Connex released 1.32 million CONX tokens worth $17.95 million on May 15 in a scheduled cliff unlock.

Connex, a Web3 professional networking platform that uses its native token for payments, governance and credential verification, executed the unlock on a preset cliff schedule. According to Tokenomist data, the release equals approximately 1.49% of the project’s adjusted released supply, with 88.60% of maximum supply already in circulation ahead of the event.

The allocation split the 1.32 million CONX into two portions. The ecosystem fund received 822,500 tokens worth approximately $10.94 million, while the community treasury received the remaining 500,000 tokens valued at approximately $6.65 million.

Supply event adds $17.95m in CONX tokens to circulation

Cliff-style unlocks, which release tokens in a single event rather than gradually, can add short-term selling pressure when a large percentage of market cap enters circulation at once.

At current prices the unlock represents roughly 60% of CONX’s market capitalisation of approximately $30.61 million, making it one of the highest unlock-to-market-cap ratios of the week.

The broader crypto market is tracking multiple significant unlock events in May 2026. Crypto.news reported that last week’s period included over $229 million in releases across HYPE, ENA and RED, with Tokenomist data showing that large cliff unlocks draw heightened trader attention around scheduled dates.

Earlier this month, governance turbulence surrounding a separate unlock showed how vesting mechanics can generate community pushback when supply events are not well managed.

The WLFI situation, where $55.57 million was shifted into an unlock contract before a community vote halted the process, highlighted how unlock structure and governance interact.

Connex’s unlock, by contrast, follows a previously disclosed vesting schedule. The token is used to incentivise professional participation and governance across Connex’s LinkedIn-style decentralised network. Hyperliquid’s HYPE token demonstrated earlier this year that markets can absorb large unlock events without sustained price damage when underlying demand remains strong.

Layer-1 blockchain developer Solayer launched a Visa-compatible payment card that allows users to spend USDC balances through in-store, online and contactless transactions.

The card supports ATM withdrawals in supported regions and can be ordered through the Solayer Pay app, according to the announcement. Existing users can request the card for free, while new users pay a $20 annual activation fee.

Source: Solayer Pay

Solayer Pay launched in April 2025 under the name Emerald Card and initially rolled out to 40,000 users across more than 100 countries, according to the company. Solayer said the new physical card expands the existing Solayer Pay platform, which supports storing, transferring and spending digital assets through Visa-linked payment infrastructure.

The company said the card enables users to spend USDC (USDC) balances globally through Visa payment infrastructure directly from their Solayer Pay accounts.

Solayer develops infiniSVM, a layer-1 network compatible with the Solana Virtual Machine that is designed for high-throughput onchain applications using Solana (SOL) for gas fees.

Related: Dartmouth endowment invests in Solana ETF, holds $14M in crypto exposure

Stablecoin payment cards expand

The launch from Solayer comes as rypto and payments companies have increasingly launched stablecoin-linked payment cards tied to traditional card networks including Visa and Mastercard.

In January, crypto exchange OKX launched a Mastercard-linked payment card for European users through regulated issuer Monavate, allowing verified customers to spend stablecoins, including USDC and Paxos’ Global Dollar (USDG).

The following month, MetaMask expanded its Mastercard-linked crypto payment card across the United States, including New York for the first time, allowing users to spend digital assets directly from self-custodial wallets.

In March, Visa and Stripe-owned Bridge expanded their stablecoin-linked card program to 18 countries and said they planned to roll out the product across more than 100 countries by the end of 2026. The companies also began testing stablecoin settlement through Visa’s pilot program.

The same month, Mastercard agreed to acquire stablecoin infrastructure company BVNK in a deal valued at up to $1.8 billion. BVNK provides infrastructure for businesses to send and receive stablecoin payments across blockchain networks in more than 130 countries.

Data from DefiLlama shows the stablecoin market has grown from about $243.3 billion in May 2025 to around $322.5 billion today, an increase of about $79 billion.

Tether remains the dominant stablecoin issuer, with its USDt (USDT) commanding a market capitalization of about $189.7 billion, representing around 58.8% of the total stablecoin market, while Circle’s USDC ranks second with a market capitalization of about $76.7 billion.

Source: DefiLlama

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Bitwise Asset Management has launched a US-listed investment product tied to Hyperliquid, offering investors spot exposure to the token and staking rewards linked to the decentralized derivatives platform.

The fund, trading under the ticker BHYP on the New York Stock Exchange, is the second US-listed Hyperliquid product to launch this week. Bitwise said the fund plans to stake a significant portion of its HYPE (HYPE) holdings through its in-house staking division.

Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that offers perpetual futures, spot trading and lending services. Bitwise said the platform processed about $2.9 trillion in trading volume in 2025 and accounted for roughly 60% of global onchain derivatives open interest as of May 5, citing DefiLlama data.

HYPE was trading at around $44 on Friday with a market capitalization of roughly $11.22 billion, making it the 10th-largest cryptocurrency by market value, according to CoinMarketCap data. The token is used for staking, governance and ecosystem participation.

Bitwise, which manages about $11 billion in client assets across crypto investment products including exchange-traded funds, private funds and staking strategies, said the fund will charge a 0.34% sponsor fee, which will be waived for the first month on the fund’s first $500 million in assets.

HYPE token price. Source: CoinGecko

Related: Wells Fargo lifts Ether ETF holdings in Q1 as Bitcoin positions shift

Hyperliquid draws growing institutional interest

The launch comes as institutional interest in Hyperliquid and HYPE-linked investment products expands across crypto asset managers, venture capital firms and trading platforms.

Earlier this week, 21Shares launched its THYP Hyperliquid fund in the US, drawing about $1.2 million in net inflows and $1.8 million in trading volume on its first trading day, according to Bloomberg ETF analyst James Seyffart. Grayscale Investments is also awaiting a decision on its proposed Hyperliquid fund.

