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Traders watch bitcoin ‘golden cross’ as BTC slides to near $75,000, ZEC dives 9%

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Traders watch bitcoin ‘golden cross’ as BTC slides to near $75,000, ZEC dives 9%

Bitcoin slid to $75,498 in Asian hours Tuesday, leaving crypto markets out of step with the equity rally that pushed global stocks to record highs overnight.

XRP, ether, and Solana were each down as much as 1% in the past day, per CoinDesk data, while Zcash (ZEC) dropped 9% to $564, the biggest single move among the top 15. Hyperliquid (HYPE) bucked the cohort at $59.99, up 1.4% on the day and now sitting just behind Dogecoin on market cap. Tron (TRX) is the quiet performer of the past week, climbing steadily as the rest of the majors held narrow ranges.

What traders are now watching is a setup forming on the bitcoin chart. FXPro analyst Alex Kuptsikevich said in an email the price is finding support near the rising 50-day moving average, while the 200-day moving average briefly acted as resistance earlier in May.

The two lines are on track to cross in the coming weeks, a setup known as a golden cross, which is generally read as a bullish signal. A break of either moving average before the cross could set the direction for crypto markets through the next several weeks, he said.

The flow data has been less encouraging. Spot bitcoin ETFs in the U.S. saw $1.74 billion in withdrawals over the past two weeks, per CryptoOnchain. Retail traders have been adding leverage in the meantime, a combination that has historically preceded sharp liquidation cascades when the market turns against the crowd.

The pattern is showing up at the same time the broader market is asking which asset gives the signal first. Joel Kruger, market strategist at LMAX Group, said ether remains the critical chart to watch, with repeated failures ahead of $2,400 reinforcing the importance of that resistance band.

A decisive daily close above $2,400 would mark a major technical shift and likely bring renewed institutional participation, Kruger said.

The U.S. Securities and Exchange Commission added another piece to the institutional puzzle on Monday, approving the listing of options on a bitcoin index calculated from BTC prices across multiple exchanges. It is the first instrument of its kind, with existing crypto options on U.S. stock exchanges limited to those tied to spot ETF shares.

Equities went the other way overnight, meanwhile.

The MSCI All Country World Index rose for a sixth straight day to a record. South Korea’s Kospi is up about 100% on the year, making it the best-performing major equity gauge globally. Micron Technology jumped 19% in U.S. trading to cross $1 trillion in market value, joining SK Hynix in the chip stocks at that level. Brent crude slipped 1.5% to $98 on signs of progress in U.S.-Iran negotiations. Treasury yields edged lower, with the 10-year at 4.47%.

Bitcoin’s lag behind equities has been one of the cleanest market signals of the past month. Whether that gap closes through a chip-led equity pullback or a bitcoin catch-up depends on which side of the moving average crosses first.

Bitmine Buys 111K ETH as Tom Lee Predicts Supercycle

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Bitmine Buys 111K ETH as Tom Lee Predicts Supercycle

The Ether buying company Bitmine Immersion Technologies has made its biggest purchase so far in 2026 as its chairman, Tom Lee, doubled down on the idea of an impending crypto supercycle.

Lee said Tuesday that in the past week, Bitmine bought 111,942 Ether (ETH) after a recent pullback sent the token below $2,200 and presented an “attractive opportunity.” Ether has traded between $2,025 and $2,147 over the past seven days.

He also reiterated his theory of a supercycle ahead for crypto and Ether, driven by Wall Street’s interest in tokenization and artificial intelligence-powered agents.

“We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic AI. And thus, we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens,” Lee said.

Source: Bitmine

Bitmine slowed its pace of Ether buys earlier this month after having scooped up over 100,000 ETH a week for three straight weeks. It is the largest Ether treasury company and has consistently bought crypto, even during market downturns, following a business model similar to Michael Saylor’s Bitcoin treasury firm Strategy.

Bitmine’s goal is to hold 5% of Ether’s circulating supply of 120.7 million tokens. To reach its target of more than 6 million ETH, Bitmine needs about 644,596 ETH, which Lee said will happen sometime this year.

