Fetch-Skills could accelerate AI development on Fetch.ai's platform, potentially boosting developer adoption and enhancing network effects.

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Ethics concerns over Trump's crypto ties could stall regulatory progress, impacting bipartisan efforts for digital asset market clarity.

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Global market strength and rising earnings signal a bullish trend despite high valuations and economic concerns.

The post Jordi Visser: Market resilience signals a bull run, rising earnings make stocks cheaper, and global trends highlight interconnected growth | The Pomp Podcast appeared first on Crypto Briefing.

The investigation could redefine conflict-of-interest standards, impacting future government contracts and venture capital investments.

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Hedgebook's app could redefine risk management for large-cap equity investors by leveraging prediction markets to navigate macroeconomic uncertainties.

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Bitcoin Magazine

Coinkite Launches Coldcard MK5: Major UX Upgrades to Flagship Bitcoin Hardware Wallet

Coinkite the Bitcoin-only hardware wallet manufacturer, recently released the MK5, a significant quality of life and user experience upgrade to the MK4 Coldcard, building on the strong security foundations set by its predecessor. The MK5 comes in many colors and styles. Today, I will review the Orange and Glow in the dark versions, as well as their form factor and user experience upgrades, to answer the question: are the upgrades to the device worth the money? 

Building on the well-known and trend-setting MK4 security platform, which brought two secure element chips from different manufacturers and an MCU to the same device. The MK5 focuses instead on quality of life, improving the NFC connectivity, reworking the buttons and plastic chassis of the hardware wallet, as well as adding a much larger screen, among other new features. This is the first hardware upgrade to the Coinkite MK line since the launch of the MK4 in 2022, integrating into it some of the technologies debuted by the Coldcard Q in 2023.

What is new with the MK5 Coldcard?

The big upgrades to the UX are immediately visible; the screen, for one, is much larger, perhaps 30% bigger. Their announcement blog describes it as a “1.54-inch display protected by Gorilla Glass,” which does look and feel much sturdier than older models.

The next obvious upgrade is the buttons. Unlike the MK4 buttons, which are indented, requiring your fingers to go into the socket to get a click, the MK5 buttons are almost at par with the chassis of the device, making them much easier to press. The press feels good, it clicks, giving the user a solid tactile feedback. Much more comfortable than the warm, slightly uncomfortable, unresponsive feel of a touch screen, as seen in other hardware wallets. 

You also quickly notice the chassis has been redesigned. The screen section no longer pops out above the keyboard; instead, it’s all one rectangle with comfortable curved edges. It looks more modern, more elegant, while keeping that cypherpunk transparency that shows off the underlying hardware, a signature design principle of Coinkite products. 

The MK5 also comes with a button and screen protector half case that slides and clicks in and out. It can be entirely removed and fits perfectly from the back of the device, exposing the USB power input at the bottom of the device without issue. 

NFC Push Transactions

Last but not least, Coinkite doubles down on NFC support with the MK5. An acronym for near field communication, the NFC antenna is an increasingly popular tech stack in the Bitcoin industry. From NFC tap to pay lightning Bolt cards with cool designs and laser eyes, or Coinkite’s own Tapsigners, to Cashu’s tap to send features developed by Calle. 

NFC is a powerful alternative to other wireless connection technologies like Bluetooth or Wifi, which some hardware wallet providers have adopted, but come with some arguable downsides, mainly their range. Unlike the alternatives, NFC is short-range by design; we are talking centimeters in range, whereas Bluetooth and Wi-Fi are talked about in tens of meters. So the paranoid level threat that someone with a long-range antenna pointed at your house might catch a transaction in transit or be able to connect to your device remotely, vanishes. 

There’s also no multi-step device connection protocol with NFC; phones either have the feature on and off, the app starts scanning, and transmission can occur. No pin codes, no sifting through lists of Bluetooth-powered devices. Much simpler UX in theory. It is also far superior in terms of user experience to the SD card transmission of pre-signed transactions back and forth from laptops or phones. While NFC may technically cross the ‘airgapped’ line in the MK4 and MK5, NFC still has the best qualities of all wireless connectivity options, and is set to off in the default settings. Similar to the option to connect the MK5 to a computer via USB for data transmission, the NFC antenna can also be severed at a hardware level by scratching off a specific wire within the hardware. 

Coinkite’s NFC push Tx software is open source and much smaller in terms of lines of code than Bluetooth or Wifi. The full NFC push Tx code is open source. The client web app side of the protocol has no license defined and is presumably meant to be integrated by any web application. While the hardware side of the code is public, but is limited by the non-commercial use license.

The Colors of the MK5

Playing into the Bitcoiner’s hunger for collectibles, the MK5 comes in a wide range of cases, such as gold flaked transparent gray, gorgeous orange and even glow in the dark! I got to play with the Orange and blue glow-in-the-dark version, though I kind of wish I’d gotten my hands on the gold flaked one.

Nevertheless, the designs are beautiful, transparent enough to see the hardware, but colorful enough to be stylish. Here’s what they look like in practice. 

Supply Chain Security

The packaging was also very interesting; the box containing the hardware came with a purchase order of the items, which were inside tamper-proof security bags. These bags had pretty strong plastic, not something you can easily rip, requiring a knife to slice through them. The bags were also marked with a unique number, seen in the pictures below. Inside the bag, another plastic strip contained the same number. And when the devices were first powered on, they displayed the same number on the screen. This is a flash memory code that gets set up per device at the factory. Making interception and manipulation of the firmware of hardware that much more difficult. The next level would be to notify the user of the bag number via email or behind a login on the site, so they can have a side channel to verify the number as well.

If you see anything off with the packaging, you are encouraged to take pictures and reach out to Coinkite support. 

The battery and exposed hardware device in the picture below is the COLDPOWER Adapter by Coinkite, which I happened to have laying around and figured I’d test out as well. It is meant to give the device power entirely airgapped, no cables connected to any computer whatsoever, as even a malicious Wifi repeated plugged into a power outlet could transmit signals across the power wires (lol). 

Things to improve?

Integration of NFC Push Tx with mobile wallets was a bit inconsistent. I tried Cove, Bull Bitcoin and Nunchuck. Of the three, Nunchuck had the best integration, with Cove not far behind. Bull Bitcoin seems to have disabled the feature or hidden it quite well. Cove is a young project likely to improve leaps and bounds in the coming months, while Nunchuck a very advanced and powerful wallet, took me a few minutes to figure out but ultiumetly turned out to be the best interface of the three.

Even with a stronger NFC antenna, I had to remove my phone’s ridiculously thick case in order to get a reliable data transmission, but that’s not the end of the world. 

Conclusion: Is the MK5 worth the money to upgrade? 

As a proud owner of what I now realize is an ancient MK3, the move to an MK5 is a significant upgrade, and the low cost of $167 plus shipping, I’d say it is a no-brainer. That’s a whole generation of security and UX upgrades that I did not realize I needed.

For active users of the MK4, the bigger screen and better buttons are definitely an improvement in quality of life, and the better NFC antenna will likely yield dividends as well by making transaction flows smoother. Again, compared to other hardware wallets in the market, the price is very reasonable.

For passive MK4 owners who make a couple of transactions a year, however, the juice might not be worth the squeeze. They are still getting firmware updates and get all the security benefits, and likely won’t miss the improved UX that much. 

Disclaimer: Coinkite provided Bitcoin Magazine with a couple of free MK5 Coldcards to use for the purpose of testing their product for review.

This post Coinkite Launches Coldcard MK5: Major UX Upgrades to Flagship Bitcoin Hardware Wallet first appeared on Bitcoin Magazine and is written by Juan Galt.

Bitcoin Magazine

U.S. Treasury: The United States Has Seized Nearly $1 Billion of Iran’s Crypto

Speaking at the Reagan National Economic Forum, Treasury Secretary Scott Bessent revealed that the U.S. has seized roughly $1 billion in Iran-linked cryptocurrency as part of a broader campaign to choke off Tehran’s financial networks.

The disclosures come amid one of the most intense military confrontations the Middle East has seen in decades.

On February 27, 2026, the U.S. and Israel launched Operation Epic Fury — a coordinated airstrike campaign targeting Iran’s nuclear facilities, military infrastructure, and Revolutionary Guard command centers. 

Iran retaliated with ballistic missile strikes across the region, hitting Saudi Arabia, Bahrain, Qatar, the UAE, and Iraq. A fragile ceasefire was brokered in early April and is still in the works, but the economic war never stopped.

Enter Operation Economic Fury. Ordered by President Trump and executed by the Treasury Department, the campaign is designed to systematically dismantle every financial lifeline Tehran has left. 

Since its launch, OFAC has sanctioned over 1,000 Iran-linked entities, frozen bank accounts held by Revolutionary Guard-affiliated businesses, and — according to Bessent — reached directly into crypto wallets. 

The largest single action came in late April, when Tether confirmed it froze $344 million in USDT across two Tron blockchain addresses linked to the IRGC, after blockchain analytics firm Chainalysis identified on-chain patterns consistent with known Iranian military wallets. One wallet held roughly $213 million; the other, $131 million.

The total seizure figure has since climbed past $500 million — and Bessent’s most recent comments suggest the running total is approaching $1 billion.

“We will track the funds that Tehran is urgently attempting to transfer abroad and target all financial avenues linked to the regime,” Bessent said.

Bitcoin as a means of payment in Iran

Back in April, Iran reportedly planned to require ships passing through the Strait of Hormuz to pay transit tolls in Bitcoin during a temporary ceasefire with the U.S.

The policy aimed to bypass sanctions and traditional banking rails, giving Iran a way to collect revenue while maintaining control over a critical global oil chokepoint.

The move pushed bitcoin into a geopolitical spotlight, raising operational and legal risks for shipping firms while highlighting how digital assets could be used in sovereign-controlled trade routes.

This post U.S. Treasury: The United States Has Seized Nearly $1 Billion of Iran’s Crypto first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

JPMorgan Chase CEO Jamie Dimon Declares War on Clarity Act, Calls Coinbase’s Armstrong ‘Full of Sh*t’

JPMorgan Chase CEO Jamie Dimon has drawn a battle line in Washington: the Clarity Act, as written, is dead on arrival — and Coinbase CEO Brian Armstrong is the enemy driving it.

In a Fox Business interview on Friday, Dimon unloaded on the pending crypto market structure legislation, calling it a threat to the financial system and a gift to an industry that wants the privileges of banking without the responsibilities.

“It allows cryptocurrency firms to effectively pay interest on deposits — stablecoins or something like that — without the protection that they should have,” Dimon said. “It has almost no legal protections.”

His core argument: if a crypto platform walks like a bank and talks like a bank, it needs to be regulated like one. That means Anti-Money Laundering compliance, Bank Secrecy Act obligations, FDIC insurance, capital requirements, liquidity rules, and the full weight of financial oversight that traditional banks carry. The Clarity Act, in his view, lets crypto firms skip all of it.

The fight over stablecoin rewards sits at the center of the dispute. Banks say allowing crypto exchanges to pay customers for holding stablecoins would accelerate deposit flight from traditional institutions — a ticking clock on the business model that has defined American banking for a century. 

Crypto advocates counter that such incentives are a natural evolution of payments infrastructure. The bill’s markup is approaching, and neither side is backing down.

Dimon also flagged the AML problem with cross-border stablecoin payments.

“The first one may be legitimate,” he said, “the second one may be a sex trafficker.” Once money lands in a digital wallet overseas, it can move to a third wallet, a fourth — with no visibility and no accountability. That, he said, is the unresolved risk hiding beneath the optimism around stablecoin utility.

Dimon: Coinbase CEO Armstrong is full of sh*t

But Dimon reserved his sharpest words for Armstrong. The Coinbase CEO, he claimed, is spending hundreds of millions of dollars in Washington to push the legislation through. “No one is going to bow down to this guy,” Dimon said, calling Armstrong “full of sh*t.” 

It was not the first time — Dimon made similar remarks at the World Economic Forum in Davos earlier this year.

JPMorgan is not alone. The American Bankers Association, community banks, and credit unions are aligned in opposition to the bill’s current form.

Dimon made clear this is a fight — not a negotiation. “We’ll fight it,” he said. “If we lose, we lose. But it will be fought.”

This post JPMorgan Chase CEO Jamie Dimon Declares War on Clarity Act, Calls Coinbase’s Armstrong ‘Full of Sh*t’ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Retired Couple Loses $76,000 Life Savings to Bitcoin ATM Scam, Sues Bitcoin Depot in Federal Court

A class action filed in Idaho accuses the now-bankrupt crypto ATM operator of profiting from fraud while leaving vulnerable consumers unprotected.

A retired Idaho couple has filed a federal class action lawsuit against Bitcoin Depot Inc., alleging the company’s ATM network served as a pipeline for scammers who drained their entire retirement savings — $76,000 — over five consecutive days in August 2025.

Karen and Robert Lacey, named plaintiffs in Lacey et al. v. Bitcoin Depot Inc., et al. (Case No. 1:26-cv-00288-DKG), say fraudsters posing as Norton customer service representatives and FBI agents convinced them their accounts were tied to child pornography and illegal gambling investigations. 

The scammers directed the couple to deposit cash at Bitcoin Depot ATMs between August 9 and August 13, 2025. To reinforce the deception, the fraudsters caused wireless networks labeled “FBI” to appear on the Laceys’ phones — signals that remained visible for months after the deposits.

The 43-page complaint, filed May 11, 2026, in U.S. District Court for the District of Idaho, charges that Bitcoin Depot processed each transaction “without meaningful intervention” despite what it calls clear warning signs: first-time users making large cash deposits while on phone calls with unknown parties. 

