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Here's a quick preview of today’s content: Coinbase makes history joining the S&P 500, Frank DeGods calls it quits after years of controversy, Trump mining company makes a public move, Pump.fun is giving it’s creators a piece of the pie, 3 massive M&A announcements made, the Mayor of NY is all the sudden pro crypto, BlackRock publicly states concerns of bitcoin investment, and so much more.

Happy Tuesday – so much to cover today! Let’s dive in.

Market Snapshot

• Bitcoin's market capitalization recently surpassed $2 trillion, hitting the highest since the end of January

  • While first-time buyers show strong interest, momentum buyers remain weak, suggesting potential price consolidation

  • Per Glassnode, demand from momentum buyers remains weak, with the 30-day RSI at 11

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Coinbase shares jump nearly 10% as they are set to become the first pure play crypto company to join the S&P 500 (TB)

• SEC Chair Paul Atkins says his priority is to "develop rational regulatory framework for crypto that establishes clear rules of the road" – see full speech here

• New York City Mayor Eric Adams looks to make NYC a global fintech and crypto hub (DF)

• Controversial NFT creator and influencer Frank DeGods resigns as CEO from Yoots and DeGods projects – see his parting statements here

• Saylor’s Strategy announces 13,390 BTC purchase bringing total holdings above $58B (BM)

• Solana memecoin launchpad Pump.fun is giving its creators 50% of created token revenue (DF)

• Bankrupt FTX and Alameda unstake $32M of Solana, about 3% of total holdings (DF)

• DeFi Development Corp. has acquired nearly $100M of SOL after latest business pivot just over a month ago (CD)

• The Blockchain Group secures €22M of funding in 48 hours to double down on bitcoin treasury (BM)

• Metaplanet overtakes El Salvador as largest non-U.S. bitcoin owning entity (CD)

• Uniswap becomes first DEX to surpass $3B in cumulative trading volume (DF)

• Tether supply crosses $150B with more USDT issued on Tron than Ethereum (TB)

• DeFi lending protocols Aave and Morpho reach massive milestones, surpassing deposits of $40B and $1B, respectively (DF)

• Anthony Scaramucci believes bitcoin will 12x from here as it adopts 1 billion users (DF)

• Exodus wallet sees best Q1 in company history bringing in $36M (BM)

• Coinbase determined a bitcoin reserve strategy was “too risky”

• Electricity theft in Malaysia has soared 300%+ since 2018 mainly due to illegal crypto mining operations (CD)

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Venture Capital

• Sonic Labs completes $10M private sale of S token to Galaxy (FS)

• Liquidity distribution protocol provider Turtle Club closes $6.2M fundraise from THEIA, Susquehanna, and others (FS)

• Jump Crypto and Crucible Capital co-lead $6M seed extension round for Nirvana Labs to improve blockchain storage (BW)

• DoubleUp announces $4M seed round led by Karatage for decentralized casino (DU)

• Castrum Capital backs web3 entertainment ecosystem Redacted in undisclosed funding round (CF)

Launches

• Stocktwits launches Cryptotwits with Grayscale, CoinGecko, and Gemini to bring industry insights and news to 10M+ investors (DF)

• Mark Zuckerberg’s Meta reportedly in talks with crypto firms to launch own stablecoin (DH)

• Exponential launches DeFi platform YO for ‘yield optimization’ (TB)

Regulation

• BitGo receives access to banks and asset managers for institutional crypto offerings through BaFin MiCA license (DF)

Cybersecurity

• Analysts predict that nearly half of all stolen digital assets sit idle on-chain (CN)

• ZkSync and Matter Labs regain control of social accounts following hack (BN)

• Hackers of student information system PowerSchool requested payment in cryptocurrency to avoid data leak (DH)

• BlackRock states concerns of quantum computing security risks against bitcoin and other blockchains in regulatory filing (CT)

Extra Reads

• An X thread breaks down the highs and lows of one of the largest web3 projects in the entire space 'DeGods'

  Read the full thread here

• Stablecoins are on the verge of mainstream adoption this year as the Trump administration pushes ahead with landmark crypto legislation, investment bank Deutsche Bank said in a research report Monday

  Read the full report here

• Apollo’s Christine Moy explained how the “velocity” of innovation in crypto has led to the evolution of RWAs (Real World Assets)

  A breakdown of how RWAs have matured this cycle

Chart of the Day

Exchange-held Bitcoin continues to reach record lows, a metric that has historically inversely correlated with price 📈📉

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