Tokenized equity offerings for OpenAI are reportedly being offered to Robinhood users in Europe without official authorization from the company, OpenAI stated in a social media post. OpenAI clarified that these...
Read moreTokenized equity offerings for OpenAI are reportedly being offered to Robinhood users in Europe without official authorization from the company, OpenAI stated in a social media post.
OpenAI clarified that these ‘OpenAI tokens’ are not equivalent to OpenAI equity. The company did not collaborate with Robinhood for this initiative, was not involved in the process, and does not endorse it. Any transfer of OpenAI equity necessitates approval from the company, which they did not grant in this case.
Recently, Robinhood announced the launch of tokenized stock trading on the Arbitrum blockchain for its European users. This offering includes 200 equities and ETFs, as well as a secondary market for equity in prominent startups such as OpenAI and SpaceX.
Robinhood’s spokesperson shared that the stock token giveaway for OpenAI and SpaceX was introduced to eligible European customers during their crypto event. These tokens provide retail investors with indirect exposure to private markets, facilitated by Robinhood’s ownership stake in a special purpose vehicle.
The concept of tokenized equity in pre-IPO companies is not entirely new. In 2018, Swarm, a blockchain startup, announced its intention to offer tokenized shares in various startups, including Robinhood. However, some companies mentioned by Swarm denied authorization for such sales, although Swarm asserted that all transactions were approved secondary market activities.
Examining Robinhood’s current tokenized offering, the source of equity remains ambiguous. Speculation suggests that the equity may represent interests in OpenAI shares obtained through authorized channels, based on statements made by Robinhood’s CEO.
Some individuals have cautioned that OpenAI and other startups have the prerogative to refuse to honor unauthorized sales. Dragonfly General Partner Rob Hadick shared his view that the tension arising from such situations may lead private companies to cease equity sales for those breaching shareholder agreements.
It is important to note that updates may follow, as the situation continues to develop.
Bitcoin (BTC) closed June above $107,000 with a record monthly close, but its 2.5% gain was overshadowed by the euro’s 4% rise against the dollar. The euro’s strength led to increased...
Read moreBitcoin (BTC) closed June above $107,000 with a record monthly close, but its 2.5% gain was overshadowed by the euro’s 4% rise against the dollar. The euro’s strength led to increased market values for euro-pegged stablecoins as traders shifted their focus. The ongoing decline in the U.S. currency has kept financial conditions loose, but hasn’t had a significant impact on BTC, which remains directionless.
Profit-taking continued in the market, with on-chain realized gains reaching $2.4 billion. BTC was trading 0.6% lower at $106,500, with other tokens following suit. Analysts are urging patience amidst continued institutional adoption, with Germany’s savings bank network announcing plans to enable crypto trading for clients. Meanwhile, corporate treasuries are increasing their accumulation of BTC.
As the third quarter historically represents bitcoin’s weakest period, caution is advised due to potential exaggerated price movements amid lower liquidity during the summer holidays. In other developments, American Bitcoin, backed by Eric Trump, raised $220 million for bitcoin and mining equipment. A creditor on FTX received 120% payouts for claims under $50,000 in February and May 2025.
Overall, the market outlook remains positive, especially for altcoins with potential for growth despite short-term muted momentum. Analysts anticipate the approval of spot ETFs for LTC and XRP by the U.S. SEC this year. Stay informed and watch for updates from key events like Fed Chairman Jerome Powell’s speech and Friday’s nonfarm payrolls report.
Key Token Events include governance votes, unlocks, and token launches in July, offering opportunities for engagement and potential market impacts. Keep an eye on conferences like CoinDesk Policy & Regulation Conference and other industry events for valuable insights and networking opportunities.
Lastly, technical analysis shows BTC’s recent decline and bearish candle formation, potentially signaling a shift towards a bearish trend. Stay informed on market movements, crypto equities, ETF flows, and overnight flows to make informed decisions in the evolving crypto landscape.
In today’s Crypto for Advisors, Bryan Courchesne from DAIM provides information on tax planning for crypto trades. Although we are half a year away from tax season, there are many considerations...
Read moreIn today’s Crypto for Advisors, Bryan Courchesne from DAIM provides information on tax planning for crypto trades. Although we are half a year away from tax season, there are many considerations to track in order to be tax-ready.
Then, Saim Akif from Akif CPA breaks down the differences in tax treatment between crypto and equities/bonds in Ask an Expert.