The lawsuit further alleges the company charges fees of up to 50% per transaction and relies on on-screen warning stickers — a safeguard the plaintiffs call “demonstrably ineffective”.

After Karen and Robert’s son filed a federal crime complaint, Bitcoin Depot issued two $1,000 refund checks — an amount the lawsuit states did not cover even the fees the company collected. Karen Lacey, who was retired when the fraud occurred, has since returned to the workforce, now working rotating hospital shifts.

The complaint cites Bitcoin Depot’s own SEC filings, which state its services “may be exploited to facilitate illegal activity such as fraud” and that its risk management “may not be sufficient”. 

Federal Trade Commission data show Bitcoin ATM fraud losses increased nearly tenfold between 2020 and 2023, with a median victim loss of $10,000. By 2025, the FBI reported Americans lost $333 million to Bitcoin ATM fraud — more than 10,000 victims in a single year.

Bitcoin Depot filing for bankruptcy 

The lawsuit arrives as Bitcoin Depot’s corporate position collapses. The company filed for voluntary Chapter 11 bankruptcy on May 18, 2026, and shut down its entire network of more than 9,000 ATMs across North America. The company had earlier disclosed a $3.6 million Bitcoin theft from its own wallets in March 2026 and reported a 49.2% revenue decline in Q1 2026.

Plaintiffs seek a jury trial, injunctive relief, compensatory and punitive damages, restitution of fees paid, and attorney’s fees. 

This post Retired Couple Loses $76,000 Life Savings to Bitcoin ATM Scam, Sues Bitcoin Depot in Federal Court first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

CFTC Cracks Open U.S. Market for Bitcoin and Crypto Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has cleared the way for American traders to access one of crypto’s most important derivatives markets, approving the first true bitcoin perpetual futures contract on a U.S. exchange and issuing parallel relief that lets Coinbase route U.S. clients into global perp and options liquidity.

On Friday, the agency approved KalshiEX, LLC’s BTCPERP contract, a perpetual futures product that references the spot price of bitcoin and trades on Kalshi’s CFTC‑regulated designated contract market. 

At the same time, staff granted no‑action relief to Coinbase Financial Markets, allowing it to offer digital commodity derivatives — including access to offshore venues — to U.S. customers through a CFTC‑registered futures commission merchant structure.

Perpetual futures, or “perps,” are a type of futures contract with no expiration date that lets traders bet on the price movement of assets without owning them directly. 

They have become the dominant product in crypto derivatives trading, with most activity historically concentrated on offshore platforms.

CFTC Chair Michael Selig framed the move as a watershed moment for U.S. market structure.

“This morning, the CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC‑registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework,” Selig said in a post on X.

Coinbase CEO Brian Armstrong quickly seized on the news, highlighting just how much market access the agency has effectively unblocked. “Big day for our US‑based traders, and for Coinbase,” he wrote on X, noting that U.S. users had previously been shut out of “~80% of global crypto markets (perpetual futures and options). But not anymore!” 

Through Coinbase Financial Markets, institutional clients will be able to access global perps and options — including Deribit, which boasts tens of billions of dollars in bitcoin options open interest — via a single U.S.‑regulated FCM.

CFTC 24/7 Advisory

Friday’s announcements did not come in isolation. Alongside the product actions, the CFTC’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory on 24/7 trading, clearing and settlement of derivatives. 

The advisory is not a formal rulemaking, but it offers a window into how the agency is thinking about round‑the‑clock markets increasingly enabled by blockchain and decentralized infrastructure.

Commission staff said they have observed growing interest in effectively 24/7 trading, driven in part by digital asset markets. 

“Therefore, Commission staff believes that an advisory, outlining the potential risks associated with 24/7 trading, clearing, and settlement, and the ways in which these risks are addressed by current Commission regulations, may help promote continued market robustness, along with responsible innovation and fair competition among market participants,” the staff wrote.

In practice, the combination of the Kalshi approval, the Coinbase no‑action position and the 24/7 advisory amounts to a blueprint for how U.S.‑regulated entities can plug into, and help domesticate, the global perpetuals market. 

Kalshi can list a fully regulated bitcoin perp on its own exchange, while Coinbase, through its FCM, can connect U.S. clients to deep offshore liquidity pools without forcing them into bespoke offshore corporate structures.

Under Chair Selig and President Donald Trump, the CFTC has steadily pivoted from a posture of enforcement‑driven deterrence toward one of structured onshoring of key crypto market segments. 

Earlier this year, the CFTC and SEC jointly outlined a new taxonomy for crypto assets, and the SEC is preparing a broad tokenization rule set, while Paxos just secured approval to clear U.S. equities on blockchain rails.

This post CFTC Cracks Open U.S. Market for Bitcoin and Crypto Perpetual Futures first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin ATMs were (and still are) the most tangible and literal implementation of crypto.

They turned the process of buying and selling crypto from an abstract act done on a screen and moved it into the real world, enabling people to buy Bitcoin without verification, a bank account, or any real understanding of how custody works.

Scan a QR code, insert a few bills, and all of the BTC you can afford lands in a crypto wallet in a few minutes.

For a while, that physical aspect of buying a virtual currency with cash gave Bitcoin something exchanges couldn't: the feeling that it was part of everyday life.

Bitcoin Depot, once North America's largest Bitcoin ATM operator, filed for Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on May 18 and took its entire network of roughly 9,700 machines offline.

Revenue had already fallen 49.2% year-over-year in Q1 2026, a drop of $80.7 million, while gross profit collapsed 85.5%, falling from $31.2 million to just $4.5 million.

A $12.2 million profit from the prior-year period had swung to a $9.5 million net loss, a deterioration that CEO Alex Holmes attributed to a business model he described as “unsustainable.” The filing swept in the company's Canadian entities under court supervision, with other international operations directed to wind down under local law.

As CryptoSlate reported earlier this month, Canadian authorities had already proposed a complete ban on crypto ATMs, with officials saying they were a primary channel for fraud and money laundering. The decision represents a pretty sharp political turn toward treating access to Bitcoin as a liability. Bitcoin Depot's collapse shows what happens to the business model while regulators are still building their case.

How Bitcoin ATMs made crypto physical

Bitcoin ATMs spread by solving a concrete problem. Until just a few years ago, crypto exchanges were much slower and clunkier than they are today. Getting money onto a US exchange required waiting periods that felt unreasonably long for an asset built around a 10-minute block time.

A machine in a corner store or in a gas station bypassed all of the friction from the verification and the waiting, reducing the entire process to a simple cash transaction anyone could complete.

You could go as far as to say that it was convenience, not BTC, that was the main product of these ATMs. People were willing to pay for that convenience in the form of often outrageous fees ranging from 10% to 30% per transaction, a premium that essentially no financial service could have sustained, but the ATMs managed through sheer immediacy.

But irreversibility was the main structural vulnerability of that model. When a bank customer gets defrauded, a fraud desk can dispute the charge and recover the funds. When a Bitcoin ATM sends funds to a wallet controlled by a scammer, the transaction settles on the blockchain and stays there forever, with no authority capable of reversing it.

Phone-based social engineering campaigns that coached elderly victims through ATM transactions became a documented pattern across multiple states, and the scale of those losses is what ultimately gave regulators both the evidence and the political cover to act.

The FBI logged 13,460 crypto kiosk fraud complaints in 2025 alone, representing $389 million in reported losses, a 58% jump from the prior year. Adults aged 60 and older accounted for roughly $257.5 million of that figure, concentrating the harm in a demographic with enough electoral power to make a crackdown politically durable.

The access to crypto also shifted in ways that steadily eroded the convenience of ATMs. By 2025, spot Bitcoin ETFs were a standard part of standard brokerage accounts, fintech apps had simplified crypto onboarding considerably, and stablecoin rails had expanded the ways people could hold digital assets without navigating price volatility.

The ATM's fee premium was harder to justify against alternatives that had gotten cheaper and more accessible, and the users who remained most reliant on cash kiosks were the ones most exposed to scams.

Compliance became the death of ATM profitability

California was the first to move against Bitcoin ATMs. The Digital Financial Assets Law capped daily transactions at $1,000 and limited fees to the greater of $5 or 15% of the transaction value, with mandatory written disclosures required before any transaction could proceed.

A California court upheld the daily cap in 2024, and the fee and disclosure rules took effect in 2025. For operators whose model rested on cash conversions with high fees and at a high volume, it compressed revenue per user while driving up compliance overhead simultaneously, attacking margin from both directions at once.

The regulatory pressure on Bitcoin ATMs then quickly extended beyond fee caps. Indiana adopted a total ban in March 2026, at a point when nearly 900 ATMs were operating in the state, with Tennessee's ban set to take effect July 1, 2026, and Minnesota approving its own prohibition as well.

The American Bankers Association counted 20 states with new laws restricting crypto ATM activity as of April, with proposed legislation pending in many others.

The enforcement actions running alongside those legislative moves were equally damaging. Iowa's attorney general sued Bitcoin Depot and CoinFlip in February 2025, alleging the two companies had cost state residents more than $20 million, with a state fact sheet reporting that 98.16% of money Iowans sent through Bitcoin Depot was tied to scam transactions.

Massachusetts filed its own lawsuit against Bitcoin Depot in February 2026, with the attorney general's office saying data showed more than half of the company's revenue from Bitcoin ATMs in the state was scam-related. Maine reached a $1.9 million settlement to compensate residents who'd lost money through Bitcoin Depot kiosks between 2022 and 2025.

Connecticut temporarily suspended the company's money-transmission license in March 2026, citing overcharges, refund failures, and a public safety standard serious enough to justify emergency action.

By the time it filed for Chapter 11, the company had accrued over $20 million in legal judgments in Q4 2025 alone, and an April cyberattack had taken another $3.7 million out of its crypto wallets.

This accumulation of pressure is the sad paradox of Bitcoin ATMs. Every protection layered onto a transaction makes it less likely to harm a user and more expensive to run the machine.

Mandatory ID checks, blockchain analytics requirements, transaction holds, written warnings, refund rights, fee caps, daily limits, state licensing renewals, and litigation reserves all pile up against a product that was profitable only because it was fast, loose, and cash-first.

Add enough of those requirements, and you turn a convenience premium into a compliance trap with no exit. Access to Bitcoin has now migrated into infrastructure built with regulation at its center. ETFs, custodians, licensed exchanges, and payment apps have absorbed the retail adoption function that Bitcoin ATMs once served.

The ATM was the first real door to crypto, but it worked only when doors were rare and hard to find. In 2026, when the average American can get their hands on Bitcoin through a regular brokerage account in a couple of minutes, Bitcoin ATMs have run out of things only they can do.

The post Bitcoin ATMs were crypto’s street-corner bank. Now regulators are shutting the door appeared first on CryptoSlate.

The following is a guest post and opinion from Ben Nadareski, Co-founder & CEO of Solstice .

Institutions were never going to arrive in crypto the way crypto wanted them to. No stampede into governance tokens. No CFO proudly announcing that idle treasury had been rotated into volatile assets. No pension fund committee suddenly speaking fluent DeFi. That was always the fantasy version.

The real version is less theatrical and far more important. Institutions will not buy crypto as a belief system. They will instead use it as infrastructure.

Not because banks cannot copy the code. They can. But because they cannot copy the jungle that made the code useful: the speed, failure, pressure, and live-market iteration that web3 has been refining in public for years.

The Code Was Never the Moat

That is the part the institutional crypto debate keeps missing. The advantage of web3 is not that banks are technically incapable of building blockchain infrastructure. Many are perfectly capable. They have capital, engineers, consultants, vendors, internal innovation labs, and enough strategy decks to pave a road from Canary Wharf to Singapore.

A bank can spin up a chain. For example, BlackRock’s BUIDL and DTCC’s tokenization service show that the institutional response is not to recreate crypto as a belief system, but to adopt tokenization as infrastructure. It can fork an execution environment. It can wrap the whole thing in compliance language, add permissioning, bring in a vendor, and present it six months later under soft blue lighting at a financial infrastructure conference. But infrastructure is not only what gets built.

Crypto’s real moat is not decentralisation. It is iteration velocity under pressure. The industry tests financial ideas in the wild, often brutally, sometimes embarrassingly, but quickly. Products launch, break, fork, attract liquidity, lose liquidity, get arbitraged, get exploited, get rebuilt, and then get copied by someone with a better version before the original team has finished the post-mortem.

This looks chaotic from the outside because it is chaotic. A good example is the repeated wave of bridge exploits and protocol failures (take latest Kelp DAO exploit), that forced the market to harden its security assumptions in real time, which is one reason Wall Street is still cautious about adoption. But then again, it is also one of the most efficient financial testing environments ever created.

Traditional finance likes sandboxes. Crypto is the sandbox after someone removed the safety labels, invited the traders, opened the API, connected the liquidity, and let the market decide what deserves to live.

That is why the recent institutional interest in web3 is telling. Stripe’s Bridge acquisition fits that pattern: it points to stablecoins becoming part of the payments stack, not just a speculative asset class. Stripe did not acquire Bridge because stablecoins were a nice ideological accessory; it completed the acquisition because stablecoin infrastructure is becoming part of the payments stack. BlackRock did not launch BUIDL because tokenisation sounds futuristic; it launched a tokenised fund because settlement, access, and collateral movement can be redesigned onchain. J.P. Morgan’s Kinexys, now points in the same direction: the interest is not in crypto, but in what the rails can do once they are made usable inside financial workflows.

