Bitcoin (BTC) is under pressure as institutions rotate out, ETFs shed over $1.4 billion in the past 5 days, and the $70K level looms as the next line of defense. Elsewhere, South Korea’s crypto tax revolt is forcing lawmakers to the table, 37 European banks are rallying behind a MiCA-compliant euro stablecoin, and the SEC is slowing down the prediction market ETF race.
Altcoins are moving fast too, as Ondo, Injective, Sui, and Dash all posted double-digit gains on real catalysts.
Here’s everything that mattered this week. Read the full recap below.
Short Sellers Circle Quantum Computing’s Billion-Dollar Bubble
Quantum computing stocks have exploded, IonQ up 970%, Rigetti up 3,827%, pushing the sector past $40 billion in combined value despite razor-thin revenues. Now Wall Street is quietly betting against them, with short interest topping 26% on some names, as analysts warn valuations are wildly disconnected from commercial reality.
Worldcoin (WLD) Rallies on OpenAI IPO Hype
WLD token climbed for three straight days, hitting its highest price since April 17, buoyed by anticipation around the OpenAI IPO and broader AI market momentum. Trading volume jumped 56% to $293 million. Technically, the token is forming a bottoming pattern, with bulls targeting $0.3285 as the next key resistance.
South Korea’s Crypto Tax Faces Public Pushback
A petition to repeal South Korea’s planned 22% crypto tax has crossed 50,000 signatures, forcing lawmakers to formally reconsider it. The tax, repeatedly delayed and now set for January 2027, would hit earnings above roughly $1,800. Critics warn it could drive traders to offshore platforms beyond regulators’ reach.
Polymarket Hit by $600K Private Key Breach, User Funds Unaffected
A compromised internal operations wallet cost Polymarket roughly $600,000 in POL tokens on May 22, with the attacker quickly splitting the funds across 15 addresses. On-chain investigator ZachXBT flagged it first. Polymarket confirmed that user funds and market-resolution contracts were never at risk; only the internal wallet was affected.
Bitcoin Slides Toward $70K as Institutions Rotate Into Stocks
Bitcoin dropped to $77,200 after spot ETFs shed over $1.4 billion across five consecutive days, with institutional holders like Goldman Sachs and Citadel suspected to be rotating into a surging stock market. A rising wedge breakdown on the charts points toward $70,000 unless Bitcoin reclaims $80,000.
Polymarket Eyes Japan With 2030 Approval Target
Polymarket has appointed a Japan-based representative to lobby regulators for legal recognition of prediction markets, aiming to secure government approval by 2030. The platform sees Japan as a major untapped opportunity but faces significant hurdles: most event-based betting remains illegal there, and any path forward would likely require a new legal category.
Chainlink Gains $4B in Migrations as LINK Flashes Buy Signal Near $9.62
Seven DeFi protocols moved over $4 billion to Chainlink’s CCIP bridge in two weeks, following April’s LayerZero exploit. Kraken, KelpDAO, Solv, and others led the shift. DTCC, State Street, and Fidelity are also integrating Chainlink infrastructure. Technically, a TD Sequential buy signal near $9.62 points to a possible rebound toward $10.
SEC Pumps the Brakes on Prediction Market ETFs
The SEC is seeking public input before approving ETFs built around event contracts, instruments that pay out based on real-world outcomes like elections or economic data. Chair Paul Atkins paused automatic approvals, citing risks of investor confusion and potential overlap with the CFTC’s jurisdiction. No final decision yet, but the bar just got higher.
Sui Price Launches Zero-Fee Stablecoin Transfers, Price Jumps 7%
Sui Network eliminated gas fees for seven stablecoins, including USDC and USDT, sending SUI up 7% to $1.12 and driving trading volume 48% higher to $734 million. The $1.06 level is now critical; holding it opens a path to $1.40, while losing it risks a drop toward $0.85.
Dash Surges 15% as Three-Year Base Shows Signs of Breaking
Dash spiked 15% to nearly $48.54 on May 20, its sharpest single-session move in weeks, as 11 of 12 moving averages flipped bullish. Aurora’s integration a day earlier triggered a 60% surge in volume. Privacy coins Monero and Zcash rallied in tandem, suggesting broader sector rotation rather than just Dash-specific demand.
Algorand Jumps 7% After Robinhood Lists ALGO Across the U.S.
Algorand surged 7% to $0.116 after Robinhood Crypto added ALGO to its U.S. platform, including New York, a notable compliance win given the state’s strict BitLicense rules. Trading volume more than doubled to $61.7 million. Analysts are now watching $0.135 as the next key resistance, with $0.15 as the stretch target.
37 European Banks Back Qivalis Euro Stablecoin Ahead of 2026 Launch
Qivalis, a bank-backed consortium including ING, UniCredit, and BNP Paribas, has secured support from 37 European banks for a MiCA-compliant euro stablecoin set to launch in late 2026. The project targets instant interbank settlement and tokenized asset payments, directly challenging dollar stablecoin dominance, which currently commands over 95% of the market.
Poisoned VS Code Extension Gave Attacker Access to GitHub’s Internal Repos
A malicious Visual Studio Code extension compromised a GitHub employee’s device, giving an attacker temporary access to internal repositories. GitHub contained the breach quickly and found no evidence of code tampering or changes to production systems. The incident highlights the growing risks posed by developer tools as a supply-chain attack vector.
Trump’s Truth Social Quietly Pulls Its Bitcoin ETF Plans
Trump Media has withdrawn its spot Bitcoin ETF application before the SEC could rule on it, along with two related crypto fund filings. No securities were sold. The move likely reflects a crowded market dominated by BlackRock and Fidelity, though the company can refile later.
Injective Surges 12% on Music IP Deal and Tokenization Wave
Injective jumped over 12% after partnering with South Korea’s Musicow to tokenize music IP rights on its blockchain, landing a Binance.US listing, and benefiting from pro-crypto policy moves in Washington. Trading volume hit $161 million. Analysts see $7.41 as the next price target if INJ holds above $4.30.
Ondo Finance Surges 16% as SEC Prepares to Greenlight Tokenized Stock Trading
Ondo Finance jumped 16% after Bloomberg reported the SEC is drafting an “innovation exemption” to let tokenized securities trade on crypto platforms. The Ondo Finance project already controls 70% of the tokenized equity market with $3.76 billion in assets across three chains, all without U.S. investors. Analysts target a 77% price move if $0.48 breaks cleanly.
