Crypto infrastructure providers are drawing renewed investor interest as Wall Street deepens its push into digital assets.
Ethereum Foundation Sees 2 More High-Profile Departures
The Ethereum Foundation saw the resignations of two top researchers on Monday, bringing the total number of high-profile departures at the organization to at least eight in recent months.
Julian Ma and Carl Beek, both researchers at the Ethereum Foundation, ended their respective four and seven-year tenures at the organization.
Ma contributed to Ethereum’s censorship-resistant properties and cross-layer bridge algorithms and strategy, while Beek contributed to the early design of the Beacon Chain, which introduced proof-of-stake to the blockchain.
Ma and Beek add to a wave of high-profile departures from the Ethereum Foundation this year, bringing the total to five senior developers and researchers who have left in May alone.
Ma said in a post to X that he left the Ethereum Foundation to focus on work in product and growth, adding the organization “is an amazing place but not right for my next steps.”
Source: Julian Ma
Beek said in an X post that he was leaving on May 29 and, for now, would spend time with his wife and 1-month-old child.
Last year, Ethereum co-founder Vitalik Buterin announced major leadership changes and a new direction for the Foundation, which were in response to criticism from Ethereum’s users over the blockchain’s handling of its long-term roadmap, with Buterin aiming to bring new talent to the organization to redevelop the protocol for higher and faster throughput.
Cointelegraph reached out to the Ethereum Foundation for comment.
Related: Ethereum Foundation unstakes $50M in ETH amid treasury shift
Recent Ethereum Foundation member resignations
Earlier this month, the Ethereum Foundation said Barnabé Monnot and Tim Beiko, leaders of its Protocol Cluster team, would be moving on, while the team’s other lead, Alex Stokes, would be going on sabbatical.
In April, Josh Stark, a key researcher and project manager, said he was leaving the organization, which happened a day after Ethereum Foundation contributor Trent Van Epps announced his resignation.
In February, Tomasz Stanczak announced he was stepping down as the organization’s co-executive director.
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Btrust Appoints New Board Of Directors To Steer Next Phase Of Bitcoin Development
Btrust, the non-profit organization dedicated to decentralizing Bitcoin open-source development, has announced the appointment of a new Board of Directors, marking the completion of a landmark governance transition and the launch of the organization’s next strategic chapter.
Following a global, open call and a rigorous, multi-stage selection process, Janet Maingi, Bruno Garcia, and Laurence Aderemi have assumed full governance responsibilities, the organization told Bitcoin Magazine.
The selection was guided by Btrust’s Genesis Principles, which prioritize transparency, fairness, and mission alignment — values that have anchored the organization since its founding.
The transition fulfills the original mandate set in 2021, when Btrust was established with a 500 BTC endowment from Twitter co-founder Jack Dorsey and rapper Jay-Z — a donation valued at approximately $24.5 million at the time of announcement. The gift was intended to fund Bitcoin development across Africa and India, with Dorsey and Jay-Z deliberately stepping back from governance to allow an independent board full decision-making authority.
The inaugural board — composed of Obi Nwosu, Ojoma Ochai, Carla Kirk-Cohen, and Abubakar Nur Khalil — was tasked with building the organization’s operational and financial foundation before enabling a structured handover to a successor board.
Btrust’s long-term mission of bitcoin development
Over a multi-week transition period that concluded April 30, 2026, the incoming and outgoing boards collaborated closely to ensure continuity across governance, financial oversight, and operations. The handover included budget reviews, documentation consolidation, and the initiation of an independent audit designed to reinforce accountability.
“Today marks an important milestone for Btrust,” said CEO Abubakar Nur Khalil, who was formally named to the top executive role in late 2025 after serving in an interim capacity. “We are confident the new board will strengthen our impact and safeguard our long-term mission.”
The new board brings deep and complementary expertise spanning Bitcoin infrastructure, energy systems, and open-source software development. Their appointment comes at a pivotal moment for the organization, which has steadily expanded its footprint across the Global South.
In 2023, Btrust acquired Qala, a Bitcoin and Lightning Network developer training firm, rebranding it as the Btrust Builders Programme to accelerate the pipeline of open-source contributors from Africa. More recently, Btrust has signaled expansion into Latin America as part of its broader global strategy.