Crypto Taxes Are Complicated, Don’t Let Them Derail Your Portfolio
As advisors focused on crypto, we’re familiar with the unique tax situations this asset class presents. For example, crypto is not subject to wash-sale rules, which allows for more efficient tax-loss harvesting. It also enables direct asset swaps, such as converting bitcoin (BTC) to ether (ETH) or ETH to Solana (SOL), without first selling into cash. These are just a couple of features that set crypto apart from traditional investments.
However, perhaps the most important thing for investors to consider is the sheer number of platforms they may use and how challenging it can be to track everything at tax time.
Tracking your crypto taxes isn’t just a year-end chore; it’s a year-round challenge, especially if you’re active on multiple centralized exchanges (CEXs) or decentralized platforms (DEXs). Every trade, swap, airdrop, staking reward, or bridging event can be a taxable event.
Centralized Exchange Trading
When using CEXs like Coinbase, Binance, or Kraken, you may receive year-end tax summaries, but those are often incomplete or inconsistent across platforms. One major challenge is tracking your cost basis across exchanges.
For example, if you buy Amazon stock in a Fidelity account and transfer it to Schwab, your cost basis transfers seamlessly and updates with each new trade. At tax time, Schwab can generate an accurate 1099 showing your gains and losses.
But in crypto, if you transfer assets from Kraken to Coinbase, your cost basis doesn’t automatically transfer with them. If you’re moving assets across multiple platforms, you’ll need to manually track every transaction, or you’ll face a major headache when filing taxes.
Decentralized Exchange Trading
Things get even more complicated when using DEXs. Apps like Coinbase Wallet (not to be confused with the Coinbase exchange) or Phantom connect you to decentralized trading platforms like Uniswap or Jupiter. These DEXs don’t issue tax forms or track your cost basis, so it’s entirely up to you to log and reconcile every transaction.
Miss a single token swap or forget to record the fair market value of a liquidity pool withdrawal, and your tax report could be inaccurate. That could trigger IRS scrutiny or lead to missed deductions. While some apps can calculate gains and losses from a single wallet address, they often struggle when assets are transferred between addresses, making them less useful for active users.
And here’s the kicker: if you’re actively trading on DEXs, chances are you’re not even making money. But even losses must be reported correctly to qualify for a deduction. If not, you risk losing the write-off or, worse, facing an audit.
Unless you’re a full-time crypto trader, the time and effort required to track every transaction isn’t just stressful, it can cost you real money.
What steps can I take to make sure I’m tax ready?
There are, however, several ways to prepare properly for crypto taxes:
Use crypto tax software from the beginning. Even then, you’ll want to double-check that the reported activity makes sense and adjust as needed.
Hire a crypto tax specialist or work with a crypto-focused advisor who understands the landscape.
Download all transaction logs and see if your CPA or advisor can help build a cost basis and determine your realized gains and losses.
As adoption increases, tax reporting will undoubtedly evolve — in the meantime keeping track of your trade activity is important to be ready for tax season.
– Bryan Courchesne, CEO, DAIM
Ask an Expert
Q. Why are advisors watching crypto closely?
Institutional crypto inflows have surged to $35 billion. While crypto is more volatile than traditional assets, major cryptocurrencies like bitcoin, have historically outperformed other traditional asset classes since 2012.
Q. How is crypto being treated differently from equities/bonds from a tax side?
Crypto differs fundamentally from equities and bonds. Advisors must track each wallet separately for cost basis (starting Jan 2025). Unlike traditional 1099s, clients often get little to no reporting support from exchanges, especially for self-custodied assets.
Q. Do you have any special insights for CPAs and tax advisors?
Compliance isn’t optional anymore. Starting with 2025 returns:
Wallet-level cost basis reporting is mandatory.
IRS Form 1099-DA will begin showing up in 2026.
Exchanges often don’t support reporting for self-custodied assets.
Smart tax professionals are combining tax reporting, audit defence, and DeFi accounting into premium advisory services.
– Saim Akif, founder, Akif CPA
Keep Reading
Spanish banking giant BBVA tells wealthy clients to invest 3 to 7% of their portfolio in bitcoin.
The U.S. Senate passed the Genius Act, paving the way for stablecoin adoption.
Thailand to exempt capital gains on crypto investments for 5-years.
CoinDesk Overnight Rates (CDOR) become available to support stablecoin money markets based on Aave.
Tags:AIAmazonAmericabitcoinbtcCEOChinaCircleCoinbaseCryptoETHEUFinancegoldIncomeJapanlibraMicrostrategymileiS&P 500StocksStrategyTelegramTradingTrumpTrump MediaUS
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Read moreWelcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
The cryptocurrency bull run has slowed down after bitcoin (BTC) reached a record high above $110,000 last month. However, corporate adoption is still on the rise. Norway-based crypto exchange Norwegian Block...
