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Crypto Daybook Americas: Fintechs, Funds ‘Hoarding Bitcoin’ Even as Bulls Pause for Breath

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20 часов ago

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By Omkar Godbole (All times ET unless indicated otherwise)

The global crypto corporate-adoption narrative is thriving even as bitcoin and the wider crypto market take a bull breather, potentially establishing a base for a new high.

Méliuz, a publicly listed Brazilian fintech firm, announced Thursday the purchase of 274.52 BTC. It now holds 320.2 BTC worth over $33.3 million. On Wednesday, Bahrain-listed A1 Abraaj Restaurants Group disclosed an initial purchase of 5 BTC with plans to scale holdings significantly.

Eric Trump, the second-eldest son of President Donald Trump, captured the feeling on day 2 of CoinDesk’s Consensus Toronto event: «I’m traveling. I’m on a plane. Everybody in the world is trying to hoard bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies.»

While the global adoption race no doubt favors a continued bull market, some recent developments, such as the crumbling bipartisan support for the GENUIS Act aimed at creating a national regulatory framework for payment stablecoins and the Coinbase (COIN) data breach, are concerning.

«While many are cheering COIN’s entry into the S&P 500, it’s been quite the week otherwise,» Quinn Thompson, chief investment officer at Lekker Capital, said on X. «Obstructing the stablecoin bill to prolonging their regulatory capture at the industry’s expense, losing customer funds and jeopardizing personal data and now an SEC investigation. What amazing timing, too, that this was all announced after the S&P 500 inclusion pump that insiders sold into.»

On Thursday, Coinbase’s shares tanked 7% as the exchange confirmed an ongoing SEC investigation into potentially inflated user metrics from 2021.

Add to the pot that inflows into U.S.-listed spot BTC exchange-traded funds (ETFs) have slowed (see Chart of the Day), alongside large sell orders at around $105,000. FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan.

All this indicates scope for price volatility in the short term. Stay alert!

What to Watch

  • Crypto:
    • May 16, 9:30 a.m.: Galaxy Digital Class A shares begin trading on the Nasdaq under the ticker symbol GLXY.
    • May 19: CME Group is expected to launch its cash-settled XRP futures.
    • May 19: Coinbase Global (COIN) will replace Discover Financial Services (DFS) in the S&P 500, effective before the opening of trading.
    • 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.
  • Macro
    • May 16, 10 a.m.: The University of Michigan releases (preliminary) May U.S. consumer sentiment data.
      • Michigan Consumer Sentiment Est. 53 vs. Prev. 52.2
    • May 20, 8:30 a.m.: Statistics Canada releases April consumer price inflation data.
      • Core Inflation Rate MoM Prev. 0.1%
      • Core Inflation Rate YoY Prev. 2.2%
      • Inflation Rate MoM Prev. 0.3%
      • Inflation Rate YoY Prev. 2.3%
  • Earnings (Estimates based on FactSet data)
    • May 20: Canaan (CAN), pre-market
    • May 28: NVIDIA (NVDA), post-market, $0.88

Token Events

  • Governance votes & calls
    • Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 on Ethereum in Oku and add Unichain on Oku in a bid to enhance Uniswap’s reach and liquidity migration to V4. Voting ends May 18.
    • 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.
    • May 20, 12 p.m.: Lido to host its 28th Node Operator Community Call.
    • May 21: Maple Finance teased an announcement on the future of asset management.
    • May 21, 6 p.m.: Theta Network to host an Ask Me Anything session in a livestream
    • May 22: Official Trump to announce its “next Era” at the day of the dinner for its largest holders.
  • Unlocks
    • May 16: Arbitrum (ARB) to unlock 1.95% of its circulating supply worth $38.1 million.
    • May 17: Avalanche (AVAX) to unlock 0.4% of its circulating supply worth $39.44 million.
    • May 18: Fasttoken (FTN) to unlock 4.66% of its circulating supply worth $87.8 million.
    • May 19: Polyhedra Network (ZKJ) to unlock 5.3% of its circulating supply worth $31.24 million.
    • May 19: Pyth Network (PYTH) to unlock 58.62% of its circulating supply worth $354.45 million.
  • Token Launches
    • May 16: Galxe (GAL), Litentry (LIT), Mines of Dalarnia (DAR), Orion Protocol (ORN), and PARSIQ (PRQ) to be delisted from Coinbase.

