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While bitcoin BTC$80,949.32 remains pinned above $80,000, another interest rate-sensitive corner of the crypto market is booming and may suck capital out of other coins.

The total value locked in tokenized Treasuries has surged to $15.35 billion, topping the mid-April peak of around $15.10 billion, according to rwa.xyz data.

This comes as markets price in a higher probability of a Federal Reserve interest-rate hike (yes, an increase in borrowing costs), a stark shift from expectations for rapid rate cuts baked in earlier this year.

“The June cut just got significantly harder to defend, and the allocator positioning we flagged – capital sat in [BlackRock’s] BUIDL and tokenized T-bills rather than spot crypto – is going to look prescient by Friday,” Iggy Ioppe, CIO at Theo, said in an email.

Flows into yield-bearing tokenized Treasuries could rise further if today’s U.S. producer price index (PPI) points to persistent inflationary pressures in the pipeline. Consensus is for the April print to come in at 4.9% year-on-year, up from 4.0% in March.

An elevated reading would add to Fed rate-hike expectations and pose a headwind to risk assets. How bitcoin reacts remains to be seen, especially as it held largely steady above $80,000 after Tuesday’s hotter-than-expected CPI print.

While noting BTC’s resilience, analysts at Marex warned that further gains may be difficult if inflation continues to climb.

“That is the constraint for crypto: it can hold, but it will struggle to trend higher if real [inflation] rates keep grinding up,” analysts at Marex said.

Miners, too, present a potential headwind.

“If large miners are reporting big losses and pivoting toward AI, it usually means they may need to manage balance sheets more actively, which can translate into more spot supply on rallies. That is not a crash trigger, but it can cap upside in a choppy macro tape,” they noted.

In the broader market, smaller coins such as ING, DOT, ATOM and TRUMP added 5% or more, pointing to a rotation of capital into selective tokens. Majors like ether (ETH), solana (SOL), and XRP remain choppy.

Bitcoin and ether volatility indexes continue to point to near-term calm ahead of three major events: the PPI report, the Clartiy Act vote and the meeting between President Donald Trump and his Chinese counterpart, Xi Jingping.

In traditional markets, WTI crude oil futures bounced back above $100, while copper rose to near-record highs, both pointing to more commodity-led inflation ahead. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

Bitcoin BTC$80,949.32 appears to be at an inflection point, with the recovery from February lows stalling near the 200-day simple moving average (SMA) at around $82,300 and the upper boundary of a rising channel.

The momentum has stalled just as macro uncertainty around inflation and Federal Reserve policy intensifies.

A bearish resolution would involve BTC failing to break above the 200-day average and slipping below $75,000, which was widely cited as a key level in February-March. That could encourage systematic sellers back to the market, particularly if rising Treasury yields continue to tighten financial conditions and weigh on risk appetite.

On the bullish side, a decisive move above the 200-day average would confirm a bull market, potentially yielding a rally to as high as $92,000.

CORRECTION (May 13, 7:07pm ET): Updates Iggy Ioppe’s title.

Market analysts said Ether (ETH) was ready to continue its uptrend following moves by JPMorgan and BlackRock to launch tokenized funds on the Ethereum network.

Key takeaways:

• Institutional adoption is underway as JPMorgan and BlackRock plan to launch tokenized funds on Ethereum.
• Strong technical structures in multiple time frames suggest ETH price is bottoming out. 

ETH traders anticipate the price to “outperform”

Data from TradingView showed ETH/USD trading at $2,320, up 2% over the last 24 hours. 

The pair failed to crack through resistance at $2,400 last week, as spot Ether exchange-traded fund (ETF) outflows and rising balance on Binance derailed Ether’s recovery.

As such, bulls must push and hold the ETH/USD pair above $2,400 to continue the uptrend.

In a Wednesday post on X, analyst CryptoJack said ETH is “getting ready for a pump” as it consolidates inside a symmetrical triangle on lower time frames.

“A breakout could lead to a strong move soon.”

