OKX’s Ethereum-compatible Layer 2 network X Layer has introduced Exchange OS, a protocol upgrade that lets developers, institutions, and ecosystem teams deploy their own trading venues. 

The system supports spot markets, perpetual markets, and outcome markets using infrastructure tied to OKX’s exchange stack.

The X Layer team said “Exchange OS is designed to address one of the biggest structural limitations in onchain finance today: fragmented infrastructure.” The upgrade aims to place exchange functions such as matching, margining, liquidation, settlement, and risk controls closer to the protocol layer.

Builders can launch custom markets

Exchange OS is designed to let venue operators choose their own assets, oracle systems, revenue models, market structures, and compliance settings. A regulated institution could build a KYC-enabled venue, while a Web3-native team could run a permissionless market on the same shared infrastructure.

Nathan Allman, the founder and CEO of Ondo Finance and one of the pioneers of blockchain tokenization, has died aged 32.

“It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo’s founder,” Ondo Finance said in an X post on Monday. “Our hearts are with his family and loved ones.”

“Nate’s brilliance, humility, and drive shaped every part of what Ondo is today,” Ondo said. “His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.”

Allman was key in helping Ondo bring $3.86 billion worth of tokenized real-world assets on-chain in the form of US Treasuries, stocks and commodities. More than 111,680 token holders own a tokenized RWA issued by Ondo.

Nathan Allman (left) speaking at the Ninth Annual Fintech Conference in Philadelphia in November. Source: YouTube

The tokenization movement that Allman contributed to by founding Ondo in 2021 helped capture the attention of Wall Street giants such as BlackRock, who see potential in the technology to make trading and settlement more efficient.

Allman previously worked in Goldman Sachs’ digital asset team prior to founding Ondo. Before that, he founded the crypto hedge fund ChainStreet Capital, which focused on algorithmic, event-driven trading.

Ondo said that the company’s president, Ian De Bode, would serve as CEO.

“It’s been an incredibly sad day for Ondo Finance,” De Bode told Cointelegraph. “Nate was not only an incredible founder and visionary, but also a very close personal friend. He will be missed dearly.”

“The mission of Ondo, Nate’s mission, has not changed,” he added. “If Nate were here, he would want to continue executing with excellence. We will make him proud.”

Ondo vice president and head of marketing, Ben Grossman, said Allman “was a once-in-a-generation founder and visionary. He was absolutely brilliant, with a vision and drive that shaped the industry and everyone around him. He will be enormously missed.”

Ondo did not share further details on Allman’s death. An Ondo spokesperson said that Allman’s family has requested privacy at this time.

XRP spent weeks tightening into a narrow range, but the market finally started leaning lower after another failed push above resistance near $1.36. The move matters because repeated tests of support tend to weaken buyers over time, and XRP is now drifting back toward the same $1.30 area traders have treated as the line between consolidation and broader breakdown risk.

News Background

• Analysts remain split on XRP’s structure, with some calling the latest move a confirmed triangle breakdown while others still frame it as late-stage compression before a larger breakout.

• CME Group is preparing to launch 24/7 XRP-linked futures trading later this month, adding another layer of institutional exposure to the token.

• Whale activity also cooled sharply during the period, with large transaction counts falling more than 57% over nine days.

Price Action Summary

• XRP fell from $1.3457 to $1.3366 during the 24-hour session while trading inside a relatively tight 1.9% range.
• The largest move came after a failed breakout attempt near $1.3620, where elevated volume quickly reversed into selling pressure.
• XRP later broke below the $1.35 level and consolidated near session lows around $1.336 into the close.

Technical Analysis

• The breakdown below $1.35 reinforced short-term bearish momentum after weeks of tightening price action.
• XRP is now trading beneath several key moving averages, while resistance near $1.36 continues to reject upside attempts.
• Some analysts view the recent move as a confirmed symmetrical triangle breakdown with downside risk toward $1.14.
• Others still argue the broader structure resembles compression rather than outright collapse, especially while XRP remains above the critical $1.30 support area.

What traders should watch

• $1.30-$1.31 is now the key support zone. Losing it would likely accelerate downside momentum.
• $1.35 becomes the immediate resistance area XRP needs to reclaim to stabilize near-term structure.
• CME’s upcoming XRP futures launch could increase volatility and improve liquidity once trading begins later this month.

Privacy tokens gave back the loudest share of the gains crypto markets had been holding onto.

Zcash (ZEC) dropped 5.2% over 24 hours to $619, the biggest pullback among the top 20 by market cap, though the token is still up 8.2% over the past seven days, per CoinDesk data. Monero (XMR) fell 4% to $378.

Both have been among the strongest performers across crypto over the past several weeks, with ZEC drawing institutional attention after Multicoin Capital’s stake disclosure earlier this month and the broader narrative around privacy tokens.

