Wintermute: Long-Term Funds Are Buying BTC in OTC Tranches
Wintermute, a leading crypto market maker and OTC desk, said crypto has failed to follow the broader risk-asset rally for two straight weeks, as about $2 billion flowed out of BTC and ETH ETFs while fresh capital moved into AI stocks and small caps. The firm said long-term funds have started buying BTC in batches through OTC desks, seeing current levels as attractive on an 18-month horizon, with key downside support around $60,000 to $65,000. — link
Wintermute, a leading crypto market maker and OTC desk, said crypto has failed to follow the broader risk-asset rally for two straight weeks, as about $2 billion flowed out of BTC and ETH ETFs while fresh capital moved into AI stocks and small caps. The firm said long-term funds have started buying BTC in batches through OTC desks, seeing current levels as attractive on an 18-month horizon, with key downside support around $60,000 to $65,000. — link
Coinbase Ventures Makes First Investment in Ethena Through Open Market ENA Purchase
Coinbase Ventures has made its first investment in Ethena through an open market purchase of ENA. Separately, Ethena announced a partnership with Coinbase to expand onchain finance and savings products for Coinbase’s more than 100 million users, with the first growth initiative set to launch next week. — link
Coinbase Ventures has made its first investment in Ethena through an open market purchase of ENA. Separately, Ethena announced a partnership with Coinbase to expand onchain finance and savings products for Coinbase’s more than 100 million users, with the first growth initiative set to launch next week. — link
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U.S. Treasury Secretary: About $1B in Iran-Related Crypto Seized
U.S. Treasury Secretary Scott Bessent said in a May 30 interview with Fox Business that the U.S. has seized about $1 billion in Iran-related crypto assets, describing it as a direct seizure and takeover of wallets.
He joked that some people may still be typing away, unaware that their crypto wallets have already been taken over. Bessent said Iran's attack on Gulf Cooperation Council (GCC) infrastructure was a major strategic mistake, as it made it easier for the U.S. to push Gulf allies to open their banking systems for scrutiny. — link
U.S. Treasury Secretary: About $1B in Iran-Related Crypto Seized
U.S. Treasury Secretary Scott Bessent said in a May 30 interview with Fox Business that the U.S. has seized about $1 billion in Iran-related crypto assets, describing it as a direct seizure and takeover of wallets.
He joked that some people may still be typing away, unaware that their crypto wallets have already been taken over. Bessent said Iran's attack on Gulf Cooperation Council (GCC) infrastructure was a major strategic mistake, as it made it easier for the U.S. to push Gulf allies to open their banking systems for scrutiny. — link
Tether-Backed Adecoagro to Launch Sugarcane-Powered Bitcoin Mining in Brazil
Adecoagro, a South American agricultural company in which Tether is a major shareholder, is preparing to launch Bitcoin mining in Brazil using clean energy generated from burning sugarcane residue.
Initially, the plan is to use 10 MW of electricity and deploy 1,280 Bitcoin mining machines, with operations expected to begin around July 1, 2026. — link
Adecoagro, a South American agricultural company in which Tether is a major shareholder, is preparing to launch Bitcoin mining in Brazil using clean energy generated from burning sugarcane residue.
Initially, the plan is to use 10 MW of electricity and deploy 1,280 Bitcoin mining machines, with operations expected to begin around July 1, 2026. — link
WSJ: Hyperliquid Emerges as a Key Weekend and After-Hours Perpetuals Venue for Wall Street Traders
The Wall Street Journal reported that Hyperliquid is becoming a key venue for some Wall Street traders to trade crypto and traditional-asset perpetual futures during weekends and outside regular market hours. The platform offers contracts tied to BTC, the S&P 500, crude oil and pre-IPO assets such as SpaceX.
WSJ noted that Hyperliquid remains inaccessible to U.S. residents, though some users in restricted regions still access it via VPNs, while its broad asset coverage is pushing it toward prediction markets and options trading. — link
The Wall Street Journal reported that Hyperliquid is becoming a key venue for some Wall Street traders to trade crypto and traditional-asset perpetual futures during weekends and outside regular market hours. The platform offers contracts tied to BTC, the S&P 500, crude oil and pre-IPO assets such as SpaceX.
