Bankrupt crypto exchange FTX has kicked off its second round of repayments to creditors, disbursing over $5 billion to individuals and entities with approved claims.
This follows the firm’s initial payout of $1.9 billion and marks a major step in the collapsed exchange’s bankruptcy proceedings.
Will FTX Payout Spark a Potential Market Rally?
In a May 30 update, the defunct firm confirmed that the second round of distribution targets eligible claims in the Convenience and Non-Convenience Classes that have met the necessary pre-distribution conditions.
“This represents continued progress returning cash to FTX’s customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims,” John Ray III, FTX CEO, said.
Sunil Kavuri, a prominent FTX creditor advocate, shared that Kraken began processing FTX US distributions on May 30, with international disbursements scheduled for June 2. The total for US claims stands at $312 million, of which $168 million belongs to claims over $50,000.
The exchange pointed out that customers with Dotcom Entitlement Claims are receiving 72% of their eligible funds, while those under US Customer Entitlement Claims receive 54%.
Convenience Claimants, typically with smaller balances, will receive 120% of their initial claims. In addition, roughly 61% of General Unsecured and Digital Asset Loan Claims will also be repaid during this phase.
Meanwhile, FTX has also issued a security notice warning users of rising phishing scams tied to the payout process. The exchange urged all claimants to remain vigilant and verify communication sources before taking any action.
Researchers at Coinbase also echoed this view. They suggested that institutional recipients may look to re-enter the market, especially as regulatory clarity improves across key jurisdictions.
REX Shares has filed with the US Securities and Exchange Commission (SEC) to introduce two new exchange-traded funds (ETFs) centered on Ethereum and Solana.
The filing, submitted on May 30, was marked “immediately effective,” signaling that the launch could happen soon.
REX’s New ETF Filings to Test SEC’s Stance on Staking
According to the SEC filing, these ETFs will hold the underlying crypto assets and stake a portion of them.
Each fund plans to invest at least 80% of its assets in either Ethereum or Solana. At least 50% of those holdings will be staked to earn on-chain rewards, which investors will receive as dividend income.
Bloomberg ETF analyst Eric Balchunas highlighted the filing’s significance, noting that it could lead to the launch of the first spot Solana ETF, as current offerings only track Solana futures.
He added that REX leveraged the Investment Company Act of 1940 (40 Act) to fast-track the listing. This allows the firm to bypass the longer and more cumbersome process tied to the Securities Act of 1933 (33 Act).
First-ever staked Ether and Solana ETFs could be launching soon. REX filing went effective (meaning launch likely in near-term). Would also be first-ever spot Solana too (only futures exist curr). This is the benefit of using 40 Act, it’s faster track to mkt but more work/boxes… https://t.co/GzSUbtLkq7
Moreover, these funds will operate as C corporations rather than follow the traditional structure of regulated investment companies (RICs). This structure provides specific tax advantages, particularly for staking-related activities.
James Seyffart, another Bloomberg ETF analyst, called the move a “clever legal and regulatory workaround” to bring staking-based ETFs to market.
“These ETFs are structured as c-corps which is very rare in the ETF world. Only really used for some MLP ETFs that I can think of top of my head. There are pros and cons to the structure but looks like one pro is that this was one way to get some level of signoff from the SEC,” Seyffart stated.
However, he cautioned that the long-term viability of this approach remains uncertain. This is because more efficient structures, such as grantor trusts, could eventually replace C-corp ETFs.
“There might be more efficient vehicles/structures for this type of exposure that come to market in the future. Maybe even later this year. Maybe later than that. There are lots of questions about grantor trusts and their ability to do staking that will likely require input from the IRS. (Grantor trusts are the structure underlying the current spot bitcoin and ethereum ETFs and the structure behind all the other spot crypto ETP filings),” Seyffart added.
On Thursday, the financial regulator clarified that staking models do not automatically qualify as securities. It also noted that additional features like early withdrawal options or bundled services don’t change the regulatory status.
“The Division of Corporation Finance clarified its view that certain proof-of-stake blockchain protocol “staking” activities are not securities transactions within the scope of the federal securities laws,” SEC Commissioner Hester Peirce said.
The meme coin market is beginning to cool after a surge in activity throughout most of May. The past week’s broader crypto market downturn has dented overall momentum, triggering a dip in the values of top meme assets.
Still, meme coin trading volume remains up 5% over the past month, signaling that investor appetite has not vanished entirely. BeInCrypto has highlighted three standout meme coins to watch in the month ahead.
Central African Republic (CAR)
The official meme coin launched by the African nation received positive developments in May. The country’s president recently announced that the government will use CAR to tokenize 1,700 hectares of land.
