The Daily: US govt posts macro data onchain, Kanye West’s token crash leaves 50K wallets in the red, JPMorgan says bitcoin price is ‘too low,’ and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Analysts suggest bitcoin is balancing on a "knife-edge" despite strong long-term fundamentals as short-term investors brace for upcoming macro events.

In today's newsletter, the U.S. government begins distributing key macroeconomic data onchain, Kanye West's YZY token crash sees 50,000 wallets in the red, Solana's latest upgrade proposal enters its voting phase, and more.

Meanwhile, Federal Reserve Governor Lisa Cook sues President Trump as he tries to fire her amid tensions at the central bank.

Let's get started.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

US govt begins posting macro data on public blockchains, including Bitcoin, Ethereum, and Solana

The U.S. government has begun publishing key macroeconomic data like GDP and PCE figures on public blockchains for the first time, after Commerce Secretary Howard Lutnick teased the move earlier this week.

• The initiative uses Chainlink and Pyth oracles to distribute Bureau of Economic Analysis data across multiple networks, including Bitcoin, Ethereum, Solana, Base, Avalanche, Arbitrum, and Optimism.
• Cryptographic hashes of the data are anchored onchain to ensure integrity, aiming to supplement — not replace — traditional distribution channels.
• Coinbase, Gemini, and Kraken also helped facilitate the rollout by assisting with crypto purchases to pay blockchain gas fees, according to the Commerce Department.
• "It's only fitting that the Commerce Department and President Donald Trump, the Crypto-President, publicly release economic statistical data on the blockchain," Lutnick said on Thursday, touting the technology as a tool for global data transparency.
• The effort follows broader government crypto initiatives, including support for dollar-backed stablecoins and cost-cutting via blockchain tech.

Kanye West's YZY token crash leaves over 50,000 wallets with losses

Over 50,000 wallets, or nearly 74% of traders, lost money on Kanye West's Yeezy Money token, with total losses topping $74.8 million following YZY's post-launch price crash, according to Bubblemaps.

• Just 11 wallets captured nearly 30% of all YZY profits, with insider "sniping" and alleged manipulation driving the sharp concentration, the blockchain analytics platform said.
• Bubblemaps previously alleged that a pseudonymous trader named "Naseem," an expert sniper who made around $100 million in profits from President Trump's memecoin, was YZY's first investor.
• The analytics platform further claimed that Hayden Davis, who was involved with Libra and multiple other memecoin projects that similarly crashed after launching, earned $12 million sniping YZY.

JPMorgan says current bitcoin price 'too low,' sees upside to $126,000 by year-end

JPMorgan analysts said bitcoin's current price is "too low" compared to gold, given its volatility has fallen to historic lows, predicting its "fair value" of $126,000 to be reached by year-end.

• Bitcoin's volatility has dropped from 60% to 30% this year, making it more institution-friendly and narrowing its risk-adjusted gap with gold, the analysts said.
• Corporate treasuries now hold over 6% of all bitcoin, with index-driven inflows and passive accumulation echoing post-2008 QE dynamics, they added.
• JPMorgan highlighted rising competition among treasury-heavy firms like KindlyMD and BSTR as a key driver of long-term upside.

Solana targets 150-millisecond finality as Alpenglow upgrade enters voting phase

Solana's proposed Alpenglow upgrade has entered the voting phase, aiming to replace its current consensus mechanism with a faster, more resilient architecture.

• One key feature of the proposal is Votor, a direct-vote protocol that slashes block finality from 12.8 seconds to just 150 milliseconds.
• Meanwhile, Rotor, a bandwidth-optimized data dissemination protocol for high-performance use cases, like DeFi and gaming, will roll out in a later phase of the upgrade.
• Alpenglow also introduces a "20+20" model to boost network resilience, allowing continued operation even if 20% of validators are adversarial and an additional 20% are unresponsive.

Polymarket bettors lean toward bitcoin below $100,000 by 2026

Most Polymarket bettors still expect bitcoin to fall below $100,000 by year-end, though that probability dipped to 61% from 72% earlier in the week.

• Some analysts agreed that if corporate treasury and institutional demand fail to absorb large selloffs, bitcoin could slip back below the key psychological level.
• Rising perp leverage and whale activity raise near-term risks, but upcoming Fed rate cuts and pro-crypto U.S. legislation may offer upside catalysts, they said.

In the next 24 hours

• U.S. PCE data are released at 8:30 a.m. ET on Friday.
• Moca Network is set for a token unlock.
• Bitcoin Asia concludes in Hong Kong.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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