Read moreThe cryptocurrency bull run has slowed down after bitcoin (BTC) reached a record high above $110,000 last month. However, corporate adoption is still on the rise.
Norway-based crypto exchange Norwegian Block Exchange saw its shares surge over 100% after revealing the purchase of six BTC, valued at $633K at current prices. The company plans to increase its holdings to 10 BTC by the end of the month.
Classover Holdings Inc, a Nasdaq-listed educational technology company with a market capitalization of $63 million, entered into a securities purchase agreement with Solana Growth Ventures LLC for up to $500 million in senior secured convertible notes, with 80% of the proceeds allocated to purchasing Solana’s native token SOL.
Ripple’s stablecoin RLUSD received regulatory approval from the Dubai Financial Services Authority, allowing the stablecoin to support the Dubai Land Department’s blockchain initiative to tokenize real estate title deeds on the XRP Ledger.
Robinhood completed a $200 million all-cash acquisition of the Luxembourg-based crypto exchange Bitstamp, expanding its presence in Europe.
U.S.-listed spot bitcoin ETFs experienced a net outflow of $268 million on Monday, while Ethereum spot ETFs recorded a net inflow of $78.17 million. Meanwhile, the Japanese yen declined during Asian hours due to the Bank of Japan’s plans to halt its Japanese government bond purchases.
The dollar index remained under pressure due to trade uncertainty and rising concerns in the bond market over the U.S. deficit. Negative surprises in Monday’s ISM manufacturing surveys punctured the U.S. resilience story.
Focus today will be on April’s JOLTS report and durable goods orders. A soft labor market data could push the dollar back to its April lows, according to ING.
A U.S. House hearing on “The Future of Digital Assets” featured Aptos Labs CEO Avery Ching’s testimony, led by the Agriculture Committee. Stay informed!
In the cryptocurrency space, upcoming events include network upgrades on Pocket Network and Sia, congressional hearings, and the announcement of the 3-for-1 share split for ARK 21Shares Bitcoin ETF.
Conferences to watch out for include SXSW London, World Computer Summit 2025, Money20/20 Europe, Non Fungible Conference, Crypto Valley Conference, BTC Prague 2025, Bitcoin Policy Institute’s Bitcoin Policy Summit 2025, and Istanbul Blockchain Week.
Token events include governance votes, unlocks, and token launches across various platforms.
In the market, BTC and ETH prices saw some movement, while the CoinDesk 20 experienced a slight increase. Key market indicators also showed some fluctuations.
Derivatives positioning and crypto equities like MSTR, COIN, GLXY, MARA, and more displayed various performance measures.
ETF flows revealed daily and cumulative net flows for spot BTC and spot ETH ETFs.
Stay updated on overnight flows, technical analysis, and the latest news in the crypto and financial markets.
The content was written without any Coindesk attribution or HTML coding.
Tags:AIAmericaBinancebitcoinBlackrockbtcCoinbaseCryptoElon MuskETHEUEuropeFinancegoldJapanMicrostrategyStrategyTariffsTradingTrumpUSWashington
The recent TACO tease, implying “Trump Always Chickens Out” on tariffs, likely didn’t go down well with the President, who raised the stakes in the ongoing trade war on Friday, leading...
Read moreThe recent TACO tease, implying “Trump Always Chickens Out” on tariffs, likely didn’t go down well with the President, who raised the stakes in the ongoing trade war on Friday, leading to broad-based risk aversion.
On Friday, Trump said that on June 4, the U.S. tariffs on imported aluminum and steel would go from 25% to 50%, triggering a broad-based risk-off move across global markets. Bitcoin has since traded in the range of $103,000-$106,000, with little to no excitement in the broader crypto market. Notably, BlackRock’s spot bitcoin ETF (IBIT) registered an outflow of $430 million, ending a prolonged inflows streak.
“Tariff tensions will likely dominate the macro narrative through June, with meaningful policy deadlines only kicking in from 8 July. In the absence of fresh catalysts, BTC could remain rangebound, with the $100k and $110k levels critical to watch given their status as strikes with the highest month-end open interest,” Singapore-based trading firm QCP Capital said.
ETFs are becoming increasingly important to the market. Data shared by FalconX’s David Lawant shows that the cumulative trading volume in the 11 spot BTC ETFs listed in the U.S. is now well over 40% of the spot volume. The data supports the “Bitcoin ETFs are the new marginal buyer” hypothesis, according to Bitwise’s Head of Research – Europe, Andre Dragosch.
