The crypto market extended its decline on May 14, with total capitalization falling 1.5% to $2.74 trillion on $103 billion in volume. Bitcoin dropped 2.04% to $79,444.65, Ethereum lost 1.41% to $2,260, Solana fell 4.37% to $91.07, and XRP slipped 1.56% to $1.42. The Fear & Greed Index slid from 42 to 34, back in Fear territory. Last month it hit 21 (Extreme Fear).
Hyperliquid Captures 43% of Blockchain Fee Revenue
According to The Block, Hyperliquid generated $11 million in weekly on-chain fees, accounting for 43% of all blockchain fee revenue, surpassing Ethereum, Solana, and Bitcoin. The shift signals increased trading activity migrating to high-performance derivative chains.
TAC Bridge Exploited for $2.8M on TON
TAC Build suffered a cross-chain vulnerability on the TON network, losing $2.8 million in USDT and tokens. The bridge has been paused, and the team plans to compensate users via treasury sales. A security review is ongoing.
Forward Industries Faces ~$1B Unrealized Loss on SOL Treasury
Protos reports that Forward Industries holds nearly $1 billion in unrealized losses on its Solana treasury, despite earning staking yields. The loss stems from SOL's sharp price decline since purchase.
Jane Street Rotates: Cuts BTC ETFs, Adds ETH ETFs
13F filings show Jane Street reduced holdings in Bitcoin ETFs (IBIT, FBTC) while increasing Ethereum ETF exposure and select crypto equities. Institutional capital appears to be rotating from BTC toward ETH.
Fidelity Launches FILQ Tokenized Fund with AAA Rating
Fidelity, in partnership with Sygnum and Chainlink, launched FILQ, a tokenized liquidity fund on Ethereum. It enables 24/7 stablecoin subscriptions and received a Moody's AAA-mf rating, targeting institutional demand.
Consensys Delays IPO; Binance to List TradFi Perpetuals
MetaMask developer Consensys postponed its IPO plans amid weak market conditions and macro uncertainty, despite having hired major banks. Meanwhile, Binance announced USD-margined TradFi perpetual contracts starting May 15, covering stocks like LITE, ORCL, DIS, UBER, CSCO, and HD with up to 10x leverage.
Coinbase Stakes 4.5M ETH with 99.98% Uptime
Coinbase disclosed it has staked 4.5 million ETH across clients, achieving 99.98% validator uptime with zero slashing events. Infrastructure runs on AWS and GCP, with strong network reliability.
Kevin Warsh Confirmed as Fed Chair in 54-45 Vote
The U.S. Senate confirmed Kevin Warsh as Federal Reserve Chair on a narrow 54-45 vote, drawing attention to his inflation stance and monetary policy independence. Combined with the SOL loss and TAC exploit, near-term sentiment remains fragile.