Hello readers. Let’s dive into the latest updates from crypto!
Bitcoin ETFs Surge with $2.75B in Weekly Inflows as BTC Reaches New Heights
On May 23, Bitcoin ETFs saw $211.7 million in net inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way, adding $430.8 million—its eighth straight day of gains. Meanwhile, Grayscale’s GBTC lost $89.2 million, and ARK 21Shares’ ARKB saw $73.9 million in outflows. Unlike past bull runs fueled by retail traders, this rally is mostly powered by institutional investors. On-chain data suggests the market isn’t overheated, with low funding rates and minimal profit-taking by short-term traders.
Major firms are jumping in—11 new companies have added Bitcoin to their balance sheets in the past month. Meanwhile, Strategy plans to raise $2.1 billion in a funding round, possibly to buy more Bitcoin.
Trump’s $TRUMP Coin Gala Sparks Controversy as Lawmakers Call for DOJ Investigation into Exclusive Event Ethics
U.S. lawmakers are calling on the Department of Justice (DOJ) to investigate President Trump’s $TRUMP meme coin dinner, questioning whether it violates federal bribery laws or the Constitution’s foreign emoluments clause.
One major concern is Chinese Tron founder Justin Sun, who recently revealed he was the top investor in Trump’s meme coin, raising alarms about foreign influence. Sun previously faced fraud charges from the SEC, which were dropped after he invested millions in a Trump-linked crypto platform.
Lawmakers argue that U.S. law prohibits foreign donations to political campaigns, but Trump’s crypto event could let foreign entities buy influence without transparency. The gala, held at Trump National Golf Club, sparked strong criticism from Democrats.
Solana Unveils New DeFi Tool for KYC and User Verification
The Solana Foundation has launched the Solana Attestation Service (SAS), a tool to make identity verification easier for apps while keeping user data private. SAS lets applications check Know Your Customer (KYC) data and user credentials without storing sensitive information. Instead, users get cryptographically signed, reusable credentials, so they don’t have to repeat verification steps across platforms. The tool supports DeFi compliance, blockchain gaming access control, DAO security, and location-based verification. It also removes the need for developers to manage identity databases, making integration much simpler.
With fast transactions, low fees, and growing adoption, Solana is positioning itself as a key player in bridging traditional finance and blockchain tech.
Bitcoin Whale Goes All-In With $1.25 Billion Long Position on Hyperliquid
Crypto investor James Wynn is making waves again, doubling down on Bitcoin with a massive $1.25 billion long position on Hyperliquid, a decentralized derivatives exchange. Wynn’s shift to Bitcoin comes after closing positions in Ethereum, Sui, and PEPE. His latest trade? A 40x leveraged position worth 11,588 BTC, with a liquidation level set at $105,180.
Earlier this week, he took a $400 million profit from an $830 million long position, and since then, he’s ramped up his bets as Bitcoin keeps climbing.
Sui Under Fire for Controversial $162 Million Cetus Recovery Plan
The Sui blockchain is facing backlash after supporting a controversial $162 million recovery plan by DeFi platform Cetus Protocol. On May 21, Cetus lost $223 million in a cyberattack. In response, Sui validators froze a portion of the stolen funds, blocking transactions from two wallets linked to the hacker.
Cetus then offered a $6 million bounty to recover the remaining money, but critics argue the amount is too low. Cetus is now pushing for a protocol upgrade to restore the frozen assets without rolling back blockchain records. While this approach aims to preserve decentralization, it has sparked debate about Sui’s integrity.
Wall Street Embraces Ethereum’s ‘Digital Oil,’ Says Etherealize Co-Founder Vivek Raman
Ethereum is often compared to oil, a key commodity in global industries. But the analogy isn’t perfect. Vivek Raman, co-founder of Etheralize, is working to bring Wall Street into Ethereum. He calls ETH “digital oil,” arguing that as crypto evolves, investors will need to hold ETH in reserves—just like oil powers industries.
Unlike Bitcoin’s fixed supply of 21 million, Ethereum’s fuel-like function makes the comparison more relatable to newcomers. ETH is constantly used for transactions and smart contracts, keeping the network running.
Ethereum has a controlled supply, with a max issuance of 1.5% per year—unlike oil, which can be pumped in response to demand. Plus, ETH transaction fees are burned, reducing overall supply. ETH also offers a staking yield of around 3%, unlike oil, which doesn’t generate returns.
Thats a wrap for today. Stay tuned for more updates. Have a great weekend!
