TLDR:

• Blockaid’s exploit detection system identified an active attack draining $11.58M from the Verus-Ethereum bridge.
• Peckshield confirmed 103.6 tBTC, 1,625 ETH, and 147,000 USDC were stolen and swapped for 5,402 ETH.
• GoPlus found the attacker used a low-value transaction to trigger a batch-transfer of all bridge reserves.
• The attacker’s wallet was pre-funded with 1 ETH via Tornado Cash roughly 14 hours before the exploit began.

The Verus-Ethereum bridge is under an active exploit that has drained approximately $11.58 million in digital assets. Blockchain security firm Blockaid identified the attack through its exploit detection system on Sunday.

The stolen funds included tBTC, ETH, and USDC. The attacker subsequently converted those assets into ETH. Multiple security companies have since confirmed the breach and traced the attacker’s on-chain activity.

How the Attack Unfolded

Blockaid was among the first to publicly flag the exploit. The firm identified the attacker’s externally owned account as address “0x5aBb91B9c01A5Ed3aE762d32B236595B459D5777.” The drained funds were moved to a separate wallet at “0x65Cb8b128Bf6e690761044CCECA422bb239C25F9.”

Peckshield provided a detailed breakdown of what was taken from the bridge. According to the firm, the attacker drained 103.6 tBTC, 1,625 ETH, and 147,000 USDC from the protocol. Those assets were then swapped for roughly 5,402 ETH, valued at around $11.4 million at the time.

Another security firm, GoPlus, shed light on the method used in the attack. The attacker sent a low-value transaction to the bridge contract and called a specific function. That function triggered the bridge contract to batch-transfer its reserve assets directly to the drainer’s wallet.

The exploit transaction has been publicly logged on Etherscan, providing a transparent on-chain record. The bridge contract address involved is “0x71518580f36feceffe0721f06ba4703218cd7f63.” Security researchers continue to monitor the addresses involved for further movement.

Attacker’s Funding Trail Points to Tornado Cash

Peckshield also traced how the attacker initially funded their wallet before carrying out the exploit. The attacker’s address received 1 ETH through Tornado Cash approximately 14 hours before the attack began. Tornado Cash is a crypto mixer commonly used to obscure the origin of funds on-chain.

This funding method is a recognized pattern among on-chain bad actors seeking to hide their identity. By routing startup funds through a mixer, the attacker made it harder to link the exploit wallet to any prior history. Investigators typically watch for such patterns when tracing the source of stolen assets.

At the time of writing, the stolen funds remain in the drainer wallet identified by Blockaid. No confirmed recovery measures or protocol pause announcements had been publicly issued by the Verus team. The broader DeFi community has been alerted to avoid interacting with the bridge in the meantime.

The attack adds to a long list of bridge exploits that have plagued the crypto industry in recent years. Cross-chain bridges remain a high-value target due to the large reserves they hold and the complexity of their smart contract logic.

TLDR:

• XLM trades at $0.1517 and has posted a -11.55% weekly decline in pressure.
• Market structure remains intact as consolidation continues after the prior macro breakout phase.
• Stellar TVL climbs to $191.6M, supported by tokenization and institutional ecosystem growth.
• A breakout above resistance could reprice XLM toward $0.681 within a broader bullish structure setup.

Stellar (XLM) trades at $0.1517 as of this writing with $65.38M in daily volume, slipping 0.05% in 24 hours and extending a 11.55% weekly decline.

Despite short-term weakness, Stellar’s broader structure, consolidation, rising ecosystem activity, and expanding TVL are shaping a longer-term breakout narrative toward higher liquidity zones.

Market Structure Keeps Stellar Price Prediction in Focus

Stellar continues to trade within a prolonged consolidation phase after its late-2024 expansion wave. Price action near $0.15 reflects a controlled pullback rather than a structural breakdown.

The asset previously broke a multi-year descending trendline from its 2021 peak. Since that breakout, the structure has leaned toward reaccumulation rather than distribution.

Market behavior shows repeated impulse moves followed by compressed corrections. This pattern often appears in continuation phases where momentum resets before expansion resumes.

Volatility has narrowed significantly across recent sessions. Selling pressure has also softened, with no strong capitulation signals appearing in recent market data.

From a technical standpoint, Stellar remains aligned with a bullish continuation scenario as long as higher lows persist. The descending resistance zone remains the key barrier limiting upside acceleration.

