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Jeff Park, Head of Alpha Strategies at Bitwise, said the cryptocurrency industry is currently in a "narrow window" of transition similar to that of the AI industry around 2015. He noted that at the time, only a few individuals recognized the AI revolution, and it took approximately 10 years for it to become mainstream. Park argued that while the direction of the crypto industry, with its "permissionless money" and on-chain capital markets, has already been proven, it is now in its most difficult phase, where AML/KYC regulations and legacy financial infrastructure are limiting the speed of its expansion. He further explained that BTC is a monetary experiment created by technological evolution, while most cryptocurrency projects are technological experiments created by monetary evolution. He concluded by arguing that the core of the crypto industry is not simply decentralization but "technological financialization."

An address believed to belong to the Bhutanese government recently moved 90 BTC, worth approximately $7 million, to a SegWit address, according to monitoring by Arkham. The move has led to market speculation about a potential transfer to a separate institution or a possible sale. On-chain data indicates that Bhutan has transferred a cumulative total of around $237 million in BTC to SegWit addresses this year, with its current holdings estimated at about $233 million.

Decentralized crypto derivatives exchange Hyperliquid (HYPE) is emerging as a competitor to traditional exchanges and prediction markets, crypto prime broker FalconX said in a recent report, according to CoinDesk. FalconX noted that Hyperliquid is expanding its business beyond perpetual futures into pre-IPO trading, prediction contracts, and tokenized real-world assets (RWA), creating a direct competitive dynamic with these established markets.

BTC perp long/short ratios on top exchanges by open interest The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 49.6% long, 50.4% short - Binance: 50.67% long, 49.33% short - Bybit: 53.17% long, 46.83% short - Gate.io: 50.55% long, 49.45% short

Tether, the world's largest stablecoin issuer, announced on its official website that it has partnered with the government of Georgia to launch GELT, a stablecoin pegged to the local fiat currency, the lari (GEL). The company stated that the project is one of the first to place a fiat currency directly onto digital asset rails within a dedicated regulatory framework for stablecoins. According to Tether, GELT will enable lower transaction costs, instant settlement, programmability, and more efficient value transfers for Georgia's currency. This is expected to enhance the country's cross-border commerce, fintech sector, digital payments, and access to programmable financial infrastructure.

A spokesperson for Iran's Ministry of Foreign Affairs announced that the country will not impose tolls on the Strait of Hormuz.

An Iranian Foreign Ministry spokesperson stated that while conclusions have been reached on many topics of discussion, this does not mean the signing of an agreement is imminent.

A spokesperson for Iran's Ministry of Foreign Affairs stated that the country currently has no plans to send a delegation to Pakistan.

A wallet associated with research-focused Web3 investment firm IOSG Ventures has deposited UNI worth $9.23 million and COMP worth $2.30 million to Binance, according to an analysis by Onchain Lens. The same address previously withdrew 5.41 million UNI, then worth approximately $51.53 million, and 228,704 COMP, worth approximately $11.29 million, from the exchange about 10 months ago. Following today's deposit, the address still holds 2.7 million UNI and 114,352 COMP. Deposits to exchanges are typically interpreted as an intent to sell. If the assets were sold upon deposit, the address would have realized a loss of approximately $39.76 million.

An Iranian Foreign Ministry spokesperson stated that while the two sides have reached a negotiation framework, no one can guarantee that the U.S. and Iran will reach an agreement soon. The spokesperson added that a provisional Memorandum of Understanding (MOU) does not include specific details on managing the Strait of Hormuz, emphasizing that jurisdiction over the strait belongs to the coastal states.

An anonymous whale address beginning with 0x50b3 has opened an Ethereum (ETH) short position worth around $100 million on the decentralized perpetual futures exchange Hyperliquid (HYPE). The position was entered at $2,094.92 with 23x leverage and has a liquidation price of $2,149.84. The whale is currently facing an unrealized loss of approximately $750,000. According to CoinMarketCap, ETH is currently trading at $2,109.42, down 0.6%.