A 5% drop after that kind of run reads as profit-taking rather than fresh selling, since the structural buyers in privacy tokens have been adding through the rally, not distributing into it.

Hyperliquid’s HYPE token traded above Dogecoin’s market cap during Asian hours before pulling back, with HYPE down 4% to $59 and DOGE$0.1011 off 0.8% to $0.1009. HYPE is still up 23.6% over the past seven days on the back of last week’s SpaceX pre-IPO perpetual launch on Hyperliquid.

Tron (TRX) was the lone gainer among the top 10, up 2.6% to $0.3739 and 4.8% over the past seven days. Bitcoin held near $76,500, ether sat at $2,087, and Solana traded at $83.97, all in tight ranges with no major move in either direction.

The macro backdrop drove the cautious tone. US Central Command confirmed strikes on missile launch sites in Iran and boats attempting to place mines in the Strait of Hormuz, describing the action as defensive.

Brent crude rose almost 2% to $98 a barrel, bouncing back from Monday’s 7% slump when London and New York were closed for holidays. The dollar strengthened against all G-10 peers, gold pulled back 0.6% to $4,545, and S&P 500 futures held a 0.6% gain after Monday’s US market closure.

BitMine Immersion Technologies has appeared on the preliminary list for Russell 1000 inclusion, according to Fundstrat’s Tom Lee. 

The move has drawn attention because BMNR is one of the largest public Ethereum treasury plays.

Lee said FTSE Russell published its preliminary index additions and deletions on May 23. He added that BitMine’s market value was above the roughly $5.7 billion minimum for large-cap inclusion. Current market data places BMNR’s market capitalization near $8.58 billion.

BitMine enters Russell 1000 watch

FTSE Russell started its June 2026 semi-annual Russell U.S. Indexes Reconstitution by publishing preliminary lists of companies expected to enter or exit the Russell 3000 and Russell Microcap indexes. The changes will take effect after U.S. markets close on June 26.

The Russell 1000 cutoff has also moved higher this year. LSEG data shows the smallest Russell 1000 company had a market capitalization of $5.7 billion as of April 30, 2026.

Lee said many active managers only buy stocks inside the Russell 1000. He also said passive index funds and ETFs often hold an estimated 20% to 25% of a company’s market cap.

Passive funds may add BMNR exposure

Index inclusion can matter because funds that track Russell indexes may need to adjust holdings after the reconstitution becomes final. FTSE Russell said preliminary lists are updated through May and June before the new indexes take effect after the market close on June 26.

That timeline makes BMNR a stock to watch through the final reconstitution window. The listing is not only a stock market event. It also brings attention to BitMine’s Ethereum-heavy balance sheet.

Crypto Banter framed the setup as a possible “hated rally” trade because Ethereum sentiment remains weak. The comment refers to a market where bearish sentiment is high, but positioning or forced flows can still support a rebound.

BitMine holds 5.28 million Ethereum

Crypto.news reported that BitMine added 71,672 ETH in one week, raising its holdings to 5.28 million ETH. The position represented about 4.37% of Ethereum’s total supply at the time of the report.

The same report said BitMine had staked 4.71 million ETH, creating estimated annualized staking revenue of $289 million. The company has continued adding ETH even as the market has traded below stronger resistance levels.

Meanwhile, the Russell update comes as Ethereum faces pressure from weak price action, ETF outflows, and doubts around large ETH treasury positions. Crypto.news reported that ETH was struggling to reclaim $2,150 while leverage clusters sat near $2,000 and $2,150.

At the same time, Ethereum’s network activity remains part of the bullish case. Arbitrum’s 2025 transparency report showed more than 2.1 billion cumulative transactions, about $20 billion in total value locked, and nearly $10 billion in stablecoins.

Vitalik Buterin’s latest comments also added to the Ethereum treasury debate. Crypto.news reported that Buterin said the Ethereum Foundation will sell less ETH and focus its remaining resources on long-term survival, privacy, security, and protocol goals.

Buterin also said the foundation holds only about 0.16% of ETH supply, while nearly 90% of his own net worth remains in ETH.

Strategy added no Bitcoin between May 18 and May 24, according to Lookonchain’s weekly report. 

The pause came during a week when stablecoin liquidity fell by $687 million and spot and perpetual trading volume on decentralized exchanges also declined.

The update followed a separate report that Strategy bought bonds instead of Bitcoin during the same period. Michael Saylor said on X that the company bought bonds, not Bitcoin, while crypto.news reported that Strategy moved to repurchase nearly $1.5 billion in convertible notes.

Strategy still remains the largest public Bitcoin treasury company. crypto.news reported that the firm held 843,738 BTC, worth more than $65 billion, after years of steady accumulation.

