XRP Is Down 60% While Bitwise Says Another Token Is Crypto’s Most Mispriced Asset

XRP Had Every Catalyst And Still Went Nowhere

Goldman Sachs built a $154 million XRP ETF position and quietly dumped the entire stake by Q1 2026. Six straight months of red followed from October 2025 to March 2026, with XRP still trading around $1.37 to $1.45.

Meanwhile, institutional money chased AI stocks and semiconductor names while crypto sat in a holding pattern. 

Bitwise Head of Research Ryan Rasmussen described the current environment as “a stage of apathy,” with investors deserting ecosystems they have held for nearly a decade.

Bitwise Says HYPE Is Only 5% Through Its Re-Rating

Meanwhile, Hougan argued on the Milk Road Show that the world is only about 5% done realizing what…

Read more on Benzinga

Retired Couple Loses $76,000 Life Savings To Bitcoin ATM Scam, Sues Bitcoin Depot In Federal Court

A class action filed in Idaho accuses the now-bankrupt crypto ATM operator of profiting from fraud while leaving vulnerable consumers unprotected.

A retired Idaho couple has filed a federal class action lawsuit against Bitcoin Depot Inc., alleging the company’s ATM network served as a pipeline for scammers who drained their entire retirement savings — $76,000 — over five consecutive days in August 2025.

Karen and Robert Lacey, named plaintiffs in Lacey et al. v. Bitcoin Depot Inc., et al. (Case No. 1:26-cv-00288-DKG), say fraudsters posing as Norton customer service representatives and FBI agents convinced them their accounts were tied to child pornography and illegal…

Read more on BitcoinMagazine

Dow Jones Tops 51,000, Dell Jumps 28% On AI Boom – Autodesk (NASDAQ:ADSK)

U.S. stocks climbed to fresh record highs by midday Friday as investors piled further into the artificial-intelligence trade following a blockbuster forecast from Dell Technologies Inc. (NYSE:DELL).

Dell surged 28% after reporting first-quarter revenue of $43.8 billion, an 88% increase from a year earlier, alongside adjusted earnings of $4.86 per share.

The company disclosed $24.4 billion in AI-related orders and dramatically raised its fiscal 2027 outlook, projecting revenue of $165 billion to $169 billion versus Wall Street expectations of roughly $144 billion.

Dell also boosted its AI server revenue target to approximately $60 billion, reinforcing optimism around the broader AI…

Read more on Benzinga

CFTC Cracks Open U.S. Market For Bitcoin And Crypto Perpetual Futures

The U.S. Commodity Futures Trading Commission (CFTC) has cleared the way for American traders to access one of crypto’s most important derivatives markets, approving the first true bitcoin perpetual futures contract on a U.S. exchange and issuing parallel relief that lets Coinbase route U.S. clients into global perp and options liquidity.

On Friday, the agency approved KalshiEX, LLC’s BTCPERP contract, a perpetual futures product that references the spot price of bitcoin and trades on Kalshi’s CFTC‑regulated designated contract market. 

At the same time, staff granted no‑action relief to Coinbase Financial Markets, allowing it to offer digital commodity derivatives…

Read more on BitcoinMagazine

SpaceX IPO Frenzy Arrives In Crypto—And One Exchange Is Reaping The Benefits

A growing corner of the crypto market is already betting on SpaceX’s potential IPO, with traders piling into perpetual futures tied to the company’s expected public debut.

How Traders Are Betting On SpaceX Before IPO

The synthetic contracts, launched earlier this month, are averaging nearly $18 million in daily trading volume over the past two weeks as speculation around what could become the largest IPO in history accelerates, Bloomberg reported on Friday.

Unlike traditional equities, these perpetual futures do not give holders legal ownership of SpaceX shares.

Instead, traders use them to speculate on where the company could price once it eventually goes public.

