng-320x320.webp 320w" sizes="24px" alt width="24" height="24" loading="eager" decoding="async" class="size-full object-cover" data-v-75aa44f9><span class="absolute inset-0 rounded-full border border-ct-ds-border-clear" data-v-75aa44f9></span></span><span data-testid="post-byline-text--editor"><span>Reviewed by <!--[--><a href="/authors/felix-ng" class="pe-1 text-ct-ds-fg-default underline hover:decoration-ct-ds-accent-primary-default" data-testid="post-byline-text__name"><bdi>Felix Ng</bdi></a><!--]--></span><span class="lowercase" data-testid="post-byline-text__position">staff editor</span></span></div></div></div><div class="flex flex-col items-start"><h1 class="pb-4 text-2xl/tight font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong tablet:text-3xl desktop:text-[2.5rem]/12" data-testid="post__title">Bitcoin think tank questions MSCIâs âinvisible committeeâ over Strategy, Metaplanet rule</h1><div class="flex flex-row flex-wrap items-start gap-2 text-xs tablet:gap-x-3 tablet:gap-y-2 tablet:text-sm" data-testid="post-article-meta"><a href="/category/latest-news" class="font-medium text-ct-ds-fg-default hover:underline" data-testid="post-article-meta__category">Latest News</a><span class="flex items-center gap-2 text-ct-ds-fg-muted tablet:gap-3"><span class="flex items-center gap-1 tablet:gap-1.5" data-testid="post-article-meta__publish-date"><span>Published</span><span>Oct 1, 2026</span></span><!----></span></div><p class="my-3 text-base/normal tracking-tight text-pretty lang-aware-text text-ct-ds-fg-
1default tablet:mt-5 tablet:mb-4 tablet:text-lg/normal" data-testid="post__description">A Bitcoin Policy Institute paper says MSCIâs proposed ânon-operating companyâ rule could remove Strategy and Metaplanet from its indexes and may have roots in an earlier crypto treasury review.</p></div><div data-testid="share-buttons--top" class="flex min-h-8 flex-row flex-wrap gap-x-2 gap-y-1 select-none mb-3 tablet:mb-4"><span></span></div><div class="@container max-tablet:-mx-5" data-testid="post-cover"><img src="https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy.jpg" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-960x639.webp 960w, https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-1280x853.webp 1280w, https://s3-images.ctmedia.io/media/article-covers/2026/10/01M3V0V4DAMBZA0R7RFXS3ES6D/hi-why-low-latency-is-important-for-cryptocurrency-exchanges-explained-strategy-1920x1279.webp 1920w" sizes="(max-width: 768px) 360px, (max-width: 1024px) 728px, 896px" alt width="896" height="597" loading="eager" decoding="async" class="h-auto max-h-[calc(200cqw/3)] w-full object-cover tablet:rounded-lg" data-testid="post-cover__image"></div><!----><!--[--><div class="ct-prose mt-4 pb-10 tablet:mt-6 desktop:mt-8" data-testid="post__body"><p>A Bitcoin policy think tank has questioned how MSCI developed its latest proposal to tighten the rules governing its market indexes, after the benchmark provider identified companies including Strategy and Metaplanet for potential treatment as ânon-operating businessesâ and exclusion from its indexes. </p><p>MSCI first <a href="https://cointelegraph.com/news/msci-digital-asset-treasury-index-exclusion-risk">proposed excluding digital asset treasury companies</a> from its global indexes in 2025, but <a href="https://cointelegraph.com/markets/bitcoin-price-falls-despite-bullish-msci-what-went-wrong">shelved the plan in January</a> after pushback and said it would instead review ânon-operating companiesâ more broadly. On Aug. 3, it <a href="https://www.msci.com/indexes/index-resources/index-consultations" rel="nofollow noopener" target="_blank">returned</a> with a wider proposal that could still remove Strategy and Metaplanet from its indexes.</p><p>In a research paper titled <em>Wall Streetâs Invisible Committee</em>, BPI <a href="https://www.btcpolicy.org/articles/wall-streets-invisible-committee" rel="nofollow noopener" target="_blank">pointed</a> to metadata showing that the source presentation behind MSCIâs consultation was stored in an internal folder for digital asset treasury companies. BPI said the finding âwarrants asking whether its broader language carried forwardâ MSCIâs earlier effort to exclude digital asset treasury companies. </p><p>Under the broader proposal, MSCI would first assess whether a company has substantial operating assets before applying five additional financial tests. Its own simulation <a href="https://www.msci.com/downloads/documents/indexes/consultations/equity/Consultation%20on%20Eligibility%20of%20Non-Operating%20Companies%20for%20the%20%20MSCI%20Global%20Investable%20Market%20Indexes.pdf" rel="nofollow noopener" target="_blank">showed</a> that Strategy, Metaplanet and uranium investment company Yellow Cake would be removed under the proposed methodology.