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Odaily An unknown trader sold approximately $1.3 billion worth of BlackRock’s spot Bitcoin ETF (IBIT) on a dark pool on Tuesday, sparking market attention.Data shows the trader sold 29.2 million shares of IBIT at $43.16 per share around 14:30 UTC. Consequently, Bitcoin’s price dropped from $77,875 to $76,720 within 10 minutes, a decline of about 1.5%, before further dipping to around $75,600.Alex Thorn, Head of Research at Galaxy Digital, stated this is the largest IBIT dark pool trade he has ever seen. Bloomberg ETF analyst Eric Balchunas noted that the trade size was 22 times larger than the second-largest IBIT sell order of the day.Additionally, U.S. spot Bitcoin ETFs have experienced net outflows for eight consecutive trading days. On Tuesday alone, net outflows totaled approximately $333.6 million, with IBIT seeing outflows of about $192.4 million. Since May 14, cumulative net outflows from Bitcoin ETFs have exceeded $2 billion. Reports indicate that Jane Street reduced its Bitcoin ETF holdings by about 70% in the first quarter, while Goldman Sachs also trimmed its positions by approximately 10%. (Cointelegraph)
According to The Block, multi-asset trading platform Liquid launched its Co-Invest application on Tuesday, enabling users to directly top up their accounts, conduct market analysis, and execute live trades within the ChatGPT and Claude chat interfaces—without leaving the AI assistant.
Investment bank TD Cowen stated that as the relevant political environment continues to deteriorate, the likelihood of the US crypto market structure bill, the "Clarity Act," passing this year is declining.TD Cowen analyst Jaret Seiberg pointed out that while the Senate Banking Committee advanced the bill earlier this month, this does not signify a substantive bipartisan agreement; rather, it merely pushes the controversy to the full Senate floor.The report indicated that the escalating controversies surrounding US President Donald Trump and his administration related to crypto in recent days are making it harder for Democrats to support the bill. If the bill does not include clear conflict-of-interest provisions, it will face even greater difficulty in gaining sufficient support in the current political environment.
According to The Block, Bitcoin continued trading below $78,000 on Monday, following net outflows of $1.26 billion from spot Bitcoin ETFs during the week of May 18–22—the second consecutive week of outflows exceeding $1 billion. Nevertheless, Timothy Misir, Research Head at BRN, noted that institutional demand has not vanished but is rotating: during the same period, the XRP ETF attracted $22 million in inflows, the Solana ETF drew $16 million, the newly launched Hyperliquid HYPE ETF garnered $72 million, while the Ethereum ETF saw outflows of $216 million. Ethereum also faced pressure due to the SEC’s delay of its tokenized stock trading initiative, though it posted a modest rebound on Sunday amid heightened optimism surrounding the Iran deal. On the options front, for Bitcoin expiring on May 29, the largest open interest concentrations were at the $75,000 put and $80,000 call strikes; for Ethereum, the largest open interest concentration was at the $2,100 put strike. On the macro front, U.S. and European markets were closed for public holidays, and analysts warned of low market liquidity. Should the Iran deal materialize, it could trigger a sharp drop in oil prices and push equity markets to new highs.
According to The Block, Ethereum Layer 2 project Zero Network has announced its imminent official shutdown—just about 1.5 years after launch. Launched by the Zerion team in November 2024, Zero Network positioned itself as the first EVM-compatible rollup offering fully gas-free transactions, aiming to lower barriers to entry and drive mainstream adoption. The team stated it will now focus its resources on Zerion’s API and wallet business. Users must bridge their NFTs, ETH, and other tokens out of the Zero Network by the end of July; the bridge’s deposit functionality is currently suspended.
According to The Block, JPMorgan analysts noted in their latest report that tokenized money market funds currently account for only about 5% of the stablecoin market size and are expected to continue growing—but unless there is a significant shift in the regulatory environment, they are unlikely to surpass a market share ceiling of 10%–15%. The analysts believe stablecoins remain the preferred cash instrument in the crypto ecosystem due to their widespread use in trading, settlement, cross-border payments, and liquidity management. In contrast, tokenized money market funds—classified as securities—are subject to structural regulatory disadvantages, including requirements for registration, disclosure, and transfer restrictions, making them difficult to circulate freely within on-chain ecosystems. Although the U.S. SEC has introduced streamlined processes for issuing on-chain money market funds, JPMorgan analysts view this as only a “marginal improvement,” insufficient to fundamentally alter the market dynamics between these two asset classes.
