Blockchain Explained
💰 The Wall Street Journal releases a video comparing the Bitcoin bull run of 2021 to the current market in 2024
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📊 MicroStrategy faces highest institutional net short positions among crypto-related firms
Analyzing institutions’ net short positions can reveal crucial insights into market sentiment and potential volatility. For instance, examining the net short positions on MicroStrategy (MSTR), Coinbase Global, Inc. (COIN), and Marathon Digital Holdings, Inc. (MARA) provides valuable perspectives on investor outlook and market forces. According to data from Fintel, MicroStrategy, with a market cap of roughly $30 billion, faces a substantial net short position of $6.9 billion, constituting 23.14% of its market cap.
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⚪️ Robinhood set to acquire crypto exchange Bitstamp in potential $200 million deal
Robinhood is set to acquire Bitstamp in a potential $200 million deal designed to better position the crypto and stock trading platform for expansion outside of the U.S. The cash deal is expected to close in the first half of 2025, according to a statement on Thursday, subject to customary closing conditions — including regulatory approvals — Robinhood said. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, and Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp, according to the statement.
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🪙 Chainlink Tops Real-World Crypto Assets With the Most Development Again
Chainlink (LINK), the native token of the decentralized blockchain oracle network built on Ethereum, has emerged once more as the top real-world asset with the most development activity in the last 30 days. Real-world assets are cryptocurrencies that represent physical assets like properties and objects. Like other crypto assets, they run on smart contracts and blockchains and have been gaining popularity recently, with a market capitalization running into billions of dollars.
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📣 BitMEX offers 200x leverage for ether perpetuals ahead of anticipated US spot ETFs
The Seychelles-based crypto derivatives exchange announced on Wednesday that it will increase the maximum leverage of its ether perpetuals product to 200x. The leverage boost comes in the wake of the recent U.S. Securities and Exchange Commission (SEC) regulatory approval of spot ether ETFs, which has heightened market volatility.
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🏦 Coinbase donates $25 million to crypto super PAC Fairshake
Coinbase donated $25 million to the pro-crypto federal super political action committee Fairshake to bolster pro-crypto candidates in this year’s elections. “We, along with others in the industry, have helped fund Fairshake SuperPAC to help elect pro-crypto candidates, and defend the rights of our customers,” the crypto exchange said.
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💰 Bitcoin miner balances fall below 1.81 million BTC, lowest in years post-halving
Bitcoin miner balances have shown significant shifts in recent months. The balance in miner wallets has seen a steady decline since late 2023, reaching lows not seen in years, reflecting miners’ responses to the recent Bitcoin halving in April 2024. According to Glassnode data, the miner balance dropped from around 1.84 million BTC in early 2023 to close to 1.8 million BTC by May 2024. This reduction is indicative of increased sell-offs by miners to cover operational costs, likely exacerbated by the reduced block rewards post-halving.
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💰 FTX offloads remaining Anthropic shares as bankruptcy cost surpasses $700 million
FTX sold the remaining 15 million shares for about $30 each, netting over $450 million in proceeds. That brings the total haul from FTX's original $500 million investment in the company to about $1.3 billion, for a profit of around $800 million. The price per share for this second sale was the same for the first sale back in March.
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🇯🇵 Japanese Crypto Exchange DMM Bitcoin Hacked: $305M Worth Bitcoin Drained
Japanese cryptocurrency trading platform – DMM Bitcoin – fell victim to a hack resulting in a massive loss of Bitcoin worth around $305 million on May 31st. The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from their systems. DMM Bitcoin has not provided additional details regarding the breach but stated that it is conducting an investigation and has implemented measures to avoid a recurrence of such an attack.
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🏦 Coinbase slams SEC in closing brief over refusal to provide clear regulation
Coinbase filed a closing brief with the US Court of Appeals for the Third Circuit on May 31, challenging the SEC’s denial of its rulemaking petition. The case revolves around a single, conclusory sentence in the SEC’s order, which “disagreed” with Coinbase’s assertion that current SEC rules are unworkable for digital asset firms. The exchange argues that this lack of reasoned decision-making should result in vacating the regulator’s order.