Meanwhile, on-chain data tracked by Glassnode showed a drop in momentum buyers alongside a sharp rise in profit takers last week. “This trend often shows near local tops, as traders begin locking in gains instead of building exposure,” Glassnode said.
High-stakes crypto trader James Wynn opened a fresh BTC long trade with 40x leverage and a liquidation price of $104,580, according to blockchain sleuth Lookonchain.
In other news, Japan’s “MicroStrategy” Metaplanet announced an additional purchase of 1,088 BTC, and billionaire entrepreneur Elon Musk announced a new XChat with Bitcoin-like encryption.
Binance’s founder CZ said on X that now might be a good time to develop a dark pool-style perpetual-focused decentralized exchange, noting that real-time order visibility can lead to MEV attacks and malicious liquidations.
In traditional markets, gold looked to break out of its recent consolidation, hinting at the next leg higher as Bank of America and Morgan Stanley forecast continued dollar weakness. Friday’s U.S. nonfarm payrolls release will be closely watched for signs of labor market weakness. Stay Alert!
What to Watch
Crypto
June 3, 1 p.m.: The Shannon hard fork network upgrade will get activated on the Pocket Network (POKT).
June 4, 10 a.m.: U.S. House Financial Services Committee will hold a hearing on “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” Livestream link.
June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project’s history. Phase 2 will get activated on July 6.
June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on “DeFi and the American Spirit”
June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
Macro
June 2, 1 p.m.: Federal Reserve Chair Jerome H. Powell will deliver a speech at the Federal Reserve Board’s International Finance Division 75th Anniversary Conference in Washington. Livestream link.
June 2, 9:45 a.m.: S&P Global releases (Final) May U.S. Manufacturing PMI data. Manufacturing PMI Est. 52.3 vs. Prev. 50.2
June 2, 10 a.m.: The Institute for Supply Management (ISM) releases May Manufacturing PMI. Manufacturing PMI Est. 49.5 vs. Prev. 48.7
June 3: South Koreans will vote to choose a new president following the ouster of Yoon Suk Yeol, who was dismissed after briefly declaring martial law in December 2024.
June 3, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data. Job Openings Est. 7.10M vs. Prev. 7.192M Job Quits Prev. 3.332M
June 3, 1 p.m.: Federal Reserve Governor Lisa D. Cook will deliver a speech on economic outlook at the Peter McColough Series on International Economics in New York. Livestream link.
June 4, 12:01 a.m.: U.S. tariffs on imported steel and aluminum will increase from 25% to 50%, according to a Friday evening Truth Social post by President Trump.
Earnings (Estimates based on FactSet data)
None in the near future.
Token Events
Governance votes & calls
Sui DAO is voting on moving to recover approximately $220 million in funds stolen from the Cetus Protocol hack via a protocol upgrade. Voting ends June 3.
Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers, and improve tools for LPs and traders. Voting ends June 6.
June 4, 6:30 p.m.: Synthetix to host a community call.
June 10, 10 a.m.: Ether.fi to host an analyst call followed by a Q&A session.
Unlocks
June 5: Ethena (ENA) to unlock 0.7% of its circulating supply worth $14.18 million.
June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $57.11 million.
June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $13.24 million.
June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $17.11 million.
June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.64 million.
Token Launches
June 3: Bondex (BDXN) to be listed on Binance, Bybit, Coinlist, and others.
June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.
June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN).
Conferences
Day 1 of 6: SXSW London
June 3: World Computer Summit 2025 (Zurich)
June 3-5: Money20/20 Europe 2025 (Amsterdam)
June 4-6: Non Fungible Conference (Lisbon)
June 5-6: 2025 Crypto Valley Conference (Zug, Switzerland)
June 19-21: BTC Prague 2025
June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
June 26-27: Istanbul Blockchain Week
Token Talk
While You Were Sleeping
In the Ether
Derivatives Positioning
Market Movements
Bitcoin Stats
Technical Analysis
Crypto Equities
ETF Flows
Overnight Flows
Chart of the Day
Bitcoin Stats
By SEO Writer for The Parrot Press Bitcoin saw a rise and stock index futures surged early on Thursday after a U.S. court invalidated President Donald Trump’s broad-based tariffs. This news...
Read moreBy SEO Writer for The Parrot Press
Bitcoin saw a rise and stock index futures surged early on Thursday after a U.S. court invalidated President Donald Trump’s broad-based tariffs. This news was followed by Nvidia’s upbeat earnings report, boosting positive sentiment in the market.
