There’s never a dull moment onchain. Here’s what you need to know this week:

Bitcoin

$76,702.08

󰢸

1.51%

Ethereum

$2,116.87

󰢸

2.33%

Tether

$0.9987

󰍾

0.02%

BNB

$656.35

󰢸

0.74%

XRP

$1.36

󰢸

1.43%

USDC

$1.00

󰍲

0.00%

See the latest prices

MARKET BYTES

BTC erased almost all of May’s gains as interest-rate fears rise

After mostly tracking upward for the last six weeks, crypto’s spring rally hit a wall on Sunday, with bitcoin dipping to nearly $76,000 by Monday for the first time since the end of last month. Ether took a similar journey, falling below $2,100 on Monday for the first time since early April. Prices ticked up slightly by Wednesday, but remained well short of recent highs.

Why did crypto’s spring rally stall? In part because geopolitical tensions and volatile energy prices have traders increasingly anticipating that central banks in the U.S. and abroad could be forced to raise interest rates later this year. (According to the CME Fedwatch, markets are pricing in an almost 60% chance of one or more Fed rate hikes in 2026. Coinbase Predictions traders are less pessimistic, with just 40% anticipating a rate hike this year.) 

On the plus side, the CLARITY Act, a landmark crypto regulation package, made it out of the Senate Banking Committee last week via a bipartisan vote and now heads to a vote on the Senate floor.   

Here’s more news you should know… 

Crypto ETFs shed a billion dollars last week

After a six-week winning streak, crypto ETFs shed more than a billion dollars last week, according to CoinShares’ latest report. Funds holding BTC saw $982 million in outflows and Ethereum funds shed $249 million. Some altcoin funds fared better, with XRP and Solana attracting $67.6 million and $55.1 million respectively.

“[This represents] the third-largest weekly outflow of 2026 behind only two weeks in late January,” noted CoinShares head of research James Butterfield. “This likely reflects renewed geopolitical risk-off tied to Iran-related machinations.”

The selloff rolled into Monday, with the Block reporting that spot BTC ETFs shed $649 million, in the worst single day since January. Helping fuel the reversal, analysts say, was the sharp increase in leveraged trades that helped power crypto’s recent rally. 

“After several weeks of price appreciation, bullish positioning had accumulated, leaving bitcoin more vulnerable once selling pressure started to build," Diana Pires, chief business officer at institutional crypto platform sFOX, told the Block. "When leverage unwinds quickly, derivatives markets often react faster than spot markets, which can amplify volatility and contribute to sharper short-term drawdowns."

Strategy just bought another $2 billion worth of BTC 

The crypto treasury company giants Strategy and Bitmine Immersion Technologies each made major purchases in the last week. Strategy acquired 24,869 Bitcoin last week for around $2 billion via sales of the firm’s preferred stock product Stretch (STRC), which currently offers holders an annual dividend of 11.5%.  

Following the move, TD Cowen upped its price target for Strategy stock, which traded around $164 on Tuesday, to $400. “Strategy’s treasury operations continue to exceed expectations, with faster-than-anticipated Bitcoin accumulation,” noted the firm’s report. “While Strategy may replenish portions of its USD reserve over time, we expect continued access to capital markets to support ongoing Bitcoin accumulation, rather than constrain it.”

Meanwhile, Bitmine CEO Tom Lee described sinking ether prices as “an attractive opportunity” for the firm to acquire more than 71,000 ETH for around $151 million. 

WHALE STREET

Governments and firms from the U.K. to Japan are betting on tokenization as the future of finance

For years, tokenization has been billed as crypto’s next hottest sector — and the potential future of the global financial system. 

Tokenization is the process of creating digital, blockchain-based tokens to represent real-world assets (RWAs) like cash, stocks, debt, and real estate, and it's become an increasing priority for asset managers, central banks, and governments worldwide. Why? Because tokenized assets can be traded cheaply, instantly, and around the clock. 

With the market cap of tokenized RWAs nearly tripling over the past year, to $33.7 billion, could 2026 be the year tokenization fully breaks out into the mainstream?

Here’s what you need to know.

$4 trillion worth of tokenized assets could move onchain by 2028, says Standard Chartered

The UK-based bank predicts that Wall Street’s tokenization push, which includes new tokenized products from JPMorgan and BlackRock, could help accelerate the movement of trillions of dollars in real-world assets onto public blockchains in the next couple of years.

Several recent products from the Wall Street giants have focused on tokenized money market funds — essentially blockchain-based versions of U.S. treasury bills that tie directly to investors' ownership records. JPMorgan announced its second tokenized money market fund last week, and BlackRock, which already has a $7 billion onchain money market fund, announced that shares in its fund will be tradable on Uniswap, the decentralized finance platform. Tokenized ETFs are also gaining traction, surpassing a $430 million combined market cap this week. 

Standard Chartered’s report found that the growing trend of assets being moved onchain could be a boon for the DeFi sector, as institutions will be able to use their tokenized assets as collateral or to generate yield. If the CLARITY Act passes this year, the report added, it could be another potential catalyst for tokenization and DeFi. 

"More assets moving onchain is likely to mean more throughput on DeFi protocols, supporting protocol token prices," said Geoffrey Kendrick, Standard Chartered’s global head of digital assets research.

Saudi Arabia is going all in on tokenization

Faisal Monai, who helped build Saudi Arabia’s digital payments infrastructure, is now leading the kingdom’s tokenization efforts. And by 2030, he says, tokenized assets will be serving as “core financial infrastructure” for the country.

