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The Hyperliquid (THYP) ETF from 21Shares recorded approximately $1.8 million in trading volume on its first day. Bloomberg ETF analyst James Seyffart noted that while this is a decent level for a typical new ETF launch, it does not represent an explosive success. Meanwhile, the industry is watching for the possibility that Bitwise could be the next to launch a Hyperliquid ETF.

Wall Street investment bank and research firm Benchmark has reiterated its 'Buy' rating for Coinbase (COIN), raising its price target to $270 from the previous $260. Benchmark noted that Coinbase is evolving beyond a simple cryptocurrency exchange into a core infrastructure platform for the on-chain economy, encompassing stablecoins, derivatives, tokenization, DeFi, prediction markets, and AI commerce. The upgrade comes despite Coinbase reporting a first-quarter net loss of $394 million and revenue of $756 million, which fell short of market expectations. However, Benchmark highlighted that Coinbase's global crypto trading market share has climbed to an all-time high of 8.6%, with assets under custody on the platform increasing to approximately $294 billion.

The tokenized asset (RWA) market could see rapid growth over the next few years if the U.S. Congress passes the CLARITY Act, according to Bloomberg ETF analyst James Seyffart. He explained that regulatory clarity, in particular, could trigger an influx of institutional capital and drive the expansion of markets for tokenized securities, bonds, and funds.

The U.S. Commodity Futures Trading Commission (CFTC) has filed a legal brief supporting prediction market platform Kalshi in a lawsuit in Ohio, The Block reported. The CFTC argued that Ohio's move to classify Kalshi as an unlicensed sports betting platform infringes on federal jurisdiction. CFTC Commissioner Michael Selig stated that prediction markets require federal-level regulation because they operate across state lines. He added that the agency will not allow excessive state government intervention to undermine its authority. The CFTC is also engaged in similar legal disputes over regulatory authority with several other states, including Wisconsin, Illinois, Arizona, and New York.

JPMorgan is reportedly planning to launch an Ethereum-based money market fund (MMF), according to Unfolded. The fund, to be managed by Kinexys Digital Assets, will invest in U.S. Treasury bonds and ultra-short-term repurchase agreements (repos). The fund is also reportedly designed to be usable as collateral for stablecoin reserves under the GENIUS Act. Market analysts suggest the move is a strategy to meet growing demand from stablecoin issuers for on-chain, highly liquid assets. However, the fund's size has not yet been disclosed, and its actual market impact is expected to depend on its future adoption by stablecoin issuers.

Nasdaq-listed Bitcoin mining company MARA Holdings (MARA) announced that it sold 20,880 BTC for approximately $1.5 billion in the first quarter of this year. According to Decrypt, the company used about $1 billion of the proceeds to repay convertible bonds, reducing its debt from approximately $3.3 billion to $2.3 billion. MARA also added that it plans to use the funds for the acquisition of Long Ridge Energy, a 505 MW power plant operator in Ohio.

The three major U.S. stock indices closed mixed today. - S&P 500: -0.16% - Nasdaq: -0.71% - Dow Jones: +0.14%

According to Solid Intel, major U.S. bank Citigroup has expanded its investment in Bitcoin treasury company MicroStrategy (MSTR) to approximately $138 million.

Bitcoin (BTC) dominance has recovered to around 58.5% after rebounding from a recent low near 55%. According to The Block, a rise in dominance is typically associated with a correction or consolidation phase where Bitcoin shows relative strength against altcoins. BTC dominance peaked around 62-63% in the middle of last year before declining to as low as 54% amid an altcoin rally. However, with some altcoins such as TON, ZEC, and DOGE recently showing relative strength, the market is now viewing a potential renewed decline in BTC dominance as a key indicator for the start of an alt season.

More than 3 million ETH have been withdrawn from Binance since the beginning of May, with daily outflows at times exceeding 500,000 ETH. In a contribution to CryptoQuant, crypto analyst Arab Chain explained that the market is taking note of this movement, as it coincides with the price of ETH stabilizing around $2,300. This has led to analysis suggesting that large-scale investors and institutions may be moving ETH off exchanges for long-term holding and accumulation. Typically, a decrease in ETH reserves on exchanges can reduce the available supply on the spot market, which is interpreted as a factor that eases medium- to long-term selling pressure.

