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The U.S. Securities and Exchange Commission's (SEC) decision to permit the listing of tokenized stocks could fragment liquidity and disrupt existing revenue structures, according to an analysis from Tiger Research. Cointelegraph reported that Ryan Yoon, head of the research firm, warned that capital could disperse from centralized exchanges to various blockchain platforms, leading to liquidity fragmentation. Yoon explained that traditional finance views the dismantling of consolidated liquidity as a serious structural threat. He pointed out that if the same listed stock is tokenized across different blockchain networks and decentralized platforms, the trading volume and order flow that would typically be concentrated on a single market like the New York Stock Exchange (NYSE) or Nasdaq would become scattered. This, he argued, could lead to price discrepancies between platforms, increased slippage on large orders, and ultimately, a decline in overall market efficiency.

If Bitcoin were to fail, the cryptocurrency industry would fail with it, but if Ethereum were to fail, the industry would simply become boring, according to a statement on X by Cos, the founder of blockchain security firm SlowMist. He argued that if Ethereum collapses, all public chains that run smart contracts would likely face a similar fate, leaving an "incredibly dull" industry with only Bitcoin. Cos added that if popular sectors like stablecoins and real-world assets (RWA) do not revolve around Ethereum, another mature public chain must be able to take its place. For this reason, he stressed that the industry must focus more on security, ensuring that users are not forced to leave the space out of disappointment over security vulnerabilities.

BTC perp long/short ratios on top exchanges by open interest The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 50.27% long, 49.73% short - Binance: 48.76% long, 51.24% short - OKX: 49.72% long, 50.28% short - Bybit: 50.13% long, 49.87% short

As BTC fluctuates around $77,000, an analysis suggests the $75,000 to $77,000 range will act as a key short-term support level. According to CoinDesk, Tim Sun of HashKey Research stated the recent price drop was not a structural trend reversal but was driven by increased volatility from leverage liquidations. He noted that new capital inflows are being limited by macro variables such as rising U.S. 30-year Treasury yields, oil prices, inflation concerns, and U.S.-Iran tensions, making a defensive, range-bound market likely for the time being. Sun added that if tensions between the U.S. and Iran ease significantly, it could lower oil prices and inflation expectations, creating room for BTC to rebound.

MARA Holdings (MARA) has spent a significant amount on an executive security plan, including bulletproofing vehicles, the Financial Times (FT) reported. According to a company filing, MARA spent a total of $4.3 million on personal security for CEO Fred Thiel, which included $430,000 for vehicle armor and $58,000 for a home security system. The company also spent $3.95 million on security for CFO Salman Khan, including a one-time cost of $438,000 for bulletproofing a vehicle. MARA Holdings justified the measures as "reasonable and necessary," stating that its executives face higher risks than those at other public companies due to its publicly disclosed, large Bitcoin holdings. The company disclosed in the first quarter that it holds 38,689 BTC.

Binance CEO Richard Teng has refuted a report from The Wall Street Journal (WSJ) alleging that a financier for Iran's Islamic Revolutionary Guard Corps (IGRC) operated a secret military payment network through the exchange. In a post on X, Teng stated that the WSJ continues to publish inaccurate reports regarding Binance's compliance framework. He clarified that Binance did not permit transactions with sanctioned individuals on its platform and that the trades mentioned by the WSJ occurred before sanctions were imposed. Teng added that Binance had proactively investigated the matter before the WSJ's inquiry, a fact he claims the publication omitted from its report. He emphasized that Binance is strictly blocking illicit activities and operates an industry-leading compliance program. The WSJ article had claimed that a financial network led by Iranian businessman Babak Zanjani processed at least $850 million in transactions on Binance over the past two years, with half of the funds allegedly flowing to the IGRC and pro-Iran militant groups in the Middle East. The WSJ has previously published negative reports targeting Binance, and the exchange has sued a WSJ reporter for defamation over allegations of evading Iran sanctions.

Indian regulatory authorities have blocked access to the decentralized prediction market Polymarket as part of a broader crackdown on online gambling, CoinDesk reported. India's Ministry of Electronics and Information Technology has classified prediction markets as a form of online gambling and issued a cease-and-desist order to Polymarket. The ministry plans to take similar action against Kalshi in the future.

Lookonchain reported that an anonymous address (starting with 0x8652), which previously profited from long positions on Zcash (ZEC) and Hyperliquid (HYPE), has opened a 25x leveraged long position on Ethereum (ETH) worth $38.63 million. The address had earned approximately $7.5 million in profit from its ZEC and HYPE positions over the past four days. The average entry price for the new ETH long is $2,133.19, with a liquidation price of $1,949.67.

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

According to GMGN monitoring, the Solana ecosystem meme coin "WORLDCUP" has maintained a 90% gain over the past 24 hours. Its on-chain trading volume stands at $8.2 million. Among the 48 national team-themed meme coins, "FRANCE" currently has the highest market capitalization and is up 11% on the day.

