Cointelegraph

The Dogecoin Foundation’s corporate arm has partnered with Paxos to integrate DOGE across its brokerage and custody infrastructure, potentially expanding access to the memecoin through regulated financial channels.
According to a Monday announcement, Dogecoin (DOGE) will become available through Paxos’ brokerage and custody platform, allowing the company’s fintech, payments and institutional clients to evaluate support for the memecoin.
Paxos provides crypto infrastructure for several major fintech and brokerage platforms, including PayPal, Venmo, Interactive Brokers and Mercado Libre.
The partnership does not mean those companies will automatically offer DOGE trading or custody services. However, it makes the asset available for Paxos clients to evaluate and potentially integrate into their own product offerings.
Whether the partnership translates into meaningful adoption remains to be seen. Although Dogecoin remains the largest memecoin by market capitalization -- $15.53 billion per CoinMarketCap data -- and has historically exhibited a strong correlation with broader crypto market sentiment, institutional demand for the asset still trails that of Bitcoin (BTC) and Ether (ETH).
There are signs that institutional interest is gradually expanding. In January 2025, Grayscale launched the Grayscale Dogecoin Trust, a private investment vehicle for accredited investors seeking exposure to DOGE.
Asset manager 21Shares was also approved to list its Dogecoin ETF in the United States earlier this year.
Dogecoin market capitalization, 2014-present. Source: CoinMarketCap
Related: Crypto Biz: Institutions tighten their grip on Bitcoin, AI and prediction markets
Crypto investment products face sustained outflows
The Paxos DOGE launch comes amid clear signs of subdued market appetite for digital assets across institutional and retail circles. Crypto exchange-traded products recorded $1.67 billion in net outflows last week, marking the third consecutive week of withdrawals, according to CoinShares. Total outflows over that period reached $4.21 billion.
The pullback reflects a broader risk-off sentiment across parts of the market, with investors weighing concerns around inflation, energy prices and ongoing geopolitical tensions in the Persian Gulf.
Although investors have rotated back into risk assets such as AI and semiconductor stocks, demand for digital assets has remained subdued. CoinShares head of research James Butterfill said the trend may partly reflect a lack of progress on the CLARITY Act, a proposed US market structure bill for digital assets.
Crypto ETPs record another week of substantial outflows. Source: CoinShares
Separate data from blockchain intelligence company TRM Labs points to a slowdown in retail adoption. In April, TRM reported that global crypto adoption declined 11% in the first quarter, suggesting weaker participation despite continued institutional engagement in select areas of the market.

US Senate consideration of the Digital Asset Clarity (CLARITY) Act is likely to resume as members reconvene this week after an extended Memorial Day holiday.
Many US lawmakers and crypto industry leaders are pushing for consideration of the CLARITY Act, a crypto market structure bill introduced by Republicans and passed by the House of Representatives in July 2025.
The bill, expected to give more authority to the federal commodities regulator over digital assets, passed two crucial committees before the one-week break. It has been debated in Congress amid pushback from industry and banking representatives over stablecoins, tokenized equities and other issues.
“This will be actually the biggest financial regulatory bill that Congress has done in quite some time, certainly since Dodd-Frank,” Coinbase chief policy officer Faryar Shirzad said in a Monday Fox Business interview, referring to a 2010 law in response to the 2008 financial crisis.
Coinbase chief policy officer Faryar Shirzad. Source: Fox Business
JPMorgan CEO Jamie Dimon said on Friday that the banking industry would not accept the CLARITY Act as written, arguing that the bill allows crypto companies to pay interest on user deposits and stablecoin balances.
This week, lawmakers in the Senate will have the opportunity to start consolidating the versions of market structure passed by the agriculture committee in January and banking committee in May, creating legislation that some in the chamber expect will be up for a vote by August.
White House crypto adviser Patrick Witt said in May that officials were setting a target for the US’ Independence Day holiday, but it was unclear whether the bill would be ready for a vote amid pushback over ethics.
US Senator Kirsten Gillibrand said in May that “there will be no one voting for this bill if we don’t have an ethics provision.” Lawmakers in the banking committee did not take up consideration of amendments that would have addressed ethics and conflicts of interest, with some Republicans saying that the issue was a matter for the full Senate.
Should a consolidated bill reach the Senate floor in a matter of weeks, the Republican-led chamber would still need some support from Democrats to meet the 60-vote requirement to pass the legislation and return it to the House and potentially the president’s desk. Some lawmakers, including Senator Elizabeth Warren, have called out US President Donald Trump’s ties to the crypto industry in debate on CLARITY, based on his memecoin, his family’s crypto business World Liberty Financial and other conflicts as an elected official.
More than $1.1 million has been wagered on Polymarket on the likelihood of the law's passage this year, with the prediction market showing a 55% chance of that happening, at last look on Monday.
Source: Polymarket
GENIUS Act comment period ending
On Tuesday, the US Treasury Department, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN) and Treasury’s Office of Foreign Assets Control will close for public comments on the GENIUS Act, a stablecoin payments bill signed into law in July 2025.
Although at least one banking group has requested that the government agencies extend the comment period, the Tuesday deadline is expected to mark the next step in GENIUS’ implementation. According to the bill, it will go into effect 18 months after enactment or 120 days after regulators issue final rules.
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

Bitcoin's realized volatility has fallen to 17.2%, one of its lowest levels in recent months. Multiple Bitcoin analysts have said that long periods of price compression, alongside declining volatility, have historically preceded double-digit rallies.
Bitcoin realized volatility is down 56% in Q2
Bitcoin researcher Axel Adler Jr. said that BTC’s one-week realized volatility, smoothed over a 30-day period, has fallen to 17.2% from 39% this quarter, a 56% decline.
Bitcoin realized volatility (one-week). Source: CryptoQuant
The realized volatility, which measures how much the price has actually moved over a given period, sits well below its long-term median of 40%. Adler explained that such volatility compression may lead to a major price move.
However, the metric does not indicate direction. Instead, it measures how much momentum is building while the price movement slows.
The long-term volatility gauges tell a similar story. Three-month realized volatility has fallen to 80% from 109% since early April, while six-month realized volatility declined to 127% from 148%.
The drop across multi-time-frame volatility measures indicates that price movement has become compressed, a condition that may precede larger market moves.
Bitcoin three- and six-month realized volatility. Source: CryptoQuant
The network valuation data adds another layer. The Bitcoin growth rate metric, which compares market capitalization growth to realized capitalization, has remained negative for more than six months. The delta, or 365-day moving average, recently slipped to -0.0013, indicating that BTC’s market value is growing more slowly than its realized value.
Adler said that the data points to a cooling market. Bitcoin's price is not rising as quickly as the capital flowing into the network, suggesting investors are becoming more cautious amid reduced market volatility.
Bitcoin growth rate based on market cap and realized cap. Source: CryptoQuant
Related: Bitcoin price targets $78K as BTC holders defend 'strongest near-term support'
Bitcoin enters a “tug-of-war” phase, says analyst
CryptoQuant analyst Maartunn said Bitcoin has spent 114 days trading within a broad range of $60,000 and $80,000, while the Bitcoin volatility index has dropped toward multi-month lows near 0.90.
According to Maartunn, similar periods of compression have historically preceded 10% to 20% moves once the price range breaks.
BTC price and volatility index analysis by Maartunn. Source: X
MN Capital founder Michael van de Poppe remained bullish on BTC, stating the current area as a key support zone. Van de Poppe said,
“If history repeats itself, that means that we're going to see two great weeks of upwards momentum for Bitcoin and the end of this correction. It's a crucial support zone for Bitcoin, which needs to hold in order to prevent a test at $61,000 to happen.”
Meanwhile, CryptoQuant analyst Amr Taha pointed to a growing split in market behavior. Binance’s 30-day Bitcoin inflows rose by roughly $5.6 billion since April across both retail and whale cohorts. Retail inflows increased by $3.6 billion, surpassing the $2 billion rise from whale wallets.
At the same time, wallets holding between 1,000 and 10,000 BTC accumulated 55,450 BTC on May 30, marking their strongest accumulation activity since February. Taha added,
“For Bitcoin, this points to a tug-of-war phase. Exchange inflows are increasing, which may create near-term selling pressure, but large wallet accumulation is also returning, which could provide underlying support if demand remains strong.”
Related: Trump says Iran will ‘work out well’: Five things to know in Bitcoin this week

