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Crypto

Ethereum net outflows from exchanges jump to four-month high

Ethereum saw its largest net outflow from centralized exchanges in about 4 months, with roughly 169,770 ether leaving in a day, Santiment said. The move has raised expectations of a rebound as potential sell supply on exchanges may decline. Analysts cautioned the withdrawals alone do not confirm accumulation or a price bottom. Meanwhile, spot Ethereum ETFs continued to see net outflows, with cumulative net withdrawals topping $1 billion from Oct. 1 to 22, data showed.

Crypto

Necta Group raises $5 million seed funding for HoneyB bitcoin yield platform

Necta Group, which develops the HoneyB bitcoin yield platform, has raised $5 million in a seed funding round. The Block reported that Portal Ventures led the investment, joined by Pier Venture Partners, Anchorage Digital Ventures, family offices and angel investors. Necta Group received the investment through a SAFE structure with token warrants on a one-to-one basis. HoneyB lets bitcoin holders borrow stablecoins against bitcoin and invest in assets including U.S. Treasuries.

Crypto

Blockchain Association urges U.S. Congress to overhaul crypto tax rules

The Blockchain Association urged U.S. lawmakers to overhaul digital asset tax rules, calling for exemptions for small transactions and for stablecoins to be treated as cash for tax purposes. It also sought taxation of mining and staking rewards when they are sold, and limits on broker reporting duties to intermediaries that custody or control customer assets. The group did not endorse specific legislation and said it would continue discussions as bills move forward.