A clean breakout above this structure would shift attention toward the $0.681 liquidity region. That level aligns with historical resistance and could act as a magnet for momentum flows.

TVL Expansion Reinforces Stellar Price Prediction Outlook

Beyond price charts, Stellar’s on-chain ecosystem has expanded meaningfully over the past year. Total value locked has climbed to $191.6 million, according to DefiLlama data.

This marks a significant rise from sub-$10 million levels recorded in early 2024. The expansion reflects consistent capital inflows into network applications.

Stellar’s distributed asset value has also surpassed $2 billion. Tokenized U.S. Treasuries and bond products form a major part of this growth.

The network’s shift toward real-world asset tokenization has strengthened its institutional profile. This transition continues to attract structured capital rather than speculative flows.

Protocol upgrades have supported this shift. The Soroban smart contract layer and Protocol 25 improvements expanded scalability and functionality across the ecosystem.

Institutional integrations, including participation from Franklin Templeton and Amundi, have reinforced long-term adoption trends. These developments have expanded use cases beyond payments into broader financial infrastructure.

A researcher commented on X: “Stellar’s ecosystem expansion is accelerating even as price consolidates within a tight range.”

Within this environment, Stellar remains tied to structural conditions rather than short-term volatility. A breakout above $0.681 would place the next macro extension near $1.29 into focus.

TLDR:

• Nearly 60% of Bitcoin supply has not moved in over a year, reflecting strong long-term holder conviction.
• Exchange-held BTC has fallen to a six-year low as roughly 500,000 coins have permanently left exchanges.
• The SLRV ratio sits deep in its historical bottom zone, signaling market apathy and low speculation.
• BTC STH MVRV has reclaimed 1.0, marking the start of short-term holders rebuilding unrealized profits.

Bitcoin on-chain data is pointing to a notable shift in market conditions, according to Binance Research. The firm identified four key indicators suggesting that available sell-side supply may be tightening.

Exchange balances have fallen to a six-year low, while long-term holder conviction remains near historically elevated levels.

Short-term holders are also beginning to rebuild unrealized gains after months of sustained pressure. Together, these signals suggest a market that may be gradually working through exhaustion.

Supply Dormancy Climbs as Bitcoin Moves Off Exchanges

Nearly 60% of Bitcoin supply has not moved in over a year. That figure has climbed from 27% in 2012 and peaked at 69.5% in January 2024. That peak aligned with the approval of spot Bitcoin ETFs in the United States.

Despite the sell-the-news reaction that followed, dormancy held near elevated levels. This trend reflects sustained conviction among long-term Bitcoin holders. Binance Research noted supply dormancy has remained near historically elevated levels since the ETF launch.

Exchange balances peaked at 17.6% during the COVID-era market. Since then, they have fallen to 15.0%, meaning roughly 500,000 BTC left exchanges.

That steady outflow has pushed exchange-held supply to a six-year low. Binance Research pointed to this as a key factor reducing available sell-side supply.

With less Bitcoin sitting on exchanges, the pool of coins ready for liquidation shrinks. This structural shift has reduced immediate selling pressure in the market. It also reflects a growing tendency among holders to move assets into self-custody.

SLRV and STH MVRV Data Indicate a Potential Cycle Shift

The SLRV ratio has fallen deep into its historical bottom zone. This reading points to low speculative activity and a pullback from short-term traders.

Long-term holders currently dominate supply, while short-term actors have largely stepped away. Binance Research noted that every prior cycle bottom coincided with the SLRV entering this zone.

According to Binance Research, this signals a period of market apathy. This dynamic has repeated across multiple Bitcoin cycles and tends to precede stabilization. The firm described it as consistent with conditions seen at prior market bottoms.

The Bitcoin STH MVRV metric remained below 1.0 for much of the period since November 2024. A reading below 1.0 means short-term holders are on average holding unrealized losses.

Over time, this condition exhausts selling pressure as those inclined to sell have exited. Binance Research described this pattern as consistent with cycle bottoms.

The STH MVRV has since reclaimed the 1.0 level, a shift in short-term holder positioning. Short-term holders are beginning to carry unrealized gains once again.

Since this profit accumulation is still early, a new wave of sell pressure is unlikely imminently. Historically, this setup has preceded periods of sustained price recovery.

Asset managers Grayscale and VanEck filed amended S-1 registration statements for their respective spot BNB exchange-traded funds on Friday, bringing the cryptocurrency one step closer to becoming an approved US crypto ETF. 

