NO Airdrop Mania, Spot Late ETF Recovery

Today’s Edition of Weekly Recap: Notcoin (NOT) Faces 50% Price Drop After Airdrop Begins; spot Bitcoin (BTC) exchange-traded funds (ETFs) see inflows to recoup April losses amid market rebound; The crypto industry is witnessing a prevalence of regulatory and enforcement measures.

Notcoin sees 50% drop after debut

• The Notcoin project has made its debut. Beforehand, the team announcement a close of direct foreign exchange deposits on May 14. They revealed their intention to resume deposits after NOT’s listing on May 16.
• Crypto.news reported On May 16, the play-to-earn blockchain project dropped 80.2 billion NO to miners in the Open Network (TON) community.
• The listing took place shortly after, with the support of several leading exchanges such as Binance, ByBit, Gate.io and OKX. When registering, NOT slumped by 55% as miners gathered to cash in their allowances.
• More than 500,000 Notcoin miners and airdrop beneficiaries sent 1 billion NOT tokens worth $6.8 million to a public address belonging to Telegram founder Pavel Durov as a token of gratitude.

Spot Bitcoin ETFs Recover April Losses

• The Bitcoin ETF spot market got off to a strong start last week, seeing $66 million in net inflows on May 13. Fidelity’s Wise Origin Bitcoin Fund (FBTC) took in the lead with $38.6 million in capital inflows.
• A deposit with the US SEC confirmed that the Wisconsin Investment Board holds a total of $162.4 million across the two largest spot Bitcoin ETFs, the Grayscale Bitcoin Trust (GBTC) and the BlackRock iShares Bitcoin Trust (IBIT ).
• The ETF spot market also saw inflows totaling $100 million on the second day of the week. On that day, GBTC saw $50.9 million in outflows, while the ARK 21Shares Bitcoin ETF (ARKB) checked in the highest inflow, worth $133.1 million.
• Spot ETFs saw another one round of net inflows on May 16, totaling $303 million, the largest since May 3. This trend of entries continued throughout the week. As a result, the market saw five days of consistent inflows. The cumulative figure stood at $948.3 million last week.
• Eric Balchunas, analyst at Bloomberg ETF confirmed that the ETF market saw $1.3 billion in inflows over two weeks, erasing last month’s losses. He predicts that this positive trend will continue.

The fate of the Ethereum ETF is uncertain

• Balchunas too projected that the U.S. Securities and Exchange Commission (SEC) may never approve a spot Ethereum ETF product due to its position on Ethereum in terms of its commodity or security status.
• Meanwhile, a report Last week, massive interest in spot Bitcoin ETFs was confirmed. Vetle Lunde, an analyst at K33 Research, revealed that as many as 937 institutions had committed $11 billion in investment in spot Bitcoin ETFs as of March 31.

Bitcoin Reclaims $67,000 as Crypto Market Rebounds

• The market rebounded last week, but price action at the start of the week was largely unfavorable. Mike Novogratz, CEO of Galaxy Digital predicted that Bitcoin could still gain $75,000 during consolidation.
• After the release According to US CPI data on May 15, Bitcoin and the rest of the market made a comeback. The global market capitalization of cryptocurrencies enriched to $2.5 trillion on May 16.
• Bitcoin rose above $66,000 amid an uptrend, but that rally did not happen. sufficient to present substantial gains to short-term holders. The rebound was further strengthened by reports of CME looking to launch Bitcoin transactions.
• BTC finally reclaimed the psychological threshold of $67,000 on May 17, for the first time this month. Despite this, Chainlink (LINK) emerged as the best winner that day. LINK saw a 20% increase thanks to the DTCC partnership.
• BTC is currently trading at $66,576.70 per coin as of last check on May 19.

Global enforcement measures

• Law enforcement efforts rocked the scene last week. Chinese authorities apprehended six people for their connection to an illegal crypto trading scheme worth $300 million.
• An American court order the confiscation of up to 279 cryptocurrency accounts linked to North Korea. The accounts are to be seized and handed over to US authorities as evidence suggests they are linked to crypto theft cases.
• In the Netherlands, three judges sentenced Alexey Pertsev, developer of Tornado Cash, to 64 months in prison after finding him guilty. Pertsev appeals the decision, with industry commentators suggesting it is unfair to punish an individual for developing code.
• The US Department of Justice (DoJ) apprehended two brothers – Anton Pepaire-Bueno and James Pepaire-Bueno – for stealing $25 million worth of crypto assets in just 12 seconds. They executed the heist using MEV bots on Ethereum.
• The US Senate vote on May 16, the Senate voted 60-38 to repeal the SEC’s Staff Accounting Bulletin (SAB) No. 121. The resolution, HJ Res. 109, garnered bipartisan support, with 11 Democrats joining all but two non-voting Republican senators in rejecting the rule despite opposition from Democratic Party leaders to the resolution.

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