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U.S. asset manager State Street has launched an institutional tokenized cash management fund with Galaxy (GLXY), CoinDesk reported. Unlike traditional money market funds (MMFs), which can only be traded during market hours, this fund operates 24/7 using blockchain infrastructure. The fund will initially be issued on Solana (SOL) and is scheduled to expand to Ethereum (ETH) and Stellar (XLM) in the future.

Jito (JTO), a Solana-based liquid staking token, plans to launch a trading app called JTX for general users in July, Fortune reported. The company stated that it currently holds over $100 million in cash and decided to launch the app to enable direct on-chain trading, setting it apart from competitors that rely on existing infrastructure. JTX will initially support spot trading for Solana-based cryptocurrencies, with future plans to add perpetual futures trading and integrate prediction markets.

Tokenized securities platform Securitize announced on its official X account that it has partnered with Solana-based decentralized swap aggregator Jupiter (JUP) and crypto market maker Jump Trading to launch a stock token trading service.

K33 Research has analyzed that the funding rate in the derivatives market remains negative even as Bitcoin has rebounded past $81,000. According to Decrypt, the firm noted that the 30-day average funding rate for BTC perpetual futures contracts has now been negative for 66 consecutive days. While a negative funding rate is typically a strong buy signal indicating that bearish bets are dominant, K33 Research attributes the current phenomenon to structural hedging by institutional investors rather than market fear. The firm explained that short positions from traders employing delta-neutral strategies are maintaining the negative funding rates. Decrypt added that if BTC breaks through $82,000, a short squeeze could liquidate accumulated short positions and push the price as high as $100,000. However, it also noted the possibility of a correction down to $75,000 if spot demand slows.

The Uniswap DAO is discussing a governance proposal to recall 12.5 million UNI, worth $42 million, that was previously lent to its delegates, DL News reported. The tokens were loaned to the Uniswap Foundation and key delegates in 2022 and 2023 to stimulate governance activity. According to the proposal's author, the loaned tokens have served their purpose, as the governance environment is now sufficiently active. DL News added that addressing the practice of delegates voting without their own capital at stake is crucial for ensuring governance health, as it can create a misalignment between economic exposure and voting power.

U.S. Secretary of Defense Pete Hegseth said that the truce with Iran is not yet over. He stated that U.S. President Donald Trump has directed the military to resume free commercial navigation in the Strait of Hormuz, warning that Iran will face consequences if it attacks any vessels. Two U.S. merchant ships have already passed through the strait accompanied by a U.S. destroyer, indicating that passage is proceeding smoothly, Hegseth noted. He added that he expects the international community to intervene at the appropriate time, at which point the U.S. will transfer related responsibilities. "Iran's attacks to date have not met the criteria for resuming large-scale operations," Hegseth said. "However, we are prepared to resume operations at any time."

U.S. crypto exchange Kraken has partnered with global payments network MoneyGram to launch a service allowing users to withdraw cryptocurrency as cash in over 100 countries, Fortune Crypto exclusively reported. Kraken Co-CEO Arjun Sethi stated that providing fiat exchange access is crucial for people in countries with volatile currencies who use the platform like a bank. The partnership will enable Kraken customers to visit around 500,000 MoneyGram offline locations worldwide to exchange their crypto for local fiat currency.

a16z Crypto has closed its fifth fund at $2.2 billion, The Block reported. The new fund comes about four years after the firm raised $4.5 billion for its fourth fund in 2022. According to a16z Crypto, the market is transitioning from a speculative phase to one of practical adoption, and it is focusing on growth in the stablecoin, DeFi, and prediction market sectors. The firm explained that the fund will be invested 100% in cryptocurrency, not in related fields such as AI or robotics. It also added that on the regulatory front, clear legislation like the GENIUS Act for stablecoins will help attract institutional investors.