Odaily Bitcoin fell below $78,000 on Thursday, with growing concerns over the sustainability of any rebound. Data shows that Bitcoin spot ETFs have recorded net outflows for four consecutive trading days, while approximately $584 million in long liquidations earlier this week continues to suppress market risk appetite. Analysts suggest that until on-chain spot demand recovers, BTC will still struggle to firmly hold above $80,000 in the short term.The pressure on the Ethereum market is even more pronounced. The ETH spot ETF saw net outflows of $28.1 million on the day, marking eight consecutive trading days of withdrawals. Since May 7, ETH ETFs have seen cumulative outflows of approximately $504 million over nine trading days, the most severe sustained capital exodus since February this year.In the derivatives market, total crypto futures liquidation volume reached approximately $657 million this Monday, with long liquidations accounting for $584 million, the largest single-day long squeeze event since early February. The current Bitcoin open interest has fallen about 14% from its May 6 peak, but the overall leverage structure has not yet been fully reset.On-chain data also leans bearish. Glassnode indicates that Bitcoin's previous rebound to $82,000 briefly reclaimed the key level of $78,300, the "realized market average," but has since fallen back below it. Historical cycles suggest that BTC typically needs to consolidate in this range for weeks to months to confirm a structural shift between bull and bear markets.Additionally, Glassnode data shows that Bitcoin's spot CVD (Cumulative Volume Delta) has been negative for nine consecutive trading days, marking the longest net selling cycle since 2026. Meanwhile, BTC's hourly spot trading volume has declined about 40% compared to the same period in 2025. Analysis indicates that U.S. investors have been consistently distributing their holdings since Q4 2025, while Asian capital has shifted to accumulation.The options market is also signaling caution. The BTC short-term 25-delta skew has risen from 2.7% to 6.2%, indicating a significant increase in market demand for downside protection. A large gamma short position of approximately $2.5 billion is concentrated around the $75,000 strike price. Should BTC fall back to this area, hedging by market makers could further amplify volatility.In the altcoin market, the sector is largely following BTC, with Bitcoin's dominance remaining around 60%. However, Hyperliquid and Zcash have bucked the trend with double-digit gains, suggesting selective rotation by some capital. (The Block)
According to The Block, U.S. spot HYPE ETFs recorded $25.5 million in net inflows on Wednesday—the highest single-day figure since launch—surging significantly from $11 million on Tuesday. Specifically, the 21Shares Hyperliquid ETF (THYP) saw $16.7 million in daily inflows, while the Bitwise Hyperliquid ETF (BHYP) attracted $8.8 million. Since its May 12 launch, net inflows have totaled $54 million over seven trading days.
the spot ETF product associated with Hyperliquid recorded approximately $22.3 million in net inflows during its first week of trading. Market analysts believe this reflects strong institutional demand and the expansion of the on-chain derivatives ecosystem. Data shows that Hyperliquid currently captures over 42% of the fee share in the on-chain derivatives market, significantly ahead of the Ethereum and Solana ecosystems. Analysts suggest that the token (HYPE) buyback and burn mechanism further amplifies the transmission effect of ETF fund flows on price. (The Block)Previously reported, Bloomberg ETF analyst Eric Balchunas stated that the continued rise in THYP trading volume is "a positive signal of increasing organic demand" and noted that Hyperliquid's high fee revenue may be a key factor attracting investor attention.
crypto research firm K33 stated that although Bitcoin has retested its 200-day moving average around $82,000 this month and subsequently fallen by about 6%, the low near $60,000 in February this year may still represent the maximum drawdown of this cycle. K33 Research Head Vetle Lunde pointed out that unlike the bear market rallies in 2014, 2018, and 2022, this market experienced a slow recovery lasting 189 days after breaking below the 200-day moving average. Furthermore, market leverage and risk appetite have not been quickly rebuilt. Therefore, the current trend resembles a moderate correction rather than a precursor to another sharp decline.K33 also noted that institutional fund flows still reflect a defensive sentiment. The latest 13F filings show that institutional investors reduced their holdings by a total of approximately 26,733 BTC in the first quarter, while retail investors increased their holdings by about 19,395 BTC. Neutral strategy institutions like Jane Street and Millennium accounted for most of this reduction. Additionally, Bitcoin ETFs recently recorded the ninth-largest five-day capital outflow since the launch of U.S. spot ETFs. K33 believes this typically occurs when BTC is near the cost basis of ETF holdings, reflecting investors' tendency to cut losses or reduce risk exposure after experiencing significant drawdowns. (The Block)
According to The Block, Cathie Wood’s ARK Invest purchased a total of 122,020 shares of Bullish (BLSH) stock through its ARKK, ARKW, and ARKF ETFs on Monday and Tuesday this week, with a total value of approximately $4.4 million. Prior to this, Bullish’s stock price had fallen 15.4% over the past five trading days; it rebounded slightly by 1.88% on Tuesday to close at $36.23, but remained down 16.7% over the past month.