Nomura Securities said it now expects the U.S. Federal Reserve to keep interest rates unchanged through 2026, citing rising inflation and weakening support for policy easing among Fed officials. In a May 21 report, the firm explained that while "new Fed Chairman Kevin Walsh may still be motivated to ease policy, recent data and comments from Fed officials raise doubts about his ability to persuade a majority of the Federal Open Market Committee to support a rate cut." Nomura had previously forecast two 25 bp rate cuts this year, one in September and another in December.

Garrett Jin, founder of the fraudulent cryptocurrency exchange BitForex, has placed a $36 million limit order to short ZEC. He has also placed an additional buy order for HYPE.

According to the latest data from the Chicago Mercantile Exchange (CME), the cumulative notional trading volume for all XRP futures products reached approximately $63 billion as of May 15. This comes roughly one year after the contracts first launched on May 19, 2025.

Nexpace (NXPC), a Web3 IP expansion initiative for MapleStory Universe (MSU), announced on X that it is launching a $10 million buyback program for its native token. The project team stated that it has burned a total of 8.32 million NXPC to date and that the new buyback aims to enhance the long-term stability and sustainability of its ecosystem. The buyback will be conducted on global cryptocurrency platforms and implemented in stages over the next three months.

A whale address known as '1011,' which previously suffered a liquidation of approximately $230 million, has opened a $1.26 million 3x short position on ZEC, according to on-chain analyst ai_9684xtpa. The whale also holds a $39.21 million 5x long position in BTC and $2.49 million in spot HYPE.

Decentralized prediction market Polymarket has begun lobbying efforts to enter Japan, aiming for official government approval by 2030, Bloomberg reported. The company currently restricts users in Japan from placing bets on its website and app due to regulatory issues. The move into the Japanese market is reportedly driven by a growing need to secure new users amid regulatory pressure in the U.S. and the rise of competing platforms such as Kalshi.

Five cryptocurrency projects have announced they are ceasing operations this week, citing a sharp decline in users and investment amid the prolonged market downturn, Cointelegraph reported. The affected projects are: - Ethereum infrastructure firm Syndicate Labs - Crypto ATM provider Bitcoin Depot (BTM) - Card trading platform Fantasy.top - Cross-chain infrastructure project Everclear - Ethereum Layer 2 solution Zero Network Cointelegraph added that over 5,000 people have been laid off across the crypto industry this year, with major public companies like Coinbase (COIN) and Galaxy Digital (GLXY) also reporting first-quarter losses. In contrast, services that link traditional financial products to the blockchain or cater to existing demand, such as Hyperliquid (HYPE) and Polymarket, have continued to show growth.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $49.83 million liquidated (52.43% longs) - ETH: $34.65 million liquidated (59.92% longs) - HYPE: $27.63 million liquidated (73.41% shorts)

U.S. spot Ethereum ETFs saw a net outflow of approximately $32.55 million (49.2 billion won) on May 21, marking the ninth consecutive trading day of net outflows, according to data compiled by Trader T. - BlackRock ETHA: -$38.01 million - Bitwise ETHW: +$2.14 million - BlackRock Staking ETHB: +$3.32 million

Circle (CRCL) CEO Jeremy Allaire announced via X that the company plans to launch cirBTC, a wrapped Bitcoin based on direct custody from a regulatory-compliant institution. He added that cirBTC will be 1:1 backed by actual BTC held by Circle and will be issued on the Ethereum network and Circle's Layer 1 chain, Arc.

Jia, a financial platform for small and medium-sized enterprises (SMEs) in Southeast Asia, announced it has raised $3 million in a seed round led by Coinbase Ventures. Other participants in the round included the Stellar Development Foundation, A100x, TCG, and Hashed Emergent. Jia is developing a solution to address the funding challenges of Southeast Asian SMEs by providing on-chain capital powered by AI and blockchain. The latest investment brings Jia's total capital raised to $7.3 million. The company plans to use the funds for further development, including building out its operating system and dashboard.

U.S. spot Bitcoin ETFs saw their fifth consecutive day of net outflows on May 21, with approximately $100.81 million (152.2 billion won) exiting the funds, according to data compiled by Trader T. - BlackRock's IBIT: -$103.64 million - Ark Invest's ARK: +$2.83 million

Chun Wang, founder of F2Pool, a major crypto mining pool with Chinese roots, is set to command a manned SpaceX flyby mission to Mars. The two-year mission is scheduled to leave the Earth-Moon orbit, fly past Mars, and then return to Earth.

Ethereum Layer 2 project Zero Network is shutting down its operations a year and a half after its launch, The Block reported. Zerion, the crypto wallet company behind the project, announced that it will be ending Zero Network's operations to focus its team's resources on its API and wallet. Users who have deposited assets on the network must complete their withdrawals by the end of July. The bridging service for deposits has already been suspended.

Bithumb has announced it will list OPG for trading against the South Korean won.