Large Bitcoin wallets holding over 10,000 BTC have transitioned to selling from buying as the cryptocurrency nears its all-time high. Additionally, an increase in exchange deposits indicates selling pressure. The options market data hints at potential volatility leading up to Friday’s monthly settlement.
Ether, the second-largest cryptocurrency by market value, surged to $2,780, its highest level since February 24, supported by bullish signals from the derivatives market. The rise in the token’s price this week is attributed to SharpLink’s $425 million Treasury plan. Notably, U.S.-listed spot ether ETFs saw a net inflow of $84.89 million on Wednesday for the eighth consecutive day.
Canada-listed investment firm Sol Strategies has filed to raise up to $1 billion to boost its investment in the Solana ecosystem. Despite this, SOL remained flat at around $170.
In other news, TON, PEPE, and FLOKI led the market while FARTCOIN, PI, and JUP experienced the most losses. Open interest in TON perpetual futures surged by 33% to $190 million, reaching its highest level since February 18.
Stablecoin issuer Circle froze wallets connected to the Libra token containing millions in USDC. Metaplanet issued $21 million in bonds to finance more Bitcoin purchases.
In traditional markets, some investment banks suggested that Trump has alternative tools to bypass the court ruling on tariffs. Yields on longer-duration Treasury notes increased, indicating strength in the dollar. Stay tuned for more updates!
What to Watch:
Crypto:
– May 30: The second round of FTX repayments start.
– May 31 (TBC): Mezo mainnet launch.
– June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on “DeFi and the American Spirit”
Macro:
– Various economic releases and announcements scheduled for May 29-30.
Earnings:
– No significant earnings events in the near future.
Token Events:
Governance votes & calls:
– Various upcoming votes and calls for different tokens and platforms.
Unlocks:
– Schedule of upcoming token unlocks.
Token Launches:
– Information on upcoming token launches and deadlines.
Conferences:
– List of upcoming conferences and summits in the crypto and blockchain space.
Token Talk: An overview of major events and news in the token market.
Derivatives Positioning: Analysis of derivatives positions in the market.
Market Movements: Highlights of major market movements and performances.
Bitcoin Stats: Statistical data related to Bitcoin.
Technical Analysis: Insights into technical analysis of market trends.
Crypto Equities: Updates on crypto-related equities and their performance.
ETF Flows: Information on ETF flows related to Bitcoin and Ethereum.
Overnight Flows: Updates on overnight market movements and performance.
Chart of the Day: Featured chart highlighting market trends.
While You Were Sleeping: Summary of overnight news and developments.
In the Ether: A series of images illustrating various aspects of the cryptocurrency market.
Tags:ADAAIAmericaBinancebitcoinbtcCanadaCoinbaseCryptoDonald TrumpdubaiETHEUFinancegoldGovernmentHealthIranJapanminerMoving AverageS&P 500StocksStrategyTradingtrillionTrumpUSWashington
By Francisco Rodrigues (All times ET unless indicated otherwise) Bitcoin BTC surpassed Wednesday’s record to reach an all-time high of $111,875 in the early hours of Thursday, as traditional financial markets...
Read moreBy Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin BTC surpassed Wednesday’s record to reach an all-time high of $111,875 in the early hours of Thursday, as traditional financial markets contended with rising bond yields and renewed concerns over ballooning U.S. debt.
The largest cryptocurrency has gained around 3.8% in the last 24 hours while the broader CoinDesk 20 CD20 index rose 4.74%, continuing a trend of strength driven by mounting institutional demand and growing interest in crypto exposure.
The rally is unfolding against a backdrop of higher yields on U.S. and Japanese government bonds. The 10-year U.S. Treasury yield rose to 4.6%, while the 30-year topped 5%, driven by concerns over President Donald Trump’s tax bill that analysts estimate could add as much as $5 trillion to the country’s debt, according to Reuters.
In Japan, yields on 30- and 40-year government bonds also hit record highs. The country’s debt-to-GDP ratio stands at 234%, QCP Capital said, and growing scrutiny coupled with weak demand for long-dated JGBs sent yields soaring.
That matters because higher yields — and thus higher returns — on investments that are considered relatively safe tend to lower the appeal of riskier assets like stocks, not to mention cryptocurrencies. While BTC, with its history of trading as a risky asset, hasn’t shown much sign of ebbing demand, it raises the question of how long the rally can continue.
Still, traders have been building large long positions in BTC options, with the most open interest now concentrated at the $110,000, $120,000 and even $300,000 calls for contracts expiring in late June in a sign of continuing bullish conviction.