Iranian Foreign Ministry spokesperson Baghaei stated on May 12 that an end to the war and the lifting of the blockade on the Strait of Hormuz are preconditions for any negotiations with the United States. Baghaei criticized the U.S., claiming it is not seeking genuine dialogue but rather Iran's "complete surrender." The spokesperson also asserted that the U.S. is responsible for the blockade, which he described as an act of war under international law.

Mobile investment app eToro saw its first-quarter revenue from crypto assets fall to $2.15 billion, down from $3.5 billion in the same period last year. The company also reported a 32% year-over-year decline in the number of crypto transactions for the quarter. Despite the downturn, eToro noted it has expanded its crypto trading services in New York and acquired crypto wallet Zengo for $70 million to grow its DeFi business. The results mirror a broader trend, with Robinhood and Coinbase also recently reporting decreases in crypto trading volume and revenue.

U.S. President Donald Trump said that either Iran makes the right choice or the U.S. will resolve the matter itself.

U.S. President Donald Trump said the Russia-Ukraine conflict will end soon.

The Ethereum Foundation has announced it is expanding support for the Clear Signing crypto security feature. According to The Block, Clear Signing is a technology that displays transaction approval details in a human-readable format. The core function is to reduce the risk of phishing and malicious transactions by providing intuitive explanations, such as swapping 100 USDC for ETH, unlike the existing blind signing method. To facilitate this, the Ethereum Foundation is supporting a public registry and development tools, and has adopted the ERC-7730 standard proposed by Ledger.

A U.S. federal appeals court has held a hearing for the appeal of Roman Sterlingov, founder of the crypto mixing service Bitcoin Fog, The Block reported. The central issue is whether U.S. money transmission laws and the jurisdiction of Washington D.C. can be applied to an internet-based cryptocurrency service operating overseas. The defense team argued that the FBI artificially created jurisdiction through an undercover investigation, while prosecutors countered that the service is subject to U.S. law because it was offered to American users. The court also closely examined the reliability of the FBI's IP overlap analysis evidence.

A U.S. appeals court has temporarily suspended a trade court's ruling on the 10% tariff imposed by President Donald Trump under Section 122 of the International Emergency Economic Powers Act (IEEPA), according to officials.

The Nasdaq 100 index has extended its losses, falling 2.1%.

According to CoinNess market monitoring, BTC has fallen below $80,000. BTC is trading at $79,944.53 on the Binance USDT market.

Coinbase announced on X that it now supports trading for SKR and JITOSOL for residents of New York.

The U.S. Senate has approved the confirmation of Federal Reserve chair nominee Kevin Warsh to the Federal Reserve Board. He will serve a 14-year term, succeeding Stephen Miran, effective from Feb. 1 of this year. The Senate has also initiated the confirmation process for Warsh's concurrent four-year term as Fed chair by holding a cloture vote. A final vote on his chairmanship could come as early as May 14. The term of current Chairman Jerome Powell ends on May 16.

Coinbase has added Solana (SOL) as a collateral option for its Morpho-based on-chain lending service, according to The Block. U.S. customers outside of New York State can borrow up to $100,000 in USDC without having to sell their collateral.

The U.S. Commodity Futures Trading Commission (CFTC) is in discussions with major professional sports leagues to strengthen its oversight of sports-based prediction markets, CoinDesk reported. CFTC Chairman Michael Selig stated that the agency has already signed a data-sharing memorandum of understanding (MOU) with Major League Baseball (MLB) and is in talks with other pro leagues. Selig explained that sports event contracts are federally regulated derivatives, not simple gambling. He added that the CFTC has already filed five to six lawsuits against state governments attempting to restrict these markets.

Binance Chief Marketing Officer (CMO) Rachel Conlan is set to leave the company in June, according to CoinDesk. Conlan has led the exchange's brand strategy for about three years. She will be succeeded by Eowyn Chen, the former CEO of Trust Wallet, who will serve as interim CMO.

FalconX has expanded its tokenized credit product to the Monad (MON) network. According to Cointelegraph, the move allows institutional investors to use assets deposited in FalconX's tokenized credit Vault as collateral on DeFi lending protocols like Morpho.