Bitcoin
IATSE Local 728 Becomes First Private-Sector Union To Invest In Bitcoin
IATSE Local 728, a 3,000-member chapter of The International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United States, Its Territories and Canada, has made history by purchasing its first Bitcoin investment, according to a press release sent to Bitcoin Magazine. This initiative, approved by an overwhelming majority of its membership, was executed with the assistance of Proof of Workforce, a nonprofit dedicated to helping unions adopt Bitcoin through education-based initiatives.
𝐉𝐔𝐒𝐓 𝐈𝐍:
IATSE Local 728 adds bitcoin to the balance sheet, potentially becoming the first private sector union in the U.S. to hold Bitcoin!
Local 728 is a 3k member chapter of the 170k+ union behind entertainment
Lights
Camera
!! pic.twitter.com/eL4c5kJCCz
— Proof of Workforce (@workforcebtc) March 13, 2025
IATSE Local 728 said it has long championed service, strength, and solidarity, and its decision to invest in Bitcoin aligns with its mission to fight for financial security for its members. “Today, we make history as the first private-sector labor union in the country to put Bitcoin on our balance sheet and hold it in self-custody,” the union stated. The effort was led by IATSE Local 728 Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, in collaboration with Proof of Workforce founder Dom Bei.
“IATSE Local 728 has led the entertainment industry in safety, technology, and training since 1939. Our members have been the proof of work behind the greatest productions in history—now, we’re bringing that same innovation to finance,” stated the IATSE Local 728 Bitcoin Advisory Board. “As the first private-sector labor union in the country to put Bitcoin on its balance sheet and hold it in self-custody, we are taking a stand for financial security and labor empowerment.”
“This is about protecting the value of our members’ labor. Bitcoin isn’t just an asset, it’s the most secure, decentralized financial network in the world, immune to manipulation and inflation. While governments print money and financial institutions strip workers of their wages, we are taking control. This isn’t a gamble. It’s a strategy. We are learning, building, and leading,” the union continued.
Beyond its own membership, IATSE Local 728 sees this move as a catalyst for a broader transformation within the labor movement. “For too long, unions have played defense in a system rigged against workers. That ends now. With Bitcoin, we aren’t just negotiating contracts, we are securing economic freedom. We are setting the standard. We are taking action. We are proving that unions don’t just fight for today, they build for the future.”
In addition to holding bitcoin on the balance sheet, a standing committee will be established to explore ways Bitcoin can provide long-term security for IATSE 728 members and their families. The committee will also help integrate the union’s support into the Bitcoin network.
Proof of Workforce praised IATSE 728’s leadership in adopting Bitcoin as a reserve asset, stating, “At Proof of Workforce, we understand that within every organization, exists someone who has discovered the true potential of Bitcoin. Our mission is to provide that person with the tools to introduce education-based and responsible adoption to their organization. IATSE Local 728 is a representation of the Proof of Work behind some of the best entertainment in the world. Their members work incredibly hard in motion picture and television lighting, ensuring the highest standards in the industry. They now have begun to explore an innovative network, aligned with the values and proof of work exhibited by its members. It’s now Lights, Camera, Bitcoin!”
As the first private-sector union to integrate Bitcoin into its financial strategy, IATSE Local 728 is setting a precedent that could inspire other private-sector unions across the country to follow suit.
Yesterday, Dom Bei announced he’s running for a a seat on the board of the California Public Employees’ Retirement System (CalPERS). Bei launched his campaign with massive endorsements, including California legislators and the city of Vancouver Mayor Ken Sim.
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The Ethereum-to-Bitcoin ratio has fallen to its lowest level in five years after a dismal Ethereum price performance. As investors try to wrap their heads around the grim metric, Taproot Wizards co-founder Eric Wall has explained the reason behind the steep drop.
Eric Wall Highlights Reasons For ETH/BTC Ratio Collapse
Taproot Wizards co-founder Eric Wall has identified a raft of reasons behind the decline of the ETH/BTC ratio in 2025. The cryptocurrency expert revealed the factors behind the falling ETH/BTC ratio in an X post, hinging the bulk of the blame on Ethereum’s recent price performance.
The ETH/BTC ratio slumped to a five-year low after Ethereum bucked the trend of following Bitcoin on a rally after the halving event. While Bitcoin price rose to cross the $100K mark, Ethereum price has tumbled below $2,000 to reach lows of $1,400.
For Wall, one factor affecting the ETH/BTC ratio appears to be Ethereum’s position in a competitive landscape. Since its launch, several blockchains have cropped up to snag market share from the largest altcoin, offering cheaper fees and faster processing times.
The cryptocurrency expert argues that the absence of a Saylor-like buyer for ETH is playing its role in the decline of the ETH/BTC ratio. Michael Saylor’s BTC purchases have contributed to the asset’s performance, but Wall argues that Ethereum does not have a consistent buyer.