Anchorage Digital launched a settlement platform that allows institutions to trade on crypto venues while keeping assets in custody at its federally regulated bank, which it said will help manage counterparty and operational risks.
According to Monday’s announcement from the company, Coordinated Multiparty Settlement (CMS) connects trading venues, prime brokers and institutional clients through a shared settlement layer while keeping assets at Anchorage Digital Bank throughout the trade lifecycle.
Anchorage said CMS verifies funding obligations and coordinates settlement across participants, reducing the number of asset transfers needed to complete trades. The company said the system is designed to reduce the need for pre-funded exchange accounts, a common practice in crypto markets.
In a Monday X post, Anchorage said much of crypto trading still takes place on offshore platforms where "a single platform acts as exchange, custodian, and settlement agent" and client assets are often commingled and titled to the exchange.
Source: Anchorage Digital on X.com
Under the CMS model, prime brokers manage client balances and credit relationships, trading venues act as matching engines and Anchorage provides custody and settlement services.
The rollout will begin with foreign exchange trading platform Spotex, which Anchorage said processes billions of dollars in daily volume, with additional venue integrations under development.
Institutional trading infrastructure continues to evolve
Financial institutions and digital asset companies are fast expanding infrastructure for tokenized assets and institutional trading, with the Canton Network emerging as one focal point for those efforts as firms explore blockchain-based settlement.
In December, DTCC partnered with Digital Asset and the Canton Network to support the tokenization of DTC-custodied US Treasury securities, with plans to expand the initiative to additional asset classes. Two months later, Fireblocks integrated the network, enabling banks, custodians and asset managers to custody and settle assets on a blockchain built for regulated financial markets.
Banks are also investing in digital asset custody and market infrastructure. In May, Standard Chartered agreed to acquire Zodia Custody while spinning out Zodia Solutions, a standalone platform serving institutional digital asset clients. The transaction consolidates the bank's custody operations while creating a separate company focused on services for financial institutions.
Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves

A group of lawmakers within Japan’s Liberal Democratic Party (LDP) are seeking reforms to the country's cryptocurrency taxation system, as well as support for initiatives for the development and adoption of yen-denominated stablecoins.
According to a Monday Nada News report, the LDP’s Parliamentary Association for the Promotion of Blockchain delivered recommendations to Finance Minister Satsuki Katayama, including provisions on stablecoins, exchange-traded funds (ETFs), central bank digital currencies (CBDCs), and applications for blockchain technology.
The document proposes doubling the leverage cap for retail cryptocurrency derivatives trading and establishing a framework for ETFs tied to digital assets.
Katayama reportedly responded to the proposals by saying Japan “must move forward without falling behind global developments,” referencing crypto legislation and frameworks in the United States.
“We must advance initiatives to expand on-chain finance across Asia — including the development and adoption of yen-denominated stablecoins,” LDP member Junichi Kanda said at a Monday press conference.
Finance Minister Satsuki Katayama (second from left) in a December 2024 meeting on Promotion of a Digital Society. Source: LDP
The recommendation came about two months after the Japanese government approved changes to allow classification of crypto assets as financial instruments rather than solely as a method of payment. The country’s financial watchdog, the Financial Services Agency, also reportedly planned to amend its regulatory framework to allow crypto ETFs.
Japan’s potential entry into the global $320 billion stablecoin market, now dominated by tokens pegged to the US dollar, comes after US lawmakers enacted legislation for a payment stablecoin framework, the GENIUS Act. According to an April report from the Bank for International Settlements, the market capitalization of Japanese yen-denominated stablecoins was less than 0.01% of US dollar-pegged coins.
Source: Pexels
Polymarket reported eyeing Japanese market
Prediction markets platform Polymarket, already facing regulatory scrutiny in the US amid state-level lawsuits and while supported at the federal level, was reportedly looking at approval to operate in Japan by 2030. Japan’s strict laws covering online and in-person gambling could prove a challenge for the company.
Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

Shares of Michael Saylor’s Strategy fell Monday after the company disclosed its first Bitcoin sale since adopting a “never sell” philosophy, prompting fresh scrutiny of the corporate Bitcoin treasury model.
Nasdaq-traded MSTR stock was down more than 6.5% to start off the week before paring back some of that decline by early afternoon on Monday.
Although short-term price action rarely determines broader trends, Strategy’s sale of 32 Bitcoin (BTC) last week challenged the long-held perception that the company would only accumulate BTC and never liquidate its holdings, according to digital asset research and advisory firm Delphi Digital.
“The market learned that Strategy is no longer read as a pure one-way accumulation vehicle,” Delphi Digital said in a Monday commentary.
Instead, investors may increasingly view the Tysons Corner, Virginia-based business as a leveraged corporate treasury company whose decision-making is shaped not only by its Bitcoin holdings but also by preferred-share dividends, market-to-Bitcoin net asset value (mNAV) dynamics, equity issuance and broader balance-sheet considerations.
The shift has reframed the debate around Strategy’s role in the Bitcoin market. Rather than asking whether the company can sell Bitcoin, investors are now evaluating how to price a company whose BTC reserves may serve as a source of liquidity when financial obligations or capital-management needs arise.
“The old ‘never sell’ meme is now broken in practice, not just in conference call language,” Miami Beach, Florida-based Delphi said.
While the sale represented only a tiny fraction of Strategy’s Bitcoin holdings, Delphi said its significance lies in what it signals about the flexibility of the company’s treasury strategy and its potential impact on Bitcoin market dynamics.
Related: Bitcoin treasury space still has fair share of ‘carnival barkers’: BSTR founder
Strategy says sale supports shareholder value, not shift away from Bitcoin
Despite criticism from some market participants, Strategy executive chairman Michael Saylor framed the sale as part of a broader effort to support STRC, the company's yield-bearing preferred stock that offers investors income backed by Strategy's Bitcoin holdings.
According to Saylor, the move reflects a more active approach to balance-sheet management aimed at maximizing shareholder value and improving the company's Bitcoin-per-share metric — a key measure that tracks how much BTC backs each fully diluted share.
Source: Michael Saylor on X.com
Saylor hinted at the strategy in May, suggesting that selectively managing the company’s Bitcoin holdings could help optimize returns for shareholders. Strategy CEO Phong Le also said selling Bitcoin near the company's cost basis could reduce potential tax liabilities associated with STRC, benefiting investors in the income-focused security.
The average cost of the company's holdings is $75,701 per BTC, according to Iceland-registered StrategyTracker.com.
The sale does little to alter Strategy’s broader Bitcoin treasury portfolio. The company remains the world's largest corporate Bitcoin holder by a wide margin, with more than 843,000 BTC on its balance sheet, according to BitcoinTreasuries.NET.
Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools
The world’s largest public Bitcoin holders. Source: BitcoinTreasuries.NET

