OVERVIEW

BTC Goes Missing, XRP Levels Up, Coinbase Stops Skimming 👍️

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

XRP
XRP Futures Arrive on CME 🤯 

$XRP.X ( ▼ 0.67% ) futures from the $CME ( ▲ 1.15% ) start soon! 🥳 

Come May 19, traders can dive into XRP with both micro (2,500 XRP) and normal sized contracts. A full ‘normal’ contract has 50k XRP, the micro has 2.5k XRP contracts. $HOOD.X ( 0.0% ) is also bringing these futures to retail investors, doubling down on crypto offerings.

The launch is backed by strong market demand – like the Teucrium 2x Daily Long XRP ETF, $XXRP ( ▼ 1.1% ), which amassed $35M in assets in just 10 days. And Stocktwits users are felling pretty good about XRP right now: Sentiment Score of 66 (bullish).

XRP hodlers and fans have come a long way from the horror show of Gensler’s reign and nearly five years of constant legal fighting.

Cheers to you, XRP. 🍻 

STABLECOINS
Coinbase Users Get Free Pass on PayPal USD Fees 👏 

$PYPD ( ▼ 2.44% ) and $COIN ( ▲ 2.83% ) are boosting stablecoin adoption by eliminating fees and enabling direct 1:1 PYUSD conversions. 🤩 

Now, millions of Coinbase users can effortlessly buy, sell, or redeem PayPal USD without Coinbase skimming off the top (I mean, except for their normal, stupidly high fees).

As part of the bromance, PayPal and Coinbase will explore new stablecoin-based payment solutions to streamline global commerce, making PYUSD the go-to digital asset for everyday transactions. 🪙 

Full presser can be found here. 📰 

PRESENTED BY STOCKTWITS
Daily Rip Live With THREE Special Guests 🤩 

It was a jam-packed morning with your regular hosts, Shay Boloor and Katie Perry, joined by three special guests: Andrew McCormick (eToro), Daniel Newman (Futurum Group), and Olivier Roussy Newton (DeFi Technologies).

• eToro says 75% of retail investors are buying or holding during this dip

• Daniel Newman outlines how enterprise AI is breaking the stack

• Discussing all things crypto and macro with Olivier Roussy Newton

• Google vs. the DOJ, Geimini’s Rise, and the AI search wars

• Plus, some FOMO around The Cashtag Awards next week in NYC

DEFI
Decentralized Banking: Ether.fi’s $1B Blueprint 🏦 

DeFi finally woke up to fundamentals. Ether.fi is eyeing a billion-dollar revenue run-rate by focusing on products that users actually need. 😲 

They’re doubling down on vertically integrated crypto-native banking, launching ether.fi Cash – a non-custodial app for saving, spending, and earning crypto without CeFi’s usual bullshit fees.  

FY2024’s $26M revenue proves their strategy has legs; now they’re pushing to rival traditional banks by slashing overhead and empowering users with self-custody. Ether.fi’s liquid staking product, $EETH.X ( ▲ 2.3% ), is already a blue-chip asset integrated across hundreds of DeFi protocols and 17 chains.

Let’s see if TradFi misses what’s happening under their noses or tries to fight this. 🤷 

ON-CHAIN ANALSIS
Percentage Of BTC’s Supply On Exchanges: 7 Year Low ⬇️ 

The amount of $BTC.X ( ▲ 1.43% ) on exchanges is constantly changing – but only in one direction: lower. 😱 

Supply On Exchanges – Click to enlarge.

BTC supply on exchanges just hit its lowest point since November 2018.

Supply On Exchanges As A % of BTC’s Supply – Click to enlarge.

The percentage of Bitcoin parked there – only 7.3% – is the tiniest slice we’ve seen since December 2017. 📉

Why does this matter? Lower supply on exchanges signals that investors are playing the HODL game harder than ever, putting their Bitcoin into cold storage instead of leaving it ready to dump. 🧠 

EMAIL ME
Tell Me What You Want 🔊 

Quick note here: Let me know what you’d like to see more of in the Litepaper.

More charts? More on-chain analytics? More data? Let me know! 🎇 

E-mail me here: jmorgan@stocktwits.com

ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥 

Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀

24-Hour Liquidation Heat Map – Source: coinglass – Click to enlarge.

In the past 24 hours, 111,755 traders were liquidated, with total liquidations reaching nearly $260.49 million.

The largest single liquidation occurred on Binance, a BTCUSD pair valued at $3.01 million.

Longs lost $140.59 million, while shorts were hit for $119.90 million. 🤕

NEWS IN THREE SENTENCES
Crypto News 📰

⚰️ Ethereum Will Die Like BlackBerry

$ADA.X ( ▼ 1.17% ) founder Charles Hoskinson predicted Ethereum’s doom within 15 years, comparing it to Myspace and BlackBerry. Hoskinson thinks Ethereum’s tech is outdated, its layer-2 solutions destructive, and internal divisions too deep. The Hosk’s Livestream.

🏛️ Sovereign Wealth Funds Scoop Up Bitcoin While Retail Investors Chicken Out

Coinbase’s John D’Agostino revealed that sovereign wealth funds and large institutional investors bought Bitcoin heavily in April, even as retail investors pulled cash out of ETFs. Bitcoin prices rose nearly 13%, suggesting institutions now view BTC as digital gold—scarce, portable, and less heavy than actual gold bars. Decrypt.

⚖️ New SEC Chair Paul Atkins Kicks Off Crypto Custody Talks

SEC’s new crypto-friendly chairman, Paul Atkins, will host a custody-focused crypto roundtable, marking a sharp turn away from the former enforcement-heavy regime. Atkins promised rational and transparent regulation—words previously unknown to the SEC dictionary. Crypto executives cautiously celebrate, awaiting inevitable disappointment. CryptoNews.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

📶 Put A DePIN In It: Helium Joins Forces with AT&T

Traditional mobile providers just admitted that random people running mini cell towers might be onto something. $HNT.X ( ▲ 13.12% ) partnered with $T ( ▼ 2.62% ), letting subscribers access Helium’s decentralized Wi-Fi via thousands of community-deployed Hotspots. Big telecom quietly begins sweating over users realizing cheaper, community-powered wireless actually works. Helium.

💳 Sui Teams Up With xMoney and xPortal, Crypto Payments Finally Hit the Real World 

Crypto finally solves the age-old problem of making it simpler to buy coffee with digital tokens than actual euros. $SUI.X ( ▲ 8.45% ) partnered with xMoney and xPortal to launch a virtual $MA ( ▼ 0.37% ), instantly usable via Apple Pay and Google Pay in Europe. Users can now easily spend crypto at thousands of real-world merchants. Sui.

🌸 Yoki Legacy Arrives on Soneium, Bringing Cuteness and Rewards

Yoki Origins returns as Yoki Legacy on Soneium, now simpler and with direct $ASTR.X ( ▲ 2.05% ) token integration. Players mint capsules, collect Yokis, and fuse them into evolved forms, earning ACS rewards along the way. Finish your Notebook by June 1st and snag an exclusive OG badge – proof you’re a true collector. Astar Network.

LINKS
Links That Don’t Suck 🔗

😲 Revolut doubles profit to $1.3B in 2024 amid crypto surge, banking license win, and user boom

🚕 Elon Musk: Tesla to launch Robotaxi service in Austin by June

😡 Jim Cramer issues blunt warning to China

🛑 SEC delays Grayscale’s Polkadot and Canary Capital’s Hedera ETFs until June 11

🗾 Japan considers adding Bitcoin to national reserves in landmark policy shift

🍽️ Dinner with the president: Trump meme coin surges on offer to top buyers

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