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Whale Alert reported that 500,000,000 USDS has been transferred from Poloniex to an unknown wallet. The transaction is valued at about $500 million.

The Russian Foreign Ministry announced that it has added Alexander Browder, a 17-year-old British student, to its sanctions list for raising allegations of crypto-based sanctions evasion and money laundering. In a report from March, Browder claimed that Russia, Iran, and North Korea used cryptocurrency to launder approximately $350 billion in illicit funds. He specifically pointed to a ruble-pegged stablecoin, A7A5, as a tool for circumventing Western sanctions. Russia has banned Browder and four other British citizens from entering the country. Browder stated that he was proud to be the first high school student sanctioned by an authoritarian regime for exposing corruption. He is known as the founder of the Global Cryptocurrency Laundering Database, an open-source database that tracks such cases.

According to CryptoQuant analyst Maartunn, the average discount to net asset value (NAV) for Bitcoin funds has dropped to -5.9%, its lowest level in two years. This means the funds are trading at a price 5.9% below the value of their underlying Bitcoin holdings, a trend reportedly observed across major products like BlackRock's IBIT and Grayscale's GBTC. CryptoQuant attributed the widening discount to recent weakness in Bitcoin's price and deteriorating investor sentiment. The analyst added that while a narrowing discount could offer investors additional returns beyond Bitcoin's price appreciation, there is also a risk that the discount could widen further.

The recent Bitcoin rally to $82,000 has failed to hold, according to a weekly on-chain report from Glassnode. Over the past week, Bitcoin has fallen approximately 14% to its lowest level in over two months. The report attributed the dampened investor sentiment to several factors, including the sale of 32 BTC by Strategy, a $4.21 billion net outflow from spot ETFs over the last three weeks, and concerns over rising oil prices and potential interest rate hikes. Glassnode also noted an increase in stop-loss selling from investors who purchased near the recent peak, with even long-term holders beginning to offload their positions. However, Bitwise pointed out that investor sentiment has dropped to its most pessimistic level since the market downturn in February. Historically, such extreme pessimism has often served as a signal for a market bottom, Bitwise added.

Cryptocurrency-based travel booking platform Travala has launched the Travala Travel MCP, a protocol that allows AI agents to search, book, and pay for hotels. Built on Base, the protocol uses the x402 payment standard to support gas-free USDC payments and instant settlement, with transaction costs of approximately $0.01 per booking. Travala added that users can manage travel planning, bookings, and cancellations within a single conversational AI interface, while retaining final payment approval authority in their own wallets. The company will also offer a 10% rebate in cbBTC to developers who build AI agents on the protocol, which currently supports over 2.2 million accommodation options in 230 countries.

The general-purpose Ethereum Layer 2 (L2) market is entering a consolidation phase, highlighted by the recent shutdown of Zero Network, CoinDesk reported. Ben Fisch, co-founder of Espresso Systems, said the problem is not L2s themselves but the overabundance of general-purpose chains, arguing there is no reason for numerous networks to exist with identical functions. According to data from DefiLlama, over 80% of the total value locked in Ethereum L2s is concentrated in Base and Arbitrum. In contrast, many other L2s, including Linea, World Chain, Starknet, and Mantle, have seen their bridged deposits decrease in recent months. The industry consensus is that only L2s specializing in specific services like payments, stablecoins, or real-world assets (RWA) are likely to survive. CoinDesk cited Coinbase's Base as a prime example, analyzing that projects with an existing user base and clear use cases will have a competitive advantage.

A prediction by Tom Lee, Chairman of Bitmine, that Ethereum could reach $250,000—a 50-fold increase from its current price—has a weak basis in market data, according to an analysis by CoinDesk. The outlet noted that with Ethereum's supply increasing by 0.82% annually, the ultrasound money narrative of a deflationary asset has been broken, meaning any such price surge would have to be driven entirely by demand. CoinDesk also challenged one of Lee's supporting arguments: that corporate control over network validation by firms like Bitmine and Sharplink, which hold 7% of the circulating supply, would fuel the rise. It countered that holding and validation are separate, pointing out that the decentralized protocol Lido alone validates more of the 39.25 million staked ETH than all publicly listed companies hold combined. Furthermore, for ETH to reach $250,000, the ETH/BTC ratio would need to surpass its previous all-time high of 0.15 by more than 25 times. CoinDesk emphasized that no current data suggests such a trend reversal is underway.