Crypto Learns by Bleeding in Public

That jungle is where the real product-market fit is found…not in the white paper. Not in the internal lab. Not in the workshop where everyone agrees that interoperability is important. It happens when capital moves across systems, when liquidity fragments, when bridges introduce new attack surfaces, when users behave badly, when incentives get gamed, and when the elegant architecture meets the swamp.

Crypto has spent years getting punched in the face by reality. That is why the infrastructure is improving.

Every bridge exploit, oracle failure, liquidation cascade, broken incentive loop, governance attack, and over-engineered protocol that died quietly after three months added something to the collective memory of the market. Painful, expensive, often absurd, but useful.

Banks do not work that way. Nor should they, frankly. Banks are designed to preserve trust, minimise risk, protect depositors, obey regulators, and avoid blowing themselves up in search of product-market fit. Their caution is rational. Their processes exist for a reason.

But those same processes make them slow in precisely the domain where speed compounds.

A bank building internally has to solve every problem in sequence: architecture, security, compliance, custody, bridging, reporting, accounting, liquidity, legal treatment, operational risk, internal approval, vendor review, and then the steering committee. Then comes the pilot. Then the pilot is often de-risked until it is no longer quite the thing it was meant to test.

By the time the bank reaches version one, crypto has already built version one, watched it fail, launched version two, discovered the bridge assumption was wrong, rewritten the liquidity model, and found out what users actually do when real money is on the line.

That is not because one side is smarter. It is because one side is built for market-speed experimentation and the other is built for institutional control.

Control Is the Trap

This is especially true in onchain finance, where nothing exists in isolation. A stablecoin is not just a stablecoin. It is collateral, settlement medium, liquidity pair, routing asset, integration layer, and composable building block. Yield is not just an APY. It is a risk profile, a redemption mechanism, a custody question, a reporting issue, a regulatory perimeter, and an operational decision. A bridge is not just a connector. It is a two-sided smart contract with a user interface. The stack is alive. Touch one part of it and six others twitch.

That is why building from inside a bank is so difficult. The challenge is not merely “Can we launch a chain?” Of course they can. The challenge is whether that chain connects cleanly into the messy, liquid, rapidly changing ecosystem where actual usage happens.

The moment you need bridging, integrations, liquidity routing, external protocols, custody rails, and settlement assumptions, the clean internal model starts getting messy.

Trying to recreate crypto-native infrastructure internally means spending years rediscovering problems that open networks have already tripped over: bridge risk, liquidity fragmentation, oracle assumptions, composability failures, smart contract exploits, redemption friction, and incentive loops that look brilliant until someone actually uses them.

Instead of innovation, this can be perceived as institutional archaeology with a budget.

The sharper path is to recognise what web3 has already produced: infrastructure tested under conditions traditional finance rarely allows until much later, if ever. That does not mean every crypto product deserves institutional adoption. Much of the ecosystem is still noisy, fragile, overhyped, or over-financialised.

But the strongest parts of it have survived a level of stress most internal bank pilots will never experience. That matters.

The Smart Money Will Not Rebuild the Stack

The endgame is not a heroic contest between Wall Street and web3. The more likely outcome is quieter: the institutions that matter will stop trying to recreate the entire onchain stack behind closed doors and plug into the parts already tested by live markets.

Every bank, fintech, asset manager, and treasury platform does not need to spend years rebuilding infrastructure just to rediscover problems crypto-native teams have already met in public. The smarter model is to take systems that have survived real liquidity, real volatility, real users, and real adversaries, then add the layers institutions require: custody, reporting, auditability, compliance controls, permissioning where needed, and risk disclosures.

The point is not to make banks behave like DeFi protocols. They cannot, and they shouldn’t either. The point here is to give institutions access to the output of crypto’s speed without forcing them to live inside crypto’s Wild West.

A CFO does not want a more exotic balance sheet for the sake of sounding innovative. A risk committee is not looking for hype. Institutions want capital to move faster, settle more cleanly, earn more intelligently, and remain explainable when auditors, regulators, and board members start asking questions. This is where web3 has something genuinely powerful to offer, I believe. Blockchain offers faster settlement, programmable liquidity, transparent collateral, tokenised yield, composable financial products, and infrastructure that can move, earn, settle, and integrate across applications.

Wall Street’s mistake would be to admire those capabilities, copy the surface, and spend years rebuilding them in a private corner of the old system. Crypto has already paid for many of those mistakes. Expensive, often ridiculous lessons, but we’re learning nonetheless.

So the future of finance will not be built entirely inside banks, nor entirely outside them. The more practical outcome is that banks, fintechs, asset managers, and treasury platforms will plug into crypto-native infrastructure once it becomes reliable enough, legible enough, and compliant enough to use.

They may not call it crypto. They may call it settlement efficiency, treasury optimisation, embedded yield, programmable collateral, real-time liquidity, or simply better rails.

Fine. The prize is that a live market has already done what no internal innovation lab can properly simulate: tested financial infrastructure with real capital, real users, real stress, and real consequences, every hour of every day, for years.

Wall Street can and will replicate the architecture. What it cannot replicate is the years of live market pressure and community anticipation that made the architecture worth using in the first place.

The post Crypto walked so banks could run appeared first on CryptoSlate.

Bitcoin briefly recovered the $74,000 zone on May 29, absorbing a geopolitical signal that oil futures, ETF desks, and US equity traders won't fully process until Monday.

President Donald Trump said he would make a “final determination” on an Iran deal that would require the Strait of Hormuz to reopen for unrestricted traffic, with mines removed and tolls prohibited.

Iran responded that the agreement had not been finalized and that Trump's account was partly inaccurate.

While CME crude, US equities, ETF flows, and Treasury markets are either closed or less active, traders can still express Hormuz risk through BTC and 24/7 oil perpetuals on venues such as Hyperliquid.

That turns the weekend into another live test of Bitcoin markets functioning as the first layer of macro price discovery before traditional markets reopen.

The EIA logged 20 million barrels per day of oil flows through the strait in 2024, roughly 20% of global petroleum liquids consumption, and the IEA separately noted that around 25% of global seaborne oil trade transited the route in 2025.

Middle East crude exports have collapsed from about 18.3 mb/d before the crisis to roughly 8.8 mb/d since March, prompting analysts to lift 2026 Brent forecasts to $90.44/bbl for a third consecutive time.

A credible Hormuz reopening lowers the oil-inflation-stagflation premium that has pressed on risk assets for months, while a disputed deal restores it before institutional crypto flows can respond.

BTC sits between $72,490 and $74,213, with resistance at $74,200-$75,000 carrying structural weight beyond psychology. Roughly $6.25 billion in BTC options expired on Deribit on May 29, with $75,000 as max pain and the largest put concentration at that level, and BTC expired below it.

With options expiry behind them, traders face a weekend with US spot ETF flows offline, which have been running decisively negative.

Farside Investors' data shows net outflows of $733.4 million on May 27 and $223.3 million on May 28. BlackRock's IBIT shed $527.84 million on Wednesday, its second-largest daily outflow since launch, and the 11 US spot BTC ETFs have lost more than $2 billion over the past two weeks.

Institutionally hollow

During the week, Bitcoin ETF flows, CME hedging, market makers, and macro traders absorb new information and keep prices anchored across venues.

On weekends, spot BTC continues trading, but in a thinner book, with fewer arbitrageurs to close cross-exchange gaps.

Kaiko found that after US spot ETF launches, Bitcoin weekend volume fell to an all-time low share of 16%, down from 28% in 2019, as ETF activity concentrated trading around US market hours.

In a January 2026 example involving XRP prediction markets, Kaiko showed that cross-exchange price dispersion, which is typically below 5 basis points on weekdays, spiked above 18 bps during weekend liquidity deterioration as reduced arbitrage activity allowed prices to drift apart across venues.

Bitcoin dropped over 6% on a Saturday during a liquidation wave, and Bitfinex analysts attributed the severity to thin weekend order book depth, which compressed the downside.

A 6% move from $73,500 implies roughly $69,000, inside the $67,000-$69,000 range that marked Bitcoin's last major floor before the ETF-driven recovery.

One range for two outcomes

If language from Tehran and Washington converges on mine-removal timelines, verified shipping lanes, or any sign that the deal has enforceable mechanics, the oil risk premium keeps falling, and thin weekend liquidity amplifies the move upward.

With fewer sellers and lighter books, a sentiment-driven squeeze above $74,200 can carry Bitcoin toward $75,000-$78,000, with $80,000 as a stretch target aligned with the large call concentration on Deribit.

A reclaim of $75,000 in thin weekend conditions would be a squeeze into the level Bitcoin failed to hold at options expiry. That is the structural thinness that compresses the downside works in reverse on the upside, with fewer sellers and lighter books amplifying any directional conviction.

If Iran's “not finalized” framing gains traction, if contradictions in the blockade-easing terms surface, or if any new tanker or security incident hits wires before Sunday futures open, Bitcoin prices the deal as performative rather than enforceable.

A break below $72,500 removes the floor that has held through two weeks of ETF outflows, with $71,000 as the next structural reference and $70,000 as the round-number sentiment line below that.

A sustained close below $70,000 would reframe the past month of Bitcoin consolidation as distribution ahead of a broader risk-off repricing when equities and rates reopen Monday.

The real contest

The IEA called the resumption of Hormuz the “single most important variable” for global energy supply and price relief in its April Oil Market Report, noting that early-April shipments through the strait had fallen to 3.8 mb/d from more than 20 mb/d in February.

BTC is now one trade ahead of every other major market in pricing whether that variable has actually changed.

A 48-hour window of thin liquidity, absent ETF flows, and an unconfirmed deal can produce a price signal that mainstream markets will spend Monday morning either validating or unwinding.

The prize Bitcoin traders are actually bidding on this weekend is whether a tentative claim about a strait that moves 20 million barrels a day holds up long enough for oil and equity markets to confirm it.

The post How Bitcoin will price Trump’s claim that Hormuz could reopen this weekend appeared first on CryptoSlate.

For decades, the Fed stabilized the economy with one simple tool: interest rates. Raise them to cool inflation, and cut them to stimulate growth. But after years of massive government borrowing, post-pandemic inflation, and repeated stress inside the Treasury market, that system may no longer work the way Americans expect.

Today, the Fed can cut rates while long-term borrowing costs stay elevated, mortgage rates remain high, and bond markets react as if the central bank is losing control of the financial system's most important lever.

At the same time, it has also resumed expanding parts of its balance sheet again to support market liquidity, raising a bigger question on Wall Street: if emergency support is still needed during relatively calm periods, what happens during the next real crisis?

The Fed controls less than you think

Most Americans are familiar with a simplified version of US monetary policy: the Federal Reserve sets interest rates, and when those rates move, the rest of the economy follows.

What that framing leaves out is that Fed Chair Jerome Powell and the FOMC only directly control the federal funds rate, which governs overnight lending between banks and has no direct relationship to what a homebuyer pays on a 30-year mortgage, what the government pays to service its debt, or what a corporation pays to borrow for a decade.

The Fed sets the price of very short-term money, while long-term money operates on completely different terms, driven by the collective judgment of bond investors rather than a committee vote.

The rate that actually drives most real-world borrowing is the 10-year Treasury yield. It responds to a different set of forces than the federal funds rate: inflation expectations over a full decade, the volume of new bonds hitting the market, and investor confidence in the U.S. government's long-term fiscal trajectory.

For the better part of the last 50 years, those forces ran in roughly the same direction as Fed policy, because the bond market essentially trusted that inflation was contained and that the government wasn't borrowing at a structurally destabilizing pace. When the Fed cut rates, bond investors generally followed, and long-term yields fell alongside short-term ones.

The last six years broke that relationship. After the pandemic, the US government borrowed at a scale with no modern parallel, and the Treasury market has had to absorb the resulting volume. Federal debt reached $37.6 trillion as of September 2025, with annual interest payments hitting $1.2 trillion in fiscal year 2025 alone, and the Congressional Budget Office projects deficits above $2 trillion annually for the next decade.

Treasury issued $30.2 trillion in marketable securities across fiscal year 2025 to refinance maturing debt and fund new borrowing. The $30.2 trillion represents 36% of GDP and an extraordinary volume for any market to absorb without demanding higher compensation.

Bond investors have responded accordingly, pricing US debt with an eye on deficit trajectories and issuance pipelines rather than simply waiting for the next FOMC decision.

The result was what RBC Wealth Management analysts described as a modern inversion of Alan Greenspan's famous conundrum. Where Greenspan found that rate hikes in the mid-2000s failed to lift long-term yields, Powell has found that rate cuts since 2024 are failing to pull them down.

When the Fed trimmed 100 basis points across three cuts at the end of 2024, the 10-year yield barely moved. By September 2025, after a further cut, the 10-year was nearly unchanged from where it had sat a full year earlier, despite multiple rounds of easing. The bond market had effectively decoupled from the Fed's rate cycle.

The fallout is no longer abstract

The first place that decoupling shows up is housing, where mortgage rates follow the 10-year Treasury far more closely than they track the federal funds rate. This meant that when the 10-year refused to fall, the cost of buying a home stayed elevated alongside it.

The 30-year fixed rate briefly touched 6.08% ahead of the September 2024 cut, then spent most of the following year hovering between 6.8% and 7.1% even as the Fed was officially in an easing cycle.

The spread between the 30-year fixed mortgage and the 10-year Treasury, which historically runs 1.5 to 2 percentage points, stretched to 3 points through much of 2023 and 2024, compounding the damage to affordability. Buyers who expected relief after three consecutive Fed cuts watched that hope vanish within weeks as bond markets repriced the fiscal and inflation outlook.