Bitwise completed its takeover of Superstate's Crypto Carry Fund (USCC), giving the asset manager control of a tokenized investment vehicle that uses market-neutral crypto trading strategies to generate yield.
Bitwise said on May 7 it would assume management of the fund from Superstate as the infrastructure company shifted its focus toward FundOS, its tokenized fund platform.
The fund is available to qualified purchasers and seeks to generate yield through crypto cash-and-carry trades, a strategy that captures the premium between cryptocurrency futures and spot prices. It retains the USCC token ticker and existing smart contracts following the transition.
According to Bitwise, the fund held approximately $259 million in assets under management as of May 29 and reported around a 4% yield. Fund disclosures show the portfolio includes a mix of cash collateral, tokenized Treasurys exposure and crypto assets, including staked Solana (SOL), EtherFi's wrapped Ether (eETH) and XRP (XRP).
Superstate's website shows USCC shares are supported on DeFi protocols including Aave, Kamino and Morpho for borrowing and lending activities.
Bitwise, a San Francisco-based crypto asset manager founded in 2017, said it manages approximately $11 billion in client assets across ETFs, private funds, separately managed accounts and staking products.
Bitwise Crypto Carry Fund. Source: Superstate
Tokenized active-strategy funds see rapid growth
The takeover comes amid rapid growth in tokenized active-strategy funds, a category that includes funds tied to crypto carry trades, index strategies and volatility-focused products.
RWA.xyz data shows tokenized active-strategy funds grew from roughly $449 million in assets in June 2025 to about $1.38 billion by the end of May 2026, an increase of more than 200% over the 12 months.
Source: RWA.xyz
The category's largest products include the EU-traded Spiko Amundi Overnight Swap Fund, with roughly $428 million in distributed value, the Mantle Index Four Fund with about $134 million and the Sailing Investment Limited Partnership Fund with around $105 million.
Asset managers are also bringing actively managed crypto strategies to the exchange-traded fund (ETF) market. In March, T. Rowe Price amended plans for an actively managed crypto ETF that would be permitted to invest directly in digital assets including Bitcoin (BTC), Ether (ETH), Solana and XRP.
The following month, Goldman Sachs filed to launch an actively managed Bitcoin income ETF that would generate yield by selling options tied to spot Bitcoin exchange-traded products.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

An early Ether (ETH) investor sold their ETH holdings over the past week as the price headed toward $2,000, sparking fears of further losses. However, onchain data tells a different story as traders speculate where ETH/USD might bottom.
Key takeaways:
An early Ethereum whale sold $136 million in ETH, adding pressure as Ether trades below the $2,000 level.
Onchain data shows no evidence that older ETH investors are selling en masse.
Analysts warn the ETH price could fall further toward the $1,500 support.
Ethereum OG whale sells $136 million ETH
An old Ethereum whale, an early investor holding tokens since the network’s first years, sold 55,000 ETH worth about $112.25 million and 9,442 ETH worth roughly $24 million over the past week.
The early Ether investor offloaded a combined $136 million at an average price of $2,041 per ETH, according to blockchain data tracker Lookonchain.
Selling by an old ETH wallet. Source: Lookonchain
However, this does not appear to be part of a wider trend, as an analysis of Ethereum’s supply, based on “HODL waves," reveals that a significant portion of Ethereum supply remains unmoved on various time frames. In fact, the share of the supply by older holder cohorts has generally increased over the past year.
More recently, the 3m-6m investor cohort saw a notable reduction in supply, which has dropped to 9% from 13.5% on May 19. The 1w-1m holder cohort has also seen its supply holdings drop to 2.6% from 4.76% over the same period. This suggests that most of the supply changing hands is being done by short-term holders.
Ethereum: HODL Waves. Source: Glassnode
In fact, supply held by the 5y-7y investor cohort has increased slightly to 9% from 8.59% on May 19.
Moreover, the chart below shows that the supply last active 5-7 years ago has only seen a modest rise in recent weeks and is well below the activity seen in 2022 when ETH price bottomed below $1,000.
ETH: Total supply last active 5 years to 7 years. Source: Glassnode
Except for several significant players announcing that they have sold a part or their entire ETH holdings recently, there's no real broad trend to support the argument that Ethereum OGs are selling en masse.
Ether price drop to $1,500?
Since Thursday, ETH/USD has been oscillating around the $2,000 psychological level as traders braced for more price downside.
At the time of writing, ETH is trading at $1,980, down 2% over the last 24 hours and 6.5% on the week.
“This doesn't look good for Ethereum,” analyst Alex Marzell said in an X post on Sunday adding:
“Momentum continues to favor the bears as $ETH moves closer to the next key support area.”
ETH/USD daily chart. Source: X/Marzell
Marzell was referring to the crucial support around $1,800, which analysts say must hold to avoid a deeper correction.
Fellow analyst Merlijn The Trader said that the ETH/USD price action is “mapping perfectly onto a Wyckoff Accumulation structure,” as shown on the three-day chart below.
The analyst explained that ETH is currently in a “Phase B consolidation, post-selling climax” and was entering Phase C, where it would bottom below $1,500.
ETH/USD three-day chart. Source: Merlijn The Trader
Another analysis by Echo Analysis said a bear flag breakdown projected ETH price drop toward $1,500 support.
ETH/USD daily chart. Source: Echo Analysis
As Cointelegraph reported, increasing supply on exchanges and declining ETF demand put ETH at risk of another leg down toward the $1,500-$1,700 demand zone.

