Executive brief
Bitcoin has reclaimed a bullish stance, surging past $79,000 for the first time in months. This rally is underpinned by significant institutional demand, highlighted by Strategy’s $2.5 billion bitcoin purchase, and an indefinitely extended ceasefire between the US and Iran. While geopolitical tensions in the Strait of Hormuz remain a headwind for energy costs, the market has responded positively to the diplomatic progress. However, the decentralised finance sector faces severe structural risks as the Kelp DAO exploit resulted in a $292 million loss, allegedly linked to North Korean cyber actors. This event, alongside a $3.5 million exploit of the Volo Protocol, underscores the persistent vulnerability of cross-chain infrastructure.
In Washington, the banking lobby is intensifying its efforts to slow stablecoin oversight, specifically targeting the GENIUS Act to prevent yield-bearing stablecoins from competing with traditional deposits. US Treasury Secretary Bessent’s recognition of crypto as an important payment rail provides a long-term directional cue for the industry. Meanwhile, investors must weigh the opportunity in institutional tokenisation, illustrated by Ripple’s move into US Treasury debt, against the risk of AI-enhanced phishing attacks on major platforms like the Apple App Store. As the Ethereum staking ratio hits a fresh high of 32%, the reduction in available float may serve as a key driver for future price appreciation. The primary risk cue remains the potential for further North Korean hacking activity, which has already hit $578 million this month.
1) Top 20 news headlines
- Bitcoin tops $79,000 as crypto rally gathers steam; BTC pushed to an 11-week high with dynamics for a short squeeze building.
- Kelp DAO exploited for $292 million; preliminary forensics point to the Lazarus Group as the largest single crypto hack of 2026.
- Strategy discloses $2.5 billion bitcoin buy; the firm completed its largest purchase in 17 months following a ceasefire extension.
- Banks seek to slow implementation of stablecoin oversight; industry groups warn that $6.6 trillion in deposits could migrate if yield-bearing stablecoin channels stay open.
- US Admiral calls Bitcoin key to cybersecurity; Navy Admiral Samuel Paparo describes the network as a peer-to-peer zero-trust transfer of value.
- John Ternus to succeed Tim Cook as Apple CEO; the transition occurs as the company hits a $4 trillion valuation.
- UK FCA raids eight illegal peer-to-peer trading hubs; coordinated raids targeted sites for facilitating P2P trading without required registration.
- Justin Sun sues Trump-linked World Liberty Financial; the lawsuit alleges the platform wrongfully froze Sun’s tokens.
- Ripple tokenized Treasury products hit $333 million; tokenized assets on the XRP Ledger surged by 2,200% over the last 12 months.
- Ethereum staking ratio hit all-time high; more than 32% of the total ETH supply is now locked in staking contracts.
- GSR launches its first ETF for top tokens; the Nasdaq-listed fund actively manages a basket of bitcoin, ether and solana.
- North Korea tied to heists worth $578 million in April; DPRK total crypto-asset haul is estimated to have reached $6.75 billion.
- RAVE token collapses 95% after $6.7 billion peak; insiders allegedly controlled more than 90% of the token supply before the crash.
- Bitcoin Coinbase premium enters 14-day bullish streak; the longest streak since BTC hit an all-time high of $126,000 in October.
- Stratiphy reopens tax-free route to crypto ETNs in UK; investors gain access to bitcoin and ether ETNs provided by 21Shares.
- Devin Nunes exits as Trump Media CEO; the company took in $3.7 million in revenue and lost $712 million last year.
- CoinDesk 20 performance update; Aptos (APT) rose 5.5% to lead the index higher.
- Coinbase shifts prediction market fight to federal court; the exchange is contesting New York’s lawsuit over CFTC authority.
- P2P.org launches Syncro Sender for Solana; the infrastructure reports a 99.2% transaction inclusion rate for trading firms.
- HIVE raises $115 million for AI data centers; both HIVE and Keel stocks climbed 4% following the capital expansion.
2) BTC and ETH ETF flows
| Metric | BTC | ETH |
|---|---|---|
| Net inflow | $11.8m | $43.4m |
| Value traded | $1.86b | $648.9m |
| Net assets | $99.1b | $13.7b |
| Cumulative net inflow | $58.0b | $12.1b |
3) X trending news
- Bitcoin reclaims $78,000; BTC hit the key resistance level as risk-on sentiment returned to the market.
- Ceasefire extended indefinitely; President Trump extended the US ceasefire with Iran, causing oil prices to fall back below $90.
- Crypto funds attracted $1.4 billion; the highest weekly inflow since January, bringing total AUM to $155 billion.
- US running Bitcoin node; Admiral Paparo confirmed the US is using the Bitcoin protocol for operational security tests.
- China tech export boom; integrated circuit exports surged to a record $234 billion over the last 12 months.
- Spirit Airlines rescue loan; the Trump administration is offering a $500 million loan for a stake in the carrier.
- Russia advances crypto bill; the new legislation will classify crypto as property and allow its use in foreign trade.
- Google AI code generation; AI is now reportedly generating 75% of all new code at Google.