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💰 Over $300 million in bitcoin stolen from Japanese exchange DMM Bitcoin
Japanese cryptocurrency exchange DMM Bitcoin announced on Friday that more than $300 million in bitcoin had been stolen in a breach. "At approximately 1:26 p.m. on Friday, May 31, 2024, we detected an unauthorized leak of bitcoin from our wallet," said DMM Bitcoin, a subsidiary of DMM Group, according to an English translation of the statement made in Japanese and posted to the company's website.
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🪙 JPMorgan warns of 'negative' initial market reaction to spot ethereum ETFs
Those expecting to see cash pouring into spot ethereum ETFs at a pace similar to what happened with their bitcoin counterparts may be disappointed, according to analysts from JPMorgan. "The initial market reaction to the launch of spot ethereum ETFs is likely to be negative," wrote the team of analysts led by Nikolaos Panigirtzoglou, in a 25-page "Flows & Liquidity" report issued Thursday. Ethereum related commentary took up less than one page of the report.
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🇪🇺 EU elections could hint at future direction for crypto regulations, Bitfinex analyst says
The European Union Parliamentary Elections, taking place next week, could provide further clues on how crypto will be regulated in that market, according to Bitfinex Head of Derivatives Jag Kooner. "A right-wing shift could lead to stricter crypto controls, while a pro-crypto outcome might accelerate supportive regulations like MiCA," Kooner told The Block.
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🪙 Bitfarms rejected Riot's acquisition proposal because it 'significantly undervalues' the firm
Bitcoin mining firm Bitfarms explained why it rejected Riot Platforms' acquisition proposal in a Wednesday company statement. Riot's proposal to purchase all Bitfarms' outstanding shares at $2.30 a piece "determined it significantly undervalues the company and its growth prospects," the company wrote in the release. Additionally, Bitfarms claimed Riot did not respond to its request for customary confidentiality and non-solicitation protections.
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🇯🇵 Metaplanet to invest additional ¥250 million in Bitcoin amid staggering stock growth
Japan-based Metaplanet has announced plans to purchase an additional ¥250 million (approximately $1.6 million) worth of Bitcoin. The move has been approved by the company’s board and continues Metaplanet’s aggressive Bitcoin acquisition strategy. Once this purchase is completed, Metaplanet’s Bitcoin holdings will increase significantly from its current 117.72 BTC — valued at ¥1.2 billion ($7.7 million).
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💰 Healthcare tech company shares surge 27% after announcing plans to buy bitcoin with cash reserves
Medical device maker and healthcare technology company Semler Scientific announced Tuesday it plans to buy bitcoin with its cash reserves and, almost immediately, the company's shares rose by as much as 27%. Semler Scientific's board of directors had "adopted bitcoin as its primary treasury reserve asset" and "purchased 581 bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses," the company said.
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🆘 Normie Token Plummets 99% After Smart Contract Exploit
The value of the Normie (NORMIE) token sunk by 99% within three hours after it was victim to a smart contract exploit, which temporarily dropped its market cap from $42 million to $200,000. Following the exploit, the developers of the Base meme coin are in discussions with the individual responsible for the incident to reclaim 90% of the stolen funds. In an on-chain message to Normie’s deployer address on May 26, the hacker offered to return 90% of the stolen NORMIE tokens, stipulating that the remaining 10% be kept as a bug bounty with no reprisals.
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💰 JPMorgan casts doubt on SEC approval for Solana and other crypto ETFs
JPMorgan is skeptical about the United States Securities and Exchange Commission approving Solana and other crypto exchange-traded funds now that Ethereum ETFs have been approved. Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, told The Block that the investment bank doubts the SEC will approve such funds given its stance that most cryptocurrencies are securities.
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🪙 Ether (ETH) Could See Price Volatility Soon Due to These Metrics: CryptoQuant
Over the week, ether (ETH) received a large share of crypto investors’ attention as anticipation intensified about approvals for its spot exchange-traded funds (ETFs). While the crypto asset rallied significantly as the market waited for the U.S. Securities and Exchange Commission’s (SEC) decision on the ETFs, CryptoQuant analysts identified on-chain dynamics that could trigger major volatility soon.
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🪙 Spot ETH ETFs could see 25% of the demand of BTC counterpart – Bloomberg analysts
Bloomberg ETF analyst James Seyffart believes that spot Ethereum ETFs could see 20% to 25% of the demand experienced by spot Bitcoin ETFs. Seyffart expressed his stance in an interview hosted by Bitwise, adding that his fellow Bloomberg ETF analyst, Eric Balchunas, believes the new funds will see 15% to 20% of the demand. Seyffart compared both estimates to the fact that ETH has approximately 30% of Bitcoin’s $1.4 trillion market cap, calling his estimate a “discount” in that regard.