With the governance transition now complete, Btrust moves forward with renewed institutional clarity. The organization’s core mission — ensuring the Bitcoin ecosystem remains open, inclusive, and resilient by diversifying who builds it — remains unchanged. The new board is expected to guide grantmaking strategy, strengthen oversight of the Builders Programme, and deepen Btrust’s presence in underrepresented developer communities worldwide.
Bitcoin Short-Term Holders Panic-Sell $770M BTC as Bears Eye $65K
Bitcoin (BTC) price dropped to $76,500 on Monday, erasing nearly all of this month’s gains as fresh US-Iran war tensions soured the crypto market sentiment. This has led investors and traders to reevaluate their risks and stay cautious, with many recent buyers selling their BTC at a loss.
Key takeaways:
- Bitcoin short-term holders sold over 10,000 BTC worth approximately $770 million at a loss on Monday.
- Analysts agree that pushing Bitcoin’s price below $76,000 could trigger a fresh downtrend toward $65,000-$70,000.
Bitcoin’s “weak hands” realizing losses
Bitcoin has retraced 7% from its local high of $82,800 set on May 6. The rejection from the 200-day moving averages at $82,000, the daily close below the true market mean, and the short-term holder cost basis around $78,000 have cemented a more risk-off stance among Bitcoin investors.
Related: Bitcoin’s trend-defining battle starts at $74K support: Analyst
Onchain data from CryptoQuant showed that more than 10,000 BTC were transferred by short-term holders — investors who have held the asset for less than 155 days — to Binance at a loss on Monday.
These moves occurred with Bitcoin at roughly $76,900, about 2% below their average purchase price of $78,440, suggesting that recent buyers sent approximately $769 million in BTC to Binance at a loss.
This “reflects short-term holder stress, forced selling, or capitulation from weaker hands during a correction,” CryptoQuant analyst Amr Tah said in a QuickTake post on Tuesday.
Bitcoin: Transfer volume by STH in loss to Binance. Source: CryptoQuant
This activity underscores a familiar pattern of short-term speculators panic-selling during market dips, frequently realizing losses.
A similar occurrence in mid-November 2025 preceded a 15% BTC price decline to $78,400 from $96,000 in less than five days.
Additional data from Glassnode shows that more than “7.8M BTC are currently held at a loss,” a supply overhang that the market would need to “absorb before any sustained move higher becomes structurally credible.”
BTC total supply in loss. Source: Glassnode
Also accompanying Bitcoin’s slump are heavy outflows from US-based spot Bitcoin exchange-traded funds (ETFs), which have recorded negative flows for six out of the last eight days.
These investment products saw $648.6 million in net outflows on Monday, the largest withdrawal since Jan. 29.
Spot Bitcoin ETF flows table. Source: Farside Investors
Global Bitcoin investment products also recorded $981.5 million in net outflows during the week ending May 15, suggesting declining institutional appetite for BTC.
“Markets are getting absolutely hammered,” analyst Alek_Carter said in an X post on Tuesday, referring to the large outflows from Bitcoin investment products, adding:
“Money is rotating out fast, panic is creeping in, and traders are clearly hitting the risk-off button hard.”
As Cointelegraph reported, record-low retail investor activity, aggressive selling in the futures markets and weakening spot demand are pulling down Bitcoin’s price to new May lows.
How low can Bitcoin price go?
The Bitcoin HODL Waves indicator, which tracks the age distribution of BTC holdings, suggests Bitcoin could bottom at $65,500-$70,500 if current market weakness continues.
Historically, spikes in long-term holder activity and declining short-term speculation have coincided with major market bottoms before recoveries.
The chart below shows a stronger long-term holder base (the blue/purple bands are noticeably thicker), “reflecting growing institutional adoption,” CryptoQuant analyst Sunny Mom said in a Quicktake analysis on Tuesday.
This suggests that the supply structure is structurally stronger in the current cycle than before, “which changes how BTC forms its bottom,” the analyst said, adding:
“Our predicted price range for this cycle’s bottom is $65.9K–$70.5K. If $70.5K holds, we’ll slowly grind out a bottom in the upper range.”
Bitcoin HODL wave indicator. Source: CryptoQuant
From a technical perspective, Bitcoin is printing the fifth consecutive daily red candle, suggesting that the “momentum is starting to shift back to the bears,” analyst Alex Marzell said on Monday in a post on X, adding:
“Bitcoin may come back to retest the breakout zone around $70K support.”
