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Whale Alert reported that 650,000,000 USDC has been transferred from USDC Treasury to Coinbase. The transaction is valued at about $650 million.

Checkmate, a former lead analyst at Glassnode, has assessed that Bitcoin's recent retreat to $60,000 was the market's true capitulation phase, estimating an 80% probability that a bottom has been formed. He analyzed that while the market has entered a bull run, it now requires a prolonged period of sideways consolidation to rebuild confidence, similar to the patterns seen in 2016 and 2023. As evidence, he cited the weekly Relative Strength Index (RSI) dropping to a historic low of 26 and the market's entry into a "Q10 event," which signifies the top 10% oversold territory. On-chain data shows the average cost basis for active investors is around $78,000, with key resistance levels at $78,000, $85,000, and $95,000. He noted that ETFs and MicroStrategy are currently absorbing selling pressure and projected that a breakthrough above $100,000 would trigger the start of significant capital inflows from large institutions.

Whale Alert reported that 439 million USDC has been minted at the USDC Treasury.

Binance founder Changpeng Zhao said Asian countries are likely to accumulate Bitcoin reserves quietly, citing differences in cultural mindset. He argued that the narrative of crypto disrupting traditional finance is incorrect. Instead, Zhao warned that banks ignoring this new technology risk being left behind. Zhao also emphasized that crypto is far more transparent and traceable than traditional finance, with a significantly lower rate of illicit transactions.

Dankrad Feist, a former senior researcher at the Ethereum Foundation (EF), has proposed establishing a new organization to replace the current foundation. The proposal comes amid a series of leadership resignations and growing dissatisfaction with co-founder Vitalik Buterin's technical idealism. Feist argued that a new organization, funded with at least $1 billion and supported by staking fee revenue, is necessary to save Ethereum. He noted that the current foundation holds less than 0.1% of the total ETH supply and receives no fee income. Feist stressed that the new entity would require a combative leader and a board focused on increasing the price of ETH. This reflects community frustration over Ethereum's recent price stagnation compared to other assets and the foundation's perceived neglect of marketing and economics.

Whale Alert reported that 439 million USDC has been burned at the USDC Treasury.

Coinbase announced it will list stock index futures tracking indices focused on China, artificial intelligence (AI), and U.S. national security. The products are scheduled to begin trading on June 8 through the Coinbase Derivatives Exchange, which is regulated by the U.S. Commodity Futures Trading Commission (CFTC). The new themed offerings—AI10, Defense10, and China10—will be launched alongside Tech100, an index tracking the top 100 companies on Nasdaq.

U.S. SEC Commissioner Hester Peirce said a potential innovation exemption for tokenized stocks may have a limited scope. She explained that the exemption currently under review is likely to be narrowly applied to on-chain stock products and is not expected to cover synthetic stock tokens that do not provide actual shareholder rights.

U.S. President Donald Trump reiterated on May 21 that Iran must surrender its highly enriched uranium, stating that the U.S. would likely destroy the material after securing it. Speaking to reporters at the White House, Trump said the U.S. will secure the uranium, which he noted the country neither needs nor wants, and will therefore most likely destroy it. He added that the U.S. and Iran are currently in negotiations and the outcome remains to be seen. Trump has previously made similar demands. On May 10, he stated that the U.S. Space Force was monitoring Iranian enriched uranium buried under debris, according to U.S. sources.

Sui announced via X that it has fully implemented gasless stablecoin transfers on its mainnet. This allows users to send supported stablecoins for free without needing to hold separate SUI tokens for gas fees. The feature, a core function implemented at the protocol level, is already in use by institutions such as Fireblocks.

Whale Alert reported that 699 million USDC has been minted at the USDC Treasury.

As Bitcoin (BTC) has fallen below $78,000, structural signs of market weakness are accumulating, according to an analysis by The Block reporter Naga Avan-Nomayo. He cited several key bearish factors, including four consecutive trading days of spot ETF outflows, large-scale long position liquidations in the futures market, and a negative spot Cumulative Volume Delta (CVD) for nine straight trading days. Avan-Nomayo noted that despite the recent liquidations, leverage has not been sufficiently cleared from the market, leaving instability. However, he added that billions of dollars in stablecoin liquidity are waiting on the sidelines, creating a strong possibility for BTC to recover above $80,000 once that capital begins to enter the market in earnest.