Government finances are running into the same pressure from the other direction. When borrowing costs stay elevated across the yield curve, they feed directly into the cost of refinancing the national debt, and with $9.1 trillion in maturing securities needing to be refinanced in fiscal year 2025 alone, even modest yield increases translate into substantial additional interest expense.

The CBO forecasts net interest as a share of federal outlays rising from 13.55% in FY2025 to over 14% by FY2027, a feedback loop that generates its own upward pressure on yields as investors reassess long-term sustainability.

There's also the issue of the balance sheet. After shrinking by more than $2.2 trillion since mid-2022 through quantitative tightening, the FOMC announced in October 2025 that it would cease runoff starting in December, then began purchasing Treasury bills through Reserve Management Purchases to keep money markets functioning.

Fed officials have described these as technical liquidity operations. As CryptoSlate reported in December 2025, institutional macro desks are careful to distinguish them from the large-scale asset purchases that define true QE. In practice, the Fed is once again expanding its balance sheet during conditions that don't resemble an acute crisis, and that shows just how much structural support core markets now require just to function on a routine basis.

For Bitcoin and the broader crypto market, this structural shift has been reshaping how price forms in ways that have become increasingly difficult to separate from the broader macro picture.

As CryptoSlate has covered extensively, Bitcoin's near-term trajectory has come to be driven by Treasury supply, real yields, and Fed liquidity dynamics rather than crypto-specific demand, with IMF research finding that Fed tightening transmits directly into crypto risk appetite.

The 30-year Treasury yield recently climbed toward 5.1%, pulling institutional capital toward guaranteed government yield and raising the hurdle for holding volatile assets.

Bond traders were fully pricing in a Fed rate hike by year-end 2026 as recently as last week, a reversal from the cuts-ahead consensus that underwrote most of the 2024-2025 risk rally, with Barclays having moved its first expected cut out to March 2027 as the tailwind that crypto markets spent 18 months pricing in has been repriced away almost entirely.

The corner the Fed now occupies is genuinely uncomfortable, and it tightens in both directions. Rate hikes expose fragility in a fiscal structure where interest payments already consume $1.2 trillion annually, and where the debt load has no modern historical parallel.

Rate cuts risk being read by bond investors as signals of distress rather than confidence, nudging long-term yields upward even as short-term rates fall. And the kind of liquidity support that once marked real emergencies now looks and feels like a structural requirement of the system rather than a temporary fix.

America's financial architecture was built on the assumption that the Fed could always restore stability with enough monetary firepower. As the bond market's behavior over the past 18 months keeps demonstrating, that assumption is now being tested against a reality that didn't exist a decade ago.

The post The Fed’s rate lever is breaking as bond markets stop following its lead appeared first on CryptoSlate.

The CFTC has moved true Bitcoin perpetual futures from an offshore-liquidity debate into a US-regulated test case, with KalshiEX LLC now approved to list BTCPERP and Coinbase Financial Markets receiving separate staff-level relief for access to certain Deribit products.

The Commission approved KalshiEX LLC's BTCPERP contract as a futures contract, allowing the CFTC-registered designated contract market to list a no-expiry bitcoin perpetual tied to the spot price of BTC.

In a separate move the same day, CFTC staff confirmed that certain Deribit digital commodity derivatives described by Coinbase Financial Markets may be treated as foreign futures when routed through Coinbase's registered futures commission merchant structure.

Chairman Mike Selig cast the Kalshi order as delivery on his pledge to onshore crypto asset perpetuals and as a path for one of crypto's most liquid market segments to exist inside the US regulatory framework.

Together, the actions turn the US perpetuals debate from a theoretical onshoring promise into a live market-structure test. One path puts a Bitcoin perpetual directly on a US-regulated exchange. The other gives Coinbase a conditional staff-level route for US clients to reach global crypto derivatives liquidity through its CFM, Coinbase Bermuda, and Deribit affiliates.

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Mar 4, 2026 · Gino Matos

The industry reaction leaned into the market-access point while showing how differently public companies and exchanges read the same CFTC actions.

Michael Saylor tied the guidance to Bitcoin holders and MicroStrategy's broader Bitcoin-backed credit strategy. Coinbase CEO Brian Armstrong emphasized the customer-access angle and the size of the global market US users could not previously reach through regulated domestic channels.

Those reactions are useful market context. The legal boundary still sits in the CFTC order and staff letter.

The distinction is central to the market impact. Perpetual futures are among crypto's most heavily traded instruments because they let traders hold directional exposure without rolling expiring contracts. The regulatory question is whether that structure can fit US futures rules while containing the leverage, liquidation, and collateral risks that made offshore perps so dominant and so volatile.

Two routes opened at once

Kalshi's approval carries different legal weight because it is a Commission order. The CFTC issued the order under Section 5c(c)(4) of the Commodity Exchange Act and Commission Regulation 40.3, finding that listing BTCPERP as a futures contract would be consistent with the CEA and the agency's rules.

The CFTC release says Kalshi submitted the contract on May 29, while the order identifies the submission date as May 28. The approval itself is dated May 29.

Coinbase's path is different. The CFTC's Market Participants Division issued an interpretation and no-action position in response to Coinbase Financial Markets. Staff said the Deribit products described in the request may be categorized as foreign futures under Regulation 30.1.

Staff also said it would not recommend enforcement action under specified conditions tied to customer digital assets and payment stablecoins posted as margin through Coinbase affiliates.

That split shapes durability and scope. The Kalshi route tests whether a US exchange can list a perpetual directly under CFTC product approval. The Coinbase route tests whether a registered FCM can provide US customers with supervised access to foreign-board-of-trade products while meeting conditions regarding margin, disclosures, and affiliate controls.

Institutional onboarding can begin now, options on Deribit are live through CFM, and perpetual futures will follow, according to Coinbase. Broader access, including retail, is expected later, the company said.

A Kalshi launch note described the offering as the first US perpetuals product and said US investors will soon be able to access CFTC-regulated crypto perpetual futures on its platform. The company also said it aims to launch crypto perpetuals on more than a dozen currencies pending regulatory reviews.

What the CFTC approved on Kalshi

The Kalshi order describes BTCPERP as a cash-settled derivative referencing the US dollar spot price of one BTC as measured by the CF Benchmarks Bitcoin Real Time Index. The contract will trade in units of one ten-thousandth of a Bitcoin and can trade 24 hours a day, seven days a week, subject to Kalshi trading halts.

Its defining feature is the absence of a fixed expiration date. Traditional futures converge to spot at expiry because delivery or final cash settlement pulls the contract toward the underlying market. A perpetual has no final settlement, so the convergence mechanism must operate continuously.

The CFTC order says BTCPERP uses periodic funding payments between long and short holders based on the difference between the contract's mark price and the underlying reference price.

If the contract trades above spot, longs pay shorts. If it trades below spot, shorts pay longs. Payment pressure gives traders an economic incentive to push the perpetual price back toward the Bitcoin reference price.

The agency's reasoning depends heavily on Bitcoin's market structure. The order says Bitcoin trades continuously across broadly distributed venues, making the reference price observable while the contract trades. It also points to bitcoin's deep, active, continuous spot market and to 24/7 spot trading that lets arbitrageurs respond while the perpetual trades.

That makes the order consequential and bounded. The CFTC said the analysis is limited to BTCPERP and similarly structured perpetual contracts that reference Bitcoin or other digital commodities with deep, active, continuous spot market trading. It excludes other asset classes from the analysis, and contract categorization remains on a case-by-case basis.

The novelty caveat keeps the legal significance in focus. CFTC product records show Bitnomial products labeled perpetual futures were certified in May 2026, and Coinbase Derivatives previously filed for a nano Bitcoin Perp Style Futures product with a long-dated December 2030 expiry.

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Jul 21, 2025 · Gino Matos

CryptoSlate covered Coinbase's US perp-style launch in 2025 and later noted that true no-expiry perps differ from long-dated workarounds.

The practical takeaway: Kalshi has received a formal CFTC approval for a true no-expiry Bitcoin perpetual, while Coinbase received a separate staff-level route for global derivatives access. That is a concrete opening for US-regulated perpetuals, with the next approvals still tied to product design, market depth, and the agency's current posture.

Why Coinbase remains part of the story

The Coinbase action has less durability than a Commission order, but it could shape near-term market access because it connects US clients to Deribit, a venue Coinbase data describe as large by trading volume and open interest.

Coinbase said crypto derivatives account for roughly 80% of global crypto trading volume and that US customers have lacked a regulated route to much of that liquidity. In a prior investor update after the Deribit acquisition closed, Coinbase said Deribit had more than $185 billion in July 2025 trading volume and roughly $60 billion in platform open interest.

The CFTC staff letter is technical because the route is technical. CFM is a registered FCM. It plans to offer customers access to certain digital commodity derivatives listed on Deribit FZE, described in the letter as an affiliated foreign board of trade.

Customer orders would move through Coinbase Bermuda Limited, an affiliated foreign broker, to Deribit.

Staff also addressed margin treatment. The no-action position covers specified circumstances where CFM posts customer-owned digital commodities and payment stablecoins with its foreign broker affiliate to margin foreign futures and options positions, even where the foreign broker has a right of re-use over those assets.

The relief is tied to conditions, including Coinbase ownership links, disclosures, operational controls, acknowledgments, and use of customer digital assets only for margining or securing customer obligations.

That makes the Coinbase path useful for distribution and reach while leaving a thinner precedential footprint than Kalshi's order. It shows how staff may treat the foreign-market access question while preserving the Commission's ability to revisit the interpretation.

That distinction is practical for venues, brokers, and customers because it affects who can rely on the signal and how quickly product access can scale.

The staff letter's legal posture is conditional. Its positions represent the Market Participants Division only, are not binding on the Commission or other CFTC staff, depend on the facts presented, and can be modified, suspended, terminated, or restricted.

The liquidity test comes next

The CFTC has been moving toward this moment for more than a year. In April 2025, an agency request for comment asked about perpetual derivatives, including their uses, benefits, risks, market integrity issues, customer protection questions, retail trading, clearing, and risk management.

The move also fits a broader US push to adapt regulated derivatives plumbing to crypto's always-on market. CryptoSlate previously covered CME's move toward 24/7 crypto futures and options, another attempt to reduce the mismatch between legacy market hours and continuously traded crypto spot markets.

Related Reading

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May 27, 2026 · Liam 'Akiba' Wright

The agency now has two working models in the market: a domestic exchange product approved by the Commission and a staff-cleared foreign futures access path through a registered FCM. Both could help pull some perpetual activity into supervised US channels. Liquidity still has to follow.

Those questions remain unresolved. Regulated venues will have to offer enough product breadth, margin efficiency, funding quality, and broker distribution to compete with offshore exchanges. If Kalshi's BTCPERP launches with competitive funding and access terms, and if Coinbase can scale Deribit access from institutions toward broader clients, some flow may move into channels the CFTC can monitor more directly.

If the products remain limited, expensive, or operationally slower than offshore venues, the approval may carry more weight as a regulatory precedent than as an immediate liquidity shift.

The next signals are practical: Kalshi's launch terms, Coinbase's timing for perpetual futures through CFM, the treatment of retail access, the assets the CFTC will allow beyond Bitcoin, and whether formal rulemaking or Congress later turns today's agency posture into something harder to reverse.

The post Bitcoin perps just got a US green light, but one catch could decide everything appeared first on CryptoSlate.

The cryptocurrency market is showing mixed signals today, consolidating within a tight range following a volatile month of institutional de-risking and geopolitical shifting. Here is a breakdown of major crypto prices today and an expert analysis of how the upcoming week might unfold for digital assets and equities.

Crypto Prices Today: Major Digital Assets Steady

The total crypto market capitalization is holding firm as the major layer-1 tokens establish localized support zones.

• Bitcoin ($BTC): The premier digital asset is currently trading at $73,548, marking neutral 24-hour momentum. Bitcoin has faced persistent resistance near the $77,000–$79,500 psychological zone following an aggregate of $1.26 billion in net outflows from spot Bitcoin ETFs over consecutive trading sessions, notably led by BlackRock's iShares Bitcoin Trust ($IBIT).
• Ethereum ($ETH): Ethereum continues to trade in tandem with broader market liquidity, consolidating just below its local key resistance levels. Asset managers are carefully monitoring on-chain gas dynamics and institutional product inflows for signs of an upcoming breakout.
• BNB ($BNB): BNB remains highly resilient, supported by steady utility volume within its ecosystem and persistent launchpad distributions, insulating it from sharper pullbacks seen across speculative pairs.
• Solana ($SOL): Solana exhibits high intraday volatility but maintains its structural position, heavily supported by sustained decentralized exchange (DEX) volume and liquid staking integrations.
• XRP ($XRP): XRP is trading at $1.34, securing a mild +1.52% gain today. The token continues to navigate regulatory developments and localized liquidity pushes.

Macro Context: Interest Rates and the Stock Market

The immediate trajectory for cryptocurrencies remains inherently tied to the broader equity markets and macroeconomic indicators.

Currently, the 30-year U.S. Treasury yield is hovering near 5.19%, a level not sustained since 2007. Concurrently, the 10-year yield sits stubbornly near 4.6%. These elevated fixed-income yields increase the opportunity cost of holding non-yielding risk assets like Bitcoin and tech equities, driving institutional capital to de-risk.

While equity markets have shown structural resilience due to robust corporate earnings and AI infrastructure spending, high energy costs and a hawkish tone from Federal Reserve officials have kept a lid on immediate expansions. According to macro reports from major allocators like Fidelity Investments, energy pricing and inflation data will determine whether the Federal Reserve can comfortably execute projected rate cuts later this year.

