U.S. President Donald Trump has confirmed plans to attend a private gala for top holders of his TRUMP memecoin at Mar-a-Lago, following earlier uncertainty around his participation.

According to Reuters, the White House said Trump will deliver a keynote address at the luncheon hosted by the team behind the Official Trump token, settling questions raised earlier this month over whether the event was part of his schedule.

Questions around access and timing resurface

Set for Saturday at Trump’s Florida residence, the gathering will be limited to the top 297 holders of the TRUMP token, while an inner circle of the top 29 investors will gain entry to a private reception with the president.

Earlier remarks from a White House official had left the door open on attendance, noting the event was not locked into Trump’s calendar and fell on the same day as the White House Correspondents’ Association Dinner in Washington, D.C., an event Trump had indicated he would attend.

Event terms have also pointed to uncertainty, stating Trump “may not be able to attend” and that the gathering “may be canceled for any reason.”

Lawmakers have taken issue with the setup, raising concerns over whether access to the president is being tied to financial participation in the token. In a letter sent earlier this month, Democratic Senators Elizabeth Warren, Richard Blumenthal, and Adam Schiff questioned the structure of the event.

“[O]rganizers are promoting a conference by dangling access to President Trump to potential attendees… on a day he may not actually be able to attend,” the letter said.

Token buying intensifies ahead of Mar-a-Lago event

Leading into the luncheon, blockchain data has shown large holders increasing their positions to secure entry. Transfers tracked in recent weeks show multiple wallets accumulating hundreds of thousands of tokens, with some surpassing the 1 million mark.

One investor moved over 105,000 tokens off Binance, bringing total holdings to roughly 1.13 million TRUMP, valued near $3.2 million at the time. Separate withdrawals from Bybit and BitMart added to the concentration, with several whales competing for a spot among the top holders.

Participation in the event has been directly tied to wallet rankings, which have fueled the buying activity despite weaker price action. After reaching $4.35 in March when the event was first announced, the token has since dropped about 33% to around $2.80.

On-chain data has also pointed to a highly concentrated supply. While more than 642,000 wallets hold the token, the top 10 addresses control 91% of the total supply, raising questions about how influence is distributed within the project.

Trump under scrutiny

A similar event held in May 2025 at a Trump golf club followed a comparable pattern. During that period, the token climbed to $15.59 ahead of the gathering before falling back to $8.90 in the weeks that followed.

Criticism around that earlier event centered on whether Trump was leveraging his position for personal financial gain. The upcoming Mar-a-Lago luncheon has drawn renewed attention from lawmakers, some of whom are pushing for tighter rules around political figures and digital assets tied to personal branding.

The U.S. Treasury has sanctioned Cambodian senator Kok An and a network of 28 entities over alleged ties to a large-scale crypto scam and trafficking-linked operation.

The U.S. Department of the Treasury said Thursday that its Office of Foreign Assets Control has targeted Kok An, a senior political figure with extensive business interests in casinos and resorts, accusing him of enabling scam centers run by organized crime groups.

How did the alleged scam network operate?

According to OFAC, several properties linked to Kok An were turned into hubs where trafficked individuals were forced to run online fraud schemes. Victims, often lured by fake job offers, were made to contact people worldwide, posing as romantic partners, before directing them to fraudulent crypto trading platforms.

Money collected through these schemes was routed through casinos and associated businesses tied to the network, allowing illicit proceeds to be laundered, the agency said.

“Treasury will continue to target fraudsters and scam centers that steal billions of dollars from hardworking Americans, no matter where they operate or how well-connected they are,” said Treasury Secretary Scott Bessent.

Sanctions announced in the action cover multiple casinos, financial firms, operators, and other entities linked to the alleged network. The measures freeze any U.S.-based assets and prohibit transactions involving U.S. persons.

Crackdown expands across Southeast Asia

Working alongside the Scam Center Strike Force, U.S. authorities paired the sanctions with criminal charges against two individuals accused of running a similar operation in Burma and attempting to establish another base in Cambodia.

Officials said enforcement efforts are now concentrated on Southeast Asia, particularly Cambodia, Burma, and Laos, regions identified as key centers for crypto-linked fraud operations.

