CMC Market Pulse delivers actionable market insights, giving you all the key narratives and developments you need in under 5 minutes.
Market Overview 📉
*Data as of 6:45 AM UTC on May 29, 2026.
Bitcoin (BTC) collapsed further this week, falling another 4.52%, while Ethereum (ETH) fell further, dropping 13.57% in the same week. Total crypto market cap suffered as well, falling 4.26% to $2.47T, down from $2.58T from the previous week.
Weekly liquidations saw a large increase on the long side, with the crypto market in general taking a hit over the week. Long liquidations hit a high of $654M on Thursday, almost double the usual values. Funding rates interestingly show no decline, with funding rates across majors rising instead, perhaps indicating an optimistic stance.
📌 Michael Saylor’s Strategy acquires no Bitcoin over the past week, repurchasing $1.5B in their 2029 convertible notes instead. - Link
📌MasterCard secures the New York State Department of Financial Services BitLicense to support stablecoin and digital payment infrastructure. - Link
📌 Grayscale delays plans for its IPO, citing weak market conditions, with plans unlikely to restart before Q4 2026. - Link
Why does it matter?
The week kicked off strong with equities, with the move following through after the Memorial Day weekend. While equities soared, crypto fared poorly, failing to sustain a bid throughout the period. The S&P 500 ended the week up 2.06%, while the Nasdaq closed 3.68% higher.
Notable altcoin outperformers this week included Stellar (XLM), Genius Terminal (GENIUS), Audiera (BEAT), DeXe (DEXE), and Defi App (HOME).
Narrative of the Week 📰
Stablecoins are all the rage as everyone, from fintech firms, to governments, reach out to get a piece of the pie.
📌 Tether and the Government of Georgia collaborate to launch GEL₮, an official stablecoin for the country. - Link
📌 Fintech firm, SoFi, launches SoFiUSD, their own stablecoin, with plans to expand to tokenized deposits in the future. - Link
📌 Falcon Finance and Anchorage Digital Bank launch fUSD, a GENIUS-compliant stablecoin with a targeted 3% annual yield, facilitated by Ceffu. - Link
Why does it matter?
Every company and government seek to issue their own stablecoin to keep up with the global adoption of stablecoins as 24/7 global payment rails.
Major Project Updates 🗓️
📌 Hyperliquid launches canonical outcome markets based on offchain events, with validators serving as the source of truth, without the need to rely on external third parties. - Link
📌 Berachain introduces PoL Next, the next development in their Proof of Liquidity model, which seeks to streamline its tokenomics to minimize token inflation and simplify their multi-token system. - Link
📌 Base introduces Base MCP, enabling AI agents on Base to swap, trade and connect to plugins from leading applications on Base. - Link
📌 Memecoin launchpad, Pump, introduces the ability to launch with USDC pairs, alongside the rollout of multichain trading supporting Ethereum, Base, BNB, and more. - Link
Why does it matter?
Hyperliquid does it all: from perps trading, to spot, to managing an entire chain, to now, their own oracle system to support their outcome markets.
DeFi Brief 🏦
*Data as of 6:45 AM UTC on May 29, 2026.
📌 Trading platform, Liquid, introduces Co-Invest, enabling users to trade directly through their Claude or ChatGPT interface. - Link
📌 Resolv outlines the path forward following their exploit in March, drawing up recovery plans for affected users as well as their focus on RWA vaults moving forward. - Link
📌 StakeDAO’s vsdCRV vault on Arbitrum was exploited for ~$91K, after an attacker mints 5.4T unbacked vsdCRV tokens. The protocol has since been unpaused. - Link
📌 OKX’s X Layer, releases Exchange OS, a protocol upgrade on X Layer to enable developers, institutions and more to deploy spot, perpetuals and outcome markets, leveraging OKX’s tech. - Link
Why does it matter?
With the increase in AI adoption, it is no surprise that AI-assisted investing has only risen in popularity, driven also by the ease of integrating such features into existing applications.
Fundraises 💰
📌 Cross-chain infrastructure layer, Squid, raises $6M in a funding round led by North Island Ventures, with support from Ripple, Scenius Capital, Altos, Borderless, and more. - Link
📌 Trader-frirst perp DEX, PopDEX, raises $30M in funding led by Foresight Ventures. - Link
📌 Institutional yield protocol, Townsquare, raises a total of $16.25M including their latest Pre-A funding round, with investors including World Liberty Financial, Arcane, Auros Capital, Moca Network, and more. - Link
📌 Identity and fraud infrastructure, Didit, raises $7.5M in a funding round including Y Combinator, Orange Collective, Rebel Fund, and others. - Link
Airdrops 🪂
Tweet of the Week 📝
Source: @boldleonidas
And I heard Claude Mythos is going to be made available to the public soon?
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
