🔮 A Little Sour, Who Is Buying, New ETFs, Staying Dynamic

Top Stories

Pump.fun’s Mayhem Mode Shows Little Early Impact as Revenue Slips

Pump.fun’s new Mayhem Mode lets an AI trader buy and sell a token for its first 24 hours using an extra billion minted coins that are later burned, aiming to boost early visibility rather than profit. While the setup is opt-in and publicly disclosed, some users see it as wash-like activity since a single actor manufactures early tape. So far, the feature has not increased launch activity, with daily token creation rising only slightly from 17.3K to 17.8K. Revenue has actually declined since Mayhem went live, weakening PUMP buybacks and contributing to its market cap falling over 30 percent from all-time highs. Unless paired with stronger curation or better visibility tools, Mayhem risks becoming more noise than lift.

Source: The Block, Dune

Bitcoin Plunges Below $82K as $2.2B in Liquidations Rip Through Markets

Bitcoin briefly crashed to about $81,000 on Friday before bouncing above $85,000 and falling again to around $83,600, extending a 33 percent drawdown since October’s all-time high. Altcoins were hit even harder, with Ethereum, XRP, BNB, and Dogecoin all posting losses of 9 to 12 percent in 24 hours. The volatility triggered more than $2.2 billion in liquidations, including over $1.1 billion in wiped-out Bitcoin positions. At one point nearly $1 billion was liquidated in a single hour, marking the largest wipeout since early October’s tariff-driven crash. The sharp moves highlight ongoing fragility in futures markets as traders continue to unwind leveraged positions.

Prediction Markets Surge as Kalshi Overtakes Polymarket in Volume

Prediction markets are becoming one of crypto’s fastest-growing sectors, generating about $7 billion in monthly volume and seeing wallet growth up 400 percent year-over-year. Global open interest is on track to set new highs, likely surpassing the $830 million peak seen during the 2024 U.S. election. Kalshi has recently overtaken Polymarket in volume thanks to its CFTC-regulated structure and distribution through Robinhood, although this creates reliance on a single major partner. Category interest shifts constantly, with Polymarket moving from election-heavy markets in late 2024 to more sports and pop culture after results settled, before election-related activity surged again in mid-2025 as Trump headlines returned. The sector’s rapid expansion reflects rising mainstream access, improved regulation, and diversified market themes.

Source: RE7

Regulation

Strategy’s MNAV Premium Collapses, Threatening Its Bitcoin Accumulation Flywheel

Strategy’s stock has fallen to about $200, down 33 percent this year, even as Bitcoin remains slightly positive. The company holds roughly 600,000 BTC and depends on issuing equity and convertible debt to keep buying more, a model that only works when its market cap trades above the value of its Bitcoin. Its MNAV premium has compressed to 1.2x from 3.0x in late 2024, weakening its ability to raise capital accretively. Many digital asset treasury firms now trade near or below 1.0x MNAV, forcing some to consider buybacks rather than new raises. This shift limits their ability to keep accumulating crypto and could pressure token markets if firms are pushed to sell or consolidate.

Source: Yahoo Finance, The Block, Bitcoin Treasuries

Bitwise Launches U.S. Spot XRP ETF as Altcoin ETF Wave Accelerates

Bitwise debuted its U.S. spot XRP ETF under ticker XRP, waiving its 0.34 percent fee for the first $500 million in assets during the first month. CIO Matt Hougan cited XRP’s long history, efficiency, and strong community as key strengths. The fund is now the second pure spot XRP product in the U.S., following Canary Capital’s XRPC, which already has nearly $300 million in inflows. Grayscale and Franklin Templeton are expected to launch their own XRP ETFs next week, alongside Grayscale’s Dogecoin ETF. Altcoin ETF momentum continues to build, with Solana products leading inflows and 21Shares adding a leveraged Dogecoin ETF as FalconX completes its acquisition.

Coinbase Bets on a New ICO Era as Regulatory Winds Shift

Coinbase’s $375 million Echo acquisition and the launch of its retail-facing token sales platform signal a major strategic shift driven by the most pro-crypto U.S. regulatory environment since 2017. With SEC Chair Paul Atkins pushing for fit-for-purpose ICO rules and new legislation advancing in Congress, platforms like CoinList, Legion, and BuidlPad are reassessing how to serve U.S. users. Coinbase aims to build a full-stack fundraising pipeline, from early raises on Echo to retail distribution on its exchange, as founders and investors increasingly want compliant venues. Rivals see both validation and competition, with some leaning into decentralization or high-touch curation instead. Many expect a controlled but meaningful uptick in token launches, not a 2017-style frenzy, as teams that delayed offerings return. The open question is whether Coinbase will eventually launch a Base token, though concerns about conflicts and regulatory scrutiny may push it toward an airdrop-only approach.

Other Domestic Regulation Updates

• Mt. Gox moves nearly $1 billion worth of bitcoin to unmarked addresses
• BlackRock's bitcoin ETF posts record-setting outflows worth $523 million
• US Senate banking chair eyes vote on crypto market bill next month

Other International Regulation Updates

• Japan moves to reclassify crypto and adopt major tax relief
• Hong Kong launches tokenized deposit pilot with real-value transactions

Pain & Gain

Pain

• Bitcoin hits six-month low amid cycle peak fears
• Cloudflare global network outage hits multiple crypto front-ends in widespread disruption
• JPMorgan says correction appears driven by retail selling of BTC and ETH ETFs
• Prediction Market Myriad Partners With Walrus Decentralized Data Storage Layer
• Coinbase’s Monad public token sale starts hot and then fizzles
• Cardano Network Disrupted by 'Poisoned' Transaction Attack

Gain

• RippleX engineer explores potential for native XRP staking
• Core Foundation secures injunction blocking Maple Finance’s rival bitcoin yield product
• DeFi Lender Aave to Roll Out Retail Crypto Yield App on Apple’s App Store