</p><p>Removing crypto treasury firms like Strategy or Metaplanet from MSCI indexes could force funds that track those benchmarks to sell their shares. In 2025, JPMorgan analysts estimated Strategy <a href="https://cointelegraph.com/news/msci-crypto-treasury-rule-15-billion-forced-selling">could face about $2.8 billion in outflows</a> if it were excluded, </p><div id="ct-inline-text-ad"></div><p>Cointelegraph reached out to MSCI for comment but had not received a response before publication.</p><h2>BPI questions how MSCI defines an operating company</h2><p>After shelving its crypto-specific proposal in January, MSCI kept interim restrictions on affected digital asset treasury companies, including limits on new additions to its indexes, while it developed the broader review. </p><p>MSCI has said the new test is intended to identify companies whose value comes mainly from accumulating assets rather than from revenue-generating operations.</p><p>In the paper, the BPI also questioned MSCIâs reliance on âoperating assets,â noting that the term is not a standardized balance-sheet category under US Generally Accepted Accounting Principles or International Financial Reporting Standards.</p><p>According to the BPI, this could give MSCI significant discretion in how it classifies assets such as cash, investments, construction projects, and strategic holdings.</p><p><em><strong>Related: </strong></em><a href="https://cointelegraph.com/news/strategy-1665-bitcoin-buy-holdings-847666-btc"><em><strong>Strategy buys 1,665 Bitcoin for $143M as BTC stack hits 847,666</strong></em></a></p><p>BPI said the issue could extend beyond crypto, arguing that capital-intensive businesses such as mines or satellite networks may hold large amounts of assets and rely on outside financing for years before generating revenue. </p><p>It called on MSCI to publish clearer and reproducible criteria for determining which companies qualify for its broad-market indexes.</p><p>MSCI accepted feedback through Sept. 30 and said it expects to announce the results on or before Oct. 16. Any resulting changes are proposed to take effect as part of its November 2026 Index Review.</p><p><em><strong>Magazine: </strong></em><a href="https://cointelegraph.com/magazine/does-thorchain-face-a-criminal-reckoning-near-intents-bitget"><em><strong>Could THORChain face prosecution over stolen Bitget funds? Legal opinion</strong></em></a></p></div><span></span><!--[--><!--v-if--><!--]--><!--]--><section aria-label="Newsletter subscription" class="flex w-full flex-col gap-5 border-y border-ct-ds-border-default bg-ct-ds-bg-1 py-5 tablet:flex-row tablet:items-center tablet:gap-6 dark:bg-transparent mb-8"><div class="flex items-center gap-4 tablet:flex-1"><div class="relative overflow-hidden aspect-8/5 w-28 shrink-0 rounded-lg bg-ct-ds-accent-primary-default"><img src="/assets/newsletters/1-min-letter.png" alt="1 minute letter" width="1024" height="640" loading="lazy" decoding="async" class="size-full object-cover dark:hidden"><img src="/assets/newsletters/1-min-letter-dark.png" alt="1 minute letter" width="1024" height="640" loading="lazy" decoding="async" class="hidden size-full object-cover dark:block"><!----></div><h3 class="text-lg font-semibold tracking-lean text-pretty text-ct-ds-fg-strong tablet:text-xl"> Subscribe to daily byte-sized crypto news from Cointelegraph </h3></div><a href="/newsletters/1-minute-letter" class="inline-flex tracking-lean select-none justify-center items-center font-semibold transition motion-reduce:transition-none ease-out focus-visible:outline-none text-nowrap aria-disabled:pointer-events-none disabled:pointer-events-none cursor-pointer aria-disabled:cursor-default motion-safe:active:scale-98 rounded-lg px-3.5 h-10 min-w-10 text-base/5 gap-1.5 has-icon-start:ps-2 has-icon-end:pe