Nasdaq-listed company Sequence Communications (SQNS) has sold 1,025 BTC, reducing its holdings to 1,114 BTC, BitcoinTreasuries reported on X. The sale has dropped the company's ranking among corporate BTC holders to 40th. This follows a previous sale last November, when Sequence Communications sold 970 BTC to repay debt.

Cryptocurrency prime broker FalconX is partnering with Swiss crypto bank Sygnum to launch a tokenized credit product for institutional clients, The Block reported. Under the partnership, Sygnum Bank will serve as the legal lender to clients via its platform, while FalconX will provide crypto-based credit strategies.

FTX founder Sam Bankman-Fried (SBF) could have amassed a $100 billion fortune if he had not been imprisoned and had held onto his early investment portfolio, Forbes reported. SBF was known to be an early investor in companies such as Anthropic, SpaceX, and Robinhood, most of which have seen their market capitalizations increase significantly since his initial investment. Forbes noted that SBF's wealth once peaked at $24 billion, earning him a spot on the Forbes 400 list. He is now serving a 25-year prison sentence for embezzling over $8 billion in customer funds.

Bitcoin has surpassed $80,000, showing resilience against macroeconomic headwinds even as expectations for a U.S. Federal Reserve rate cut diminish, CoinDesk reported. Recently, British investment bank Barclays and other financial institutions have withdrawn their forecasts for a Fed rate cut, citing rising energy prices and inflation concerns stemming from geopolitical tensions involving Iran. CoinDesk noted that while the prospect of interest rates remaining high is typically bearish for risk assets, Bitcoin is increasingly being treated as an inflation hedge, attracting capital inflows through spot ETFs. The outlet highlighted key technical levels, including a resistance line at $81,500 and a CME gap near $84,000. With the price currently at the upper resistance of an ascending channel, a break above the 200-day moving average of $83,430 is expected to strengthen upward momentum.

Hackers behind the exploit of memecoin leverage trading protocol Wasabi have laundered all of the stolen $5.9 million through Tornado Cash, according to on-chain analyst Specter (@SpecterAnalyst). In a post on X, Specter explained that the method is similar to patterns used by North Korean hackers. He noted that these tactics typically involve bridging stolen assets to Bitcoin before laundering them through Tornado Cash. The pattern is characterized by repeated withdrawals to new addresses, distribution across multiple wallets, and several stages of bridging, ultimately followed by transfers to addresses associated with over-the-counter (OTC) trading.

Coinbase (COIN) will cut approximately 14% of its total workforce, CEO Brian Armstrong announced. He cited the need to adjust the company's cost structure amid the current cryptocurrency market downturn and noted that advancements in AI have maximized the productivity of smaller teams. Armstrong added that Coinbase will change its organizational structure to five levels below the CEO and COO and require managers to also perform hands-on work. The company will also reorganize to focus on AI talent capable of creating impact by managing AI agents.

Bitcoin has surpassed the $80,000 mark for the first time in three months, but concerns are growing that the rally could reverse due to weak on-chain activity, CryptoPotato reported. On-chain analytics firm Santiment noted that despite the price surge, network usage is at a remarkably low level. The firm highlighted that daily active addresses stand at 531,000 and new addresses at 203,000, both two-year lows. This is in stark contrast to past price rallies, which were supported by a surge in new users, suggesting the current price action is driven by a small number of participants rather than widespread adoption. In contrast, crypto analyst Ali Martinez offered a more bullish outlook. He noted that a weekly MACD golden cross on April 13 was followed by a roughly 15% price increase, with a high probability of further gains. Martinez projected that if BTC breaks through its 200-day moving average near $83,000, it could rally even higher.