ETH/USD chart. Source: X/CryptoJack

Crypto Patel’s chart shows ETH trading inside an ascending triangle that has guided its price action since 2020. ETH is bouncing off the triangle’s lower trendline around $1,800, a zone that previously acted as a launchpad for large upside moves.

The analyst sets the upside target for Ether at $10,000-$15,000, saying:

“$ETH will outperform this cycle.”

ETH/USD two-week chart. Source: X/Crypto Patel

Fellow crypto analyst Celal Kucuker also shared a bullish argument, laying out a long-term roadmap that places ETH on course for a possible move above $24,000.

ETH/USD one-month chart. Source: X/Celal Kucuker

Momentum indicators support the rebound thesis. Ether’s monthly relative strength index (RSI) has cooled toward a historical support area near 42-455, similar to levels that preceded past rallies.

As Cointelegraph reported, buyers will be back in control once the ETH/USD pair breaks above the $2,450-$2,600, confirming a trend shift.

Institutional adoption fuels Ether’s bullishness

As Cointelegraph reported, JPMorgan is set to launch a tokenized money market fund on Ethereum, allowing stablecoin issuers to hold reserves backing their stablecoins while earning interest.

Related: Bitmine slows Ethereum buys, targets December to own 5% of supply

BlackRock, the world’s largest asset manager, has also filed for tokenized versions of its Treasury liquidity funds, where official ownership records will be maintained on Ethereum using ERC-20 token standards.

Source: Cointelegraph

“Institutional adoption just hit another level,” analysts at Ethereum Daily said in a post on X on Wednesday. 

“This is the most bullish news for Ethereum,” X user Borovik said in a reaction to the news on Wednesday.

Tokenized funds on Ethereum, bulls argue, will drive onchain activity, increase gas demand and total value locked (TVL). This will, in turn, boost the blockchain’s legitimacy, making ETH the preferred settlement layer for trillions in TradFi capital. 

Data from RWA.xyz shows that global tokenized funds already exceed $31 billion, with Ethereum dominating approximately 55% of the space.

Total global RWA value. Source: RWA.xyz

These were not the only bullish news for Ethereum. MN Capital founder Michael van de Poppe said that the approval of the CLARITY Act, which is scheduled for markup on Thursday, would be a “massive trigger for the markets.” 

Market analyst Ethprofit.eth said the CLARITY Act “looks extremely bullish for Ethereum,” while Bitcoin Mami said “institutional demand is going insane post CLARITY Act,” pushing ETH price to $10,000.

Polymarket bettors are pricing in a 60% chance that the CLARITY Act will be signed into law in 2026, down 5% over the last 24 hours.

Odds of the CLARITY Act being signed into law in 2026. Source: Polymarket

If the CLARITY Act becomes law, Ether is expected to rally, as seen in July 2025, when the signing of the GENIUS Act into law preceded a 65% ETH price rise to its current all-time high of $4,950 from $3,000. 

The Solana-based tokens marketed as a way to gain exposure to Anthropic and OpenAI before they go public got an unwelcome reality check this week.

The two companies said the transfer of privately held shares to the special purpose vehicles (SPVs) that back the tokens is invalid because any such move requires approval by the corporate board.

The tokens slumped. Anthropic PreStocks (ANTHROPIC), issued by Solana-based platform PreStocks to represent Anthropic shares, dropped 34% in seven days, while OpenAI PreStocks fell 39%, CoinGecko data show.

PreStocks uses SPVs, legal entities set up specifically to hold something on behalf of investors, to hold the shares, and issues tokens on Solana that represent indirect economic exposure to those shares.

“We do not permit special purpose vehicles to acquire Anthropic stock and any transfer of shares to an SPV are void under our transfer restrictions,” Anthropic said in an updated investor warning page.

Any third party claiming to sell its shares through “direct sales, forward contracts, tokenized securities, or other mechanisms” is “likely either engaged in fraud or offering an investment that may have no value due to our transfer restrictions,” the company said.

OpenAI issued a similar warning, saying unauthorized transactions may violate U.S. securities laws and could result in the invalidation of the underlying equity. Both companies named several intermediaries. Anthropic listed Open Door Partners, Hiive and Forge as unauthorized to buy or sell its shares.

