US Senator: "GENIUS Law Likely to Pass Senate Next Week"
Bill Hagerty, a US Republican Senator, predicted that the US Stablecoin Regulation Law GENIUS could pass the Senate as early as next week. According to CoinDesk, he emphasized in a statement, "Next week, the Senate will pass the GENIUS bill, establishing the first growth-friendly regulatory framework for payment stablecoins. This will be a historic moment." Democratic Senator Kirsten Gillibrand also stated that "the draft of the GENIUS bill was created through bipartisan efforts and could pass within the next few days." The GENIUS bill did not clear the threshold for plenary session on the 9th and is scheduled for a re-vote on May 19 (local time).
BTC Spot ETF Sees $264.57 Million Net Inflow
According to TraderT, the US Bitcoin Spot ETF saw a net inflow of $264.57 million (364.9 billion won) on May 16 (local time). This marks the third consecutive day of net inflows. BlackRock IBIT received $130.03 million, Fidelity FBTC $67.95 million, ARK Invest ARKB $57.98 million, and Grayscale BTC $4.61 million in net inflows. Other ETFs saw no net inflows or outflows.
Argentine Court Orders Asset Freeze for President Milei over 'LIBRA Promotion'
CryptoSlate reported that the Argentine Federal Court ordered an asset freeze for key figures, including President Javier Milei, related to the LIBRA meme coin crash. The court also approved lifting bank secrecy protections for President Milei and his sister, considered the real power behind the scenes, allowing investigators access to their financial transaction records. In February, President Milei promoted LIBRA on his X platform. After LIBRA's subsequent crash, insider trading circumstances were raised, and the Argentine prosecutor had requested asset freezes worth $100 million related to LIBRA.
Lido-Related Address Deposits $6.61 Million LDO to Exchanges
According to AmberCN, a Lido (LDO) team or related institution address deposited 6.7 million LDO ($6.61 million) to Binance, OKX, Bybit, and Gate.io over the past 20 hours. The address deposited 17.81 million LDO ($18.14 million) to centralized exchanges over the past four days, during which LDO price dropped 20% from $1.16 to $0.93.
300,000,000 USDT Transferred... HTX → Aave
According to Whale Alert, 300,000,000 USDT was transferred from the HTX address to the Aave address. The amount is $300 million.
Filecoin-Lockheed Martin Successfully Transmit Data from Space to Earth
CoinTelegraph reported that the Filecoin (FIL) Foundation and Lockheed Martin Space successfully transmitted data from space to Earth. According to Filecoin Foundation Chairman Marta Belcher, both parties used the decentralized P2P network IPFS to transfer data from a satellite orbiting Earth to Earth. Lockheed Martin Space is the space business division of the large US defense contractor Lockheed Martin. Previously, the Filecoin Foundation had established a partnership with Lockheed Martin in 2022.
Galaxy Digital Listed on Nasdaq
Decrypt reported that cryptocurrency financial services firm Galaxy Digital was listed on Nasdaq on May 16 (local time). The ticker is GLXY.
DeFi Development Partners with BONK
CoinDesk reported that DeFi Development (DFDV, formerly Janover), a US-listed company that adopted SOL as a strategic reserve asset in April, has partnered with Solana-based meme coin BONK to jointly manage Solana validators. Accordingly, both companies will support the BONK native liquidity staking token BONKSOL, aiming to increase validator staking scale and allocate rewards. Previously, DFDV had additionally purchased 16,447 SOL ($2.3 million).
Alchemypay Acquires Solana Infrastructure Provider DexterLab
The Block reported that Alchemypay (ACH), a fiat-crypto payment solution, has acquired Solana infrastructure provider DexterLab. This enables Alchemypay to provide enterprise-level Solana services. The specific acquisition amount was not disclosed.
4-Year Dormant Whale Earns $2.4 Million from Short Positions on ETH, OP, etc.
Look On Chain reported that a whale address dormant for 4 years withdrew 2.96 million USDC from Coinbase and deposited it to Hyperliquid. The whale then opened high-leverage short positions on ETH, PEPE, WIF, and OP, earning a total of $2.4 million in just 4 hours.
Famous Trader Cobie Joins Paradigm as Advisor
The Block reported that Jordan Fish, known by the pseudonym Cobie, has joined cryptocurrency investment firm Paradigm as an advisor. Cobie is set to advise on Paradigm's public markets and liquidity funds.
BAYC Whale Jeffrey Huang Purchases $750,000 HYPE
AmberCN reported that an address believed to belong to Jeffrey Huang, a BAYC-affiliated NFT whale and famous Taiwanese singer, purchased 27,782 HYPE for $750,000 on Hyperliquid 9 hours ago. The average purchase price was $27.5.
Analysis: "Strongest Alt Season Since 2017 Approaching"
Analysis suggests the strongest altcoin rally since 2017 is imminent. Cointelegraph quoted crypto analyst Javon Marks, stating, "The TOTAL3 index has successfully rebounded in the retest zone relative to the US money supply. This means altcoins have increased in value compared to the total liquidity of the US economy, reflecting growing investor interest and capital inflow. Consequently, altcoins could experience their strongest surge since 2017." TOTAL3 is an index tracking the total value of cryptocurrencies excluding BTC, ETH, and stablecoins. An anonymous X analyst Moustache added, "A reverse head and shoulders pattern formed on the weekly TOTAL3 chart. Similar to 2021, when BTC rose 20%, major altcoins surged 174%. Altcoins are expected to show an even higher upward trend."
The altcoin season index on CoinMarketCap remained at 25, unchanged from the previous day. The index is calculated by comparing the price fluctuations of the top 100 coins (excluding stablecoins and wrapped coins) against BTC. If 75% of the top 100 coins outperform BTC over 90 days, it's considered an altcoin season.
Solana (SOL)-based on-chain game Nyan Heroes will cease operations due to failure to secure funding, as reported by Decrypt. The NYAN token price has dropped 98.5% from its May peak to $0.006.
Alternative's crypto fear and greed index rose 3 points to 74, continuing in the greed phase. The index, ranging from 0 (extreme fear) to 100 (extreme greed), is calculated using volatility, trading volume, social media mentions, surveys, BTC market cap proportion, and Google search volume.
Analysis suggests BTC's current sideways movement is normal before reaching a new high. Using TRDR.io chart data, experts note a bull flag pattern indicating potential continued strength. While profit-taking and buying pressure coexist, leverage positions are limited. This consolidation follows the 40% rise since April 8, with short-term holder data suggesting more demand than profit-taking.
According to Coinness market monitoring, BTC is trading below $103,000, specifically at $102,987.75 on the Binance USDT market.
