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BTC $76,759.22 -1.66%
ETH $2,274.08 -3.10%
BNB $620.91 -1.80%
XRP $1.39 -2.89%
SOL $84.12 -2.81%
TRX $0.3249 +0.42%
DOGE $0.0971 -1.85%
ADA $0.2443 -3.22%
BCH $450.81 -0.31%
LINK $9.18 -3.25%
HYPE $41.76 +0.97%
AAVE $97.21 +1.58%
SUI $0.9201 -2.72%
XLM $0.1649 -3.59%
ZEC $352.26 -0.63%

nydig

Charles Schwab opens BTC/ETH spot trading to 39 million customers, Alcoa enters deep negotiations with NYDIG regarding the sale of its New York smelting plant

According to BBX data, the bidirectional penetration of traditional financial institutions and industrial infrastructure into the crypto space has accelerated over the weekend, with the following core dynamics:The Charles Schwab Corporation (NYSE: $SCHW) officially launched the Schwab Crypto platform in phases on April 17, opening direct trading of Bitcoin and Ethereum spot to 39 million active brokerage account customers through its Charles Schwab Premier Bank, SSB, with compliance custody and trade execution provided by Paxos, and a fee of 75 basis points per transaction; initially excluding New York and Louisiana. The company recorded earnings per share of $1.43 and revenue of $6.48 billion in Q1 2026, with total customer assets of approximately $12.22 trillion as of early 2026.Alcoa Corporation (NYSE: $AA) CEO Bill Oplinger confirmed in a Bloomberg interview on April 17 that the company is in deep negotiations with Bitcoin financial services company NYDIG regarding the sale of the Massena East smelter site in New York (1,300 acres, closed since 2014), which "should be completed by mid-year." The site is adjacent to the St. Lawrence River and can access hydroelectric resources provided by the New York Power Authority; NYDIG has been operating Bitcoin mining facilities there since 2024 and will gain full control of the infrastructure after the acquisition. The financial terms of the transaction have not been disclosed.

NYDIG: The demand engine for Bitcoin has reversed, but the long-term trend remains unchanged

According to Cointelegraph, NYDIG's research director Greg Cipolaro stated in his latest report that the inflow of funds into cryptocurrency ETFs and the demand for DAT had previously driven Bitcoin to an all-time high, but now they are causing its price to decline. He pointed out that the liquidation event at the beginning of October triggered a reversal of ETF funds, a sharp drop in DAT (DAT) premiums, and a decline in stablecoin supply, indicating that funds are flowing out of the system.Spot Bitcoin ETFs were once the most prominent success story of this cycle, but they have now become a hindrance to Bitcoin's development. However, global liquidity, macro news, and other factors still influence Bitcoin. During periodic pullbacks, Bitcoin's dominance often rises, as funds flow back to the most mature assets. Currently, Bitcoin's dominance has fallen from over 60% in early November to about 58%. DAT and stablecoins were once significant sources of Bitcoin demand, but now the compression of DAT premiums and the decline in stablecoin supply suggest that investors are withdrawing liquidity.Cipolaro believes that even if the market pullback deepens, there is still room for buffering in the DAT space, and there are currently no signs of financial distress. Despite the recent pullback, Cipolaro remains optimistic about Bitcoin's long-term prospects, believing it is gaining institutional favor, with increasing sovereign interest and a solidified role. However, he cautions that cyclical narratives are emerging, and investors should prepare for the worst, as the road ahead may be fraught with challenges.
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