OnchainLens data shows whale trader Evaded closed long positions in HYPE, ZEC, and ETH for a realized profit of $4.56 million, then opened a new 15x short on 990 BTC valued at about $74.5 million. The position is showing more than $1 million in unrealized profit at the time of monitoring.

Bitcoin fell below 76,000 on May 22 after the SEC delayed a planned innovation exemption framework for tokenized stocks, dropping 2.14 percent and wiping about 33.8 billion from its market value. Ethereum slid 3.4 percent, while Coinbase shares fell about 4.4 percent as major exchanges raised investor protection concerns.

Homebuyers have traditionally relied on cash savings, selling investments, and extensive documentation to secure a mortgage. The Trump administration is now encouraging another path: using cryptocurrency as collateral. On March 26, 2026, Better Home & Finance and Coinbase introduced what they call the first token-backed conforming mortgage. The structure allows borrowers to pledge BTC or USDC to support a home loan, with backing from Fannie Mae, signaling an attempt to bring crypto-collateralized lending into the conventional mortgage market. Under the setup, the borrower takes out a standard first-lien mortgage alongside a second-lien loan secured by pledged digital assets. Verified crypto holdings can be used to support funds needed for down payments and closing costs, while avoiding the need to sell Bitcoin and potentially incur capital gains taxes. A key limitation remains: all payments, including down payments and closing costs, must still be made in U.S. dollars. The digital assets function as reserves within the underwriting process, intended to demonstrate additional financial capacity rather than replace cash settlement. The program follows a regulatory push that began on June 25, 2025, when Federal Housing Finance Agency Director Bill Pulte issued Decision No. 2025360 instructing Fannie Mae and Freddie Mac to explore incorporating digital assets into mortgage risk assessments. That directive laid the groundwork for the launch roughly nine months later. The initiative aligns with President Trump's stated goal of making the U.S. the "crypto capital of the world." With an estimated 52 million Americans holding digital assets, proponents argue the policy could expand access for potential buyers who previously would have had to convert crypto to fiat before it could be considered in traditional mortgage channels. For investors, the near-term implication is expanded utility for Bitcoin: it can be used to facilitate a home purchase without a direct taxable sale. Risks center on volatility, which adds a dimension that conventional mortgage underwriting has limited experience pricing. A sharp drawdown—for example, a 30% monthly drop in Bitcoin—could quickly erode collateral coverage. Market participants will be watching how Fannie Mae addresses margin-call-style scenarios tied to second-lien crypto-backed loans. USDC could also gain from the development. Acceptance of a stablecoin as mortgage collateral by a government-backed entity amounts to a meaningful endorsement of the stablecoin model. If adoption widens, Circle, the issuer of USDC, may benefit from a stronger position in regulated, mainstream credit markets.

May 23 — Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to list index options tied to Bitcoin's price. The contracts are designed to give U.S. equity-market participants another way to gain and manage Bitcoin-linked exposure beyond options on spot Bitcoin ETFs, enabling investors to trade and hedge BTC price swings through an index options structure without holding spot Bitcoin or ETFs directly. Market participants see the decision as another sign that traditional finance and the crypto asset ecosystem are becoming more closely integrated. Options on spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust (IBIT), have already attracted significant trading activity.