Whether the pricing proves…

Read more on Benzinga

Bitcoin ETFs Starting To Look More Like Gold Than Tech? Wall Street May Love It – SPDR Gold Shares (ARCA:

Bitcoin ETFs may finally be evolving into the asset institutional investors wanted all along — not a high-beta tech trade, but a gold-like portfolio diversifier.

IBIT’s 60-day historical volatility has fallen from peaks above 66 to nearly 34, while GLD’s volatility has climbed from around 10 to above 27 during the same period. The convergence suggests Bitcoin may be maturing from a speculative momentum trade into a more stable macro asset.

Why Wall Street May Love A Less Volatile Bitcoin

For years, critics argued Bitcoin traded more like a leveraged Nasdaq bet than a safe-haven asset. During periods of monetary tightening, Bitcoin often moved in tandem with high-growth technology stocks,…

Read more on Benzinga

Someone Just Inscribed The U.S. Constitution Onto The Bitcoin Blockchain

An unknown actor broadcast a Bitcoin transaction Thursday evening embedding the full text of the U.S. Constitution onto the blockchain — permanently and without the possibility of removal.

The transaction, confirmed at 8:25 p.m. UTC on May 28, cost 113,454 satoshis, or about $83.41 in fees, and was processed by mining pool SpiderPool just 14 minutes after it hit the network. 

At 44.4 kilobytes, the transaction is far larger than a standard Bitcoin transfer — its bulk comes from the Constitution’s full text, beginning with “We the People of the United States,” written into an OP_RETURN output field and recorded on-chain.

How it worked on Bitcoin

OP_RETURN is…

Read more on BitcoinMagazine

Texas Names Bitcoin Reserve Advisory Committee As State Eyes Direct Bitcoin Custody

Acting Texas Comptroller Kelly Hancock on Thursday announced the members of the Texas Strategic Bitcoin Reserve Advisory Committee, a newly created body tasked with guiding the state’s management, custody, and valuation of bitcoin holdings. 

The committee was established under Senate Bill 21, passed by the 89th Texas Legislature and signed into law on June 22, 2025 — making Texas one of the most prominent states in the nation to move forward with an operational bitcoin reserve.

“The Legislature gave the Comptroller’s office a clear responsibility to administer the Texas Strategic Bitcoin Reserve, and that work must be done with transparency, security and strong…

Read more on BitcoinMagazine

Bitcoin ETFs Lose $2.8 Billion In 9 Days: What Is Going On With Institutions?

Spot Bitcoin (CRYPTO: BTC) ETFs have recorded nine consecutive days of net outflows, the longest withdrawal streak since launch in January 2024, pulling roughly $2.8 billion from the complex.

Three Consecutive Weeks Of Outflows, $2.3B Gone In May Alone

This week alone has seen $1.3 billion exit the funds, extending a three-week outflow streak. Monthly withdrawals now stand at roughly $2.3 billion as Bitcoin fell from $80,000 to $73,000 over the same period. 

This is the most sustained period of institutional selling since Bitcoin ETFs launched.

The selling goes beyond Bitcoin’s price drop. Since the start of the year, Bitcoin has lagged AI stocks and semiconductor names, which keep…

Read more on Benzinga

Why Has XRP Not Pumped Despite Institutional Adoption? This Report Found The Answer – Bitwise XRP ETF (AR

XRP (CRYPTO: XRP) emerged as one of crypto’s strongest narrative-driven trades last week after social sentiment and price action finally moved in sync, a rare occurrence for the token in 2026.

What’s Driving XRP Momentum

According to Santiment’s anomaly-tracking report covering May 20–26, XRP was the only major asset to trigger a sustained ‘social_price_correlation’ signal, recording 14 triggers with a peak score of 0.26 on May 26.

Santiment explained XRP has spent much of 2026 trapped in sentiment-price divergence, where bullish institutional headlines failed to translate into sustained upside.

This time, the crowd and price action aligned around several major catalysts.

The report…

Read more on Benzinga