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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.

The government and central bank of Belarus have passed a resolution to include cryptocurrencies in the list of underlying assets for non-deliverable over-the-counter (OTC) financial instruments, Cryptopolitan reported. The measure takes effect on May 27. As a result, cryptocurrencies like Bitcoin (BTC) can now be used as underlying assets for OTC derivatives, alongside futures, options, interest rates, and stock indices. Non-deliverable OTC products are financial contracts settled in cash based on price differences at maturity, without the actual delivery of the asset. The move is expected to lead to greater integration of crypto into Belarus's traditional financial system and generate new investment demand.

According to crypto analyst EmberCN, a whale investor has been steadily increasing a long position in Micron Technology (MU) on Hyperliquid since March. The address reportedly transferred 4.33 million USDC to Hyperliquid in March to begin building the position and has since used unrealized gains to expand it. The current value of the MU long position is approximately $21 million, with an unrealized profit of about $8.25 million.

Coinbase has announced a partnership with Standard Chartered to expand its fiat deposit, withdrawal, and settlement infrastructure for global institutional investors. Through this collaboration, exchange users can now access deposit and withdrawal services for AUD, SGD, CAD, and CHF, with settlement support also available for EUR and GBP transactions. Coinbase explained that this will enable institutional investors to more efficiently manage multi-currency funds and move capital between global markets. The company also added that it plans to enhance the connectivity between fiat and on-chain assets by expanding its stablecoin infrastructure in the future.

FTX has announced that the record date for its next round of creditor payments is set for June 16, with actual distributions scheduled to begin on July 31. Eligible recipients include approved FTX claim and equity holders, with payments to preferred stock holders following the same schedule. Before the payout, creditors must complete KYC verification, submit tax documents, and register an account with BitGo, Kraken, or Payoneer. The company also stated that holders of approved NFT customer claims can begin the distribution process on June 30. Furthermore, FTX has submitted a revised plan to the court to reduce its disputed claims reserve by approximately $600 million, from $2.4 billion to $1.8 billion. If approved, the freed-up cash will be used to fund the next round of payments.

Bitwise CIO Matt Hougan said on X that Hyperliquid's (HYPE) business model is very easy to explain to financial advisors. He noted that the project's value capture structure is clear, as it uses 99% of its generated fees for token buybacks. Hougan added that after discussing the matter with financial advisors on several occasions, he found explaining Hyperliquid to be remarkably simple.

A compromise version of New Hampshire's Blockchain Basics bill, HB639, has been agreed upon by the state's House and Senate, according to Bitcoin Law. The legislation reportedly includes provisions protecting fundamental blockchain-related rights, such as the right to use cryptocurrency for payments, operate a blockchain node, and engage in cryptocurrency mining.

The Resolv Foundation has announced its recovery plan following a protocol security incident. According to the foundation, USR and wstUSR held based on a pre-incident snapshot can be exchanged for USDC at a 1:1 ratio. However, tokens acquired after the incident will be exchanged at a 1:0.5 ratio. The foundation also stated that RLP holders will receive 0.71 USDC per token and will be allocated additional RESOLV tokens at a value of $0.03 each. CoinNess previously reported that a hack at Resolv Labs led to the infinite minting of 80 million USR, resulting in a loss of $25 million.

Plume, a blockchain project focused on regulatory-compliant real-world assets (RWA), announced the launch of three institutional-grade RWA tokenized yield products in partnership with ZK-based cryptocurrency exchange GRVT. The offerings include a base yield fund, a balanced fund, and an opportunity fund, all based on fixed-income and structured credit strategies. These products will provide exposure to tokenized assets, including the iShares AAA CLO Active ETF, which has approximately $2.2 billion in assets. Users can invest directly from their existing self-custody wallets without needing to create a separate account or transfer custody.

South Korea's benchmark KOSPI index opened at 8,242.12, hitting a new all-time high. The index is currently trading at 8,425.20, up 4.69% from the previous trading day.

The Fear & Greed Index from cryptocurrency data provider CoinMarketCap now stands at 37, shifting from the "Neutral" to the "Fear" category. A score closer to 0 indicates extreme fear in the market, while a score near 100 suggests extreme optimism. CoinMarketCap's index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data like the put-to-call ratio, the Stablecoin Supply Ratio (SSR), and the platform's own search data.

The spot CVD chart is an order book analysis tool for the BTC/USDT spot pair. The top section displays a volume heatmap, while the bottom shows the cumulative volume delta (CVD). - The top volume heatmap tracks the volume of trades at specific price levels. The background color brightens when the price lingers in a certain range or moves significantly. These brighter areas may act as potential support and resistance levels. - The bottom cumulative volume delta (CVD) indicator shows buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line represents orders between $100 and $1,000, while the brown line indicates large orders between $1 million and $10 million.

Onchain Lens reported that a whale known as Evaded has opened a 30x short position on BTC, valued at $71 million, after taking a $4.83 million loss on ZEC and BTC long positions. The trader's total losses have now exceeded $3.69 million.

A new wallet has withdrawn 501,250 HYPE, worth $30.93 million, from Coinbase, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.