A preliminary draft agreement between Iran and the U.S. includes no commitments from either side on nuclear issues or highly enriched uranium, a senior Iranian diplomat said, as reported by the Iranian Students' News Agency (ISNA) on May 25.

On-chain analysis platform Arkham (ARKM) reported that BlackRock, the world's largest asset manager and a spot Bitcoin ETF issuer, sold approximately $1.01 billion in Bitcoin last week. During this period, BlackRock was observed depositing Bitcoin daily to a Coinbase Prime address. These deposits are interpreted as part of the operational process for its IBIT spot ETF, likely to settle redemptions resulting from fund outflows.

Bitcoin has seen net deposits into Binance, the world's largest cryptocurrency exchange, for 10 consecutive days, a trend that could be a potential sell signal, according to on-chain analyst Darkfost. He noted that the weekly average BTC inflow to Binance has surged from 378 BTC on May 16 to 1,190 BTC today, a nearly threefold increase. A peak daily inflow of over 3,600 BTC was recorded on May 18. As a result, Binance's wallet balance has grown by approximately 16,000 BTC over the past month, rising from a low of 616,000 BTC on April 24 to 632,000 BTC. Darkfost explained that investors typically move BTC to exchanges to realize profits, reduce their positions, or reallocate to more defensive assets. Therefore, a sustained flow of inflows can be interpreted as a potential signal of selling pressure.

South Korea's planned implementation of a cryptocurrency tax next January is facing growing opposition from investors and politicians, who argue it is unfair following the abolition of a similar tax on stock market gains, The Hankyoreh reported. The core argument is that taxing crypto gains while stock investment income remains untaxed violates the principle of fairness. Calls are mounting to discuss the reintroduction of the Financial Investment Income Tax in tandem with the crypto tax, based on the principle that "where there is income, there is tax." Oh Moon-seong, president of the Korean Tax Policy Association, stated that the virtual asset tax and the Financial Investment Income Tax must be discussed together for the sake of equity. He warned that proceeding with the crypto tax alone would inevitably provoke strong tax resistance, and pointed out that the government has abandoned discussions on the stock tax due to fears of cooling down the stock market. Another tax expert commented that with the virtual asset market currently in poor condition, implementing the tax would surely lead to intense backlash from investors. The expert suggested there is a significant possibility that the government and the National Assembly will yield to pressure and postpone the tax once again.

Six consecutive days of net outflows have put U.S. spot Bitcoin ETFs at risk of turning negative for the year, Cointelegraph reported. Citing data from Farside Investors, the outlet noted that an additional $105.2 million outflow last Friday has reduced the cumulative net inflow for 2026 to just $536 million. Cointelegraph projects that while the market will likely end 2026 with a net inflow, the total will not surpass the more than $25 billion recorded last year.

Ethereum's monthly transaction count has surpassed 70 million to reach an all-time high, OKX Ventures reported. Citing data from Token Terminal, the firm noted that while transaction volume hit a record, the median transaction fee fell to an all-time low of $0.00554. This suggests Ethereum is evolving into a more efficient and lower-cost network, OKX Ventures explained. The firm added that scalability is becoming a reality through Layer 2 solutions and modular architecture, which is driving an increase in on-chain use cases like stablecoins, blockchain games, and real-world assets (RWA). The competition among public blockchains is now entering a phase centered on user experience rather than a simple race for transactions per second (TPS), with a new on-chain economy led by Ethereum beginning to form. OKX Ventures emphasized that the truly important signal is the sustained growth of actual on-chain usage, not just market price movements.

Cybersecurity firm Socket has warned of 'TrapDoor' malware that specifically targets developers in the cryptocurrency, decentralized finance (DeFi), and artificial intelligence (AI) sectors. According to a Cointelegraph report citing a blog post from Socket published yesterday, attackers upload malicious packages to developer libraries like npm and PyPI. Developers who download and install these packages become infected with the 'TrapDoor' malware. Socket explained that the malware is an info-stealer designed to compromise users' cryptocurrency wallets, such as MetaMask and Phantom, as well as SSH keys and GitHub tokens, which can ultimately lead to asset theft.