Wall adds that Bitcoin and gold have evolved into wartime assets in the current macroeconomic climate, while ETH is considered a “peacetime asset.” Gold has surged to new highs, sparking optimism that Bitcoin will follow in the same path for a similar rally, while the Ethereum price continues its unimpressive run.
The Merge Is Not Responsible For The Ratio Decline
Eric Wall notes that Ethereum’s Merge event is not responsible for the ETH/BTC slump, contrary to popular sentiment. Ethereum migrated from Proof-of-Work to Proof-of-Stake in 2022, with the ETH/BTC ratio tanking since the Merge.
“The ETHBTC ratio did not go down because of The Merge,” said Eric Wall.
However, pseudonymous cryptocurrency analyst Beanie argues that the Merge is the primary reason for the price decline. Rebuffing the speculation, Wall opines that Ethereum’s layer 2 tokens triggered network fragmentation after botching the “asset value capture narrative,” affecting the ETH/BTC ratio.
“Ethereum also stagnated into a depressingly small number of defi primitives relative to what past expectations were,” added Wall.
Ethereum is flashing signs of brilliance after ETH trading volume spiked to $17.5 billion in less than a day. ETH prices are exchanging hands at nearly 1,800 after an impressive 12% rally that saw it outperform SOL and XRP
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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April has been a month of extreme volatility and tumultuous times for traders.
From conflicting headlines about President Donald Trump’s tariffs against other nations to total confusion about which assets to seek shelter in, it has been one for the record books.
Amid all the confusion, when traditional “haven assets” failed to act as safe places to park money, one bright spot emerged that might have surprised some market participants: bitcoin.
“Historically, cash (the US dollar), bonds (US Treasuries), the Swiss Franc, and gold have fulfilled that role [safe haven], with bitcoin edging in on some of that territory,” said NYDIG Research in a note.
NYDIG’s data showed that while gold and Swiss Franc had been consistent safe-haven winners, since ‘Liberation Day’—when President Trump announced sweeping tariff hikes on April 2, kicking off extreme volatility in the market—bitcoin has been added to the list.
“Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is,” NYDIG wrote.
Zooming out, it seems that as the “sell America” trade gains momentum, investors are taking notice of bitcoin and the original promise of the biggest cryptocurrency.
“Though the connection is still tentative, bitcoin appears to be fulfilling its original promise as a non-sovereign store of value, designed to thrive in times like these,” NYDIG added.
Read more: Gold and Bonds’ Safe Haven Allure May be Fading With Bitcoin Emergence
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It was quite the coincidence that the cryptocurrency market jolted back to life after Easter Sunday, with Bitcoin leading the way with more than a double-digit gain. While the price of BTC continues to hold above the critical $94,000 level, the premier cryptocurrency seems to be losing some momentum.
Unsurprisingly, investors appear to be increasingly confident in the promise of this recent rally, as significant amounts of BTC continue to make their way off major centralized exchanges over the past few days. Here’s how much investors have moved in the past few days.
Over 35,000 BTC Move Out Of Coinbase And Binance
In a Quicktake post on the CryptoQuant platform, crypto analyst João Wedson revealed that Binance, the world’s largest cryptocurrency exchange by trading volume, has seen increased activity over the past few days. The exchange netflow data shows that huge amounts of Bitcoin have been withdrawn from the platform in recent days.
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According to CryptoQuant data, a total of 27,750 BTC (worth $2.63 billion at current price) was moved out of Binance on Friday, April 25. This latest round of withdrawals represents the third-largest net outflow in the centralized exchange’s history.
The movement of significant crypto amounts from exchanges, which offer services like selling to non-custodial wallets, suggests a potential shift in investor sentiment and strategy. Large exchange outflows often signal increased confidence of holders in the long-term potential of an asset.
Wedson noted that the recent outflows do not guarantee a price rally for Bitcoin, but they do signal strong institutional activity, which is often a precursor for major volatility. Citing China’s crypto ban in 2021, the crypto analyst highlighted how massive exchange outflows didn’t prevent the dump.
At the same time, Wedson mentioned that the continuous Bitcoin outflows over several days, like during the FTX collapse, preceded a price bottom and the eventual market recovery. Ultimately, the online pundit hinted at paying close attention to the overall trend of the exchange netflow rather than a single-day activity.
Similarly, more than 7,000 BTC (worth approximately $66.5 million) have made their way out of the Coinbase exchange. According to the CryptoQuant analyst Amr Taha, this negative exchange netflow could be an indicator of increased institutional activity, as Coinbase is known as the primary crypto vendor for US-based institutions.
Taha said:
These large outflows typically suggest accumulation by institutions or large investors, potentially signaling bullish sentiment.
The analyst outlined that if the dwindling exchange reserves correlate with an increased spot demand or ETF inflows, a supply squeeze could be on the horizon, potentially pushing the price to the upside.
Bitcoin Price At A Glance
As of this writing, the price of BTC sits just beneath $95,200, reflecting an almost 2% increase in the past 24 hours.
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Featured image from iStock, chart from TradingView
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