Hyperliquid’s native token, HYPE, has rallied more than 30% in five days to a record high near $74, with a bullish chart breakout now pointing to a potential move above $100.
HYPE/USD daily chart. Source: TradingView
Key takeaways:
HYPE has broken out of a bull pennant pattern, putting its measured upside target near $105.
Hyperliquid has become the second-largest blockchain by app revenue on a 30-day rolling basis.
HYPE bull pennant hints at rally toward $105
Hyperliquid’s rally may have further room to run after HYPE broke out of a textbook bull pennant pattern.
The setup developed after HYPE’s sharp late-May rally formed the pattern’s "flagpole," followed by a brief consolidation inside a symmetrical triangle. During this pause, the token printed lower highs and higher lows, showing tightening volatility before the next directional move.
HYPE/USD daily chart. Source: TradingView
In technical analysis, bull pennants typically resolve when the price breaks above the upper trend line. Traders then estimate the upside target by adding the flagpole’s height to the breakout point.
Over the weekend, HYPE moved above the triangle’s upper boundary on rising volume, suggesting stronger conviction behind the breakout. If the pattern plays out as intended, the price could climb toward its measured target near $105.30 by June or July, about 45% above current levels.
However, momentum is becoming stretched. HYPE’s relative strength index was above 77 on Monday, placing it in overbought territory and raising the odds of a brief consolidation or correction.
If profit-taking accelerates, HYPE could retest its 20-day exponential moving average near $58.32 in June. A decisive break below that level would weaken the bullish setup and risk invalidating the pennant breakout.
Hyperliquid futures show a strong bullish bias
Derivatives market data adds another bullish layer to HYPE’s technical breakout.
Hyperliquid’s open interest has climbed to a record $3.5 billion, up from about $1.41 billion at the beginning of the year, according to Coinglass data. The sharp rise shows that more leveraged capital is entering HYPE markets as it pushes into price discovery.
Hyperliquid open interest. Source: CoinGlass
HYPE’s open interest-weighted funding rate stood near 0.0050% every eight hours as of Monday and has remained positive through most of the latest rally.
Hyperliquid OI-weighted funding rates. Source: CoinGlass
That means long traders have been paying short traders to keep their perpetual futures positions open, a sign that leveraged demand has leaned bullish. While not extreme, the consistently positive funding rate points to a clear upside bias in HYPE’s derivatives market.
Meanwhile, short sellers have taken the bigger hit during the latest rally.
Since May 20, HYPE has seen about $126.28 million in short liquidations, compared with $68.85 million in long liquidations.
Hyperliquid total liquidation chart. Source: CoinGlass
That imbalance suggests bearish traders have been forced to close positions as the price moved higher, creating a "short squeeze."
Further gains in HYPE could put more shorts at risk of liquidation, forcing more buybacks and potentially accelerating the move toward the $100–$105 target zone.
Hyperliquid surpasses Ethereum in monthly app revenue
HYPE fundamentals are also leaning bullish.
Hyperliquid has overtaken Ethereum to become the second-largest blockchain by app revenue on a 30-day rolling basis, generating $57.9 million, according to DefiLlama.
Top revenue-generating protocols. Source: DefiLlama
The chain routes 99% of its protocol fees to its Assistance Fund, which buys HYPE on the open market. That buyback mechanism has become a core part of the bullish investment case for the token, as higher trading activity can lead to stronger recurring demand for HYPE.
The broader backdrop for perpetual futures has also improved.
On Friday, the CFTC recognized perps as useful tools for price discovery and risk management, helping legitimize the market that sits at the center of Hyperliquid’s business model, even if the protocol is not a direct beneficiary.
HYPE has rallied roughly 25% since the CFTC update.
The launch of US-listed HYPE exchange-traded funds (ETF) may also help fuel the rally.
US Spot HYPE ETF net flows. Source: SoSoValue
Since their May 12 debut, HYPE funds from Bitwise and 21Shares have attracted a combined $122.2 million in net assets, according to SoSoValue, pointing to early institutional demand for exposure to the digital token.

The hacker behind the $293 million Kelp DAO exploit has laundered nearly all of the unfrozen stolen funds, or about $220 million, in just six weeks, according to Arkham data and onchain analysts.
The Kelp DAO hacker-tagged wallet appears to have laundered nearly all the stolen funds, with just $1.7 million remaining traceable in the wallet, according to blockchain data provider Arkham. The malicious actor drained 116,500 Kelp DAO restaked ETH (rsETH) on April 18, pushing the total amount stolen from crypto hacks to $630 million for April.
The funds were laundered in two layers: bridging to Bitcoin using crypto mixer Wasabi and then returning to Ethereum before withdrawing and depositing via mixing protocol Tornado Cash, according to onchain analyst Specter.
The laundering activity may significantly reduce the chances of recovering the remaining unfrozen funds.
An additional $71 million was frozen by Arbitrum’s Security Council on April 21. A governance proposal and a US court order previously approved the transfer of the frozen funds to an Aave-controlled multi-signature wallet for the rsETh recovery effort. The next hearing on the ownership claims tied to the frozen funds is set for Friday in New York, court documents show.
Kelp DAO Hacker-tagged wallet, total balance. Source: Arkham
The development comes a week after Kelp DAO said it restored its restaked Ether token as part of a five-week recovery effort, after the final tranche of 20,373.7 rsETH tokens was sent to the LayerZero smart contract responsible for locking, minting, burning and releasing rsETH during cross-chain transfers, Cointelegraph reported Tuesday.
Crypto hacks decrease by 90% in May, but DeFi security concerns persist
Cryptocurrency hacks logged a significant decrease during May, but it wasn’t enough to soothe the growing concerns tied to the security of the decentralized finance (DeFi) industry.
Losses from cryptocurrency exploits fell to $68.3 million in May, marking a near 90% decline from the amount lost in April, according to crypto security platform CertiK. About $2.6 million was attributed to phishing attacks, while a total of $9.4 million was successfully recovered or returned.
Crypto exploit losses in May reached $68.3 million. Source: CertiK
Still, the $293 million Kelp DAO exploit triggered wider concerns about the safety of the industry, prompting DeFi protocols to reevaluate the security of their oracle providers.
Within three weeks after the exploit, Bitcoin DeFi platform Solv Protocol and liquidity protocol Tydro both migrated to Chainlink’s Cross-Chain Interoperability Protocol (CCIP), seeking a more secure oracle provider.
Kelp DAO also migrated its rsETH token to Chainlink CCIP, moving away from its previous LayerZero-powered bridge after attributing the incident to weaknesses in its cross-chain setup.
However, LayerZero said on April 20 that the exploit resulted from a single point of failure in Kelp DAO’s implementation, which relied on a single LayerZero DVN as the only verified path despite prior warnings against that configuration.
Magazine: The legal battle over who can claim DeFi’s stolen millions

[Update 1:57 P.M. UTC, June 1 -- Updates third paragraph with share price decline in Monday morning trading.]
Strategy sold 32 BTC last week, its first reported Bitcoin sale since a 2022 tax-loss transaction, as the company moved to fund preferred stock distributions.
Strategy sold 32 Bitcoin (BTC) for $2.5 million at an average price of $77,135 per BTC, reducing its holdings from 843,738 BTC to 843,706 BTC, according to a Monday 8-K filing with the US Securities and Exchange Commission.
The company's MSTR Nasdaq-traded shares fell more than 6% following Monday's market open, last trading at about $148.70 apiece.
Proceeds from the Bitcoin sale are expected to be used to fund distributions on preferred stock, the company said.
Source: SEC
The sale came after Strategy faced increased scrutiny over its preferred stock financing model, as investors questioned whether dividend obligations could eventually pressure the company to sell some of its Bitcoin.
The sale is Strategy’s first reported Bitcoin disposal since a 2022 tax loss transaction, when the company sold 704 BTC and repurchased 810 BTC two days later.
Bitcoin (BTC) price chart over the past 24 hours. Source: CoinGecko
Bitcoin slipped below $72,000 following the disclosure and traded at $71,939 at the time of writing, according to CoinGecko.
Strategy sells $128 million in Common A stock
In addition to selling Bitcoin in the last week of May, Strategy also offloaded 801,994 Class A (MSTR) shares, generating $128.3 million in proceeds.
No preferred stock raises took place over the week, aligning with reports by STRC Live, which estimated that Strategy would announce no buys for the past week.
Source: Polymarket
The sale may have surprised some investors after Strategy executive chairman Michael Saylor hinted at possible fresh activity over the weekend.
“Working Better” Saylor posted on X late Sunday morning to accompany a bubble chart tracking Strategy’s Bitcoin purchases over the past nearly six years.
Saylor had not posted on X about the $2.5 million Bitcoin sale at the time of writing, prompting criticism that he has gone “radio silent” despite typically announcing new purchases immediately.
Some industry observers had been anticipating a potential sale, with crypto intelligence platform Arkham reporting that Strategy transferred BTC to Coinbase Prime last Friday.
Strategy CEO Phong Le confirmed last week that the company might sell Bitcoin at some point in the future.
“We'll likely sell Bitcoin at some point in time, but we will be net increasing our Bitcoin and more importantly, increasing our Bitcoin per share,” the CEO said.
Corporate Bitcoin demand cools as selling activity emerges
Strategy's sale comes as some Bitcoin treasury companies have slowed purchases or begun reducing holdings after months of accumulation.
Nasdaq-listed ProCap Financial announced Monday it sold about 52 Bitcoin to fund the repurchase of 2 million shares of its common stock at an approximately 50% discount to net asset value. The company said the transaction increased Bitcoin exposure on a per-share basis for remaining shareholders.
Source: Anthony Pompliano
Broader Bitcoin treasury activity also showed signs of cooling, with firms acquiring a combined 144 Bitcoin over the past week, including purchases by DDC Enterprise, the Smarter Web Company and Capital B, according to corporate disclosures. That compares with 603 Bitcoin purchased by corporate holders in the previous week, marking a sharp week-over-week decline.
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