Conferences

CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Token Talk

By Shaurya Malwa

  • Berachain’s native token, BERA, has dropped 9% in the past week despite a jump in the broader market, with majors like xrp (XRP) and ether (ETH) and memecoins dogecoin (DOGE), mog (MOG) and others adding more than 15%.
  • At $3.55, the BERA price is now more than 80% below its peak of $14.83. The slide follows a substantial $2.7 billion token unlock on May 6, which introduced increased selling pressure into the market.
  • The grim price action illustrates how hype and short-term incentives aren’t enough to buoy prices of even fundamentally strong and utility-focused projects in the current market environment.
  • The total value locked in Berachain’s DeFi protocols has dropped from a peak of $3.5 billion to around $1.2 billion as of Friday. Before the token issuance, it had been one of the most viral and hyped blockchains in recent years.
  • Meanwhile, inflows to Solana and Ethereum have increased, suggesting a potential shift in investor sentiment or a redistribution of assets within DeFi.
  • Berachain’s stablecoin market capitalization has seen a significant reduction, with a 36% drop in just seven days to $250 million. This decline could influence liquidity among ecosystem applications.
  • Berachain application revenue has hovered around $10,000 per day since late April, a stark drop from the above $100,000 level in January and February, DefiLlama data shows.

Derivatives Positioning

  • Funding rates in perpetual futures tied to major coins remain below an annualized 10%. It shows positioning remains bullish, but not overcrowded.
  • ETH, UNI, HYPE, BNB, XRM and AAVE have all seen an increase in open interest in perpetual futures in the past 24 hours.
  • In options market, front-end skews have flipped bearish for BTC and ETH. Major flows featured buying BTC puts financed by selling calls, according to OTC desk Paradigm.

Market Movements

  • BTC is up 0.28% from 4 p.m. ET Thursday at $103,688.48 (24hrs: +1.82%)
  • ETH is up 2.62% at $2,610.41 (24hrs: +3.06%)
  • CoinDesk 20 is up 0.92% at 3,241.45 (24hrs: +1.44%)
  • Ether CESR Composite Staking Rate is down 7 bps at 3.03%
  • BTC funding rate is at 0.0066% (7.2544% annualized) on Binance

CoinDesk 20 members’ performance

  • DXY is down 0.12% at 100.76
  • Gold is down 0.47% at $3,209.33/oz
  • Silver is down 0.66% at $32.30/oz
  • Nikkei 225 closed unchanged at 37,753.72
  • Hang Seng closed -0.46% at 23,345.05
  • FTSE is up 0.61% at 8,686.08
  • Euro Stoxx 50 is up 0.57% at 5,443.14
  • DJIA closed on Thursday +0.65% at 42,322.75
  • S&P 500 closed +0.41% at 5,916.93
  • Nasdaq closed -0.18% at 19,112.32
  • S&P/TSX Composite Index closed +0.8% at 25,897.48
  • S&P 40 Latin America closed -0.53% at 2,631.31
  • U.S. 10-year Treasury rate is down 3 bps at 4.405%
  • E-mini S&P 500 futures are up 0.21% at 5,946.00
  • E-mini Nasdaq-100 futures are up 0.22% at 21,446.50
  • E-mini Dow Jones Industrial Average Index futures are up 0.32% at 42,519.00

Bitcoin Stats

  • BTC Dominance: 62.89 (-0.65%)
  • Ethereum to bitcoin ratio: 0.02528 (2.93%)
  • Hashrate (seven-day moving average): 848 EH/s
  • Hashprice (spot): $55.41
  • Total Fees: 5.42 BTC / $562,026.90
  • CME Futures Open Interest: 149,515 BTC
  • BTC priced in gold: 32.2 oz
  • BTC vs gold market cap: 9.12%

Technical Analysis

SOL/ETH's daily chart. (TradingView/CoinDesk)

  • The chart shows the ratio between solana and ether’s dollar-denominated prices (SOL/ETH) has dropped to a trendline characterizing the uptrend from September 2023 lows.
  • A break below the line, if confirmed, would signal a prolonged switch to ether outperformance relative to SOL.