While PreStocks tokens claim 1:1 backing through SPVs, neither the platform nor any third-party auditor has published the attestation reports the company promised at launch.

Liquidity is a concern as well. Data from PreStocks shows just over $333,000 in stablecoins and $18,000 in solana (SOL) in Anthropic liquidity as of Wednesday, meaning early buyers sitting on big profits might not be able to fully cash out. This exposes the gap between the implied valuations on the platform and what the underlying SPVs can actually deliver.

The dashboard also shows an implied Anthropic valuation above $1.3 trillion against the platform holding roughly $23 million in total assets, a gap that gave the companies the structural opening to push back.

PreStocks debuted in August 2025 with backing from Republic Capital and is led by CEO Xavier Ekkel. The platform is unavailable to residents of the U.S., Singapore, the European Union, and certain sanctioned jurisdictions, and requires know-your-customer processes for minting and redemptions. Partnerships at launch included Jupiter and Meteora, both decentralized exchanges on Solana.

Aerodrome voting opens May 28. Mainnet Launch: June 4.

This quarter, AI started writing its own exploits. Tea is shipping the trust layer underneath it. Code Is Abundant. Trust Is Not.

In the span of seven days, the ground beneath the software shifted twice. On May 4, The Conversation published the most widely-circulated post-mortem yet of Anthropic’s Claude Mythos Preview, the frontier model Anthropic itself declined to release, because it can autonomously discover zero-days, generate working exploits, and execute multi-step cyber operations with minimal human oversight.

Days later, Google’s Gemma 4 landed inside Android’s AICore and Google AI Edge, putting agentic code generation, function calling, and offline reasoning on every developer’s phone and laptop under an Apache 2.0 license.

The implication is unavoidable. When any device can generate, execute, and weaponize software autonomously, trust cannot live in the binary. It has to live at the source.

Tea: the value layer for open source

Tea is the provenance, attribution, and verification layer for a world where code is written by agents faster than humans can audit it. Every package, every contribution, every dependency, cryptographically attributed, continuously verified, and economically aligned with the people and systems that built it.

Tea goes live on Aerodrom: the liquidity engine of base meets the trust layer of software

The moment Tea lists on Aerodrome, the two fastest-moving primitives in crypto collide: Base’s deepest liquidity venue and the first on-chain provenance layer built for the agentic AI era. Working with Aerodrome is a statement. It’s known as the place where Base’s most serious assets route. Tea chose Aerodrome because a trust layer for software should launch into the most battle-tested, transparent, community-governed market structure on-chain, not a centralized orderbook pretending to be neutral.

From block one, $TEA liquidity on Aerodrome means: verifiable on-chain routing, deep vote-directed emissions, and a price surface every trader, investor, and builder can see in real time. Aero flywheel + Tea provenance = a launch where the market structure is as credible as the technology’s pricing.

“Code is abundant. Trust is not,” said Tim Lewis, leading Tea’s launch. “Mythos showed us AI can write its own exploits. Gemma 4 put that capability in every pocket. The question isn’t whether agents will ship software (because they already are). The value of contribution will be weighed in inference and tokens and whether anyone can verify what they shipped. That’s what Tea is for.”

About Tea

Tea is building the software verification layer for the agentic era, serving as a decentralized protocol for provenance, attribution, and trust in open-source software. With open source running almost everything today, TEA provides the essential economic infrastructure to help people support it. Validated directly at the source, the protocol enables the community to verify work, understand dependency graphs, and govern what truly matters, ultimately empowering AI agents to build with better context.

Media contact:

Coinbase CEO Brian Armstrong is supporting the latest version of the Digital Asset Market Clarity Act (CLARITY) ahead of the US Senate’s markup of the crypto market structure bill on Thursday. 

“I don’t think it’s ever been in a stronger or more bipartisan position,” he said about the latest iteration of the market structure bill.