As a result, CAR has experienced a notable resurgence, climbing by 103% this week alone.
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
Starting June, land concessions will be accessible online using $CAR, directly on @solana.
— Faustin-Archange Touadéra (@FA_Touadera) May 29, 2025
As of this writing, the meme coin trades at $0.047. As CAR aims to break the $0.059 resistance, it could witness a continued upward trend if broader market conditions improve.
CAR’s Chaikin Money Flow (CMF), which remains firmly in positive territory at 0.17 at the time of writing, reinforces the potential for a rally above this key resistance level.
The CMF indicator measures how money flows into and out of an asset. A reading above one signals strong buying pressure and indicates that capital is flowing into CAR.
If this continues, CAR could break above $0.059 and extend its gains to $0.074.
However, if profit-taking commences, the altcoin could fall to $0.345.
Daddy Tate (DADDY)
DADDY is another meme coin to watch for possible gains in June. Up 14% over the past seven days, the altcoin currently trades at $0.039.
Earlier this week, Andrew Tate announced the upcoming launch of Real World 2.0, his online training app. According to his statement, the app will have an integrated wallet with some utility around DADDY.
As a result, speculative interest in the meme coin is rising.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
• Built-in wallets • Instant payouts • Private job board with real offers from inside the ecosystem
And when it all drops…$DADDY + $TRW are both gonna go CRAZY.
The token’s rising Balance of Power (BoP) indicates the steady rise in buying pressure among DADDY traders. As of this writing, this momentum indicator is at 0.85.
The BOP indicator measures the strength of buyers versus sellers by comparing closing prices to trading ranges. A positive BOP value like this suggests that buyers are in control, indicating bullish momentum in the market.
If this trend continues, DADDY could extend its rally to $0.05.
Conversely, sellers could trigger a price decline toward $0.029 if they regain dominance.
SPX6900 (SPX)
SPX has bucked the past week’s broader market slowdown to post double-digit gains. Up 11% over the past week, the meme asset trades at $0.95 at press time.
The setup of SPX’s Moving Average Convergence Divergence (MACD) on the daily chart confirms the buying pressure in its spot markets. As of this writing, the token’s MACD line (blue) rests significantly above its signal line (orange).
The MACD indicator identifies trends and momentum in an asset’s price movement. Traders use it to spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with SPX, when an asset’s MACD line is above its signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise. Traders view this crossover as a bullish signal, supporting SPX’s ongoing rally.
If the rally persists, the meme coin could break above $1 and climb toward $1.21.
On the other hand, if buying activity stalls, SPX could shed recent gains and plunge to $0.84.
Trading Volumes Spike, But Meme Market Retail Boom Yet to Return
While these altcoins appear poised for potential gains over the next few weeks, the general meme market may face some headwinds. In an interview with S, Community Lead at Neiro, summer months typically see a slowdown in broader market activity, and meme coins are not immune to that seasonal trend.
“It still feels early for full-blown market euphoria. Historically, summer tends to be slower across financial markets, crypto included. Whether we see a pullback is anyone’s guess, but momentum is essential, when things stop growing, they often start fading. If that momentum slows, it’s something the market should take seriously,” S noted.
S added that while the trading volumes have spiked, the meme coin market has yet to see a return to the retail mania of 2021. For now, activity remains largely driven by crypto-native investors and whales.
“So far, it looks like most of the activity is still coming from crypto-native circles. We haven’t seen the kind of mainstream retail frenzy we saw in 2021 or even 2017. That wave hasn’t hit yet—but when it does, it’s bound to bring with it the chaos, creativity, and memes we all know and love. Personally, I’m looking forward to that.”
Meta Platforms, the parent company of Facebook and Instagram, has voted overwhelmingly against a proposal to diversify its corporate treasury into Bitcoin.
This signals that Big Tech remains cautious about adopting the top cryptocurrencies despite rising corporate interest.
Meta Shuts Door on Bitcoin Treasury Move
According to documents shared on X, the shareholder motion received just 3.9 million votes in favor, while more than 4.9 billion opposed it. Another 8.9 million shares abstained, and 205 million were broker non-votes.
Meta Shareholders Vote on Bitcoin Treasury Move. Source: X/Phoenix
This vote follows the proposal of Ethan Peck, a Mata Shareholder, earlier this year.
However, Meta’s board rejected the proposal even before the vote, stating that the company already has robust treasury management practices.
The board maintained that there was no compelling reason to consider Bitcoin, though it did not entirely dismiss digital assets as a concept.
