Market Updates
Macro, Regulation and Markets
The Texas House passed SB21 on 21 May 2025 by 101-42, advancing a Texas Strategic Bitcoin Reserve that would let the state comptroller invest only in cryptocurrencies with market caps above $500B; the bill now awaits the governor’s signature. [source]
Over the last 24h exchanges recorded $523.12M of liquidations, affecting 132,463 traders; shorts accounted for $330.47M and longs $192.65M. BTC contributed $224.61M, ETH $131.80M and SOL $15.56M, and the largest single liquidation was a $6.36M BTCUSD order on Bybit. [source]
Exchanges and Listings
Binance Launchpool will open staking in BNB, FDUSD and USDC for its 70th project, Huma Finance (HUMA), ahead of Binance Alpha listing the token on 26 May 2025. [source]
Binance will list World Liberty Financial USD (USD1) and open the USD1/USDT spot pair at 12:00 UTC on 22 May 2025. [source]
Liquid and Venture Funds
VanEck will launch PurposeBuilt, a private digital-assets fund in June 2025 that will back Avalanche projects at the token-generation stage across gaming, financial services, payments and AI, while parking idle capital in Avalanche RWA products to stay on-chain. [source]
Raises
World Assets sold $135M of WLD tokens to Andreessen Horowitz and Bain Capital Crypto to fund the World network’s expansion; earlier backers include Selini Capital, Mirana Ventures and Arctic Digital. [source]
Bitcoin
Bitcoin mining profitability declined in April 2025 as rising network hashrate continued to compress margins despite more efficient rigs coming online. [source]
Strategy (formerly MicroStrategy) filed a prospectus on 22 May 2025 to issue up to $2.1B of 10.00% Series A perpetual preferred stock (STRF) to finance additional Bitcoin purchases. [source]
Hyperliquid
Hyperliquid set fresh ATHs on 22 May 2025 with $8.9B open interest, $5.4M 24h fees and $3.2B USDC TVL. [source]
Hyperliquid’s AF repurchased $4.49M of HYPE (0.05% of supply) on 21 May 2025, marking its largest daily buyback of the year. [source]
Developments
FIFA will build “FIFA Blockchain”, an Avalanche-based L1 that will host soccer NFT collectibles and other crypto products. [source]
An attacker drained about $11M of SUI from Cetus DEX pools on 22 May 2025, sending many Sui-based token prices down more than 75% before moving the proceeds across chains into ETH. [source]
Market Data
BTC ETFs total net daily flow for 21 May 2025 is +$607.1M.
Breakdown:
IBIT: +$530.6M
FBTC: +$23.5M
BITB: +$20.5M
ARKB: +$4.3M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: +$6.1M
BTCW: $0.0M
GBTC: $0.0M
BTC: +$22.1M
Total net daily flow: +$607.1M
Total cumulative flows to date: $44,008.0M
ETH ETF
ETH ETFs total net daily flow for 21 May 2025 is +$0.6M.
Breakdown:
ETHA: +$24.9M
FETH: –$24.3M
ETHW: $0.0M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: $0.0M
ETH: $0.0M
Total net daily flow: +$0.6M
Total cumulative flows to date: $12,971.0M
Sector Returns
Top Performing Sectors
Privacy sector is up 12.12% over the past 24 hours (XMR 12.94%, ZEC 3.41%).
Bitcoin Ecosystem sector is up 8.58% over the past day (PUPS 19.12%, ORDI 6.84%, STX -3.69%).
NFT sector has risen 8.02% in the past 24 hours (PENGU 10.65%, TNSR 2.56%, CULT -2.76%).
Worst Performing Sectors
Modularity sector is down 0.65% over the past 24 hours (ALT 3.24%, TIA -0.94%, DYM -0.19%).
Perps sector has fallen 0.45% over the past 24 hours (VERTEX -4.11%, GMX 1.67%, AEVO 0.91%).
Cosmos Ecosystem sector is down 0.72% over the past day (STRD 3.92%, OSMO 0.25%).
Token Returns
Top Performing Tokens
PUPS (Bitcoin Ecosystem) is up 19.12% in the past 24 hours.
MNDE (Solana DeFi) is up 17.65% in the past 24 hours.
SAVE (Solana DeFi) has risen 15.60% in the past 24 hours.
WIF (Memecoin) is up 15.12% in the past 24 hours.
XMR (Privacy) is up 12.94% in the past 24 hours.
Worst Performing Tokens
MPL (RWA) is down 41.09% in the past 24 hours.
PRIME (Gaming) is down 6.66% in the past 24 hours.
VERTEX (Perps) has fallen 4.11% in the past 24 hours.
AAVE (Ethereum DeFi) is down 4.10% in the past 24 hours.