Grayscale filed its second amendment, while VanEck submitted its fifth on Friday. S-1s are one of the main filings that ETF issuers must submit to the SEC for approval, detailing everything from the ETF’s structure and strategy to management fees and risks.

“Another amended S-1 from [Grayscale] on the BNB ETF… have to guess they are going off feedback from SEC and trying to launch in near future? Could be the next crypto asset to get a spot ETF in the US,” said Bloomberg ETF analyst James Seyffart.

Despite BNB being the fourth-largest cryptocurrency by market cap at $87.4 billion, it has yet to be included in the growing list of US spot altcoin ETFs, including those tracking Solana (SOL), Litecoin (LTC), XRP (XRP) and Hyperliquid (HYPE).

Source: James Seyffart

Grayscale filed for the Grayscale BNB ETF (GBNB) on Jan. 23, 2026, and has yet to disclose a fee for GBNB. VanEck made its first filing for the VanEck BNB ETF (VBNB) in May 2025 and proposed a 0.39% management fee for VBNB.

Related: Bitcoin market dominance moves above 61%: Will altcoins follow? 

The number of altcoin ETFs has grown since the SEC introduced a generic listing standards process in September, replacing the previous case-by-case application review framework. 

Wall Street asset managers have also continued to experiment with crypto ETF structures, from staked products and leveraged strategies to futures-linked and multi-asset index funds.

Recent Hyperliquid ETF launch tempered 

However, reception to the latest spot altcoin ETF has been lukewarm compared to others before it, with the 21Shares-issued Hyperliquid ETF only attracting $1.2 million in net inflows on Thursday, its opening day.

By contrast, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its opening day in October, while the Canary XRP ETF (XRPC) brought in $245 million a few weeks later on debut in November. 

The lion’s share of net inflows for crypto ETFs has remained in Bitcoin (BTC) and Ether (ETH) products, which have amassed $58.4 billion and $11.8 billion since launching in 2024.

US-based Solana ETFs recently crossed the $1 billion milestone, currently sitting at $1.11 billion.

Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves 

Grayscale and VanEck have taken another step toward a US listing for a spot Binance Coin (BNB) ETF, filing amended S-1 registrations for their respective products. Grayscale submitted its second amendment for the Grayscale BNB ETF (GBNB), while VanEck followed with its fifth amendment for the VanEck BNB ETF (VBNB). These S-1 amendments remain a core part of the SEC’s review process, detailing the funds’ structure, investment strategy, fees, and risk disclosures as issuers pursue approval.

Market observers have been watching closely for a potential green light on a spot BNB ETF, a development that would mark a rare foray into a major non-Bitcoin/ETH asset within the growing US ETF ecosystem. As one Bloomberg ETF analyst, James Seyffart, noted on social media, the timing of the amendments could reflect issuers’ responsiveness to SEC feedback and a possible near-term launch horizon for a spot crypto asset in the United States.

BNB remains a heavyweight in the crypto market, ranking as the fourth-largest asset by market capitalization with roughly $87.4 billion in circulating value, according to CoinGecko. Yet it has not yet earned a spot among the expanding roster of US-listed spot altcoin ETFs, which today includes vehicles tracking Solana (SOL), Litecoin (LTC), XRP (XRP), and Hyperliquid (HYPE).

Grayscale publicly filed for the Grayscale BNB ETF (GBNB) on January 23, 2026, and the firm has not yet disclosed a management fee for GBNB. VanEck’s interest in BNB dates back to May 2025, when it first filed for the VanEck BNB ETF (VBNB) and proposed a 0.39% management fee for the offering. These details illustrate how issuers are balancing competitive fee structures with structural nuances in pursuit of SEC approval.

Related coverage highlights the broader shift in the US ETF landscape, where the SEC’s generic listing standards process, introduced in September, has facilitated a broader slate of altcoin ETF filings compared with the prior, more ad hoc review framework. This regulatory evolution has encouraged traditional asset managers to experiment with a spectrum of crypto ETF formats, from staked and leveraged products to futures-linked vehicles and multi-asset index funds.

