Live Feed

Crypto analyst Murphy (@Murphychen888) has warned that overheated long positions in the perpetual futures market could lead to increased downward pressure. In a post on X, the analyst noted that long traders are currently paying short traders approximately $390,000 per hour in funding fees. This figure is significantly higher than the recent seven-day average of $220,000, indicating a clear dominance of long positions. Murphy added that the seven-day average funding rate has remained positive since turning from negative on May 12, with the overheating trend intensifying recently. He explained that the high cost of maintaining long positions could compel some traders to voluntarily close their positions to avoid the expense. If prices fall further and break key support levels, it could trigger a cascade of forced liquidations, amplifying the downward pressure. Murphy advised caution with leveraged trading, noting that futures markets are more difficult to navigate while spot demand and on-chain activity have slowed considerably.

Dunamu, the operator of South Korean crypto exchange Upbit, has appointed Do Gyu-sang, a former vice chairman of South Korea's Financial Services Commission, and Lee Sang-gu, a professor of computer science at Seoul National University, as outside directors, Financial News reported. The company also named Park Hyun-joong, its head of global cooperation with prior experience at Danal, Samsung Electronics, and Meta, as an inside director. These appointments were approved at an extraordinary shareholders' meeting on May 28.

As the price of Ethereum has fallen below $2,000, ETH futures open interest (OI) has reached an all-time high, signaling a deepening of bearish sentiment in the market, CoinDesk reported. Markus Thielen, founder of 10x Research, explained that market expectations for ETH's profit structure have recently weakened, while the competitiveness of its staking yields has diminished due to high government bond yields. He noted that while Bitmine (BMNR) had been a key buyer, its pace of accumulation has slowed noticeably. In contrast, ETH futures open interest has increased for three consecutive days to a record 16.39 million ETH, valued at $32.5 billion. Thielen concluded that the combination of falling spot prices with rising OI, along with a negative seven-day cumulative volume delta (CVD), suggests the market is experiencing net selling and an expansion of short positions.

Cryptocurrency market maker Wintermute announced via X that it has donated $200,000 to a Quadratic Funding (QF) round for Ethereum (ETH) security projects. The move follows a recent statement by Ethereum founder Vitalik Buterin that he would narrow the Ethereum Foundation's (EF) core values to Censorship Resistance, Open Source, Privacy, and Security (CROPS). In its announcement, Wintermute noted that security infrastructure is used by nearly all participants but remains a chronically underfunded area, and urged the industry to join the effort. The QF round, which concluded on May 12, was the first initiative by TheDAO Security Fund, a fund established with unclaimed ETH from the 2016 TheDAO hack.

Binance is hiring an engineering lead in South Korea to manage its trading systems. According to the company's LinkedIn page, the position is a full-time, remote role. CoinNess previously reported that Binance plans to acquire a license in South Korea through its acquisition of Gopax.

Decentralized derivatives exchange EdgeX (EDGE) has announced the official launch of EdgeX V2. This upgraded version is built on the EDGE Chain and features comprehensive system improvements in security, performance, transparency, and scalability. The platform supports 24/7 trading for a variety of derivatives, including South Korean stocks, U.S. stocks, and commodities, with 40 trading pairs currently listed. Additionally, EdgeX has initiated a "Trade to Own" season, allowing users to earn EDGE token rewards through their trading activities. The project also plans to use 100% of its net profits to buy back EDGE tokens, aiming to align its long-term growth with returns for traders and token holders.

A whale associated with BIT (formerly Matrixport) has opened a 20x leveraged long position totaling 500.01 BTC ($36.4 million) via a new address, according to Lookonchain. The same whale is currently facing a $33.86 million loss on a separate 120,000 ETH ($237 million) long position.

Newly appointed Federal Reserve Chairman Kevin Warsh described Bitcoin as the new gold, Kalshi Crypto reported.

The total cryptocurrency market capitalization has fallen by approximately $80 billion in 24 hours, Cointelegraph reported. The sell-off was reportedly accelerated by a U.S. airstrike on Iran. According to the report, Nick Ruck, Director of Research at LVRG, analyzed that the downturn was driven by heightened geopolitical risks, concerns over crude oil supply disruptions, and a flight to safe-haven assets. He noted that while BTC and ETH have a long-term narrative as hedge assets, they still behave like risk assets during periods of increased uncertainty. Ruck added that the market is closely watching the risk of escalating conflict in the Middle East and its potential impact on inflation and Fed policy, leading to liquidations of leveraged positions as liquidity rapidly tightens.

