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BREAKING: JPMorgan brings JPM Coin, representing dollar deposits, to Ethereum

It's 11pm on a Sunday, the wire desks are shut, and a JPMorgan client can still send dollars to another company in seconds, over Ethereum.

The bank put JPM Coin on Ethereum's main network on Monday, nearly a year after launching it on Coinbase's Base network.

(JPM Coin is a deposit token, so each one is a dollar already sitting in a JPMorgan account, and only vetted institutions can hold it.)

When Citi and DBS settled a weekend payment in tokenized deposits last month, they did it over Swift's ledger, a network built for banks.

JPMorgan is taking the same kind of bank money onto a public blockchain, where about $50 billion already sits in crypto apps, DefiLlama data shows.

Emma Landriault, who runs Kinexys Labs, said the bank chose Ethereum because it has more liquidity than rival networks and clients already use it.

The bank expects crypto firms to use the token for payments, and financial institutions to settle tokenized trades and post collateral with it.

That puts JPMorgan up against stablecoin issuers, and Kinexys co-head Naveen Mallela has pitched deposit tokens as an alternative because they can pay interest.

Ethereum doesn't have the bank to itself…

JPMorgan said in January it would also bring JPM Coin to Canton, a privacy-focused blockchain built for financial markets.

It's working with Citi and other big banks on a shared tokenized-deposit network too, which could launch as soon as the first half of 2027.

Every JPM Coin transfer on Ethereum pays a small fee in ether, which adds a little demand for the coin without anyone having to invest in it.

Ether's still about half its peak at $2,400, but for now the world's largest bank by market value is moving dollars on its network. 🚀

Solana’s price collapsed. Its network didn’t.

While the chart looks ugly, the fundamentals tell a different story: dormant wallets are waking up, app revenue is climbing, stablecoin supply has hit $15B, and institutional ETF inflows remain strong. Lower inflation and the Firedancer upgrade are next.

Stop guessing the bottom. Our free Solana guide lays out the full thesis, key metrics and risks. Enter your email and it’s yours.

Get the Free Solana Guide

Fred Krueger reckons Bitcoin is about to walk into the two best months of its year.

He's a Stanford PhD mathematician, a former Wall Street prop trader and the author of "Bitcoin One Million: The Final Chapter of Fiat."

Here's what he posted:

His October record checks out against our own price history: three red Octobers since 2014, and never two in a row.

That streak's on the line, with Bitcoin down about 2% for the month after last October's loss.

Add last November's 17.5% drop and November's record is 8 green out of 13.

The bigger catch is which years did the heavy lifting…

Taking October and November together, Bitcoin rose in 7 of the last 12 years by our count, including a 136% run in 2017.

But in the three years after a cycle top (the peak of a four-year run, before a long slump), those same two months lost money every time, including 39% in 2018.

Bitcoin's last top was $126,080 in October 2025, which puts this year in that slot.

Krueger's answer is that 2026 isn't one of those years, and over the weekend he posted that a huge bull market started at this year's low.

Bitcoin's already about 40% above that early-July bottom, while in 2018 and 2022 these months were the last leg down to the floor.

So the calendar only works as a bull case if he's right about the cycle.

A green October and November after a cycle top would be a first, and the best evidence yet for his bull market 📅

Back to the ETF flow data, our weekly read on institutional appetite.

Green means money flowing in, red means it's heading out.

Both groups of funds finished in the red again last week, though the Bitcoin funds lost about a third as much as the week before.

US spot Bitcoin ETFs lost about $228 million across five sessions, after $679 million left the week before.

Three of the five days were red, and Wednesday was the worst at $261 million out.

BlackRock's IBIT led the exits at $165 million, while Fidelity's FBTC lost $60 million even after taking in $103 million on Tuesday.

Ether came off worse again.

The ether funds lost about $320 million, with four of the five sessions in the red.

BlackRock's ETHA accounted for $299 million of that, including $110 million on Wednesday.

That's about $1 billion out of the ether funds over three straight red weeks, well past the $690 million they took in just before.

Bitcoin's outflows shrank by two-thirds, but BlackRock's ether fund has now gone 14 sessions without a single day of inflows. 📊

Abandoned Bitcoin? Wallet Targeted by Noah Doe Lawsuit Moves $33 Million. The 2013 wallet moved 411.45 BTC on Sunday, one of 39,069 addresses a New York lawsuit claims are abandoned property.

Bitmine adds 12,535 ETH as treasury reaches 6.04 million tokens. The holdings equal 4.9% of Ether's 122.1 million supply, just short of the 5% level where Tom Lee says buying stops.

World Liberty’s USD1 stablecoin sheds $400M in market cap in two weeks. Supply fell from $4.43 billion on Oct. 6 to about $4.02 billion, driven by redemptions on Ethereum and BNB Chain, while the peg held.

U.S. CFTC rebuffs CME legal stance in consequential fight over perpetual futures. In a Friday filing the CFTC said CME lacks standing to sue, noting its crypto futures volume has risen since perps were allowed.

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Trivia Answer: That it holds enough assets to cover customer balances 🥳

A proof of reserves usually pairs a snapshot of the exchange's wallets with a Merkle tree of customer balances. Most big exchanges started publishing them after FTX collapsed in 2022, though a snapshot only shows assets and says nothing about the debts sitting against them.

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