OVERVIEW

Crypto’s May 2025 Boom: Sorry, Haters, It’s Lit 😎

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

NEWS
May 2025 Is When Crypto Became One Of The Cool Kids 😎 

Galaxy Digital made its debut today on the NASDAQ after an absolutely brutal 1,300-day regulatory marathon. 🏃 

But it isn’t the only crypto-focused company to get listed on the stonk market this year. Or this month. It feels like crypto isn’t the new kid relegated to the peanut allergy table, but it’s now one of the cool kids.

Crypto-Related Listings in May 2025 📆 

Before Galaxy listed on the NASDAQ today, May 2025 already saw Antalpha ($ANTA ( ▲ 1.52% )) and eToro ($ETOR ( ▼ 4.04% )) get listed just this week.

Also this week: Coinbase made it to the S&P 500. 

But there might be a metric crap ton more crypto-related tickers coming to the stonk market this year. 🫢

Crypto-Focused Companies with IPOs or Rumored IPOs for 2025 🤫 

• 21 Capital – This Tether, Bitfinex, SoftBank, Cantor-Fitzgerald love child technically already here, but the new ticker hasn’t flipped from CEP to XXI yet.

• Circle – The issuer of USDC stablecoin filed for an IPO on April 1, 2025, targeting a $4-$5 billion valuation. The tariff stuff made them hold off, now rumored to be sometime in June.

• American Bitcoin – This is the Eric Trump BTC mining company, Q3 2025 is the estimated IPO timeframe.

• Kraken – They’re planning a private funding round before a ‘likely’ 2025 IPO. Fun fact: they’re the oldest crypto exchange in the US and one of the oldest continually operating crypto exchanges in the world – they started in 2011.

• Anchorage Digital – These guys are prepping for a 2025 IPO. Fun fact: they’re the first federally chartered crypto bank (2021).

• Bullish – These guys own CoinDesk and the CEO is a former CEO of the New York Stonk Exchange. They had a failed SPAC attempt in 2021, but there are rumors their doing an IPO this year.

• Animoca Brands – This is a gaming beast in crypto. They used to be on the Aussie stonk exchange, and are rumored to be doing an IPO this year for the NASDAQ, NYSE or the Hang Seng in Hong Kong.

• Telegram – Rumored to be doing an IPO for 2025 on the NASDAQ.

If things keep going like they are, expect this list to grow in 2025. 🧠 

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TECHNICAL ANALYSIS
What The Charts Are Saying 💹 

ETH is the second most valuable cryptocurrency in the world, and the biggest by market cap for altcoins. It’s important to keep tabs on if you want an idea of where the rest of the crypto market is likely to go. 🧠 

To begin this analysis, we’re starting with Ethereum’s weekly Ichimoku chart:

ETHUSD Weekly Chart – Click to enlarge.

From a purely nerdy Ichimoku trader and analyst perspective, ETH’s weekly chart has been fun to watch. 👀 

For example, the Chikou Span is reacting to the candlestick bodies as support, similarly, where did ETH top out this week (as of Friday afternoon)? The Tenkan-Sen and Kijun-Sen, both at $2,745.

And where is the current support level? The current close is sitting right above the strongest level of support/resistance within the Ichimoku system, Senkou Span B, at $2,518. 

From an oscillator perspective, ETH might’ve rallied hard from its April lows – but it’s not done.

The Composite Index and Detrended Price Oscillator are both lighting up early bullish signals like a Vegas marquee: the real party hasn’t even started yet. Both indicators are primed and clearly showing they’re getting into positions.

What to watch for? When the Composite Index crosses and closes above both of its averages and when the DPO crosses and closes above the zero line.

On-Chain Analysis 📈 

This week has been kind of the suck for crypto. After last weeks pamp, things feel like they stalled out. But is it a temporary pause or a sign of the bear returning to nomnomnomnom again?

Let’s break it down. 🔢 

Net Transfer Volume

ETH Net Transfer Volume from/to Exchanges – Click to enlarge.

You’d think you’d see some net positive in flows given how low ETH went. But you’d be wrong. Instead, more ETH was getting pulled off the exchanges.

Addresses in Profit

Percent of ETH Addresses in Profit – Click to enlarge.

We’ve looked at this metric quite a bit lately – so I won’t go into a ton of detail. But percentage of address in profit is back in the 60% range. It was in the low 30% range a month ago. 😱 

Spent Output Profit Ratio (SOPR)

Spent Output Profit Ratio – Click to enlarge.

And here’s one of the best visuals for why there was selling pressure, traders are comfortably cashing out profits (SOPR consistently above 1.0 lately). Recent spikes have begun to normalize, reflecting decreasing profit-taking urgency.

Essentially, the SOPR shows profit-taking has already happened and is stabilizing, preparing the ground for more sustained growth. 🔼 

Putting It All Together

• Ichimoku and oscillators scream bullish potential, hinting ETH’s “boom town” is just around the corner.

• Recent on-chain metrics confirm this week’s stall as a healthy, expected breather rather than a bearish reversal.

