Wall Street moves deeper into crypto

BTC, ETH, and SOL surged yesterday, with the crypto market cap rising 8% to $2.5 trillion. Speculation circled that the rally coincided with a pause in daily selling pressure every day at 10 a.m. EST. The culprit people are pointing to? Jane Street. The accusations are that following the lawsuit filed against Jane Street for allegedly using non-public information to front-run trades during the Terra-Luna collapse this week, the firm stopped the selling pressure. Bloomberg analyst Eric Balchunas noted the sentiment shift: "The bogeyman is gone." To be clear, there is no public evidence Jane Street was systematically selling bitcoin at a fixed time. Read more →

Renowned blockchain investigator ZachXBT published a report today alleging that employees at crypto trading platform Axiom used internal tools to access private wallet data and discussed profiting from trades, including a plan to help a colleague earn $200,000. Axiom, founded in 2024 and backed by Y Combinator, acknowledged the misconduct and removed employee access to internal tools. ZachXBT noted the company's access controls were unusually permissive and suggested the case could fall within U.S. jurisdiction. Read more →

We missed covering this, but found it worthy of circling back on. Last week, Apollo Global Management (APO) struck a deal with Morpho to support onchain lending markets for the first time in history. In the deal, Apollo can acquire up to 90 million MORPHO tokens over four years, giving the $938 billion asset manager roughly 9% of the decentralized lending protocol's governance token supply.

The move reflects Wall Street's accelerating push into crypto infrastructure including:

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