Ether treasury firms leaning into staking

Bitmine has staked over $4.7 million of its Ether, according to the company, and expects to generate annualized staking revenues of $276 million.

Related: Bitmine’s Tom Lee hints at stock tailwinds after firm considered for Russell 3000

Staking infrastructure provider Everstake said in a report Tuesday that Ether treasury companies are under pressure to generate revenue from staking and other yield strategies as the appeal of public companies just holding the asset has been weakened by interest in spot crypto exchange-traded funds.

Across the wider ecosystem, the amount of staked Ether has hit a new high, with more than 39.2 million, or roughly 32.19% of the supply, locked in and another 3.3 million waiting in the wings, according to the Ethereum Validator Queue. At the same time, the exit queue has about 234,368 Ether waiting to leave.

Over 39.2 million Ether is currently staked. Source: Ethereum Validator Queue

Ether reached an all-time high of $4,946 in August 2025 but has since fallen over 58%. Lee previously argued that Ether’s steep drawdowns may offer a buying opportunity.

Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest, May 17 – 23  

Bitcoin demand gauge sinks to worst level since December as spot buying weakens

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Bitcoin demand gauge sinks to worst level since December as spot buying weakens

Bitcoin’s BTC$75,530.49 rebound is running into a demand problem.

CryptoQuant’s 30-day apparent demand metric has fallen to minus 147,000 BTC, its weakest reading since December 2025, even as bitcoin holds in the mid-$70,000s after bouncing from its April lows near $65,000.

The metric compares new miner supply and older coins returning to circulation with the amount of bitcoin the market is absorbing. A positive reading means buyers are taking down new and reactivated supply, while a negative reading means more coins are coming to market than buyers are absorbing on-chain.

The latter is the issue with the current rally.

Bitcoin has recovered sharply from April, but the move has not yet produced the kind of spot demand that usually supports a more durable uptrend. Earlier this month, data showed apparent demand had improved from -91,000 BTC in April to roughly -11,000 BTC, close to balance. The latest slide back toward -147,000 BTC suggests that improvement has faded.

Other signals have been suggesting the same. The Coinbase Premium has stayed negative since late April, showing U.S. spot buyers have been less aggressive than offshore traders.

It means futures market buyers have largely led the price bounce from $65,000. It matters because futures-led rallies are easier to unwind. Perpetual positions can close quickly when funding shifts or liquidations start. Spot accumulation is usually stickier because buyers put up full capital and take actual BTC, making that demand less likely to disappear on the first pullback.

None of this means bitcoin has to break lower immediately. Weak demand can sit under a range for days or weeks. But it does make the market more dependent on fresh spot buying if bulls want to push beyond the current zone.

If that bid does not show up, the $70,000 area remains the level to watch. CryptoQuant identifies it as the short-term trader realized price, where recent buyers’ paper gains largely disappear, and the incentive to take profit starts to fade.

NYT Investigation Exposes CFTC Officials Suspended Over Prediction Markets Scrutiny

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NYT Investigation Exposes CFTC Officials Suspended Over Prediction Markets Scrutiny

A New York Times investigation reveals that CFTC officials who raised concerns about prediction markets were suspended and removed from the agency.

A New York Times investigation has uncovered that officials at the Commodity Futures Trading Commission (CFTC) who questioned the agency’s approach to prediction markets were subsequently suspended and removed from their positions. The finding sheds light on internal dynamics at the U.S. regulator responsible for overseeing futures, options, and digital asset markets.

The investigation details how CFTC staff members who expressed concerns about prediction market regulation faced retaliation within the agency. The specific details of their objections and the timeline of their removals were revealed through the Times’ reporting.

Prediction markets—platforms where users trade contracts based on outcomes of future events—have gained prominence in the crypto and blockchain space. The regulatory treatment of these platforms remains contested, with the CFTC holding authority over event contracts and derivatives. The investigation suggests internal disagreement within the agency over how aggressively to regulate or restrict these markets.

The revelation raises questions about regulatory consistency and internal oversight at the CFTC during a period of heightened scrutiny of crypto and digital asset markets. It also underscores tensions between different positions on emerging blockchain-based financial instruments within U.S. regulatory bodies.