Key takeaways

• Grayscale and VanEck each advanced their spot BNB ETF filings, with GBNB’s second S-1 amendment and VBNB’s fifth amendment reflecting ongoing SEC interaction and potential near-term timing.
• BNB is a major but still-unlisted asset in US spot crypto ETFs, ranking fourth by market cap but not yet offered as a US-listed ETF alongside SOL, LTC, XRP, and HYPE.
• The broader altcoin ETF space has grown under the SEC’s generic listing standards, but early inflows to new launches have been mixed compared with dominant BTC and ETH products.
• Recent launch dynamics show only modest initial inflows for some altcoin ETFs, while the market has seen multi-asset and sector-specific crypto funds continue to emerge.

BNB ETFs in the context of a growing, selective altcoin ETF market

The filings for GBNB and VBNB come amid a broader expansion of altcoin ETFs in the United States, a trend that gained speed after the SEC formalized a listing-standards framework last autumn. This shift has encouraged major asset managers to test various ETF architectures—ranging from traditional spot exposure to more sophisticated structures designed to capture yield or thematic exposure—within the bounds of US regulatory oversight.

Yet investor appetite for new spot altcoin products remains nuanced. The market has seen a mixed reaction to recent launches: the Hyperliquid ETF, launched by 21Shares, drew about $1.2 million in net inflows on its debut day, a modest start relative to some earlier launches. By contrast, other launches around the same period attracted far larger sums on day one, underscoring a bifurcation in how traders and institutions value different altcoins as ETF exposures.

Beyond single-asset plays, a wave of multi-asset and sector-focused crypto ETFs has continued to populate fund lineups. Meanwhile, BTC– and ETH-focused offerings continue to capture the lion’s share of inflows, illustrating the market’s current preference for the largest, most established crypto assets within regulated vehicles.

Altcoin ETFs tracking assets such as Solana have nonetheless shown notable milestones in their own right. US Solana-based ETFs recently surpassed the $1 billion mark in aggregate net assets, a threshold that signals growing, if still selective, institutional interest in non-Bitcoin assets within regulated wrappers. XRP-focused ETFs have likewise drawn substantial attention and inflows since their debut.

What the data suggests for investors and builders

For investors, the ongoing BNB ETF filings represent a potential pathway to direct exposure to one of the ecosystem’s most widely used tokens, inside a framework that offers traditional governance features, liquidity, and regulatory clarity. The evolving SEC stance on altcoin ETFs also suggests that asset managers are calibrating fee levels and structural details to align with regulatory expectations while remaining competitive in a crowded market.

From a market structure perspective, the mix of assets under consideration and the variety of ETF formats being explored indicate a broader pattern: mainstream financial platforms are gradually embracing a diversified crypto exposure, not as a wholesale shift away from established assets but as a complementary layer for investors seeking targeted risk profiles or yield opportunities within regulated wrappers. Observers will want to monitor how these filings address unique risks associated with each asset, including custody nuances, liquidity, and regulatory risk disclosures that have historically influenced SEC decisions on crypto ETFs.

Analysts also point to the relative performance gap between spot crypto ETFs and legacy equities-based ETFs. Data tracked by FarSide show that Bitcoin and Ethereum ETFs have amassed tens of billions of dollars in net inflows since their 2024 launches—roughly $58.4 billion for BTC and $11.8 billion for ETH—reflecting investor confidence in core blue-chip crypto exposures within regulated funds. Solana-based ETFs, while still early in their lifecycle, have crossed notable milestones as the ecosystem matures, with the Solana-focused lineup reaching about $1.11 billion in assets under management recently. These figures help contextualize where BNB fits within a developing spectrum of crypto ETF offerings and how the market prioritizes assets with deeper liquidity and broader adoption.

For readers tracking the regulatory timetable, the key question remains: when will a US-listed spot BNB ETF gain approval, if ever? The answer hinges on SEC risk disclosures, fee structures, custody arrangements, and the agencies’ evolving comfort with non-BTC/ETH assets within the securities market framework. In the near term, market watchers should expect ongoing amendments and exchanges with the SEC as issuers refine proposals to satisfy the agency’s criteria while trying to differentiate themselves in a crowded field.

Next up, market participants will be watching for any public comments from the SEC on these filings and whether additional disclosures surface that could influence the speed of approval. If the lessons from the latest batch of altcoin ETF launches hold, a successful BNB listing would likely occur only after issuers demonstrate robust liquidity, clear custody arrangements, and defensible fee structures that align with investor expectations and regulatory guidance.

