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A U.S. federal appeals court has rejected a request by prediction market platforms Kalshi and Polymarket to halt lawsuits against them, Bloomberg reported. The U.S. Court of Appeals for the Ninth Circuit denied the companies' request to stop enforcement actions from Nevada and Washington, meaning the cases will now proceed in their respective state courts. The court noted that the platforms failed to prove they would suffer irreparable harm by defending themselves in state court or that the case falls under federal jurisdiction. The ruling means Kalshi and Polymarket, which have been attempting to expand and gain mainstream acceptance amid regulatory pressure, now face significant legal risks as they must directly confront legal actions from state governments.

Polymarket has frozen a portion of stolen funds. Josh Stevens, Vice President of Polymarket, announced that the company has frozen $164,000 of the $573,200 in stolen funds, in cooperation with parties including ZachXBT. The incident was caused by the compromise of a six-year-old private key used for an internal funding setup. Stevens emphasized that the event was not an exploit of Polymarket or UMA contracts, adding that user funds are safe and all services are operating normally.

Cumulative net inflows for U.S. Bitcoin spot ETFs have remained solid despite a slight retreat this week, Bloomberg ETF analyst Eric Balchunas said on X. He added that this resilience is surprising, given that the price of Bitcoin is 50% below its all-time high and down 11% year-to-date. According to data from Bloomberg Intelligence, cumulative net inflows peaked at around $62.8 billion last October before falling to $53.8 billion this February. The figure then rebounded to $59.1 billion in early May and stood at $57.1 billion as of May 20.

Whale Alert reported that 350,852,233 USDC has been transferred from Coinbase Institutional to Coinbase. The transaction is valued at about $351 million.

The Core Foundation and Maple Finance (MPL) have announced a full settlement of their dispute regarding Bitcoin (BTC) staking. Both parties have agreed to mutually release all claims and counterclaims from arbitration proceedings initiated in September 2025 and a lawsuit in the Grand Court of the Cayman Islands. The specific terms of the settlement, including any financial details, will remain confidential. Following the agreement, Maple Finance will proceed with the launch of its BTC yield product, "syrupBTC," as scheduled, while the Core Foundation will focus on expanding the Core network and developing BTC products.

Bitwise announced via X that its spot Hyperliquid (HYPE) ETF, ticker BHYP, has reached $30.5 million in assets under management (AUM) within five days of its trading debut. The fund has recorded cumulative net inflows of $26.9 million and an average daily trading volume of $9.2 million. Bitwise will convert 10% of the fund's management fees into HYPE to hold as a corporate asset.

According to CoinNess market monitoring, BTC has fallen below $77,000. BTC is trading at $76,980.01 on the Binance USDT market.

Pyth Network announced via X that a recent price feed failure was confined to its free legacy product, Pyth Core, and that the system was restored at 1:00 p.m. UTC. The project noted that its paid infrastructure, Pyth Pro, was unaffected, allowing clients like Kalshi, Coinbase, and LMAX to operate without disruption. Pyth Network also reminded users that Pyth Core is scheduled to be discontinued on July 31, following a DAO decision, and recommended migrating to Pyth Pro. The announcement follows an earlier incident where a failure in the Pythnet and Hermes systems caused a core price feed outage lasting more than four hours.

The interest rate futures market is now pricing in the first Federal Reserve rate hike for as early as October.

An improved regulatory environment for cryptocurrencies in the U.S. would likely lead to a concentration of institutional capital in major blockchains such as Ethereum, Solana, BNB Chain, and Canton Network, according to Grayscale. In a blog post, Zach Pandl, Grayscale's Head of Research, stated that regulatory changes, including the U.S. Clarity Act and new SEC guidelines, would spur the full-scale adoption of asset tokens and DeFi. "Currently, Ethereum, Solana, and BNB Chain are leaders across the asset token, stablecoin, and DeFi sectors, while Canton Network has also secured a foothold in tokenized assets with its unique network structure," he analyzed. Pandl also predicted that other platforms like Avalanche, Ethereum L2s such as Base and Arbitrum, Hyperliquid, and Tron would also benefit from increased regulatory clarity.

The three major U.S. stock indices opened higher today. - S&P 500: +0.57% - Nasdaq: +0.50% - Dow Jones: +0.67%

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

MicroStrategy (MSTR) CEO Phong Le said on X that if SpaceX goes public, the Magnificent Seven would become the Magnificent Eight. He added that 25% of this new group would then hold Bitcoin on their balance sheets. The Magnificent Seven refers to the top seven U.S. tech stocks by market capitalization: Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla.

