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Whale Alert reported that 223,200,000 USDT has been transferred from an unknown wallet to Bitfinex. The transaction is valued at about $223 million.

Hypernova, a proprietary trading platform built on Hyperliquid (HYPE), has raised $3 million in a pre-seed funding round led by Lemniscap, The Block reported. Proprietary trading allows traders to use capital provided by a platform, rather than their own, and share the resulting profits. Hypernova aims to improve upon the opaque profit-sharing structures of traditional prop trading by using a smart contract-based system. The platform plans to generate revenue through trader evaluations and by allowing users to copy the positions of successful traders. The newly raised capital will be used to attract traders. Hypernova is scheduled to officially launch its platform within the next two months.

A 45% flash crash in 30 minutes on SpaceX pre-market perpetual futures (SPACEX-USDH) triggered $1.5 million in liquidations on Ventuals, a platform for trading pre-IPO stock tokens built on Hyperliquid (HYPE), CoinDesk reported. The contract plunged from $2,277 to a low of $1,254 before recovering to $2,169. The rapid decline forced the liquidation of 405 users holding 1,393 positions. A lack of market liquidity was cited as the primary cause. A large sell order reportedly swept the order book, causing a sharp price drop that heavily impacted retail investors using high leverage with insufficient collateral. The SPACEX-USDH pair had a 24-hour trading volume of $4.87 million and open interest of $2.9 million. SpaceX is reportedly targeting an initial public offering (IPO) in June, and multiple crypto platforms have been launching related derivative products.

Elena Carletti, Vice Chair of the Board at major European banking group UniCredit, has warned that Europe could struggle to control a financial crisis linking cryptocurrency and the banking sector due to its limited deposit protection system. According to CoinDesk, Carletti explained that the full deposit protection demonstrated by U.S. regulators during the 2023 failures of Silicon Valley Bank (SVB) and Signature Bank would be difficult to implement in Europe. She noted that Europe's depositor protection is generally limited to €100,000 per person, which could prevent a comprehensive U.S.-style bailout if an account held by a stablecoin issuer with large reserves were to be compromised.

Iranian Vice Foreign Minister Gharibabadi stated on May 28 that Iran will respond decisively to any violation of the ceasefire agreement and will not sign any memorandum of understanding (MOU) that does not align with its national interests. This follows reports from earlier the same day in which U.S. officials said that American and Iranian negotiating delegations had reached an agreement on an MOU, which is now awaiting final approval from President Donald Trump.

Coinbase announced it has added O to its listing roadmap.

An entity is in negotiations to make a $115 million seed investment in crypto asset manager Grayscale's Hyperliquid (HYPE) staking ETF, The Block reported. The potential investor, Hyper Holdings Global LP, is described as a little-known entity. The development comes as Grayscale prepares to launch the fund, having recently amended its filing with the U.S. Securities and Exchange Commission (SEC) to change the ETF's name to the 'Grayscale Hyperliquid Staking ETF' and confirm its ticker as HYPG.

The White House has announced that U.S. and Iranian negotiating teams have reached a tentative agreement and are awaiting approval from President Donald Trump. This follows an earlier report from U.S. political news outlet Axios, which stated that the two countries were close to signing a 60-day memorandum of understanding (MOU) to extend a ceasefire and begin talks on Iran's nuclear program, pending the president's final approval. Separately, Israel's i24NEWS reported that Iran's Supreme Leader has not yet approved the MOU.

Major U.S. banks are adopting the crypto industry's political playbook by organizing lobbying groups with around $100 million to increase their influence in the upcoming midterm elections, Bloomberg reported. The move comes as banks believe the crypto sector's donation strategy during the 2024 election cycle was instrumental in shaping the current favorable regulatory landscape for digital assets. The banking sector established three donation groups late last year, securing the funds for the upcoming elections. Bloomberg added that the rivalry over political contributions between the two sectors is expected to intensify amid ongoing conflicts, such as those surrounding the Clarity Act.

Bitcoin has broken below a key options support level, but the market is not showing signs of panic, according to Greeks.live analyst Adam. In a post on X, Adam noted that while BTC has fallen out of the dense Gamma Exposure (GEX) zone, implied volatility (IV) remains below 40%. Gamma Exposure refers to the volume of assets that options market makers must buy or sell in response to price fluctuations, with the GEX zone often acting as a support level. Adam explained that the IV for major expiry options is holding under 40%, and IV for longer-term expiries is also declining. "The structure of options positions is expected to be reorganized ahead of the May options expiry on May 29," he said. "However, there is currently little demand from large position holders for hedging against further downside."

The Spot CVD is an order book analysis chart for the BTC/USDT spot pair. The top section shows the Volume Heatmap, while the bottom represents the Cumulative Volume Delta (CVD). - The Volume Heatmap at the top tracks the volume of trades at specific price levels. The background color brightens when the price lingers in a certain range or moves significantly, with these brighter areas potentially acting as support or resistance. - The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line tracks orders between $100 and $1,000, while the brown line tracks large orders between $1 million and $10 million.