“While we are not opining on the merits of cryptocurrency investments compared to other assets, we believe the requested assessment is unnecessary given our existing processes to manage our corporate treasury,” Meta’s board stated.
Meanwhile, the vote ends months of speculation that Meta might follow in the footsteps of companies like Strategy, which has aggressively accumulated Bitcoin as a reserve asset.
“If a Meta or Microsoft adds BTC to its balance sheet, it will arguably have a bigger impact than all the smaller companies doing it. Kinda like when Tom Hanks got COVID, which made it feel real even though the cases had already been mounting,” Bloomberg ETF analyst Eric Balchunas explained.
Bitcoin Top 85 Corporate Holders. Source: Hodl15Capital.
As of May 2025, more than 85 public companies collectively hold over 804,000 BTC, according to Hodl15Capital. Strategy leads the pack with more than 580,000 BTC under its control.
Bitcoin whales are regaining dominance over exchange activity. The Exchange Whale Ratio’s 30-day moving average has surged to 0.47—its highest level in seven months—indicating that nearly half of all BTC inflows to exchanges are now coming from the largest transactions.
Historically, such spikes in whale activity have preceded major market tops, as large holders tend to move funds in preparation to sell. With retail participation fading and whale influence rising, the market may shift into a distribution phase, raising the risk of a short-term correction.
Is a Deeper Bitcoin Crash Coming?
Bitcoin recently surpassed $111,000, making new all-time highs. Yet, profit-taking from whales and another potential macroeconomic downturn has caused BTC to drop over 6%, and it is currently trading at $104,000.
Data from CryptoQuant shows a sharp rise in the Exchange Whale Ratio, suggesting caution.
Historically, when this ratio exceeds 0.5—indicating that whales account for the majority of exchange inflows—price tops often follow.
The Exchange Whale Ratio measures how much of all Bitcoin flowing onto exchanges comes from the ten largest transactions. A 30-day moving average at 0.47 means nearly half of every BTC deposit is a “whale” transaction.
This pattern played out during previous market cycles, such as mid-2022 and late 2024, when elevated whale activity coincided with significant corrections.
In contrast, periods when the whale ratio dips below 0.35 have often marked phases of accumulation or early bull market momentum, dominated by retail participants.
“There is a growing dominance of large holders in recent exchange activity. This sharp increase mirrors the surge seen in the Exchange Whale Ratio during Bitcoin’s price rally in late 2023 and early 2024,” CryptoQuant analyst JA Maartunn told BeInCrypto.
The current spike in the 30-day moving average of the ratio further reinforces the notion that whales are once again becoming more active in exchange activity.
If history repeats, significant whale selling could trigger a pullback or increased volatility.
While Bitcoin price remains strong for now, this shift in behavioral dynamics suggests the market may be transitioning from accumulation to distribution, increasing the probability of a near-term top or correction.
TST’s value plummeted over 40% almost instantly after an anonymous whale sold $6-7 million worth of the token. The asset’s total market cap was $55 million, highlighting the size of this user’s position.
Social media users quickly accused Changpeng “CZ” Zhao or other Binance insiders of being the whale without a shred of proof. Shock is understandable, but witch hunts won’t help anyone regain their positions.
Coinglass’ trading data provides some valuable insights. TST’s trading volume is up over 800% in the last 24 hours, highlighting that one whale alone had a tremendous impact.
Most of this volume was concentrated in Binance’s spot and futures markets, which the whale used to exit their position. TST’s market cap fell almost $20 million in an instant.
One extra twist is the sudden level of blame and finger-pointing from the token’s supporters. Who was this whale, and how did they get such a major chunk of TST?
“Binance and CZ keep dumping on their users along with market maker Wintermute. A few months back, Wintermute dumped ACT by 70% in just a few moments. Now, TST, another scam shilled by CZ, went down almost 50%. Binance has been milking their users since they gave $4 billion to the SEC last year,” one user claimed.
To be clear, there is no evidence of CZ’s involvement. Still, social media is rife with accusations that he or another Binance insider was the TST whale.
Meme coin enthusiasts have attacked the platform after many unexpected market moves, like the aforementioned ACT crash.
Without any clearer proof, these accusations look like mere hysteria. One whale caused TST to move more in an instant than it has in over a month. A little panic is understandable, considering the circumstances.
Unfortunately, nobody else has proposed a serious alternative hypothesis yet. Hopefully, some post-mortem blockchain analysis will illuminate some details about the TST whale’s identity.
Until then, traders should remember that the meme coin market is extremely risky. That risk doesn’t justify baseless accusations.
