Bitget Daily Digest (May 23)｜Cetus Hacked for $260M, SEC Formally Reviews TRX Staking ETF Application

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远山洞见2025/05/23 01:46

By:远山洞见

Bitget Daily Digest (May 23)｜Cetus Hacked for $260M, SEC Formally Reviews TRX Staking ETF Application image 0

Today's Preview

1.FOMC 2025 voting members—St. Louis Fed President Musalem and Kansas City Fed President Schmid—will participate in a fireside chat to discuss economic and monetary policy.

2.Karrat (KARRAT) will unlock ~15.11M tokens, accounting for 4.62% of circulating supply, worth ~$1M.

3.Coin98 (C98) will unlock ~16.53M tokens, representing 1.74% of circulating supply, worth ~$1.05M.

4.THORChain to upgrade to version v3.6.0.

Macro Hot Topics

1.Michigan State Legislature introduces four crypto-related bills:

HB 4510: Allows the state treasury to invest in Bitcoin via regulated exchange-traded products for pension funds.

HB 4511: Prohibits state support for Central Bank Digital Currencies (CBDCs).

HB 4512 4513: Permit Bitcoin mining at abandoned oil wells and offer tax incentives to relevant businesses.

2.OpenAI, Oracle, Nvidia, and Cisco have partnered to build the Stargate UAE AI park in Abu Dhabi, spanning 10 square miles with 5 GW of power capacity. This project follows AI cooperation announcements during last week’s U.S. diplomatic visit to the Middle East and is the first international expansion of OpenAI, Oracle, and SoftBank’s $100B AI infrastructure initiative announced in January.

3.Volatility Shares launched the first-ever XRP futures ETF ($XRPI) on Nasdaq, allocating at least 80% of net assets to XRP-related instruments. A 2x leveraged version is in the works. With CME having launched XRP futures and micro-contracts on May 19, institutional access to XRP has improved. Analysts forecast an 83% chance of a spot XRP ETF approval later this year under new SEC Chairman Paul Atkins' more crypto-friendly stance.

4.SEC delays decisions on spot ETFs for XRP and Litecoin, while formally reviewing Canary Funds’ TRX staking ETF—a rare positive development. Bloomberg analyst James Seyffart reported delays for Bitwise and CoinShares' XRP ETFs, CoinShares' LTC ETF, and Fidelity's spot Bitcoin fund restructuring.

5.Trump: “The U.S. leads in crypto and Bitcoin.” On May 22, Trump posted on TruthSocial: “Heading to Loudoun County, Virginia for a crypto dinner. The U.S. is leading in crypto and Bitcoin—we will keep it that way.” He is hosting a private $TRUMP meme coin dinner today at the Trump National Golf Club in Washington, D.C., limited to 220 invited wallet holders. The top 25 wallets will join a 5 PM VIP reception; the main dinner runs 6–9:30 PM ET.

6.Cetus hacked for $260M, per Lookonchain. The attacker swapped the stolen funds into USDC, bridged to Ethereum, then converted to ETH and stablecoins. Sui confirmed a smart contract was exploited, and Cetus has paused contracts. Mysten Labs co-founder Adeniyi Abiodun said $160M of the stolen $220M has been frozen and will be returned to the Cetus pool. Cetus is negotiating a white hat bounty to recover funds.

Market Overview

1.BTC consolidates near new highs, encountering resistance around $118K. Sector-wide rally led by SocialFi. $279M liquidated in the last 24 hours, mostly short positions. Meme coins in the BTC narrative ($DOG) and USD1-stablecoin narrative ($B) are trending.

2.U.S. bond selloff eases, Nasdaq stages fragile rebound. Solar stocks hit by tax policy news; crude oil drops over 2%.

Bitget Daily Digest (May 23)｜Cetus Hacked for $260M, SEC Formally Reviews TRX Staking ETF Application image 1

3.On Bitget’s BTC/USDT liquidation map, if BTC drops 2,000 points to ~109,577, total long liquidations exceed $685M. If BTC rises 2,000 points to ~131,577, short liquidations exceed $755M. With higher short-side risk, users are advised to manage leverage cautiously.

Bitget Daily Digest (May 23)｜Cetus Hacked for $260M, SEC Formally Reviews TRX Staking ETF Application image 2

4.BTC saw $3.95B in spot inflows and $3.927B outflows in the past 24 hours, resulting in $23M net outflow.

Bitget Daily Digest (May 23)｜Cetus Hacked for $260M, SEC Formally Reviews TRX Staking ETF Application image 3

5.Top net outflows in derivatives trading over the past 24H: $ETH, $SUI, $TRUMP, $SOL, $XRP—possible trading setups.

Institutional Insights

1.Greeks.live: Bullish sentiment strong for BTC, but short-term pullback may occur. Post

2.Glassnode: Profit-taking volume is half of that seen during last year's $100K breakout. Post

3.Presto Research: This BTC bull cycle is being driven more by institutions and long-term capital. Report

News Updates

1.Democrats propose amendments to the GENIUS Act to prevent Trump family from profiting.

2.Bloomberg: U.S. Supreme Court signals Trump likely can’t fire Fed Chair Powell.

3.CFTC commissioner: Crypto perpetual futures may soon be tradable in the U.S.

4.Ahead of the Trump dinner, Democratic leaders unveil bill to combat “crypto corruption.”

5.Fed Governor Waller: If tariffs ease, rate cuts could come in late 2025.

6.Senator Bill Hagerty: GENIUS Act will boost demand for U.S. Treasuries.

Project Developments

1.SEC delays decision on 21Shares’ Ethereum ETF staking proposal.

2.Cookie x Spark launch the first Cookie Snaps campaign with Spark SNAPS rewards.

3.Sui co-founder confirms $160M of the $260M Cetus exploit has been frozen and will be returned.

4.Linea tokenomics under final legal review.

5.Aethir to start Checker Node buyback program on May 27.

6.BNB Chain Foundation buys $25K each of MYX, BANK, LISTA, and GM tokens.

7.Bitget Wallet launches Phase II of the Champion Program—up to $3,000 in rewards + exclusive gifts.

8.DWF Labs deposits 25.77M $ASTR to on-chain staking wallet.

9.Hyperliquid hits all-time highs in both open interest and 24H trading volume.

10.Volatility Shares launches first XRP Futures ETF on Nasdaq.

11.dYdX Community proposes delisting EOS, BTRUMP, and SKITTEN markets.

X Highlights

1.Crypto_Painter: Despite BTC price and futures OI hitting new highs, CME institutional positioning remains low. This rally appears retail- and leverage-driven. Divergence between high positioning and weak sentiment suggests rising risk. Post

2.Bruce J: Two scenarios post-Trump dinner:

(1) Key holders double down in loyalty;

(2) Exit after the event.

Given Trump’s influence, scenario (1) is more likely to preserve “political capital.” Expect this trend to continue. Post

3.998: $MOONPIG post-mortem: A rare PVE-style meme coin in a zero-sum primary market. Strong central operator, tight whale concentration, clean chart patterns, large swing trade setups. High-conviction accumulation strategy proved viable despite high market cap. Post

4.ALU: Gavel enters Solana launchpad race with $IBRL as its first project. Backed by Cobie, Toly, and Ansem. The project features an automated buyback and burn mechanism. Gavel’s key test: platform UX, aggregator integration, and project pipeline. Post

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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