Market Updates
Macro, Regulation and Markets
The new SEC Chair, Paul Atkins, said on 12 May 2025 that the agency will draft formal rules for crypto-asset issuance, custody and trading and may let ATS-licensed broker-dealers handle non-securities such as Bitcoin and Ether, signalling a policy shift from enforcement to rule-making. [source]
An April 2025 centralised exchange report showed Gate (+14 %), Bitget (+2 %) and Bybit (+1 %) led spot-volume growth, while BitMart (-37 %), HTX (-26 %) and Crypto.com (-25 %) lagged; in derivatives, MEXC rose 55 % as Deribit fell 20 %. [source]
In the last 24h about $614.01M in positions were liquidated: $490.36M from longs and $123.65M from shorts, affecting roughly 190K traders. Bitcoin accounted for $153.91M of liquidations and Ether for $139.69M, with other tokens adding approximately $94.69M; the largest short liquidation was around $12.65M in MOON. In the most recent 1h window, liquidations totaled $17.96M, split into $1.50M longs and $16.46M shorts. [source]
Exchanges and Listings
Coinbase Global will join the S&P 500 on 19 May 2025, replacing Discover Financial Services and becoming the index’s first pure-play crypto company. [source]
Hong Kong-based Animoca Brands plans a New York IPO; co-founder Yat Siu told the FT on 13 May 2025 that the Trump administration’s lighter crypto rules offer a “unique opportunity” to access US capital markets. The group was last valued at nearly $6 billion and booked $97 million in EBITDA for 2024. [source]
Liquid and Venture Funds
Amber International launched a US$100 million “Crypto Ecosystem Reserve” on 12 May 2025, using an AI engine to invest in BTC, ETH, BNB, SOL, SUI and XRP and partnering with Solana’s DFDV and the BNB Foundation to support institutional adoption. [source]
Bitcoin
Healthcare provider KindlyMD will merge with David Bailey’s Nakamoto Holdings and raise $710 million ($510 million PIPE, $200 million notes) to create a publicly traded bitcoin-treasury vehicle. [source]
Strategy bought 13,390 BTC for $1.34 billion at an average $99,856 between 5 and 11 May 2025, lifting its holdings to 568,840 BTC acquired for $39.41 billion and reporting a 15.5 % bitcoin yield year-to-date. [source]
Developments
Anchorage Digital agreed on 12 May 2025 to acquire USDM issuer Mountain Protocol; the deal, pending regulatory approval, will fold the stablecoin team, tech and Bermuda licence into the federally chartered crypto bank. [source]
Solana launchpad Pump.fun introduced a revenue-sharing scheme on 13 May 2025 that allocates 50 % of PumpSwap fees—0.05 % of each trade in SOL—to token creators for both new and existing coins. [source]
Cloud firm Nirvana Labs raised a $6 million seed-extension round on 12 May 2025 led by Jump Crypto and Crucible Capital, bringing total funding to $11.8 million to build blockchain-focused cloud infrastructure. [source]
L1 developer Sonic Labs completed a $10 million strategic sale of its S token to Galaxy on 12 May 2025 to fund US expansion and its DeFi ecosystem. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 12 May 2025 is +$5.2M.
Breakdown:
IBIT: +$69.4M
FBTC: –$11.1M
BITB: –$17.7M
ARKB: $0.0M
BTCO: –$2.5M
EZBC: $0.0M
BRRR: $0.0M
BTCW: $0.0M
GBTC: –$32.9M
BTC: $0.0M
Total net daily flow: +$5.2M
Total cumulative flows to date: $41,788.0M
ETH ETF
ETH ETFs total net daily flow for 12 May 2025 is –$17.6M.
Breakdown:
ETHA: $0.0M
FETH: –$8.0M
ETHW: $0.0M
CETH: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: –$9.6M
ETH: $0.0M
Total net daily flow: –$17.6M
Total cumulative flows to date: $12,832.5M
Sector Returns
Top Performing Sectors
Bitcoin Ecosystem sector is up sharply (PUPS up 37.25%, ORDI up 2.34%, STX up 0.12%), gaining 7.76% over the past 24 hours.
Dino sector has risen (XRP up 6.34%, LTC up 4.23%, BCH up 0.40%), up 5.90% over the past day.
Agent sector is up (GRIFF up 22.16%, AIXBT up 3.30%, VIRTUAL up 1.33%), advancing 2.98% in the last 24 hours.
Worst Performing Sectors
Hyperliquid Ecosystem sector is down (PURR down 9.03%, HFUN down 8.76%), off 8.93% over the past 24 hours.
Sui DeFi sector is down (BLUE down 7.26%, DEEP down 3.21%, SEND down 0.94%), down 2.52% over the past day.
Ethereum DeFi sector is down (ENA down 5.70%, CRV down 4.09%, RPL down 3.99%), down 2.07% in the last 24 hours.
