Crypto exchange Coinbase has announced it will suspend trading of Movement Labs’ native token effective May 15.

The decision was shared in a May 1 post on X, with Coinbase citing the token’s failure to meet its listing standards. According to CoinMarketCap, the MOVE token declined by 13.6% in the last 24 hours. Coinbase announced:

“Trading for MOVE will be suspended on Coinbase, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. We have moved our MOVE order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.”

The trading suspension follows an ongoing investigation into Movement Labs over an agreement that allegedly influenced the MOVE token price.

Source: Coinbase

This is a developing story, and further information will be added as it becomes available.

A group of developers within the Ethereum ecosystem, operating independently of the Ethereum Foundation, have announced Ethereum R1 — a layer-2 (L2) scaling solution for the Ethereum network that does not include a native token.

According to the announcement, the project relies entirely on donations, does not have venture funding, and does not have any pre-mined token allocations or a governance token. The project’s team wrote in a May 1 X post:

“General-purpose L2s should be commodities — simple, replaceable, and free from centralized dependencies or risky governance. Ethereum R1 is our answer to that call — the rollup grounded in credible neutrality, decentralization, and censorship resistance.”

“Most L2s today are acting more like new L1s than an Ethereum scaling solution — private allocations, opaque governance, and centralized control,” the developers continued.

The announcement points to increasing concerns within the Ethereum community regarding the current direction of many layer-2 scaling solutions, which some view as potentially misaligned with the interests of the base layer

Related: Ethereum community members propose new fee structure for the app layer

Ethereum’s L2-centric approach: unique value proposition or exploitation?

Ethereum’s Dencun upgrade in March 2024 significantly lowered fees for its layer-2 networks. By September, revenue on the Ethereum base layer collapsed by 99%.

As a result, transaction costs on the Ethereum network base layer dropped to a five-year low of roughly $0.16 per transaction in April 2025, due to a lack of demand for block space on the base layer.

Ethereum’s transaction fees are determined by demand and network traffic — higher demand and network traffic translate into higher fees for the base layer and more revenue.

Ethereum’s base layer revenue collapsed in Q1 2025. Source: Token Terminal

While critics continue to argue that this provides perverse incentives for layer-2 networks to grow at the expense of the base layer, protocols continue to argue that Ethereum’s many layer-2 networks are a feature, not a bug.

Anurag Arjun, co-founder of the unified chain abstraction solution Avail, told Cointelegraph that Ethereum’s layer-2 approach gives users a virtually unlimited number of high-throughput chains to choose from, as opposed to the singular one-size-fits-all approach employed by monolithic blockchain protocols.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

Bitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.

“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.

Corporations are coming for your bitcoin (feat. André Dragosch, Head of Research at Bitwise) #CHAINREACTION https://t.co/5F3cRWBHzq

— Cointelegraph (@Cointelegraph) April 30, 2025

Gold is currently the world’s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.

Top 10 global assets by market capitalization. Source: CompaniesMarketCap

Related: Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back

For the 2025 market cycle, Bitcoin may surpass $200,000 in the “base case” and $500,000 with more governmental adoption, Dragosch said.

“But once you see sovereign bias like the US government stepping in, all this will change to $500,000.”

“So the base case is $200,000, conditional on the US government not stepping in. If they step in, it will move closer toward $500,000,” said Dragosch, referring to the US government’s plan to potentially make direct Bitcoin acquisitions through “budget-neutral” strategies.

The US is looking at “many creative ways” to fund its Bitcoin investments, including from tariff revenue and by reevaluating the US Treasury’s gold certificates, creating a paper surplus to fund the BTC reserve without selling gold, Bo Hines of the Presidential Council of Advisers for Digital Assets said in an interview on April 14.

Related: Crypto sentiment recovers, but weekend liquidity risks remain

“Structural” ETF inflows, institutional adoption prolong Bitcoin cycle

The US-based spot Bitcoin exchange-traded funds (ETFs) have surpassed all expectations during their first year of trading, exceeding record trading volumes as BlackRock’s iShares Bitcoin Trust ETF became the fastest-growing ETF in history.

The first year is usually the “slowest” for ETFs, Dragosch said, highlighting the launch of the gold ETF:

“That alone implies that in the second and third year, we will see growing inflows. In terms of the four four-year cycle, implies that, this cycle will be prolonged by these structural inflows.”

The Bitcoin cycle may also be prolonged when US wirehouses start gaining exposure to Bitcoin and ETFs.

“In the US, the major distribution channels go via Wirehouses, which are essentially the big banks like Merrill Lynch or Morgan Stanley. […] Not even half of these wirehouses have opened up their distribution channels to US Bitcoin ETFs,” the analyst said.

Adoption from US wirehouses may bring a “huge amount of capital,” since these control over $10 trillion worth of customer assets, Dragosch added.

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