Sources: New York Times (via @cryptodotnews)

Spain joins growing list of countries shutting out Polymarket and Kalshi

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Spain joins growing list of countries shutting out Polymarket and Kalshi

Spain’s Ministry of Consumer Affairs opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi and ordered internet service providers to block access to the platforms.

In notices published in the country’s official state gazette, Spain’s gambling regulator, the Directorate General for Gambling Regulation (DGOJ), said the companies were offering betting products tied to uncertain future events without the licenses required under Spanish law, according to local news outlets.

Authorities said the precautionary blocking measures would remain in place while the cases proceed, a process expected to take three to four months.

The notices came after regulators failed to notify the companies through known foreign addresses.

Kalshi and Polymarket currently dominate prediction markets’ trading activity. Over the past 30 days, Kalshi recorded roughly $5.9 billion in trading volume while Polymarket processed about $3.8 billion, according to DeFiLlama data.

Combined, the two platforms represent nearly 88% of the roughly $11 billion in trading volume among the sector’s top markets during the period.

The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should fall under gambling or financial market rules.

Indonesia blocked Polymarket earlier this week under online gambling restrictions, as did India. Other countries including Taiwan, Thailand China, and Japan have restricted the platform, while Ukraine blocked it with no legal way for it to come back.

Polymarket’s list of blocked countries also includes Belgium, Australia, France, the U.K., and Germany. The platform is relaunching in the U.S.

Kalshi followed a different regulatory route in the U.S., where it operates under oversight from the Commodity Futures Trading Commission (CFTC). Still, it’s been under fire.

Spanish authorities said unlicensed operators may lack safeguards such as identity checks, protections for minors and systems for self-excluded gamblers.

Michael Saylor’s Strategy repurchases $1.5 billion in convertible debt

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Michael Saylor’s Strategy repurchases $1.5 billion in convertible debt

Disclosure: The author of this story owns shares in Strategy (MSTR).

Strategy (MSTR), the world’s largest corporate holder of bitcoin BTC$75,644.49, repurchased $1.5 billion of its 0% convertible senior notes due 2029 last week for $1.38 billion, opting to reduce debt rather than add to its bitcoin treasury, according to a filing released Tuesday.

The company funded the repurchase using cash reserves, bringing those reserves down to about $871 million following the debt repurchase and related capital transactions.

Executive Chairman Michael Saylor referenced the move on Sunday in a post on X, writing: “This week we bought bonds, not bitcoin. The ₿itVac is charging.”

The repurchase marks a shift from the company’s usual bitcoin accumulation strategy as it looks to restructure liabilities tied to its bitcoin treasury model.

Upon settlement, the purchase reduced the company’s outstanding debt obligations to $6.7 billion from $8.2 billion.

Strategy holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase cost of approximately $63.9 billion.

MSTR shares rose 1.9% in pre-market trading alongside bitcoin’s modest rise back to $77,000 over the weekend.

Read More: Strategy to repurchase $1.5 billion of 2029 convertible bonds using cash or bitcoin sales

HYPE Hits $65 As ETF Flows Fuel Growth: Is $100 Next?

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HYPE Hits $65 As ETF Flows Fuel Growth: Is $100 Next?

Hyperliquid’s native token HYPE continues to rally, possibly targeting $100 as its next all-time high, as inflows to its exchange-traded funds highlight investor demand. 

Inflows into the HYPE ETFs reached $89 million over the past nine days, which is equivalent to nearly $9.2 million in daily buying pressure. 

The combined assets under management (AUM) across Bitwise’s BHYP and 21Shares’s THYP climbed to $89 million within days of launch, giving HYPE one of the fastest ETF accumulation curves among crypto investment products.

Total spot HYPE ETF net inflows. Source: SoSoValue

Bitwise CEO Hunter Horseley said BHYP alone recorded roughly $12 million in trading volume during its first 90 minutes of trading. The fund’s assets under management reached $40 million just over a week after launch.

HYPE proponent Havoc added that the upcoming Grayscale GHYP product could contribute another $8 million to $12 million in daily inflows. At different average purchase prices, the projected yearly demand could absorb between 8% and 33% of HYPE’s circulating supply.