According to The Block, three Wall Street firms—Benchmark, TD Cowen, and Mizuho—maintained “Buy” ratings on four crypto-related companies—Bitdeer, DeFi Technologies, Strive, and Gemini—on Monday, noting that the market continues to value these platforms, which have pivoted toward AI infrastructure, capital markets tools, and structured financial products, using trading-business valuation multiples. Benchmark analysts reiterated their “Buy” rating on Bitdeer and $27 price target, highlighting its global power asset portfolio of approximately 3.0 GW and the growth of its AI cloud business’s annual recurring revenue—from roughly $10 million at the end of January to approximately $69 million by the end of April. TD Cowen raised its price target for Strive to $30, forecasting a 26.1% Bitcoin yield for the company in 2026. Mizuho maintained its “Outperform” rating on Gemini but lowered its price target from $12 to $10, noting that although Q1 trading volume declined by over 50%, trading revenue remained largely flat—reflecting higher fee rates and an optimized revenue mix.
Bitcoin has fallen below the $77,000 mark, hitting a low of approximately $76,720. Analysts attribute the market decline primarily to multiple macroeconomic pressures, including the renewed escalation of tensions between the US and Iran, rising inflation concerns, and increased risk aversion across risk assets. Former US President Donald Trump issued a strong warning to Iran on social media, intensifying geopolitical uncertainty.Meanwhile, rising oil prices have further elevated inflation expectations, with Brent crude climbing to around $111 and WTI rising above $107. This has sparked concerns that the Federal Reserve may maintain higher interest rates for a longer period.The current selling pressure is also compounded by factors such as rising US Treasury yields, a strengthening US dollar, and ETF outflows. Data shows that Bitcoin ETFs saw net outflows of approximately $1 billion in the week ending May 17, ending six consecutive weeks of net inflows.In terms of market sentiment, the Bitcoin Fear and Greed Index has fallen back to 27, re-entering the "fear zone." Analysts believe that short-term trends will remain highly dependent on macroeconomic data and policy expectations. However, some institutions view the current correction as a "healthy digestion" period, suggesting the long-term structure remains unchanged. (The Block)
several sovereign wealth funds, universities, and traditional financial institutions have recently disclosed their 13F holdings for the first quarter of 2026.Among them, Mubadala, the Abu Dhabi sovereign wealth fund, increased its holdings in the BlackRock iShares Bitcoin Trust ETF (IBIT) from 12.7023 million shares to 14.7219 million shares. The newly added holdings are valued at over $90 million, bringing the total value of its position to nearly $660 million. Meanwhile, its subsidiary, the Abu Dhabi Investment Council (ADIC), maintained its IBIT position unchanged at 8.2187 million shares, worth approximately $315.8 million.Regarding university funds, Harvard University's endowment fund held 3.0446 million shares of IBIT, valued at around $117 million, a reduction of about 43% compared to the end of 2025. Additionally, Harvard completely liquidated its position in the BlackRock Ethereum spot ETF, which was established last quarter and valued at approximately $86.8 million.Furthermore, Dartmouth College maintained its IBIT holdings unchanged and disclosed for the first time holding approximately 304,800 shares of the Bitwise Solana Staking ETF, valued at around $3.67 million, making it one of the first university endowment funds to publicly allocate to a Solana-related ETF.On the traditional financial institution side, institutions such as the Royal Bank of Canada (RBC) and Barclays continued to increase or adjust their IBIT-related spot and options positions, while Hong Kong-based Laurore reduced its IBIT holdings from 8.7863 million shares to 6.8463 million shares. (The Block)
According to The Block, several sovereign wealth funds, university endowments, and traditional banks disclosed their 13F holdings for Q1 2026: • Mubadala, Abu Dhabi’s sovereign wealth fund, increased its position in the BlackRock iShares Bitcoin Trust ETF (IBIT) from 12.7 million shares to 14.72 million shares—adding over $90 million—bringing its total holding value to approximately $566 million (a 16% increase quarter-on-quarter). Its subsidiary, the Abu Dhabi Investment Council (ADIC), maintained its IBIT position unchanged at 8.21 million shares, valued at approximately $316 million. • University endowments’ crypto ETF holdings remained largely stable. • Traditional financial institutions actively rebalanced their positions: Royal Bank of Canada (RBC) increased its spot IBIT holdings while hedging with put/call options; Scotiabank sold off Trump-related Bitcoin stocks and added 214,000 IBIT shares; Barclays held approximately 4.46 million shares of spot IBIT and deployed a large options position; Hong Kong–based Laurore reduced its IBIT holdings from 8.78 million shares to 6.85 million shares.