The three major U.S. stock indices closed higher today. - S&P 500: +0.17% - Nasdaq: +0.09% - Dow Jones: +0.55%

No agreement has been reached in the Iran nuclear negotiations, but differences between the two sides have narrowed, according to a senior Iranian source cited by Reuters.

A Pakistani senator stated in a media interview that negotiations are ongoing between Iran and Pakistan, as well as between Pakistan and the U.S. He explained that Pakistan is making every effort to bring all parties back to the negotiating table, narrow their differences to reach an agreement, and end the war. The senator added that he is optimistic about talks between the U.S. and Iran, noting that they are making progress and proceeding in the right direction.

The CLARITY Act's passage through the Senate could be delayed, reported Eleanor Terrett, host of Crypto in America. She said via X that the bill now faces competition for floor time in June with other major legislation, including a budget reconciliation bill, the Foreign Intelligence Surveillance Act (FISA), and a housing bill that passed the House this week. Terrett noted growing realistic concerns about whether the Senate can handle more than two major bills simultaneously amid a tight schedule. Consequently, she suggested that some legislation, including the CLARITY Act, might be pushed to July.

Iranian President Pezeshkian stated that he will not make concessions in negotiations, according to Iranian state TV.

Cryptocurrency analyst Michaël van de Poppe has stated that the likelihood of Bitcoin (BTC) experiencing a significant decline from its current levels is low. He noted that while U.S. Treasury yields and oil prices have recently surged, a stabilization in these two indicators could allow both the stock market and BTC to resume their upward trends. Van de Poppe projected that if BTC maintains the key support level of $75,000, it could rise to around $90,000, where the 50-week moving average is located on the weekly chart.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Billionaire entrepreneur and one-time crypto advocate Mark Cuban has sold most of his Bitcoin. Speaking on a recent podcast, Cuban said he concluded that cryptocurrency has failed to serve as an effective hedge against fiat currency devaluation and geopolitical instability, leading him to lose faith and reduce his holdings, CoinDesk reported. Cuban noted that during the turmoil of the Iran war, he had viewed Bitcoin as the best alternative to gold for hedging. However, he observed that when gold prices rose, Bitcoin fell, and it also dropped when the U.S. dollar weakened. The expected hedging effect never materialized, a point he found disappointing. He added that he was more disappointed in Bitcoin than in other cryptocurrencies like Ethereum (ETH), which he dismissed as "the rest of the junk."

Coinbase announced via its official X account that it will halt trading support for TRIA, NEO, and IMX perpetual futures starting from 1:00 p.m. UTC on June 4. At the time of the suspension, any open positions held by users will be automatically settled.

According to CoinNess market monitoring, BTC has risen above $78,000. BTC is trading at $78,000 on the Binance USDT market.

The final draft of an agreement between the U.S. and Iran, mediated by Pakistan, has been reached and is expected to be announced within hours, Iran's ILNA news agency reported, citing Al Arabiya TV. The draft includes the following provisions: - An immediate and comprehensive ceasefire on all fronts. - A mutual commitment not to target infrastructure. - Guaranteed freedom of navigation in the Persian Gulf and the Strait of Hormuz under a joint monitoring system. - A phased lifting of sanctions against Iran, conditional on its implementation of the agreement's provisions. - The commencement of negotiations on unresolved issues within a maximum of seven days.

Although Ethereum (ETH) has dropped 55% from its peak, the buying pressure needed to absorb the sell-off has vanished, according to an analysis by on-chain firm EasyOnChain cited by CryptoPotato. The firm expressed particular concern not just about the price decline itself, but about the widening gap between the derivatives market and spot demand. EasyOnChain suggested that ETH appears to have already entered a mid-to-long-term bear market, adding that reduced institutional participation, as seen in ETF flows, is a clear warning sign. The analysis also highlighted that the Coinbase Premium has been negative throughout May, which suggests that U.S. institutional investors are leaving the market.

Everclear (CLEAR), formerly known as Connext, announced via its official X account that it has decided to phase out the Everclear Foundation, its development company, and its products. The team explained that while developing a solver-based model for rebalancing cross-chain funds, it struggled with profitability despite once reaching a monthly trading volume of $500 million. A focus on B2B partnerships over the past six months failed to secure revenue in time, as the project's funds were depleted before partners could begin operations. The protocol has since been terminated, with all remaining deposits withdrawn by users and partners, and the Everclear UI and chain are no longer operational. The announcement added that if any funds remain after settling debts, the team is considering a token buyback of between $50,000 and $200,000, although nothing has been confirmed.