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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 25 - May 31, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 25 - May 31, 2024

Van Thanh Le

May 31 2024

2 months ago6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Table of Contents

Crypto Market Updates

  • Crypto Weekly Recap

Ethereum and ETF Developments

  • Spot Ethereum ETFs Poised for Launch
  • Controversy Over "Zero-Knowledge" Trademark Attempt
  • Do Kwon Settles SEC Fraud Charges
  • JENNER Token Controversy Highlights Celebrity Crypto Risks

Crypto Innovations and Market Dynamics

  • NYSE and Mastercard Embrace Crypto Innovations
  • CME Declines Solana Futures Amidst ETF Doubts

Crypto Exchanges and Recovery Efforts

  • Gemini Recovers $2.18 Billion for Earn Program Users
  • Japanese Exchange Loses $305 Million in Bitcoin to Hack
  • Flash Loan Attack Devastates Normie Coin
  • Significant Token Unlocks Scheduled for June

Legal and Regulatory Concerns

  • US Treasury Calls for Tighter NFT Regulations

Blockchain Gaming and NFT Collaborations

  • Pudgy Penguins Partners with Mythical Games for Mobile Launch
  • Ronaldo Teams Up with Binance for New NFT Collection
  • Square Enix Advances Blockchain Gaming with Arbitrum

Crypto Weekly Recap


  • Weekly change: -2.22%
  • BTC rose to over $70,500 on Monday after standing around $69,000, as Bitcoin ETFs held over 1 million BTC (nearing 5% of total supply), the absence of U.S. traders on Memorial Day, and Argentina's Bitcoin adoption rumors, which were later clarified as “exaggerated.
  • Donald Trump promised to protect Bitcoin and crypto in the U.S., supporting self-custody, which fueled the rally.
  • The rally failed as Bitcoin dropped to $67,600 after the Mt. Gox $10B transfer caused panic sell-off, though the repayment had not started yet.
  • BTC tried to reclaim $69,000 on Wednesday but dropped to $67,300, prompting whales to resume accumulation after a 5-month hiatus. 
  • Bitcoin rebounded on Thursday after positive U.S. GDP and job data showed a 1.3% GDP rise in Q1 2024, exceeding expectations, with weekly jobless claims slightly increasing. 
  • Core US PCE inflation remained at 2.7% annually in April, with a 0.3% monthly increase, and a $305M hack at the Japanese exchange DMM dropped BTC close to $67,000. 
  • Bitcoin's MVRV ratio at 2.28 indicated it was not overvalued, with CryptoQuant predicting an upward trend starting in June.
  • Bitcoin ETFs saw $48.8 million in inflows on May 30, marking 13 consecutive days of positive inflows.
  • The 50-day simple moving average at $64,870 marked a crucial support level for Bitcoin's price. 
  • In the last 72 hours, $2.53 billion worth of Bitcoin was withdrawn from major exchanges, coinciding with a 6.5% price drop, suggesting institutional investors' long-term holding. 
  • CryptoQuant CEO Ki Young Ju noted similarities between 2024 and 2020 whale accumulation, signaling a potential bullish trend with strong on-chain activity. 
chart (1).webp


  • Weekly change: -0.43%
  • Ethereum surpassed $2,900 on Monday but lost momentum; its loss was less severe due to the spot Ethereum ETF effect. Inflows to Ethereum funds were $35 million after ETF approvals.
  • Ethereum rallied 35% in late May due to positive sentiment and US SEC's spot Ethereum ETF approval.
  • Ethereum couldn't break $4,000 this week and dropped to $3,700 as the market fluctuated; Hashdex withdrew its spot Ether ETF application.
  • It rose above $3,800 on Thursday as the market improved and institutions updated their filings on DTCC, but this wasn't enough for a sustained rise.
  • Ethereum whale activity increased due to the SEC's spot ETH ETF approval. Whale wallets holding at least 10,000 ETH accumulated 27% more ETH in 14 months, buying 21.39 million ETH worth $83 billion. Daily transactions over $100,000 and $1 million reached YTD highs.
  • On Thursday, Nansen found a whale wallet with $650M ETH and $200M profit, possibly linked to Singapore Bank DBS. The bank denied ownership, leading the community to think it represented investor assets.
  • Open Interest for Ethereum rose while Bitcoin's remained flat, indicating more interest in Ethereum derivatives. Analysts predicted an alt season.
  • Bloomberg's Eric Balchunas predicted US spot Ethereum ETFs could launch by June, with the latest date of July 4, based on updates from BlackRock and Grayscale filings.
  • Kaiko reported that the SEC's approval of spot Ethereum ETFs boosted sentiment, expecting a bull run for ETH. However, short-term issues were predicted due to potential outflows from Grayscale's ETHE.
  • Ethereum surpassed $1 billion in tokenized US Treasuries.
  • Ethereum meme coins, including PEPESHIBFLOKI, TURBO, and Trump-themed coins, reached record highs this week.
  • PEPE briefly surpassed ADA and major NFTs' combined market value before a 15% correction, dropping out of the top 20, but 90% of investors remained profitable.
  • ADA was briefly flipped by PEPE, SHIB, and TON but regained its position.
  • PolitiFi memecoins, especially Trump-themed ones, surged early in the week before crashing on Thursday after Trump was found guilty of 34 felonies.
  • TRUMP coin recovered from $10 to $16 within hours before facing sell pressure. Other coins had varied reactions; FreeTrump surged, while MAGA dropped.


