Key Takeaways

• Citi upgraded Boeing’s price target to $260 from $256 with a Buy rating, viewing the aerospace defense decline as a strategic entry point
• Defense, Space & Security revenue reached $7.6 billion in Q1, marking a 21% year-over-year increase with an $86 billion backlog
• Boeing exceeded Q1 earnings forecasts with -$0.20 EPS versus analyst estimates of -$0.68, while revenue climbed 14% to $22.22 billion
• A 200-plane order from China was confirmed, and director Bradley D. Tilden purchased nearly $300,000 in company shares
• Challenges persist with 777X certification hurdles and ongoing fixed-price contract concerns

Boeing (BA) stock started Friday’s session at $219.18, hovering narrowly above its 200-day moving average of $218.62, as analysts increasingly focus on the aerospace giant’s defense operations.

The Boeing Company, BA

Citi analysts elevated their Boeing price objective to $260 from $256 this week while reaffirming their Buy recommendation. The firm characterized the recent aerospace and defense sector weakness as a compelling buying window, emphasizing Boeing’s strengthening defense operations as central to the recovery narrative.

First-quarter results support this thesis. Boeing’s Defense, Space & Security division generated $7.6 billion in quarterly revenue, representing a 21% year-over-year jump. Segment operating profit improved to $233 million from $155 million in the prior-year period, while the backlog reached an all-time high of $86 billion, with international clients accounting for 27% of future orders.

Consolidated revenue totaled $22.22 billion in Q1, reflecting 14% annual growth and surpassing Wall Street’s $22.15 billion projection. The per-share loss of $0.20 significantly outperformed the consensus estimate of -$0.68, providing optimistic investors with tangible evidence of improvement.

Boeing’s total backlog expanded to an unprecedented $695 billion.

However, the commercial aviation segment continues facing headwinds. Boeing recorded a GAAP per-share loss of 11 cents, and the 777X certification process has encountered unexpected technical complications, with “hot brakes” emerging as a more substantial issue than initially anticipated. This development pressured shares and reignited questions about the company’s ability to execute smoothly.

Defense Business Strengthens Long-Term Growth Story

Beyond quarterly performance, Boeing secured a seven-year agreement with the U.S. Department of War in April to triple manufacturing output for PAC-3 seekers utilized in Patriot missile defense systems. Since 2024, Boeing has invested over $200 million in expanding production capabilities at its Huntsville, Alabama facility.

The proposed fiscal 2026 defense budget allocates $2.5 billion specifically for missile and munitions manufacturing, sustaining favorable government spending trends.

In March 2025, Boeing received the engineering and manufacturing development contract for the F-47, the Air Force’s Next Generation Air Dominance platform — promoted as the planet’s first sixth-generation combat aircraft. This program provides the defense division with a crucial long-term revenue foundation.

China Aircraft Order and Insider Buying Signal Confidence

China validated a 200-aircraft Boeing purchase as part of expanded U.S.-China trade negotiations, effectively reopening a previously stalled market. While some market participants anticipated a more substantial order volume, potentially capping immediate upside, the agreement nevertheless enhances forward demand clarity.

On the institutional front, Connors Investor Services established a new position valued at approximately $10.46 million during Q4. AXA S.A. expanded its holdings by more than 1,200%. Institutional ownership currently represents roughly 64.82% of outstanding shares.

Director Bradley D. Tilden acquired 1,370 Boeing shares at $218.50 per share on May 20th, totaling $299,345, according to SEC disclosure documents.

The consensus Wall Street rating stands at “Moderate Buy” with an average price objective of $259.80.

TLDR:

• Hyperliquid has funneled over $1.16 billion in cumulative trading fees into open-market HYPE buybacks since launch.
• The Assistance Fund deploys nearly 99% of protocol revenue into continuous HYPE purchases, operating independently of investor sentiment.
• Quarterly buybacks dropped roughly 40% from Q3 2025 to Q1 2026, even as HYPE continued climbing to record highs.
• Analysts warn that a decline in perpetual futures volume would shrink buyback support precisely when token holders need it most.

Hyperliquid’s HYPE token reached an all-time high above $62 on May 21, 2026. Forbes contributor Zennon Kapron argues that the Hyperliquid HYPE buyback mechanism is the primary price driver.

Spot ETF launches contributed, but their inflows remain modest in comparison. The protocol has funneled over $1.16 billion in trading fees into open-market HYPE purchases since launch.

Understanding this distinction changes how investors should read the current rally.

The Assistance Fund Acts as a Continuous Market Buyer

Hyperliquid routes approximately 99% of perpetual and spot trading fees into a mechanism called the Assistance Fund. That fund then purchases HYPE on the open market, block by block, regardless of market conditions.

No governance vote or board decision can pause the process. The buying is a direct function of the protocol’s revenue model.

The scale of these purchases places the fund well above ETF inflows as a price driver. Bitwise launched the first US spot Hyperliquid ETF in May, attracting tens of millions in its opening week.

The Assistance Fund, by contrast, deployed $316.76 million in buybacks during Q3 2025 alone. As Kapron put it, the ETF launch “became the headline because it fits a familiar template,” while “the Assistance Fund is the part actually setting the price.”

Two additional streams reinforce the fund’s activity. Hyperliquid Strategies, which trades on Nasdaq under PURR, holds roughly 20 million HYPE tokens and reported $152.5 million in net profit last quarter, mostly unrealized gains on its holdings.