1-2 aria-disabled:bg-ct-ds-bg-5 aria-disabled:text-ct-ds-fg-muted bg-ct-ds-accent-primary-default text-black dark:text-ct-ds-fg-inverted interact:bg-ct-ds-accent-primary-strong w-full tablet:w-auto" size="md" round="lg" variant="primary" color="primary" dense="false" aria-disabled="false"><!--[--> Subscribe <!--]--></a></section><span></span><div class="ct-prose ct-prose-disclaimer pb-6 tablet:pb-8" data-testid="article-disclaimer">Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraphâs <a href="/editorial-policy">Editorial Policy</a> and aims to provide accurate and timely information. Readers are encouraged to verify information independently. </div><div data-testid="share-buttons--bottom" class="flex min-h-8 flex-row flex-wrap gap-x-2 gap-y-1 select-none pb-13 tablet:pb-14"><span></span></div><span></span><div data-testid="block-with-tags" class="border-t border-ct-ds-border-default py-5 tablet:py-6"><ul class="m-0 flex list-none flex-wrap gap-1 p-0"><!--[--><li><a href="/tags/microstrategy" class="inline-flex tracking-lean select-none justify-center items-center font-semibold transition motion-reduce:transition-none ease-out focus-visible:outline-none text-nowrap aria-disabled:pointer-events-none disabled:pointer-events-none cursor-pointer aria-disabled:cursor-default motion-safe:active:scale-98 rounded px-2 h-6 min-w-6 text-xs/4 gap-0.5 has-icon-start:ps-1 has-icon-end:pe-1 shadow-xs outline outline-ct-ds-border-clear bg-ct-ds-bg-default aria-disabled:bg-ct-ds-bg-default aria-disabled:text-ct-ds-fg-weak aria-disabled:outline-ct-ds-border-default text-ct-ds-fg-default interact:outline-ct-ds-border-clear interact:bg-ct-ds-bg-3/60 interact:text-ct-ds-fg-strong max-w-full" variant="outlined" color="default" size="xs" round="default" dense="false" aria-disabled="false" data-testid="post-tag"><!--[--><span class="text-nowrap">MicroStrategy</span><!--]--></a></li><li><a href="/tags/united-states" class="inline-flex tracking-lean select-none justify-center items-center font-semibold transition motion-reduce:transition-none ease-out focus-visible:outline-none text-nowrap aria-disabled:pointer-events-none disabled:pointer-events-none cursor-pointer aria-disabled:cursor-default motion-safe:active:scale-98 rounded px-2 h-6 min-w-6 text-xs/4 gap-0.5 has-icon-start:ps-1 has-icon-end:pe-1 shadow-xs outline outline-ct-ds-border-clear bg-ct-ds-bg-default aria-disabled:bg-ct-ds-bg-default aria-disabled:text-ct-ds-fg-weak aria-disabled:outline-ct-ds-border-default text-ct-ds-fg-default interact:outline-ct-ds-border-clear interact:bg-ct-ds-bg-3/60 interact:text-ct-ds-fg-strong max-w-full" variant="outlined" color="default" size="xs" round="default" dense="false" aria-disabled="false" data-testid="post-tag"><!--[--><span class="text-nowrap">United States</span><!--]--></a></li><li><a href="/tags/stock-market-indexes" class="inline-flex tracking-lean select-none justify-center items-center font-semibold transition motion-reduce:transition-none ease-out focus-visible:outline-none text-nowrap aria-disabled:pointer-events-none disabled:pointer-events-none cursor-pointer aria-disabled:cursor-default motion-safe:active:scale-98 rounded px-2 h-6 min-w-6 text-xs/4 gap-0.5 has-icon-start:ps-1 has-icon-end:pe-1 shadow-xs outline outline-ct-ds-border-clear bg-ct-ds-bg-default aria-disabled:bg-ct-ds-bg-default aria-disabled:text-ct-ds-fg-weak aria-disabled:outline-ct-ds-border-default text-ct-ds-fg-default interact:outline-ct-ds-border-clear interact:bg-ct-ds-bg-3/60 interact:text-ct-ds-fg-strong max-w-full" variant="outlined" color="default" size="xs" round="default" dense="false" aria-disabled="false" data-testid="post-tag"><!--[--><span class="text-nowrap">Stock Market Indexes</span><!--]--></a></li><li><a href="/tags/bitcoin" class="inline-flex tracking-lean select-none justify-center items-center font-semibold transition motion-reduce:transition-none ease-out focus-visible:outline-none text-nowrap aria-disabled:pointer-events-none disabled:pointer-events-none cursor-pointer aria-disabled:cursor-default motion-safe:active:scale-98 rounded px-2 h-6 min-w-6 text-xs/4 gap-0.5 has-icon-start:ps-1 has-icon-end:pe