Armstrong said that the banking and crypto industry lobbies have reached a “healthy compromise” on stablecoin yield, which was one of the main issues that stalled the market structure bill in January. He added:

“I think there was a healthy compromise there, brokered by Senators Tillis and Alsobrooks. And you know, it was a good compromise because both sides left a little bit unhappy, but at least we got to a place that we can all live with.”

The latest version of the CLARITY bill also improved provisions surrounding decentralized finance (DeFi), tokenized stocks, and the authority of the Commodity Futures Trading Commission (CFTC) to regulate crypto markets, he said.

Source: Brian Armstrong

The comments and the bill’s pending markup follow months of back-and-forth negotiations between the banking sector and the crypto industry over the bill, which stalled in January 2025 after crypto industry players, led by Coinbase, rejected the initial draft.

Related: Latest version of crypto market structure bill raises eyebrows ahead of Senate markup

About 20% of the US population owns crypto, according to industry advocacy groups

About one in five Americans, or 20%, owns cryptocurrency, according to the National Cryptocurrency Association’s 2025 State of Crypto Holders report, which surveyed 54,000 US residents.

The survey found that about 67% of US crypto owners are below the age of 45, while about 15% are over 55 years old.

A demographic breakdown of crypto users in the United States. Source: National Cryptocurrency Association

The top-ranked use case for cryptocurrency was as an investment, with 52% of holders indicating that they use digital assets to “invest in their financial future,” according to the survey.

A HarrisX poll conducted earlier this month also found that 52% of the 2,008 registered US voters surveyed supported passing the CLARITY Act into law, while just 11% opposed the passage of the legislation.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Crypto wallet provider Ledger put its plans to go public in the U.S. on hold due to difficult market conditions, according to two people with knowledge of the matter.

Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission (SEC), one of the people said. A confidential filing is typically the first formal step in the IPO process.

The French cryptocurrency security firm has a number of options, and could decide to raise capital privately, said the person, who spoke on condition of anonymity because the matter is not public.

In January, reports emerged that Ledger had hired U.S. investment banks for a potential IPO valued at around $4 billion. Goldman Sachs (GS), Jefferies (JEF) and Barclays (BARC) were said to be advising on the offering, which could have come as early as this year.

A Ledger spokesperson declined to comment.

Ledger is best known for its hardware wallets that let people securely store cryptocurrencies offline. Its core business is protecting users’ private keys, the cryptographic credentials that control access to digital assets like bitcoin (BTC and ether (ETH).

After a wave of crypto listings in 2025, several digital-asset firms began rethinking their IPO timelines as weaker token prices, lower trading volumes and volatile equity markets weighed on investor appetite.

Kraken, one of the largest U.S. crypto exchanges, paused its multibillion-dollar IPO plans earlier this year despite having confidentially filed with the SEC in late 2025.

BitGo (BTGO), the only crypto-native company to go public in 2026, offered an early test of investor appetite for digital asset listings. It raised about $213 million in its January IPO, pricing shares above the marketed range at $18 and briefly surging more than 20% in its New York Stock Exchange (NYSE) debut.

The momentum proved short-lived. After an initial rally, BitGo shares retreated below their IPO price, underscoring the volatility and uneven investor sentiment facing crypto firms seeking to tap public markets.

The shares are currently trading about 36% below their IPO price.

In March, Ledger appointed former Circle Internet (CRCL) executive John Andrews as chief financial officer and opened an office in New York City as part of a broader expansion of its U.S. operations.

Andrews, who previously led capital markets and investor relations at Circle, joined the crypto security firm as demand from banks, asset managers and stablecoin issuers for digital asset infrastructure continues to grow.

The company said the New York office was part of a multimillion-dollar investment in its U.S. footprint and would serve as a hub for Ledger Enterprise, its institutional infrastructure platform. Ledger also said the expansion would create dozens of new jobs across enterprise and marketing functions.

Read more: Kraken parent Payward seeks fresh funding at $20 billion valuation ahead of planned IPO

Crypto wallet firm Ledger has paused its initial public offering (IPO) after getting spooked by tanking crypto stocks.

As reported by CoinDesk today, unnamed sources familiar with the listing claim that “difficult market conditions” were behind the pause, and that Ledger still hasn’t filed an S-1 application with the Securities and Exchange Commission (SEC). 

