Labour’s post-election honeymoon looks to be over as it faces pressure this week over winter fuel payments, releasing prisoners early, and the state of the NHS.
Two months after winning a historic majority, Sir Keir Starmer and his ministers have a busy week as they face pressure not just from other parties, but their own MPs.
A vote on winter fuel payments, the prime minister speaking at the TUC conference, prisoners being released early, the publication of a report into the NHS and Sir Keir’s trip to the US are all on the cards this week.
Monday will see Chancellor Rachel Reeves addressing Labour MPs at a Parliamentary Labour Party meeting, where she is expected to face concerns about removing the winter fuel payment from 10 million pensioners.
MPs will vote on Tuesday on whether to limit the winter fuel payment to those on pension credit, after the government announced its intention at the end of July.
Labour MPs will be told they must vote with the government, however several, particularly on the left of the party, have voiced their opposition to the cut.
It is understood they may abstain instead of voting against the government, after Sir Keir set a clear precedent by suspending seven MPs from Labour after they rebelled over the decision to keep the two-child benefit cap.
Sir Keir would not say if he would again suspend MPs for voting against the government, telling the BBC on Sunday: “That will be a matter for the chief whip.”
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‘Not remotely happy’ about cutting winter fuel
The prime minister will also address the Trades Union Congress (TUC) conference on Tuesday, where he is set to be questioned about the winter fuel payment cut and workers’ rights.
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Sharon Graham, head of the Unite union, told Sky News on Sunday that they want the government to “think again” and called for a wealth tax instead.
She said: “We are in crisis. The Tories left a mess. No one’s denying that. Labour is right about that, but the choices they make to clear it up are really important.
“If we said the top 50 families in Britain are worth £500 billion, why aren’t they being looked at?
“Why are you looking at pensioners who really don’t have any sort of type of money? That’s the wrong choice to make.”
Image: Rachel Reeves will try to allay concerns from Labour MPs about the winter fuel payment cut. Pic: PA
In a packed day for the government, Tuesday is also when the first tranche of prisoners will be released early under the Labour government as it tries to alleviate overpopulated prisons.
The Ministry of Justice admitted this week some serious offenders will be released early if they are serving a sentence for a lesser crime, having completed a sentence for a serious crime.
Reports on Saturday also claimed those serving time for common assault for being violent towards a partner would not be flagged as domestic abusers, so could be released early.
Sir Keir blamed the Conservative government for not building enough prisons, saying he was “forced into this”.
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Government ‘picking the pockets of pensioners’
Thursday will see the publication of a report into the state of the NHS by Lord Darzi, an eminent cancer surgeon and former Labour health minister.
The report has already had some sections released in summary, with children’s health and the progression of heart and circulatory diseases heavily criticised.
Sir Keir said the report showed the NHS was “broken” as he again hit out at the Conservatives’ “unforgivable” reforms.
To end the week, the prime minister will head to Washington DC for his second meeting with President Joe Biden since becoming prime minister.
On Sunday, Sir Keir denied the US was angry at the UK for suspending some arms sale licences to Israel and said they had spoken before and after the decision.
He said discussions with Mr Biden will focus on the next few months in Ukraine and the Middle East.
The debut of the Canary Capital XRP exchange-traded fund (ETF) is signaling renewed demand for altcoins, after the fund posted the strongest first-day performance of the more than 900 ETFs launched in 2025.
Canary Capital’s XRP (XRP) ETF closed its first day with $58 million in trading volume, marking the most successful ETF debut of 2025 among both crypto and traditional ETFs, said Bloomberg ETF analyst Eric Balchunas in a Thursday X post.
The new fund garnered over $250 million in inflows during its first trading day, surpassing the recent inflows of all other crypto ETFs.
Part of the reason behind the successful launch was the ETF’s in-kind creation model, according to ETF analyst Nate Geraci.
“A few people asking how it’s possible to have ‘only’ $59mil trading volume, but nearly $250mil inflows… The answer? In-kind creations, which don’t show up in trading volume,” wrote Geraci in a Thursday X post.
The in-kind redemption model enables the creation and redemption of ETF shares through the underlying asset, as opposed to cash-only transaction models. In this case, Canary Capital’s ETF shares can be exchanged for XRP tokens.
The US Securities and Exchange Commission (SEC) approved in-kind creation and redemption for cryptocurrency ETFs on July 29, Cointelegraph reported at the time.
SEC press release permitting in-kind creations and redemptions for crypto ETPs. Source: SEC
Smart money traders rotate into XRP longs after ETF debut
The launch of the ETF inspired a bullish rotation among the industry’s most successful traders, as tracked by returns and labeled as “smart money” traders on the crypto intelligence platform Nansen.
Smart money traders have added $44 million worth of net long XRP positions over the past 24 hours, signaling more upside expectations for the token.
Smart money traders top perpetual futures positions on Hyperliquid. Source: Nansen
The cohort was net long on the XRP token, with a cumulative $49 million, but remained net short on the Solana (SOL) token, with $55 million worth of cumulative short positions on the decentralized exchange Hyperliquid.
“XRP is holding near $2.30, showing relative stability but still feeling the effects of declining liquidity and cautious investor sentiment,” Ryan Lee, chief analyst at Bitget exchange, told Cointelegraph.
“For now, the setup looks like a healthy reset, not the end of the cycle, with both SOL and XRP well-positioned to lead the next wave once confidence snaps back.”
