TL;DR

Bitcoin hits $111K ATH; U.S. spot Bitcoin ETFs see record inflows; Sui suffers $230M DeFi exploit.

Highlights

• Bitcoin hit a new all-time high of $111,000, coinciding with Trump’s extension of the EU tariffs deadline and a surge in derivatives activity 1.
• U.S. spot Bitcoin ETFs saw $25B in weekly volume and $2.75B in inflows, led by BlackRock’s IBIT (now holding 3.3% of all BTC); Ethereum ETFs also posted steady inflows 2.
• Strategy (formerly MicroStrategy) acquired 4,020 more BTC for $427M, bringing total holdings to 580,250 BTC, despite facing a lawsuit over its Bitcoin strategy 3.
• Trump Media & Technology Group is planning a $3B raise for crypto investments, including ETFs, a wallet, and a new token, amid broader Trump family crypto activity and regulatory influence 4.
• Hyperliquid’s $HYPE token surpassed Sui by market cap, reaching $13.03B, with notable whale activity and a 12.7% price jump 10.
• Fartcoin gained 416% in 90 days, attracting $3B in investment and reported Trump involvement, while expanding to HyperliquidX 11.
• Cetus Protocol on Sui Network was exploited for $230M; $162M was frozen by the Sui Foundation, raising decentralization concerns 5.
• Elon Musk confirmed X Money’s launch with crypto integration, Visa partnership, and U.S. money transmitter licenses; creator payouts have begun 6.
• Stablecoin usage reached new highs: USDC supply on Ethereum at $40B, USDT on Tron at $77.7B, and $1.5B USDC minted on Solana in May 13.
• Florida introduced a bill to eliminate state capital gains tax on Bitcoin , XRP , and stocks 7.
• Solv Protocol integrated Chainlink Proof of Reserve for real-time verification of $2B in tokenized Bitcoin and RWA yields 15.
• Solana-based Axiom hit $100M in revenue in five months, leading the Y Combinator W25 batch 19.
• Dubai’s Land Department launched a real estate tokenization platform on XRP Ledger , targeting $16B in transactions by 2033 16.
• Pakistan allocated 2,000MW for Bitcoin mining and AI centers, offering tax incentives to attract foreign investment 14.
• Major U.S. banks are reportedly exploring a Fed-authorized joint stablecoin project, potentially generating $2T in new demand for U.S. Treasuries 8.
• Security risks remain: a trader lost $2.5M USDT in a double address poisoning scam; China increased its crackdown on crypto-related misinformation 2018.

Commentary

Bitcoin ’s new all-time high above $111,000 is supported by a combination of macro relief—Trump’s extension of the EU tariffs deadline—and strong institutional flows, as evidenced by record ETF volumes and inflows 12. BlackRock’s IBIT and other major U.S. ETFs are absorbing significant supply, with institutional and corporate players like Strategy continuing to accumulate despite legal scrutiny 23. The ETF-driven demand, alongside ongoing whale activity and high derivatives volumes, is sustaining positive momentum across major tokens 12.

The Trump family’s expanding crypto footprint is notable, with Trump Media’s $3B fundraising plans and direct involvement in memecoins like $TRUMP and Fartcoin 4911. Regulatory moves—such as Florida’s bill to eliminate state capital gains tax on crypto and major U.S. banks exploring a Fed-authorized stablecoin—signal a shifting U.S. policy environment that could further drive both institutional and retail participation 78. Internationally, Pakistan’s state-backed mining initiative and Dubai’s government-led real estate tokenization on XRP Ledger highlight growing government adoption and infrastructure development 1416.

On the infrastructure and DeFi side, the $230M Cetus exploit on Sui and the Sui Foundation’s intervention underscore persistent security and decentralization challenges for newer Layer 1s 5. In contrast, Solv Protocol’s integration with Chainlink for real-time proof of reserves and Solana’s rapid ecosystem growth (with Axiom’s $100M revenue milestone) point to maturing DeFi and tokenization platforms 1519. Stablecoins remain central to liquidity, with usage records set across Ethereum , Tron , and Solana , and U.S. banks eyeing further expansion 138.

Altcoins and memecoins continue to see outsized volatility and capital inflows, with Hyperliquid’s $HYPE and Fartcoin leading recent surges 1011. Whale activity and rapid user migration between protocols are driving sharp price swings and fee generation, as seen in Hyperliquid and in high-profile trades by figures like James Wynn 1012. Security remains a key risk, highlighted by ongoing scams and exploits, and regulatory crackdowns—such as China’s—are an ongoing factor for market participants 20185.

Traders should monitor ETF flows, institutional accumulation, and upcoming regulatory actions in the U.S. and abroad 28. Security best practices are critical given the continued prevalence of sophisticated scams and protocol exploits 205. Altcoin and DeFi opportunities remain, but risk management is essential amid elevated volatility and shifting capital flows 105.