KEYTAKEAWAYS
- Stablecoin market capitalization has reached a historic $230 billion milestone amid regulatory support, with USDT dominating at $144 billion as Trump administration pushes for dollar-backed digital assets.
- Institutional movements continue with Haun Ventures targeting $1 billion for new crypto funds, while whale activity shows strategic accumulation of ETH, LAYER, and BMT tokens despite market volatility.
- Exchange flows indicate Bitcoin moving off centralized platforms as El Salvador adds to national holdings, while BNB Chain demonstrates strong ecosystem growth with $2.61 billion in 24-hour DEX volume.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Smart Money Whale Liquidates LAYER Holdings for $1.7M Profit
According to on-chain analyst @ai_9684xtpa, a top whale (TOP 6 holder) who accumulated 6 million $LAYER tokens three weeks ago at an average price of $0.9559 is suspected to have liquidated their position five hours ago.
If confirmed, the estimated profit would reach $1.704 million, representing a return rate of approximately 78%.
Despite Bitcoin’s downward trend, $LAYER is moving against the market and currently trades at $1.16.
Another address that accumulated during the same period has not yet taken profits, sitting on an unrealized gain of about $1.118 million, equivalent to a 47.7% return.
2. Dormant Solana Whale Unstakes 38,821 SOL After Year of Silence
According to Onchain Lens monitoring, a whale has released 38,821 SOL (worth $5 million) after remaining silent for a year.
The whale initially staked 35,777 SOL and received a total of 3,044 SOL in rewards, but still faced a loss of more than $100,000 on their position.
3. Katie Haun Targets $1 Billion for New Crypto Venture Funds
Katie Haun is back on the fundraising circuit. The former federal prosecutor, who raised a record-breaking $1.5 billion for her debut venture funds in 2022, is now targeting $1 billion across two new crypto-focused funds, according to people familiar with the fundraise.
Her firm, Haun Ventures, is expected to close the raise in June. The new funds will maintain the same structure as before but with $500 million each for early-stage and late-stage investments, down from the previous $500 million and $1 billion respectively.
Haun took an unconventional path into crypto, starting as a prosecutor working on blockchain-related cases before joining Coinbase as a board member and then becoming a general partner at a16z crypto.
Despite launching her first funds just before the prolonged crypto bear market, Haun deployed capital prudently, using only 30% by June 2023. Her firm has focused largely on infrastructure projects, including investments in stablecoin firm Bridge (acquired by Stripe for $1.1 billion), BVNK, Chainalysis, and Fireblocks.
4. FTX-Related Address Transfers $3.3 Million in Solana Tokens
An address associated with the defunct cryptocurrency exchange FTX recently transferred approximately $3.3 million worth of Solana (SOL) tokens.
This transaction has attracted attention within the crypto community given the ongoing legal and financial issues surrounding FTX and its former executives.
The transfer is likely part of broader efforts to settle debts and manage the liquidation of FTX’s assets as the exchange navigates through bankruptcy proceedings and regulatory scrutiny.
The movement of these assets highlights the complex process of unwinding a major financial institution in the cryptocurrency space and could have implications for Solana’s market dynamics.
5. Kaito AI Founder Purchases 1 Million KAITO Tokens
Kaito AI founder Yu Hu announced on social media that he has used his personal funds to purchase 1 million KAITO tokens (approximately $1.4 million USD) and has locked them all, becoming the second largest KAITO staker on-chain.
He has established a self-locking mechanism based on Kaito protocol revenue: 50% will be unlocked when protocol revenue reaches $50 million, and 100% will be unlocked when it reaches $100 million.
Yu Hu plans to elaborate on his operational motives and views on Kaito’s long-term development tomorrow.
NOON NEWS
1. Ethereum Spot ETFs See $102.9 Million Weekly Outflow
Ethereum Spot ETFs witnessed a substantial net outflow of $102.9 million this week, signaling a shift in investor sentiment toward Ethereum-based investment products.
This outflow contrasts sharply with the US Bitcoin Spot ETF, which saw a net inflow of $7.443 billion, highlighting the divergent investor preferences between the two cryptocurrencies.
The significant outflow may reflect a cautious approach from investors, who could be exploring more stable or higher-yielding opportunities due to market volatility, regulatory changes, or broader economic conditions.
This trend may represent a temporary adjustment or signal a more permanent shift in investment strategies as the cryptocurrency landscape continues to evolve.