After assuming a 30% to 35% outflow similar to what was seen in the spot Bitcoin ETFs, Havoc estimated yearly net demand between $2.9 billion and $3.6 billion. The analyst described the figures as substantial for a crypto asset with a relatively thin floating supply. 

Onchain activity also shows growth, with Hyperliquid attracting more than $1.1 billion in net inflows over the past month.

Related: RWA market hits $51B as tokenized private credits surges: Bernstein

HYPE open interest tracks breakout

HYPE climbed to a new all-time high of $64.50 on Tuesday, while Bitcoin continued to struggle below the $77,000 resistance level. The token has since consolidated above its previous breakout level near $59.40, keeping HYPE in a price discovery.

If HYPE continues to hold above $59.40, the next Fibonacci extension target sits near $76 at the 1.236 level. Beyond that, the 1.382 Fibonacci extension places the next upside level near $89.50, followed by the 1.618 extension near $101. 

HYPE/USD, one-day chart. Source: Cointelegraph/TradingView

Fibonacci extensions are commonly used by traders to estimate potential resistance zones and profit-taking levels once an asset moves beyond its previous all-time high. 

Derivatives data continued rising alongside the breakout. Velo data showed aggregated open interest approaching $2 billion as traders added fresh positions during the rally. Aggregated funding rates held near 0.004%, suggesting bullish positioning. 

HYPE price, aggregated funding rate, and open interest. Source: Velo chart

Crypto analyst Byzantine General said Hyperliquid reached $8.5 billion in aggregate exchange open interest, making it the third-largest derivatives venue behind Binance and Bybit. The platform’s total open interest market share climbed to 7.2%, marking a new all-time high.

Meanwhile, some traders are monitoring signs of crowding after the sharp vertical move. Crypto trader GonzoXBT said a temporary pullback toward the four-hour 200-period exponential moving average (EMA) deviation area could help reset positioning. 

The daily chart also shows an unfilled fair-value gap between $48 and $54 that overlaps with the rising 50-day EMA and could serve as a key liquidity and support zone if the price pulls back. 

BTC/USD, one-day chart analysis by GONZO. Source: X

Related: NEAR protocol leads AI token rally with a 50% pump: Is $5 NEAR price next?

UK Authorities Sanction HTX Crypto Exchange, Citing Support for Russia

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UK Authorities Sanction HTX Crypto Exchange, Citing Support for Russia

The UK government has added cryptocurrency exchange HTX to its list of sanctioned entities over its support of Russia.

On Tuesday, UK authorities said that there were “reasonable grounds to suspect” HTX, formerly Huobi Global, has been supporting Russia’s government through financial services and funds facilitated by the A7 Limited Liability Company and Garantex, other sanctioned entities. The crypto exchange, headquartered in Panama, was the latest to be named as part of a crackdown on entities “exploited by Russia to circumvent UK sanctions.”

“If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” said UK Foreign Secretary Yvette Cooper.

An HTX spokesperson told Cointelegraph: 

“Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK.”

Source: HTX Global

Russia continues to face sanctions by multiple countries in the European Union and globally over its military actions in Ukraine, launched in 2022. In April, the European Commission announced a package of crypto-related sanctions targeting stablecoins like A7A5 and digital asset operators linked to Belarus.

Related: UK politician Nigel Farage bought $1.8M house after $6.7M crypto gift

HTX has previously been a target of the UK’s Financial Conduct Authority, which in 2025 opened legal proceedings against the company for illegal crypto promotions on social media. The UK watchdog said HTX had pushed promotions on TikTok, X, Facebook, Instagram and YouTube, in violation of marketing rules.

Russia could criminalize crypto activities with new legislation

In April, Russian lawmakers advanced measures that could allow authorities to impose criminal penalties on unlicensed digital asset services and mandate registration with the country’s central bank. The proposals came alongside bills that passed first reading in the lower house of parliament, imposing limits on crypto for retail investors and reinforcing a prohibition on digital asset payments.