WSJ noted that Hyperliquid remains inaccessible to U.S. residents, though some users in restricted regions still access it via VPNs, while its broad asset coverage is pushing it toward prediction markets and options trading. — link
Coinbase Co-Founder Brian Armstrong;s Longevity Startup NewLimit Raises $435M Series C
NewLimit, a longevity biotech startup co-founded by Coinbase CEO Brian Armstrong, announced a $435 million Series C round led by Founders Fund. New investors including Thrive Capital, Greenoaks and Quiet Capital joined the round, with existing backers such as Kleiner Perkins and Eli Lilly Ventures also participating. NewLimit said it plans to advance its first age-reprogramming drug into human trials next year. — link
NewLimit, a longevity biotech startup co-founded by Coinbase CEO Brian Armstrong, announced a $435 million Series C round led by Founders Fund. New investors including Thrive Capital, Greenoaks and Quiet Capital joined the round, with existing backers such as Kleiner Perkins and Eli Lilly Ventures also participating. NewLimit said it plans to advance its first age-reprogramming drug into human trials next year. — link
UK FCA: Football Clubs Face Legal and Money Laundering Risks From Unauthorized Crypto Sponsors
Reuters reported that the UK Financial Conduct Authority warned Premier League and other football clubs that sponsorship deals with unauthorized crypto firms and trading platforms could expose them to legal liability, money laundering risks and reputational damage. The FCA said some unauthorized firms may be using high-profile club sponsorships to promote products to football fans despite not being allowed to operate in the UK, and has urged clubs to strengthen checks on their partners. — link
Reuters reported that the UK Financial Conduct Authority warned Premier League and other football clubs that sponsorship deals with unauthorized crypto firms and trading platforms could expose them to legal liability, money laundering risks and reputational damage. The FCA said some unauthorized firms may be using high-profile club sponsorships to promote products to football fans despite not being allowed to operate in the UK, and has urged clubs to strengthen checks on their partners. — link
Bloomberg Odd Lots Host Says This May Be the "Coldest Crypto Winter Ever"
Bloomberg Odd Lots host Joe Weisenthal said in his newsletter that this may be the "coldest crypto winter ever." He argued that crypto faces multiple narrative pressures, including fading "we're still early" claims, already-realized institutional adoption and regulatory tailwinds, AI taking market attention and electricity resources, quantum-security concerns around Bitcoin, and DAT firms such as Strategy shifting from buyers to sellers.
Weisenthal also said strong AI and tech-stock rallies are drawing capital and attention away from crypto, while the few crypto winners may have already completed their major moves. The comments represent his personal view. — link
Bloomberg Odd Lots host Joe Weisenthal said in his newsletter that this may be the "coldest crypto winter ever." He argued that crypto faces multiple narrative pressures, including fading "we're still early" claims, already-realized institutional adoption and regulatory tailwinds, AI taking market attention and electricity resources, quantum-security concerns around Bitcoin, and DAT firms such as Strategy shifting from buyers to sellers.
Weisenthal also said strong AI and tech-stock rallies are drawing capital and attention away from crypto, while the few crypto winners may have already completed their major moves. The comments represent his personal view. — link
According to SoSoValue data, on June 2 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $519 million, marking 12 consecutive days of outflows. U.S. spot Ethereum ETFs saw a total net outflow of $90.15 million, extending their outflow streak to 16 days. — link
Zcash Foundation released Zebra 4.5.3 and 5.0.0 to fix a critical soundness bug in the Orchard Action circuit. Zebra 4.5.3 temporarily disabled Orchard actions via an emergency soft fork at mainnet block height 3,363,426, while Zebra 5.0.0 activated the NU6.2 hard fork at block height 3,364,600 and re-enabled Orchard with the corrected circuit.