Gnosis is working to contain an exploit Monday affecting its Gnosis Pay product after co-founder Martin Köppelmann acknowledged an active hack involving the system’s delay module and said the project would cover user losses.
Köppelmann initially urged users to withdraw funds, a warning quickly amplified by blockchain security firm PeckShield, which said users were strongly advised to withdraw all funds (EURe and GNO) and check exposure.
The Gnosis co-founder later withdrew that advice, however, and deleted the initial tweet, saying that most users would not be able to withdraw their funds. He reiterated that the Gnosis team is “actively working to contain the damage” and will make users whole.
Gnosis is a long-running Ethereum project best known for its smart contract wallet infrastructure and Gnosis Chain, an Ethereum Virtual Machine (EVM)-compatible network used for payments and decentralized finance.
The shifting guidance leaves key questions unanswered, including how much has been stolen, which contracts or users are affected, and whether the issue stems from the Zodiac delay module itself, its configuration within Gnosis Pay, or a broader architectural flaw.
Gnosis co-founder pledges to make users whole. Source: Koeppelmann
Cointelegraph reached out to Gnosis and Gnosis Pay for comment, but had not received a response by publication.
Former Near protocol core developer Vadim Zacodil said Gnosis Pay’s design routes user self-custody through a shared “delay” layer that queues outgoing transactions from many Safes at once, so a bug or exploit there can push malicious withdrawals into thousands of users’ queues simultaneously, even though individual keys never move.
In practice, he argued, what is protecting users in this incident is less the self-custodial Safe accounts and more Gnosis’s ability to pause infrastructure and commit treasury funds to cover losses.
Incident follows third-party Safe module exploit
The incident comes just days after a separate exploit involving a third-party module connected to Safe, the smart contract wallet infrastructure originally incubated within the Gnosis ecosystem and now developed by Safe Labs.
In that case, a SquidRouterModule contract interacting with Safe wallets was abused to drain about $3.2 million from roughly 86 Safes across Ethereum and Base, prompting both Safe Labs and Squid to say the vulnerability lay outside their core protocols.
It also comes after a month of reduced crypto exploit losses on the whole. Data from CertiK posted Sunday showed total losses fell to about $68.3 million in May, a roughly 90% decline from April, marking the third month this year with losses below $100 million.
Magazine: Will the CLARITY Act be good — or bad — for DeFi?

Mutsamudu, Comoros, June 1, 2026 – MEXC, a leading 0-fee cross-asset trading platform, today announced the official launch of 'RealStocks.' This innovative equity product is now accessible to eligible users globally. The product seamlessly integrates real ownership rights of traditional financial assets with the low-friction experience of a crypto platform, further expanding MEXC's 0-fee cross-asset trading ecosystem.
For a long time, investors looking to enter the U.S. stock market were limited to two less-than-ideal options. The first was trading through traditional brokerages, which requires enduring tedious currency exchange and deposit processes. The second was trading synthetic assets or tokenized products on crypto platforms, which often comes with drawbacks like poor liquidity and a lack of dividend payouts. The launch of 'RealStocks' breaks this deadlock, seamlessly bridging the gap between both worlds.
Building on a highly successful Beta phase validated by over 20,000 early users, the official launch ensures a seamless, battle-tested trading experience. Through MEXC’s licensed broker partner, Atomic Vaults, eligible users can purchase shares in real U.S.-listed companies, eligible users can purchase shares in real U.S. listed companies, with genuine market exposure and liquidity consistent with traditional U.S. equity markets. Where applicable, users are entitled to dividends or distributions on their holdings. The entire trading flow is integrated into MEXC’s existing interface. Users transact in USDT, making the experience of buying U.S. stocks similar to buying crypto in practice. Trading hours follow Nasdaq market sessions, and zero platform trading fees apply during the launch period, keeping costs to a minimum. The product has been validated by over 20,000 users during the Beta phase.
Atomic Vaults is a U.S. FINRA-licensed broker-dealer and global brokerage infrastructure provider backed by Founders Fund and ARK Invest. Processing over $15 billion in monthly trading volume, it enables access to U.S. equities, ETFs, options, and select Asian markets, with support for 24×5 trading, fractional investing, stablecoin funding, and institutional-grade clearing and custody.
MEXC is simultaneously launching three limited-time incentive campaigns.
Campaign 1: SpaceX(PRE) airdrop reward (May 28 – June 5)
Complete a U.S. stock spot trade and participate in the SpaceX(PRE) Season 2 Launchpad subscription before it closes, and receive additional SpaceX(PRE) airdrop rewards. Total prize pool: 200,000 USDT equivalent. Maximum reward per user: 5,000 USDT equivalent in SpaceX(PRE).
Campaign 2: $1,000,000 stock prize pool (June 2 – June 16)
During the campaign period, U.S. stock spot trading is available at zero fees. Complete trading tasks to share in a 1,000,000 USD equivalent stock prize pool.
Campaign 3: Real-time market data subsidy for new deposits (First month after U.S. stock launch)
Complete a qualifying deposit to receive a real-time market data subsidy — helping users start trading U.S. stocks with zero barrier to entry.
MEXC CEO Vugar Usi said:
"From Pre-IPO access to tokenized stocks, and now to real share ownership through U.S. stock spot trading, MEXC has continuously pushed the boundaries of what crypto users can access in global markets. With U.S. stock spot trading, users can now truly own world-class traditional financial assets within a familiar crypto trading environment — not just track their price. As 2026 brings a historic wave of IPO windows from the world's top technology companies, crypto users will have the chance to participate as real shareholders for the first time. This is what Infinite Opportunities means at MEXC — not a tagline, but a product."
'RealStocks' is now live and open to eligible users.
About MEXC
MEXC is the world's fastest-growing cryptocurrency exchange, trusted by more than 40 million users across 170+ markets. Built on a user-first philosophy, MEXC offers industry-leading 0-fee trading and access to over 3,000 digital assets. As the Gateway to Infinite Opportunities, MEXC provides a single platform where users can easily trade cryptocurrencies alongside tokenized assets, including stocks, ETFs, commodities, and precious metals.
MEXC Official Website | X | Telegram | How to Sign Up on MEXC
Media contact:
media@mexc.com
Disclaimer
"0 fees" refers only to the platform's service charge. Users may still be subject to certain fees, including but not limited to SEC transaction fees, FINRA trading activity fees (TAF), exchange and market center fees, regulatory fees, and any applicable clearing fees.
Not investment advice. For informational purposes only. Trading involves risk. Please consult a qualified professional before making any investment decision.
Territorial Limit: This service is offered only to users in certain jurisdictions. Access may be restricted in certain countries or regions due to local laws and regulations. Please refer to our Terms & Conditions for the complete list of eligible jurisdictions.