Earlier the same day, Tether disclosed that it froze about $344 million worth of USDT connected to illicit activity, in coordination with OFAC. Authorities have not confirmed whether the freeze is directly tied to the Kok An case.

Cases like this follow earlier enforcement actions in Cambodia. In September 2024, OFAC sanctioned another Cambodian senator, Ly Yong Phat, over allegations that his business network ran cyber-scam centers using trafficked workers.

U.S. agencies have linked many of these operations to organized groups across Southeast Asia, where individuals are recruited through fake job postings and then forced into running scams under threat and abuse. Reports have documented confiscation of passports, physical violence, and coercion to meet fraud quotas.

Losses tied to crypto-related investment scams have climbed sharply, with U.S. authorities citing $3.96 billion in reported losses in 2023 alone.

Key takeaways:

• A whale linked to asset manager Fasanara Capital holds a $38 million crypto short position, but will it impact Bitcoin’s price?
• Negative futures funding rates at Binance and Bybit point to unusual demand for bearish positioning despite BTC’s recent price gains.

Bitcoin (BTC) struggled to trade above $78,000 on Friday, but the overall setup remains bullish. BTC gained 29% since the $60,100 yearly low on Feb. 6, and many analysts believe it is on the verge of a longer-term breakout. At the same time, a bearish Bitcoin whale on Hyperliquid exchange has maintained a large short position. The whale has made $159 million in profits over the past seven months. Does its positioning provide any signal that the market should pay attention to? 

Hyperliquid whale profit and loss data. Source: CoinGlass

The entity behind address 0x7fda…c517d1 (also known as BobbyBigSize) on Hyperliquid exchange excelled during the market crash between October to November 2025 by placing leveraged short bets on Ether (ETH), Hyperliquid (HYPE), Avalanche (AVAX), and Fartcoin, among others. The account has failed to sustain its gains, resulting in a $561,000 loss over the past 30 days.

The whale is bullish on ETH, but bearish on BTC and altcoins

Using algorithmic trading, the whale opened short-duration long positions in Bitcoin and Solana (SOL) in the past, resulting in a staggering $11 billion in trades on Hyperliquid exchange. BobbyBigSize currently holds $19.4 million in assets deposited on the platform. 63% of its trades result in positive outcomes, which is considered highly successful.

BobbyBigSize’s current positions, USD. Source: Hyperdash

Currently, BobbyBigSize holds a $38 million short position in BTC and multiple altcoins. The trader also opened a $21 million leveraged long ETH position last week, indicating short-term confidence. Generally, the portfolio positioning is bearish, suggesting an expectation of a short-term correction.

Related: Critical Bitcoin trend change in works, but analysts say daily close above $80K required

The average trade duration for BobbyBigSize has been slightly longer than two weeks, while the median position has lasted for less than four days, according to Hyperdash data. Arkham data previously linked this address to Fasanara Capital, a London-based institutional asset manager. The company reportedly manages over $5 billion in assets.

Source: X/Arkham

According to Fasanara Digital’s website, it launched in 2018 and manages $400 million across market-neutral strategies and venture investments. In parallel, a quantitative multi-manager approach in various liquid markets manages $150 million. However, the strategy behind the fund’s approach to cryptocurrency was not clearly specified.

Hyperliquid DEX annualized funding rates. Source: Hyperliquid.xyz

Funding rates for BTC and ETH stood slightly positive on Hyperliquid, indicating moderate demand for leveraged long positions. Under neutral circumstances, longs pay 6% to 12% annualized rates to maintain their positions. Currently, funding rates are negative on Binance and Bybit, signaling unusually high demand for bearish leverage.

Algorithmic traders are erratic and unpredictable, and losses by “BobbyBigSize” over the past couple of months evidence that no single trading strategy lasts indefinitely. However, this whale’s bearish positioning aligns with the increased demand for leveraged short positions; therefore, Bitcoin traders should not discard the possibility of a retest of the $75,000 level.

Mantle has proposed lending up to 30,000 ETH to Aave DAO to help address bad debt linked to the Kelp DAO exploit. 

