BlackRock has recorded $3.6 billion in physical conversions of IBIT, with security considerations serving as the main driver.
According to Barron's, Robbie Mitchnick, head of BlackRock's digital assets business, stated that since regulators approved in-kind crypto asset subscriptions and redemptions last year, the firm has recorded around $3.6 billion in in-kind conversions of directly held Bitcoin into shares of its spot Bitcoin ETF IBIT. As BlackRock does not handle all transactions itself and may not track every conversion, the actual volume could be larger. BlackRock also offers in-kind conversions for the iShares Ethereum Trust ETF and iShares Staked Ethereum Trust ETF, but their related volumes are far smaller than IBIT's. Mitchnick noted that demand for these conversions continues to rise, currently at the highest level of interest the firm has observed, and it does not fluctuate with Bitcoin's price. He added that the primary motivation is security and peace of mind: outsourcing custody to institutional cold storage models is more appealing to holders, and holding shares of a large fund manager's ETF is generally considered less risky than keeping assets on crypto trading platforms or always-on hot wallets. He pointed out that the recent Binance hack has once again highlighted the risks of trading platforms, though large Bitcoin holders have long understood these risks. The minimum threshold for in-kind conversions has dropped from an initial ~$30 million to around $1 million to $2 million, set by intermediaries facilitating the trades: Galaxy Digital, Talos, and Virtu. Mitchnick expressed hope that the threshold could be reduced to a single ETF share, but the cost structure will not fall to zero in the short term.
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An Ethereum address dormant for 11 years was hit by a hacker's "poisoning attack" just three minutes after it came back online.
A wallet address starting with 0x7dD, traceable to Ethereum’s 2015 genesis block, made its first external transfer of 0.05 ETH (worth ~$106) at 6:04 AM Beijing Time on the 10th. The test receiving address starts with 0x1321beb8 and ends with 1A44. This address received its first ETH in the July 2015 genesis block and another 755 ETH in March 2016, with no external transfers made prior to this transaction. On-chain monitoring account Whale Alert flagged the test transfer.
Within roughly three minutes of the test transfer being sent, the old wallet received multiple small ETH deposits from two addresses mimicking the target receiving address: one starting with 0x13211f, the other with 0x1321FB, both ending in 1A44. Etherscan data shows the accounts funding these two addresses are labeled “Fake_Phishing”, with the more active one sending 43 dust transfers. This tactic, called address poisoning, involves attackers inserting nearly identical addresses into target transaction records, tricking holders into copying the wrong address from recent logs and transferring large sums.
At 6:20 AM Beijing Time, the new address sent 0.01 ETH, with nearly all of it returned about three minutes later. Then at 6:42 AM Beijing Time—roughly 38 minutes after the initial test transfer—the old wallet transferred 2,154.94 ETH (valued at ~$4.6 million) to the correct 0x1321beb8 address. The new address currently holds around 2,155 ETH. In January this year, Citigroup warned that address poisoning spam transactions had inflated Ethereum’s network transaction count, with many transfers worth less than $1.
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Claude’s new models are more resource-intensive, burning through credit quotas at a higher rate: For the same $200 spend, the Opus model uses up $15,000 worth of credits, while Fable only consumes $3,000.
Beating AI Express (Dongcha) – Renowned developer and T3 Code founder Theo has discovered that while Anthropic’s newly launched Fable 5.2 is more capable, the equivalent API usage available to subscribers is far lower. Theo has long tracked actual request data for Claude Code. According to his estimates, for the same $200 monthly Claude Ultra subscription, using Opus 5.5 yields around $15,000 in equivalent monthly API usage, while switching to Fable 5.2 only delivers about $3,000 — a difference of nearly fivefold.
Anthropic also stipulates that Ultra users can allocate a maximum of 50% of their total weekly quota to Fable. Even if the full quota is not exhausted, once the Fable limit is hit, users must either switch to another model or pay extra to continue using it.
Theo further estimates based on real-world workload: using Opus 5.5 exclusively for a week allows roughly 1,200 interaction rounds and 230 task sessions. If users first use up their Fable quota before switching to Opus, total interaction rounds drop to around 900, though the number of completed task sessions may be slightly higher, as Fable can sometimes finish tasks in a single turn without repeated back-and-forth communication.
Fable 5.2’s API unit price is 20% lower than its predecessor, at $8 per million input tokens and $40 per million output tokens — yet it remains twice as expensive as Opus 5.5. Anthropic has explicitly warned that Fable consumes subscription quotas faster than other Claude models.
Currently, Anthropic is providing eligible subscribers with 1 to 3 Fable quota reset opportunities, with the number tied to subscription duration. Each reset refunds the Fable quota consumed that week, letting users resume usage without waiting until the next week.
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On-chain trading activity picked up after TSMC's earnings report, while TSM's largest long position remains in unrealized loss.
TSM's on-chain trading volume surged 234% in the first hour after TSMC's October revenue announcement, while open interest declined instead. TSMC reported October revenue of NT$586.89 billion, up 59.7% year-over-year (YoY) and 14.7% month-over-month (MoM). Cumulative revenue for the first 10 months of this year reached around NT$4.49 trillion, a 43.3% YoY increase. Per TradingBeats monitoring, in the first hour following the revenue release, TSM perpetual contracts on Hyperliquid saw trading volume of approximately $358,900, a ~233.8% jump from the prior hour's $107,500. During the same window, TSM gained 0.69%. While trading volume expanded, open interest did not rise in tandem. Among large positions, TSM's largest long whale (address: 0xfd6a) remains in unrealized loss, holding a long position worth ~$1.219 million at an average entry price of $434.97, with an unrealized loss of ~$132,000. TSM would need to rise roughly 10.8% from its current price to return to its entry cost.
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Bitcoin mining firm MARA transfers another 500 BTC, valued at approximately $37.38 million.
According to Lookonchain monitoring, Bitcoin mining firm MARA Holdings transferred out an additional 500 BTC today, valued at approximately $37.38 million. Since October 1, MARA has sold a total of 13,597 BTC, worth around $1.1 billion, with an average selling price of $81,039.
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