The Daily: Bithumb mulls Nasdaq listing, CleanSpark CEO predicts bitcoin to peak near $200,000 this cycle and more

I hope you had a good weekend, folks. In today's Daily, South Korean crypto exchange Bithumb considers listing on the Nasdaq, CleanSpark's CEO predicts bitcoin will near $200,000 this cycle, the Ethereum ETH -2.36% Foundation's ether sales surpass $10 million in 2024 and more.

Meanwhile, the FTX estate will set aside up to $230 million for shareholders, not creditors, from government forfeiture proceeds.

Let's get started.

Bithumb mulls Nasdaq listing

Bithumb, South Korea's second-largest crypto exchange, said during a shareholders meeting on Monday that it is considering listing on the Nasdaq in the U.S., according to a local media report.

• Bithumb had reportedly been preparing for an IPO on South Korea's Kosdaq in the latter half of 2025, with Samsung Securities as its underwriter.
• However, regulatory challenges in South Korea may have influenced Bithumb to explore the Nasdaq option, the outlet reported, with a representative for the crypto exchange saying it was open to "all possibilities" on where to launch its IPO.
• South Korean regulators do not recognize cryptocurrencies as legitimate financial products, preventing the launch or trading of spot cryptocurrency exchange-traded products.
• Bithumb processed over $574 million in trading volume during the past 24 hours, while local market leader Upbit handled $1.95 billion.
• Bithumb did not respond to The Block's request for further comment.

CleanSpark CEO predicts bitcoin to peak near $200,000 within 18 months

CleanSpark CEO Zach Bradford said he expects bitcoin to peak at just under $200,000 this cycle , subject to macro events and other factors, in an interview with analysts at Bernstein.

• Bradford also sees November's U.S. presidential election impacting bitcoin's price but said it was less about who wins and more about the election being over, helping to reduce uncertainty.
• "I think we'll start seeing a meaningful push in bitcoin prices post-election through January, which should result in significant margin expansion for well-placed miners with efficient cost structures,” he said.
• While AI-diversifying Bitcoin BTC -3.46% miner stocks like Core Scientific, IREN and Terawulf have outperformed their pure-play rivals this year, Bradford argued that bitcoin-focused operators are currently underrated as mining infrastructure investment pays back more quickly.

Ethereum Foundation's ether sales surpass $10 million in 2024

The Ethereum Foundation sold another 100 ETH on Monday, taking the total ether it has sold this year beyond the $10 million mark , according to on-chain data posted by Lookonchain.

• Community members have recently criticized the foundation for its large ether transfers, urging greater transparency from the organization over its financial activities.
• Earlier this month, Ethereum Foundation researcher Justin Drake said it planned to release a financial report "relatively soon," and in his "limited personal understanding," the foundation spends around $100 million per year, holds around $650 million worth of funds in its main Ethereum wallet and has roughly a 10-year runway.
• Ethereum co-founder Vitalik Buterin recently explained the foundation's strategy is to spend 15% of its remaining funds annually, aiming for long-term sustainability.

Ethereum investment products break five-week negative streak

Global crypto investment products saw $1.2 billion in net inflows for the third consecutive week , driven by continued expectations of dovish U.S. monetary policy, according to CoinShares Head of Research James Butterfill.

• Bitcoin-based funds led as usual, registering $1.1 billion worth of net inflows, with U.S. spot Bitcoin ETFs again dominating.
• Meanwhile, Ethereum-based investment products broke a five-week streak of net outflows, adding $87 million last week, predominantly via the U.S. spot Ethereum ETFs.
• Conversely, Solana-based funds ended a five-week positive flow streak, witnessing $4.8 million in net outflows last week.

Trump-backed World Liberty Financial opens up KYC verification on website

World Liberty Financial, a "DeFi" project backed by the Trump family, has opened KYC verification on its website for pre-qualified participants amid plans to issue a non-transferable governance token called WLFI.

• "Due to outdated policies and regulations in the U.S., one whitelist is limited to accredited U.S. investors and another for all non-U.S. persons. We're fighting for changes so all Americans can access World Liberty Financial and join the financial revolution," the project said in a statement on Telegram.
• "I promised to Make America Great Again, this time with crypto. World Liberty Financial is planning to help make America the crypto capital of the world! The whitelist for eligible persons is officially open — this is your chance to be part of this historic moment," Donald Trump posted on X.

In the next 24 hours

• Eurozone CPI inflation data are released at 5 a.m. ET on Tuesday.
• U.S. FOMC member Raphael Bostic will speak at 11 a.m., followed by Thomas Barkin at 6:15 p.m.
• Mainnet continues in New York.

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