The latest pause does not erase its long-term buying record. However, it shows that the company used last week to focus on debt and capital management instead of adding more Bitcoin.

BitMine adds no Ethereum

BitMine also made no new Ethereum purchase during the same week, according to the Lookonchain report. The pause followed a period of rapid ETH accumulation by the Tom Lee-linked company.

Earlier reports showed that BitMine had already slowed its Ethereum buying pace. crypto.news reported on May 12 that the firm bought 26,659 ETH in the prior week, down from more than 100,000 ETH in each of the three earlier weekly periods.

BitMine’s slowdown came after the firm built one of the largest Ethereum treasuries among public companies. The company had amassed more than 5.2 million ETH, equal to about 4.31% of Ethereum’s circulating supply.

The company also staked more than 4.7 million ETH, making staking rewards part of its treasury model. The latest weekly pause therefore appears tied to a slower buying phase rather than a new sale.

Four public firms still buy Bitcoin

While Strategy and BitMine paused, four public companies added 612 BTC worth about $47.5 million. The buyers were Strive, The Smarter Web Company PLC, DDC Enterprise Limited, and Hyperscale Data.

The four firms together held 21,525 BTC, valued at about $1.67 billion, after the purchases. The data shows that corporate Bitcoin buying did not stop, even as the two most-watched treasury names stayed quiet.

Strive has also drawn attention in recent Bitcoin treasury coverage. A separate crypto.news report said Strive’s SATA raised enough capital to buy 537 BTC in one week, showing how smaller treasury vehicles are using capital markets to build Bitcoin exposure.

That shift matters for market watchers because treasury demand is no longer limited to Strategy. Smaller public firms are still adding Bitcoin, even when the largest buyer pauses.

Stablecoin liquidity weakens

Lookonchain’s weekly report also showed that stablecoin market cap fell by $687 million. The same report said DEX spot and perpetual trading volumes declined during the May 18 to May 24 period.

The weaker liquidity backdrop came as Bitcoin and Ethereum traded lower on crypto.news price pages. Bitcoin was near $76,559, while Ethereum was near $2,089 at the time of writing.

BlackRock has recorded more than $1 billion in Bitcoin sales over the past week as U.S. spot Bitcoin ETFs posted their largest weekly outflow of 2026.

According to data shared by Arkham Intelligence on Monday, BlackRock sold Bitcoin every trading day last week, bringing its total weekly disposal to nearly $1.01 billion. The withdrawals came during a sharp downturn across crypto markets, with Bitcoin and major altcoins remaining under pressure for most of the week.

Arkham Intelligence data showed the outflow was BlackRock’s biggest weekly Bitcoin reduction since November 2025. At the same time, the entire U.S. spot Bitcoin ETF market recorded combined weekly outflows of roughly $1.26 billion, suggesting BlackRock accounted for most of the capital leaving the sector.

The sell-off unfolded as market volatility intensified following renewed weakness in crypto prices and fading appetite for risk assets. Bitcoin briefly slipped below key support levels during the week before staging a modest rebound heading into Monday trading.

Why are institutions pulling money from Bitcoin ETFs?

Several analysts and market trackers linked the ETF withdrawals to defensive positioning by institutional investors as uncertainty continued to weigh on digital assets.

According to the original market data referenced by Arkham Intelligence, institutions appear to be reducing exposure amid concerns that bearish momentum in Bitcoin could deepen if macroeconomic conditions worsen. Bitcoin (BTC) was trading near $77,230 at press time, relatively neutral over the previous 24 hours, though still well below levels seen earlier this month.

Meanwhile, the decline in ETF demand comes after months of strong inflows that helped push Bitcoin toward new highs earlier this year. As reported earlier by crypto.news, spot Bitcoin ETFs had previously attracted steady institutional allocations during periods of easing inflation expectations and improving market sentiment.

Recent outflows now indicate that some large investors are choosing to rotate capital away from crypto-linked products while waiting for clearer market direction. Data from CoinGlass and SoSoValue over the past several weeks has also shown weakening momentum across derivatives markets, including softer open interest and fluctuating funding rates during major price swings.

How does BlackRock’s crypto strategy continue beyond Bitcoin ETFs?

Even as BlackRock trims Bitcoin exposure through its ETF operations, the asset manager continues expanding into blockchain-based financial products elsewhere.

BlackRock recently filed a second tokenized fund application with the U.S. Securities and Exchange Commission using infrastructure developed by Securitize. The filing follows the rapid growth of BUIDL, BlackRock’s tokenized U.S. Treasury fund launched with Securitize in March 2024.

