Nvidia completes verification of quantum error correction technology, cutting the number of required physical qubits by 90%

According to Onchain Lens monitoring, a crypto whale withdrew 774.7736 BTC (valued at roughly $63.36 million) from Robinhood and transferred it to a wallet that had previously received two small test transfers.

According to Bloomberg, fintech firm Ramp has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a trust bank license, with plans to establish Ramp National Trust Bank. Ramp stated that if the application is approved, the trust bank will be authorized to offer fiduciary investment management and digital asset custody services, but will not accept deposits or issue commercial loans. An OCC spokesperson did not immediately respond to a request for comment. In recent years, a growing number of companies have sought to obtain banking licenses. This year, firms including Revolut and Crypto.com have received conditional approvals for various types of licenses. Bloomberg previously reported that Ramp’s valuation in its latest funding round reached $60 billion, with its annualized revenue rising to $2 billion.

Prominent crypto trader Doctor Profit posted that he has opened a 4x leveraged long position on Bitcoin at $81,000. He believes this round of correction is complete, with the $81,000–$82,000 zone serving as strong support and marking a local bottom, while his next target remains $94,000. He noted that Bitcoin previously rallied near $87,000, but the daily Relative Strength Index (RSI) posted a lower high, forming a bearish divergence. After this correction, the RSI has returned to the zone where the prior rebound occurred, and price has once again touched the orange line on its chart, mirroring the pattern seen during the last local bottom formation. Regarding Bitcoin’s subsequent price path, he forecasts that it first needs to reclaim $82,000 for confirmation, then consolidate sideways between $82,000 and $88,000 before breaking out of the range to rally toward $94,000. He expects the $86,000–$88,000 zone will act as accumulation rather than distribution this time, with buying pressure absorbing sell-offs to turn resistance into support.

Pump.fun has launched PreStocks, enabling users to trade pre-IPO company-related tokens and issue new tokens paired with these assets. Supported underlying targets include tokens linked to OpenAI, Anthropic, Anduril, Neuralink, Figure AI, Kalshi, Polymarket, and Oura, with trading and pairing functionalities powered by PreStocks.

According to Bloomberg, JPMorgan analysts noted that investor concerns over CoreWeave’s rising debt and rapid cash burn may be overblown, with the company’s financing needs stemming from its rapid expansion rather than poor economic performance of individual projects. Earlier, rising bond yields amplified market worries about its debt-fueled expansion, leading the firm’s stock to drop around 20% last week. JPMorgan believes CoreWeave’s business model remains solid, with strong demand for computing power, and long-term "take-or-pay" contracts can lock in customers before new production capacity comes online. Per its calculations, the unleveraged internal rate of return (IRR) for a typical 5-year contract is around 15%, higher than the company’s estimated weighted average cost of capital (WACC) of 9% to 11%; GPU re-signings after contract expiration can also generate additional revenue. However, aggressive expansion is expected to continue pressuring short-term cash flow. The bank estimates that every 1 gigawatt (GW) of fully operational capacity can generate $10 billion to $15 billion in annual revenue, but adding 1 GW of capacity requires over $35 billion in upfront capital expenditure. The company may not be able to fund its expansion with cash from existing operations until 2030.

The U.S. Commodity Futures Trading Commission (CFTC) stated in recent court filings that CME Group merely claims heightened competition, but has not reasonably demonstrated imminent financial harm — a deficiency that leaves it insufficient to establish standing to challenge its perpetual contract policy. The CFTC noted that CME’s crypto futures trading volume has actually risen following the policy adjustment. The CFTC approved Kalshi’s first bitcoin perpetual contract in May this year, and said it would regulate such products as futures on a case-by-case basis. For its part, CME argues that perpetual contracts have no expiration date and should be classified as swaps rather than futures, falling under a separate regulatory framework. The CFTC had asked a federal judge to dismiss the case last month, and the latest filings further elaborate on its rebuttal to CME’s standing claim. The regulator also pointed out that CME previously told investors it had not received client demand for perpetual contracts, and that such products cannot replace its existing futures, arguing CME should not take conflicting positions in court and earnings calls. TD Cowen policy analyst Jaret Seiberg believes CME may still hold the upper hand in arguments regarding standing and the classification of the products as swaps. However, he expressed concern that if the perpetual contract market continues to grow during the litigation, it could become far more complex to unwind the market later if CME prevails in the case.