The perpetual DEX segment continues to strengthen. Over the past three months, open interest across crypto perpetual DEXs has climbed about +27%, rising from roughly $12 billion to around $15.3 billion at the time of writing. DefiLlama data show @HyperliquidX and @Aster_DEX remain the clear leaders, with combined open interest of about $10.7 billion—more than two-thirds of the entire sector. Do you see further upside in $HYPE and $ASTER?

Zerohash Europe, a crypto infrastructure provider, has secured an electronic money institution (EMI) license from the Dutch Central Bank (DNB), according to CoinDesk. The firm said Monday it is the first company in Europe to be authorized under the EU's Markets in Crypto-Assets Regulation (MiCAR) while also holding full EMI status. Zerohash received its MiCAR license from the Dutch Authority for the Financial Markets (AFM) in October 2025. MiCAR, set to fully take effect in July, establishes EU-wide rules for major crypto activities including token custody, issuance and trading. While MiCAR registration functions as an operating permit for crypto-asset service providers (CASPs) on trading platforms, the European Banking Authority has argued that "certain electronic money tokens"—stablecoins—are treated as "electronic money" under existing directives and may require additional oversight. The authority issued a letter of non-action in June 2025 and, in February, clarified that companies facilitating "stablecoin-driven financial flows" should obtain EMI licensing to better integrate stablecoins into the traditional financial system. With both MiCAR and EMI approvals, Zerohash can now provide crypto-asset services and traditional electronic money transactions across the European Economic Area. The company said the framework enables it to partner directly with banks, broker-dealers, fintech companies, payment service providers and enterprise platforms operating in Europe. Roland Goldberg, General Manager of Zerohash Europe, said Europe represents a large market for stablecoin use cases and that the firm has seen strong regional growth. He added that Zerohash has expanded its EU operations in Amsterdam in recent months and is providing technical support to partners including Interactive Brokers Europe. Zerohash has also applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter. Founded in 2017, the company has about 200 employees worldwide and offices in New York, Chicago, North Carolina and Amsterdam. In September last year, it raised $104 million in a Series D round led by Interactive Brokers, valuing it at $1 billion. After earlier acquisition talks—Zerohash was previously reported to be a Mastercard acquisition target—fell apart, the company is said to be in discussions to raise an additional $250 million at a $1.5 billion valuation.

Bitcoin (BTC) retreated from the $81,000 area and slid toward a key daily support level at $76,285. The move does not appear to be the result of aggressive futures positioning being closed out. Derivatives data stayed steady. Open interest was about $25.977 billion on May 15 and roughly $26.180 billion on May 18, an increase of around $202 million (+0.78%). That points away from a large-scale unwind. Spot-market activity shows the clearer shift. The "Bitcoin: Price & Volume Spot, All Exchanges" metric indicates spot volume fell from 30,663.9 BTC on May 15 to 20,010.58 BTC on May 16 and 16,092.32 BTC on May 17, a 47.52% contraction from Friday through Sunday. Over the same period, BTC declined from $79,064.75 to $76,572.92, down about 3.15%. Spot volume rebounded to 37,817.49 BTC on May 18, but the bulk of the correction had already occurred. Flows to exchanges provide the strongest confirmation. "Bitcoin: Exchange Inflow (Total) All Exchanges" shows roughly 49,577 BTC moved onto exchanges between May 15 and May 17: 37,657.13 BTC on May 15, 6,283.88 BTC on May 16, and 5,636 BTC on May 17. The largest inflow coincided with the heaviest downside pressure, followed by smaller inflows and more limited declines. Large exchange inflows alongside a falling price are typically consistent with heightened selling pressure. The May 15 figure in particular suggests sizeable participants were active, though the key takeaway is simpler: a large amount of BTC hit exchanges during the period of greatest weakness. Overall, the data suggests BTC's drop was not driven by a major futures closeout. Instead, spot demand failed to absorb selling, with visible pressure reflected in exchange inflows. If BTC breaks below $76,285, the next notable area to watch is around $73,817, where another daily support level is located.