Nasdaq-listed Baiya International Group (BIYA) announced it has purchased $1 million worth of BNB and renamed its cryptocurrency investment strategy the "Binance Plan." The decision follows a poll on the company's official X account, where BNB garnered 89.2% of the vote. Baiya has also activated an algorithmic strategy to automatically execute trades based on price volatility. The company plans to use 50% of any realized profits for share buybacks, subject to market conditions and board approval.

The Solana Foundation announced it has signed a letter of intent (LOI) with AirAsia and Kazakhstani exchange Intebix to pursue the launch of Evo (KZTE), a Solana-based stablecoin pegged to the Kazakhstani tenge.

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), and crypto exchange OKX are preparing to launch perpetual crude oil futures, Bloomberg reported. The products will be based on the prices of ICE's Brent and West Texas Intermediate (WTI) futures and will be offered in regions where OKX holds licenses for perpetual futures. ICE invested in OKX in March and signed a blockchain-based technology cooperation agreement.

BlackRock has deposited 1,587 BTC, worth $122.55 million, and 17,815 ETH, worth $37.79 million, to Coinbase, Onchain Lens reported. Deposits to exchanges are typically interpreted as a potential precursor to selling.

Dogecoin (DOGE) whales have purchased 525 million DOGE over the past four days, crypto analyst Ali Martinez reported, citing Santiment data. In a related analysis, U.today noted that DOGE is forming higher lows just below its 200-day moving average of $0.117, suggesting that whales are absorbing sell-offs from retail investors. The outlet pointed out, however, that there were no corresponding inflows into U.S. spot DOGE ETFs during this period. U.today added that while a break above the 200-day MA could change the market dynamic, a failure to do so risks trapping the token in its current price cycle. A long-term trend reversal, the report concluded, would depend on real-world economic integration, such as through X's (formerly Twitter) financial app, X Money.

U.S. House Committee on Oversight and Reform Chairman James Comer has requested information from the CEOs of prediction market platforms Kalshi and Polymarket on their systems for preventing insider trading, CNBC reported. The move comes amid a series of insider trading controversies that have accompanied the rapid growth of prediction markets. In a letter to the CEOs, Comer demanded they submit documents related to identity verification procedures, enforcement of geographic restrictions, and the detection of unusual trading by June 5. The request follows a call from seven Democratic lawmakers for the committee to subpoena the two platforms. Several bills aimed at regulating prediction markets have also been introduced in Congress.

Sentora, formerly known as IntoTheBlock, reported that Bitcoin's exchange net inflow has reached $864.79 million this week, suggesting significant selling pressure is expected.

Oracle solution Pyth Network (PYTH) experienced a system failure in its Pythnet and Hermes systems, leading to a shutdown of its core price and advertising feeds for over four hours, Wu Blockchain reported. The project team stated that validators have identified the cause and are coordinating on a time to resume services. Wu Blockchain noted that the outage could impact the trading, lending, and liquidation functions of DeFi protocols that depend on Pyth's oracle data.

Saudi Arabia's Al Arabiya TV reported on May 22 that it had exclusively obtained a draft agreement between the U.S. and Iran described as being "close to an agreement." The draft's provisions reportedly include: - An immediate, comprehensive, and unconditional ceasefire on all fronts - A ban on attacks against military, civilian, and economic infrastructure - A halt to military operations and media warfare - Respect for sovereignty, territorial integrity, and non-interference in internal affairs - Guarantees for freedom of navigation in the Persian Gulf, the Strait of Hormuz, and the Gulf of Oman - The establishment of a joint monitoring and dispute resolution mechanism The draft also stipulates that "negotiations on unresolved issues will commence within seven days" and outlines a phased lifting of U.S. sanctions on Iran, conditional on the latter's compliance with the agreement. Citing sources, Al Arabiya TV added that the agreement would take effect as soon as it is officially announced by both Washington and Tehran. However, the draft's contents are nearly identical to a version previously reported by Iran's ILNA news agency, which had cited Al Arabiya as its source. Al Arabiya had denied that report at the time.

Hyperliquid's daily net inflow of USDC has exceeded $173 million, reaching its highest level in nearly 10 months, BlockBeats reported.

The market capitalization of tokenized stocks has surpassed $1.7 billion, according to data from Token Terminal. The breakdown is as follows: - By issuer: Ondo Finance (61.2%), xStocks (28%) - By blockchain: Ethereum (41.3%), Solana (28.6%), BNB Chain (27.9%) - By underlying asset: ETFs (25.7%), Circle (CRCL) (13.5%), Strategy preferred stock (STRC) (8.3%), SpaceX (5.6%)

A new anonymous wallet, starting with 0x4CBB, has withdrawn 684,934 HYPE worth $40.7 million from Coinbase over the past two days, according to Onchain Lens. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.