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Bitcoin price analysis: BTC left to drift as hot money chases other assets

The crypto sector remains deeply out of favor, not only from a price perspective, but also in terms of investor sentiment.　　Capital flows and market attention have increasingly shifted toward other high-growth sectors, lately semiconductors and memory-related equities, which have effectively replaced crypto as the markets dominant momentum trade.　　This analysis compares the performance cycles of bitcoin, the worlds largest cryptocurrency by market cap; gold, the largest precious metal; NVIDIA (NVDA), the leading AI-driven equity; and memory and semiconductor names, including SanDisk (SNDK) and Micron Technology (MU).　　Bitcoin experienced a huge rally from its November 2022 low through its October 2025 peak, surging more than 650% from roughly $15,000 to nearly $125,000. A significant portion of that move occurred between September 2024 and January 2025, when the price doubled from approximately $55,000 to $110,000 alongside Donald Trumps 2024 election victory. The price ultimately topped around $126,000 last October.　　Gold followed a delayed but similar trajectory, driven largely by the growing “debasement trade” narrative surrounding fiscal deficits and monetary expansion. The metal began its breakout in early 2024 near $2,000 per ounce and eventually climbed above $5,200 per ounce in February 2026, roughly four months after bitcoin peaked. Since then, gold has corrected nearly 20%

05-29

From Perp DEX Tokens to ETFs: What Changes?

Pricing, Liquidity, and Tracking: The Unsexy Core　　Great marketing cannot save a product that cannot track. Perp DEX tokens often trade across centralized exchanges and DEXs with varying quality. Index providers must weight venues, filter outliers, and manage stale prints during extreme moves.　　NAV in practice　　A crypto ETP typically calculates NAV using an independent reference rate with set observation windows and weighting rules. Because underlying markets trade continuously, official NAV strikes occur at scheduled times; intraday indicative values help market makers price spreads. Even with robust indices, thin underlying books can widen spreads in the listed product.　　Creation/redemption and liquidity feedback loops　　Authorized participants (APs) arbitrage away sustained premia/discounts by delivering or redeeming underlying tokens versus shares. This works best when:There is reliable, scalable settlement at the custodian.Underlying spot liquidity supports large blocks without excessive slippage.Borrow markets or derivatives offer hedges when immediate delivery is constrained.　　During stress, any weak link—exchange outages, congested chains, paused bridges—can impair arbitrage and allow wider discounts or premia.　　Risks & What Could Go WrongRegulatory reclassification: a tokens status may be challenged, affecting listing viability or forcing changes to the product.Custody incidents: concentrated third‑party custody introduces single‑point‑of‑failure risk despite controls and insurance limits.Smart‑contract exploits: an on‑chain incident impacting the protocol (or

05-29

Streamex and Orca Debut Solana-Based Trading for GLDY Token

Streamex and Orca have rolled out a Solana-based secondary trading platform for tokenized securities, starting with Streamexs GLDY token, a gold-backed, yield-bearing asset. This system enables accredited investors to trade GLDY through regulated onchain liquidity pools, designed to offer 24/7 market access while adhering to compliance requirements.　　The GLDY trading infrastructure leverages Orca‘s automated market maker (AMM) technology, which has reportedly processed over $500 billion in cumulative trading volume to date. Investor eligibility is controlled through Streamex’s KYC and accreditation processes, with wallets frozen until users complete identity verification. Eligibility data is updated in real time to ensure only approved participants can access the platform.　　Why This Matters　　The launch comes at a time when tokenized securities are gaining traction. GLDY, first introduced in February 2026, represents one fine troy ounce of physical gold and generates yield through gold leasing. Streamexs platform aims to address a critical challenge in the tokenized asset market: creating liquidity within a regulated framework. This development could set a precedent for other real-world asset (RWA) tokenization projects involving stocks, bonds, real estate, and commodities.　　As of May 27, 2026, GLDY is priced at $4,509.69 with a market cap of $13.88 million, according to CoinGecko. However, liquidity appears limited, with