Mayer Mizrachi, Mayor of Panama’s capital city, recently discussed Bitcoin’s positive transformative impacts on his country at a major conference. He proposed accepting BTC payments as fare to use the Panama Canal among other growth strategies.
Ultimately, one mayor’s office isn’t capable of transforming a nation’s economic prospects alone. However, Mizrachi demonstrated concrete ways that small acts of Bitcoin adoption can build on each other.
However, Mayer Mizrachi, the mayor of Panama City, has been attempting to innovate once again. Much like El Salvador, Panama is a nation that uses the US dollar as its legal tender. Mizrachi detailed a new approach to changing that:
“What we created was a roadmap for how cities can embrace Bitcoin regardless of national law. You can build the building blocks, so the central government can copy what you’re doing after it’s proven. 70% of [Panama’s] GDP is in my city. Whatever my city does, it makes waves around the country,” Mizrachi claimed.
Mizrachi talked about his initial plan to accept Bitcoin for municipal tax payments. In some ways, this strategy had major limits, as the city was required to exchange all this BTC for USD. This has been a springboard for Panama’s largest banks needing to deal in Bitcoin.
Already, Mizrachi has advised other mayors in the region how they can start similar initiatives. This limited project was an easy way to transform Panama’s entire Bitcoin ecosystem from the limitations of one mayor’s office.
Still, Mizrachi acknowledged that comprehensive adoption will require much more political buy-in. He commented that BTC could hypothetically be used to accept fare payments through the Panama Canal, but the US might object to this plan.
In other words, Panama’s BTC integration relies on one key factor: an active DeFi ecosystem. Mizrachi praised Nayib Bukele, who transformed El Salvador into one of the world’s largest Bitcoin holders.
That is to say, Panama City’s mayor doesn’t have the power to change Bitcoin’s position on his own. However, Mizrachi sees his work as proof of concept.
He detailed the economic opportunities that crypto can bring to Central America and reminded us that a better future is possible. Dedicated advocates can create powerful change with smaller actions.
BitMEX made a bold announcement this afternoon, claiming it foiled a major hack attempt from the Lazarus Group. The exchange’s security team analyzed the hackers’ code, revealing some interesting new information.
The malware had surprisingly poor operational security, allowing BitMEX to trace the IP addresses and active hours of several members. Still, the firm acknowledged that it only beat Lazarus’ second-string hackers, not their best.
However, Lazarus’ recent attempt to hack BitMEX was prevented, according to a recent blog post.
A Lazarus hacker attempted to phish a BitMEX employee by sending them a phony request to collaborate on a Web3 NFT marketplace project. This employee alerted security, who played along with the scammer to obtain the malware bait. From there, BitMEX analysts dismantled it, gleaning knowledge of the group’s organization:
“Throughout the last few years, it appears that the group has divided into multiple subgroups that are not necessarily of the same technical sophistication. This can be observed through… bad practices coming from these ‘frontline’ groups that execute social engineering attacks when compared to the more sophisticated post-exploitation techniques,” BitMEX claimed.
Specifically, BitMEX identified a lot of sloppy work in the initial malware. This allowed analysts to find a list of IP addresses from compromised computers; furthermore, they identified test runs.
One Lazarus member based in China left incriminating info in this database, which BitMEX used to get a profile of other members and their working schedules.
BitMEX’s work here can go a long way towards piercing the Lazarus Group’s image of danger and hyper-competence. BitMEX, a long-running derivatives exchange, seems like an unexpected candidate to make these discoveries.
Rather than a famous crypto sleuth, a private firm that’s been out of the news lately managed to crack this code.
Still, it’s important not to overstate the situation. The Lazarus Group sent their B-team to try and breach BitMEX, but much more advanced hackers would’ve exploited a successful breach.
BitMEX exploited the group’s sloppy operational security, but its members remain wholly anonymous. In all likelihood, they’ll have plenty of future successes on softer targets.
Bitcoin (BTC) is down 6% over the past eight days after reaching new all-time highs, and recent technical signals suggest growing uncertainty in the market. Whale activity, which briefly declined, has started to recover, hinting that some large holders may be returning to accumulation.
However, bearish indicators are mounting, with the Ichimoku Cloud showing weakness and BTC trading below key support levels. As price hovers just above $104,584, the threat of another death cross and deeper downside remains unless bulls can reclaim momentum above resistance.
Bitcoin Whale Count Rebounds After Strong Decline
The number of Bitcoin whales—addresses holding between 1,000 and 10,000 BTC—has rebounded slightly to 2,006 after falling to 2,002 earlier this week.
