Crypto market maker GSR has launched an actively managed ETF on the Nasdaq that includes Bitcoin, Ethereum, and Solana.
Ether (ETH) is becoming more attractive from a valuation perspective compared to Bitcoin (BTC), trading 17% below its realized price. Onchain data shows improving metrics like declining exchange inflows and rising staking, but only two of CryptoQuant's five bottoming indicators are confirmed, suggesting a definitive market bottom is still forming.
Bitcoin dropped below $65,000 to three-day lows as escalating US-Iran tensions caused US stocks to slide and oil prices to rally. Traders offered diverging short-term outlooks for BTC, while rising inflation expectations and a higher probability of a Federal Reserve interest rate hike added to market strain.
Bitwise CIO Matt Hougan argues the next crypto bull market will be driven by institutional finance, stablecoins, tokenization, and real financial activity on blockchain rails, rather than speculation. This comes as crypto majors are flat, BTC ETFs see inflows, and SEC warns on DeFi, while bridge exploits highlight security risks.
Hackers took over Robinhood CEO Vlad Tenev's X account, promoting a fake "VLAD" memecoin with a malicious contract address. The scam attracted over 175,000 views, and hackers reportedly exploited 650 ETH, worth $1.2-1.3 million, with one sleuth identifying a wallet profiting from VLAD tokens.
BitMEX's utility token (BMEX) plummeted 90% to $0.002 after the exchange announced its decision to wind down operations. The closure follows a significant drop in BitMEX's Bitcoin futures market share and is seen as part of broader industry corrections.
Active use of tokenized real-world assets (RWA) in DeFi has recovered to $3.77 billion, nearing pre-exploit levels after an April 18 incident caused a $13 billion decline. The recovery, led by Ethereum, also sees significant growth on Solana, Monad, and Avalanche, but concerns about market concentration and cross-chain risk persist.