05-29

Kalshi Files Lawsuit to Block Minnesota Prediction Market Ban

Tech　　Kalshi Files Lawsuit to Block Minnesota Prediction Market Ban　　Crypto prediction market platform Kalshi has sued Minnesota in a bid to block the state law banning prediction markets. This follows the U.S. CFTCs lawsuit, which also seeks to block the law amid the ongoing crackdown against these prediction platforms.　　Kalshi Sues Minnesota To Block Prediction Market Ban　　In an X post, legal expert Daniel Wallach revealed that Kalshi has sued Minnesota in federal court following the enactment of a state law that bans certain types of event contracts. The platform is seeking a temporary restraining order and preliminary injunction to block the state from enforcing the law, which is to take effect on August 1st.　　As CoinGape reported, the U.S. CFTC has also sued Minnesota to block the state law, as it seeks to defend its exclusive jurisdiction over prediction markets. Similarly, the Commission is seeking a preliminary injunction to block the law from taking effect.　　In its lawsuit against Minnesota, Kalshi argues that the Minnesota law clearly violates the Supremacy Clause because the federal Commodity Exchange Act (CEA) grants the CFTC “exclusive jurisdiction” over event contracts. As such, the platform stated that the state law “impermissibly usurps” the CFTCs exclusive jurisdiction.　　This development comes amid

05-29

CFTC and Gemini Seek to Reverse $5M Settlement in Rare Move

The U.S. Commodity Futures Trading Commission (CFTC) has filed a joint motion with Gemini Trust Company to vacate a $5 million settlement reached in early 2025. The settlement stemmed from allegations that Gemini made false or misleading statements during the 2017 review of a proposed Bitcoin futures contract. This rare reversal comes after the CFTCs internal review concluded that the original enforcement action would not align with “current standards.”　　The case dates back to a 2022 complaint in which the CFTC accused Gemini of misrepresenting key aspects of its trading platform, particularly its auction volumes and liquidity, during the self-certification process for a Bitcoin futures product. The allegations were based largely on a whistleblowers account that the CFTC now describes as “lacking credibility.” Despite these doubts, Gemini agreed to pay $5 million and accept an injunction against making misleading statements, without admitting wrongdoing.　　In its latest motion filed on May 27, 2026, the CFTC argued that maintaining the settlement‘s remaining provisions, including injunctive relief, “serves neither the CFTC’s mission nor the public interest.” Gemini has already satisfied the financial penalty, but it remains unclear whether the agency plans to refund the payment.　　The whistleblower claims at the heart of the case included allegations

05-29

VanEcks tokenized fund lands on Euler as DeFi courts Wall Street institutions

Decentralized finance (DeFi) protocols built for crypto assets are increasingly retooling themselves for Wall Street, and VanEcks tokenized Treasury fund arriving on lending platform Euler is the latest example of that shift.　　Securitize (CEPT), issuer and tokenization specialist behind VanEcks VBILL Treasury fund, said Thursday that the product is now live on Euler lending markets.　　The move allows investors to use tokenized U.S. Treasuries as collateral to borrow and deploy liquidity elsewhere onchain while maintaining compliance limits tied to the asset.　　The move highlights how DeFi protocols are evolving as institutional investors push deeper into tokenized finance. Platforms that once centered around permissionless crypto assets are beginning to redesign their architecture for regulated products such as tokenized money market funds and private credit.　　Tokenized U.S. Treasuries have become one of the fastest-growing sectors in crypto, topping $15 billion in assets swelling 150% in a year, according to RWA.xyz data. Global asset managers including BlackRock, Franklin Templeton and Janus Henderson have all launched blockchain-based Treasury and money-market products aimed at institutions seeking yield-bearing onchain collateral.　　But thats still a fraction of the potential how big asset tokenization could become. Standard Chartered projected $2 trillion in tokenized assets by 2028, while BCG and Ripple forecasted a $18.9

05-29

BNB Enters US Spot ETF Market Through VanEck’s VBNB

Tech　　BNB Enters US Spot ETF Market Through VanEcks VBNB　　VanEck launched the first US spot BNB exchange-traded fund on Thursday, giving investors regulated exposure to the Binance-linked cryptocurrency through traditional brokerage accounts.　　The ETF, trading under the ticker VBNB, is physically backed by BNB (BNB) held in cold storage with a qualified custodian, according to the announcement. BNB is the native token of BNB Chain and is used to pay transaction fees across the network.　　According to VanEck, the fund is designed to track the spot price of BNB and may later incorporate staking if the issuer determines it can do so without regulatory or legal complications.　　VanEck described BNB Chain as one of the largest blockchain networks by daily active users and transaction activity, citing more than $16 billion in stablecoin supply and roughly $3.6 billion in tokenized real-world assets on the network.　　Data from CoinGecko shows BNB has a market capitalization of roughly $85.5 billion, ranking it among the five largest cryptocurrencies globally. The token was last trading near $633, with daily trading volume approaching $874 million.　　Crypto ETF issuers push deeper into altcoins and complex strategies　　The introduction of VBNB comes as asset managers roll out crypto exchange-traded products tied to alternative blockchain networks,