This brief dip followed a sharper decline from 2,021 on May 25, marking a notable short-term reduction in large holders. However, the recovery suggests that some whales may be returning to accumulation.
While the fluctuation was small, such changes are closely monitored, as they often precede shifts in market sentiment or price action.
Monitoring whale behavior is essential due to their outsized influence on Bitcoin’s liquidity and volatility. A decline in whale count can indicate profit-taking or distribution, often signaling caution or a potential market cooldown.
Conversely, a stabilization or rise—like the one observed now—can ease investor concerns and support price resilience at elevated levels.
The number of large holders recovering after a sharp drop may signal renewed confidence among key players, reducing the immediate risk of heavy selling pressure and helping Bitcoin maintain its current range.
Technical Indicators Turn Bearish as BTC Struggles Below Key Levels
The Ichimoku Cloud chart for Bitcoin shows a short-term bearish structure.
Price action is currently positioned below the Kumo (cloud), which is shaded in green and red—indicating that Bitcoin is trading in a zone of weakness relative to historical and projected momentum.
The cloud ahead is red, suggesting that the trend bias for the near future remains bearish unless a reversal breaks through the upper boundary.
The Tenkan-sen (blue line) is below the Kijun-sen (red line), confirming short-term downward momentum. Both lines are angled downward, another bearish signal.
The Chikou Span (green lagging line) is below both price and the cloud, reinforcing that current momentum lacks bullish confirmation.
The future cloud also narrows, which may hint at a potential equilibrium or a consolidation zone ahead. For now, the Ichimoku components align with a bearish outlook. A bullish shift would require the price to break above the cloud and flip the future Kumo from red to green.
Bitcoin Faces Potential Death Cross
Bitcoin price recently formed a death cross, and technical indicators suggest another one could be on the horizon. Price is currently trading just above critical support at $104,584, which has acted as a short-term floor.
If this support fails, the next downside targets sit at $102,135 and potentially as low as $100,694 if the selling pressure intensifies.
The presence of back-to-back death crosses, combined with weakening price action near these levels, raises the probability of a deeper correction in the short term.
On the bullish side, if Bitcoin can mount a recovery and establish strong momentum, it may retest resistance at $106,726.
A break above this level could trigger a sharper move toward $110,728, with a further upside possibility of reaching $112,000 if the rally accelerates.
In a sad occurrence, Eugene Shen, co-founder of the RWA project Plume, reportedly passed away this week. However, this announcement prompted a major PLUME token dump, splitting the community with acrimonious accusations.
Some skeptics wondered if Plume was a scam or if this death announcement was some sort of hoax. Others deplored these accusations and token dumps, professing support for the company. Regardless, it has been a bizarre market reaction to an unfortunate, tragic event.
The firm announced the death of Plume co-founder Eugene Shen, presumably establishing a reason for this price action:
It is with heavy hearts that we share the news of a tragic loss within our company. Earlier this week, we lost our cofounder and dear friend, Eugene. We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are…
— Plume – RWAfi Chain (@plumenetwork) May 29, 2025
Plume’s announcement didn’t specify a date or cause of Shen’s death, only that it took place last week. Still, this immediately clarified the PLUME token dump for some users, many of whom strongly condemned investors’ behavior.
Although PLUME had already been falling for several days, it experienced an additional 7.4% crash and a 145% increase in trading volume today. Presumably, Shen’s death caused today’s price actions.
PLUME Trading Volume and Price Performance. Source: CoinMarketCap
However, alternate narratives also began circulating, even if they remained a minority position. Why did the price drop begin days ago?
It appears that several token holders are calling PLUME a scam token and the co-founder’s death a hoax. Yet, these claims have no evidence and show a rather unsettling display of public empathy.
Sad story:
Bought $Plume 5 months ago at $0.13 with a 2B circulating supply Didn’t sell at x2 ATH
Now it’s dipping hard after a 433M token unlock and the death of a team member—right before mainnet launch
Even if this was not a popular position, this jarring cynicism still shocked the crypto community. Sure, crypto scams are rampant right now, but would PLUME really fake someone’s death to dump tokens?
Defenders immediately began noting all Plume’s major investors, claiming that the company has a clear history and market presence.
This bizarre incident only highlights a rather hidden ugliness in the crypto community. Perhaps MANTRA’s fall damaged investor confidence for the entire RWA market, or maybe users are just growing tired of scams.
It’s bad enough that PLUME users dumped their tokens after a team member’s death, but it’s far more concerning that some people think it’s all a scam.
https://t.co/5TlR2KczI9 pic.twitter.com/yw6PnIL17U
I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
The Real World 2.0 is nearly here and it’s about to go NUCLEAR.
