Bitcoin Nears $80K as Tether Mints $3B, THORChain Moves ETH

Bitcoin approached $80,000 this week while large stablecoin flows and fast-moving transfers on decentralized rails reshaped crypto trading. Tether created $3 billion in new USDT and froze what market participants described as a record volume of tokens. Separately, THORChain moved roughly 75,700 ETH following the KelpDAO and Balancer exploits.

The price momentum brought Bitcoin near a commonly cited 30% rebound threshold at $79,694. Derivatives funding rates turned deeply negative during the rally. Equity benchmarks showed strength at the same time, with the S&P 500 near all-time highs and the Russell 2000 at record levels. The dollar index traded below the 100 level.

Tether’s activity included the $3 billion mint, with a large allocation going to Abraxas Capital, and a concurrent series of freezes on USDT balances. Market participants described the freezes as the largest single volume of USDT restrictions observed in the market.

On-chain tracing showed THORChain was used to move about 75,700 ETH, a transfer that took place over roughly 36 hours and was equivalent to about $175 million at recent prices. The transfers appear connected to the exploits of KelpDAO and Balancer, with stolen ether converted through THORChain rails into other assets, including bitcoin.

Security researchers identified the group believed to be behind some attacks. Security researcher Taylor Monahan called the Lazarus actors ‘unmatched’ in their activity and transaction volume. Analysts noted the exploiters executed large numbers of rapid transactions to move funds across protocols.

Decentralized finance platforms took emergency actions. Aave froze markets tied to affected assets. Arbitrum recovered tens of millions of dollars linked to the incidents. Aave founder Stani Kulechov committed 5,000 ETH to relief efforts for rsETH losses, and multiple teams discussed additional support for affected users.

Separate governance and integrity issues emerged in prediction markets. A trader allegedly manipulated a temperature reading to win an event, and U.S. regulators charged a service member in an insider trading case tied to a Polymarket event, where authorities say the individual profited about $404,000.

The sequence of large stablecoin issuance, extensive token freezes and rapid asset transfers across decentralized rails prompted exchanges, protocol teams and regulators to increase focus on measures to strengthen security and limit future losses.