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Hyperliquid Strategies disclosed a net loss of $165.4 million for the nine months ending March 31. The company attributed the result primarily to $64 million in unrealized losses on its HYPE token holdings, a $35.6 million one-time write-off related to its acquisition of Sonnet BioTherapeutics, and $60.5 million in deferred income taxes. For the three-month period, the firm recorded $2.6 million in staking revenue and $1 million in interest income, against operating expenses of $7.2 million. Its current cash holdings stand at $103 million. Founded in December 2025, Hyperliquid Strategies currently holds approximately 20 million HYPE tokens.

Block, the blockchain and mobile payments company led by Jack Dorsey, posted a $173 million impairment loss on its Bitcoin holdings in the first quarter, The Block reported. The company's total corporate and customer Bitcoin holdings amounted to 28,355 BTC, valued at approximately $2.2 billion. Despite the Bitcoin-related loss, Block's overall financial performance was strong. First-quarter gross profit rose 27% year-over-year to $2.91 billion, while adjusted operating income increased by 56% to $728 million. The Cash App division saw its gross profit climb 38% to $1.91 billion, driven by growth in lending, banking, and commerce, though its Bitcoin-related revenue declined by 31% from the previous year. In the Square division, Bitcoin-related revenue was around $28 million, but similar costs resulted in a minimal contribution to profit. Block raised its full-year guidance, citing business execution and future expectations.

Onchain Lens reported that 1.46 million ENS tokens, worth $9.32 million, were deposited to Binance approximately three hours ago after being unlocked from an Ethereum Name Service (ENS) timelock contract. Deposits to exchanges are typically interpreted as a sign of intent to sell.

A U.S. government-controlled wallet deposited 2,466 UNI ($8,410), 152,925 CRO ($10,689), and 1,589 LINK ($15,703) into Coinbase Prime approximately six hours ago, according to Onchain Lens. The assets were seized from Brian Krewson, who is currently serving a prison sentence on charges of aiding money laundering related to drug offenses.

This is an order book analysis chart for the BTC/USDT spot pair, showing the Volume Heatmap in the top section and the Cumulative Volume Delta (CVD) in the bottom section. - The top Volume Heatmap tracks the volume of trades at specific price levels. The background color becomes brighter when the price lingers in a certain range or moves significantly. Areas with brighter colors may act as support or resistance levels. - The bottom Cumulative Volume Delta (CVD) indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line tracks orders between $100 and $1,000, while the brown line tracks large orders between $1 million and $10 million.

Bitcoin options with a notional value of $1.59 billion are set to expire at 8:00 a.m. UTC today, May 8, according to data from crypto options exchange Deribit. The put/call ratio is 0.74, indicating a prevalence of bullish bets, while the max pain price—the point at which the most option holders would see their contracts expire worthless—is $79,500. Additionally, Ethereum options worth $410 million will expire at the same time. These have a put/call ratio of 0.94 and a max pain price of $2,350.

The Fear & Greed Index from cryptocurrency data provider CoinMarketCap stands at 47, down three points from yesterday. The index remains in the neutral phase. The index indicates extreme market fear as it approaches zero and extreme optimism as it nears 100. CoinMarketCap's index is calculated based on the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and the platform's own search data.

DL News, the crypto media outlet founded by the team behind DeFiLlama, will cease operations at the end of May. The company explained this was due to its failure to build a sustainable, independent crypto media business. It also cited a deteriorating operational relationship with DeFiLlama following internal conflicts in early 2023.

The number of Bitcoin wallets has decreased by 245,000 in just five days, marking the largest drop since the summer of 2024, according to Santiment. The analytics firm explained that this is a sign of capitulation, where the public leaves the market out of fear. Santiment added that the prevailing analysis suggests this event, paradoxically, could be laying the groundwork for a major bull market.

U.S. President Donald Trump described the retaliatory strike on Iranian targets as a "light punishment," ABC News reported. When asked if the ceasefire was over, Trump replied that it is ongoing and has already taken effect.

U.S. military authorities said Iran launched an unprovoked attack on U.S. Navy destroyers as they were passing through the Strait of Hormuz.

Kara Calvert, Coinbase's Vice President of U.S. Policy, stated at the Consensus 2026 conference in Miami that she expects a legislative markup for a proposed crypto clarity bill to occur next week. According to Cointelegraph, she urged for bipartisan cooperation, noting that 70% of voters support the bill's passage. Calvert also highlighted that reforming the current "irrational" tax reporting system, which taxes transactions as small as one dollar, would be a key factor in attracting institutional capital.

Swiss financial giant UBS has officially disclosed its investment in XRP through a 13F filing with the U.S. Securities and Exchange Commission (SEC), U.Today reported. Instead of holding spot XRP directly, the bank holds 197,369 shares of the Volatility Shares XRP ETF and 317 shares of the Grayscale XRP Trust.