Echoing this sentiment, MN Capital founder Michael van de Poppe said this “doesn’t look great” for Bitcoin, adding that the price needs to hold support at $74,500-$76,000 “in order to get back some momentum in the markets.”
“If this area doesn’t hold, then we’re most likely cascading through the lows of the recent rally and test <$65,000 for support.”
BTC/USD daily chart. Source: X/Michael van de Poppe
As Cointelegraph reported, a break below the 50-day SMA at $76,000 would increase the risk of the BTC/USDT pair dropping to $65,000. in the short term.
Aave V4 Gains Momentum With Two-Layer Market Isolation Structure During Capped Launch
Aave V4 introduces a new market architecture featuring collateral isolation across Hubs and Spokes, with Prime, Core, and Plus Hubs launching initially.
Aave V4 is gaining momentum during its capped launch phase with a redesigned market structure, according to an announcement from Stani Kulechov. The protocol introduces a two-layer isolation model that segments collateral across separate Hubs, which are further divided into Spokes, with liquidity sharing selectively capped within each Hub across its Spokes.
The initial market structure is organized around three Hubs: Prime, Core, and Plus, with additional Hubs expected to launch in subsequent phases. This architecture represents a shift from Aave’s previous market design, implementing greater granularity in how collateral isolation and liquidity provisioning are managed across the protocol.
The capped launch phase allows Aave to roll out V4 incrementally while monitoring performance and risk parameters across the new market structure before full deployment.
Sources: Stani Kulechov on X
This article was produced with the help of AI flows.
Bitcoin at ‘Crucial’ Support as US Bonds Pressure Crypto, Stocks and Gold
Bitcoin (BTC) consolidated near month-to-date lows on Tuesday as surging US bonds punished stocks and safe havens.
Key points:
- Bitcoin joins risk assets feeling the pressure from skyrocketing US bond yields.
- Catalysts, such as high oil prices, continue to impact market sentiment with the US-Iran war stakes still high.
- Bitcoin is now at a “crucial level of support,” the latest market analysis warns.
US 30-year yields reach highest since 2007
Data from TradingView showed BTC/USD lingering below $77,000 around the Wall Street open while preserving the previous day’s floor.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Macro headwinds on the day continued to focus on US bond markets, with the 30-year yield hitting its highest levels since July 2007.
This sparked downside pressure on stocks, along with gold and silver. XAU/USD fell below $4,500 to reach its lowest levels since late March.
XAU/USD one-day chart. Source: Cointelegraph/TradingView
Commenting, Ole S. Hansen, head of commodity strategy at Saxobank, said that bonds reflected demand for “greater compensation for holding longer-dated debt amid war-driven energy inflation and mounting concerns over widening budget deficits.”
“This development has sent gold below USD 4,500 support, highlighting the current market reaction function driven by oil, inflation expectations, bond yields, and central bank rate expectations,” he wrote in a reaction on X.
US yield curve data. Source: Ole S. Hansen/X
News that US president Donald Trump had canceled strikes on Iran offered markets little relief.
In a post on Truth Social, Trump added that gulf countries should be “prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached” on the conflict.
Source: Truth Social
Bitcoin analysis sees “crucial” support holding
In crypto circles, the outlook became gloomier. Trader and analyst Michaël van de Poppe warned of a double BTC price headwind of high bond yields and high oil prices.
Related: BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this week
“Neither of these are progressive for risk-on assets (including Bitcoin), which means that we clearly need to see those reverse in order to see strength pouring back into the ecosystem,” he told X followers.
Van de Poppe said that Bitcoin itself did not “look great.”
“Bitcoin is at a crucial level of support and it seems to be that it’s going to be holding,” a previous X post stated.
“Anything lower of $75,000-76,000 might signal that the accumulation needs to take longer.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Solana Co-founder Toly Backs New Perpetuals DEX to Challenge Hyperliquid’s Dominance
Anatoly Yakovenko argues Solana needs its own atomically composable perpetuals DEX as Hyperliquid pursues regulatory clarity in Washington.
Solana co-founder Anatoly Yakovenko has publicly backed development of a new perpetuals DEX native to the Solana Virtual Machine, directly challenging Hyperliquid’s lead in onchain derivatives trading. The endorsement marks an escalating competitive push within the Solana ecosystem to capture perpetuals volume that has largely migrated to Hyperliquid in recent months.