Token Returns
Top Performing Tokens
PUPS has gained 37.25% in the past 24 hours, making it the top performer in the Bitcoin Ecosystem sector.
MPL is up 31.81% in the past 24 hours, making it the strongest performer in the RWA sector.
WIF has risen 23.61% over the past day, ranking among the leading gainers in the Memecoin sector.
GRIFF is up 22.16% over the past 24 hours, standing out as a top performer in the Agent sector.
POPCAT is up 8.11% in the last 24 hours, rounding out the top five performers in the Memecoin sector.
Worst Performing Tokens
BLAST is down 30.11% in the past 24 hours, making it the worst performer in the L2 sector.
BERA has fallen 9.16% in the past 24 hours, ranking as a major underperformer in the L1 sector.
PURR is down 9.03% over the past day, among the biggest laggards in the Hyperliquid Ecosystem sector.
SHIB is down 8.77% over the past 24 hours, putting it among the worst performers in the Memecoin sector.
HFUN is down 8.76% in the last 24 hours, rounding out the five worst performers in the Hyperliquid Ecosystem sector.
Protocol Updates
Agent Arena: The Arbitrum Agentic Trading Showdown!
Protocol: Arbitrum
Date: 2025-05-12 14:00:58
Link: https://blog.arbitrum.io/agent-arena/
Description: Arbitrum announced the Agent Arena competition inviting developers to build autonomous crypto-trading agents on its network, outlining rules, prize pools, and open-source resources.
Build With X-Chain Accounts on Aptos
Protocol: Aptos Labs
Date: 2025-05-12 15:34:59
Link: https://medium.com/aptoslabs/build-with-x-chain-accounts-on-aptos-1c5cdd2843d8
Description: Aptos Labs introduced X-Chain Accounts, enabling users to manage assets across multiple blockchains from a single Aptos address and offering implementation guidance for developers.
Governance
GHO Lazy Vault
Protocol: Aave
Date: 2025-05-12 15:03:15
Link: https://governance.aave.com/t/this-proposal-suggests-launching-a-gho-lazy-vault/22032
Description: jensei proposed launching a GHO Lazy Vault to streamline GHO borrowing on Aave.
[ARFC] Onboard USDe July expiry PT tokens on Aave V3 Core Instance
Protocol: Aave
Date: 2025-05-13 08:42:42
Link: https://governance.aave.com/t/arfc-onboard-usde-july-expiry-pt-tokens-on-aave-v3-core-instance/22041
Description: ACI proposed onboarding USDe July-expiry Principal Tokens to the Aave V3 Core market.
[ARFC] Onboard osGNO to Aave v3 Gnosis Instance
Protocol: Aave
Date: 2025-05-12 15:14:25
Link: https://governance.aave.com/t/arfc-onboard-osgno-to-aave-v3-gnosis-instance/22033
Description: ACI proposed listing osGNO on the Aave v3 deployment for Gnosis Chain.
Chaos Labs Risk Stewards - Increase Supply and Borrow Caps on Aave V3 - 05.12.25
Protocol: Aave
Date: 2025-05-12 11:22:44
Description: CryptoScam posted a Risk Steward request to raise supply and borrow caps on selected Aave V3 assets.
[ZIP-11] V28 Precompile Upgrade
Protocol: ZKSync
Date: 2025-05-12 16:52:41
Link: https://forum.zknation.io/t/zip-11-v28-precompile-upgrade/679
Description: raidateir.eth proposed ZIP-11 to upgrade precompiles in ZKSync’s v28 release.
Gauntlet Delegate Thread
Protocol: Lido
Date: 2025-05-13 02:04:20
Link: https://research.lido.fi/t/gauntlet-delegate-thread/10043
Description: Gauntlet opened a delegate thread outlining its stETH governance positions.
Proposal: Ethena Supplying USDtb to Aave market
Protocol: Ethena Foundation
Date: 2025-05-12 15:04:27
Link: https://gov.ethenafoundation.com/t/proposal-ethena-supplying-usdtb-to-aave-market/572
Description: EthenaLabs_Research proposed supplying USDtb collateral from Ethena to the Aave market.
Arbitrum Governance Analytics April Report
Protocol: Arbitrum Foundation
Date: 2025-05-13 04:17:31
Link: https://forum.arbitrum.foundation/t/arbitrum-governance-analytics-april-report/29205
Description: Curia posted the April analytics report reviewing Arbitrum governance trends.
Introducing the Inverted Bonding Curve, Matriz and Myself
Protocol: Arbitrum Foundation
Date: 2025-05-13 04:19:06
Link: https://forum.arbitrum.foundation/t/introducing-the-inverted-bonding-curve-matriz-and-myself/29207
Description: alexsotodigital introduced the Inverted Bonding Curve concept, presented Matriz, and detailed their backgrounds to the community.