The proposal, named MIP-34, was published by the Mantle Core Contributor Team on Thursday. The loan would come from the Mantle Treasury and would only be used to resolve rsETH bad debt on Aave V3. If approved, the facility would give Aave extra liquidity as it works through losses caused by the exploit.

Mantle said the loan would also turn idle treasury funds into a yield-generating asset. The team said the plan could support closer work between Mantle and Aave and help speed up Aave’s deployment on Mantle Network.

Loan terms include yield and collateral

The proposal listed an indicative interest rate based on Lido staking APR plus a 1% premium. The final rate would be subject to negotiation between the parties.

The loan would have a maturity of up to 36 months. Aave would be allowed to repay early without a penalty, according to the proposal.

Mantle said the loan would be secured through a multisig wallet chosen by Mantle. The network would hold a first-priority lien and security interest over the wallet.

Aave would also need to place 5% of its revenue and at least $11 million worth of AAVE tokens into the wallet as collateral. If a default occurs, Mantle said the loan would become due and payable immediately.

Bybit backs Mantle proposal

Bybit CEO Ben Zhou said the exchange would support the proposal. Bybit is a major supporter and strategic partner of Mantle Network.

Zhou wrote, “When we got hacked, the industry got together and helped us.” He added, “It is the only right thing that we do the same to [unite] together and walk out from difficult times.”

The Mantle proposal said the loan “demonstrates active treasury management and a proactive stance on industry resilience, reinforcing token holder confidence in Mantle’s long-term stewardship.”

The plan also said interest proceeds could go to the Mantle treasury for MNT token burns or ecosystem funding. That would allow Mantle to link the loan to its own treasury strategy.

Kelp exploit drives wider DeFi response

The proposal follows the April 18 exploit of Kelp DAO’s LayerZero-powered bridge. The breach led to the unauthorized minting of 116,500 rsETH tokens worth about $292 million.

The attack spread to Aave after the exploiter supplied stolen rsETH as collateral on Aave V3. The exploiter then borrowed 82,650 WETH and 821 wstETH, leaving Aave exposed to bad debt.

Aave’s incident review estimated two possible bad debt outcomes of about $124 million or $230 million. Onchain analysts later said the attacker swapped all $175 million in stolen ETH into BTC through THORChain and other venues.

Several DeFi groups have joined relief efforts. Lido proposed up to 2,500 stETH, while EtherFi Foundation and Aave founder Stani Kulechov each pledged 5,000 ETH. Golem Foundation pledged 1,000 ETH, and Frax Finance said it is preparing its own contribution.

XRP has fallen about 5% against Bitcoin over the past week, reinforcing a technical setup that could tilt toward more downside unless buyers step in. The weekly chart shows XRP/BTC trading within a descending triangle that has now triggered a breakdown signal, underscoring a risk-weighted outlook for the pair.

The pattern’s implications point to a downside target near 0.000011 BTC, roughly 40% below current levels, calculated by measuring the triangle’s height and projecting it from the breakout point. Yet momentum metrics offer a possible counterpoint: the RSI sits at 33, a level associated with oversold conditions that have foreshadowed macro bottoms for the pair in the past. That dynamic leaves open the possibility of a near-term pause or reversal if buying interest returns.

Key takeaways

• XRP/BTC’s weekly descending-triangle breakdown targets about 0.000011 BTC, roughly 40% lower from current prices.
• RSI at 33 suggests oversold conditions that could precede a base formation or a pause in the slide.
• Institutional demand for XRP exposure is resurfacing, with US spot XRP ETFs seeing persistent inflows and rising assets under management.
• SoSoValue data show a nine-day streak of inflows totaling about $73.78 million, with cumulative inflows near $1.28 billion and AUM around $1.1 billion.

Technical picture: XRP/BTC pattern unfolds

The XRP/BTC pair has been consolidating within a descending triangle on the weekly timeframe since late 2024. A classic pattern in technical analysis, the descending triangle is typically considered bearish when the price breaks below the lower trend line. The break occurred as XRP/BTC closed beneath the 0.000096 BTC support, catalyzing the measured downside target around 0.000011 BTC. Traders watching these levels note that a failed defense of the near-term support—around 0.000091 BTC—could accelerate losses for both the XRP/BTC pair and XRP/USD.

