TL;DR

SEC drops Binance case; FTX starts $5B payouts; BlackRock, corporates, and DeFi drive new BTC/ETH flows.

Highlights

• SEC dismissed its lawsuit against Binance with prejudice after $4.32B in penalties; signals regulatory shift under Trump 1.
• Tether launched XAUt0, a gold-backed omnichain token on TON, with $770M market cap and physical redemption 2.
• MicroStrategy added 705 BTC ($75.1M), taking holdings to 580,955 BTC; Metaplanet and Reitar Logtech also made major BTC treasury buys 31715.
• SharpLink Gaming to buy up to $1B in ETH for treasury; Consensys CEO Joseph Lubin joins as chairman; SBET shares fell 38% post-announcement 4.
• Circle upsized its US IPO to 32M shares ($7.2B target); BlackRock reportedly seeking 10% stake; US stablecoin regulation advances 511.
• FTX began $5B in creditor payouts via Kraken and Bitgo; liquidity boost and volatility expected as funds are redistributed 8.
• BlackRock moved 4,113 BTC (~$429M) to Coinbase after months of accumulation; $420M BTC outflows, $70M ETH inflows reported 919.
• Russia’s Sberbank launched Bitcoin-linked structured bonds for Moscow Exchange; further BTC-based derivatives planned 10.
• Stablecoin market cap reached $250B; USDT leads with $153B (62.1% share), USDC at $61B; DeFi share of spot volume at record high 16.
• Bitcoin closed May at an all-time high of $102,000; exchange reserves at record lows; whales reducing exposure, mid-sized holders accumulating 1819.
• Hyperliquid nears $1B TVL, launches fiat-backed stablecoin USD_HL, and records $78B weekly perpetuals volume; HYPE spot listing coming to Binance US 206.
• Taiwanese exchange BitoPro likely exploited for $11.5M; funds laundered via Tornado Cash and other mixers 7.

Commentary

The SEC’s dismissal of its Binance lawsuit, following substantial penalties, highlights a notable regulatory de-escalation in the US under the current administration 1. Combined with the US Senate’s progress on stablecoin legislation and Circle ’s upsized IPO (with BlackRock interest), the regulatory environment appears more constructive for major crypto entities, especially stablecoin issuers and exchanges 511. This could support further institutional inflows and mainstream adoption, particularly for stablecoins and tokenized assets 511.

Treasury allocation activity remains robust: MicroStrategy , Metaplanet, Reitar Logtech , and Twenty One Capital all executed sizable Bitcoin purchases, reinforcing BTC’s status as a corporate treasury asset 3171514. SharpLink’s plan to acquire up to $1B in ETH , backed by major crypto investors and the appointment of Joseph Lubin as chairman, is a significant move for ETH as a treasury asset, though the sharp drop in SBET shares signals market caution around execution and dilution risks 4.

Market structure is evolving. FTX’s $5B creditor payouts are injecting liquidity, likely increasing short-term volatility as recipients decide between redeployment or withdrawal 8. BlackRock ’s transfer of 4,113 BTC to Coinbase marks a pause in accumulation, coinciding with notable BTC outflows and ETH inflows, suggesting a possible rotation among institutional players 919. Bitcoin ’s record monthly close at $102,000 is tempered by all-time low exchange reserves and profit-taking by whales, while mid-sized holders accumulate 1819. Ethereum ’s exchange supply is at a seven-year low, with strong net inflows and staking activity 19.

In DeFi, Tether’s XAUt0 launch on TON and Hyperliquid’s USD_HL stablecoin reflect growing demand for composable, cross-chain assets and new liquidity channels 220. Hyperliquid’s rapid growth in TVL and trading volumes, along with pending HYPE listings on major US exchanges, positions it as a key DeFi venue to watch 206. The stablecoin sector’s $250B market cap, led by USDT , underscores stablecoins’ central role in both CeFi and DeFi, with regulatory clarity and DeFi adoption driving growth 1611.

Security remains a concern, as evidenced by the $11.5M exploit of Taiwanese exchange BitoPro, with funds laundered through Tornado Cash and other mixers 7. Traders should monitor liquidity flows from FTX payouts, institutional treasury moves, and new stablecoin launches for near-term volatility and sector rotation 842.