Crypto Equities

  • Strategy (MSTR): closed on Thursday at $397.03 (-4.73%), up 1.28% at $402.10 in pre-market
  • Coinbase Global (COIN): closed at $244.44 (-7.2%), up 1.44% at $247.95
  • Galaxy Digital Holdings (GLXY): closed at $30.57 (-4.35%)
  • MARA Holdings (MARA): closed at $15.68 (-1.2%), up 1.15% at $15.86
  • Riot Platforms (RIOT): closed at $8.7 (-2.36%), up 1.26% at $8.81
  • Core Scientific (CORZ): closed at $10.51 (+1.84%), up 1.81% at $10.70
  • CleanSpark (CLSK): closed at $9.36 (-2.6%), up 1.28% at $9.48
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $16.57 (-2.24%), up 2.11% at $16.92
  • Semler Scientific (SMLR): closed at $31.79 (-2.3%), up 1.67% at $32.32
  • Exodus Movement (EXOD): closed at $35.76 (+2.52%), up 2.07% at $36.50

ETF Flows

Spot BTC ETFs:

  • Daily net flow: $114.9 million
  • Cumulative net flows: $41.49 billion
  • Total BTC holdings ~ 1.17 million

Spot ETH ETFs

  • Daily net flow: -$39.8 million
  • Cumulative net flows: $2.50 billion
  • Total ETH holdings ~ 3.46 million

Source: Farside Investors

Overnight Flows

Top 20 digital assets’ prices and volumes

Chart of the Day

Bitcoin: Daily inflows into spot ETFs. (SoSoValue)

  • The chart shows net inflows into the U.S.-listed spot bitcoin ETFs have slowed.
  • The drop has probably played a role in keeping the BTC price range bound.

While You Were Sleeping

In the Ether

The 1%Now, 50.2% of the total USDT supply is on the Tron network. It all started with a call from a close friend in 2013: President Trump's 4-day trip to the Middle East just raised $2.5 TRILLION in capital for the US.DOGE is seeing a rise in active addresses, transaction volume, and whale activity. All bullish signals that could support further upside!

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U.S. Stablecoin Bill Could Clear Senate Next Week, Proponents Say

Published

9 часов ago

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16 мая, 2025

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Despite recent setbacks, U.S. legislation to regulate stablecoin issuers may be heading toward debate and passage next week, according to the backers of the bill known as the «Guiding and Establishing National Innovation for U.S. Stablecoins» (GENIUS) Act.

“Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” said Senator Hagerty, a Tennessee Republican who sponsored the bill to set U.S. standards for stablecoins, which are typically dollar-based tokens such as Circle’s USDC and Tether’s USDT that are vital to crypto trading activity.

The latest draft of the bill began circulating this week, and a copy seen by CoinDesk showed language had been adjusted in modest ways to help satisfy Democrats concerned with consumer protection and national security elements. In one addition, the bill insisted the big public companies such as Meta wouldn’t be approved as issuers of the tokens, though consumer advocates cautioned that private companies such as Elon Musk’s social media site X would be eligible.

Hagerty paired his statement with one from Senator Kirsten Gillibrand, the New York Democrat who has also pushed this legislation. Her sentiment carried what may have been a shade less confidence about the outcome, and the two lawmakers have ample reason to put a strong public face on a negotiation that’s faced headwinds.

“Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” Gillibrand said in the statement, contending that «robust consumer protections» are included in the latest version. “The crafting of this bill has been a true bipartisan effort, and I’m optimistic we can pass it in the coming days.”