Despite the bearish setup, the RSI’s current position in the low-30s has historically preceded macro bottoms for the XRP/BTC ratio, suggesting the possibility of a bottom before a meaningful recovery. If the pattern holds and selling pressure intensifies, the next leg could test additional support before any sustained rebound.

Institutional demand reemerges for XRP exposure

Separately, demand from institutional investors for XRP-linked products appears to be reviving. SoSoValue data show US-based spot XRP ETFs attracting $3.89 million in net inflows on Thursday, marking nine consecutive days of inflows and lifting the nine-day total to about $73.78 million. Cumulatively, inflows have neared $1.28 billion, with assets under management standing at roughly $1.1 billion.

Analysts have framed the ETF activity as a sign of growing institutional interest in XRP, even as the spot price remains soft. Don Digital Finance commented that the inflows indicate “steady institutional demand as accumulation continues despite sideways price action.” Fellow analyst Ledger Man suggested the development could signal a broader uptick in confidence around XRP, noting that rising exposure could eventually support a price recovery if demand persists.

Analyst ChartNerd cautioned that a break below the 0.000091 BTC level could accelerate declines in XRP/BTC and XRP/USD, highlighting the sensitivity of the situation to key support zones even as ETF flows suggest a longer-term structural interest from institutions.

Looking ahead, traders will be watching how the ETF inflow momentum interacts with the technical pattern on XRP/BTC. If inflows stay robust and risk appetite broadens, the potential for a counter-move higher could emerge, particularly if macro conditions remain supportive for crypto assets and if institutions continue to add XRP exposure during periods of price consolidation.

Readers should monitor the next few weekly closes for XRP/BTC and track whether ETF inflows maintain their pace, as those signals will help clarify whether the current setup is a setup for further downside or the seed of a broader rebound.

Metaplanet has announced a new bond issuance worth 8 billion yen, or about $50 million, to fund more Bitcoin purchases. The Japanese Bitcoin treasury firm said the bonds carry zero interest.

The bond issuance was fully subscribed by EVO Fund, a Cayman Islands-based investment firm. EVO Fund has also supported earlier Metaplanet offerings, making this the company’s 20th bond issuance.

Metaplanet has continued to build its Bitcoin position since April 2024. The company is Japan’s largest corporate holder of digital assets and remains one of the most active Bitcoin treasury firms.

Bitcoin treasury grows to 40,177 BTC

Metaplanet bought 5,075 BTC in the first quarter of 2026. That brought its total Bitcoin holdings to 40,177 BTC as of March 31.

The figure placed Metaplanet as the third-largest Bitcoin treasury company globally. Its strategy follows a model used by other public firms that hold Bitcoin as a major treasury asset.

The latest bond issuance shows that Metaplanet plans to keep adding Bitcoin despite market volatility. The company did not state the exact timing of its next Bitcoin purchases.

Moreover, the new fundraising comes after Metaplanet reported a $619 million net loss for the 2025 fiscal year. The loss was mainly linked to unrealized valuation losses on its Bitcoin holdings.

Unrealized losses reflect changes in the value of assets that have not been sold. For Bitcoin treasury firms, such losses can appear during periods of market weakness, even when the company continues to hold the asset.

Metaplanet’s decision to raise more funds shows that it has not moved away from its Bitcoin-focused approach. The zero-interest structure also limits direct borrowing costs for the company.

Bitcoin trades near $77,800

Bitcoin recently traded around $77,800, up about 10% over the past month. The recovery followed earlier market pressure tied to geopolitical tensions in the Middle East.

The asset remains below its October 2025 all-time high of about $126,000. Even so, recent gains have supported renewed attention on corporate Bitcoin treasury strategies.

Metaplanet’s latest bond sale adds to its ongoing accumulation plan. The company’s future results will remain tied to Bitcoin price moves and its ability to manage treasury risk.

Space and Time has launched Dreamspace, an AI-powered app builder designed to let users create on-chain applications without writing code. The platform is built for users who want to build apps through simple text prompts.