U.S.-traded spot bitcoin exchange-traded funds have also been seeing significant demand. Total net inflows hit $1.6 billion over the week, and $4.24 billion so far in May, SoSoValue data shows. The inflows, coupled with bitcoin’s price rise, have seen the ETFs’ total net assets hit a record $129 billion.
There are, however, some muted signs of bearish activity.
“The largest block flow this week continues to be ETH December call spreads, while overnight BTC butterfly positions hint that some traders are positioning for consolidation around current levels,” Wintermute OTC trader Jake O. said.
Note, he’s talking about consolidation, not declines. And traditional participants may even be too bearish. While the U.S. endured a recent credit downgrade, markets are now pricing in a 6-level cut all the way down to BBB+.
On top of that, per Jake O., a recent equities market sell-off may not be a result of repositioning given higher bond yields, but rather profit-taking after nine consecutive positive sessions. Stay alert!
What to Watch
Crypto
May 22: Bitcoin Pizza Day.
May 22: Top 220 TRUMP token holders will attend a gala dinner hosted by the U.S. president at the Trump National Golf Club in Washington.
May 30: The second round of FTX repayments starts.
May 31 (TBC): Mezo mainnet launch.
Macro
Day 3 of 3: Canadian Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem will co-host the three-day meeting of G7 finance ministers and central bank governors in Banff, Alberta.
May 22, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases (final) Q1 GDP growth data.
May 22, 8:30 a.m.: Statistics Canada releases April producer price inflation data.
May 22, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended May 17.
May 23, 8:30 a.m.: Statistics Canada releases (Final) March retail sales data.
May 23, 10 a.m.: The U.S. Census Bureau releases April new single-family homes data.
Earnings (Estimates based on FactSet data)
May 28: NVIDIA (NVDA), post-market, $0.88
Token Events
Governance votes & calls
Arbitrum DAO is voting on launching “The Watchdog,” a 400,000-ARB bounty program to reward community sleuths for uncovering misuse of the hundreds of millions in grants, incentives and service budgets the DAO has deployed. Voting ends May 23.
Lido DAO is voting on adopting Dual Governance (LIP-28), a protocol upgrade that inserts a dynamic timelock between DAO decisions and execution so stETH holders can escrow tokens to pause proposals at 1% of TVL or fully block and “rage-quit” at 10%. Voting ends May 28.
Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 “Callisto,” bringing them in line with Ethereum’s May 7 Pectra upgrade. The proposal schedules activation for June 17, and voting ends on May 29.
May 22: Official Trump to announce its “next Era” on the day of the dinner for its largest holders.
June 10: Ether.fi to host an analyst call followed by a Q&A session.
Unlocks
May 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $24.67 million.
June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $182.58 million.
June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $11.99 million.
June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $16.78 million.
June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $61.86 million.
Token Launches
June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end.
June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.
Conferences
Day 3 of 7: Dutch Blockchain Week (Amsterdam)
Day 3 of 3: Avalanche Summit London
Day 3 of 3: Seamless Middle East Fintech 2025 (Dubai)
Day 2 of 2: Crypto Expo Dubai
Day 2 of 2: Cryptoverse Conference (Warsaw)
May 27-29: Bitcoin 2025 (Las Vegas)
May 27-30: Web Summit Vancouver
May 29: Stablecon (New York)
May 29-30: Litecoin Summit 2025 (Las Vegas)
May 29-June 1: Balkans Crypto 2025 (Tirana, Albania)
June 2-7: SXSW London
June 15-17: G7 2025 Summit (Kananaskis, Alberta, Canada)
June 19-21: BTC Prague 2025
Token Talk
By Shaurya Malwa
The HYPE token is in focus after a billion-dollar bitcoin trade boosted Hyperliquid’s fundamentals.
Pseudonymous trader James Wynn opened a $1.1 billion long on BTC using 40x leverage via Hyperliquid in one of the largest on-chain DEX trades ever recorded.
The position, tied to wallet “0x507,” was entered when BTC was priced at $108K and now sits on over $40 million in unrealized profit.
Wynn booked partial profits early Thursday by closing 540 BTC (~$60 million), to net $1.5 million.
His prior exits were followed by BTC declines, so traders are watching closely.
Hyperliquid runs on its custom L1, HyperEVM, using the HyperBFT consensus (200K+ TPS) with CEX-level features like real-time order books and deep liquidity — no KYC required.