The first stage, says Monai, the chair of Saudi Arabia’s main tokenization platform droppRWA, is using stablecoins to settle real-estate transactions, which he expects to go live by the end of this year. droppRWA has a $12.5 billion mandate to tokenize real-world assets through his platform, which has already facilitated the world’s first tokenized deed property transaction. Once it’s fully rolled out, Monai says, it will begin facilitating real estate transactions across Saudi Arabia’s “multi-trillion dollar real estate pipeline.” 

Monai also aims to tokenize other sectors of the Saudi economy, including energy and manufacturing, as a way to create resiliency in Saudi’s markets, and remove the risk associated with the physical or administrative frictions that can exist with traditional finance. “In periods of volatility, the most valuable thing for asset owners is certainty: certainty of ownership, transfer, collateral and settlement,” he said. 

The Securities and Exchange Commission is working on rules for tokenized stocks 

Under chairman Paul Atkins, the SEC has worked to ease regulatory restrictions related to the crypto industry. And tokenized stock trading appears to be next on the list. 

According to Bloomberg, the agency is on the verge of releasing an “innovation exemption” for tokenized stocks in the coming days. 

Tokenized stocks allow for near-instant settlement and 24/7 trading, which could provide new benefits to investors. For instance, the rules would allow for the trading of “third party” tokenized stocks that aren’t issued by the underlying firm. Such stocks wouldn't necessarily offer the benefits of “regular stocks,” like voting rights or dividends. The SEC’s upcoming proposal is expected to include a multiyear experiment to see whether tokenized stocks issued by third parties can still function as intended.

The Bank of England, Japan’s ruling party, and the DTCC are moving to adopt tokenization 

According to a joint statement from the UK’s central bank and its chief financial regulator, the Financial Conduct Authority, the time has come to utilize tokenization to drive economic growth and innovation. 

The FCA’s executive director of markets said that tokenization has the potential to reshape “how assets are issued, traded and settled.” As part of the tokenization push, the BOE also announced plans for expanded transaction settlement hours, with Sunday and bank holiday settlement coming by 2029, and 22-hour-per-day settlement hours coming by 2031.

Japan is pursuing a similar tokenization strategy. “Japan’s ruling Liberal Democratic Party is pushing stablecoins, tokenized deposits and blockchain settlement as financial infrastructure, warning that Japan risks falling behind foreign payment systems,” notes Decrypt.

Here in the U.S., the Depository Trust & Clearing Corporation, which custodies more than $110 trillion in assets and oversees the settlement of securities trades, announced that it will start facilitating the trading of tokenized assets on a limited basis this summer. The service — which is being designed in collaboration with firms including Circle, JPMorgan, Anchorage Digital, Bank of America, and Goldman Sachs — will offer the same “entitlements, investor protections and ownership rights” as traditional assets, “supported by DTC’s resilience and accountability.”

PREDICTION MARKETS

Who will win the pro basketball and hockey conference finals?

We’ve reached the conference finals in both the pro basketball and pro-hockey playoffs. With the field in each league down to just four, who do traders see as having the best probability to stay in the running to win a championship?

Here’s what they’re saying as of Wednesday around 10:30am EDT.

Pro Basketball Series Winner: San Antonio vs. Oklahoma City

51%, Oklahoma City; 50% San Antonio

What markets say: After coming in as heavy favorites, Oklahoma City’s probability has crashed nearly 20 percentage points following their overtime loss in Game 1.  More than $17 million has been traded on the heavyweight battle between back-to-back MVP Shai Gilgeous-Alexander, and likely future MVP Victor Wembanyama.

What analysts say: “We have seen [San Antonio] do it in the regular season, but the playoffs have a heightened sense of urgency and attention to detail. [The Oklahoma team] are so disciplined. Every player understands his role and doesn’t deviate from it. [San Antonio] will have to be just as focused and exacting.” – The Athletic

Pro Basketball Series Winner: New York vs. Cleveland

79%, New York 

What markets say: After a record-setting comeback win against Cleveland in Game 1, New York saw their probability to win the series rise 9 percentage points, with more than $22 million being traded on the series so far. 

What analysts say: “[The NYC team is] better, more versatile and fresher heading into the series. After surviving two long series to get here, [Cleveland] has a significant amount of wear and tear.” – The Athletic 

Pro Hockey Series Winner: Las Vegas Golden Knights vs. Colorado Avalanche 

72%, Colorado Avalanche

What markets say: Coming off a dominant series win over Minnesota, which they won 4-1, Colorado enters the Western Conference Finals as the heavy favorite. Traders have placed more than $3 million on the series so far. 

What analysts say: “Vegas will test Colorado differently than the Kings or Wild did. The Golden Knights are deeper, heavier, more experienced, and far more comfortable playing ugly hockey for long stretches. But the danger for Vegas is simple: if this series ever opens up, even briefly, the Avalanche can bury opponents faster than anyone left in the Stanley Cup Playoffs.” – Yahoo! Sports

Pro Hockey Series Winner: Carolina Hurricanes vs. Montreal Canadiens

73%, Carolina Hurricanes

What markets say: Montreal is coming off a brutal 7 game series, and now has to face the top team in the Eastern Conference. Traders see Carolina as the heavy favorites, and have placed more than $4 million in predictions on the series so far. 

What analysts say: “At one stage of their elongated break, Carolina was away from the ice three straight days, a playoff layoff that could play into [Montreal’s] favour in Game 1. But already trying to get more from their usual scoring threats, Montreal meets a stiff team defence that has averaged just 25.1 shots against in eight games to date. – The Toronto Sun

TOKEN TRIVIA

When was bitcoin’s first positive month in 2026?

Find the answer below.

Trivia Answer