Dreamspace uses Microsoft Azure AI Foundry and Azure OpenAI. It also runs on Base, giving users access to low-cost and fast on-chain transactions.

The launch marks a new product push from Space and Time into AI-based development tools. The company said Dreamspace can generate working applications, including smart contract logic, from user instructions.

Microsoft-backed platform targets creators

Dreamspace is backed through Space and Time’s wider relationship with Microsoft. M12, Microsoft’s venture fund, led a $20 million investment in Space and Time in 2022.

The platform aims to make app creation easier for creators, students, and businesses. Users can describe what they want to build, and Dreamspace creates the application structure.

Each smart contract generated through the platform is fully auditable. This allows users to review how the contract works before deploying it on-chain.

Verifiable data supports on-chain apps

Space and Time secures the data layer behind Dreamspace. The company focuses on verifiable data infrastructure, which supports blockchain applications that need trusted data records.

Nate Holiday, co-founder of Space and Time and creator of Dreamspace, said, “Space and Time was built to make verifiable data accessible to any application, at any scale.”

He added, “Dreamspace is where that infrastructure meets the people building the next wave of the internet. When the data layer handles itself, the only thing left to focus on is what you want to create.”

Beta users created over 34,000 apps

During its beta phase, Dreamspace recorded more than 34,000 apps created by early users. The figure shows early demand for tools that reduce the technical barriers to app development.

The platform has also entered education programs, including AI labs and curriculum projects in Indonesia. These programs plan to reach more than 140,000 students.

Dreamspace uses Base to support fees under one cent and near-instant settlement. Space and Time said this setup can help users build and deploy real-world applications with less friction.

The launch adds to the growing overlap between artificial intelligence and blockchain infrastructure. It also shows how Microsoft-linked AI tools are being used in Web3 app development.

Ethereum price fell for the second straight day on Friday as institutional investors took a step back from the asset as they weighed rising geopolitical risks.

According to data from crypto.news, Ethereum (ETH) price fell 4% from the Wednesday high of around $2,400 to $2,300 at press time where it had been consolidating.

Ethereum price fell as spot Ethereum ETFs recorded $75.94 million in net outflows over the past day. It marks their first outflow day since April 8, breaking a 10-day inflow streak that drew in over $630 million into the products.

The break off from the inflow trend suggests that institutional investors could likely be booking profits out of their positions. This shift occurs as they turn cautious over a political deadlock regarding a ceasefire between the U.S. and Iran, while the Strait of Hormuz continues to remain a primary point of friction.

While it might not be a major cause for concern yet, market analysts are closely monitoring whether the outflows from Ethereum ETFs signal a long-term trend.

This comes as the daily Ethereum chart also presents a cautious outlook. Notably, Ethereum price is currently testing an ascending trendline support, a break below which could accelerate selling pressure.

Technical indicators also seem to support a bearish narrative. The MACD lines have formed a bearish crossover while the daily RSI has tilted towards the neutral threshold, a sign that bullish momentum is fading.

Hence if Ethereum price breaks below the ascending trendline support, the next logical move would be towards $2,200 next. If the asset loses this support level as well, the net target for bears could be $2,000.

On the contrary, a successful rebound above $2,400 could invalidate the bearish setup and pave the way for a recovery toward previous monthly highs.

U.S. spot Bitcoin ETFs recorded an eighth straight day of net inflows after drawing $223.2 million on Thursday. The latest inflow pushed total net additions above $2 billion during the current run.

BlackRock’s IBIT led the day with $167.5 million in net inflows, according to SoSoValue data. Funds from Ark Invest and 21Shares, Morgan Stanley, and Grayscale also recorded positive flows.

Not all funds saw new demand. Fidelity, Bitwise, and VanEck’s Bitcoin ETFs posted combined outflows of about $30 million during the same session.

BlackRock leads institutional demand

The inflow streak points to continued institutional demand for spot Bitcoin ETFs after earlier 2026 weakness. The products have regained attention as Bitcoin trades near $78,000.

Bitrue Research Lead Andri Fauzan Adziima said the latest run shows steady allocation activity. He stated, “This isn’t noise, it’s allocators treating the post-2025 pullback as a real accumulation zone, especially with resilient demand even after earlier 2026 outflows.”

