Crypto had a rough week. Bitcoin PRICE tumbled to $78,900 as spot ETFs shed over $1 billion in net outflows, snapping a six-week inflow streak, with BlackRock, Fidelity, and Grayscale all hit hard. Security took center stage too, as ZachXBT flagged a $10.7 million exploit on THORChain spanning four chains, while Trezor and Ledger moved to combat blind-signing scams with Ethereum’s new Clear Signing standard. It was a week of pressure across the board. Dive into the full recap for everything you need to know.
Terra Classic Eyes 119% Gain, But One Support Level Holds the Key
Terra Classic surged 7% on May 16, with analyst Javon Marks targeting a 119% rally to $0.00018 if key resistance levels break. However, a drop below $0.000073 could send it back to $0.00005. Meanwhile, 444 billion LUNC tokens have been burned, and a recent governance upgrade continues strengthening the network.
Bitcoin Slides to $78,900 as ETF Outflows Top $1 Billion
Bitcoin dropped to $78,900 after spot ETFs bled over $1 billion in a week, led by heavy outflows from BlackRock, Fidelity, and Grayscale. Rising inflation and concerns about the Fed’s rate hikes are driving the selloff. Technically, a confirmed rising wedge breakdown puts $70,000 in play unless bulls reclaim $82,847.
ZachXBT Flags $10.7M THORChain Exploit Across Four Chains
Blockchain investigator ZachXBT has flagged a likely exploit on THORChain, with over $10.7 million drained across Bitcoin, Ethereum, BNB Chain, and Base. The cross-chain protocol has long been a go-to route for hackers moving stolen funds between chains, and this latest incident adds to a growing list of security concerns surrounding it.
Illicit Crypto Tops $75B But Remains a Sliver of Total Activity
Binance Research estimates $75 billion in illicit funds sat on-chain in 2025, up 28% year-on-year, yet still under 1% of total crypto volume. Stablecoins now drive 84% of illicit transactions, while Bitcoin’s share has fallen to 7%. Researchers note the figures likely undercount activity involving complex laundering chains.
Bitwise Launches First US ETF With Built-In Hyperliquid Staking
Bitwise has listed BHYP on the NYSE, the first US ETF offering direct exposure to Hyperliquid’s HYPE token plus in-house staking rewards. The fund stakes most of its holdings, returns yield to shareholders after a 15% fee, and is custodied by Anchorage Digital, with a 0.67% annual sponsor fee.
Bittensor Price Slips Below $300 as Analysts Eye $790 Target
Bittensor dropped to $299, breaking a key support level as broader crypto markets sold off and Bitcoin fell under $80K. Despite the dip, a falling wedge pattern on the chart points to a potential $790 target. Key support sits at $290, with moving averages still broadly bullish.
Dogecoin Flashes Bullish Signals but Bitcoin Risk Looms Large
Dogecoin is showing a cup-and-handle and double-bottom pattern pointing toward a potential breakout to $0.1242. But Bitcoin’s rising wedge breakdown threatens to drag altcoins lower, with $70,000 as a key downside target. Weak DOGE ETF demand, stalled market sentiment, and rising US inflation add further pressure on any rally.
Trezor and Ledger Back Ethereum’s New Clear Signing Standard
Trezor and Ledger are adopting Ethereum’s new Clear Signing standard, which forces wallets to display plain-language transaction details before users approve them. The move targets blind signing, a common attack vector in DeFi and NFT scams. Firmware updates are expected within weeks, with broader ecosystem adoption to follow.
Kelp DAO and Aave Begin Recovery After $292M rsETH Exploit
Kelp DAO and Aave are rebuilding rsETH backing after an April exploit that created $292 million in exposure. Attacker positions were liquidated, forged tokens burned, and security tightened, including stricter bridging verification. A two-week staged refill is underway, with withdrawals expected to reopen shortly after the first tranche clears.
Toncoin Slides Toward Key Support as Sellers Hold the Range
Toncoin is down 8.4% to $2.26, with sellers controlling the structure despite strong fundamentals, including TON Strategy’s $433M holdings and surging staking yields. A close below $2.20 opens the door to $2.00, while $86.77M in monthly token unlocks add further supply pressure. Bulls need to reclaim $2.42 first.
Ondo Finance Brings Tokenized Stocks to Hyperliquid
Ondo Finance has bridged 35 tokenized stocks and ETFs, including NVDA, TSLA, and SPY, from Ethereum and BNB Chain to Hyperliquid’s HyperEVM via its LayerZero-powered Ondo Bridge. Traders can now combine tokenized spot positions with perpetuals on a single platform, unlocking strategies like basis trades and delta-neutral plays using real-world equity exposure.
Cronos Overhauls Tokenomics, Analyst Eyes $0.45 Target
Cronos governance proposal #33 has passed, ending inflation-based staking rewards and replacing them with real revenue from the Cronos App, split across staking yield, buybacks, burns, and operations. Analyst Javon Marks sees CRO hitting $0.45, nearly 6x current levels, backed by a breakout above key moving averages and a 77% volume surge.