1-1 shadow-xs outline outline-ct-ds-border-clear bg-ct-ds-bg-default aria-disabled:bg-ct-ds-bg-default aria-disabled:text-ct-ds-fg-weak aria-disabled:outline-ct-ds-border-default text-ct-ds-fg-default interact:outline-ct-ds-border-clear interact:bg-ct-ds-bg-3/60 interact:text-ct-ds-fg-strong max-w-full" variant="outlined" color="default" size="xs" round="default" dense="false" aria-disabled="false" data-testid="post-tag"><!--[--><span class="text-nowrap">Bitcoin</span><!--]--></a></li><!--]--></ul></div><section class="pt-6 tablet:pt-7 desktop:pt-9" data-testid="more-on-subject"><div class="mb-5 flex items-baseline gap-0.5" data-testid="more-on-subject__title"><div class="flex-1 flex min-w-0 items-end gap-0.5"><h2 class="font-semibold min-w-0 lang-aware-text text-ct-ds-fg-strong text-lg/6 tracking-tight desktop:text-xl/6.5"><!--[-->More on the subject<!--]--></h2></div><!----></div><div class="_list_157n2_3 tablet:hidden" data-testid="more-on-subject__list--mobile"><!--[--><!--[--><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/markets/bitcoin-etf-streak-9-day-ether-zcash-flip-red" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green.jpeg" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-960x640.webp 960w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-1280x853.webp 1280w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/markets/bitcoin-etf-streak-9-day-ether-zcash-flip-red" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Bitcoin ETFs stretch $3.1B inflow streak as Ether funds turn red<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->20 hours ago<!--]--><!--]--></div><div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/helen-partz" class="cursor-pointer hover:underline"><bdi>Helen Partz</bdi></a></div><!--]--></div></div><!----></article><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/markets/bitcoin-gives-back-gains-long-term-holder-supply-keeps-85k-out-of-reach" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1.jpg" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-320
1x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-960x640.webp 960w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-1280x853.webp 1280w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/markets/bitcoin-gives-back-gains-long-term-holder-supply-keeps-85k-out-of-reach" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Bitcoin gives back gains as long-term holder supply keeps $85K out of reach<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->Sep 29, 2026<!--]--><!--]--></div><div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/william-suberg" class="cursor-pointer hover:underline"><bdi>William Suberg</bdi></a></div><!--]--></div></div><!----></article><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/magazine/peter-brandt-says-bitcoin-may-hit-600k-by-2029-calls-xrp-a-fool-coin" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork.png" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-960x639.webp 960w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/magazine/peter-brandt-says-bitcoin-may-hit-600k-by-2029-calls-xrp-a-fool-coin" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Peter Brandt says Bitcoin may hit $600K by 2029, calls XRP a âfool coinâ<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->Sep 29, 2026<!--]--><!--]--></div>
1<div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/yohan-yun" class="cursor-pointer hover:underline"><bdi>Yohan Yun</bdi></a></div><!--]--></div></div><!----></article><!--]--><!--]--></div><div class="hidden **:data-cover:aspect-358/240 tablet:grid tablet:grid-cols-3 tablet:gap-6" data-testid="more-on-subject__list--tablet"><!--[--><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/markets/bitcoin-etf-streak-9-day-ether-zcash-flip-red" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green.jpeg" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-960x640.webp 960w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3RQV7616RZ47F070G7JXY2K/eth-red-btc-green-1280x853.webp 1280w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/markets/bitcoin-etf-streak-9-day-ether-zcash-flip-red" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Bitcoin ETFs stretch $3.1B inflow streak as Ether funds turn red<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->20 hours ago<!--]--><!--]--></div><div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/helen-partz" class="cursor-pointer hover:underline"><bdi>Helen Partz</bdi></a></div><!--]--></div></div><!----></article><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/markets/bitcoin-gives-back-gains-long-term-holder-supply-keeps-85k-out-of-reach" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1.jpg" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-960x640.webp 960w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3PZGAMNJQVMFNY9JP812D6F/rafting-price-analysis-falling-bitcoin-1-1280x853.webp 1280w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/markets/bitcoin-gives-back-gains-long-term-holder-supply-keeps-85k-out-of-reach" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Bitcoin gives back gains as long-term holder supply keeps $85K out of reach<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->Sep 29, 2026<!--]--><!--]--></div>