2. Stablecoin Market Cap Exceeds $230 Billion for First Time
The total market capitalization for stablecoins reached over $230 billion for the first time on Thursday amid U.S. regulatory efforts to boost their adoption.
According to DefiLlama data, the total market cap currently stands at $230.45 billion, adding $2.3 billion in the past seven days. Compared to the same day last year, stablecoin market capitalization has grown by 56%.
Tether’s USDT dominates with 62.6% of the market ($144 billion), followed by Circle’s USDC with $59 billion. The growth comes after a significant dip following the Terra-Luna collapse in 2022, with recovery beginning in mid-2023.
During his Thursday crypto conference speech, President Trump reiterated his ambitions to push dollar-pegged stablecoins to boost the dollar’s global dominance. Since Trump took office on January 20, the stablecoin market cap has grown by around $20 billion.
The Senate Banking Committee recently advanced the “GENIUS Act” proposal, which aims to build a regulatory framework for stablecoins, including 1:1 backing requirements and anti-money laundering measures.
3. Bitlayer Partners with Peking University’s Blockchain Center
Bitlayer, a Bitcoin Layer-2 scaling solution, has entered into a long-term partnership and sponsorship agreement with the PKUBA Blockchain Center of Peking University.
The collaboration includes Bitlayer sponsoring PKUBA’s inaugural Global Industry Research Competition, which aims to foster innovation in Web3 technologies and blockchain applications, with a focus on Bitcoin scaling solutions.
Bitlayer will support the competition and facilitate career opportunities for students by connecting them with industry leaders. The event is set to commence in early 2025, attracting participants from top universities and blockchain organizations worldwide.
4. Global Cryptocurrency Market Cap Falls 3.4%
The global cryptocurrency market capitalization fell 3.4% over the past 24 hours, currently standing at $2.85 trillion.
5. Movement Network Postpones MoveDrop
Movement Network has announced the postponement of MoveDrop as part of a broader strategy to ensure the full integration and security audit of Cornucopia, Parthenon v2, and MoveDrop.
The postponement affects several key components: Cornucopia (designed to provide over $250 million in liquidity), Parthenon v2 (with its upgraded community reward system), and MoveDrop (a mechanism for optimizing reward distribution).
Currently, the Movement Foundation is finalizing the mainnet bridge for Cornucopia, while DApp and NFT teams prepare to launch projects following the liquidity release. The delay in the airdrop plan has sparked community dissatisfaction, highlighting the importance of transparent communication.
EVENING NEWS
1. Whale Withdraws 30 Million BMT from Binance
According to on-chain data analyst @ai_9684xtpa, address 0x80F…8b932 withdrew 30 million BMT (approximately $5.23 million) from Binance two hours ago, with an entry price of $0.1743, becoming the top on-chain holding address.
This address had previously conducted a small withdrawal test three days ago when the coin price was $0.2141, possibly waiting for a price drop before accumulating more.
2. Whales Buy Over 120,000 ETH in Three Days
Crypto analyst Ali Martinez disclosed on the X platform that whales have purchased over 120,000 ETH in three days, worth nearly $236 million.
3. Bitcoin Exchange Flows Show Binance and Coinbase Outflows
According to the latest data from Coinglass, 4,131.66 BTC have flowed out from Binance exchange in the past week, while Coinbase Pro has seen an outflow of 2,028.5 BTC.
Bybit’s wallet has countered the trend with an inflow of 1,794.6 BTC during the same period.
4. El Salvador Adds 8 Bitcoin to National Holdings
According to data from El Salvador’s Ministry of Finance, the country has purchased 8 bitcoins in the past 7 days, bringing its total bitcoin holdings to 6,123.18 BTC, valued at $516 million.
5. BNB Chain DEX Volume Surpasses $2.6 Billion in 24 Hours
The decentralized exchange (DEX) trading volume on the BNB Chain reached an impressive $2.61 billion in the past 24 hours, accompanied by a net inflow of $28.1 million.
The total value locked (TVL) in BSC has surpassed $7 billion, currently standing at $7.06 billion, while the network saw 1.21 million active addresses within the same period.
PancakeSwap emerged as the protocol generating the most fees ($6.15 million with $1.38 million in protocol revenue), followed by four.meme ($822,000 in fees and $788,000 in protocol revenue).
The substantial trading volume and user activity demonstrate the significant role these protocols play in the BNB Chain ecosystem and the growing demand for decentralized financial services.
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