Zcash Foundation said the vulnerability was caught before any known exploitation, with no evidence of unauthorized value creation. User privacy was not affected, and Sapling and transparent transactions continued to operate normally. Zebra node operators are strongly urged to upgrade to 5.0.0. — link
Zcash Foundation said the vulnerability was caught before any known exploitation, with no evidence of unauthorized value creation. User privacy was not affected, and Sapling and transparent transactions continued to operate normally. Zebra node operators are strongly urged to upgrade to 5.0.0. — link
Binance disclosed that it holds a minority stake in Alpaca, which holds approximately 94% market share in the custody of tokenized US stocks and ETFs.
Binance just partners with Alpaca for US stock and ETF trading. Per their agreement, Binance receives 50% of Alpaca’s Payment for Order Flow (PFOF) fees and 65% of the remaining profit from user stock lending after paying interest to users. — link
Binance just partners with Alpaca for US stock and ETF trading. Per their agreement, Binance receives 50% of Alpaca’s Payment for Order Flow (PFOF) fees and 65% of the remaining profit from user stock lending after paying interest to users. — link
U.S. ADP employment increased by 122,000 in May, the largest gain since January last year, above expectations of 117,000 and the previous reading of 109,000. — link
Bankless co-founder David Hoffman stated that after selling all his ETH, he immediately allocated approximately 50% of the funds to VVV, NEAR, ZEC, and HYPE, and used the remaining 50% to purchase LIT.
Previously, he stated that Ethereum has achieved a market capitalization commensurate with its actual performance, but that a significant structural revaluation of ETH as an asset is unlikely in the future. — link
Previously, he stated that Ethereum has achieved a market capitalization commensurate with its actual performance, but that a significant structural revaluation of ETH as an asset is unlikely in the future. — link
Stripe, Visa and Mastercard are close to launching a new stablecoin platform, while Coinbase is also exploring possible participation, according to CoinDesk. Coinbase, Stripe and Visa declined to comment, and Mastercard had not responded by publication time.
CoinGecko data shows the stablecoin market cap is about $325 billion. Stripe previously acquired stablecoin infrastructure firm Bridge for $1.1 billion, Mastercard acquired BVNK, and Visa expanded its stablecoin settlement pilot to nine blockchains. — link
CoinGecko data shows the stablecoin market cap is about $325 billion. Stripe previously acquired stablecoin infrastructure firm Bridge for $1.1 billion, Mastercard acquired BVNK, and Visa expanded its stablecoin settlement pilot to nine blockchains. — link
Prediction market platform Kalshi announced on X that it has launched Bitcoin perpetual contracts. The CFTC previously approved KalshiEX to list the BTCPERP contract, which is tied to the spot price of Bitcoin, saying the product complies with the Commodity Exchange Act and the relevant core principles for designated contract markets (DCMs). Polymarket has also launched invitation-only perpetual contracts and plans to make them fully available to the public in the coming weeks. — link
Largest Ethereum Treasury Company Bitmine Plans 3 Million Shares of 9.50% Perpetual Preferred Stock, Proceeds May Be Used to Acquire Additional ETH
Bitmine Immersion Technologies announced a proposed offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The company said net proceeds may be used to acquire additional ETH and other digital assets, expand staking and validator infrastructure including MAVAN, pursue strategic investments related to the Ethereum ecosystem and broader digital asset adoption, fund working capital, and repurchase common stock. — link
Bitmine Immersion Technologies announced a proposed offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The company said net proceeds may be used to acquire additional ETH and other digital assets, expand staking and validator infrastructure including MAVAN, pursue strategic investments related to the Ethereum ecosystem and broader digital asset adoption, fund working capital, and repurchase common stock. — link
FG Nexus Losses on Ethereum Treasury Strategy Top $85 Million
Nasdaq-listed Ethereum treasury firm FG Nexus bought 50,770 ETH for about $196 million at an average price of $3,860 between August and September 2025, before beginning to sell in November. It has now sold 36,025 ETH at an average price of $2,330, recovering about $83.92 million, with cumulative losses on its Ethereum treasury strategy exceeding $85 million. FG Nexus previously described ETH as its primary treasury reserve asset. — link
Nasdaq-listed Ethereum treasury firm FG Nexus bought 50,770 ETH for about $196 million at an average price of $3,860 between August and September 2025, before beginning to sell in November. It has now sold 36,025 ETH at an average price of $2,330, recovering about $83.92 million, with cumulative losses on its Ethereum treasury strategy exceeding $85 million. FG Nexus previously described ETH as its primary treasury reserve asset. — link
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Bankless Co-Founder Explains Why He Sold All His ETH
Bankless co-founder David Hoffman said in a May 29 interview with Unchained that selling all his ETH was not because he is bearish on Ethereum, nor does he want to be labeled a "defector." He said the decision came down to opportunity cost, as he sees better opportunities elsewhere.