05-29

Grayscale Files New HYPE ETF Filing After Nasdaq Approval

Tech　　Grayscale Files New HYPE ETF Filing After Nasdaq Approval　　Grayscales Hyperliquid ETF has taken another step toward becoming public with the submission of a new filing to the U.S. Securities and Exchange Commission. Moreover, Nasdaq has accredited its application for the listing of the fund.　　Grayscale Files HYPE ETF S-1 Amid Nasdaq Greenlight　　On May 27, a certification letter signed by Nasdaq Regulation Senior Vice President Eun Ah Choi confirmed that the exchange had received the companys Form 8-A filing for the “Grayscale Hyperliquid Staking ETF Shares.” The document also claimed that Nasdaq had given official notice to list and register the security.　　Bloomberg ETF analyst James Seyffart noted the information on X. He wrote, “Grayscale files amendment number four for their Hyperliquid ETF — $HYPG. Definitely getting closer to launch. Still no fee yet.”　　Seyffart said that what he called the most notable change in the new HYPE ETF filing. “The most interesting update/change looks to be a seed capital investment of ~2 million hyperliquid:native or about ~$113 million! will come from Hyper Holdings Global LP,” he posted.　　Other Recent Updates Around HYPE ETF　　The new amendment comes after Grayscale filed a revised S-1 registration statement with the SEC on May 11. In that filing, the

05-29

Google Engineer Accused of Turning Secret Search Data Into a $1.2M Polymarket Profit

AlphaRaccoons username was removed from the Polymarket account after users on Discord and X speculated that the trader may have been a Google insider.　　US prosecutors have charged Google software engineer Michele Spagnuolo, also known online as ‘AlphaRaccoon,’ with allegedly using confidential internal Google search data to profit roughly $1.2 million through bets placed on prediction market platform Polymarket.　　According to a criminal complaint unsealed in the Southern District of New York, Spagnuolo allegedly accessed nonpublic ‘Year in Search 2025’ data from Googles internal systems and used that information to trade on Google-related markets on Polymarket before the results became public.　　Polymarket Insider Trading Case　　Prosecutors charged him with commodities fraud, wire fraud, and money laundering, while the Commodity Futures Trading Commission (CFTC) filed a parallel civil complaint accusing him of insider trading violations under the Commodity Exchange Act. The filing states that Google keeps its “Year in Search” rankings strictly confidential because the annual campaign is commercially valuable and designed around a coordinated public reveal intended to generate media attention, user engagement, and advertising demand.　　Investigators said Spagnuolo had access to a Google internal software tool containing confidential trend data and that the tool itself displayed a “Google Confidential” warning banner. Authorities allege that

05-29

Debt Reset: Why Bitcoin Treasuries Pivot to Liability Control

Miners vs Non-Miners: Same Asset, Different Pressures　　Bitcoin miners and non-mining corporates both hold BTC, but their balance-sheet physics differ. For miners, revenue is directly tied to network economics and energy costs; the halving reduces block subsidies, compressing margins unless offset by efficiency gains. That makes leverage more fragile.　　Miners face capex cycles (new rigs, immersion, grid interconnects) and often finance with equipment loans or secured notes. Their liability control priorities typically include: securing low-cost power agreements, matching debt tenor to machine life, ring-fencing opex liquidity, and deciding how much produced BTC to retain versus sell. Some miners opt to monetize a portion of production via structured sales or calls to fund capex without heavy dilution.　　Non-miners—software, fintech, or treasury-rich industrials—tend to hold BTC as a strategic reserve. Their core business cash flows can support debt, but investor tolerance for P&L volatility and dilution varies. For them, convertibles paired with opportunistic equity or long-dated secured notes can work, provided collateral encumbrance doesnt hamstring M&A or growth plans.　　Both cohorts benefit from transparent risk limits and stepwise de-leveraging goals. A “glidepath” that reduces net leverage as market cap and liquidity rise can earn investor trust even while keeping a BTC anchor.　　Why the Pivot Now: Liquidity

05-29

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