An anonymous whale (address beginning with 0x632B) has sold $9.34 million worth of Hyperliquid (HYPE) and $10 million worth of BTC in the last 24 hours. The sales consisted of 151,570 HYPE at an average price of $61.63 and 130 BTC at an average price of $77,047. The whale still has an open sell order for 170,000 HYPE, valued at approximately $10.66 million, at a price between $63.45 and $70.55. Additionally, the address is staking 30,000 HYPE.

According to data from ChainCatcher, Binance's reserves decreased by approximately $236 million last week. ChainCatcher noted this was the largest decline among major centralized exchanges that provide Proof of Reserves. Gate.io followed with a decrease of $98.43 million, and Deribit's reserves fell by $72.20 million. In contrast, reserves at Bybit increased by $393 million, Bitget by $342 million, and HTX by $13.14 million. Among the top 10 exchanges, Gemini was the only one to see a decrease in its BTC wallet balance, the data showed.

Paul Chan Mo-po, Hong Kong's Financial Secretary, stated on his official blog that the city is ahead of Europe in the development and regulation of digital assets. Following a five-day visit to Europe that included stops in France, Belgium, and Switzerland, Chan said he shared Hong Kong's principles, practices, and experiences with various political, business, and financial leaders. He noted that their discussions also covered financial innovation through blockchain and artificial intelligence (AI). Chan added that Hong Kong's lead in this field creates significant room for cooperation and mutual learning.

Cryptocurrency payments firm MoonPay has recently launched its own dedicated app for ChatGPT, according to Decrypt. This allows ChatGPT users to purchase cryptocurrencies directly through chats within the chatbot.

Jihan Wu, founder of Bitmain and Bitdeer, stated on his X account that Bitcoin miners could become a ready buyer for the surplus electricity generated by Europe's oversupply of solar power. He explained that the cannibalization of solar power in Europe, where oversupply erodes profitability, has reached a serious level. This is because the pace of solar energy adoption is outstripping the grid's ability to adapt and ensure flexibility. Wu noted that while solutions like battery storage, grid expansion, and flexible demand response are essential, using the surplus power for Bitcoin mining and other computing needs should also be seriously considered. He concluded that a properly designed, flexible power demand could serve as the ultimate buyer for excess renewable energy.

According to data from Tokenomist, the major token unlocks scheduled for this week (May 25–31) are as follows: - HUMA: 458.75 million tokens ($11.64 million), representing 20.04% of circulating supply, at 1:00 p.m. UTC on May 26 - XPL: 88.89 million tokens ($7.24 million), representing 3.69% of circulating supply, at 12:00 p.m. UTC on May 25 - SAHARA: 132.93 million tokens ($4.56 million), representing 4.06% of circulating supply, at 12:00 p.m. UTC on May 26 - KMNO: 229.17 million tokens ($4.51 million), representing 3.16% of circulating supply, at 12:00 p.m. UTC on May 30 - GUN: 354.39 million tokens ($4.04 million), representing 14.53% of circulating supply, at 1:00 p.m. UTC on May 31 - OP: 31.34 million tokens ($3.94 million), representing 1.50% of circulating supply, at 12:00 p.m. UTC on May 31

Brian Armstrong, CEO of the largest U.S. cryptocurrency exchange Coinbase, outlined on X several key areas where the traditional financial system still requires upgrades: - Real-world asset (RWA) tokenization - 24/7 global trading - Next-generation payment systems using stablecoins - AI-based risk, credit, compliance, and advisory services - Innovation-friendly regulation - Expanded accessibility - Low-cost capital formation available to everyone - Sound money, defined as currency that cannot be arbitrarily printed by governments or central banks and preserves its long-term value Armstrong emphasized that there is still a long way to go before all these elements function properly within the financial system, adding that achieving this will require a tremendous level of technological innovation and policy effort.