Bitcoin briefly rebounds above $88,000, Ethereum rebounds above $3,000

According to market sources, Pakistani officials said the deadline for the US-Iran Memorandum of Understanding (MoU) could be extended. (Jinshi)

Fidelity is preparing to add ETH staking and quarterly cash distribution mechanisms to its Ethereum ETF (FETH). FETH currently holds approximately $898 million in net assets. According to revised registration documents, under normal circumstances, the fund may allocate up to 100% of its ETH for staking, with no minimum staking ratio set, and will retain a portion of ETH for redemptions, fees, and other liquidity needs. Fidelity plans to retain 85% of total staking rewards, with the remaining 15% going to the fund’s sponsor, custodian, and node operators. The listed node operators include Blockdaemon, Figment, and Galaxy. Net staking income will first be used to cover the fund’s expenses, with the remainder allocated for quarterly cash distributions. Per relevant IRS rules, the fund is required to distribute net staking income at least once per quarter. Fidelity also noted that the fund may sell a portion of its ETH to raise cash for distributions if needed. The adjustment follows the U.S. Internal Revenue Service (IRS)’s November 2025 safe harbor rule, which allows eligible crypto trusts to conduct staking without losing their grantor trust tax status.

According to market data from BIT (bit.com), U.S. stock index futures rallied in the short term, with Nasdaq index futures currently up 0.7% and S&P 500 index futures rising 0.3%.

According to HTX market data, Bitcoin has broken through $64,000, with its 24-hour decline narrowing to 0.32%. Ethereum has surpassed $1,900, posting a 1.1% gain over the past 24 hours.

Insane! Whale 0xf292, who is 1x short 2.9M $CXMT($22.57M), has already paid more than $3.4M in funding fees. That's ~$170K in funding fees on average every day.

Per Lookonchain monitoring, whale address 0xf292 has opened a 1x leveraged short position on 2.9 million CXMT, with the position valued at approximately $22.57 million and an unrealized loss of $3.67 million. The whale has already paid over $3.4 million in funding fees, averaging around $170,000 in daily funding fees.