Yakovenko’s support signals Solana’s strategic intent to build atomically composable perpetuals infrastructure within the SVM, suggesting the ecosystem views perpetuals as critical to retaining user activity and trading volume on-chain. His backing carries weight given Solana’s technical architecture and developer ecosystem, though no specific project details or launch timeline were disclosed.
The competition intensifies as Hyperliquid co-founder Jeffrey Yan has been in Washington engaging with policymakers on the regulatory path forward, including discussions around the CLARITY Act—proposed legislation addressing crypto derivatives regulation. Hyperliquid’s move to establish regulatory clarity at the federal level could provide it a structural advantage against emerging competitors if legislation passes.
Hyperliquid has emerged as the dominant onchain perpetuals protocol, consolidating significant trading volume away from centralized exchanges. A Solana-native alternative would leverage the blockchain’s speed and cost structure to compete directly, though Hyperliquid’s existing network effects and liquidity present a formidable barrier to entry.
Sources: X (Anatoly Yakovenko) | NewsBTC
This article was produced with the help of AI flows.
South Korean Funeral Company Faces $33M Unrealized Loss on Leveraged Ether ETFs
South Korean funeral service company Bumo Sarang is sitting on roughly 49.3 billion won ($32.7 million) in unrealized losses after investing about $40 million in customer funds into leveraged crypto exchange-traded funds (ETFs).
Bumo Sarang invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), which doubles the daily returns of Ether (ETH) treasury company Bitmine, according to the company’s audit report for 2025.
Another funeral service company, Christian Funeral Family of Faith, recorded a $331,700 net loss last year, according to Korea Economic Daily.
The findings renewed scrutiny over South Korea’s funeral mutual aid industry, which is supervised by the Fair Trade Commission (FTC) instead of financial regulators, despite managing large pools of customer prepaid funds.
Korea Economic Daily reported that about 43% of local funeral service providers held fewer assets than customer advance payments, raising concerns about whether some of them could repay customers in the event of mass cancellations.
Bumo Sarang audit report for 2025. Source: FTC
A spokesperson for Bumo Sarang told the local outlet that the company is only facing a “short-term unrealized loss due to global market volatility,” which remains “sufficiently controllable within the company’s financial buffer.”
Cointelegraph reached out to Bumo Sarang and Family of Faith for comment but did not receive a response before publication.
Related: South Korea’s Shinhan Card taps Solana to test real-world stablecoin payments
South Korean capital piled into Ether-linked stocks in 2025
A large chunk of South Korean retail capital rotated out of tech stocks and into Ethereum treasury companies last year.
“There’s around $6 billion of Korean retail capital propping up the Ethereum treasury companies,” wrote Samson Mow, the CEO of Bitcoin tech company JAN3, in an Oct. 6 X post. He added that some of those retail buyers didn’t understand the risks of investing in Ether.
ETH, BMNR, year-to-date chart. Source: Cointelegraph/TradingView
Ether’s price fell over 28% year to date in 2026 and was trading above $2,118 at the time of writing. Bitmine’s stock price fell nearly 40% during the same period to $18.7, TradingView data shows.
Bitmine chairman Tom Lee described Ether’s drop below $2,200 as an “attractive opportunity” after the treasury company bought another 71,672 Ether, according to Cointelegraph reporting earlier Tuesday.
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Strive (ASST) Stacks Another 382 BTC, Total Treasury Climbs To 15,391 Bitcoin
Strive, Inc. (Nasdaq: ASST) has acquired an additional 382 bitcoin for approximately $30.3 million, paying an average cost of roughly $79,348 per coin, according to an 8-K filing with the U.S. Securities and Exchange Commission.
The purchase, executed between May 13 and May 18, lifts the Dallas-based Bitcoin treasury and asset management firm’s total holdings to 15,391 BTC — cementing its status as one of the largest public corporate holders of the digital asset.
The latest accumulation adds to a relentless buying streak that has seen Strive grow its treasury by more than 2,200 BTC since January 2026, when the company held 12,798 BTC following its acquisition of Semler Scientific.
The pace has accelerated markedly: in late April, Strive purchased 789 BTC for roughly $61.4 million at an average price of $77,890 per coin, and just weeks later added 444 BTC for $33.9 million at $76,307 per coin, crossing the 15,000 BTC threshold for the first time.