Spot Ethereum ETFs Poised for Launch

The launch of spot Ethereum ETFs is on the horizon, with major players like BlackRock, Grayscale, Fidelity, and others vying for approval. BlackRock's ETH ETF, slated to trade under "ETHA," is projected to launch by late June. The SEC's approval of several Ethereum ETFs has fueled market optimism, with analysts expecting launches by late June or early July. BlackRock's iShares Ethereum Trust and Fidelity's "FETH" are already listed on DTCC, while other firms like VanEck and Franklin Templeton await final approval. While Ethereum's price dipped following the SEC's approval, analysts see this as a positive step towards further crypto-product innovation and mainstream Ethereum investment vehicles. 

Controversy Over "Zero-Knowledge" Trademark Attempt

Matter Labs' attempt to trademark "zero-knowledge" has caused controversy in the crypto community, with industry figures criticizing it as an "absurd IP grab." Exchange platforms like KuCoin and Bybit reacted by delisting or adjusting tokens to avoid confusion. Polyhedra Network rebranded its token ticker in response, while some questioned Matter Labs' justification for the trademarks. This incident underscores the importance of collaboration and protecting public goods in the blockchain sector, as well as the complex nature of intellectual property issues in rapidly evolving technologies.

chart (2).webp

Do Kwon Settles SEC Fraud Charges

Do Kwon and Terraform Labs have settled fraud charges with the SEC, with court filings detailing financial penalties due by June 12, 2024. This development follows a guilty verdict in April 2024 related to misrepresentation of TerraUSD's stability. Kwon also faces criminal charges from the U.S. Department of Justice and accusations from South Korea, with extradition sought by both countries. The settlement could impact Kwon's future roles in finance, and LUNA's price surged by 20% following the news. The broader implications for the cryptocurrency market and regulatory measures are uncertain amidst ongoing legal challenges.

chart (3).webp

JENNER Token Controversy Highlights Celebrity Crypto Risks

Caitlyn Jenner's JENNER token created chaos in the crypto market amid suspicions of a scam. Despite initial success, doubts emerged about the token's legitimacy, leading to accusations of hacking and schemes involving Sahil Arora. The incident shed light on the risks of celebrity-endorsed tokens and potential pump-and-dump schemes. The broader issue of celebrity crypto promotions and SEC penalties also came to the forefront. Questions linger about the involvement of Jenner and others, with legal consequences looming if the token is deemed part of a coordinated scam.

chart (5).webp

NYSE and Mastercard Embrace Crypto Innovations

The NYSE announced plans to list bitcoin options, tracking the CoinDesk Bitcoin Price Index (XBX), a benchmark for $20 billion in ETF assets. Mastercard launched its Crypto Credential P2P pilot, simplifying blockchain transactions using aliases. On May 30, PayPal expanded its stablecoin PYUSD to the Solana blockchain to enhance transaction speed and cost-efficiency. Semler Scientific's stock rose 30% on May 28 after adopting Bitcoin as its primary treasury reserve, purchasing 581 BTC for $40 million, highlighting Bitcoin's potential as a store of value and inflation hedge.

CME Declines Solana Futures Amidst ETF Doubts

The Chicago Mercantile Exchange (CME) reportedly has no plans to list Solana futures, significantly dampening the hopes for a Solana Exchange Traded Fund (ETF) amid regulatory challenges. JPMorgan also doubts SEC approval for Solana and other crypto ETFs due to the SEC's stance on most cryptocurrencies being securities. However, Solana is gaining strong interest from institutional investors, with year-to-date net inflows of $29 million. Analysts predict potential approval of Solana ETFs by 2025, driven by high institutional demand and the recent approval of spot Ethereum ETFs by the SEC.

Gemini Recovers $2.18 Billion for Earn Program Users

Gemini has distributed $2.18 billion to its Earn program users, 18 months after Genesis suspended withdrawals. This amount represents 97% of the owed assets and a 232% recovery. The distribution follows a settlement with Genesis and other creditors after Genesis filed for bankruptcy in January 2023. The recovery is considered unprecedented in crypto bankruptcies. The New York Attorney General secured a $2 billion settlement with Genesis to address investor fraud claims. Gemini emphasized that the bankruptcy was not a crypto problem but an issue of financial fraud and lack of regulatory clarity.