Crypto investment products extended losses to three straight weeks last week amid ongoing selling pressure in markets and limited institutional demand.
Crypto exchange-traded products (ETPs) recorded $1.67 billion in outflows last week, the second-largest weekly withdrawal of 2026, CoinShares reported on Monday.
The fresh outflows bring three-week losses to $4.21 billion, with total assets under management dropping to $141 billion, the lowest level since early April.
CoinShares head of research James Butterfill attributed surging outflows to an Iran-related risk-off move that has now overwhelmed any cushioning effect from CLARITY Act progress. “The pattern is reminiscent of the January-February episode that delivered five consecutive negative weeks,” he said.
Bitcoin sees the largest weekly outflow of 2026
Bitcoin (BTC) ETPs led weekly outflows by a wide margin, with $1.44 billion leaving the funds, marking the largest weekly outflow so far this year.
The funds were $2.4 billion down month-to-date but still had about $1.2 billion in inflows year-to-date, while assets under management fell to $114.6 billion.
Crypto ETP flows by asset (in millions of US dollars). Source: CoinShares
Ether (ETH) funds continued to see selling pressure with $257.3 million in outflows, bringing year-to-date losses to $346 million.
Altcoin participation also collapsed, CoinShares’ Butterfill said, referring to only five assets recording substantial inflows above $1 million, down from nine a week prior.
XRP (XRP) again led positive momentum with $20.3 million in inflows, while Hyperliquid (HYPE) and Near (NEAR) followed with $10.8 million and $7.6 million, respectively.
US drives losses with $1.63 billion of outflows
Regionally, the United States drove the global outflow story with $1.63 billion of outflows, aligning with $1.42 billion in outflows from US-listed spot Bitcoin exchange-traded funds (ETFs), according to SoSoValue data.
Germany joined the risk-off sentiment with $25.7 million of outflows, while Sweden and Hong Kong saw $6.6 million and $4.5 million in outflows, respectively. The Netherlands again was the only country to see inflows above $1 million, with $1.3 million in inflows, down from $6.6 million a week prior.
Crypto ETP flows by country (in millions of US dollars). Source: CoinShares
According to the derivatives trading desk at Laser Digital, the crypto sell-off last week came without a clear catalyst and was affected by underperforming equities.
The unit cited a lack of demand, including Michael Saylor’s Strategy announcing that it did not purchase any BTC between May 18 and May 24.
“With STRC still trading below par and the continued lack of interest from retail buyers, BTC is expected to remain weak for the time being,” it said in a statement seen by Cointelegraph.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