Kevin Warsh was sworn in on Friday as the Federal Reserve's 17th chair during a White House ceremony, marking the first time since Alan Greenspan in 1987 that a Fed chair took the oath at the executive mansion. Supreme Court Justice Clarence Thomas administered the oath. Warsh, 56, succeeds Jerome Powell, who will remain on the Fed's Board of Governors through 2028. The Senate confirmed Warsh on May 13 in a 54–45 vote, with Democratic Sen. John Fetterman the only Democrat to back the nomination. Warsh said he would lead a "reform-oriented Federal Reserve," emphasizing the central bank's dual mandate of price stability and maximum employment. He also pledged not to precommit on interest-rate decisions at the request of elected officials; President Trump told attendees he wants the new chair to be "totally independent." Warsh's first Federal Open Market Committee meeting as chair is scheduled for June 17, the next major waypoint for markets looking for clarity on the policy path. Bitcoin hovered around $77,400 during Friday's session, little changed as investors had largely priced in the leadership transition. Warsh is viewed by many as the most crypto-literate Fed chair to date. Public financial disclosures showed indirect exposure to DeFi lending, Layer-1 projects and prediction markets; he has since said he will fully divest. Policy-wise, Warsh may be less supportive of risk assets. He has argued the Fed's balance sheet is too large and should be reduced. A faster drawdown would likely tighten liquidity and could curb the tailwinds that have historically accompanied crypto rallies. Derivatives markets are currently assigning near-zero odds to a June rate cut, with some participants even pricing the possibility of rate hikes in early 2027. Warsh takes over with inflation still running above the Fed's 2% target, oil trading above $100 a barrel, and consumer sentiment weak—a backdrop that limits the Fed's ability to ease. Warsh's arrival is a mixed signal for crypto: his familiarity with digital assets could translate into more informed messaging, while a focus on inflation control and balance-sheet shrinkage risks tightening financial conditions. Investors are likely to look to the June 17 FOMC meeting for the first concrete indications of how his priorities will show up in policy.

Bank of America's latest Form 13F for the first quarter shows roughly $53 million in holdings tied to cryptocurrency ETFs and related stocks. The largest position is in BlackRock's iShares Bitcoin Trust (IBIT), valued at about $37 million, with 972,590 shares, up from 719,008 in the prior quarter. The bank also reported about $7.98 million in Bitwise's BITB, $3.32 million in Grayscale's Mini Fund, and $1.71 million in Fidelity's FBTC. Smaller positions were disclosed in Grayscale's GBTC, VanEck's HODL and Ark 21Shares' ARKB.

According to SoSoValue data cited by ME News, XRP spot ETFs posted total net inflows of $9.47 million on May 22 (U.S. Eastern Time). The only product to record inflows was the Franklin XRP ETF (XRPZ), which took in $9.47 million on the day, lifting its cumulative historical net inflow to $390 million. As of May 23 (UTC+8), total net asset value across XRP spot ETFs stood at $1.129 billion. The XRP net asset ratio was 1.36%, while cumulative net inflows reached $1.407 billion. (Source: SoSoValue)

Aave, MetaMask and Mastercard have unveiled the MetaMask Card, allowing users to spend yield-bearing assets held in their Aave wallets. At checkout, the card converts supported tokens such as mUSD into fiat for settlement, while the underlying assets continue to earn interest until the transaction is finalized. The MetaMask Card launched in Europe in July 2025 and can be used at any merchant that accepts Mastercard. Supported assets include mUSD, USDC, USDT and wETH.

Strive, a Bitcoin treasury and asset manager listed on NASDAQ as ASST, logged its largest week of Bitcoin purchases to date. The firm said it deployed proceeds from its Variable Rate Series A Perpetual Preferred Stock program, known as SATA, to acquire 790 Bitcoin over the week, including an estimated 250 Bitcoin bought in a single day. The 790-Bitcoin haul more than doubles Strive's prior weekly record of 371 Bitcoin, set in May 2026. SATA is structured as perpetual preferred stock, paying ongoing dividends with no maturity date. Strive directs net proceeds from SATA share sales into Bitcoin purchases. The company aims to manage SATA within a $99 to $101 trading range. The current dividend rate is 13.00%, a level intended to support demand for the preferred shares. Strive's initial SATA issuance was a $149.3 million IPO in November 2025, which funded the purchase of 1,567 Bitcoin. The firm has since broadened its capital-raising toolkit with a $500 million at-the-market (ATM) program, with proceeds also allocated toward additional Bitcoin buying. Strive now reports holding more than 15,000 Bitcoin on its balance sheet. The company says it has positioned reserves to cover SATA dividend obligations for an estimated 20 years. For ASST common shareholders, Bitcoin acquired with preferred-stock proceeds increases net asset value without diluting their ownership. The key pressure point emerges if Bitcoin enters a prolonged downturn: the 13% annual dividend obligation on an expanding preferred base would require either continued Bitcoin appreciation or disciplined treasury management. Strive said strong institutional participation in SATA highlights demand for yield-bearing, Bitcoin-backed instruments that pair exposure to the asset with recurring income.