VanEck filed the fifth amendment to its BNB ETF registration statement with the U.S. Securities and Exchange Commission (SEC) on May 15. Grayscale also submitted the second amendment to the Grayscale BNB ETF prospectus on the same day.Bloomberg ETF analyst James Seyffart stated that the simultaneous submission of amended documents by both institutions indicates they are responding to SEC feedback and may be planning to advance product launches in the near term.James Seyffart also noted that BNB could become the next crypto asset to pass SEC review and potentially be listed in the United States. (The Block)
the U.S. Senate Banking Committee has advanced the crypto market structure bill, the Clarity Act, by a vote of 15 to 9. The bill aims to establish a comprehensive regulatory framework for the crypto industry at the federal level for the first time, garnering support from Democratic Senators Ruben Gallego and Angela Alsobrooks.While the industry generally views the committee's passage as positive progress, analysts believe the bill still faces significant obstacles before becoming law. TD Cowen has raised the bill's passage probability from approximately one-third to 40%, noting that some Democratic lawmakers are showing willingness to find a path to support it, though substantive disagreements have not been fully resolved.Previously, the bill had long been affected by issues such as stablecoin yield arrangements, conflicts of interest, and ethical provisions. Additionally, to overcome a filibuster in the Senate, the bill will need to secure more Democratic support than it currently has. Benchmark analysts also pointed out that the current number of supporting votes is insufficient to ensure its eventual passage. (The Block)
JPMorgan analysts indicate that despite the overall recovery of the crypto market following the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has persisted since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications.The report points out that, based on spot ETF flows and institutional futures positions, Bitcoin has shown stronger recovery momentum than Ethereum. Spot Bitcoin ETFs have recovered approximately two-thirds of their previous outflows, while spot Ethereum ETFs have only recovered about one-third.Meanwhile, CME futures data shows that institutional investors have been more active in rebuilding their Bitcoin exposure, with Bitcoin futures positions nearly fully recovered. In contrast, Ethereum futures positions remain below previous levels. JPMorgan believes that without stronger on-chain fundamentals and real-world application support, ETH and altcoins are likely to continue underperforming relative to Bitcoin.
According to The Block, Matt Hougan, Chief Investment Officer at Bitwise, noted that three enterprise-grade blockchains—Arc (by Circle), Canton Network, and Tempo (by Stripe)—have collectively raised over $1 billion in funding recently. All three funding rounds occurred after the signing of the GENIUS Act in July 2025. Hougan believes this legislation broke a prior regulatory stalemate that had discouraged institutional capital from entering the space. Hougan identified three key signals: First, all three blockchains prioritize native privacy-preserving transactions as a core design feature, addressing institutions’ need for transaction confidentiality. Second, the implementation of the GENIUS Act has significantly reduced regulatory uncertainty; the next critical variable is the pending Clarity Act, from which stablecoins and tokenization infrastructure stand to benefit. Third, these blockchains are backed by top-tier institutions—including Goldman Sachs, Citadel, BlackRock, Stripe, and Visa—marking a stark contrast to Ethereum and Solana, which emerged from grassroots origins. Hougan stated that his firm’s capital remains primarily allocated to native crypto projects, and he believes these emerging enterprise chains will raise the overall competitive bar and attract additional capital inflows.
According to The Block, 21Shares’ Hyperliquid ETF—THYP—began trading on Tuesday, becoming the first listed Hyperliquid ETF. Bloomberg ETF analyst James Seyffart noted that THYP recorded $1.8 million in first-day trading volume, outperforming the average ETF’s debut. The product provides investors with exposure to HYPE without requiring direct ownership of the token. Seyffart also indicated that Bitwise’s Hyperliquid ETF may be the next to launch. Earlier, Bitwise had filed an amendment to its U.S. HYPE ETF application, while Grayscale is also seeking to launch a HYPE fund.