Kraken Drops LayerZero for Chainlink After $292M Kelp Exploit

Kraken replaced LayerZero with Chainlink CCIP for wrapped Bitcoin products following the $292M Kelp bridge exploit.

Bitcoin News

Ethereum (ETH) and the broader altcoin market have continued to trail Bitcoin (BTC) through the crypto market's recovery following a period of geopolitical tensions, and JPMorgan analysts say the gap is unlikely to close without concrete gains in network usage.

The findings come from a research note authored by analysts led by Managing Director Nikolaos Panigirtzoglou. The team said the underperformance trend that began in 2023 will persist unless Ethereum and other networks show measurable progress in decentralized finance (DeFi) activity and real-world applications.

ETF Flows and Futures Positioning Diverge

Spot Bitcoin exchange-traded fund (ETF) flows have recovered roughly two-thirds of previous outflows since the market decline. Spot ETH ETFs have recaptured only about one-third over the same period. CME futures data showed a similar divergence, with institutional Bitcoin exposure nearly fully restored while ETH futures remain below prior levels.

Momentum-driven traders, including commodity trading advisors and crypto quant funds, remain “slightly underweight” both assets. The analysts linked that positioning to a broad deleveraging event in October 2025 that has not fully reversed.