1<div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/william-suberg" class="cursor-pointer hover:underline"><bdi>William Suberg</bdi></a></div><!--]--></div></div><!----></article><article class="group/card grid content-start grid-cols-1 items-start" data-has-cover="true" data-testid="article-card" data-size="medium"><a href="/magazine/peter-brandt-says-bitcoin-may-hit-600k-by-2029-calls-xrp-a-fool-coin" class="@container cursor-pointer pb-3" data-cover data-testid="article-card__image"><div class="w-full shrink-0 overflow-hidden rounded-md opacity-100 outline -outline-offset-1 outline-ct-ds-border-clear transition-opacity duration-200 ease-out group-has-[[data-cover]:hover]/card:opacity-90 group-has-[[data-title-link]:hover]/card:opacity-90 tablet:aspect-3/2 [&_img]:w-full [&_img]:object-cover tablet:[&_img]:h-full max-h-[calc(200cqw/3)] tablet:max-h-none [&_img]:h-auto"><!--[--><img src="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork.png" srcset="https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-320x213.webp 320w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-480x320.webp 480w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-640x426.webp 640w, https://s3-images.ctmedia.io/media/article-covers/2026/09/01M3NE1G0X629NJBDAQPZHY7YJ/peter-brandt-artwork-960x639.webp 960w" sizes="(max-width: 768px) 96px, 358px" alt width="358" height="240" loading="lazy" decoding="async"><!--]--></div></a><div class="flex flex-col max-tablet:order-1" data-content><a href="/magazine/peter-brandt-says-bitcoin-may-hit-600k-by-2029-calls-xrp-a-fool-coin" class="group/title flex min-w-0 cursor-pointer flex-col justify-center pe-3" data-title-link><h3 class="line-clamp-4 w-full text-base/5.5 font-semibold tracking-tight text-pretty lang-aware-text text-ct-ds-fg-strong group-hover/title:underline group-has-[[data-cover]:hover]/card:underline desktop:line-clamp-3" data-testid="article-card__title"><!--[-->Peter Brandt says Bitcoin may hit $600K by 2029, calls XRP a âfool coinâ<!--]--></h3><!----></a><div class="items-baseline mt-1.5 flex flex-row-reverse flex-wrap-reverse justify-end gap-x-2 gap-y-1 desktop:mt-2 pe-3"><!--[--><div class="text-xs shrink-0 text-ct-ds-fg-muted" data-testid="article-card__published-at"><!--[--><!--[-->Sep 29, 2026<!--]--><!--]--></div><div class="text-xs font-medium min-w-0 text-ct-ds-fg-default" data-testid="article-card__author"><a href="/authors/yohan-yun" class="cursor-pointer hover:underline"><bdi>Yohan Yun</bdi></a></div><!--]--></div></div><!----></article><!--]--></div></section></div><aside class="w-[340px] shrink-0 self-stretch pl-10" data-testid="sidebar"><div data-testid="ct-affix" class="h-full"><div data-testid="ct-affix__inner" class="_affix-inner_mhzvp_1"><!--[--><div class="flex w-[300px] flex-col items-start gap-4 pb-6"><!--[--><section class="flex w-full flex-col gap-4 bg-ct-ds-bg-default" data-testid="editors-choice"><header class="w-full border-b border-ct-ds-border-default pb-4"><h2 class="text-base/5.5 font-semibold text-ct-ds-fg-strong" data-testid="editors-choice__title"> Editor's choice </h2></header><div class="flex w-full flex-col gap-4 pb-4" data-testid="editors-choice__list"><!--[--><a href="/news/metamask-exits-lido-validators-as-it-investigates-security-incident" class="group block rounded-sm" data-testid="editors-choice__article--featured"><h3 class="font-semibold text-pretty text-ct-ds-fg-strong group-hover:underline line-clamp-3 text-xl/6 tracking-lean" data-testid="editors-choice__article-title">MetaMask exits Ethereum validators amid undisclosed security incident </h3></a><a href="/markets/altcoin-exchange-deposits-spike-160-in-two-weeks" class="group block rounded-sm" data-testid="editors-choice__article"><h3 class="font-semibold text-pretty text-ct-ds-fg-strong group-hover:underline line-clamp-2 text-base/5.5" data-testid="editors-choice__article-title">Altcoin exchange deposit count jumps 160% in 2 weeks</h3></a><a href="/magazine/does-thorchain-face-a-criminal-reckoning-near-intents-bitget" class="group block