Hoffman noted that Bankless was built around the thesis of Ether as money, but he now believes ETH is difficult to re-rate. In his view, Ethereum lacks the strong coordination and execution needed to regain its unique momentum. — link
Bankless Co-Founder Explains Why He Sold All His ETH
Bankless co-founder David Hoffman said in a May 29 interview with Unchained that selling all his ETH was not because he is bearish on Ethereum, nor does he want to be labeled a "defector." He said the decision came down to opportunity cost, as he sees better opportunities elsewhere.
Hoffman noted that Bankless was built around the thesis of Ether as money, but he now believes ETH is difficult to re-rate. In his view, Ethereum lacks the strong coordination and execution needed to regain its unique momentum. — link
Bitcoin Drops Over 16% in a Month While S&P 500 Gains 5%
Charles Schwab’s Jim Ferraioli said Bitcoin’s recent underperformance is less about Strategy’s small BTC sale and more about BTC losing its momentum-trade appeal. BTC has fallen more than 16% over the past month, while the S&P 500 has gained about 5%, as capital rotates into AI, gold, commodities, hot IPOs and other high-momentum assets. — link
Charles Schwab’s Jim Ferraioli said Bitcoin’s recent underperformance is less about Strategy’s small BTC sale and more about BTC losing its momentum-trade appeal. BTC has fallen more than 16% over the past month, while the S&P 500 has gained about 5%, as capital rotates into AI, gold, commodities, hot IPOs and other high-momentum assets. — link
Hyperliquid’s May Perps Volume Hits Record 6.63% of Global CEX Total and 14.4% of Binance
Hyperliquid saw its May perps volume rise to a record 6.63% of total global CEX perpetual futures volume and 14.4% relative to Binance, also a new high. The growth was mainly driven by its HIP-3 framework, which generated more than $62 billion in May volume and about $3 billion in open interest, though the report noted that Hyperliquid’s pure crypto perps volume still declined year over year amid broader market weakness. — link
Hyperliquid saw its May perps volume rise to a record 6.63% of total global CEX perpetual futures volume and 14.4% relative to Binance, also a new high. The growth was mainly driven by its HIP-3 framework, which generated more than $62 billion in May volume and about $3 billion in open interest, though the report noted that Hyperliquid’s pure crypto perps volume still declined year over year amid broader market weakness. — link
Arthur Hayes Sells HYPE and NEAR, Warns Market May Peak Before September
BitMEX co-founder Arthur Hayes said he has sold all of his HYPE and NEAR holdings and will explain the move in his upcoming essay "Reality Test" next week. Hayes cited rising energy prices from the Iran war and inventory restocking, three major AI IPOs expected this summer through early Q3, and the possibility that Trump may turn against AI to win the midterm elections. He said the market top could arrive sometime between now and September, prompting him to take profits. — link
BitMEX co-founder Arthur Hayes said he has sold all of his HYPE and NEAR holdings and will explain the move in his upcoming essay "Reality Test" next week. Hayes cited rising energy prices from the Iran war and inventory restocking, three major AI IPOs expected this summer through early Q3, and the possibility that Trump may turn against AI to win the midterm elections. He said the market top could arrive sometime between now and September, prompting him to take profits. — link