BUIDL has grown to around $2.3 billion in assets and currently stands as the largest tokenized Treasury fund globally. Securitize, which operates as both an SEC-registered transfer agent and broker-dealer, provides the compliance and tokenization framework supporting the fund.

The new filing signals that BlackRock is continuing to develop blockchain-based investment products even while institutional demand for spot Bitcoin ETFs weakens. At the same time, firms including Franklin Templeton, Fidelity, and State Street are also exploring tokenized asset products as competition in the real-world asset sector accelerates.

The filing also comes as the CLARITY Act moves toward a full Senate vote after clearing the Senate Banking Committee in a bipartisan vote earlier this month.

Ondo Finance said its founder, Nathan Allman, has died unexpectedly, creating a sudden leadership change at one of the best-known names in tokenized real-world assets. 

The company announced the news on May 25 and said its thoughts were with Allman’s family and loved ones.

In its public statement, Ondo said “Nate’s brilliance, humility, and drive shaped every part of what Ondo is today.” The company did not disclose further details about the cause of death. Allman founded Ondo in 2021 after working on Goldman Sachs’ digital assets team.

Ian De Bode takes over as Ondo CEO

Ondo Finance named longtime President Ian De Bode as CEO. The company said De Bode had been leading strategy, product, and daily operations for more than two years and had the confidence of the leadership team.

De Bode also said the company’s direction would not change. In a statement, he said “The mission of Ondo, Nate’s mission, has not changed.” He added that Allman would have wanted the team to keep executing with care and discipline.

The appointment gives Ondo an internal successor at a time when users, partners, and investors are likely to look for clear communication. De Bode had already been involved in the work that shaped Ondo’s product roadmap and market expansion.

Ondo’s RWA business remains in focus

The leadership change comes as Ondo remains a major player in the tokenized real-world asset market. Its products include OUSG, USDY, and Ondo Global Markets, which links crypto wallets and apps to tokenized U.S. stocks, bonds, and ETFs.

Related market coverage shows Ondo has been expanding quickly. A May 19 report said Ondo Finance’s total value locked had moved above $4 billion, up from about $1.95 billion at the start of the year, while Ondo Global Markets had passed $1 billion in TVL.

Ondo also built a wider distribution base through wallet and exchange integrations. Earlier reports said MetaMask added access to more than 200 tokenized U.S. stocks and ETFs through Ondo, expanding access for eligible users in supported regions.

Wider tokenization growth

Separate reports also show why Ondo’s next steps remain central to the RWA market. crypto.news recently reported that tokenized real-world assets had reached about $31 billion to $34 billion by May 2026, with U.S. Treasuries and Ethereum-based products leading the sector.

Ondo has also expanded into tokenized stocks and ETFs through several partnerships and integrations. Recent coverage said the platform brought 35 tokenized assets to Hyperliquid’s HyperEVM, while earlier reports noted Franklin Templeton’s tokenized ETF partnership with Ondo.

Ondo said it would continue building what Allman started. For the company, the near-term focus now shifts to leadership continuity, product execution, and maintaining trust across its RWA ecosystem.

Bitcoin BTC$76,612.97 hovered near $76,500 mid-day Hong Kong time, according to CoinDesk market data, holding a narrow range as trading remains muted after a long weekend in the U.S.

Prediction market traders on Polymarket see BTC as likely to hold above $74,000 this week, with a 60% chance it finishes the trading week above $76,000. In a note to CoinDesk, Singapore-based market maker Enflux wrote that the “bid is there” but no one is adding size.

A Glassnode weekly report adds the same split: buying and selling pressure is becoming more balanced, but weaker trading activity points to a cautious market waiting for the next macro catalyst.

Traders are not positioning for a sharp breakdown, but they are equally unconvinced that a breakout is imminent.

Enflux argues the current range says as much about what bitcoin has not done as what it has. Despite recent macro shocks, including Moody’s downgrade of U.S. sovereign debt and retailer Walmart warning that geopolitical fuel costs and weaker consumer spending are hitting margins, BTC has barely moved.

For some traders, that kind of muted response could signal resilience. Enflux sees something closer to exhaustion.

The missing ingredient is fresh institutional demand.

After pulling in $2.44 billion in April, U.S. spot bitcoin ETF inflows have cooled, and exchange reserves remain near decade-low levels at roughly 2.3 million BTC, suggesting the structural supply backdrop remains supportive. But tight supply alone does not push prices higher if buyers are not stepping in.

Next week’s Personal Consumption Expenditures inflation report, the Federal Reserve’s preferred inflation gauge, could reshape expectations for U.S. interest rates. A hotter-than-expected reading could reinforce the higher-for-longer rates narrative, lifting the dollar and Treasury yields while pressuring bitcoin.

A softer print could do the opposite, reviving hopes for easier monetary policy and bringing institutional buyers back into crypto exposure.