The platform’s permissionless design and lightning-fast execution are increasingly drawing capital from centralized venues to DeFi , and this trade could set a precedent for whale activity.
HYPE jumped 15% in the past 24 hours on renewed attention and usage-driven speculation.
Derivatives Positioning
Analyzing the liquidations heatmap of the BTC-USDT pair on Binance, the largest liquidations cluster around $108.5K and $106.9K with liquidations worth $143 million and $112.5 million, respectively.
Meanwhile, the options market swells post-breakout, with open interest on Deribit climbing above $34 billion, just shy of the all-time high of $35.9 billion set in December. The bulk of this positioning is centered on the 30 May expiry, which now holds over $9 billion in notional value to become a key date for potential volatility.
Bullish sentiment is clearly in control, with traders aggressively targeting upside via calls. Strikes at $100K, $120K and $150K have attracted particularly large open interest, reflecting growing conviction in a continued rally.
Put/call ratios underscore this shift in sentiment — the 24-hour volume ratio has dropped to 0.49, while the open interest ratio sits at 0.60, indicating a meaningful tilt toward bullish exposure following BTC’s move above $110K.
Near-term options activity is also picking up, with weekly and monthly contracts seeing notable inflows. Traders appear to be positioning for further momentum or short-term price swings in the wake of the breakout.
Market Movements
BTC is up 1.19% from 4 p.m. ET Wednesday at $110,690.36 (24hrs: +4.05%)
ETH is up 6.19% at $2,662.72 (24hrs: +5.23%)
CoinDesk 20 is up 3.64% at 3,348.63 (24hrs: +4.88%)
Ether CESR Composite Staking Rate is unchanged at 3.03%
BTC funding rate is at 0.03% (10.95% annualized) on Binance
DXY is up 0.25% at 99.81
Gold is down 0.26% at $3,305.6/oz
Silver is down 0.83% at $33.17/oz
Nikkei 225 closed -0.84% at 36,985.87
Hang Seng closed -1.19% at 23,544.31
FTSE is down 0.68% at 8,726.62
Euro Stoxx 50 is down 0.96% at 5,402.31
DJIA closed on Wednesday -0.91% at 41,860.44
S&P 500 closed -1.61% at 5,844.61
Nasdaq closed -1.41% at 18,872.64
S&P/TSX Composite Index closed -0.83% at 25,839.17
S&P 40 Latin America closed -1.31% at 2,597.38
U.S. 10-year Treasury rate is down 2 bps at 4.58%
E-mini S&P 500 futures are unchanged at 5,865.50
E-mini Nasdaq-100 futures are up 0.15% at 21,188.50
E-mini Dow Jones Industrial Average Index futures are down 0.17% at 41,875.00
Bitcoin Stats:
BTC Dominance: 63.90 (-0.62%)
Ethereum to bitcoin ratio: 0.02409 (3.52%)
Hashrate (seven-day moving average): 875 EH/s
Hashprice (spot): $58.24
Total Fees: 7.89 BTC / $847,124
CME Futures Open Interest: 160,740 BTC
BTC priced in gold: 33.4 oz
BTC vs gold market cap: 9.47%
Technical Analysis
Bitcoin reached a new all-time high of $111,875 this morning, breaking decisively above the previous peak just above $109,000 set in January.
With a confirmed close above that level and no sign of a swing failure pattern, the bias remains firmly tilted toward continued upside. In the near term, BTC may encounter resistance around the $112,000–$113,000 range, aligning with a trendline drawn from the prior highs in December and January.
However, last week’s consolidation above $100,000 — and the successful reclaim of the previous all-time high — suggest this area is now acting as short-term support.
A pullback below $100,000, especially into the weekly order block, would likely represent a healthy correction within the broader uptrend and could offer a compelling reentry opportunity if further downside is seen.
Crypto Equities
Strategy (MSTR): closed on Wednesday at $402.69 (-3.41%), up 1.73% at $409.67 in pre-market
Coinbase Global (COIN): closed at $258.99 (-0.91%), up 2.78% at $266.20
Galaxy Digital Holdings (GLXY): closed at C$31 (+1.57%)
MARA Holdings (MARA): closed at $15.84 (-2.16%), up 4.42% at $16.54
Riot Platforms (RIOT): closed at $8.84 (-1.01%), up 3.39% at $9.14
Core Scientific (CORZ): closed at $10.78 (-1.28%), up 1.48% at $10.94
CleanSpark (CLSK): closed at $10.11 (+4.23%), up 4.65% at $10.58
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $17.75 (-1.33%)
Semler Scientific (SMLR): closed at $44.89 (+7.19%), up 6.01% at $47.59
Exodus Movement (EXOD): closed at $32.76 (-5.07%), unchanged in pre-market
ETF Flows
Spot BTC ETFs:
Daily net flow: $607.1 million
Cumulative net flows: $43.35 billion
Total BTC holdings ~ 1.19 million
Spot ETH ETFs
Daily net flow: $0.6 million
Cumulative net flows: $2.61 billion
Total ETH holdings ~ 3.49 million
Source: Farside Investors
Overnight Flows
Chart of the Day
Top 20 digital assets’ prices and volumes
Chart of the day
Bitcoin adoption
XRP saw a decrease of over 4% in the last 24 hours, leading the decline among major cryptocurrencies as the overall market slows down following last week’s significant rally. Bitcoin is...