Blockchain privacy and anti-money laundering (AML), a long-standing challenge for the virtual asset industry, can coexist technologically, CoinDesk reported, citing experts at a Consensus 2026 panel. The panelists noted that the introduction of sophisticated, wallet address-based forensic technology is forming an intelligent layer capable of identifying illicit funds without directly disclosing user identities. Rajiv Bamra, head of strategy at Moody's, predicted that a hybrid model combining both private and public chains will become the mainstream. He explained that while institutions prefer private chains for their accountability, they cannot forgo the rich liquidity of public chains. Shange, a director at ChangeNOW, emphasized that the essence of Bitcoin is anonymous cash. He suggested that an alternative to collecting personal information through know-your-customer (KYC) procedures could be to analyze the behavioral patterns of addresses and cooperate with law enforcement.

The next major users of stablecoins are expected to be AI and large corporations, rather than individuals, CoinDesk reported. Experts at the Miami Consensus 2026 conference agreed that autonomous payments between AI agents will drive exponential growth in the stablecoin market. Einhaus, a director at Bridge, which was acquired by Stripe for $1.1 billion, said that blockchain rails will dramatically lower payment costs, enabling micropayments between AI. Binance founder Changpeng Zhao also emphasized that the BNB Chain is the optimal rail for automated transactions between AI agents.

The U.S. Court of International Trade has ruled that President Donald Trump's 10% global tariff is unlawful, News1 reported.

A spokesperson for Iran's Khatam al-Anbiya Central Command announced in a statement today that the country's military has retaliated against U.S. forces. The statement accused the U.S. military of violating a ceasefire by striking an Iranian oil tanker en route from the coast of Jask to the Strait of Hormuz, as well as another vessel entering the strait opposite the UAE's Port of Fujairah. Iran also alleged that the U.S., in cooperation with some regional countries, conducted airstrikes on civilian areas off the coasts of Hamil, Sirik, and Qeshm Island. In response, the Iranian military claimed to have attacked U.S. warships east of the Strait of Hormuz and south of the Port of Chabahar, inflicting what it described as significant losses. The spokesperson emphasized that Iran will respond to any act of aggression.

Coinbase (COIN) reported first-quarter total revenue of $1.41 billion, falling short of the market consensus of $1.52 billion. Trading revenue came in at $758 million, below the expected $805 million. Subscription and services revenue was $583 million, also missing the forecast of $619 million despite efforts to reduce reliance on transaction fees. Media outlets attributed the weaker-than-expected results to declining cryptocurrency prices, which negatively impacted trading activity and investor sentiment. COIN is currently trading at $184.15 in after-hours trading, down 4.57%.

Iran's Supreme Joint Military Command said the U.S. attack on an Iranian oil tanker and another vessel entering the Strait of Hormuz violates the ceasefire agreement.

The U.S. military conducted strikes on Iran's Qeshm and Bandar Abbas ports on May 7, according to a senior U.S. official cited by Fox News. The official added that the action does not signify a resumption of war or an end to the current ceasefire agreement. The strike on the Iranian oil ports comes two days after Iran launched 15 ballistic and cruise missiles at the UAE's Fujairah port. A senior Pentagon official had previously described Iran's attack on May 5 as a low-intensity action that did not constitute a violation of the ceasefire.

Institutional investors are increasing their allocation to Bitcoin as overall crypto investment sentiment improves, Cointelegraph reported, citing a report from crypto asset manager CoinShares. According to a CoinShares survey of 26 institutional investors conducted in April, approximately 32% of respondents were invested in Bitcoin, while 25% held Ethereum. The report noted that Bitcoin still holds the most promising growth prospects, adding that investment sentiment for Ethereum and Solana has also seen a slight improvement from the previous quarter. The firm stated that institutions are increasing their crypto allocations amid improving market sentiment, the growing adoption of ETFs, and a more favorable regulatory environment. The primary barriers to broader adoption were identified as internal constraints and regulatory uncertainty.

The three major U.S. stock indices closed lower today. - S&P 500: -0.38% - Nasdaq: -0.13% - Dow Jones: -0.63%

Coinbase has announced it will halt trading for 12 perpetual futures contracts at 1:00 p.m. UTC on May 21. The affected tokens are KAITO, SENT, SAHARA, CAKE, TOSHI, AKT, VET, ANIME, THETA, ZK, KERNEL, and BARD.

Binance founder Changpeng Zhao has expressed his desire to provide U.S. investors with access to the exchange's global-level cryptocurrency liquidity. Speaking at Miami Consensus 2026, Zhao stated that the best liquidity in the crypto market is found outside the United States, noting that crypto is one of the few markets where American investors have difficulty accessing optimal prices. He added that he believes Binance has the best liquidity in the ecosystem. Zhao emphasized that he wants to either resume Binance.US operations or find another way to offer world-class liquidity and pricing to U.S. investors.

The upcoming U.S. midterm elections could be a significant turning point for the cryptocurrency industry, predicted Jesse Spiro, Head of Government Relations at Tether. Speaking at a panel discussion at Consensus Miami 2026, Spiro noted that while there has been significant progress and positive change over the past year, citing the passage of the Stablecoin Regulation Act (GENIUS Act) and CLARITY, the situation could always be reversed. He warned that the midterm elections scheduled for later this year could have a seismic impact on the direction of the crypto industry. At the same time, Spiro added, pro-crypto groups are preparing to inject substantial political funding.