Next Week Forecast: Bullish Accumulation or Bearish Reset?

Heading into next week, market analysts are divided into two distinct scenarios based on upcoming macro data releases, including Core CPI and PCE data.

The Bearish Case (Continued Consolidation)

If inflation data arrives hotter than anticipated, the Federal Reserve will likely maintain a restrictive stance. Combined with steady spot ETF outflows, this scenario could push Bitcoin to retest its foundational support level near $65,000. Under this structure, equities would likely experience a broad rotation out of high-beta tech sectors, dragging down top altcoins like Solana and Ethereum.

The Bullish Case (Continuation Breakout)

From a purely technical perspective, digital asset structures look corrective rather than distributive. Analysts note that if Bitcoin can confidently reclaim the $79,500 resistance on strong volume, it invalidates the short-term bearish narrative. An easing of geopolitical friction and a softening of the U.S. Dollar Index (DXY) would provide the necessary risk-on environment to propel Bitcoin toward the $85,000 target, lifting the broader altcoin market simultaneously.

Verdict: The baseline expectation for next week points to a cautious, data-dependent holding pattern. Expect rangebound volatility until clear macroeconomic signals dictate the next major directional liquidity cycle.

The cryptocurrency market in June 2026 is experiencing a structural shift. Speculative hype is clearing out, making way for institutional capital, real-world asset (RWA) tokenization, and decentralized artificial intelligence infrastructure.

With major regulatory frameworks like the CLARITY Act shaping asset definitions and central banks adjusting interest rates, smart capital is moving into protocols that generate protocol revenue and real-world utility. For investors looking to build a balanced portfolio this month, identifying leading assets within specific sectors is crucial.

Below is an analysis of the top 5 altcoins to buy in June 2026, categorized by market sector, focusing on project fundamentals and technical growth targets.

1. Solana (SOL) – The High-Performance Layer-1 Leader

Project Ecosystem Overview

Solana continues to solidify its position as the premier Layer-1 blockchain for retail liquidity, decentralized finance (DeFi), and high-throughput consumer applications. Moving past the initial memecoin cycles, Solana's monolithic infrastructure has proven highly efficient for executing rapid transactions without relying on fragmented Layer-2 networks.

The network's execution speeds and low transaction fees have attracted major traditional fintech integrations. Platforms like PayPal and Visa utilize Solana's infrastructure for stablecoin settlements, securing its status as a major alternative to Ethereum’s settlement dominance.

Growth Catalysts and Target for 2026

• Institutional Traction: Continuous spot ETF developments and corporate stablecoin deployments.
• Firedancer Mainnet Optimization: The full implementation of the Firedancer validator client provides unprecedented network reliability and throughput capabilities.
• Growth Target: Market analysts project SOL to break past long-term resistance walls, targeting a mid-to-long-term valuation of $180 to $220 as institutional capital flows accelerate.

2. Bittensor (TAO) – The Decentralized AI Compute Infrastructure

Project Ecosystem Overview

The convergence of artificial intelligence and blockchain technology is a defining market narrative in 2026. Bittensor sits at the absolute forefront of this sector. TAO operates as a decentralized, open-source network that incentivizes machine learning models to collaborate and train across a global distributed node architecture.

Following its successful network upgrades, including the expansion of subnet capacities from 128 to 256, Bittensor has proven that distributed networks can train large-scale language models effectively. This makes it an essential infrastructure asset for developers seeking permissionless access to raw computing power and AI intelligence.

Growth Catalysts and Target for 2026

• Supply Scarcity: The long-term macroeconomic effects of its late 2025 halving event are constricting daily token issuance.
• Corporate Staking: Major institutional custody platforms like BitGo have established enterprise-grade staking infrastructure for TAO.
• Growth Target: As tech platforms transition away from centralized cloud monopolies, TAO aims to reclaim psychological resistance zones, targeting $450 to $500 by late 2026.

3. Ondo Finance (ONDO) – The Institutional RWA Pioneer

Project Ecosystem Overview

Real-world asset (RWA) tokenization has grown from a proof-of-concept into a multi-billion dollar sector. Ondo Finance is a market leader in this category, bridging the gap between traditional finance (TradFi) and on-chain liquidity. Ondo specializes in bringing institutional-grade financial products, such as US Treasuries and corporate bonds, onto public blockchains like Ethereum and Solana.

By embedding strict automated compliance directly into its smart contracts, Ondo allows global institutional investors to access yield-bearing tokenized products safely. Its structural integration with clearing giants and Tier-1 liquidity providers places it far ahead of competing asset tokenization protocols.

Growth Catalysts and Target for 2026

• Macroeconomic Shift: Declining interest rates push on-chain investors toward stable, institutional yield products.
• Banking Rails Integration: Broadening cross-chain deployments across major public and institutional private ledgers.
• Growth Target: Backed by structural inflows into tokenized securities, ONDO targets a price target expansion toward $2.50 to $3.10 as total value locked (TVL) hits new milestones.

4. Near Protocol (NEAR) – The Foundational Layer for AI Agents

Project Ecosystem Overview

Near Protocol has evolved significantly from a standard smart contract platform into a core foundational layer for cross-chain "user intents" and autonomous AI agents. In 2026, decentralized applications rely heavily on AI agents executing transactions autonomously on behalf of users. Near provides the cryptographic framework necessary for these agents to interact across multiple chains securely.

Through its advanced chain abstraction technology, Near eliminates the friction of managing multiple wallets, gas fees, and network bridges. This enables seamless interactions where software can transact instantly behind a unified interface.

Growth Catalysts and Target for 2026

• AI Agent Web Integration: Infrastructure partnerships with web infrastructure providers to automate micro-payments for data and API processing.
• Mass Consumer Adoption: Positioned as the primary abstract layer for Web3 consumer applications.
• Growth Target: Driven by the narrative of autonomous on-chain commerce, NEAR's valuation targets a structural move toward $8.50 to $11.00.

5. Base (Ecosystem Tracking Token / Base Infrastructure)

Project Ecosystem Overview

While Base does not feature a native network token, it dominates the Ethereum Layer-2 ecosystem, capturing over 60% of total L2 network revenues according to on-chain analytics. Developed by Coinbase, Base serves as the primary gateway for retail capital entering Web3.

The ecosystem's primary value capture mechanisms flow directly back to the wider Ethereum L2 infrastructure layer and decentralized protocols built natively on the network (such as high-performance automated market makers and decentralized derivatives exchanges like Hyperliquid). It serves as an essential index for measuring the health of retail on-chain activity.

Growth Catalysts and Target for 2026

• Smart Wallet Proliferation: Coinbase’s native smart wallets allow millions of mainstream users to interact with applications smoothly using passkeys.
• DeFi Capital Concentration: Base remains the most profitable execution environment for decentralized applications on Ethereum.
• Growth Target: For investors tracking this ecosystem, native building blocks within the L2 layer present clear asymmetric upside, with core ecosystem application tokens targeting a 3x to 5x growth multiple over the summer trading cycle.

Altcoin Market Allocation Comparison

To help visualize how to diversify into these sectors, investors can analyze how these top projects balance different market opportunities:

Summary: Building a Strategic Crypto Portfolio for June 2026

Success in the current crypto market requires a clear shift away from speculative assets toward platforms that generate verifiable economic value. Allocating capital across dominant Layer-1 chains like Solana, decentralized AI frameworks like Bittensor, and institutional infrastructure like Ondo Finance provides balanced exposure to the most resilient narratives of this market cycle.

Stellar (XLM) managed to stage a powerful independent breakout. Defying the flat price action observed across major digital assets like Bitcoin and Ethereum, the native asset of the Stellar network surged aggressively within a 24-hour window, slicing through long-standing overhead technical resistance to peak near the $0.29 mark before entering a localized retracement.

This unexpected decoupling has caught the attention of the global trading community, triggering a massive influx of capital into the payment-focused blockchain.

The DTCC Integration: A Structural Shift for Wall Street Assets

The primary catalyst behind the sudden $XLM price surge stems from a monumental announcement by the Depository Trust & Clearing Corporation (DTCC). The market infrastructure giant, which processes quadrillions of dollars in securities transactions annually, revealed plans to integrate its digital asset tokenization engine directly with the Stellar public blockchain.

Targeting a phase-one deployment by the first half of 2027, the multi-chain initiative aims to facilitate the compliant tokenization and frictionless movement of traditional financial assets—including U.S. Treasuries, exchange-traded funds (ETFs), and blue-chip equities.

This development carries immense fundamental weight for the asset's utility ecosystem:

• Regulatory Validation: The initiative leverages a critical regulatory breakthrough achieved earlier, following joint agency guidance that designated XLM as a digital commodity. This status removes the compliance ambiguity that previously restricted conservative institutional desks.
• On-Chain Volume and Scarcity: Because XLM functions as the native settlement asset and core mechanism for transaction fee burning on the ledger, routing institutional capital through the network introduces an organic, usage-based demand vector rather than pure retail speculation.

According to institutional data, Stellar's real-world asset (RWA) footprint has already crossed major benchmarks, fueled by live issuances from asset management firms like Franklin Templeton and Amundi. The addition of DTCC infrastructure solidifies Stellar's position as a primary enterprise ledger.

XLM Price Analysis: Short-Squeeze Propels XLM Past Key EMAs

From a purely technical perspective, the fundamental news landed on an asset that had been compressing inside a prolonged accumulation range. The sudden burst of buying volume triggered an aggressive short-squeeze across major derivatives exchanges, forcing short-sellers to buy back positions and accelerating the upward velocity.

XLM convincingly sliced through its 50-day and 200-day Exponential Moving Averages (EMAs), which sit near $0.207 and $0.204 respectively. Reclaiming these indicators flips the mid-term macro structure from bearish to structurally constructive. The 24-hour trading volume spiked by more than 108%, confirming that the price action is backed by institutional participation rather than low-liquidity retail chasing.

Can Stellar Maintain Its Decoupling Momentum?

Following its swift rally to $0.29, XLM has begun retracing lower as early buyers lock in profits. Market participants are now weighing the asset's sustainability against broader macroeconomic headwinds, presenting two distinct market scenarios:

The Bullish Continuation Case (Targeting $0.30+)

If buyers successfully establish a higher support floor above the reclaimed $0.20 to $0.22 region during this cooling-off period, the technical path remains open for an extended rally. A clean weekly close above local resistance at $0.25 would confirm that demand remains strong enough to absorb the selling pressure, setting up a secondary momentum wave to clear the major psychological $0.30 threshold and target multi-year highs.

The Bearish Retracement Case (Returning to $0.15–$0.20)

Because the underlying implementation of the DTCC pipeline is slated for early 2027, the current move carries a heavy element of "buy the rumor" speculation. If the initial hype fades and the broader crypto market faces a sharp correction due to macroeconomic tightening, XLM risks a deeper "sell the news" retracement. A failure to hold the $0.20 level could invalidate the breakout structure entirely, dragging the asset back down into its historical accumulation channel between $0.15 and $0.20.

Ultimately, Stellar's aggressive breakout proves that high-tier enterprise utility and tangible real-world tokenization milestones can still trigger independent bullish trends, even when the rest of the crypto market is standing still.

Finding a crypto-friendly business account for a corporate entity remains one of the largest operational hurdles for modern enterprises, tech startups, and Web3 firms. Corporate structures worldwide face strict institutional compliance and rigid Know Your Business (KYB) checks. Traditional legacy banks often instantly decline applications associated with digital assets due to conservative risk mitigation strategies.

Fortunately, fintech innovation has fundamentally shifted the corporate financial landscape. European platforms operating under full banking licenses now provide robust corporate accounts designed to interface seamlessly with digital assets and international fiat networks.

Here is a comprehensive breakdown of the best crypto-friendly business accounts for companies, exploring global efficiency with specific insights into key markets like Germany.

The Landscape of Corporate Crypto Banking

Corporate banking for crypto-exposed businesses requires a framework that can handle standard fiat operations—such as payroll, tax payments, and vendor settlements—without flagging legitimate transfers to and from digital asset platforms.

Financially strict jurisdictions across Europe enforce tight anti-money laundering (AML) protocols. In regions like Germany, the financial regulatory authority (BaFin) closely monitors fiat-to-crypto flows. This has historically caused traditional commercial banks to freeze corporate accounts that interact with exchanges or on-chain treasuries. For modern corporations, the ideal solution is a corporate fintech platform that bridges the gap between traditional fiat compliance and the digital economy.

Why Revolut Business is a Leading Choice for Companies

Revolut Business has emerged as one of the most reliable and scalable financial solutions for modern enterprises, startups, and established international corporations. Operating with a full European banking license, the platform balances strict regulatory compliance with the flexible infrastructure required by fast-growing corporate teams.

Key Advantages for Corporate Accounts

• Native Crypto Tools: Unlike traditional entities that require third-party integrations, the platform features native capabilities to buy, sell, and hold over 30 digital assets directly within the corporate dashboard.
• Rapid Multi-Currency Liquidity: Businesses can hold, exchange, and transfer more than 25 fiat currencies using interbank exchange rates. This facilitates frictionless off-ramping from regulated exchanges straight into your corporate fiat reserves.
• Granular Governance: Issue instant corporate virtual or physical cards to your global team, apply strict spend limits, and automate approval workflows for outward corporate transactions.