Whale Alert reported that 4,180 BTC has been transferred from Coinbase Institutional to an unknown new wallet. The transaction is valued at about $305 million.

Coinbase (COIN) announced that it managed 40.48 million SOL in the first quarter of this year, representing 9.52% of the total amount staked on the Solana network. The company explained that its Solana validator nodes are operated across six countries and regions and support multiple clients, including Firedancer, to ensure system stability and prevent centralization risks.

Blockchain lottery platform Megapot has launched an on-chain charity lottery to support Ethereum core developers, CoinDesk reported. The initiative aims to address funding shortages for engineers maintaining the Ethereum network by donating all referral fees from ticket sales directly to them. The lottery's prize pool is approximately $1.1 million.

Iran's Supreme Leader Mojtaba Khamenei has not yet approved a memorandum of understanding (MOU) with the United States, according to a May 28 report from Amichai Stein of Israel's i24NEWS, citing sources. This may be one of the reasons why President Trump has also not consented to the agreement. The report states that for now, an agreement has only been reached between Iranian Foreign Minister Araghchi, Parliament Speaker Ghalibaf, and the team of U.S. Special Envoy for the Middle East Witkoff. Iran's de facto top leadership, which holds final decision-making power, has not yet indicated its approval.

An anonymous whale address starting with 0x0df2 is on the verge of forced liquidation on Hyperliquid (HYPE), according to EmberCN. The address previously opened a 40x BTC long position with an average entry price of $73,345.7, valued at approximately $30.4 million. The position's liquidation price is $72,434.33, meaning it will be forcibly closed if BTC falls by about $600.

Decentralized lending protocol Morpho has released the white paper for Midnight, a new protocol that supports fixed-rate, fixed-term loans. The protocol is designed to operate autonomously without governance intervention. Additionally, Midnight's entire codebase has been made open source.

South Korean crypto exchange Upbit has announced a temporary suspension of deposits and withdrawals for cryptocurrencies on the Sui (SUI) network, citing a halt in the network's block production. The affected assets include DeepBook (DEEP), Haedal Protocol (HAEDAL), LumiWave (LWA), Momentum (MMT), Sui (SUI), and Walrus (WAL).

Nasdaq-listed semiconductor firm Sequans Communications (SQNS) has ended its Bitcoin accumulation strategy, selling 80% of its holdings to repay debt, The Block reported. The company, which once held 3,000 BTC, now has 658 BTC remaining. Sequans plans to sell its remaining Bitcoin to prioritize its core 4G/5G semiconductor business and expand its wireless applications for drone systems.

South Korean crypto exchange Bithumb has announced it is temporarily suspending deposits and withdrawals for cryptocurrencies on the Sui (SUI) network due to a mainnet issue. The affected assets are Sui (SUI), DeepBook (DEEP), Walrus (WAL), LumiWave (LWA), Bluefin (BLUE), Haedal Protocol (HAEDAL), and Momentum (MMT).

The Layer 1 blockchain Sui (SUI) is experiencing a mainnet outage, according to an announcement on its official X account. The development team is currently working to resolve the issue, and further updates will be provided.

The Argentine government has introduced a bill to block all payment methods, including cryptocurrency, from being used on illegal online gambling sites in an effort to eradicate the practice, Cointelegraph reported. Under the proposed legislation, exchanges and other entities would be required to monitor and block gambling-related transactions. The outlet added that the move aligns with a broader trend of tightening regulations on global prediction market platforms like Polymarket.

The supply of Bitcoin held by addresses at a loss has increased to approximately 8.33 million BTC amid the recent price decline, according to an analysis by Glassnode. The firm noted that when BTC was priced at $76,600, this figure stood at just 7.75 million BTC. This suggests that roughly 580,000 BTC were accumulated within the $72,900 to $76,600 price range. Glassnode explained that these addresses now holding at a loss could potentially sell to cut their losses, which may increase short-term selling pressure.

St. Louis Federal Reserve Bank President Musalem said that rising real interest rates should be countered with a policy of interest rate hikes.

The U.S. and Iran are close to an agreement, but it requires the final approval of U.S. President Donald Trump, American political news outlet Axios reported. Citing two U.S. officials, the report stated that U.S. and Iranian negotiating teams have agreed on a 60-day memorandum of understanding (MOU) to extend the ceasefire and begin talks on Iran's nuclear program. However, Trump has not yet given his final consent. If the MOU is signed, it would mark the most significant diplomatic breakthrough since the war began, although further intensive negotiations would be necessary to reach a final deal that meets the president's nuclear demands. U.S. officials said the MOU includes a provision guaranteeing "unrestricted" navigation in the Strait of Hormuz. One official explained this means no tolls or any form of interference, and that Iran must remove all mines from the strait within 30 days.