Ripple's (XRP) dollar-pegged stablecoin, RLUSD, is now available on multiple blockchains through Wormhole's (W) Native Token Transfer (NTT) standard. According to Wormhole, RLUSD was previously issued natively on the XRP Ledger and Ethereum. With the adoption of this new standard, it can now also be used on chains including Base, Ink, Optimism, and Unichain.

David Hoffman, co-founder of Bankless, analyzed on X that Bitcoin has dropped near its 200-week moving average. He noted that the only time the cryptocurrency fell below this level was immediately following the successive collapses of Terra, Three Arrows Capital (3AC), and FTX, which he described as the worst crisis contagion in crypto history. Hoffman added that he does not believe concerns over Michael Saylor's STRC perpetual preferred stock issuance represent a negative factor of the same magnitude.

According to CoinNess market monitoring, BTC has risen above $64,000. BTC is trading at $64,090.88 on the Binance USDT market.

The three major U.S. stock indices opened mixed today. - S&P 500: -0.31% - Nasdaq: -1.04% - Dow Jones: +1.05%

Coinbase and mortgage lender Better Home & Finance have executed the first Fannie Mae-guaranteed mortgage backed by Bitcoin, The Block reported. The companies plan to launch the product nationwide for eligible borrowers this summer. Under the program, a borrower takes out a standard Fannie Mae mortgage for most of the home's value and covers the down payment with a separate crypto-backed loan. Both loans have the same interest rate and repayment schedule, allowing for a single monthly payment. However, the crypto-backed loan requires collateral worth approximately 2.5 times the borrowed amount for Bitcoin or 1.25 times for USDC. For example, a buyer of a $500,000 home could take out a $400,000 mortgage and cover the $100,000 down payment with a loan backed by roughly $250,000 in Bitcoin.

Cosmos Labs, the core team for the Cosmos (ATOM) blockchain ecosystem, has acquired the Cosmos explorer Mintscan and established a new subsidiary, Cosmos Labs Korea, in Seoul, The Block reported. As part of the acquisition, some Mintscan employees are set to join Cosmos Labs.

U.S. stock and crypto trading app Robinhood announced on its official website that it has listed Flare (FLR) and Starknet (STRK) for spot trading.

Losses from exploits of decentralized finance (DeFi) protocols totaled $680.3 million in 2025, a 74% decrease from the $2.62 billion lost in 2022, The Block reported, citing a recent study by Web3 security firm Immunefi. The average loss per incident also dropped by 75% from $6 million in 2022 to $1.5 million in 2025. The report noted that despite security threats from advancements in artificial intelligence (AI) being a major topic of discussion, the DeFi sector is actually becoming increasingly secure.

David Hoffman, co-founder and host of the crypto podcast platform Bankless, disclosed his average entry prices for several cryptocurrencies on X. The prices he revealed are $1.4 for NEAR (currently $2.42), $45 for HYPE (currently $67.23), and $560 for ZEC (currently $538.1). Hoffman had stated yesterday that he sold all his ETH holdings on May 21 to purchase VVV, NEAR, ZEC, HYPE, and LIT.

Binance has announced the listing of ZESTUSDT and BTWUSDT perpetual futures. The ZESTUSDT contract will go live at 2:00 p.m. UTC today, followed by the BTWUSDT contract at 2:15 p.m. UTC. Both contracts will support up to 10x leverage.

U.S. initial jobless claims for the past week totaled 225,000, exceeding the market forecast of 214,000. Weekly jobless claims are a key indicator of the labor market's health, which the U.S. Federal Reserve considers when setting interest rates. A higher-than-expected figure can signal that companies are increasing layoffs, suggesting a cooling labor market. This could provide the Fed with a reason to lower interest rates. Conversely, a lower-than-expected number indicates a robust labor market, which could lead the Fed to hold or raise rates to focus on curbing inflation.