rounded-sm" data-testid="editors-choice__article"><h3 class="font-semibold text-pretty text-ct-ds-fg-strong group-hover:underline line-clamp-2 text-base/5.5" data-testid="editors-choice__article-title">Could THORChain face prosecution over stolen Bitget funds? Legal opinion</h3></a><a href="/opinion/a-single-market-worth-protecting-getting-the-mica-review-right" class="group block rounded-sm" data-testid="editors-choice__article"><h3 class="font-semibold text-pretty text-ct-ds-fg-strong group-hover:underline line-clamp-2 text-base/5.5" data-testid="editors-choice__article-title">A single market worth protecting: Getting the MiCA review right </h3></a><a href="/news/cftc-seeks-to-define-event-contracts-as-swaps-amid-prediction-market-fight" class="group block rounded-sm" data-testid="editors-choice__article"><h3 class="font-semibold text-pretty text-ct-ds-fg-strong group-hover:underline line-clamp-2 text-base/5.5" data-testid="editors-choice__article-title">CFTC seeks to define event contracts as swaps amid prediction market fight</h3></a>
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On Aug. 3, it \",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1},{\"id\":\"6abdf6b8ffad5f9fb8805b65\",\"type\":\"link\",\"fields\":{\"url\":\"https:\u002F\u002Fwww.msci.com\u002Findexes\u002Findex-resources\u002Findex-consultations\",\"newTab\":true,\"linkType\":\"custom\"},\"format\":\"\",\"indent\":0,\"version\":3,\"children\":[{\"mode\":\"normal\",\"text\":\"returned\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null},{\"mode\":\"normal\",\"text\":\" with a wider proposal that could still remove Strategy and Metaplanet from its indexes.\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null,\"textStyle\":\"\",\"textFormat\":0},{\"type\":\"paragraph\",\"format\":\"\",\"indent\":0,\"version\":1,\"children\":[{\"mode\":\"normal\",\"text\":\"In a research paper titled \",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1},{\"mode\":\"normal\",\"text\":\"Wall Streetâs Invisible Committee\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":2,\"version\":1},{\"mode\":\"normal\",\"text\":\", BPI \",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1},{\"id\":\"6abdf6b8ffad5f9fb8805b66\",\"type\":\"link\",\"fields\":{\"url\":\"https:\u002F\u002Fwww.btcpolicy.org\u002Farticles\u002Fwall-streets-invisible-committee\",\"newTab\":true,\"linkType\":\"custom\"},\"format\":\"\",\"indent\":0,\"version\":3,\"children\":[{\"mode\":\"normal\",\"text\":\"pointed\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null},{\"mode\":\"normal\",\"text\":\" to metadata showing that the source presentation behind MSCIâs consultation was stored in an internal folder for digital asset treasury companies. BPI said the finding âwarrants asking whether its broader language carried forwardâ MSCIâs earlier effort to exclude digital asset treasury companies. \",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null,\"textStyle\":\"\",\"textFormat\":0},{\"type\":\"paragraph\",\"format\":\"\",\"indent\":0,\"version\":1,\"children\":[{\"mode\":\"normal\",\"text\":\"Under the broader proposal, MSCI would first assess whether a company has substantial operating assets before applying five additional financial tests. Its own simulation \",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1},{\"id\":\"6abdf6b8ffad5f9fb8805b67\",\"type\":\"link\",\"fields\":{\"url\":\"https:\u002F\u002Fwww.msci.com\u002Fdownloads\u002Fdocuments\u002Findexes\u002Fconsultations\u002Fequity\u002FConsultation%20on%20Eligibility%20of%20Non-Operating%20Companies%20for%20the%20%20MSCI%20Global%20Investable%20Market%20Indexes.pdf\",\"newTab\":true,\"linkType\":\"custom\"},\"format\":\"\",\"indent\":0,\"version\":3,\"children\":[{\"mode\":\"normal\",\"text\":\"showed\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null},{\"mode\":\"normal\",\"text\":\" that Strategy, Metaplanet and uranium investment company Yellow Cake would be removed under the proposed methodology.\",\"type\":\"text\",\"style\":\"\",\"detail\":0,\"format\":0,\"version\":1}],\"direction\":null,\"textStyle\":\"\",\"textFormat\":0},{\"type\":\"paragraph\",\"format\":\"\",\"indent\":0,\"version\":1,\"children\":[{\"mode\":\"normal\",\"text\":\"Removing crypto treasury firms like Strategy or Metaplanet from MSCI indexes could force funds that track those benchmarks to sell their shares. 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