Source observations and expert commentary on the path forward for spot BNB ETFs continue to surface, including insights from market observers who track ETF filings and regulatory signaling. As the ecosystem evolves, Grayscale and VanEck’s ongoing amendments will be a barometer of how quickly the market can translate an influential non-BTC asset into a regulated, investable product in the United States.

Watch for updates on the SEC’s review timeline and any new disclosures from the sponsors as they refine GBNB and VBNB ahead of potential approval and listing decisions.

Bernstein analysts view Figure Technology Solutions as a standout in the evolving world of blockchain-based markets, noting that the company’s first-quarter results underscore a deliberate pivot from a traditional fintech model toward a blockchain-native capital markets platform. Figure reported May 11 that its top-line and EBITDA beat Wall Street expectations, as the company continues to tokenize real-world credit assets for trading, funding, and financing on-chain.

As Figure builds out a full blockchain-native ecosystem for credit, Bernstein contends the company could surprise investors with how its approach differs from balance-sheet fintech lenders. In a May 15 client note, the team highlighted that Figure’s live blockchain data might deliver a real-time read on blockchain loan activity, potentially signaling a stronger Q2 than the market currently anticipates.

Figure has been pitching Wall Street and the DeFi world on a broader thesis: it is not merely a fast-growing home equity line of credit lender wrapped in crypto branding, but a comprehensive blockchain capital markets platform capable of handling tokenized loans and, eventually, tokenized equity.

Key takeaways

• Figure’s Q1 results beat revenue and EBITDA expectations, reinforcing its strategy to tokenize real-world credit assets for on-chain markets.
• Bernstein projects that Figure’s on-chain data could make FIGR a live barometer of blockchain loan volumes, potentially driving a stronger Q2 than traditional metrics alone would imply.
• Management aims to create a complete on-chain marketplace for real-world assets, with Forge acting as the mechanism to convert whole loans into liquid, fractional participation units.
• The broader tokenized-credit landscape remains small today, but the potential market, as outlined by Bernstein, runs in the trillions of dollars, underscoring a large long-term growth horizon for platforms like Figure.

Figure’s blueprint: from loans to a blockchain-driven marketplace

During Figure’s May 12 earnings call, executive chairman and co-founder Mike Cagney explained the practical challenge of bringing real-world assets (RWAs) to DeFi. He noted that DeFi is asset-based lending by design: collateral backing loans must be liquid for on-chain trading, but when a loan is a whole asset, questions arise about how lenders would take a fractional interest and where such positions could be sold. Figure’s Forge platform is designed to address this by converting whole loans into small, dollar-denominated liquid participation units, enabling more flexible on-chain handling of diversified portfolios.

Bernstein’s takeaway is that Figure could evolve into a full-fledged marketplace where real-world assets—both loans and, in time, equities—help underpin borrowing and lending liquidity. In that view, FIGR would essentially capture a fee from the broader blockchain economy as it scales its asset-backed financing activities across multiple asset classes.

Operational edge: AI, data, and the underwriting advantage

Figure’s leadership has long argued that the combination of AI and on-chain data infrastructure offers a practical path to automate underwriting, compliance, and loan verification for RWAs. CEO Michael Tannenbaum stressed in the May 12 call that AI serves as the brain, while blockchain functions as the nervous system—providing structured data to streamline processes that are traditionally manual or siloed. This data-centric approach is intended to reduce friction in onboarding real-world assets to blockchain-native financing rails and to improve risk assessment as tokenization expands beyond core offerings like autos loans into broader credit categories.

As institutional investors remain cautious about blockchain-for-finance narratives, the management emphasis on operational leverage—data-driven underwriting, automated verification, and scalable tokenization—appeals to stakeholders seeking tangible capabilities that bridge traditional finance and DeFi liquidity.

Tokenized credit: a market still in early stages but with clear potential

In its research, Bernstein highlighted an expansive addressable market for on-chain credit origination that could span multiple loan categories, including mortgages, auto loans, home equity lines of credit (HELOCs), and small-business lending. The firm has put a rough estimate of up to $4 trillion in annual origination within reach as tokenization and on-chain settlement mature across asset classes.

By comparison, current on-chain tokenized credit activity remains relatively modest. Industry data tracked by RWA.xyz places the current tokenized credit market at about $5.14 billion, illustrating the gap between today’s adoption and the scale Bernstein envisions for the long term. The market’s evolution will likely hinge on how quickly tokenized assets can reliably bridging traditional credit with DeFi liquidity, as well as regulatory clarity that accelerates institutional participation.