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Canadian blockchain and cryptocurrency technology company DMG Blockchain Solutions announced second-quarter revenue of $5.28 million, a 35% decrease from the previous quarter. The company attributed the decline to the drop in Bitcoin's price, which significantly squeezed profitability. Its mining output for the quarter was 69 BTC, unchanged from the previous period.

Ethereum ecosystem developer Max Resnick said on X that all metrics in the crypto industry are a scam designed by venture capitalists (VCs) to attract funding. He argued that, as an example, DefiLlama's "Value Locked by Category" metric counts the same 1 ETH at least 10 times across categories such as lending, liquid staking, real-world assets (RWA), decentralized exchanges (DEX), restaking, and 56 other categories. Resnick stated that every time he examines how a metric is calculated, he finds it to be miscalculated, adding that it is absurd to trust these figures blindly. He warned that the situation will only worsen until the crypto industry takes a clear look at its current state, emphasizing that the first step to fixing the problem is to recognize that it exists.

XRP has entered a trading range after failing to break the $1.36 resistance level, with significant volatility expected ahead, CoinDesk reported. The media outlet noted that while XRP recently attempted to surpass $1.36 with a high-volume bullish candle, the breakout ultimately failed, weakening short-term upward momentum. Price compression is intensifying within a triangular convergence pattern that has been forming since early 2025, signaling that a powerful move is imminent. On-chain data shows a continuous outflow of XRP from exchanges, suggesting that large-scale holders are in an accumulation phase rather than selling. It is also seen as a positive sign that the $1.30 support level is holding despite worsening overall market sentiment. A break below this level could lead to a further decline into the mid-$1.20 range, while a successful move above $1.36 could trigger a full trend reversal.

The price of Bitcoin fell following a massive $1.3 billion sale of BlackRock's spot Bitcoin ETF (IBIT), Cointelegraph reported. According to the report, an anonymous investor sold 29.2 million shares of IBIT on May 27 through a dark pool, a private exchange where order details are not publicly visible. Alex Thorn, head of research at Galaxy Digital, described the transaction as the largest dark pool trade he had ever seen. Immediately after the trade, BTC fell approximately 1.5% from $77,875 to $76,720 in about 10 minutes. The price subsequently extended its decline, dropping to around $75,600.

OKX announced it will list the IRYS/USDT spot pair at 10:00 a.m. UTC on May 27.

According to HyperInsight, the total value locked (TVL) on the Hyperliquid (HYPE) platform has increased by 7.8% over the past week to $55.29 billion, marking a new high since the crash on Oct. 11. The platform's open interest (OI) has also risen to $9.647 billion, its highest level since February of this year. Recent 24-hour trading volume was recorded at approximately $7 billion, with about 28.1% of that activity originating from trades related to traditional markets within the HIP-3 ecosystem. During the Oct. 11 crash, Hyperliquid's TVL had dropped by about 12.5% from its peak, while its OI plummeted by approximately 57.7%.

A whale investor has bet approximately $328,000 on the prediction market Polymarket that Luiz Inácio Lula da Silva will win the 2026 Brazilian presidential election, according to PolyBeats. The whale entered the position when the odds of a Lula victory were around 49.2%; the probability has since fallen to 40.5%. The address is one of the most active in Brazil-related prediction markets, with a cumulative net profit of about $22,200.

The HYPE spot ETF has absorbed 1.04% of the token's circulating market cap in its first 10 trading days, according to Kairos Research on X. The research firm noted this represents the strongest initial capital inflow for any spot cryptocurrency ETF on record. For comparison, inflows into new spot ETFs over the same timeframe accounted for 0.59% of BTC's circulating supply, 0.41% for ETH, and 0.31% for SOL. This calculation excludes outflows from existing trust products like GBTC and ETHE.

U.S. spot Ethereum ETFs recorded net outflows of approximately $35.1 million on May 26, marking the 11th consecutive day of withdrawals, according to data from Farside Investors. - BlackRock's ETHA: -$1.9 million - Fidelity's FETH: -$17 million - Grayscale's ETHE: -$7.9 million - Grayscale's Mini ETH: -$8.3 million

U.S. spot Bitcoin ETFs recorded a net outflow of approximately $333.6 million (500.2 billion won) on May 26, marking the seventh consecutive day of net outflows, according to data from Farside Investors. The breakdown of major outflows is as follows: - BlackRock's IBIT: $192.4 million - Fidelity's FBTC: $57.7 million - Bitwise's BITB: $28.8 million - Grayscale's GBTC: $41.3 million - Grayscale Mini BTC: $13.4 million

Hayden Adams, founder of the decentralized exchange (DEX) Uniswap (UNI), predicted on X that ETH will eventually function as a currency and that all assets will be tokenized on the blockchain in the future. He argued that the most decentralized monetary system is one where various assets compete, and a single unit of account is not essential if a low-cost, high-efficiency exchange system is established. Adams explained that this would lead to a future where users directly hold the assets they deem most valuable.

An anonymous whale address has withdrawn 873.29 BTC, worth approximately $66.24 million, from OKX. The wallet now holds a total of 881 BTC, valued at around $66.73 million. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.

JPMorgan has upgraded its investment rating for HashKey, a Hong Kong-listed digital asset financial services firm, from "Neutral" to "Overweight," according to BlockBeats. The bank maintained its price target of five Hong Kong dollars for the company. JPMorgan stated that its confidence in HashKey's short-term performance and prospects for improved medium- to long-term profitability has increased following a meeting with the firm's management at the recent JPMorgan China Summit.