[CONSTITUTIONAL] Register $BORING in the Arbitrum generic-custom gateway
Protocol: Arbitrum Foundation
Date: 2025-05-13 04:18:14
Description: didi proposed registering the $BORING token in Arbitrum’s generic-custom gateway under constitutional procedure.
Arbitrum Token Flow Report - April 2025
Protocol: Arbitrum Foundation
Date: 2025-05-13 04:15:41
Link: https://forum.arbitrum.foundation/t/arbitrum-token-flow-report-april-2025/29204
Description: r3gen_Finance released the April 2025 token flow report for Arbitrum.
Ethereum TGU - Delegate Communication Thread
Protocol: Optimism
Date: 2025-05-12 18:32:38
Link: https://gov.optimism.io/t/ethereum-tgu-delegate-communication-thread/9918
Description: EthereumTGU launched a thread to communicate its delegate activities and rationale within Optimism governance.
dYdX Ops subDAO Community Update #6
Protocol: dYdX
Date: 2025-05-12 17:00:00
Link: https://dydx.forum/t/dydx-ops-subdao-community-update-6/3585
Description: dYdX_Ops_subDAO shared its sixth community update covering operational metrics and upcoming initiatives.
dYdX VIP tier Affiliate Program - New VIP Admissions - May 12, 2025
Protocol: dYdX
Date: 2025-05-12 16:30:56
Link: https://dydx.forum/t/dydx-vip-tier-affiliate-program-new-vip-admissions-may-12-2025/3583
Description: KuyenLabs announced new VIP admissions under the dYdX affiliate program.
[BIP-XXX] Relock Balancer DAOs AURA - Q2 2025
Protocol: Balancer
Date: 2025-05-12 11:58:27
Link: https://forum.balancer.fi/t/bip-xxx-relock-balancer-daos-aura-q2-2025/6509
Description: Xeonus proposed relocking the Balancer DAO’s AURA holdings for Q2 2025 to maintain governance influence.
[EP 6.11] [Executable] Collective Working Group Funding Request (April 2025)
Protocol: ENS
Date: 2025-05-13 00:55:03
Description: 5pence.eth submitted an executable proposal requesting April 2025 funding for the Collective Working Group.
Voting Report (griff.eth)
Protocol: ENS
Date: 2025-05-12 22:14:01
Link: https://discuss.ens.domains/t/voting-report-griff-eth/20787
Description: JustRyan posted a report summarizing griff.eth’s recent voting activity within ENS governance.
Feedback 104 (Survey): Remediation of Unlimited Allowance Exploit Losses
Protocol: Radiant Capital
Date: 2025-05-12 12:59:18
Description: TheGames launched a survey on compensating users affected by the unlimited allowance exploit.
Feedback 105: Establishing the Radiant Guardian Fund
Protocol: Radiant Capital
Date: 2025-05-13 06:53:46
Link: https://community.radiant.capital/t/feedback-105-establishing-the-radiant-guardian-fund/2231
Description: HungVu proposed creating a Guardian Fund to strengthen Radiant’s security and risk coverage.
IMC Period 35 Report; Period 36 Budget
Protocol: Rocket Pool
Date: 2025-05-12 19:47:30
Link: https://dao.rocketpool.net/t/imc-period-35-report-period-36-budget/3615
Description: samus provided the IMC Period 35 report and outlined the proposed budget for Period 36.
Update on OBRA Wave 2
Protocol: Safe
Date: 2025-05-13 06:51:45
Link: https://forum.safe.global/t/update-on-obra-wave-2/6503
Description: amanwithwings shared an update on the progress and next steps for OBRA Wave 2 grants.
Vault Proposal: Mithras Labs (Rings)
Protocol: Silo Finance
Date: 2025-05-12 11:20:46
Link: https://gov.silo.finance/t/vault-proposal-mithras-labs-rings/553
Description: chutoro proposed adding a vault for Mithras Labs’ Rings token to Silo Finance.
Gaia v24.0.0 Software Upgrade
Protocol: Cosmos
Date: 2025-05-12 18:33:25
Link: https://forum.cosmos.network//t/gaia-v24-0-0-software-upgrade/15510
Description: Govmos proposed the Gaia v24.0.0 software upgrade for the Cosmos Hub.
Whitelist wallet for the deployment of NFT Marketplace, LST Platform, and DEX by BackBone Labs
Protocol: Cosmos
Date: 2025-05-13 04:59:24
Description: mr-t requested whitelisting a wallet so Backbone Labs can deploy an NFT marketplace, LST platform, and DEX on the Cosmos Hub.
Disclaimer:
The information and services above are not intended to and shall not be used as investment advice.
You should consult with financial advisors before acting on any of the information and services. ASXN and ASXN staff are not investment advisors, do not represent or advise clients in any matter and are not bound by the professional responsibilities and duties of a financial advisor.
Nothing in the information and service, nor any receipt or use of such information or services, shall be construed or relied on as advertising or soliciting to provide any financial services.
