๐ณ Saturday wrap.
What mattered today:
ARB unlock hit (92.65M tokens, 1.71% supply)
DOGE social spiked +38% (price hasn't moved yet)
BTC sub-$79K, watching whether bond-yield repricing pulls F&G back into fear
Warsh confirmed as Fed chair successor (May 15) โ macro narrative shifting
What we're watching into Sunday/Monday:
Asia open BTC bid (or lack of)
ETH ETF flow data Monday
Any follow-up on the May 11 dormant whale
Sleep good. Tomorrow we're back at 06:00 UTC. #etf
What mattered today:
ARB unlock hit (92.65M tokens, 1.71% supply)
DOGE social spiked +38% (price hasn't moved yet)
BTC sub-$79K, watching whether bond-yield repricing pulls F&G back into fear
Warsh confirmed as Fed chair successor (May 15) โ macro narrative shifting
What we're watching into Sunday/Monday:
Asia open BTC bid (or lack of)
ETH ETF flow data Monday
Any follow-up on the May 11 dormant whale
Sleep good. Tomorrow we're back at 06:00 UTC. #etf
โค1
๐บ๐ธ๐ SBF on the Financial Crisis: A Risk System More Transparent Than Traditional Finance
FTX founder SBF claimed at a U.S. congressional hearing in December 2021 that his platform had a 24/7 risk engine, without the overnight, weekend, or holiday risks seen in traditional assets. He argued the 2008 financial crisis was caused by bilateral, customized, unreported trades being repeatedly packaged and leveraged, leaving risks hidden. After FTX's collapse, those claims about innovation and transparency now read like a sharp indictment of SBF himself.
FTX founder SBF claimed at a U.S. congressional hearing in December 2021 that his platform had a 24/7 risk engine, without the overnight, weekend, or holiday risks seen in traditional assets. He argued the 2008 financial crisis was caused by bilateral, customized, unreported trades being repeatedly packaged and leveraged, leaving risks hidden. After FTX's collapse, those claims about innovation and transparency now read like a sharp indictment of SBF himself.
๐ฃ Michael Saylor: Stretch Is The Biggest Preferred Stock in The World
On May 6, 2026, at Consensus 2026 Miami, Michael Saylor announced that Stretch (STRC) is now the worldโs largest and most liquid preferred stock, with $8.5 billion in AUM. Saylor noted that while #BTC dropped 37% over the past six months, STRC credit investors held par and earned a 64% dividend yield.
On May 6, 2026, at Consensus 2026 Miami, Michael Saylor announced that Stretch (STRC) is now the worldโs largest and most liquid preferred stock, with $8.5 billion in AUM. Saylor noted that while #BTC dropped 37% over the past six months, STRC credit investors held par and earned a 64% dividend yield.
๐ต๏ธ Harvard Endowment Exits Ethereum ETF and Cuts IBIT Stake by 43%
Q1 2026 SEC 13F filings show that Harvard's endowment cut its IBIT position by about 43% to 3,044,612 shares, worth roughly $117 million, after already reducing the stake by 21% in Q4.
It also fully exited its $86.8 million position in BlackRock's spot Ethereum ETF.
Meanwhile, Abu Dhabi sovereign wealth fund Mubadala increased its IBIT holdings to 14,721,917 shares, worth about $566 million, up from 12,702,323 shares at the end of 2025. #regulation
Q1 2026 SEC 13F filings show that Harvard's endowment cut its IBIT position by about 43% to 3,044,612 shares, worth roughly $117 million, after already reducing the stake by 21% in Q4.
It also fully exited its $86.8 million position in BlackRock's spot Ethereum ETF.
Meanwhile, Abu Dhabi sovereign wealth fund Mubadala increased its IBIT holdings to 14,721,917 shares, worth about $566 million, up from 12,702,323 shares at the end of 2025. #regulation
๐บ๐ธ๐ต๏ธ Washington Post: More Than One-Fifth of Trump Administration Officials Hold Crypto
According to The Washington Post, nearly 70 officials and nominees in the Trump administration disclosed holdings in cryptocurrencies or investments in blockchain and digital asset companies, accounting for over one-fifth of nearly 300 senior appointees reviewed.
Total disclosed crypto-related holdings amounted to at least $193 million. President Donald Trump alone reported at least $51 million in digital assets, while Vice President JD Vance and multiple Cabinet members also disclosed bitcoin or related crypto investments. The report noted that no Biden Cabinet officials reported digital currency holdings, making the Trump administration the most crypto-exposed U.S. administration to date.
According to The Washington Post, nearly 70 officials and nominees in the Trump administration disclosed holdings in cryptocurrencies or investments in blockchain and digital asset companies, accounting for over one-fifth of nearly 300 senior appointees reviewed.
Total disclosed crypto-related holdings amounted to at least $193 million. President Donald Trump alone reported at least $51 million in digital assets, while Vice President JD Vance and multiple Cabinet members also disclosed bitcoin or related crypto investments. The report noted that no Biden Cabinet officials reported digital currency holdings, making the Trump administration the most crypto-exposed U.S. administration to date.