CoinDesk previously reported that crypto exchange Kraken was delaying its IPO until “market conditions improve.” Kraken’s parent company, Payward, privately filed a draft S-1 registration with the SEC in November 2025. 

Across the crypto industry, recently listed firms have seen far from stellar performance. 

Stablecoin issuer Circle was listed on the New York Stock Exchange in June 2025 and the price of its stock shot up to $263 within a month. However, it’s since fallen -52% to $126 today. 

Read more: Anthropic’s non-existent blockchain shares are tripping up investors

Elsewhere, trading platform eToro, which went public in May 2025, has seen the price of its stock fall almost -42% since its listing, while Peter Thiel-backed exchange Bullish has endured a 53% fall in its stock price since it went public in August 2025. 

BitGo went public in January 2026 and has since seen its stock plummet by almost -47%, and bitcoin firm Fold went public in February 2025 and has recorded a drop of 64%.  

Greyscale, which filed for an IPO in November 2025, revealed at the time that it had suffered a 20% revenue drop within the first nine months of 2025. 

The Winklevoss twin-controlled crypto exchange Gemini also filed for an IPO in June 2026. 

However, bucking the trend is Galaxy Digital, which, since it was listed on the US market in May 2025, has enjoyed a 41% rise to $31.

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A flurry of relatively small-scale hacks continues to wreak havoc on smaller crypto projects, despite flying under the radar when compared to recent mammoth losses.

So far this year, Protos’ hack tracker shows 77 entries, totaling over $1.1 billion in losses. 

April was a particularly rough month; the losses across its 33 incidents totalled over $600 million. However, just two incidents, namely the Drift Protocol and rsETH bridge hacks, made up 95% of the month’s losses between them.

While May hasn’t kept up such a devastating pace, an uptick in hacker activity has seen almost $6 million stolen from six projects this week alone.

Read more: Crypto hackers snatch over $1B in 68 incidents this year

Monday May 11: Two (smaller) hacks

On the Polygon network, Ink Finance’s Workspace Treasury Proxy contract was exploited for $140,000 on Monday.

According to crypto security firm SlowMist’s analysis, the root cause was the lack of access control in the PayrollDistribution function.

Huma Finance lost $100,000 the same day, also on Polygon. The team’s statement insists that the losses were from (now-paused) “legacy v1 contracts” and that its Solana-based v2 is a “complete rewrite and this issue does not apply.”

Read more: Hyperbridge exploited less than two weeks after April Fools’ day hack prank

Tuesday May 12: Four hacks

On Tuesday evening, TAC, a “purpose-built blockchain for EVM dApps to access TON,” alerted users to a “security incident affecting the TAC bridge,” which had been paused.

Third-party reports estimated losses at $3 million worth of USDT, BLUM and other tokens.

The following day, security auditor Peckshield drew attention to a hack of Transit Finance, which also occurred on Tuesday, with $1.9 million of DAI held by the exploiter.

Read more: LayerZero among bridges Lazarus using to launder loot

The team issued an announcement, explaining the losses came from “historical vulnerabilities” in a contract deployed on TRON which had been “deprecated since 2022.”

It said users “do not need to take any action” and affected users will be compensated.

The project was previously attacked in October 2022 for over $20 million, though the majority of funds were later returned. According to Decurity, Tuesday’s loss was due to the same vulnerability as in 2022, three and a half years later.

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Also on Tuesday, DeFi projects Aurellion and BoostHook were reportedly attacked, losing approximately $455,000 and $200,000, respectively.

Wednesday May 13: One hack, so far…

During the writing of this article, another project was reportedly hacked on the Arbitrum network.

Blockaid flagged the loss of $130,000 from FOX Colony, before highlighting a further $50,000 nabbed by a copycat. The thread notes that other similar contracts are “exposed.”

This latest hack follows today’s news that Code4rena, a long-running audit contest platform, announced it would “wind down.”

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Bug bounty platform ImmuneFi stated it will take over Code4rena’s bounty programs going forward.

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