• Long story short: ETH took a pause to catch its breath, but the real climb looks set to resume. 👍️ 

NEWS IN THREE SENTENCES
Crypto News 📰

⚖️ DOJ Still Dragging Tornado Cash’s Roman Storm to Court

The DOJ promised they’d stop chasing developers, right? Well, turns out that was mostly talk – Roman Storm’s still headed to trial in July, but at least they dropped the pointless “money transmitter” charge. Seriously though, blaming Storm for users laundering money with Tornado Cash is like arresting Henry Ford because someone robbed a bank using a Model T. Blockworks.

🔧 Ethereum’s Smart Wallet Adoption Explodes After Pectra Upgrade

Ethereum’s Pectra upgrade convinced over 26,000 wallets to level up with some shiny new smart-account features. Now your basic Ethereum wallet can actually automate payments, bundle transactions, and, wait for it, not even force you to pay fees in ETH. Look, I’m cautiously optimistic here, but let’s wait and see if Ethereum doesn’t find some hilarious way to break this too. CryptoSlate.

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

🔒 Private Money: Because Big Brother Doesn’t Need Your Receipt for Everything

Let’s get real – every swipe, tap, or click is tracked, stored, and sold faster than you can say “privacy policy.” Financial data is vacuumed up without you even nodding your head in agreement. Enter ECC’s Zashi wallet built on Zcash, letting you transact without leaving a neon sign behind screaming your life choices. They’re honest enough to admit privacy isn’t foolproof, but hey, having options in this surveillance-crazed world feels like a good thing. Zcash.

🤖 Hedera Launches AI Studio Because Trusting Robots Isn’t Exactly Easy

Hedera just launched something called “AI Studio,” which sounds fancy but honestly just means giving AI a transparent, verifiable paper trail using blockchain. No more black-box AI where you wonder if it’s secretly plotting the prequel to Battlestar Galactica; instead, every decision it makes is logged immutably on Hedera’s ledger. It’s a cool step, but let’s see if developers actually jump on board or if they stick to good old-fashioned “just wing it” coding. Hedera.

💸 Synthetix Scrambles to Fix 93-Cent sUSD Peg

Synthetix’s stablecoin sUSD slipped from its peg, dropping to about 93 cents, which isn’t great if your whole pitch is stability. So they’re stepping in with daily market buybacks to nudge the peg back to a proper dollar. Sure, Synthetix says market forces should fix things long-term, but for now, they’re basically paying up to make sure their stablecoin stays, you know, stable. Let’s hope they figure it out, because “almost-a-dollar” doesn’t really have the same ring to it. Synthetix.

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

🆔 SPACE ID Wants Your Web3 Identity to Actually Make Sense

About time somebody made crypto feel slightly less annoying. SPACE ID rolled out a system letting you grab your own easy-to-remember Web3 domain and Payment ID – no more copying and pasting weird wallet addresses twenty times just to avoid accidentally sending ETH into oblivion. Thanks to SPACE ID’s MetaMask Snap integration, sending crypto is now as easy as typing something normal like “jerry@stonktwits.” SpaceID.

☕️ Kofi Brings Liquid Staking to Aptos

Kofi Finance launched liquid staking on Aptos, hitting $12 million in locked value within an hour. Seems like Aptos users were dying for a way to stake their tokens without missing out on other DeFi action. And Kofi isn’t just about plain vanilla staking – they’re adding MEV-sharing strategies and making sure your staked tokens can be thrown around the Aptos ecosystem. Aptos.

OLD NEWS
Last Years News, Today 👴

From the May 16, 2024 Litepaper

• U.S. Senate Overturns SEC’s SAB 121:

  • SAB 121 forced companies to list crypto as both an asset and liability.

  • Bipartisan repeal passed 60-38.

• Q1 2024 Crypto Mining Highlights:

  • Best Performer: Marathon Digital ($MARA)

    • Revenue: $165.2M (+223% YoY)

    • Net Income: $337.2M (+184% YoY)

  • Worst Performer: Bitfarms Ltd. ($BITF)

    • Revenue: $50M, Net Loss: $6M

    • High costs ($20,500 per BTC mined), slower growth.

• NFT Market Collapse:

  • Trading volume down 97%, average sale below $200.

• Web3 and GameFi Updates:

  • Immutable launched “Guild of Guardians,” 1M+ pre-registrations, $1M in token prizes.

  • Oasys partnered with SBI Group to boost blockchain gaming in Japan.

• Quick News Hits:

  • South Korean police bribery scandal involving crypto fraud.

  • Oklahoma passes blockchain-friendly legislation.

  • MIT graduates charged in $25M Ethereum exploit.

  • Circle ($USDC issuer) plans IPO and move back to the U.S.

LINKS
Links That Don’t Suck 🔗

😐️ Netflix to use generative AI adverts during streaming

😱 Google issues cybersecurity alert to US retailers, says hackers who paralyzed UK counterparts now targeting American stores

❎ College students create robot that breaks record for solving Rubik’s cube — smashing prior record held by $80B auto maker

🇫🇷 France’s Ubisoft full-year net bookings fall 20.5%

🛰️ SES to demonstrate ‘satellite orchestration’ tech for military communications

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