Market Updates
Macro, Regulation and Markets
The yield on 30-year U.S. Treasuries climbed above 5 % on 19 May 2025 after Moody’s downgraded the sovereign rating to Aa1, the first breach of that level since November 2023. [source]
In the next 7 days, several major one-time token unlocks (over $5 million) are scheduled for PYTH (cliff 58.62%) and ALT (cliff 7.34%).
Large linear daily unlocks are also expected for WLD (linear 2.69%), TIA (linear 1.10%), IP (linear 0.86%), MORPHO (linear 2.57%), ETHFI (linear 3.53%), JTO (linear 1.29%), and FIL (linear 0.39%). The total value of these upcoming unlocks exceeds $618 million. [source]
Crypto liquidations totaled $673.31M in the past 24h, impacting 156,107 traders, with $470.24M from longs and $203.07M from shorts. The largest single liquidation was an $8.21M ETH-USDT order on HTX. [source]
Bitcoin
MicroStrategy disclosed on 18 May 2025 that it bought 7,390 BTC for $764.9 million during 12–18 May, raising treasury holdings to 576,230 BTC; the same SEC filing revealed a shareholder class action alleging the firm misled investors over its Bitcoin strategy. [source]
Public-fund filings collated show 14 U.S. states held a combined $632 million of MicroStrategy stock at end-Q1 2025, up $302 million quarter-on-quarter—an average exposure increase of 44 %. [source]
Tokyo-listed Metaplanet purchased 1,004 BTC for about $104 million on 19 May 2025, lifting its holdings to 7,800 BTC valued at over $800 million. [source]
Ethereum
Vitalik Buterin proposed on 19 May 2025 that Ethereum’s L1 roadmap should prioritise EIP-4444, distributed history storage, stateless verification and “partially stateless” lightweight nodes to keep personal-node operation feasible as network throughput rises. [source]
Developments
DeFi Development Corp. said on 16 May 2025 it will co-manage a Solana validator with the BONK community, integrate the BONKSOL liquid-staking token and now holds 609,190 SOL (≈$107 million) after buying 16,447 SOL. [source]
Solana wallet Phantom launched its liquid-staking token PSOL around 17 May 2025; PSOL’s market cap is about $7.8 million with more than 7,300 holders and six wallets each holding over 1,000 tokens. [source]
The Jito Foundation appointed Factory Labs founder Nick Almond as head of governance on 16 May 2025 while the DAO reviews JTO tokenomics. [source]
ETFs
For the trading week of 12–16 May 2025, U.S. spot Bitcoin ETFs registered $604 million in net inflows while spot Ethereum ETFs gained $41.6 million, led by BlackRock’s ETHA with $66 million. [source]
CoinShares reported on 19 May 2025 that digital-asset ETPs attracted $785 million of inflows in the prior week—the fifth consecutive gain—bringing 2025 year-to-date inflows to $7.5 billion; Bitcoin products drew $557 million and Ethereum products $205 million. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 16 May 2025 is +$260.2M.
Breakdown:
IBIT: +$129.7M
FBTC: +$67.9M
BITB: $0.0M
ARKB: +$58.0M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: $0.0M
BTCW: $0.0M
GBTC: $0.0M
BTC: +$4.6M
Total net daily flow: +$260.2M
Total cumulative flows to date: $42,404.3M
ETH ETF
ETH ETFs total net daily flow for 16 May 2025 is +$22.2M.
Breakdown:
ETHA: $0.0M
FETH: +$13.6M
ETHW: $0.0M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: $0.0M
ETH: +$8.6M
Total net daily flow: +$22.2M
Total cumulative flows to date: $12,891.9M
Sector Returns
Top Performing Sectors
Agent sector is up 19.60% over the last 24 hours, topping the leaderboard (VIRTUAL up 20.28%, GRIFF up 21.63%, AIXBT up 13.23%).
Memecoin sector is up 11.12% over the past day(WIF up 13.97%, PEPE up 13.37%, FLOKI up 10.52%).
Bitcoin Ecosystem sector has risen 10.47% on the day (ORDI up 10.39%, PUPS up 11.11%, STX up 4.90%).
Worst Performing Sectors
Privacy sector is down 1.05% over the past 24 hours(XMR down 0.79%, ZEC down 3.49%).
L1 sector has fallen 1.87% over the past day(TRX down 0.96%, AVAX down 3.32%, NEAR down 5.52%).
Token Returns
Top Performing Tokens
MPL is up 41.26% in the past 24 hours, making it among the top performers in the RWA sector.
EIGEN has risen 22.26% in the past 24 hours, making it among the top performers in the Ethereum DeFi sector.
GRIFF is up 21.63% in the past 24 hours, making it among the top performers in the Agent sector.
VIRTUAL is up 20.28% in the past 24 hours, making it among the top performers in the Agent sector.
WIF is up 13.97% in the past 24 hours, making it among the top performers in the Memecoin sector.
Worst Performing Tokens
BAL is down 6.38% in the past 24 hours, among the worst performers in the Ethereum DeFi sector.