The crypto market structure bill (CLARITY) being discussed in the U.S. Congress could be delayed due to a lack of consensus and a conflict over a housing bill, CryptoSlate reported. Senate Banking Committee Chairman Tim Scott is reportedly working to secure the support of all 13 Republican members, but some, including Senator John Kennedy, are withholding their backing due to delays in their own housing legislation, the Build Now act. Additionally, there is insufficient agreement on provisions within the bill, such as those concerning stablecoin interest and developer protections. Law enforcement agencies have raised concerns that granting broad immunity to crypto developers could create regulatory blind spots. Galaxy Digital (GLXY) predicts that if the Banking Committee's markup vote on the bill is pushed past May, its chances of passing will decrease significantly as the U.S. midterm election schedule approaches.

The Spot CVD chart analyzes the order book for the BTC/USDT spot trading pair. The upper section shows a Volume Heatmap, while the lower section displays the Cumulative Volume Delta (CVD). - The Volume Heatmap at the top tracks the scale of trading volume at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences a significant move. Brighter-colored areas may act as potential support and resistance levels. - The CVD indicator at the bottom 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-scale orders ranging from $1 million to $10 million.

Cryptocurrency exchange Bullish (BLSH) has agreed to acquire securities services provider Equiniti for $4.2 billion, a deal that includes $1.85 billion in debt, according to The Wall Street Journal. Through the acquisition, Bullish plans to offer services such as 24-hour stock token trading and stablecoin-based payment solutions to gain a foothold in the stock token market.

Digital asset investment products saw a net inflow of $117.8 million last week, marking the fifth consecutive week of inflows, CoinShares reported in its weekly fund flow report. Total assets under management (AUM) rose to $155 billion, though this remains below the $263 billion recorded in October of last year. Bitcoin products attracted $192.1 million in net inflows, while Ethereum products experienced an outflow of $81.6 million. CoinShares noted that risk-on sentiment is improving rapidly.

The proposed merger between Naver Financial and Dunamu has hit a snag over major shareholder eligibility requirements, the Korea Economic Daily reported. An amendment to South Korea's financial transaction law, set to take effect on Aug. 20, will disqualify major shareholders and executives of virtual asset service providers if they have a history of fines or more severe penalties under regulations such as the Fair Trade Act. Naver Financial and Dunamu, which filed for merger approval with the Fair Trade Commission (FTC) late last November, have postponed an extraordinary shareholders' meeting for their stock swap from May 22 to Aug. 18, just before the new law is implemented. The delay comes as the FTC's review continues. In addition to the FTC's approval, the deal is subject to a separate eligibility review by financial authorities. Naver's 200 million won fine for a Fair Trade Act violation last September is expected to be a potential obstacle in this process.

According to data from Coinglass, if Bitcoin breaks above $81,770, short positions worth $777.98 million face liquidation on major centralized exchanges. Conversely, a drop below $79,166 could trigger the liquidation of long positions valued at $1.31 billion.

Upbit announced that it will temporarily suspend deposits and withdrawals for Babylon (BABY) starting at 11:00 a.m. UTC today due to a network upgrade.

South Korea's virtual asset industry is pushing back against a revised enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, set to take effect in August, Maeil Business Newspaper reported. Industry leaders are concerned that excessive regulations, particularly a mandate for Suspicious Transaction Reporting (STR) on all transactions of 10 million won or more without exception, could paralyze the domestic market. According to a simulation by the Digital Asset eXchange Alliance (DAXA), the new rule is projected to cause the annual number of STRs from the five major won-denominated exchanges to surge by approximately 85 times, from 63,408 to 5,445,133. A DAXA official warned that this would effectively paralyze the country's normal Anti-Money Laundering (AML) monitoring systems.

Binance announced it will delist the AVA/BTC, BCH/BNB, CFX/BTC, ENA/BTC, HBAR/FDUSD, LA/BNB, MAGIC/BTC, OP/BTC, PUNDIX/USDC, STEEM/ETH, WIN/TRX, and XPL/FDUSD spot trading pairs at 3:00 a.m. UTC on May 8.

Bybit has announced the delisting of DGB, HOOK, SLP, RDNT, GAME, PORTALS, and USDD, effective at 8:00 a.m. UTC on May 12.