Magazine: 50K investors fight Korean crypto tax, Singapore cancels Bsquared: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

TeraWulf Acquires 1 GW Kentucky AI Data Center Site, Shares Jump 11%

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TeraWulf Acquires 1 GW Kentucky AI Data Center Site, Shares Jump 11%

TeraWulf Inc. (Nasdaq: WULF) announced Tuesday the acquisition of a hyperscale data center development site in eastern Kentucky, a move that sent shares climbing 14% at times today as investors responded to the company’s deepening push into artificial intelligence and high-performance computing infrastructure.

The new “Muskie Data Campus,” purchased from Industrial Equity Partners, sits within the 1,000-acre EastPark Industrial Park in northeastern Kentucky and encompasses roughly 285 acres of owned and controlled land. 

The site is expected to support more than 1 gigawatt of AI and HPC capacity — enough to power approximately 750,000 homes. The first 500 megawatts is targeted to come online in the second half of 2028, with an additional 500 megawatts set for delivery by the second half of 2030.

Kentucky Power, an AEP company, is constructing a 345 kilovolt substation connected to an existing 765 kV transmission network to serve the campus. Transmission infrastructure and energy service agreements were executed at closing, establishing what TeraWulf described as a clear pathway to long-term, large-scale power delivery. The site is zoned for its intended use, with permitting underway.

“The defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty,” said Paul Prager, TeraWulf’s Chairman and CEO. “Muskie combines scalable power, robust transmission infrastructure, development readiness, and strategic regional positioning in a way that is difficult to replicate.”

The acquisition marks TeraWulf’s second major digital infrastructure campus in Kentucky, joining its 480-megawatt Justified Data campus in Hancock County. The company bills itself as a “power infrastructure company that builds digital infrastructure” — a distinction Prager said underlies TeraWulf’s ability to secure sites like Muskie ahead of competitors.

TeraWulf’s AI compute is beating out Bitcoin mining revenue

The deal arrives as TeraWulf’s HPC-related revenue surged 117% in the most recent quarter, driven by its Western New York Lake Mariner facility, one of North America’s largest HPC campuses. AI compute revenue outpaced Bitcoin mining revenue for the first time in Q1, though the company posted a $427 million net loss as infrastructure investment spending climbs.

A $3 billion financing package arranged through Morgan Stanley — with Google backstopping the debt — is funding the data center expansion strategy announced last September.

WULF shares rose as much as 13.6% in early New York trading Tuesday before settling to an 11% gain, reaching nearly $26 per share, their highest level in roughly three weeks. The stock has more than doubled since January 1, 2026. Shares of the CoinShares Bitcoin Mining ETF (WGMI) — which holds TeraWulf as its third-largest position at 10.86% — rose 4.5%.

TeraWulf joins a growing field of Bitcoin miners, including Hut 8, HIVE Digital, MARA Holdings, and IREN, pivoting toward AI and HPC infrastructure as Bitcoin mining margins face pressure. 

The Muskie campus is expected to generate construction jobs, long-term skilled employment, and tax revenue for northeastern Kentucky, with support from the Governor’s office and local economic development authorities.

Ethereum Staking Queue Reaches 3.4M ETH as Exit Backlog Drops to 64 ETH

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Ethereum Staking Queue Reaches 3.4M ETH as Exit Backlog Drops to 64 ETH

Ethereum staking demand vastly outpaces validator exits, with over 3.39 million ETH queued to enter the network against just 64 ETH waiting to unstake.

Ethereum’s staking queue has grown to unprecedented levels, with 3,394,545 ETH waiting to be staked while only 64 ETH remains queued for unstaking, according to validator queue data. The disparity represents staking demand exceeding exit demand by approximately 53,040x, reflecting intense validator participation on the network.

The data underscores sustained demand from node operators and institutional stakers seeking to participate in Ethereum’s proof-of-stake consensus mechanism. The near-total absence of withdrawal pressure suggests strong confidence in the network among existing participants, while the massive backlog indicates new stakers are eager to join despite potential delays in activation.

The staking queue dynamics reflect conditions on Ethereum since the Shapella upgrade in April 2023, which enabled large-scale ETH unstaking. The current imbalance suggests new validator inflows continue to significantly outpace exits, placing upward pressure on the activation queue timeline for pending validators.

Sources: Validator Queue

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