Someone just moved $40M they forgot they had

Morgan Stanley is charging 50bps for crypto. A 2013 whale just moved $40M in BTC. And Solana just replaced its entire consensus layer — in testing. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monday, May 11, 2026 Why the TradFi takeover of crypto might not be the death blow analysts expect Morgan Stanley's E*Trade launch at 50 basis points — undercutting Coinbase, Robinhood, and Schwab — sent Bloomberg ETF analyst Eric Balchunas straight to X: "Crypto exchanges should be scared." By the time the dust settles, he said, it'll be "pretty dirt cheap to trade crypto everywhere." But crypto-native leaders pushed back hard. Kevin Lee of Gate called the framing U.S.-centric and oversimplified, arguing it doesn't capture the global evolution of the industry. The counterargument: most of crypto's volume, most of its products, and most of its users are still outside the U.S. — and TradFi's distribution advantage matters far less in markets where it doesn't have existing infrastructure. The fee war is real. The death blow is not. Read the full story → Markets A bitcoin whale that went silent in 2013 moves $40 million in BTC 500 BTC — acquired in November 2013 when bitcoin was trading under $100 and worth roughly $457,000 at the time — moved Sunday after more than 12 years of complete inactivity, now valued at $40 million. The destination is a fresh Bech32 address created the day before, with no known exchange affiliation. The transaction fee was just $8, a fraction of what a typical exchange inflow transaction costs, signaling non-urgent intent. CryptoQuant's Ki Young Ju called it plainly: "Classic OTC prep — low fees and non-CEX destination scream institutional." Lookonchain data shows 72% of comparable dormant whale moves in 2026 resolved as OTC transactions within 48 hours. If that pattern holds, the sell-side pressure lands off-book and the spot market barely notices. Read more → Tech The biggest consensus overhaul in Solana history is officially live for testing Alpenglow — Solana's complete replacement of its consensus layer — is now live on the community test cluster. Developed by Anza, the upgrade swaps out Proof-of-History and TowerBFT for two new protocols: Votor, which handles voting and finalization, and Rotor, which replaces block propagation. The result: finality drops from 12.8 seconds to 100–150 milliseconds, and by moving validator votes off-chain, roughly 75% of Solana's block space is freed for actual user transactions. The upgrade passed governance with 98.27% validator approval. Yakovenko said at Consensus Miami that mainnet is possible as soon as next quarter if testing continues smoothly — making this the most consequential technical milestone on Solana's roadmap since launch. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.