ARB is down 5.65% in the past 24 hours, among the worst performers in the L2 sector.
MNDE has fallen 2.33% in the past 24 hours, among the worst performers in the Solana DeFi sector.
CFG is down 2.33% in the past 24 hours, among the worst performers in the RWA sector.
VERTEX is down 2.14% in the past 24 hours, among the worst performers in the Perps sector.
Protocol Updates
Advancing Ethereum Block Proposals with Lido: A Simple Guide to Auxiliary Proposer Mechanisms (APMs)
Protocol: Lido
Date: 2025-05-19 09:46:32
Description: Lido posted a guide to auxiliary proposer mechanisms (APMs), explaining how the approach can streamline Ethereum block proposals and align incentives for stakers.
Cooler Loans V2
Protocol: OlympusDAO
Date: 2025-05-16 19:50:51
Link: https://olympusdao.medium.com/cooler-loans-v2-a-new-standard-for-borrowing-d733c027ce13
Description: OlympusDAO posted details of Cooler Loans V2, outlining a fixed-rate borrowing mechanism that lets users obtain OHM-backed loans with predictable terms.
The Invisible Hand of DeFi
Protocol: Sei
Date: 2025-05-16 21:02:46
Link: https://blog.sei.io/the-invisible-hand-of-defi
Description: Sei posted an exploration of market forces in decentralized finance, noting how liquidity dynamics and incentive alignment shape protocol development and trading strategies.
Governance
Chaos Labs Risk Stewards - Increase Supply and Borrow Caps on Aave V3 - 05.17.25
Protocol: Aave
Date: 2025-05-17 12:03:26
Description: x2daniel proposed increasing supply and borrow caps for selected Aave V3 markets under the Chaos Labs Risk Steward program.
Notice of Emergency Upgrade
Protocol: ZKSync
Date: 2025-05-16 14:01:16
Link: https://forum.zknation.io/t/notice-of-emergency-upgrade/680
Description: vladbochok announced an emergency protocol upgrade and outlined next steps for validators and users.
Proposal: Activate MetaMask x Mastercard Spend Program via Compound on Linea
Protocol: Compound
Date: 2025-05-16 20:16:24
Description: woof proposed enabling the MetaMask × Mastercard spend program through Compound deployments on Linea, expanding on-chain card payments.
Proposal to Create the Compound Foundation
Protocol: Compound
Date: 2025-05-16 18:07:17
Link: https://www.comp.xyz/t/proposal-to-create-the-compound-foundation/6777
Description: cmrn proposed establishing a dedicated Compound Foundation to oversee treasury resources and long-term protocol governance.
Payment Streamer Audit
Protocol: Compound
Date: 2025-05-16 19:52:57
Link: https://www.comp.xyz/t/payment-streamer-audit/6779
Description: jbass-oz requested an external audit of the Payment Streamer module before mainnet release.
[SOS Submission] {Merged: TBD} – Strategic Objectives
Protocol: Arbitrum Foundation
Date: 2025-05-18 12:28:53
Link: https://forum.arbitrum.foundation/t/sos-submission-merged-tbd-strategic-objectives/29240
Description: TempeTechie submitted draft strategic objectives for the SOS program, pending consolidation with related proposals.
[Castle Labs] Arbitrum Unlocked - Final Impact Report
Protocol: Arbitrum Foundation
Date: 2025-05-16 18:27:04
Link: https://forum.arbitrum.foundation/t/castle-labs-arbitrum-unlocked-final-impact-report/29234
Description: CastleCapital delivered the final impact report for the Arbitrum Unlocked initiative, summarizing milestones and KPIs.
OpCo May 2025 Update
Protocol: Arbitrum Foundation
Date: 2025-05-16 13:56:35
Link: https://forum.arbitrum.foundation/t/opco-may-2025-update/29232
Description: Frisson posted the May 2025 operational update covering budget, hiring, and roadmap progress.
Drift Strategic Acquisition Proposal
Protocol: Drift
Date: 2025-05-17 19:23:36
Link: https://driftgov.discourse.group/t/drift-strategic-acquisition-proposal/219
Description: andrewsaul proposed a strategic acquisition to broaden Drift’s product suite and market reach.
[Updated] Across UMA Voting Committee Renewal Proposal
Protocol: Across
Date: 2025-05-18 16:56:12
Link: https://forum.across.to/t/updated-across-uma-voting-committee-renewal-proposal/2058
Description: TheRealTuna_Across updated the proposal to renew Across’s UMA voting committee, adjusting terms and member list.
[RPIP-71] rETH Withdrawal liquidity via EIP-7002 (i.e., forced exits)
Protocol: Rocket Pool
Date: 2025-05-19 06:08:48
Link: https://dao.rocketpool.net/t/rpip-71-reth-withdrawal-liquidity-via-eip-7002-i-e-forced-exits/3622
Description: NeverAnIsland proposed RPIP-71 to enable forced exits through EIP-7002, enhancing rETH withdrawal liquidity.
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