Adziima added, “Institutions see BTC as core portfolio ballast now, not just a trade.” His comments suggest that some investors are treating Bitcoin exposure as part of wider portfolio planning.

Bitcoin price holds near $78,000

Bitcoin has gained about 10% over the past 30 days and has held near the $78,000 level. The asset remains below its October 2025 record high of about $126,000.

Adziima said continued inflows could create a steady demand base for Bitcoin. He said, “If these inflows keep rolling (or accelerate), I think it creates a structural bid that tightens supply even more.”

He added that Bitcoin could move toward the $85,000 to $90,000 range if ETF demand remains strong. However, he also noted that the market remains sensitive to macroeconomic and geopolitical news.

Ethereum ETFs see flow reversal

Ethereum ETFs also saw recent demand, posting 10 straight days of positive flows before recording $76 million in net outflows on Thursday. The shift came as Bitcoin products continued their inflow streak.

Bitcoin dominance has also moved above 60% for the first time this year, according to Adziima. That suggests the market has become more Bitcoin-heavy during the latest recovery.

He said, “The market isn’t euphoric yet; it’s mature and macro-sensitive.” He also warned that weaker ETF flows could test the $74,000 to $70,000 Bitcoin price zone again.

ECB teams with ECPC, nexo and Berlin Group to reuse open payment standards, cutting digital euro integration costs and clearing the path to a 2027 pilot, 2029 launch.

The European Central Bank (ECB) has signed agreements with three European standards bodies to reuse existing open technical specifications for processing digital euro payments, in a bid to lower integration costs and accelerate adoption across the euro area. Under the deals, European Card Payment Cooperation (ECPC), nexo standards, and the Berlin Group will align their frameworks so that payment providers can support digital euro transactions without expensive, bespoke upgrades to point-of-sale terminals and online systems.

The standards in scope include ECPC’s CPACE protocol for tap‑to‑pay near-field communication, nexo’s ISO 20022‑based acceptance specifications, and Berlin Group’s open interfaces for account-to-account and card-based payments. By building the digital euro on top of these existing rails, the ECB wants to offer “a European free alternative to current proprietary standards” dominated by global card schemes and digital wallets, according to Executive Board member Piero Cipollone. “The open digital euro standards will provide a European free alternative to current proprietary standards, make it easier for new European providers to enter the market and give European payment service providers and merchants the certainty they need to invest, innovate and compete across the euro area,” Cipollone said.

ECB targets cheaper rollout for banks and merchants

The ECB argues that reusing open standards should minimize scheme and implementation costs at a time when banks face multibillion‑euro IT bills to adapt to a potential central bank digital currency. Earlier estimates cited by Reuters suggested a digital euro rollout could cost European banks between €4 billion and €6 billion over four years, or roughly 3% of their annual IT maintenance budgets, underscoring why avoiding custom builds matters for political buy‑in.

Ana Grade, CEO of ECPC, called the deal “a major step” for her consortium’s CPACE standard, saying it will “further enhance the standard’s visibility and market presence” as part of the digital euro project. Jean‑Philippe Joliveau, chairman of nexo standards, added that the cooperation “confirms the position of nexo standards as an international and collaborative standardisation body for payment acceptance, supporting interoperability across the payments ecosystem.”

Next steps toward a 2029 launch

The agreements land as EU lawmakers work to finalize the digital euro regulation, which is expected to be adopted in 2026 and unlock full-scale investments by payment firms. The ECB has said it plans to publish the complete technical standards by this summer, with a 12‑month pilot focused on person‑to‑person and point‑of‑sale payments scheduled from the second half of 2027 and potential issuance readiness around 2029 if the legal framework is approved.

Officials frame the digital euro as a way to strengthen Europe’s monetary sovereignty and reduce reliance on non‑European payment giants such as Visa, Mastercard, and PayPal, while giving merchants access to a low‑fee, publicly backed payment option alongside cash and bank deposits. “This partnership shows our strong commitment to making sure the digital euro works with existing European standards that the private sector can also use,” Cipollone said, arguing that early standardization is key to a smooth rollout.