STX (Bitcoin Ecosystem) is down 3.69% in the past 24 hours.
Protocol Updates
The Withdrawal of the Derive Acquisition Proposal
Protocol: Synthetix
Date: 2025-05-21 22:57:31
Link: https://blog.synthetix.io/the-withdrawal-of-the-derive-acquisition-proposal/
Description: Synthetix posted that it has withdrawn its proposal to acquire Derive. The update explains the factors behind the decision and outlines potential future collaboration paths.
SNXweave Weekly Recap 182
Protocol: Synthetix
Date: 2025-05-21 19:52:54
Link: https://blog.synthetix.io/snxweave-weekly-recap-182/
Description: SNXweave posted its 182nd weekly recap, summarising recent governance votes, product updates, and key ecosystem metrics for the Synthetix protocol.
OKX Launches xBTC in Sui’s Thriving Bitcoin DeFi Ecosystem
Protocol: Sui
Date: 2025-05-22 04:03:08
Link: https://blog.sui.io/okx-xbtc-launch/
Description: Sui Foundation posted that exchange OKX has launched xBTC, a Bitcoin-backed token on Sui, aiming to expand Bitcoin liquidity and DeFi use cases on the network.
Open Market Group’s Real-World Asset Opportunities Land on Sui
Protocol: Sui
Date: 2025-05-21 12:55:12
Link: https://blog.sui.io/open-market-group-rwa/
Description: Sui Foundation posted that Open Market Group is bringing tokenised real-world asset investment opportunities to Sui, broadening the network’s institutional offering.
Using Lean to Formally Verify the Correctness of SP1
Protocol: Succinct
Date: 2025-05-21 17:57:10
Link: https://blog.succinct.xyz/formal-verification-of-sp1-with-lean/
Description: John Guibas posted about employing the Lean proof assistant to formally verify SP1’s cryptographic circuits, detailing the methodology and its implications for Succinct’s security guarantees.
Governance
Request for Proposal (RFP): Oracle Extractable Value (OEV) Solution for Compound Protocol
Protocol: Compound
Date: 2025-05-22 01:33:58
Description: AranaDigital posted an RFP seeking an Oracle Extractable Value solution for Compound, outlining requirements and inviting teams to submit bids.
MIP XX - Incentives Distribution on Unichain
Protocol: Morpho
Date: 2025-05-22 03:34:14
Link: https://forum.morpho.org/t/mip-xx-incentives-distribution-on-unichain/1789
Description: MorphoAssociation proposed MIP XX to distribute incentives on Unichain, defining reward parameters and eligibility rules.
MIP XX - Spark USDC Deposit Rewards 2
Protocol: Morpho
Date: 2025-05-22 03:10:54
Link: https://forum.morpho.org/t/mip-xx-spark-usdc-deposit-rewards-2/1788
Description: MorphoAssociation posted a follow-up Spark USDC deposit-rewards proposal under MIP XX, updating rates and timelines.
[DRC] Reduce Active Validator Set to 50
Protocol: dYdX
Date: 2025-05-21 16:11:20
Link: https://dydx.forum/t/drc-reduce-active-validator-set-to-50/3605
Description: Winfred proposed cutting the dYdX chain’s active validator set from 60 to 50 to improve performance and align incentives.
Delist EOS BTRUMP SKITTEN Markets
Protocol: dYdX
Date: 2025-05-21 13:42:54
Link: https://dydx.forum/t/delist-eos-btrump-skitten-markets/3603
Description: Winfred proposed delisting the EOS, BTRUMP and SKITTEN markets on dYdX due to low liquidity and heightened risk.
[BIP-833] USP/aUSDC Gauge proposal
Protocol: Balancer
Date: 2025-05-21 09:13:09
Link: https://forum.balancer.fi/t/bip-833-usp-ausdc-gauge-proposal/6538
Description: Xeonus proposed BIP-833 to create a gauge for the USP/aUSDC pool, allowing liquidity providers to earn BAL emissions.
Frame by Frame: Unpacking Celestia’s Windows and Parameters
Protocol: Celestia
Date: 2025-05-21 15:35:18
Link: https://forum.celestia.org/t/frame-by-frame-unpacking-celestia-s-windows-and-parameters/2001
Description: musalbas published a detailed analysis of Celestia’s window mechanics and parameter settings and sought community feedback.
[GIP-240] Enable GEAR on CAs, Raise stkcvxRLUSDUSDC and rstETH limits
Protocol: Gearbox
Date: 2025-05-21 17:37:57
Description: 0x06313dfd… proposed GIP-240 on Snapshot to enable GEAR on Collateralised Accounts and raise stkcvxRLUSDUSDC and rstETH limits.
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