Plan and Cost Structure

The platform is designed to scale organically alongside your company's transactional volume. It operates on a transparent, tiered monthly subscription model:

• Free Plan (€0/month): Ideal for early-stage startups and lean teams testing corporate setups. Includes basic local account features and standard team access.
• Grow Plan (~€25/month): Tailored for expanding businesses. Features reduced foreign exchange fees, dedicated allowances for fee-free international transfers, and advanced expense approvals.
• Scale Plan (~€100/month): Designed for high-volume corporate operations. Automatically expands fee-free transfer caps and drops foreign exchange markups significantly.
• Enterprise Custom: Bespoke pricing structures built specifically for large-scale institutional entities with massive cross-border or localized payment volumes.

In-Depth Core Features and Crypto Ecosystem Benefits

If you are an entrepreneur or work closely with international clients, crypto projects, digital asset exchanges, or Web3 firms, a corporate setup here offers structural benefits across everyday accounting and advanced blockchain positioning.

Comprehensive Global Infrastructure

• Multi-Currency Engineering: Maintain unique accounts across 25+ distinct currencies, execute payments to over 150 countries globally, and tap into local account details for EUR, GBP, and USD seamlessly.
• Corporate Card Issuance: Set up unlimited corporate virtual cards, deploy employee cards with strict integrated spending limits, utilize instant freeze/unfreeze toggles, and use single-use virtual cards to block online merchant fraud. This is highly optimal for digital marketing budgets across Google Ads, X Ads, and SaaS or AI subscriptions.
• Automated Expense & Integrations: Accelerate compliance by uploading invoices via the mobile app, leveraging automated ledger mapping, and executing rigorous team approval workflows. The platform pairs natively with accounting and automation engines like Xero, QuickBooks, Shopify, Zapier, Slack, and Google Workspace.

Advanced Crypto Integration & Revolut X

For Web3 corporate setups, the platform provides deep asset exposure via direct token procurement (including $Bitcoin, $Ethereum, $Solana, and $XRP). Furthermore, the rollout of Revolut X introduces a dedicated professional-grade crypto exchange built to handle deep liquidity. It utilizes a transparent maker/taker fee architecture (0% maker, 0.09% taker fees) alongside integrated TradingView charting tools, shifting far beyond simple retail app swaps.

MiCA Compliance and Long-Term Stability

The platform prepared ahead of the European Markets in Crypto-Assets (MiCA) regulatory deadlines, securing its primary EU crypto operational approval via Cyprus. Looking down the pipeline, its parent organization is actively driving digital ledger innovation, testing a native, asset-backed GBP-denominated stablecoin in real-world environments under the UK Financial Conduct Authority (FCA) Regulatory Sandbox framework.

Where the Core Counterweights Lie

• Dedicated Trading Limitations: While Revolut X significantly optimizes corporate trading execution, high-frequency desks or massive on-chain treasury deployments still lean heavily toward dedicated institutional venues like Binance, Bybit, or Kraken.
• Tiered Fee Mechanics: Standard account crypto swap rates carry significant markups. Mitigating these costs requires stepping into premium corporate subscription tiers.
• Localized Regulatory Shifts: Operating corporate crypto frameworks in regions like Germany requires ongoing tracking of local BaFin compliance strategies, though MiCA provides an overall unified European legal ceiling.

The Landscape of Corporate Crypto Banking

Corporate banking for crypto-exposed businesses requires a framework that can handle standard fiat operations—such as payroll, tax payments, and vendor settlements—without flagging legitimate transfers to and from digital asset platforms.

Financially strict jurisdictions across Europe enforce tight anti-money laundering (AML) protocols under frameworks like the MiCA regulation. In regions like Germany, the financial regulatory authority (BaFin) closely monitors fiat-to-crypto flows. This has historically caused traditional commercial banks to freeze corporate accounts that interact with exchanges or on-chain treasuries. For modern corporations, the ideal solution is a corporate fintech platform that bridges the gap between traditional fiat compliance and the digital economy.

Streamlined Company Registration and Setup

One of the primary advantages of utilizing a digital-first platform is the speed of corporate onboarding. Traditional institutions can take anywhere from 4 to 8 weeks to finalize a business account setup. Revolut Business slashes this timeline to 24–72 hours through automated photo and video identification systems, allowing new companies to become operational almost immediately.

This agility is particularly beneficial for German structures like the GmbH (Gesellschaft mit beschränkter Haftung) or UG (Unternehmergesellschaft), which traditionally face slow institutional bureaucracy during corporate formation.

• Corporate Sign-up Incentive: New businesses can tap into optimized corporate benefits and streamline their company setup directly.
• Get Started: Open your Revolut Business Account here to initiate your application.

Alternative Crypto-Friendly Corporate Accounts

While Revolut Business offers an exceptional all-around interface for corporate teams, several other banking-as-a-service (BaaS) and fintech providers operate within the global and European markets:

1. Vivid Money (Vivid Business)

Vivid Money provides highly flexible corporate accounts suitable for modern corporate structures, including companies in formation. Operating under strict European regulatory standards, its business sector fully supports corporate digital asset management. Through its integrated brokerage tools and dedicated "Crypto Earn" feature, corporate entities can trade over 150 digital coins and stake specific corporate crypto balances to earn up to 8% APY passively with complete liquidity.

If you open an account using our referral link, you benefit from:

• €150 if you open a company account
• Free 2 months on any tariff plan
• Up to 4% annual interest rate
• Free visa cards with up to 10% cashback

-> Get Started with Vivid Money here

2. Bankera

Bankera is an explicitly crypto-friendly digital alternative designed specifically for companies dealing with digital assets, crypto brokers, and Web3 projects. Operating via a licensed European Electronic Money Institution (EMI), Bankera provides corporate clients with a dedicated European IBAN, support for SEPA Instant and SWIFT payments, and tailored "Crypto Exchange" corporate pricing models that accept funds sourced from blockchain operations.

3. Deutsche Bank (Institutional Backing)

For larger, institutional corporate structures requiring substantial credit lines or traditional corporate backing, legacy institutions like Deutsche Bank remain relevant. However, their compliance frameworks for crypto-related transactions are significantly more rigid, requiring extensive source-of-funds documentation.

Key Criteria for Selecting a Corporate Bank Account

When evaluating where to establish your company's primary financial repository, consider the following parameters:

• KYB and Onboarding Efficiency: Choose platforms that offer automated, digital verification to avoid prolonged capital lock-ups during corporate formation.
• Fiat-to-Crypto Transparency: Ensure the platform's compliance framework does not arbitrarily flag transactions coming from regulated digital asset exchanges.
• Accounting Integrations: Modern corporate accounts should link directly with software like Xero, QuickBooks, or local tax tools like DATEV to ensure clear bookkeeping.

How to Get Started with a Crypto-Friendly Account

Setting up a robust, modern business account can be completed entirely online. To prepare for the application process, ensure you have the following documentation ready:

• Proof of Incorporation: Corporate registry extracts (e.g., Articles of Organization or Handelsregisterauszug).
• Identification Documents: Valid passports or national identity cards for all beneficial owners and directors.
• Corporate Details: Clear description of business operations and planned transactional volume.

To register your business and secure an agile corporate account, you can access the streamlined signup interface directly via the Revolut corporate portal.

Global Stocks Rally While Crypto Sentiment Remains Weak

Global stock markets are showing strong momentum, with major indices reaching new record levels across the United States and Asia. The S&P 500 closed at a new all time high, while Japan’s Nikkei and South Korea’s KOSPI also pushed into record territory.

This rally shows that traditional risk assets are attracting strong investor demand, especially as AI related stocks, government contracts, and broader equity optimism continue to support market sentiment. However, the crypto market is not following the same path with the same strength.

Instead, major altcoins remain under pressure, and the market still looks cautious despite some green daily moves.

Altcoins Recover Slightly, but the Crypto Market Lacks Conviction

The latest crypto market performance shows several major altcoins moving higher on the day. Ethereum, BNB, XRP, Solana, Cardano, Dogecoin, Zcash, and Stellar are all showing positive daily changes.

However, the move does not yet look like a full market recovery. Many major crypto assets still carry weak technical ratings, suggesting that the current bounce may be more defensive than bullish.

This creates an important gap between global equities and digital assets. Stocks are breaking records, but the crypto market is still trying to stabilize after recent selling pressure.

Why Is the Crypto Market Not Following the Stock Rally?

There are several possible reasons why the crypto market is lagging behind.

First, liquidity remains selective. Investors may be willing to take risk in equities, especially in AI and technology stocks, but they are still cautious when it comes to altcoins.

Second, institutional crypto flows remain uneven. When large funds reduce exposure or when ETF related outflows dominate the headlines, sentiment across the broader crypto market can weaken quickly.

Third, altcoins usually need stronger confirmation before a real rally starts. A few daily gains are not enough if trading volume, momentum indicators, and technical ratings remain weak.

AI Stocks Are Leading, but AI Tokens Are Not Moving the Same Way

One of the most interesting differences is the AI narrative. In traditional markets, AI related stocks are seeing strong demand, supported by government spending, corporate investment, and investor enthusiasm.

In crypto, AI tokens are still gaining attention, but they are not leading the market with the same strength. This shows that the AI trend is currently more powerful in equities than in digital assets.

That makes the crypto AI sector an interesting area to watch, but not yet a confirmed leader in the current market cycle.

What Altcoins Need for a Real Recovery

For the crypto market to confirm a stronger recovery, altcoins need more than short term green candles. The market needs stronger trading volume, better technical signals, and renewed confidence from both retail and institutional investors.

A real recovery would likely require:

Stronger inflows into crypto products, improved sentiment across major altcoins, higher trading volume, and a clear shift from defensive positioning to risk appetite.

Until then, the crypto market may continue to move sideways or recover unevenly, even while global stocks continue to break records.

Crypto Market Outlook: Delayed Rally or Continued Weakness?

The main question now is whether the crypto market is simply lagging behind traditional markets or showing a deeper weakness.

If global risk appetite continues to improve, altcoins could eventually benefit from the same liquidity wave that is lifting equities. However, if crypto specific pressure remains high, the market could stay disconnected from the stock rally for longer.

For now, the message is clear: global stocks are showing strength, but the crypto market still needs stronger confirmation before calling this a real recovery.

A Republican candidate jockeying to represent Florida’s 22nd Congressional District liquidated Bitcoin to help fuel his political bid.

Hackers can hijack ChatGPT, Claude, and Gemini with nothing but a sentence. OpenAI says the problem may never be fully solved. Here is what it is, how it works, and how to stay safe.

Dimon vowed to fight the passage of the crypto market structure bill until the bitter end.

Treasury Secretary Scott Bessent said the U.S. has "outright grabbed" roughly $1 billion worth of cryptocurrencies from Iran via seizures.

Celsius founder and former CEO Alex Mashinsky hopes to have his prison sentence vacated, claiming a legal conflict tied to Sam Bankman-Fried.

XRP sees weakening network activity as market volatility fades demand causing its burn activity to decline while XRP’s price struggles to recover.

XRP holders may have more options than they realize, Flare co-founder indicates.

Shiba Inu layer 2 blockchain Shibarium’s latest activity wave gains attention, but one key question remains.

XRP maintains lead against Bitcoin and Ethereum in their weekly ETF performances, as institutional investors show conviction in XRP while they take caution in the others.

Ripple engineering director says XRP Ledger might just be getting started, with a wave of improvements ahead.

Many investors still remember watching XRP explode during past bull runs and feeling they entered too late. That’s why traders are now searching for projects that still look early before the broader market fully heats up again. Some meme coins have already made their biggest move. Others are only starting to build momentum quietly in the background. And in crypto, timing often matters just as much as the project itself. Here are three cryptos traders are watching closely as they hunt for the next major breakout opportunity.

One of the hardest parts of crypto investing is realizing the biggest returns usually happen before everyone agrees a project is real. That realization is part of why Little Pepe (LILPEPE) is beginning to stand out among traders seeking earlier-stage opportunities rather than chasing established meme ecosystems. Unlike many meme projects built purely around attention, Little Pepe is developing its own Layer-2 blockchain focused on ultra-fast transactions, low fees, and infrastructure specifically designed for meme coin activity. LILPEPE is currently priced at $0.0022 in Stage 13, with more than $28 million already raised and the current stage nearing completion. For many investors, the appeal is not just the meme’s branding, but the idea of entering before broader exchange exposure begins. The project has also leaned heavily into community engagement through its ongoing $777,000 giveaway campaign and the Mega Giveaway running between Stages 12 and 17, where both large buyers and random participants remain eligible for rewards exceeding 15 ETH. For traders who missed earlier meme cycles entirely, that feeling of being too late again is exactly what makes projects like Little Pepe difficult to ignore right now.

Pudgy Penguins (PENGU): Can the Momentum Continue After the First Big Rally?

Pudgy Penguins is holding steady at about $0.0102, even after some dips last month.

Pudgy Penguins Price Analysis: TradingView

For many traders, this is where the hesitation begins. Nobody wants to buy the top after watching a token already rally nearly 100% in a short period. But PENGU’s chart is still giving traders something to watch. The recent move toward $0.0118 created a bullish pole-and-flag setup. In simple terms, the strong rally formed the pole, while the current sideways consolidation may simply be the market cooling off before another move higher. The setup only becomes convincing if PENGU cleanly reclaims $0.0104 and breaks above $0.0110 again. If that happens, traders are already watching potential upside targets near $0.0121 and $0.0129. Some projections even point toward $0.0206 if meme coin momentum accelerates again.

Bonk (BONK): Solana’s Meme Economy Is Starting to Heat Up Again

Bonk trades near $0.0000068 and is beginning to attract attention again as activity returns across Solana’s meme ecosystem.