Strive’s bitcoin strategy
Alongside the latest purchase, Strive disclosed updated performance figures that underscore its unique approach to capital allocation. The company reported a quarter-to-date BTC Yield of 6.6% and a year-to-date BTC Yield of 18.4% — a proprietary metric that measures the percentage growth of Bitcoin exposure per common share over time, rather than simply the appreciation of BTC’s price.
The firm’s amplification ratio, a measure of how leveraged its Bitcoin exposure is relative to market value of holdings, stands at 44.3%.
That amplification ratio has grown steadily. When Strive held 13,132 BTC in January, its amplification ratio stood at 37.2%, predominantly driven by preferred equity rather than traditional debt. The expansion to 44.3% reflects continued SATA preferred stock issuances, which the company has used to fund Bitcoin purchases without diluting common shareholders in the conventional sense.
Strive also disclosed approximately $87.3 million in cash and cash equivalents, alongside a $49.8 million position in Strategy Inc.’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The company, led by Chairman and CEO Matt Cole, describes Bitcoin as its “hurdle rate” for all capital deployment decisions — framing every acquisition not merely as a treasury move but as a benchmark for long-term shareholder value.
At current market prices, Strive’s 15,391 BTC treasury carries a value approaching $1.2 billion, ranking the firm among the top corporate holders of Bitcoin globally.
Earlier this week, Strive Inc. announced that its SATA preferred stock will become the first U.S.-listed security to pay cash dividends every business day starting June 16, with daily compounding lifting its effective yield to about 13.88%.
The firm also reported a $265.9 million Q1 net loss driven largely by Bitcoin valuation declines, while expanding its holdings to 15,009 BTC and maintaining a debt-free balance sheet, as CEO Matthew Cole positioned the move as a “zero-to-one innovation.”
Bitcoin-Backed Loans Could Hit $1 Trillion, Ledn Says — But Most Crypto Holders Still Haven’t Borrowed
A new report from Bitcoin lending platform Ledn is putting a big number on a market that barely exists yet: $1 trillion. The company released research showing that the consumer Bitcoin-backed loan market — currently worth around $3 billion — could grow 300 times larger within the next decade.
To put that in context, Galaxy Research pegged the entire crypto lending market, across every type of platform and product, at a $73.6 billion all-time high in Q3 2025. Ledn is betting the consumer Bitcoin slice alone will dwarf that figure.
The research was conducted by Protocol Theory, a consumer insights firm, and surveyed 1,244 cryptocurrency holders across the United States and Australia in February 2026. The headline finding: 88% of crypto holders said they would consider borrowing against their digital assets, but only 14% currently do.
That leaves a 74-percentage-point gap between people who are open to the idea and people who have actually done it. So what’s stopping them?
The top barriers were not about understanding the product. Non-borrowers pointed to three confidence-related concerns: worries about crypto price swings, the risk of getting liquidated if prices fall, and uncertainty about regulation. When asked what they look for in a lending platform, respondents ranked risk management practices, platform reputation, and clear terms ahead of interest rates or features. Trust, in other words, is the product.
“The demand side of the equation is solved,” said Mauricio Di Bartolomeo, co-founder of Ledn. “What’s still catching up is the trust infrastructure that gives borrowers the confidence to act.”
Ledn’s $200 million bitcoin-collateralized bond rated by S&P
That infrastructure is starting to take shape. In February 2026, Ledn closed what it calls the first-ever investment-grade Bitcoin-collateralized asset-backed security — a $200 million bond deal with its senior tranche rated BBB- by S&P Global.
Galaxy Research described it as crypto credit moving “away from a niche product toward broader institutional acceptance.” Since issuance, those bonds have traded roughly 5% tighter on interest, a signal that institutional buyers are pricing the underlying credit well.
Among the 14% who already borrow against their crypto, the behavior mirrors how wealthy people use mortgages or securities-backed loans — accessing cash without selling a long-term asset. The research found 72% of crypto holders agree that Bitcoin-backed loans give them a way to access funds without selling their holdings.
Regional differences emerged too. Australian respondents were more likely than Americans to borrow as part of a financial plan and to shop around between lenders, reflecting a more fragmented market in Australia where no single platform has locked up the category.
Ledn’s co-founders first made the $1 trillion forecast publicly at the Bitcoin 2026 Conference in Las Vegas in April. The company has serviced more than $10 billion in loans since launching in 2018 and operates in more than 100 countries.