The Senate has experienced considerable volatility on the bill in the past two weeks, with its recent failure to clear a so-called cloture vote that would have moved it forward into a formal debate. It’s headed toward a second vote on Monday in which it needs 60 votes to advance, which would need to include several Democrats. The Senate would then have some time to continue debating the language and possibly make changes before moving on to actually passing the bill.

Democrats had been critical of its potential for abuse and for stablecoin involvement from corporate giants, but the biggest stink has been raised around President Donald Trump’s own interest in crypto businesses, including World Liberty Financial’s stablecoin play.

Read More: U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources

A previous version of the bill had easily advanced out of the Senate Banking Committee with a bipartisan vote before some of the same Democrats that approved it later raised objections. But the Senate has more crypto-friendly Democrats in this session than the last, when the Senate Banking Committee denied any progress for crypto bills.

The House of Representatives is also working on its own version, which would have to be melded with the Senate’s before Trump could sign the new standards into law. Representative French Hill, the Republican chairman of the House Financial Services Committee, acknowledged at Consensus 2025 in Toronto that Trump’s crypto involvement has added friction to the lawmakers’ negotiations.

Read More: Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill

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Alchemy Acquires Solana Developer DexterLab for Undisclosed Sum

Published

11 часов ago

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16 мая, 2025

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Blockchain development platform Alchemy said it has acquired Solana developer DexterLab for an undisclosed fee.

The acquisition will accelerate the development of Solana-based Web3 applications to meet growing enterprise demand, Alchemy said in an emailed announcement on Friday.

DexterLab’s technology has previously powered the Solana development of Google and the Solana Foundation, establishing itself as «a go-to infrastructure provider,» according to Alchemy’s announcement.

One of Alchemy’s aims in acquiring DexterLab is to consolidate Solana development alongside that of Ethereum to reduce complexity for projects building across multiple networks.

Alchemy may be be attempting to capture the growing prominence of Solana as a preferred venue for blockchain applications.

While Ethereum remains comfortably the larger blockchain in terms of total-value locked, there are some metrics where Solana can claim the ascendancy. For example, active addresses on Solana have been over 210 million in the last three months while Ethereum and Ethereum Layer-2 addresses are just below 80 million. Transactions on Solana have also outnumbered Ethereum: 4.75 billion to 1 billion.

Read More: Mike Novogratz’s Galaxy Digital Swaps $100M ETH for SOL, On-Chain Data Shows

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Eric Trump: ‘The Banks Made The Biggest Mistake of Their Lives’

Published

12 часов ago

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16 мая, 2025

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“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” Eric Trump told the crowd at Consensus in Toronto, Canada. “That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.”

The son of U.S. President Donald Trump and co-founder of bitcoin BTC mining company American Bitcoin is also an adviser to World Liberty Financial (WLF), which recently launched a U.S. dollar-backed stablecoin, USD1, that has already reached $2 billion in market capitalization.

Co-founders of WLF joined Trump on stage on Friday as they announced that USD1 was now operable across multiple blockchains through Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Trump painted a vivid picture of personal grievance turned into ideological conviction, claiming he was “canceled” by major financial institutions for his political views which then got him interested in crypto as a shield against financial gatekeeping.

“So many of the banks have been weaponized and I was case in point,” said the son of the U.S. president. “I was probably the most canceled person for doing absolutely nothing wrong, only because we had a political view, and a political view that might not have been popular with some of the big financial institutions and guys, they came after me like I was a dog.”

USD1, he said, is a patriotic financial tool for people in unstable or corrupt regimes.

“It gives so much freedom of financial choice, especially to markets and countries where people have never had any kind of financial freedom, had never had any kind of financial independence, might be in a country where it’s war torn, where it’s subject to corruption, it’s subject to ridiculous inflation,” he said. “Every single day they go to work and their money is being burned under their mattress, and all of a sudden, we give the world the ability to be on the US dollar backed one to one by US Treasuries.”

Earlier today, lawyers representing WLF pushed back against scrutiny from U.S. Senator Richard Blumenthal, the leading Democrat on a panel responsible for investigating corruption and mismanagement, who had asked about the ownership and investment structure for Trump-affiliated entities, including WLFI, in a letter last week.

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