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: 49.97% long, 50.03% short - Binance: 46.45% long, 53.55% short - OKX: 46.77% long, 53.23% short - Bybit: 47.64% long, 52.36% short

The following is a spot Cumulative Volume Delta (CVD) chart analyzing the order book for the BTC/USDT spot pair. The top section shows the Volume Heatmap, while the bottom displays the CVD. - Volume Heatmap (Top): This tracks the volume of trades at specific price levels. The background color brightens when the price remains in a certain range for an extended period or moves significantly. These brighter areas can indicate potential support and resistance levels. - Cumulative Volume Delta (CVD) (Bottom): This indicator represents buy and sell orders categorized by trade size. As buy orders for a given category increase, the corresponding colored line rises. - Yellow line: Orders between $100 and $1,000 - Brown line: Large orders between $1 million and $10 million

South Korea's Digital Asset Exchange Alliance (DAXA) has established a new standard to prevent the improper lending of API keys by users on virtual asset exchanges, Hans Economics reported. An API key is an access credential that allows a user to connect to an exchange's functions—such as price and balance inquiries, order placement, and deposits/withdrawals—through self-developed or external programs. The alliance explained that this measure was taken in response to a recent series of incidents where lending or sharing API keys was exploited for unfair trading practices, including market manipulation.

South Korean crypto exchange Bithumb announced the addition of Billions (BILL) for KRW trading.

Grant Cardone, a prominent U.S. real estate investor and Bitcoin bull, announced on his X account that his firm, Cardone Capital, has purchased an additional 130 BTC, taking advantage of the recent price correction. Cardone Capital, a real estate private equity firm led by Cardone, recently announced it had incorporated $100 million worth of BTC into a $235 million portfolio of income-producing real estate.

A large-scale fundraising effort by the U.S. Treasury could absorb $150 billion in market liquidity, potentially leading to a further decline in BTC, according to Michael Kramer, founder of Mott Capital Management. CoinDesk reported on his comments, in which he described BTC as a better indicator of liquidity than most assets. Kramer noted that the Treasury's government bond issuance, scheduled from May 28 to June 5, could shift approximately $150 billion in market funds into government debt. "Cryptocurrency is generally strongest when liquidity is abundant," he explained. "Conversely, when liquidity is withdrawn, even temporarily, investors tend to become more cautious about risk assets." While this does not guarantee a sharp drop, Kramer emphasized that BTC is not an asset that moves independently and that macroeconomic factors like increased government borrowing can have a significant impact on its price.

On-chain analysis platform Spot On Chain noted on X that as Bitcoin has fallen below $74,000, there are signs of selling from smart money. The platform added that news of airstrikes between the U.S. and Iran, coupled with a surge in oil prices, has created macroeconomic headwinds that triggered a sell-off across the cryptocurrency market. This led to significant capital outflows from the altcoin market, with some altcoins experiencing sharp price drops due to cascading futures liquidations.

The price of spot gold is down 2.00% intraday, trading at $4,366.65 per ounce.

Polymarket traders are giving Apple an 11% chance of reclaiming its title as the world's largest company by market capitalization by the end of the year, a figure that has risen 1.3 percentage points from yesterday. This comes as Apple (Nasdaq: AAPL) stock has seen a sharp rise, fueled by growing optimism around artificial intelligence, strong second-quarter earnings, and an expanded stock buyback program. Apple ceded the top spot to Microsoft in January 2024 and is currently ranked third globally, behind both Nvidia and Alphabet, Google's parent company. Meanwhile, the price of AAPLUSDT, an on-chain perpetual futures contract for Apple stock, is trading at $311.71 on Aster, up 0.89% from yesterday.

Major exchanges have seen $495 million worth of futures liquidated in the past hour. In the past 24 hours, $960 million worth of futures have been liquidated.

Famous Taiwanese singer Jeffrey Huang has had another leveraged ETH long position liquidated, according to data from ai_9684xtpa. A 25x leveraged position of 5,950 ETH was liquidated on Hyperliquid moments ago, confirming a loss of about $555,000. This brings Huang's total estimated losses from his ETH futures investments to nearly $34 million.

U.S. spot Bitcoin ETFs recorded a net outflow of approximately $733.4 million (1.1 trillion won) on May 27, marking the eighth consecutive day of outflows, according to data from Farside Investors. - BlackRock's IBIT: -$527.8 million - Fidelity's FBTC: -$60.3 million - Bitwise's BITB: -$17.5 million - Ark Investment's ARKB: -$17.4 million - Morgan Stanley's MSBT: +$4.3 million - Grayscale's GBTC: -$104.8 million - Grayscale's Mini BTC: -$9.9 million

According to CoinNess market monitoring, BTC has fallen below $73,000. BTC is trading at $72,941.8 on the Binance USDT market.

Major exchanges have seen $346 million worth of futures liquidated in the past hour. In the past 24 hours, $809 million worth of futures have been liquidated.

U.S. spot Ethereum ETFs saw net outflows of approximately $67.1 million on May 27, marking the 12th consecutive day of outflows, according to data from Farside Investors. - BlackRock ETHA: -$65.1 million - Fidelity FETEH: -$2 million

Decentralized cryptocurrency exchange Aster (ASTER) has listed BTC and ETH perpetual futures pairs denominated in U, a dollar-pegged stablecoin from United Stables. The listing marks the first to be approved through Aster's validator-based voting system. To commemorate the launch, Aster is conducting a trading reward campaign with a total prize pool of 50,000 U. From 10:00 a.m. UTC on May 27 to 2:00 p.m. UTC on June 2, users who pay trading fees on the BTC/U and ETH/U perpetual futures will be eligible to share in reward pools of 25,000 U for each pair, respectively.