On Wednesday, onchain analytics account Lookonchain said wallets linked to venture capital company Andreessen Horowitz had accumulated about $67 million worth of HYPE over the previous month and staked roughly $51 million worth of the token.

Source: Lookonchain

The following day, Coinbase announced it would become the official treasury deployer for USDC (USDC) on Hyperliquid, where the stablecoin’s supply has grown to around $5 billion since the network launched in 2023, according to DeFiLlama data.

As Hyperliquid gains traction as a decentralized derivatives exchange, centralized crypto companies have also expanded deeper into perpetual futures and offshore derivatives markets through new trading products and international launches.

Earlier this year, Coinbase launched stock perpetual futures for eligible non-US users, while Kraken rolled out tokenized equity perpetual futures tied to assets including Nvidia (NVDA), Apple (AAPL) and Tesla (TSLA) for offshore clients.

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Key Takeaways

• TD Cowen doubled its price target on Marvell (MRVL) to $180 from $90, maintaining a Hold rating on the semiconductor stock.
• The stock has surged over 100% in a three-month period, driven primarily by bullish forward earnings expectations.
• Company leadership forecasts optics segment expansion exceeding 50% across the next 24 months.
• Both RBC Capital and BofA Securities established $200 price objectives, emphasizing AI networking infrastructure and optical technology capabilities.
• The company completed its acquisition of Swiss photonics specialist Polariton Technologies to expand its optical interconnect capabilities.

The semiconductor giant Marvell Technology has delivered exceptional performance that’s capturing significant Wall Street attention. Over the past half-year, the company’s shares have skyrocketed 111%, with 2024 year-to-date performance exceeding 115%. As Thursday’s trading began, shares hovered near their recent peak levels.

Marvell Technology, Inc., MRVL

On Thursday, Joshua Buchalter from TD Cowen elevated his MRVL price objective to $180 from the previous $90 mark, pointing to sustained momentum within the optical infrastructure sector. The analyst retained his Hold recommendation.

Buchalter offered a measured perspective on the recent rally. He noted that the stock’s dramatic appreciation may have incorporated considerable future optimism, potentially raising expectations ahead of Marvell’s May 27 earnings announcement.

The topic of custom XPU exposure continues to generate investor debate, though TD Cowen anticipates limited new information on this subject during the forthcoming earnings discussion.

Even while keeping its Hold stance, TD Cowen elevated its long-term data center projections. The firm now anticipates $1.3 trillion in data center silicon expenditure by decade’s end, representing an increase from its previous $1.2 trillion forecast.

Optical Technology Segment Powers Confidence

The upward revision in forecasts connects directly to what Cowen describes as a “bifurcation within the infrastructure trade.” Major accelerator manufacturers have experienced relative weakness lately, whereas optical-focused companies like Marvell have gained ground amid expectations of imminent supply constraints.

Marvell leadership has communicated expectations for optics segment growth surpassing 50% during the upcoming two-year period. This projection has become a cornerstone of analyst bullishness throughout the investment community.

RBC Capital elevated its MRVL price objective to $200 while keeping its Outperform designation. The investment bank emphasized robust performance in Marvell’s optical division and AWS chip manufacturing as primary catalysts.

BofA Securities similarly established a $200 benchmark, underscoring the growing AI networking infrastructure marketplace.

Strategic Acquisition Strengthens Portfolio

Marvell recently finalized its purchase of Polariton Technologies, a Swiss firm specializing in plasmonics-enabled silicon photonics solutions. This transaction is projected to enhance Marvell’s optical technology capabilities, particularly for coherent optics and data center interconnect uses.

The acquisition aligns with Marvell’s broader strategic initiative to establish itself as a critical player in the AI data center infrastructure ecosystem, especially as demand intensifies for high-performance optical interconnect solutions.

According to InvestingPro analysis, MRVL currently appears overvalued compared to its Fair Value calculation, earning placement on the platform’s Most Overvalued securities roster.

Marvell is set to report quarterly results on May 27. Market participants will closely scrutinize commentary regarding the optics business outlook and any developments concerning custom XPU initiatives.

An anonymous address sold 250 wrapped Bitcoin worth $20.3 million on-chain, on-chain data showed on May 15.

Whale offloads $20.3m in wrapped Bitcoin

“A chain address sold 250 WBTC worth $20.3 million,” on-chain data aggregated by KuCoin’s flash news desk showed on May 15, without identifying the seller or their entry price.

Bitcoin was trading near $80,400 at the time of the transaction, down roughly 2% on the day. The broader market was already under pressure from surging Treasury yields and a fresh inflation print that pushed the 10-year note to 4.54%, its highest level since May 2025.

The wrapped Bitcoin sale compounds that pressure. WBTC operates as a 1:1 Bitcoin-backed ERC-20 token used across Ethereum DeFi protocols. Unlike native BTC movements through centralised exchanges, on-chain WBTC disposals bypass traditional order books and are harder to anticipate from exchange flow data alone.

The move fits a wider pattern of large-holder activity flagged across 2026. Crypto.news reported that CryptoQuant analysts rejected wider dump fears following a separate dormant whale movement in early May, noting no confirmed exchange inflows from that wallet.

Prior to that, a long-dormant OG Bitcoin address offloaded 1,000 BTC as selling pressure intensified, extending its total transfers to 3,500 BTC since November 2024. Separate data showed whales collectively adding 61,568 BTC even as price slipped, pointing to divergence between large-holder groups.

Whether the $20.3 million WBTC sale reflects coordinated distribution or isolated profit-taking remains unclear without further wallet history. Short-term price action continues to depend heavily on macro catalysts, particularly Federal Reserve policy expectations heading into the second half of 2026.