Read moreXRP saw a decrease of over 4% in the last 24 hours, leading the decline among major cryptocurrencies as the overall market slows down following last week’s significant rally. Bitcoin is currently above $104,000, and traders are anticipating a steady increase beyond $105,000, which is now a key psychological and technical resistance level.
The total market capitalization of the crypto market dropped by 2% to $3.3 trillion, according to CoinGecko. Ethereum (ETH) and Solana (SOL) are also pausing near their 200-day moving averages, indicating a possible period of consolidation or a short-term pullback.
Alex Kuptsikevich, FxPro’s chief market analyst, noted that Bitcoin has been gradually forming a peak over the past week, usually a sign that a correction is imminent. The Crypto Fear & Greed Index slightly decreased from 73 to 70, remaining in the “greed” territory but showing a decrease in momentum.
According to Augustine Fan from SignalPlus, the markets may continue to edge higher unless equities experience a downturn. He warned that Bitcoin may face challenges breaking through the interim resistance at $105,000, while Ethereum could benefit more in the short term due to improving inflows and strong performance in altcoins.
Fan also highlighted a significant shift in capital allocation towards crypto, describing it as a more structural move favoring assets like emerging markets, precious metals, and cryptocurrencies to hedge against geopolitical and currency risks.
K33 Research observed that Bitcoin’s recent surge seems to be driven by spot market demand rather than excessive leverage, with retail investors and wealth managers from Asia contributing to sustaining the bullish sentiment. Nick Ruck from LVRG Research mentioned that the market slowdown may be due to caution ahead of upcoming macroeconomic data and concerns about the long-term effects of recent U.S. trade agreements.
The current market situation indicates a wait-and-see approach just below critical breakout levels, with the next significant move expected to dictate the overall market direction.
Citi, a renowned banking giant, has partnered with SIX Digital Exchange (SDX), the digital assets-focused branch of Switzerland’s main stock exchange. Together, they are working on tokenizing non-publicly traded shares to...
Read moreCiti, a renowned banking giant, has partnered with SIX Digital Exchange (SDX), the digital assets-focused branch of Switzerland’s main stock exchange. Together, they are working on tokenizing non-publicly traded shares to simplify the $75 billion market cluttered with PDFs and paper documents.
The collaboration involves Citi serving as a custodian and issuer agent for tokenized versions of late stage, pre-IPO equities on SDX’s regulated blockchain-based Central Securities Depository (CSD) platform. The platform is set to launch in the third quarter and will be initially focused on Switzerland, Singapore, and other parts of Asia, excluding U.S. investors.
Private shares in high-growth, venture-backed companies represent a significant subset of the alternative asset class, valued in the trillions of dollars. With firms staying private for longer periods, secondary markets play a crucial role in providing liquidity for investors and employees. However, the current manual and cumbersome transaction processes and lack of scalable infrastructure pose challenges.
Nisha Surendran, digital asset emerging solutions lead at Citi Ventures, highlighted the absence of scalable infrastructure in private markets, leading to a reliance on PDFs and paper documents for transactions. Settlement of transactions can take five to eight weeks, and the lack of integration with investors’ wealth statements further complicates the process.
SDX CEO David Newns emphasized Switzerland’s mature digital-securities regulatory environment and the utilization of R3’s Corda distributed ledger technology for building the blockchain-based securities depository. This technology enables seamless access to investment instruments through investors’ broker and custodian.
Citi’s involvement as a custodian on SDX reflects its strategy to offer clients access to new digital asset markets, including private market assets. Collaborations with digital asset banking group Sygnum and SBI Digital Markets will facilitate access to the pre-IPO equities on the SDX platform.
This partnership marks a significant step towards streamlining the private market asset tokenization process, providing investors with greater accessibility and efficiency in their transactions.
