Toscale Digest: Anthropic Revenue Surge, Illinois Tax Fight (6h)

Crypto markets are navigating a quiet liquidity window overshadowed by massive developments in the AI sector and regulatory shifts. Toscale observes that while macro data remains subdued, investor attention is heavily diverted toward Anthropic's financial disclosures and ongoing legal battles over digital asset taxation.

Anthropic has reported a 46% revenue jump to $16.8 billion in Q3, signaling profitability ahead of a potential November Nasdaq IPO with valuations up to $2 trillion Anthropic Q3 revenue jumps 46%. Simultaneously, the company confirmed it expects positive adjusted operating income for the quarter Anthropic profitability ahead of IPO. In regulatory news, crypto groups are urging a swift court review of the Illinois digital asset tax law, with a ruling possible as early as March 2025 Illinois digital asset tax challenge. Meanwhile, VanEck has withdrawn its SEC registration for the Lido Staked Ethereum ETF, ending the first US attempt at a Lido-linked fund VanEck withdraws Lido ETF. Altcoin activity includes Bitway [BTW] facing technical tests after a rally driven by $3.2M in short liquidations BTW rally faces test.

Calendar — past:

AU Consumer Inflation Expectations came in at 5.3% vs 4.9% prev. US IMF Meeting occurred with no specific data release.

Calendar — ahead:

AU Employment Change s.a. forecast 19.6K vs 39.5K prev. AU Unemployment Rate s.a. forecast 4.6% vs 4.6% prev.

Market read:

Liquidity is thin as markets digest the divergence between AI sector momentum and crypto regulatory uncertainty. The withdrawal of the VanEck Lido ETF highlights continued SEC hesitation on staking products, limiting near-term ETH upside catalysts. Illinois tax litigation introduces regional regulatory risk that could pressure altcoin adoption in key US jurisdictions. With no major US macro data in the immediate window, price action will likely follow AI equity flows and Bitcoin technical levels rather than fundamental crypto drivers.