Spot Bitcoin ETFs saw $866 million worth of negative outflows on Thursday, their second-worst day on record, after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors.
The multibillion-dollar scam known as “pig-butchering,” once treated as a consumer-fraud issue, has crossed a new threshold and is prompting concerns over national security.
In a podcast, Chainalysis head of national security intelligence, Andrew Fierman, and former prosecutor Erin West, founder of cross-sector anti-scam nonprofit Operation Shamrock, discussed how pig butchering is becoming a threat to national security.
“So if anybody is touching money in any way, you’re part of this. So you need to be prepared to understand the threat and the gravity of what’s happening on a national security level,” West said, highlighting the importance of education and awareness in combating crypto scams.
A pig-butchering scam is a long-term fraud strategy in which criminals attempt to establish trust with a victim, often through romance or friendship, before steering them into a fake cryptocurrency investment platform and draining their funds.
The growing scale of pig-butchering scams
In the podcast, the duo discussed how fraud rings across Southeast Asia operate dormitory-style scam compounds where trafficked workers contact unsuspecting victims, foster trust through romance and then push them into fake crypto investments with the goal of draining funds.
In 2023, the US Department of Justice (DOJ) seized about $112 million in crypto linked to pig-butchering scams. In a February report, Chainalysis said that pig-butchering scams increased by almost 40% year-over-year in 2024, while overall crypto scam revenue exceeded $9.9 billion.
In addition, one under-reported area of pig-butchering is that victims are often hit twice. The duo said in the podcast that after the initial scam, victims sometimes received follow-up contact from fake recovery firms claiming to assist in recovering the money.
“Once this happens to you, you will be put on a list […] and you are even more likely to get hit up again,” West said.
Fierman and West said these scams have matured into a transnational crime model, blending human trafficking, money laundering and crypto rails, making them far more complex than your everyday fraud.
Fierman suggested that blockchain’s transparency offers an opportunity for regulators, exchanges and virtual asset service providers (VASPs) to disrupt the scams.
“One of the benefits of the blockchain, at least as the mechanism for this, is that there is potential opportunity for disruption if it’s enabled right,” he said. “And the transparency of the blockchain gives that opportunity to potentially disrupt at the point of cash out.”
How authorities are stepping in
With the scams having a much wider impact, governments are stepping in. On Nov. 12, the DOJ announced the formation of a “Scam Center Strike Force” to target Chinese-linked transnational criminal organizations behind crypto investment fraud in Southeast Asia.
Simultaneously, regional law enforcement departments are enforcing freezes and sanctions to combat the issue. On Aug. 27, law enforcement in Asia Pacific (APAC) collaborated with Chainalysis, OKX, Tether and Binance to freeze $47 million in pig butchering funds.
The strategy is not simple, but it is clear. This is to disrupt the on-ramp and off-ramp points for scammers, sanction the facilitators and build private-public partnerships.
“My advocacy about transnational organised crime has been consistently: Use every tool in our arsenal. Sanctions, indictments, diplomatic pressure,” West said.
Like many scams, there are ways to spot a pig-butchering scam. The scam often involves manipulating feelings, which means someone expressing strong feelings for you too quickly through online channels, especially without meeting, may be a scam.
It becomes more suspicious if whoever you’re in touch with refuses to share personal information or professional credentials.
One of the main signs it’s a pig-butchering scam is when the person starts asking for money, even if they claim it’s for an emergency.
This also takes the form of risk-free investments and easy money, often showing fake screenshots of massive profits to convince their victims to invest.
Demand for Bitcoin and crypto-linked investment funds continued to decline Thursday, despite the long-awaited end of the 43-day US government shutdown.
US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw $866 million in net outflows on Thursday, marking their second-worst day on record after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors.
This marked the second consecutive day of outflows for the Bitcoin ETFs, as the end of the 43-day US government shutdown failed to reignite investor appetite.
The $866 million outflows occurred a day after President Donald Trump signed a government funding bill on Wednesday. The bill provides funding until Jan. 30, 2026.
Bitcoin ETF flows (in USD, million). Source: Farside Investors
The lack of ETF demand is causing significant concerns among crypto investors, as these funds were the primary drivers of Bitcoin’s momentum in 2025, alongside Michael Saylor’s Strategy.
However, Bitcoin’s bull market is still intact until the price falls below the key $94,000 level, or the average cost basis of investors who bought Bitcoin in the past six to 12 months, according to Ki Young Ju, founder and CEO of crypto intelligence platform CryptoQuant.
“Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” wrote Ju in a Friday X post.
Other industry watchers argued that the four-year cycle theory is no longer relevant, given the introduction of Bitcoin ETFs and the new US administration.
“Since the launch of the Bitcoin ETFs and new administration, we’ve entered a new market structure,” wrote Hunter Horsley, the CEO of asset management firm Bitwise, in a Thursday X post.
“I think there’s a pretty good chance that we’ve been in a bear market for almost 6 months now and are almost through it.”
“The setup for crypto right now has never been stronger,” Horsley added.
“Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL’s $57m,” wrote Bloomberg ETF analyst Eric Balchunas in a Thursday X post.
“The two of them are in league of their own, tho as 3rd place is over $20m away,” he added.
As for the other crypto funds, Ether (ETH) ETFs logged $259 million in outflows on Thursday, but the Solana (SOL) ETFs received $1.5 million in inflows, extending their 13-day winning streak, according to Farside Investors.