BONK Price Analysis: TradingView

Many traders missed BONK’s first major breakout because they assumed Solana meme coins had already peaked. But recent market activity suggests capital may be slowly rotating back into that sector. The chart is also looking interesting. If BONK closes above that mark, it’s got room to run up to $0.0000093, which would mean a jump of about 33% from where it is now. That may not sound life-changing compared to LILPEPE, but as long as Solana meme activity continues improving, BONK may remain one of the first places meme capital flows back into.

Conclusion

XRP’s previous bull run reminded the market how quickly crypto wealth can be created when momentum, timing, and community align. Now traders are searching for the next wave before it fully arrives. PENGU is trying to prove its first rally still has room left. BONK is benefiting from renewed activity across Solana’s meme ecosystem. And Little Pepe (LILPEPE) is attracting the attention of investors who no longer want to wait until projects become mainstream before investing.

For more information about Little Pepe (LILPEPE) visit the links below:

Website: https://littlepepe.com

Whitepaper: https://littlepepe.com/whitepaper.pdf

Telegram: https://t.me/littlepepetoken

Twitter/X: https://x.com/littlepepetoken

$777k Giveaway: https://littlepepe.com/777k-giveaway/

The post Top 3 Cryptos That Could Deliver Bigger Gains Than Ripple (XRP) Did in the Last Bull Run appeared first on Blockonomi.

While the broader market often remains fixated on the price action of established giants, a new contender is quietly rewriting the playbook for retail wealth generation. Little Pepe, trading under the ticker LILPEPE, has emerged as a formidable force in the sub-one-dollar category, positioning itself to potentially deliver a 40x return on investment in less than two months. This projection is not based on mere speculation but is backed by a monumental presale performance that has caught the attention of serious institutional and retail participants alike.

If an investor wants to see a 40x return on Dogecoin today, it would have to become the most valuable financial institution in the world, which is increasingly unlikely as liquidity continues to decline through the industry.

Elsewhere, despite its glory days, Cardano has not lived up to the expectations it set in 2021, when it hit a new all-time high of $3.10.

In contrast, the smart money is moving toward younger, more agile projects that possess the “coiled spring” effect. Little Pepe represents this new era of digital assets, where community sentiment meets massive capital influx at the ground floor. By offering an entry point that remains significantly undervalued relative to its utility and community backing, LILPEPE provides the kind of leverage that ADA and DOGE can no longer provide to the average portfolio.

Quantitative Dominance and the Presale Powerhouse

The most compelling evidence of the impending explosion for Little Pepe lies in its staggering presale data. Financial records indicate that the project has already raised over $28.1 million across its various funding stages. This is not a modest figure; it reflects a level of investor confidence rarely seen in the early stages of a memetic token. The fact that the project has successfully moved over 16.9 billion tokens into the hands of early adopters suggests a highly distributed and committed holder base, which is a prerequisite for any asset aiming for a vertical price trajectory.

At the time of analysis, the presale has reached a critical juncture, with 98% of stage 13 complete. With the current price locked at a mere $0.0022, the window for entry at these historic lows is rapidly closing. This specific price point is the catalyst for the projected 40x ROI. When an asset possesses this much liquidity and capital backing before it even hits the primary decentralized and centralized exchanges, the resulting “supply shock” upon public listing often leads to the exact type of parabolic growth that transforms modest allocations into significant wealth.

The Two-Month Horizon for Exponential Growth

The timeline of “under two months” is particularly significant because it aligns with the anticipated conclusion of the final presale stages and the transition to the open market. Market history shows that the period immediately following a high-demand presale is often the most lucrative for holders. As the 98% completion of stage 13 approaches, the urgency among investors is palpable. The transition from a controlled presale environment to the volatility of the open market amplifies price action, especially when a project has already demonstrated the ability to sell 16.9 billion tokens on its own.

Unlike many speculative assets that fizzle out for lack of funding, Little Pepe has the financial runway to dominate the narrative for the remainder of the quarter.

Final Outlook on the LILPEPE Phenomenon

The evidence points toward a singular conclusion: the opportunity for massive returns has shifted away from the “old guard” of Cardano and Dogecoin and toward the explosive potential of Little Pepe. With $28.1 million in the bank and a community that has already absorbed nearly 17 billion tokens, the project is not just a participant in the market; it is a leader in the making.

The current price of $0.0022 represents a fleeting entry point before the market recognizes the true value of what has been built during this rigorous presale phase. Those seeking a 40x return in a compressed timeframe are finding that LILPEPE is the most logical and aggressive play available in the current digital asset ecosystem.

For more information about Little Pepe (LILPEPE) visit the links below:

Website: https://littlepepe.com

Whitepaper: https://littlepepe.com/whitepaper.pdf

Telegram: https://t.me/littlepepetoken

Twitter/X: https://x.com/littlepepetoken

$777k Giveaway: https://littlepepe.com/777k-giveaway/

The post This Top Coin Under $1 Could Deliver a 40x ROI in Under 2 Months; Surprisingly, It’s Not Cardano (ADA) or Dogecoin (DOGE) appeared first on Blockonomi.

TLDR:

• Wintermute is now quoting two-sided markets on event contracts across venues doing $20 billion monthly in volume.
• The prediction market industry has crossed $60 billion in 2026, yet still lacks the institutional liquidity it needs to mature.
• Event contracts price real-world outcomes directly, offering more targeted exposure than equities, rates, or currencies.
• Wintermute’s existing crypto infrastructure covers custody, collateral, and risk management that prediction market venues already require.

Wintermute has moved into the prediction market industry, now providing liquidity across event contracts on leading venues.

The algorithmic trading firm brings over $3.5 trillion in annual trading volume to a segment that has crossed $60 billion in 2026.

This entry marks a turning point for prediction markets, as institutional-grade infrastructure begins supporting a fast-growing but liquidity-thin space.

A $60 Billion Market That Needed Institutional Depth

The prediction market industry has expanded at a pace few anticipated just years ago. Trading volume across leading venues now exceeds $20 billion per month as of early 2026. That growth has outpaced the liquidity infrastructure needed to support it properly.

Wintermute is stepping in to close that gap by quoting continuous bid and offer prices across event contracts. Two-sided liquidity tightens spreads and allows participants to trade in larger sizes. Over time, this also strengthens the accuracy of probabilities that these markets produce.

Jake Ostrovskis, Head of OTC Trading at Wintermute, addressed the core problem directly. “Prediction markets have the demand profile of a major asset class but the liquidity profile of an early-stage one,” he said.

He added that sustained two-sided liquidity is what allows these markets to become reliable real-time probability tools.

Ostrovskis further noted that deeper liquidity does more than improve execution. “That depth tightens spreads, supports larger trade sizes, and in turn improves the signal embedded in market prices,” he explained.

“That is where Wintermute can add value.” Wintermute already operates across more than 70 exchanges, making this expansion a natural fit.

Why Wintermute Is Betting on Event Contracts

Prediction markets price real-world outcomes directly, rather than through traditional proxies like equities or currencies. For institutions managing exposure to specific catalysts, this offers a more targeted tool.

Policy decisions, economic data releases, and other discrete events become tradeable with greater precision.

Wintermute captured that distinction in a public statement, saying “prediction markets are emerging as a distinct asset class, pricing probabilities on events that traditional markets don’t capture cleanly.”

That framing reflects how the firm views the segment’s broader role in financial markets. It also explains why the firm sees long-term value in committing liquidity here.

Many prediction market venues also operate on public blockchains using stablecoin settlement systems. This aligns closely with infrastructure Wintermute already manages across spot, DeFi, and OTC crypto markets.

Custody, collateral, and risk management requirements are already part of the firm’s daily operations.

That overlap makes the move into prediction markets a practical extension rather than an entirely new venture. Wintermute Group’s existing systems handle the technical demands these venues require.

As the industry continues its growth trajectory, institutional participation from firms like Wintermute is likely to accelerate further adoption across the space.

The post Wintermute Expands Into Prediction Markets as Segment Tops $60B in 2026 appeared first on Blockonomi.

TLDR:

• XRP is trading at $1.34, posting a 2.80% gain in 24 hours with over $2.15 billion in trading volume.
• Binance Exchange Supply Ratio has trended downward throughout May, pointing to reduced immediate selling pressure.
• XRP’s NVT Ratio declined 23.73% to 151.53, suggesting the asset is fairly valued relative to network activity.
• The Awesome Oscillator remains near zero, reflecting market indecision and neither bullish nor bearish momentum dominance.

XRP is showing early signs of a potential market reversal as multiple on-chain indicators align. The asset is trading at $1.34 as of writing, reflecting a 2.80% gain over the past 24 hours.

Trading volume stands at over $2.15 billion, pointing to continued market participation. Analysts tracking exchange supply, network valuation, and momentum data suggest the asset may be nearing the end of its bottoming phase.

Exchange Supply Data Points to Reduced Selling Pressure

XRP’s price has been consolidating around the $1.33 range after months of sharp volatility. The movement has narrowed considerably, forming what analysts describe as an equilibrium zone. This kind of tight price action often appears before a directional move develops.

The Exchange Supply Ratio on Binance has been trending downward throughout May. After peaking in March and April, the ratio entered a clear decline, suggesting investors are moving XRP off exchanges. Coins leaving exchanges typically reduce the available supply for immediate selling.

When holders move assets into private wallets, it often reduces short-term selling pressure. This behavior can lay the groundwork for a price recovery over the medium term. The trend has been consistent enough to draw attention from market analysts.

PelinayPA noted in a recent market post that the declining exchange supply ratio may help create a foundation for an upward move. The combination of reduced exchange holdings and stable price action adds weight to the bottoming thesis currently circulating among analysts.

NVT Ratio Decline Adds to Valuation Case for XRP

The NVT Ratio for XRP has dropped sharply by 23.73%, bringing it to a reading of 151.53. The NVT Ratio compares market value to on-chain transaction volume. A falling reading suggests the asset is not overvalued relative to its network activity.

In crypto market analysis, a low or declining NVT is often read as a sign that an asset trades at a relatively fair or attractive level. It means network usage remains strong even as price consolidates. This combination can attract buyers who rely on fundamental on-chain data.

The Awesome Oscillator, meanwhile, remains just below the zero line with minimal bar readings. Neither buyers nor sellers hold a clear momentum advantage at this point. This neutral reading supports the view that the market is still searching for direction.

Taken together, the NVT decline and the AO neutrality paint a picture of a market at a crossroads. The absence of strong bearish momentum, paired with easing exchange supply, keeps the bullish case intact. Analysts continue to watch the $1.33 area as a key level for any potential move higher.

The post XRP Price Holds at $1.33 as On-Chain Data Points to a Potential Bottom appeared first on Blockonomi.

TLDR:

• A federal judge ordered Circle to blacklist Zama’s cUSDC contract, freezing roughly $12.6 million in pooled USDC funds.

• Plaintiffs allege Overnight Finance’s Ermilov moved $15.77M from a shared treasury just before an OVN holder vote passed.

• Zama’s entire cUSDC pool was frozen because the contract holds funds from all depositors, not just the disputed address.

• Activist firm Patagon Management, known for forcing DAO treasury payouts, is one of the co-plaintiffs driving the suit.

A federal court order has led Circle to blacklist Zama’s confidential USDC contract, freezing roughly $12.6 million in funds early Saturday.

The freeze stems from a class action suit filed against Overnight Finance creator Maxim Ermilov. Plaintiffs allege Ermilov diverted more than $15 million from a shared treasury.

The move has drawn attention because it swept innocent users’ funds into the dispute.

Court Order Triggers Freeze on Zama’s Contract

Circle blacklisted the cUSDC contract address at 1:08 a.m. UTC on Saturday. The freeze locked 12,606,386 USDC in the Ethereum-based contract. Public block explorers identify the frozen address as Zama’s confidential USDC token.

Zama CEO Rand Hindi said on X that his team was investigating the freeze. He later wrote that the contract appeared to have been “caught in a crossfire of another case.” Hindi also confirmed that Circle gave no prior warning before the blacklist was executed.

Because cUSDC wraps the USDC backing every token holder, blacklisting the contract locks the full pool. The frozen amount is slightly more than the disputed deposit, meaning other users’ funds were also swept in. The plaintiffs told the court they were prepared to advance funds to make unrelated parties whole.

Hindi addressed the scale of outside exposure directly. “Since there wasn’t much utility yet for the cUSDC wrapper, there were very little funds in it, and as a result the vast majority (>99%) of funds in the cUSDC contract came from that single hacker’s deposit,” he wrote on X. Zama also announced it would pause the cUSDC, cUSDT, and cWETH contracts during its investigation.

Zama said in a statement that it is “an infrastructure provider, not a mixer or a tumbler.” The firm added that its legal team is working to isolate the flagged address and restore access for affected users as quickly as possible. Hindi also pushed back on any suggestion that the protocol enables money laundering.

“It’s also really useless for hackers to try to use Zama to hide their trail as we are precisely not a mixer and we do not obfuscate the sender and recipient, only balances and amounts,” he wrote.

Overnight Finance Treasury Dispute Explained

The class action was filed on May 28 in the U.S. District Court for the Northern District of California. Three funds holding OVN tokens accuse Ermilov of moving more than $15 million from a shared treasury. The filing describes Ermilov as a Russian national living in Abu Dhabi.

Ermilov built Overnight Finance, a DeFi yield platform that issued the USD+ stablecoin and OVN governance token.

The project raised $850,000 in a pre-seed round led by Hack VC in February 2022. OVN token sales began in September 2023, with holders promised a pro rata claim on the treasury.

