Bitcoin fell to $107,700 (-2.7%) on Tuesday, after failing to hold $110,000, as the total crypto market cap fell to $3.64 trillion.
Spot ETFs continue net redemptions: Ethereum ETFs −$146 million (third day of outflows) and Bitcoin ETFs −$40.47 million (fourth day of outflows).
Long-term holder (LTH) sales remain elevated; DATs and ETFs have absorbed much supply but cannot do so indefinitely with continued LTH distribution capping near-term upside.
Macro: Trump signs critical minerals/rare-earths deal with Australia, a strategic policy tailwind for mining and hardware supply chains, but trade friction with China is still a downside risk.
A confidential SEC filing and a Cantor mandate put the institutional prime broker back in the spotlight. Since its 2022 peak valuation, FalconX has quietly rebuilt itself into something broader – and harder to price.
Three Samsung affiliates will jointly acquire a 4% stake in Dunamu, operator of South Korea's largest cryptocurrency exchange Upbit, from Kakao affiliates in an all-cash deal worth 612.8 billion won (~$408 million), the companies said Thursday (May 28). The transaction is scheduled to close June 19.
The dual investment gives South Korea's fourth-largest crypto exchange a TradFi partner pursuing STOs and a global operator with reach across 120 million users.
The ETF channel that anchored bitcoin's 2025 rally has flipped to distribution for five straight sessions. The Hormuz headlines accelerated what had been building for weeks.