Seven Siblings, an entity known for buying Ethereum during price dips, borrowed $58 million in USDS (approximately 90 billion won) from the DeFi lending protocol Spark (SPK) today to purchase 32,919.2 ETH, according to on-chain analyst EmberCN. The entity's average purchase price for ETH today was $1,762.

Moomoo US, the mobile investment platform from Chinese fintech firm Futu, has partnered with prediction market operator Kalshi to offer trading in event contracts regulated by the U.S. Commodity Futures Trading Commission (CFTC), CoinDesk reported. Users can trade on the outcomes of major economic, political, and cultural events, including Federal Reserve interest rate decisions. Moomoo US received approval from U.S. authorities to operate a prediction market earlier this month.

U.S. spot Bitcoin ETFs have seen approximately $4.4 billion in net outflows over the past month, causing their year-to-date cumulative net inflows to turn negative again, according to Bloomberg ETF analyst Eric Balchunas. In a post on X, Balchunas described the current situation as a "bad period" and a "major retreat" for the funds. He noted that while the hard-won positive year-to-date inflow figure has been erased, some products like the iShares Bitcoin Trust (IBIT) still maintain positive inflows for the year. Furthermore, the cumulative net inflow since launch remains at $55 billion, only about $10 billion down from its all-time high, which he deemed "not bad" considering the broader outflow trend and negative sentiment. Balchunas added that the gold ETF GLD once experienced a 40% withdrawal of its assets a few years after its launch, suggesting that the BTC ETF holder base is "much more solid" in comparison.

An address linked to BitMEX co-founder Arthur Hayes has deposited 85,714 HYPE, worth approximately $5.73 million, to Bybit in three transactions over the past three hours, according to an analysis by Onchain Lens. Deposits to exchanges are typically interpreted as a precursor to selling. The move follows a statement from Hayes earlier today in which he announced he had sold all of his HYPE and NEAR holdings, adding that he would explain his reasoning next Tuesday.

Michael Saylor, founder of MicroStrategy, has stated that the recent flow of capital from Bitcoin ETFs to the artificial intelligence (AI) sector is merely a capital rotation and does not undermine the value of Bitcoin. "The capital market is funding AI on a historic scale," he said, noting that AI investments have reached approximately $400 billion over the past six months. In contrast, Bitcoin ETFs have seen net outflows of about $4 billion since May 14, putting downward pressure on the price of BTC. Saylor emphasized that this volatility creates opportunities. Meanwhile, some in the cryptocurrency community have speculated that MicroStrategy's own BTC sales are a major cause of the recent price decline.

South Korean cryptocurrency exchanges like Upbit and Bithumb are often the final destination for new token listings compared to their global counterparts, according to a new analysis. Crypto research and investment firm IOSG Ventures explained via X that while exchanges like Coinbase, Bybit, and Binance Futures lead price discovery with initial listings, and Binance's spot market lists projects after market validation, South Korean platforms take a more cautious approach. The firm stated that Upbit, Bithumb, and OKX tend to list tokens only after a strong market consensus has already formed. IOSG Ventures added that 85% of Bithumb's new listings are trailing ones, while Upbit tends to be the slowest, listing tokens an average of 28 days after their initial debut elsewhere. This trend is attributed to South Korea's lengthy regulatory review process and the preference of local exchanges to wait for established market agreement.

JPMorgan has assessed that the Clarity Act, a U.S. crypto market structure bill, is unlikely to pass this year, CoinDesk reported. Analysts at the bank, including Nikolaos Panigirtzoglou, stated that the approaching U.S. midterm elections have shortened the legislative timeline, which could delay progress on crypto market structure reform. JPMorgan explained that while the bill passed the Senate Banking Committee on May 14, it still faces significant hurdles. These include securing 60 votes in the full Senate, reconciling the bill with a House version, and obtaining a presidential signature. Opposition from the banking sector has further lowered expectations for the bill's passage this year.