The crypto-backed Super PAC Fairshake and its affiliates spent approximately $6.5 million in the Democratic primary runoff for Texas's 18th congressional district, according to Eleanor Terrett, host of Crypto in America. In the race, newcomer Menefee defeated 20-year incumbent Al Green. Most of Fairshake's funds were reportedly used to support Menefee, with some allocated to advertisements opposing Green. Previously, Green had voted against the GENIUS Act and the CLARITY Act, earning him an 'F' grade from the crypto advocacy group Stand With Crypto. Fairshake stated that the result proves there is a political cost to anti-crypto policies and that it will continue to support pro-crypto candidates.

Binance has announced it will temporarily suspend deposits and withdrawals for tokens on the Base network starting at 5:00 p.m. UTC on May 28. The suspension is to support an upcoming network upgrade and hard fork, which is scheduled to begin at 6:00 p.m. UTC on the same day.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $84.49 million liquidated (68.43% longs) - ETH: $63.56 million liquidated (65.98% longs) - WLFI: $13.34 million liquidated (99.61% longs)

Bitmine (BMNR) staked an additional 5,760 ETH, valued at $11.9 million, a short while ago, according to Onchainlands. The company now has a total of 4,718,677 ETH staked.

Former Ethereum (ETH) core developer Eric Connor announced on X that he has significantly reduced his ETH holdings over the past one to two years. His statement was a response to a post by David Hoffman, a host at the crypto podcast platform Bankless, who said he had sold all his ETH due to a lack of upward momentum. Connor noted that ETH has severely underperformed the broader crypto market for years and that the assets he acquired in its place have all significantly outperformed ETH's returns. However, he clarified that he does not believe ETH's poor performance is due to a fundamental flaw. Instead, he attributed it to long-term profit-taking pressure from early investors who amassed great wealth during ETH's initial rise. He added that maximalism on a single asset is foolish and that the market does not lie.

Bitcoin's price decline yesterday has weakened some indicators, suggesting a bearish trend may dominate in the short term, according to an analysis by cryptocurrency analyst Murphy (@Murphychen888). He noted that the BTC Short-Term Holder Realized Price (STHRP) and the Total Market Mean Price (TMMP) have formed a dead cross. Murphy added that selling pressure in this downturn is not as significant as in the past because the STHRP is falling gradually. Typically, a sharp decline intensifies stop-loss pressure from those who bought at the peak, leading to prolonged price resistance. He explained that the STHRP appears to be the dividing line between bull and bear markets. With the current price below this level, a bearish trend is likely to prevail for the time being.

South Korea's ruling Democratic Party plans to accelerate the enactment of a second-phase basic act on digital assets during the second half of this year, the Maeil Business Newspaper reported. At a policy debate on stablecoins today, Democratic Party lawmaker Ahn Do-geol, who serves as secretary for the party's Digital Asset Task Force, said the task force is in the final stages of coordinating several contentious issues. He added that he expects the bill to be discussed with considerable speed during the latter half of the parliamentary session and that the Democratic Party is preparing thoroughly for it. Meanwhile, participants at the debate noted that stablecoins have matured beyond simple virtual assets into payment infrastructure, highlighting an urgent need for South Korea to establish a testbed for experimenting with regulations before their formal introduction.

David Hoffman, host of the crypto podcast Bankless, explained on X that he sold his entire Ethereum (ETH) holdings due to a perceived lack of catalysts for further price appreciation. Hoffman had previously disclosed on May 21 that he sold all of his ETH, without revealing the specific amount. He argued that the "ETH is money" narrative, which was his personal reason for holding the asset, seems to be fully priced into the market. According to Hoffman, ETH's future success hinges on a combination of factors: the foundation balancing decentralization with market responsiveness, cohesion among Layer 2 projects, and the implementation of a roadmap that can outperform competitors. However, he believes its current valuation is appropriate for its present state, not indicative of additional success. Hoffman described ETH as currently operating like a "non-profit protocol," which brings profits to related projects like Layer 2s while only "crumbs of that success" fall to the ETH price itself. He contrasted this with the trend for projects like Solana (SOL) and Near Protocol (NEAR), which link revenue growth with token price increases. Hoffman concluded that while ETH will likely maintain its status as the most influential open-source ecosystem, ETH as an investment asset is set to stagnate.

BPMG, the operator of the decentralized social community platform GemHUB (GHUB), announced today that it will expand its Web3 business leveraging its game intellectual properties (IPs). In collaboration with its gaming subsidiary Blomix, BPMG plans to develop Web3 games using major IPs such as Fortress 3 Blue, My Little Chef, and EOS Red. The company also intends to expand its global Web3 business based on its proprietary platform, POPLUS. BPMG added that it will introduce its native Web3 token, GHUB, into its games, the POPLUS platform, and other related services to accelerate the development of its Web3 ecosystem. Furthermore, BPMG aims to enhance interoperability with global chains and Web3 services by utilizing a multi-chain operating system that includes the Base chain.

According to Onchain Lens, a whale address beginning with '0x96e' sold 123,127 HYPE at an average price of $61, swapping the tokens for approximately 7.5 million USDC. The address had held the HYPE for about one and a half months, realizing a profit of around $2.5 million from the sale. The whale had previously acquired the HYPE for approximately $5 million.

An anonymous whale address starting with 0x54d purchased 2,400.38 ETH, worth $5 million, nine hours ago at an average price of $2,083, according to on-chain analyst ai_9684xtpa. The analyst noted that the whale has since placed a limit sell order at $2,132. If filled, this would result in a profit of approximately $117,000. The analyst added that the address has been swing trading with a capital of around $10 million.

Jeffrey Huang, a well-known Taiwanese singer also known as Machi Big Brother, has deposited an additional 287,913 USDC on Hyperliquid to add to his 25x ETH long position, Onchain Lens reported. His total position is now 6,325 ETH, valued at $13.11 million, with an average entry price of $2,095.6 and a liquidation price of $2,034.6.