European Central Bank (ECB) Executive Board member Isabel Schnabel said stablecoins could bring old financial-market vulnerabilities into tokenized finance, while strengthening the case for central banks to modernize public money through tools such as the digital euro and tokenized central bank settlement.
In a Monday speech at the 2026 Bank of Korea International Conference on Central Banks and the Future of Money in Seoul, Schnabel compared stablecoins with money market funds, arguing that both can offer useful financial innovation while also creating risks around bank disintermediation, runs, fire sales and monetary policy transmission.
Schnabel also warned that stablecoins could reinforce the US dollar’s global role as tokenized finance develops. “The growing use of stablecoins may further cement the international dominance of the U.S. dollar,” she said, adding that “virtually all stablecoins in circulation are denominated in dollars, with other currencies playing a negligible role.”
Schnabel said the Eurosystem’s response has two parts, including a retail digital euro and tokenized wholesale central bank money. In March, the ECB unveiled its Appia roadmap for Europe’s tokenized financial markets, with Pontes set to provide a distributed ledger technology settlement bridge to the Eurosystem’s TARGET services and scheduled to launch in the third quarter of 2026.
Schnabel argued that central banks should not resist innovation but must modernize public money, including through the digital euro and tokenized wholesale central bank settlement, to preserve financial stability and monetary control.
“Central banks cannot remain passive observers of these developments,” Schnabel said, adding that private forms of money, once widely adopted, can shape the financial system “in ways that can be difficult to reverse.” She said the proper response is not to resist innovation but to ensure it develops within a framework that preserves stability, monetary control and trust in the currency.
Stablecoins are overwhelmingly dollar-pegged, while broad adoption could amplify US policy spillovers abroad, ECB data shows. Source: European Central Bank
MiCA review sharpens stablecoin debate
The speech builds on ECB messaging that Europe should not answer dollar stablecoins simply by promoting euro-denominated stablecoins.
On May 8, ECB President Christine Lagarde said stablecoins are not Europe’s best route to strengthening the euro’s international role, arguing instead that Europe should build tokenized settlement infrastructure anchored by central bank money.
The debate unfolds as the European Commission reviews the European Union’s Markets in Crypto-Assets Regulation (MiCA), with a public consultation open until Aug. 31 examining whether the bloc’s crypto rules should be updated.
Crypto exchange Coinbase has used the review to call for a more competitive EU crypto framework. In a Monday blog post, Katie Harries, Coinbase’s director and head of policy for Europe and the Americas, said MiCA should recalibrate stablecoin rules on reserves, rewards and multi-issuance, while clarifying how regulated crypto firms can provide access to decentralized finance and global liquidity.
Harries also argued that allowing more reserves in high-quality sovereign assets and permitting non-interest incentives, such as cashback and loyalty points, could help make euro stablecoins more competitive.
The ECB has taken a more cautious view. On May 23, the ECB warned EU finance ministers that loosening stablecoin rules could weaken bank lending and complicate monetary policy, even as policymakers debate whether Europe risks falling behind dollar-backed tokens.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Bitcoin (BTC) heads into June with new local lows as the US-Iran war drives crypto market nerves.
Iran ceasefire hopes hang in the balance as military strikes return, but US president Donald Trump appears confident that “it will all work out well in the end.”
BTC price weakness quickly returns after the May close, with $72,000 liquidity on the radar.
US employment data could still deliver a classic BTC price tailwind.
Bitcoin long-term holders are putting February’s $60,000 lows in doubt as a reliable floor.
Sentiment research calls for a flush of overly optimistic traders’ positions next.
Trump on Iran: "Just sit back and relax"
News of strikes on Iranian targets keep the Middle East conflict firmly on the radar as a source of crypto market volatility this week.
Exchanges of fire meant that BTC price action quickly came under pressure following the monthly close, dropping below $73,000.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
The latest events further brought into question the odds of a ceasefire being signed, with this notionally meant to last at least 60 days.
“Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us,” US president Donald Trump wrote in a post on Truth Social on Monday.
Trump referenced hurdles in the form of political dissent at home — rather than specific problems involving Iran itself — as the reason for the lack of progress.
He concluded:
“Just sit back and relax, it will all work out well in the end - It always does!”
Source: Truth Social
Despite Bitcoin feeling the heat, US stocks looked set to continue a trend of divergence with crypto as the new week began. S&P 500 futures opened the week up by around 0.25%.
Commenting on the factors driving the equities rally, which last week saw repeat new all-time highs, trading resource Mosaic Asset Company put AI firmly in focus.
“The narrative driving the stock market has hardly changed in recent weeks,” it wrote in the latest edition of its regular analysis series, Mosaic Chart Alerts.
“Optimism around a potential peace deal between the U.S. and Iran helps to spark a rally in the major indexes. For the most part, there has been very little substance behind the headlines, but that hasn’t stopped the rally in stocks linked to the AI infrastructure buildout.”
Bitcoin price caught between liquidity and CME gap
Bitcoin started the first week of June with a bump as US-Iran war tensions quickly spilled over into BTC price action.
Data from TradingView shows a trip below $73,000 just hours after the weekly and monthly candle close.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
“For now price is stuck within this mini-range since last week,” trader Daan Crypto Trades summarized in his latest analysis on X.
“~$74.2K keeps rejecting price as resistance while ~$72.7K is held as support. Those are the levels to watch in the short term.”
BTC/USDT perpetual contract one-hour chart. Source: Daan Crypto Trades/X
Trader CW suggested that the price was targeting nearby high-liquidity levels on exchange order books, notably a position closer to $72,000.
“The buy wall for $BTC whales is at 72k and the sell wall is at 80k,” they added.
BTC order-book liquidation heatmap. Source: CW/X
A silver lining came from the weekly close itself, which preserved what trader and analyst Rekt Capital said would be a key level for bulls — $73,000.
“If Bitcoin manages to Weekly Close above $73k then price will be one step closer to confirming the Double Bottom breakout & be positioned to try to trend continue,” he told X followers at the weekend.
To the upside, trader CrypNuevo flagged a lone CME Group’s Bitcoin futures near $75,000 as a potential short-term BTC price target.
CME Bitcoin futures 15-minute chart. Source: CrypNuevo/X
As Cointelegraph reported, CME gaps became a thing of the past last week as its futures market started to trade 24 hours a day, seven days a week.
CrypNuevo said that they were looking for a “W”-shaped reversal pattern for price on low time frames.
PMI leads potential BTC price boost sources
The coming week sees inflation data yield to employment cues as the labor market becomes traders’ key focus.
Monday starts with the May print of the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) — one of two core PMI releases this week.
ISM has been in a fresh uptrend since earlier in the year, when it ended a three-year period of contraction and immediately delivered a tailwind to Bitcoin price performance.
Commenting, entrepreneur and investor Mark Chadwick had some good news for crypto bulls. Based on business cycles, recent PMI figures could preclude a new period of gains.
“Expansion zones perfectly align with previous Alt Seasons - and we're about to expand! The data backs it up too: ISM PMI has been above 50 for 3 straight months. Above 50 = expansion,” he wrote in an X post alongside data from pseudonymous analyst TechDev.
BTC/USD versus employment cycle. Source: Mark Chadwick/X
The coming days also see US nonfarm payrolls numbers, providing a snapshot of the labor market against a backdrop of rising inflation.
In a note of caution, Mosaic Asset Company reminded readers of last week’s high Personal Consumption Expenditures (PCE) inflation report.
“For investors hoping that the boost in inflation could be temporary from the jump in energy prices, the report contained bad news,” it continued.
“The core goods figure that excludes food and energy rose by 2.8% and is one of the biggest increases in decades outside of the pandemic aftermath.”
US PCE index % change (screenshot). Source: Bureau of Economic Analysis
Bitcoin long-term holders may produce a new bear-market low
Bitcoin holder trends mean that the BTC price bottom may well still be ahead in the 2026 bear market.
New findings from onchain analytics platform CryptoQuant cast doubt on the BTC price rebound from multiyear lows near $60,000.
“A rebound during a downtrend is hard to read as a bottom, because even within it the LTH (long-term holder) UTXO share keeps rising rather than declining,” contributor AbstractRyu wrote in a Quicktake blog post on Monday.
The post compares unspent transaction outputs (UTXOs) involving coins dormant for more than or less than six months, with the former classed as LTH coins.
“On Realized Cap – UTXO Age Bands (%), there are only two ways the LTH (6m+) share grows: existing holdings age in place without being spent, or STH (short-term holder) coins cross the six-month mark and reclassify as LTH,” it explains.
“Neither reflects fresh demand reviving turnover. That is why a rising share, on its own, is hard to read as bullish.”
Bitcoin UTXO age data (screenshot). Source: CryptoQuant
As such, even BTC/USD rebounding by $20,000 versus its local lows is not enough to insure the market against a new macro floor. For this, LTH activity must pick up via some form of “distribution” phase.
“At present, the LTH band share has not declined at all, even through the rebounds marked by the blue circles,” AbstractRyu concluded alongside an explanatory chart.
“Distribution has not begun, and last month’s rebound, too, was likely a dead-cat bounce. The bottom is not yet in.”
Bitcoin "long-leaning bias" in need of a flush
Bitcoin continues to field concerns over a “long squeeze” thanks to overly bullish bets on BTC price action.
In an analysis over the weekend, CryptoQuant contributor Nino flagged positive funding rates as an ongoing signal to be “cautious” in the current market.
Funding rates, as Cointelegraph reported, have flipped net positive, indicating a “long-leaning bias” among traders.
Now, on a three-day rolling basis, funding is approaching its highest levels since the start of the year — even as price action itself tracks sideways.
“Recent market observations suggest that the 72-period moving average cluster for funding rates is showing a positive bias, approaching levels reminiscent of the peak seen in late January 2026,” Nino summarized.
“Coupled with the current stagnation in price action, this dynamic could imply an accumulation of long positions that have yet to translate into sustained upward momentum.”
Bitcoin funding rate data (screenshot). Source: CryptoQuant
The implication is that price could redress the balance of longs and shorts by liquidating the former with a drop to new local lows.
“Consequently, the short-term outlook appears somewhat cautious, raising the possibility of a near-term downward leg as the market might need to clear potential excess leverage,” Nino added.
In its own analysis, crypto sentiment platform Santiment described the overall market mood as its most “lopsided positive” of 2026 so far.
“The current euphoria contrasts sharply with the bearish ETF flow picture and warrants caution,” it advised.

