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Bitcoin, Ethereum Slip

Bitcoin dropped 1.12% to $102,361 in the latest 24 hours. Ethereum slipped below $2,600 in a wave of profit-taking after the second-largest cryptocurrency pushed beyond a 10-week high of $2,700 the day before.

On-chain analytics firm CryptoQuant noted that Bitcoin's rally has resulted in a renewed interest among retail investors.

Retail investors are those with balances ranging from $0 to $10,000.

"From April 28th, when this trend turned positive, until May 13th, there has been a +3.40% increase in purchases by this group," CryptoQuant said. "As they enter the market, they tend to create a positive feedback loop, reinforcing bullish narratives and increasing buying pressure.

Conversely, cryptocurrency analyst and trader Ali Martinez warned of a "brief pullback" for the leading cryptocurrency, citing an overbought Relative Strength Index.

Antalpha Platform Soars 28% in Debut Following $49.3 Million IPO

Antalpha Platform Holding Company (ANTA) stock soared 28% following its initial public offering (IPO) on the Nasdaq Global Market. The company, which priced its IPO at $12.80 per share, is seeing strong investor interest in its market debut.

The IPO, announced early Wednesday, involves approximately 3.9 million shares, aiming to raise about $49.3 million in gross proceeds. Antalpha has also granted underwriters a 30-day option to purchase up to 577,500 additional shares, which could potentially increase the total proceeds to $56.7 million if fully exercised.

Antalpha Platform stated that it plans to use the net proceeds from the offering for general corporate purposes, including product development and global expansion. This strategic move appears to have resonated well with investors, driving the significant uptick in the company's stock price. The offering is scheduled to close on Thursday, marking a successful entry into the public markets for Antalpha Platform.

Coinbase Chief Signals More Deals After $2.9B Deribit Move

Coinbase chief executive Brian Armstrong has signaled that the company will continue to explore mergers and acquisitions after its recent $2.9b deal to acquire the crypto derivatives exchange Deribit.

Speaking to Bloomberg Television on Wednesday, Armstrong reaffirmed Coinbase’s commitment to growth through strategic acquisitions, noting that the company has ample financial resources to pursue such opportunities.

“We are always looking at M&A opportunities,” Armstrong said. “We have a large balance sheet that can be put to use. Part of the benefit of being a public company is, you have a liquid currency to do that.”

Bitcoin's Volatility Makes It Unfit As A Benchmark For Liquid Funds: Report

Bitcoin's extreme volatilitymakes it unsuitable as a benchmark for liquid funds, according to a new report from RedStone Oracles.

Authored by Marcin Kaźmierczak, the report argues that while Bitcoin has delivered headline-grabbing returns, its risk-adjusted performance disqualifies it as a standard for measuring the success of capital preservation strategies.

The analysis shows that Bitcoin's Sharpe ratio ranged from -6.58 to 6.97, and 25% of observations fell below -1.20, metrics that signal high capital risk and inconsistency.

‘$500K Bitcoin Would Seal It': Scaramucci Says Crypto Is on the Cusp of Becoming an Asset Class

"Three trillion is like a mag 7 stock, 20 trillion is an asset class,” said Anthony Scaramucci, founder and CEO of SkyBridge Capital. “So if you tell me that bitcoin can get to $500,000, people will be writing stories that bitcoin is an asset class.”

That provocative benchmark from Scaramucci set the tone for a spirited conversation at CoinDesk’s Consensus 2025 conference, where he joined Jonathan Steinberg, CEO of WisdomTree; Pasqual St-Jean, President and CEO of 3iQ; and Andy Baehr of CoinDesk Indices to discuss whether crypto, particularly bitcoin BTC, has finally become a bona fide asset class.

Trump Still on Track to Sign Crypto Legislation by August, White House's Bo Hines Says

Despite a recent setback, U.S. President Donald Trump should be able to sign stablecoin and market structure legislation before Congress goes on break in August, said White House official Bo Hines on Wednesday.

Lawmakers are still discussing the legislation, which is good, said Hines, the executive director of the President's Council of Advisers on Digital Assets, said on stage at Consensus 2025 in Toronto.

"Negotiations are ongoing," he said. "But I remain steadfast in my optimism that we're going to achieve — the President's desire is to do it — but stablecoin legislation and market structure legislation before the August recess."

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on May 14 was $319.56 million. The total net asset value of Bitcoin spot ETFs is $121.84 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.92%.

The Bitcoin spot ETF with the highest net inflow on May 14 was iShares Bitcoin Trust, with a net inflow of $232.89 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $36.13 million, according to SoSoValue.