An unidentified wallet transferred 20,000 WETH, valued at $42,749,158, to Aave, according to on-chain data.

Six straight weeks of inflows into crypto investment products came to an end last week, with digital asset funds recording $1.07B of net outflows, according to CoinShares. Bitcoin-focused products bore the brunt of the selling, posting $982M in redemptions as Iran-linked geopolitical tensions weighed on risk appetite. XRP and Solana products were comparatively resilient. CoinShares' head of research James Butterfill said momentum around the Clarity Act still left 11 assets showing net inflows over the period.

A large Ethereum holder transferred 25,655 ETH to Bybit on May 18, according to Whale Alert. The tokens were valued at about $54.3 million at the time of the transaction. Significant inflows to centralized exchanges are commonly viewed as a potential precursor to selling pressure. ETH has struggled to gain traction since the widely watched October 2025 crash, even as network fundamentals and on-chain activity have continued to set new records.

CoinDesk reports that institutional appetite for XRP exchange-traded funds is accelerating as major financial players crowd into the trade. Analyst Diana said the race for regulated XRP exposure is shaping up as one of 2026’s fiercest institutional contests, reflecting XRP’s shift from a niche speculative token to a significant magnet for capital. Wealth managers, hedge funds, liquidity providers and consultants are increasingly pursuing XRP exposure via ETF wrappers. Recent U.S. Securities and Exchange Commission filings show rising allocations across multiple XRP ETF products. One disclosure drawing attention is from Larson Financial Group, which has previously reported holdings in several XRP-linked funds. The firm reported about 74,077 shares of the Franklin XRP ETF (XRPZ) valued at roughly $1.1 million, along with 37,275 shares worth nearly $7.42 million. Filings also indicate smaller positions in the Canary XRP ETF (XRPC), the Volatility Shares XRP ETF and the REXOsprey XRP ETF, pointing to a multi-issuer approach. Market observers say the importance extends beyond the raw figures. Traditional advisory firms once leaned heavily toward Bitcoin products, but filings suggest a clearer pivot toward XRP-focused ETFs, signaling that institutions are starting to treat XRP as part of a broader digital-asset allocation rather than a purely speculative bet. Flow Traders, a global liquidity provider and market maker, also disclosed exposure to several XRP ETF products, including leveraged and diversified offerings such as a 2x XRP ETF, the ProShares Ultra XRP ETF and the REXOsprey XRP ETF. For firms of that scale, building positions across multiple instruments is seen as a vote of confidence in market depth and demand for XRP ETFs. The institutional pipeline continues to expand. Helix Capital reported positions in the Franklin XRP Trust Fund, and Inscription Capital LLC appeared in SEC filings as a holder of shares in the Franklin Templeton XRP ETF. Capital inflows have also picked up. Reports put new investments at $60.5 million, with weekly inflows reaching the highest level since 2026. The surge lifted total net assets across XRP ETF products to about $1.18 billion. Momentum strengthened further in April, when monthly inflows of $81.59 million exceeded expectations and bolstered XRP’s standing among institutional digital-asset products. Citadel Advisors also disclosed more than $1.7 million in exposure through multiple XRP ETFs, adding another major name to the roster of participants. Taken together, the filings point to a market rotation in which institutions are no longer waiting on the sidelines, and XRP ETFs are emerging as one of the most contested battlegrounds in digital finance.

Tokenized real-world assets (RWAs) rose to nearly $31.4B in May 2026, marking roughly a fivefold increase from the start of 2025.

Ostium, an onchain perpetuals trading platform, said it has partnered with Nasdaq to use Nasdaq's U.S. equity market data to support its stock perpetual contracts. The company said the integration makes Ostium the first onchain venue to offer stock perpetuals backed by Nasdaq data. The platform said users can gain exposure to U.S. equities via onchain infrastructure while maintaining transparency, instant settlement and self-custody. Ostium focuses on leveraged onchain trading of traditional assets including stocks, indices, commodities, ETFs and foreign exchange. As of now, Ostium said cumulative trading volume has topped $50 billion, with more than 26,000 users. (Source: ChainCatcher)