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🪙 DOGE meme icon Kabosu passes away at 18
Kabosu, the face of dogecoin, passed away in the morning of May 24 at an estimated age of 18, its owner said in a blog post. “Today, Kabosu, our community's shared friend and inspiration, peacefully passed, in the arms of her person,” dogecoin’s official X account wrote on Friday. “The impact this one dog has made across the world is immeasurable.”.
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🇺🇸 SEC approves 8 🪙 Ethereum ETFs including BlackRock and Fidelity
The U.S. Securities and Exchange Commission approved eight spot Ethereum ETFs in an ominbus order, confirming a last-minute scramble to get them through. The SEC approved 19b-4 forms for the ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton. While the forms have been approved, the ETF issuers need to have their S-1 registration statements go effective before trading can begin.
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🇺🇸 Lawmakers press SEC Chair Gensler to approve spot 🪙 Ethereum ETFs
A group of bipartisan House lawmakers urged Securities and Exchange Commission Gary Gensler to approve spot Ethereum ETFs as the agency faces a deadline on Thursday to make a decision. The agency should apply the same "principles" as it did when spot Bitcoin ETFs were approved earlier this year, said House Majority Whip Tom Emmer, R-Minn.., Reps. French Hill, R-Ark., Josh Gottheimer, D-N.J., Mike Flood, R-Neb., and Wiley Nickel, D-N.C. in a letter sent to Gensler on Wednesday.
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🏦 Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulation
Coinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X. "Americans want to know their representatives are protecting their rights to use crypto, creating clear rules to protect consumers, and won't let the lack of clarity be weaponized by a few activists in the administration trying to unlawfully kill an industry," Armstrong continued.
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🪙 Ether options now biased toward calls for all expiries, analyst says
Amid renewed optimism for potential spot ether exchange-traded fund approvals, ether call options are more expensive than put options for all expires — indicating bullish market sentiment — an analyst said. "Put minus call skew is negative across all expiries and increasing further beyond the end-of-June expiry, quite a bullish signal — the basis has also increased to around 14% annualized, another bullish indicator," Deribit CEO Luuk Strijers said in an email sent to The Block.
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🪙 Tether mints $1 billion USDT on Ethereum amid ETF anticipation
Stablecoin issuer Tether minted $1 billion USDT tokens on the Ethereum blockchain, capitalizing on a market upswing driven by hopes that the US Securities and Exchange Commission (SEC) might approve a spot ETH ETF for trading this week. Market analysts suggested that Tether’s new minting is a strategic move ahead of a potential market rally triggered by an ETH ETF approval. Ivan Sherbakov, CEO of Cryptorobotics, said this minting “will be used as liquidity to pump the market ahead of ETF news.”
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🏦 Kraken denies plans to delist USDT in EU
A Kraken executive denied the exchange plans to delist Tether’s USDT stablecoin in Europe on May 18. Global Head of Asset Growth & Management Business Mark Greenberg said the company is examining “all options to offer USDT under the upcoming regime.”. Greenberg added that the company will follow all legal requirements, including rules that it opposes, and asserted that the rules have not been finalized.
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🏦 Gemini to return 97% of frozen assets in-kind to Earn users by month’s end
Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month. Notably, the exchange’s announcement coincided with news that the failed crypto lender Genesis got Court approval to return around $3 billion of its customers’ assets. Meanwhile, this development marks a significant relief for Earn users, whose assets have been frozen since November 2022 due to the liquidity crisis that hit Genesis, the now-bankrupt crypto lender.
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🇻🇪 Venezuela bans crypto mining to protect power grid
The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands. According to a local news outlet, Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.
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🟠 Binance Exec Tigran Gambaryan Denied Bail by Nigerian Court
Detained Binance executive Tigran Gambaryan’s bail application was denied by a Nigerian court on the grounds that there is a likelihood that he will manage to jump bail, the spokesperson for the executive’s family said on Friday. Binance and the executives’ money laundering, tax evasion and the exchanges detained Head of Compliance Tigran Gambaryans bail hearings all occurred on Friday in Nigeria.
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