Japanese Exchange Loses $305 Million in Bitcoin to Hack

Japanese exchange DMM lost $305 million in Bitcoin due to a private key hack, resulting in the loss of 4,502.9 BTC. The exchange has temporarily suspended withdrawals and new account openings. However, limit orders that have already been placed will not be canceled. DMM plans to compensate all users by acquiring the equivalent amount of BTC with support from its group companies. This incident adds to the ongoing challenges faced by cryptocurrency exchanges, with previous hacks resulting in significant financial losses. The exchange is owned by e-commerce conglomerate DMM Group and was launched in January 2018.

Flash Loan Attack Devastates Normie Coin

Normie, a meme coin on the Ethereum Layer 2 network Base, experienced an exploit on May 26, causing a 99% drop in its value and a $41 million market cap plunge. The exploit, a flash loan attack, exploited a vulnerability in Normie’s contract tax mechanism, resulting in significant losses for investors, including a trader whose $1.16 million investment is now worth less than $150. The attacker proposed returning 90% of the stolen funds if the project launched a new token for affected holders. 

Normie’s team accepted, agreeing to use all ETH from their development wallet, approximately $11.7 million, for recovery. Based Doge, another memecoin on the Base network, faced a similar exploit on May 27, draining 91.4 million BOGE tokens. Both projects are negotiating with the attackers to recover funds and relaunch their tokens.

chart (6).webp

Significant Token Unlocks Scheduled for June

In June, nearly $875 million in crypto tokens will be unlocked from various blockchain projects. The largest unlocks will come from Aptos (APT), Arbitrum (ARB), Starknet (STRK), and Sui (SUI). Arbitrum will release 92.65 million ARB tokens, worth $105.6 million, on June 16. Aptos will unlock 11.1 million APT tokens, worth $102.6 million, on June 12. Starknet will unlock 64 million STRK tokens, worth $78 million, on June 15. Sui will unlock 65 million SUI tokens, worth $66 million, on June 1. These unlocks, a common practice to prevent early dumping, could impact market prices as tokens become available for trading. 

US Treasury Calls for Tighter NFT Regulations

The US Treasury warns that NFTs are vulnerable to scams and fraud, calling for stricter regulations. They highlight risks such as money laundering and cyber threats associated with NFTs. However, a joint study by the US Copyright Office and the US Patent and Trademark Office concludes that existing laws are sufficient to address NFT complexities. Despite differing opinions on the need for new regulations, industry experts emphasize the importance of balancing regulations with decentralization principles to maintain the integrity of NFT platforms and transactions.

Top Weekly Altcoin Gainers and Losers



Notcoin NOT (+134.35%

JasmyCoin JASMY (+46.93%

Bitget Token BGB (+24.82%

Chiliz CHZ (+21.66%

Celestia TIA (+15.99%



Akash Network AKT (-15.40%

Ronin RON (-11.31%

Immutable X IMX (-11.29%

Fetch.AI FET (-10.82%

The Graph GRT (-9.85%

NFT Market Map


Pudgy Penguins Partners with Mythical Games for Mobile Launch

Pudgy Penguins is partnering with Mythical Games to launch a blockchain-enabled AAA mobile game in 2025. The game will combine popular Pudgy Penguins characters with Mythical Games' blockchain gaming expertise, targeting over five million players. Pudgy Penguins holders will receive exclusive content and opportunities to influence the game's development. The goal is to appeal to both the Pudgy Penguins community and the broader gaming market. The project aims to push web3 adoption with mainstream consumers and leverage the Mythical Platform and Mythos Chain for success.

Ronaldo Teams Up with Binance for New NFT Collection

Cristiano Ronaldo has announced a collaboration with Binance for his fourth NFT collection, set to launch on May 29. The collection will showcase highlights from Ronaldo's football career, although exact details on the number of NFTs and pricing are yet to be disclosed. Ronaldo's previous NFT events offered exclusive opportunities to holders, such as playing football with him. However, Ronaldo has faced legal issues related to NFT sales with Binance, amidst the platform's growing regulatory troubles. Despite these challenges, the upcoming NFT collection aims to provide fans with a unique glimpse into Ronaldo's illustrious journey in football.

Square Enix Advances Blockchain Gaming with Arbitrum

Square Enix, known for Final Fantasy and Kingdom Hearts, is transitioning its Symbiogenesis blockchain game NFT character mint to Ethereum layer-2 Arbitrum. This move aims to lower gas fees significantly, with new NFT characters set for auction on Arbitrum. While initial character NFTs were minted on Ethereum and Polygon, it remains unclear if Square Enix will continue with Polygon for future assets. Symbiogenesis, a narrative adventure game centered around NFTs, restricts some game content to character NFT owners. 

This article has been refined and enhanced by ChatGPT.

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