๐ Jump Crypto's Firedancer Quietly Enters Production on Solana Mainnet
Firedancer, a Solana validator client developed by Jump Crypto, is now live on the Solana mainnet and producing blocks. Founding engineer Ritchie Patel stated that the client has processed tens of millions of transactions, but the team will continue a gradual rollout and prefers validators not to switch at scale until full security audits are completed. The team also recently completed a public audit contest with a $1 million bug bounty pool.
Firedancer, a Solana validator client developed by Jump Crypto, is now live on the Solana mainnet and producing blocks. Founding engineer Ritchie Patel stated that the client has processed tens of millions of transactions, but the team will continue a gradual rollout and prefers validators not to switch at scale until full security audits are completed. The team also recently completed a public audit contest with a $1 million bug bounty pool.
๐ฎ China, US and UAE Conduct First Joint Crackdown on Crypto Romance Scams in Dubai
According to Xinhua News Agency, police from China, the United States, and the UAE recently conducted their first joint law enforcement operation targeting telecom and online fraud syndicates in Dubai. They dismantled 9 scam compounds and arrested 276 suspects. Authorities stated that the groups operated โpig-butcheringโ scams by building romantic relationships with victims through social media before luring them into investing in fraudulent high-return cryptocurrency projects. #regulation
According to Xinhua News Agency, police from China, the United States, and the UAE recently conducted their first joint law enforcement operation targeting telecom and online fraud syndicates in Dubai. They dismantled 9 scam compounds and arrested 276 suspects. Authorities stated that the groups operated โpig-butcheringโ scams by building romantic relationships with victims through social media before luring them into investing in fraudulent high-return cryptocurrency projects. #regulation
๐ฉ๐ช๐ต๏ธ Alleged Dream Market Admin Accused of Laundering Crypto Into Gold Bars
The U.S. Department of Justice charged German citizen Owe Martin Andresen, the alleged main administrator of darknet marketplace Dream Market, with laundering over $2 million in crypto proceeds. Prosecutors stated he allegedly transferred funds from dormant Dream Market wallets to purchase gold bars shipped to Germany. Authorities reportedly seized $1.7 million in gold bars, along with cash and additional crypto-linked assets.
The U.S. Department of Justice charged German citizen Owe Martin Andresen, the alleged main administrator of darknet marketplace Dream Market, with laundering over $2 million in crypto proceeds. Prosecutors stated he allegedly transferred funds from dormant Dream Market wallets to purchase gold bars shipped to Germany. Authorities reportedly seized $1.7 million in gold bars, along with cash and additional crypto-linked assets.
๐ Everyone calling top on HYPE after the -10% 24h candle. We're buying.
Here's what the price chart hides:
- HYPE perp DEX share went from 36.4% in January to 44% this month. They're the ONLY major perp venue gaining share in 2026.
- Daily volume sits at $21.8B. That's not retail froth โ that's the kind of throughput that only exists when market makers have committed inventory and CEX flow is leaking onto the venue.
- Circle/Coinbase just made USDC the canonical quote asset under AQAv2. That's not a partnership press release โ that's stablecoin rails getting wired into the venue everyone now trades on.
- Our W-R Delta hit -2.1ฯ on the dump. Last 8 times W-R Delta cleared -2ฯ on HYPE since launch, mean 30-day return was +37%.
The chart looks like a top. The structural flows look like a leak from CEXs to the venue that takes the real fee cut.
HYPE -10% is a rotation, not a rejection. #stablecoin
Here's what the price chart hides:
- HYPE perp DEX share went from 36.4% in January to 44% this month. They're the ONLY major perp venue gaining share in 2026.
- Daily volume sits at $21.8B. That's not retail froth โ that's the kind of throughput that only exists when market makers have committed inventory and CEX flow is leaking onto the venue.
- Circle/Coinbase just made USDC the canonical quote asset under AQAv2. That's not a partnership press release โ that's stablecoin rails getting wired into the venue everyone now trades on.
- Our W-R Delta hit -2.1ฯ on the dump. Last 8 times W-R Delta cleared -2ฯ on HYPE since launch, mean 30-day return was +37%.
The chart looks like a top. The structural flows look like a leak from CEXs to the venue that takes the real fee cut.
HYPE -10% is a rotation, not a rejection. #stablecoin
๐ต๏ธ analyst Darkfost reported that Bitcoin long-term holder (LTH) supply has reached approximately 15.26 million BTC, the highest level since August 2025. In the past 30 days, LTH supply increased by roughly 316,000 BTC, a significant contrast to the net outflow of around 650,000 BTC from long-term holder wallets noted in late November last year.
๐ฃ #HYPE Hyperliquid founder Jeff Yan stated that the team recently met with U.S. policymakers in Washington to discuss the regulatory framework for onchain derivatives markets in the United States. The discussions emphasized global demand for onchain trading and the fundamentals of DeFi. Yan mentioned that the team is striving to enable compliant access to Hyperliquid for U.S. users, following previous efforts by Intercontinental Exchange (ICE) and CME Group to urge U.S. regulators to restrict Hyperliquid. #regulation