Bitcoin dropped to ~$73,500. Ethereum slid to ~$2,017. Fear & Greed hit 25 (Extreme Fear). Total market cap sat around $2.64 trillion. Besides HYPE, no major crypto is trading above its 2026 opening price.

Hyperliquid's HYPE was the one coin that went up. It hit an all-time high near $69 while everything else bled.

Gainers & Losers of the Week

AI tokens were on fire! Allora (ALLO) led with a ~157% weekly gain after launching its Cobot trading tool, Humanity Protocol (H) rallied ~87% on renewed interest in decentralized identity, and Portal (PORTAL) nearly doubled in a single day on a volume spike that dwarfed its market cap.

Phoenix (PHB) kept sliding after Binance's May 13 announcement that it would delist the token on May 27, and Block Street (BSB) gave back most of its mid-May rally on thin, speculative liquidity.

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ETF Bloodletting

Bitcoin and Ethereum ETFs shed roughly $2 billion combined between May 20 and 29. A $1.29 billion BlackRock IBIT block trade routed through a dark pool on May 26. ETH spot ETFs extended their losing streak past 10 consecutive days of outflows. XRP products were the exception, pulling in $35 million.

Institutional money is rotating out, but for those looking at these prices as an entry point, you can buy BTC, ETH, XRP and 1,500+ other assets on Changelly with a card, bank transfer, or crypto swaps.

Bankless Co-Founder Sells All ETH

David Hoffman disclosed selling his entire ETH position in late May, publishing a detailed explanation on May 26 arguing that the "ETH is money" thesis has played out. He's still bullish on Ethereum as a network but doesn't see ETH getting higher. ETH traded around $2,070-$2,100 after the announcement.

CFTC Approves First US Perpetual Futures

Kalshi received CFTC approval for regulated Bitcoin perps on May 29. The agency also cleared Coinbase to connect US clients to global crypto options and perpetuals. For context, over 70% of centralized crypto volume trades through perps, and until now US traders had zero regulated domestic options for them.

Dimon vs. Armstrong on Stablecoin Yield

Jamie Dimon said banks "will not accept" the CLARITY Act's current draft, targeting the provision that lets crypto firms pay yield on stablecoins without bank-level rules. Until the stablecoin yield question gets resolved, the bill isn't moving through the Senate. Senator Lummis warned on May 29 that without the CLARITY Act, crypto regulation could stall until 2030.

What to Watch