Welcome to this week's Phenom Weekly Update, where we have no shortage of big news in crypto, some wild news (Crypto Investor Charged with Kidnapping and Torture) and investment musings. Couple important highlights from this week:

• Circle's IPO Launch: Circle Internet Group, the issuer of the USDC stablecoin, has officially filed for an initial public offering on the New York Stock Exchange under the ticker "CRCL." The company aims to raise up to $624 million, targeting a valuation of approximately $6.7 billion. Notably, investment firms like ARK Investment Management and BlackRock have expressed interest in participating in the offering.

• GameStop's Bitcoin Acquisition: GameStop Corp. has announced its first major cryptocurrency investment, purchasing 4,710 bitcoins valued at over $500 million. This move positions GameStop among the ranks of companies like MicroStrategy that hold significant Bitcoin reserves. The decision follows a board-approved update to GameStop's investment policy, allowing Bitcoin to be used as a treasury reserve asset.

  I've been reflecting on Bitcoin exchange balances lately, and it's clear that their significance has shifted. Traditionally we viewed the amount of BTC held on exchanges as a barometer for potential sell pressure. The logic was straightforward: more BTC on exchanges suggested readiness to sell, while less indicated a tendency to hold in self custody.

  However, the landscape has shifted. The proliferation of ETF’s and derivatives have transformed how investors manage their BTC assets. Institutional money in particular no longer needs to move their assets onto an exchange in order to sell.

  This means that significant BTC movements occur outside traditional exchanges, rendering exchange balance metrics less indicative of market sentiment. In short, while exchange balances once served as a reliable metric, the evolving dynamics of the crypto ecosystem necessitate a more nuanced approach to market analysis. Nothing stays easy forever.

  Scroll down for the rest of this weeks update and thanks for reading!

Cheers,

Will 

READING CORNER

A collection of longer form content we are consuming this week 

Hyperliquid has exploded over the past year and has one of the highest revenues per employee on the planet. Defiance writes a good article on the rise of Hyper

NEWS

Quick Hitters from the week

1. Bitcoin Spot ETFs See $5.77B in Inflows in May—Best Month Since Launch
   Bitcoin spot ETFs brought in a staggering $5.77 billion this May, marking their strongest month since November and showing renewed investor enthusiasm despite broader market volatility.
   🔗 Read more

2. Circle Officially Files for IPO on NYSE
   Stablecoin issuer Circle has submitted an S-1 to go public on the New York Stock Exchange, making a major move toward transparency and further integration with traditional finance.
   🔗 Read more

3. Trump Backs Bitcoin Legislation Pushed by Senator Lummis
   President Trump has thrown his support behind Senator Cynthia Lummis’ proposed Bitcoin-friendly bill, signaling a shift toward pro-crypto policymaking at the highest level.
   🔗 Read more

4. MetaMask Adds Native Solana Support in Major Expansion
   Solana wallets can now be accessed directly through MetaMask, expanding the popular wallet’s multichain capabilities and removing a key barrier for Solana ecosystem users.
   🔗 Read more

5. Sui Validators Freeze $220M in Stolen Funds From Cetus Hack
   Following the $220 million Cetus exploit, Sui validators have frozen the majority of the stolen funds, sparking debates over decentralization and validator authority.
   🔗 Read more

6. Crypto Investor Charged in Sadistic Kidnapping, Torture Case in NYC
   A crypto investor has been charged with kidnapping and torturing an Italian tourist in a disturbing case that allegedly involved extortion and sadistic abuse in Manhattan.
   🔗 Read more

7. Dragonfly Backs $36M Round for Cross-Border Crypto Payments Startup Conduit
   Venture firm Dragonfly co-led a $36 million Series A for Conduit, a startup aiming to revolutionize cross-border payments using crypto rails. The round highlights continued VC appetite for infrastructure plays.
   🔗 Read more

8. Vietnamese Woman Arrested in Thailand Over $300M Crypto Scam
   Thai police arrested a Vietnamese national accused of masterminding a massive $300 million crypto scam. The scheme allegedly involved luring victims into fake trading platforms.
   🔗 Read more

9. Stablecoin Supply Hits Record $247B, Driven by USDT on Tron and EURC Surge
   The global stablecoin market has reached an all-time high of $247 billion, with USDT leading growth on Tron and Ethereum, while EURC also gained momentum.
   🔗 Read more

10. GameStop Adds 4,710 BTC to Treasury, Joins Bitcoin Balance Sheet Club
    GameStop disclosed the purchase of 4,710 bitcoin as part of its treasury strategy, further aligning itself with the growing trend of corporate BTC accumulation.
    🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

This sucks for America but is great for Bitcoin…

MEMES

For the (crypto) Culture

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