Elon Musk crossed $1 trillion in personal wealth on Friday after SpaceX's Nasdaq debut, with his fortune listed at $1.11 trillion. The milestone places his net worth above the combined market capitalization of cryptocurrencies excluding Bitcoin, and roughly equal to half of the full crypto market when Bitcoin is included.

BitMine purchased an additional 60,000 ETH worth about $126 million while Ethereum traded near $2,000, taking its holdings to more than 5.2 million ETH valued at roughly $11.1 billion. The buy came as BitMine appeared on a preliminary list for the 2026 Russell 3000 reconstitution, with FTSE Russell's initial data dated May 22 and changes set to take effect at the end of June.

Bitcoin fell below $75,000 for the first time since mid-April, sliding more than 3% in the past 24 hours to $74,255 after trading above $77,000 earlier. The selloff weighed on major tokens and coincided with $941 million in 24-hour derivatives liquidations, dominated by long positions and led by Bitcoin- and Ethereum-linked contracts.

On Thursday, U.S. lawmakers introduced the American Reserve Modernization Act (ARMA) of 2026 to create a Treasury-run Strategic Bitcoin Reserve and a separate federal Digital Asset Stockpile for non-Bitcoin holdings. The proposal would consolidate custody of seized crypto and, citing Bitcoin Treasuries data, formalize management of 328,372 BTC valued at more than $25 billion while requiring BTC in the reserve to be held for at least 20 years.

Glassnode says 6.04 million BTC—30.2% of circulating supply—sits in wallets whose public keys have already been revealed after spending, a setup that concentrates potential quantum-related risk in large custodians. The dataset indicates exchanges hold about 1.66 million exposed BTC, while exposure varies widely by entity, from Binance's 85% to Coinbase's 5% of labeled balances.

XRP is seeing stronger institutional and on-chain signals, but its spot price remains under pressure amid broader market consolidation. Over the past 24 hours, XRP fell more than 5% to $1.40 after briefly topping $1.54 for the first time in two months. The divergence shows up in ETF inflows, large Binance withdrawals, and a two-month high in XRPL activity.

US-listed spot Bitcoin ETFs recorded a $1 billion net outflow over the past week, ending a six-week stretch of inflows and equating to roughly 14,000 BTC leaving the funds. Bitcoin fell about 3% over the same period to $78,074 at press time as markets digested hotter inflation readings and shifting expectations around Fed policy.

Bitcoin broke below $80,000 after hotter-than-expected US inflation data and briefly dipped to $78,725 before rebounding to around $79,500. The move has concentrated leverage near $78,000, where a further drop could trigger about $1 billion in long liquidations, while a rebound toward $80,458 could put roughly $640 million of shorts at risk. Spot demand indicators have softened alongside reported spot Bitcoin ETF outflows of more than $800 million this week.

Bitcoin is trading just under $80,000 as President Donald Trump arrives in Beijing for talks with Chinese leader Xi Jinping, with traders treating the summit as a key risk-sentiment catalyst in a week already pressured by inflation and rising yields. April data showed CPI at 3.8% year over year and PPI at 6% year over year, while Wintermute flagged a leverage-led move as open interest rose from $48 billion to $58 billion in a month. BTC was down 1.42% over the past 24 hours at the time of publication.