The complaint quotes a November 6, 2024 Discord message in which Ermilov wrote, “you can buy 51% of OVNs and vote to have [the Treasury] distributed.”

OVN holders initiated a vote on May 4, 2026, to liquidate the treasury and distribute the funds. Just before the vote crossed a majority threshold on May 11, the lawsuit alleges Ermilov moved more than $15.77 million. About $12.5 million of those funds were USDC, and the bulk ended up in Zama’s cUSDC contract.

Ermilov, however, disputed the plaintiffs’ account. “They had no right to vote the way they did,” he told The Block. He also argued that the token confers no financial entitlement.

“OVN is not a security, so no rights to profit or distributions of any nature,” he said. Asked why funds were moved into Zama’s system, he said the move was meant to “hide balances from general public to minimize personal security risks,” citing recent kidnappings of crypto holders.

Activist Investors and a Familiar Legal Strategy

The plaintiffs in this case are not ordinary token holders. One co-plaintiff, Patagon Management, has built a practice around pressuring DAOs to liquidate treasuries and return value to token holders. The firm is run by Diogenes Casares, who is associated with a group sometimes called the RFV Raiders.

Casares has said the broader community has unwound DAOs including Fei Protocol, Rome DAO, and Temple DAO, and shaped governance of others. “Collectively, these protocols have Risk-Free assets in excess of $1B,” he wrote in January 2023.

Patagon previously sued Wei “Max” Wu over Spartacus DAO, a project whose holders had voted to dissolve it and reclaim the treasury. In that case, a judge granted an emergency restraining order barring Wu from moving $35 million in crypto.

The court also allowed service by NFT, email, and Discord — the same channels the Overnight plaintiffs are now seeking to use on Ermilov.

On May 29, U.S. District Judge P. Casey Pitts issued a text-only order directing Circle to block the USDC and set a hearing for Monday, June 1.

The order came on an ex parte motion, meaning Ermilov’s side had not yet been heard. The June 1 hearing will allow both sides to present arguments.

Onchain investigator ZachXBT called the freeze “precedent setting” for blacklisting a contract where funds are pooled with other users. “Overall I feel bad for Zama users who have now been indirectly impacted with this mess of a US civil case,” he wrote.

The case is now set to test the limits of Circle’s freeze authority in private legal disputes involving pooled DeFi contracts.

The post Circle Freezes $12.6M in Zama’s cUSDC Contract After Court Order in Overnight Finance Suit appeared first on Blockonomi.

The UK has targeted 18 crypto platforms, banks, and financial networks used by the Kremlin-backed “A7” payment network to bypass international economic restrictions.

The sanctioned entities are accused of processing more than $90 billion in 2025 to fund Russia’s invasion of Ukraine.

 Crypto Platforms Linked to Illicit Russian Flows

A TRM Labs report reveals that Huobi, Exmo Exchange, Bitpapa, and Rapira Group were some of the targeted exchanges, with Huobi alone sending more than $4.9 billion in on-chain transactions to UK-sanctioned entities and the A7 network since 2021. Additionally, $1.13 billion of this occurred 14 months after the March 2025 takedown of Russian crypto exchange Garantex, with $838 million directed specifically to the A7 network last year.

According to TRM’s findings, the crypto activity associated with Russia did not slow down after the Garantex collapse but was instead migrated to successor exchanges and payment platforms like Rapira, Aifory Pro, Grinex.io, and ABCex. Exmo exchange is said to have directly transacted over $19.5 million with sanctioned entities like Garantex and Chatex, while BitPapa was also reported to have transferred millions to these actors.

The report notes that Rapira moved more than $543 million, including $375.6 million tied to Grinex.io, while Aifory Pro transferred over $189 million, of which $175.2 million was attributed to ABCex. Meanwhile, ABCex itself recorded $355 million in transactions across the restricted firms, sending $175.2 million to Aifory Pro, $133.4 million to Garantex, and $38.1 million to Rapira.

The government has now added all 18 sanctioned entities to the UK Consolidated List, with businesses operating in the country now required to freeze any assets connected to them and block transactions involving the listed companies.

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said the Foreign Secretary Yvette Cooper.

She added that the restrictions were being made to cut off the financial flows sustaining Putin’s war in Ukraine.

Russia-Related Illicit Crypto Activity Has Rebounded

The new measures also extend to target individuals linked to the A7 network. In its report, the government says that the group is backed by a Kyrgyz bank suspected of processing payments within the system, alongside a major global crypto exchange that is believed to have transferred more than $1.5 billion back into Kremlin-linked financial channels.

Meanwhile, a separate TRM Labs analysis discovered that illicit crypto activity went up sharply last year. According to the company, most of that was related to Russian-linked trades, with A7’s A7A5 token contributing $72 billion worth of trades alone while the group’s own wallets accounted for another $39 billion. Most of that money reportedly flowed through Garantex and Grinex.

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More than 1,400 liquidity pools tied to old DxSale contracts on BNB Chain were drained in a $7.3 million exploit flagged by blockchain security firms on May 29.

The attack adds to a growing list of DeFi breaches this month, as security experts warn that aging smart contracts and weak access controls are leaving protocols exposed.

What Happened

According to on-chain security account PeckShieldAlert, a user named “Tahax” first identified the exploit. Per their report, attackers targeted at least 1,400 old DxSale liquidity pool contracts on BNB Chain, draining about $7.3 million worth of crypto from them, which they then routed through AnySwap in an attempt to obscure their trail.

PeckShield added that an address identified as “0xC457…FA69” had transferred 2,958 BNB from the hack, worth $1.87 million, into two main wallets, which then moved the funds through several deposit addresses on Binance.

DxSale is a launchpad platform that lets crypto projects create tokens and liquidity pools without building their own infrastructure. It was pretty big about five years ago, with many of the projects launching tokens on BNB Chain locking their LPs with the protocol.

According to Tahax, the locker was still holding LPs from projects that had not been touched for years, with founders and holders believing it was safe. However, nearly nine months ago, the DxSale deployer transferred ownership of the locker to a new wallet with no public announcement or migration notice. The on-chain degen claims that the locker contract was unverified and it probably contained a backdoor, which the attacker took advantage of.

Two days ago, 0xC457…FA69, a brand new wallet funded from Bybit and possibly routed through AnySwap, reportedly took ownership of the locker and, within hours started draining the LPs.

DxSale itself was yet to make a statement regarding the exploit.

DeFi Security Concerns Keep Growing

The DxSale hack hasn’t happened in isolation, with the crypto sector losing at least $650 million in April from similar incidents. May has also had its fair share of attacks, including one last week, where a person stole more than $11 million from the Verus bridge after exploiting a flaw in how it verified payment amounts. According to security researchers, the attacker submitted a tiny transaction that passed verification checks while still unlocking large withdrawals from the bridge’s reserves.

Earlier in the month, liquidity provider TrustedVolumes was also hit for about $5.9 million after a hacker abused weaknesses in its custom settlement system, with analysts pointing out that the exploit worked because the protocol checked authorization against one address while pulling funds from another.

THORChain was also a victim, with on-chain sleuth ZachXBT saying it may have lost more than $10 million, which sent its RUNE token plummeting 15% within minutes.

This steady stream of exploits has elicited a reaction, with OpenZeppelin co-founder Manuel Aráoz declaring “all of DeFi unsafe,” arguing that AI-assisted attackers are finding vulnerabilities faster than security teams can patch them.

The post Over 1,400 Liquidity Providers Hit in $7.3 Million DxSale Exploit appeared first on CryptoPotato.

Ripple’s XRP has recovered by around 2% over the past 24 hours, climbing back toward $1.34.

The move comes as institutional demand via spot XRP ETFs continues to stand in contrast to the broader market weakness.

XRP ETFs Extend Positive Inflow Streak

According to data from SoSoValue for today, spot XRP ETFs recorded $11.88 million in daily net inflows, bringing the cumulative total to $1.42 billion or $1.12 billion in net assets.

The figure represents 1.37% of the total XRP market cap.

That follows yesterday’s positive reading, when these products saw about $1.77 million in inflows despite the broader crypto market downturn.

The inflows may not be massive, but they do indicate a temporary trend, with institutions continuing to accumulate XRP amid market instability.

The continued streak gives bulls a positive narrative, but ETF demand alone has definitely not been enough to fully reverse the broader downtrend observed in XRP’s price.

XRP Price Outlook: Key Levels to Watch

From a technical perspective, XRP’s 2% daily bounce is encouraging, but it is far from being a signal for a confirmed trend reversal. The token has recently slipped toward its lowest level since March, with the $1.20 region continuing to serve as a key support level.

The first major upside level to watch is around $1.4.

As we recently reported, XRP’s 100-day moving average sits near that zone, making it a key resistance level for buyers to reclaim. A successful breakout above it could open the door to a move toward $1.5-$1.6 and improve short-term sentiment.

On the downside, a clean break below $1.20 would be a bearish signal, potentially exposing the altcoin to a deeper correction. This becomes especially true if Bitcoin and the broader crypto market resume their decline.

For now, however, XRP’s price outlook remains cautious.

The post Ripple (XRP) Price Bounces 2% on Continued ETF Inflows: What’s Next? appeared first on CryptoPotato.

The cryptocurrency market has steadied somewhat over the past 24 hours, following a painful correction that pushed Bitcoin and most large-cap altcoins lower during the week.

However, Stellar (XLM) continues to be the clear outlier from the top alts, posting yet another massive daily surge while the broader market remains under pressure.

BTC Price Calms Above $73K

Bitcoin’s most recent weekly correction took the asset south when it slipped below $73,000 amid renewed pressure across crypto markets. The primary cryptocurrency has recovered since then and gained some ground, now trading at $73,400.

Its intraday moves have not been without volatility, however. The price ranged between $72,200 and $74,200 before finally settling down at the current levels as the weekend starts.

Bitcoin’s market capitalization remains above $1.47 billion, while its dominance over altcoins is more or less unchanged, suggesting they failed to capitalize on BTC’s weakness. The latter could have been induced by weakening ETF flows, which have posted record outflows in the past few days.

For now, the $73,000 zone has become the key area to watch. A decisive loss of that level could trigger another leg lower, potentially to $70,000, while a move above $74K may ease some of the short-term pressure.

Stellar (XLM) Continues to Lead the Altcoin Market

The altcoin market shows a mixed picture today, with most large-cap assets posting relatively modest moves over the past 24 hours rather than sharp recoveries.

Ethereum (ETH) is trading close to $2,000, while SOL, XRP, and several other majors are showing only limited changes. BNB has fared the best from the top alts, rising by more than 5% on the day.

XRP is also slightly in the green, while ETH and SOL remain almost flat compared to their levels from 24 hours.

Stellar (XLM), however, is in a completely different category. The altcoin has exploded by roughly 25% over the past day and is trading near $0.20, making it one of the strongest performers among mid-cap cryptocurrencies.

The move comes shortly after DTCC announced that its tokenization service will connect with the Stellar public blockchain. The move is expected to support tokenized DTC-custodied assets, including stocks, ETFs, treasuries, and corporate bonds, with availability targeted for the first half of 2027.

Other notable performers for the day include LAB, up 37.5%; Algorand’s ALGO, up 9.5%; and XDC Network (XDC), up 9%.

The post Bitcoin Calms at $73,000, Stellar Explodes by 25% Daily: Weekend Watch appeared first on CryptoPotato.

Hyperliquid is best known for its on-chain perps exchange, but did you also know there are vaults where users can deposit funds and follow specific trading strategies?

One of these vaults, currently enjoying a total value locked of more than $3 million, delivered 638% APY last month. Let’s examine.

What Are Hyperliquid Vaults?

Hyperliquid vaults are one of the more closely watched features on the decentralized derivatives exchange. They allow traders to participate in shared strategies.

Think about it this way – a vault works more like a pooled trading account. A vault leader runs a strategy, while other users can deposit funds into the vault and gain exposure to the results.

If the strategy makes money, depositors would share in the profits. If it loses money, they also share in the losses.

What makes vaults interesting is that, unlike a basic yield product that simply lends or rebalances assets, they are built directly into HyperCore. This means that vault strategies can tap into existing infrastructure available to traders on the exchange, including leverage, liquidations, perps, high-throughput execution, and everything Hyperliquid provides.

This can make them powerful instruments for those seeking more passive avenues, but they can also be risky. Returns can move very sharply in both directions, especially when vaults use leverage or take concentrated directional bets.

An interesting way to think about it is to equate it to on-chain copy trading with pooled capital. The strategy is fully visible, performance can be tracked, and users can choose whether the risk profile is fit for their own portfolio.

Long HYPE and BTC, Short “Garbage” Yields 638% APY Past Month

One particular vault built on Hyperliquid has drawn attention after returning an APY of 638% over the past month.

It’s named “Long HYPE & BTC, Short Garbage,” and it currently manages around $3.03 million in total value locked.

Its strategy is designed to be 70% HYPE and 30% BTC on the long side. It also maintains shorts in a basket of at least 10 high-FDV and high-emission coins, with the short side representing about 60% of notional exposure.

As you can see from the position table, the only underperforming trade is the BTC long, though it has been offset by the funding payout.

The vault’s overall PnL chart shows a steep rise over the prior 30 days, nearing the $1.2 million area.

Of course, this shouldn’t be interpreted as a low-risk yield. On the contrary, it reflects a rather aggressive leveraged long-short crypto trade, which depends heavily on HYPE’s price performance.

The post This Crypto Trade Printed 638% APY Last Month: Details appeared first on CryptoPotato.