A $1.26 billion block trade in BlackRock’s iShares Bitcoin Trust (IBIT) made last week was likely a whale making a quick exit on a directional trade, says Greg Cipolaro, the head of research at financial services company NYDIG.
On Tuesday, an unknown trader sold 29.2 million shares of BlackRock’s IBIT on a dark pool, a private trading platform that institutions use to discreetly make large trades outside public markets, sparking speculation about who made the trade and why.
Cipolaro said in a research note on Friday that several indicators were “consistent with a large directional holder exiting a concentrated position rather than a contemporaneous basis-trade unwind.”
He added that the seller accepting the sale at $1.01 below the market price of $44.17, forgoing $29.5 million in exchange for immediate execution, and using a private trading platform, pointed to such a large directional holder exiting.
Large transactions can move markets and affect overall sentiment. However, in this case, Bitcoin (BTC) slid 2.8% over the day after the trade. Bloomberg ETF analyst Eric Balchunas said at the time the market absorbed the sale well despite the significant block sale.
“The key unanswered question is whether the seller was responding to idiosyncratic constraints or expressing a broader investment view,” Cipolaro said.
“While the transaction details themselves cannot answer that question, they do, however, demonstrate that at least one sophisticated holder was willing to pay approximately $29.5 million to eliminate a $1.26 billion bitcoin-linked position immediately.”
US-listed Bitcoin ETFs have now recorded 11 straight trading days of net outflows, with a $333.6 million outflow on the same day as the massive IBIT trade, according to Farside Investors data.
More than $2.9 billion has now flowed out from the ETFs since May 14, the last recorded net inflow across multiple funds.
U.S.-listed Bitcoin ETFs have recorded 11 straight trading days of net outflows. Source: Farside Investors
Meanwhile, sentiment has also been volatile. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, returned a score of 29 out of 100 on Monday, indicating “fear” in the market. It also posted an average rating of “fear” for May.
Cipolaro said the methods used by the whale entity to sell show urgency, but the motive remains unclear. He speculates that it could have been a forced sale driven by investor redemptions and balance-sheet constraints or an attempt to reduce the risk of exiting over multiple sessions.
“Public data cannot distinguish conclusively between these explanations,” he said.
“However, the weakening technical backdrop, ongoing ETF outflows, and willingness to pay a substantial execution premium for immediacy are more consistent with discretionary liquidation rather than investor redemptions or a portfolio rebalance.”
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

The Sui Foundation, the nonprofit organization behind the Sui Network, says it has made a “major upgrade” to address issues that caused three recent outages and left the blockchain down for more than 15 hours across two days.
Sui experienced an outage on Thursday that lasted nearly six hours and two more on Friday. The first lasted eight hours and 25 minutes while the second lasted 43 minutes, according to the Sui network's uptime dashboard. All systems are listed as operational as of Monday.
The Sui Foundation said in a blog post on Sunday that it applied an upgrade to fix the bugs that caused the outages. It also flagged several issues for improvement, such as better failure containment, end-of-epoch resilience and further investment in artificial intelligence agents, which helped with diagnoses, querying validator logs and assembling metrics.
“As of now, validators have fully addressed the known issues caused by both the original gas-charging bug and the randomness-state bug, and network activity has resumed,” the Sui Foundation said. It added that “during the outages, no user funds were at risk, and the network did not revert any committed transactions when it resumed.”
Source: Sui
Sui had a similar outage in January, which knocked the network offline for more than six hours. Another incident occurred in November 2024, when all validators were stuck in a crash loop for about 2.5 hours. Sui is the 13th-largest blockchain by total value locked at $519 million and hosts 137 protocols, according to DefiLlama.
Bugs introduced during software update
The Sui Foundation said the blockchain’s two most recent outages stemmed from “crash bugs” introduced in its 1.72 software release. The bugs impacted gas charging, causing the network to charge funds before canceling transactions for insufficient balances. This created negative balances that crashed the system
An interim fix for the initial bug triggered the third outage. The fix aimed to bring the network back online until a permanent solution could be devised, but it had “a known issue with a low probability of causing a halt.”
The Sui (SUI) token has declined since the outages. It traded at about 99 cents on Thursday before the first outage, according to data from crypto aggregator CoinGecko. It has since dropped roughly 11% and is worth about 88 cents as of Monday.
In early May, the token climbed 50% to $1.41 following several positive developments, including a Nasdaq-listed company staking a large portion of the supply.
Sui launched its mainnet in May 2023, aiming to be scalable and capable of processing transactions fast enough for mainstream financial institutions.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Losses from exploits of crypto platforms fell to $68.3 million in May, down almost 90% from the $650 million lost in April, says crypto security company CertiK.
“After a particularly bad April, May is now the third month of 2026 to record losses under [$100 million],” CertiK posted to X on Sunday.
Around $2.6 million of the total crypto stolen in May was due to phishing attacks, while roughly $9.4 million was recovered or returned, it added.
Excluding the $1.5 billion hack on Bybit in February 2025, April saw the highest losses recorded in a month since March 2022, with the largest loss that month coming from a $291 million exploit of Kelp DAO.
An exploit of Verus Protocol’s cross-chain bridge on May 18 was the largest in terms of losses last month, with $11.5 million stolen. THORChain was second after an exploit in mid-May saw $10.1 million stolen from the protocol.
Code vulnerabilities were the category with the highest value of losses over the month, with about 66% of the total, or around $45 million lost. Wallet or private key compromises were the second-most costly, with $13.7 million stolen.
Cross-chain bridges were the most targeted, with $28.6 million, or 42% of the total monthly losses, followed by decentralized finance protocols.
Crypto exploit losses in May reached $68.3 million. Source: CertiK
DeFiLlama data shows that there were 29 incidents in May, seven of which involved compromised private keys.
The latest two incidents, reported on May 30, were the Alephium Bridge and Gravity Bridge, which were respectively exploited for $815,000 and $5.4 million due to compromised private keys.
Malware developed with artificial intelligence assistance has also been on the rise as malicious actors targeted crypto and AI developers in May by compromising code repos and tricking AI coding assistants.
Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

The Cardano Foundation has canceled its 2026 annual conference after its governance community shot down a revised proposal seeking to fund the event with treasury tokens.
“Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome,” the foundation posted to X on Saturday after voting closed on Friday.
The proposal sought to use 7.8 million Cardano (ADA) tokens worth $1.84 million to fund the event. 65.2% of votes were cast in favor of the proposal, which was just short of the 66.67% threshold needed to pass.
Source: Cardano Foundation
The conference, called the Cardano Summit, was scheduled to take place on Oct. 5 and 6 in Singapore.
135 voters were in favor of proceeding with the event, while 61 were against and 24 abstained.
The vote follows a months-long dispute between Cardano founder Charles Hoskinson and many so-called Delegated Representatives (DReps), who have pushed for tighter spending from the foundation’s treasury.
The DReps, which are people or organizations that ADA holders can delegate their voting power to, voted against a similar proposal on May 9 that sought to use about 14 million ADA tokens to fund the event.
Only 10% of DReps voted in favor of that proposal, prompting the foundation to lower the requested funding amount under a new proposal.
Despite the cancellation, EMURGO, the investment and commercial arm behind the Cardano blockchain, passed a proposal to represent the Cardano ecosystem at the TOKEN2049 conference in Singapore on Oct. 7 and 8.
Hoskinson is gauging interest in the possibility of scaling up the booth at TOKEN2049 and hosting an “embedded MiniSummit.”
The Cardano token has a market capitalization of $8.8 billion, but the network has less than $129 million in total value locked on the protocol, ranking 28th among blockchains.
The Cardano network has made $356,400 in network fees so far in 2026, a fraction of the $8.35 million it recorded in 2022.
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?