Separately, up to 90% of reserve yield earned on USDC held across the platform also flows back toward buybacks and ecosystem incentives.

Together, these three pipelines direct substantial capital toward HYPE consistently. The combined effect creates a layered support structure beneath the token’s market price. That structure, however, depends entirely on sustained trading volume.

Volume Dependence Creates a Two-Sided Mechanism

Quarterly buyback figures have already begun declining despite record token prices. The fund spent $316.76 million in Q3 2025, $255.05 million in Q4 2025, and $192.25 million in Q1 2026, a roughly 40% drop across two quarters.

Meanwhile, HYPE continued setting new highs. Price and the buyback engine moved in opposite directions during this stretch.

This gap becomes critical during a broader market downturn. Kapron notes that in a genuine crypto drawdown, “perpetual-futures volume contracts hard, the buyback contracts with it, and the support fades at the exact moment HYPE holders most want a buyer in the market.”

The mechanism that amplifies gains on the way up withdraws support on the way down.

The token’s unlock schedule adds further pressure. As locked HYPE enters circulation, the fund must absorb growing selling pressure simply to maintain price stability. Rising float alongside declining volume would compound simultaneously.

Kapron frames the trade plainly, writing that buying HYPE at record highs is “a leveraged position on one variable” tied to whether perpetual futures volume on a single exchange keeps rising. That is a narrow position, and investors should weigh it carefully before entering at current levels.

A notable blockchain researcher has pushed back on recent criticisms of the Ethereum Foundation, arguing the organization is performing exactly what it was designed to do. In a post on X titled “Leave the Foundation Alone,” William Mougayar—a Toronto-based investor, researcher and best-selling author—contends that ETH, Ethereum and the Ethereum Foundation occupy distinct roles, each following its own trajectory.

Mougayar frames the asset as money, Ethereum as the underlying infrastructure, and the Foundation as a non-profit steward aiming to guide the protocol toward a future where it becomes less central to the ecosystem. He warns that conflating these roles leads to inaccurate predictions and misplaced anger about ETH’s direction.

Key takeaways

• The Ethereum Foundation’s mandate, according to Mougayar, is protocol stewardship and research funding, not marketing or price support for ETH.
• Critics’ demand for the Foundation to promote ETH or court institutions is likened to asking the Internet Engineering Task Force to run ads for TCP/IP.
• In recent weeks, the Foundation completed a third OTC ETH sale to BitMine, moving 10,000 ETH at an average price of about $2,292 (roughly $22.9 million), bringing total BitMine dealings to roughly $47 million.
• Unstaking activity accompanied the sales: 17,035 ETH unlocked (about $40 million), and an additional 21,270 ETH was unstaked from Lido earlier this month (nearing a 70,000 ETH staked milestone in that period).
• ETH was trading around $2,117, up about 4.7% on the day, but remains over 57% below its all-time high of $4,953 reached in August last year, according to CoinMarketCap data.

EF’s role in hardening the protocol, not marketing the asset

In his X post, Mougayar emphasizes that the Ethereum Foundation is deliberately distinct from both the ETH asset and the broader Ethereum network. He describes the EF as pursuing a “subtraction path”—a strategy aimed at making the protocol more autonomous and less dependent on a centralized actor over time. “It is hardening the protocol so the world does not need it so much. It is shipping upgrades. It is funding the research that nobody else funds,” he wrote.

The analogy is pointed: critics who expect the EF to actively market ETH or court institutions are, in Mougayar’s frame, effectively seeking a governing body to replace market signals. He likens that expectation to asking the IETF to run large-scale promotional campaigns for TCP/IP—a comparison meant to separate technical governance from promotional ambition.

Market moves and investor implications

The timing and nature of the Foundation’s treasury activities have long been a subject of debate within crypto circles. Earlier this month, the EF completed its third over-the-counter sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average price of $2,292. The deal, valued at about $22.9 million, followed two prior transactions—5,000 ETH in March and another 10,000 ETH the week before—bringing the aggregate to around $47 million in ETH sales to BitMine in recent weeks.

These sales have coincided with unstaking activity that supporters frame as treasury management rather than a market-moving signal. The Foundation unstaked 17,035 ETH worth roughly $40 million, and earlier in the month, an additional 21,270 ETH were unstaked from Lido, valued at nearly $50 million. The pace of unstaking, combined with the sales, has fed ongoing questions about the Foundation’s influence on ETH’s price trajectory.

From a price perspective, Ethereum stood around $2,117, up about 4.7% on the day of the report. While this marks a positive swing in the short term, ETH remains significantly below its all-time high of $4,953 recorded in August last year, underscoring that Foundation actions are just one of many factors shaping the token’s broader market behavior. CoinMarketCap’s data underscores the longer-term context facing investors who weigh the asset as a potential long-term holding against ongoing shifts in staking, liquidity and supply dynamics.

What this means for holders and developers

Taken together, Mougayar’s perspective and the Foundation’s recent activity highlight a broader shift in the Ethereum ecosystem: governance and funding mechanisms are decoupling from price-centric narratives. For investors, the takeaway is twofold. First, a more autonomous protocol—achieved through upgrades and sustained, targeted research funding—could reduce systemic reliance on any single institution, potentially contributing to long-run resilience. Second, the Treasury’s use of ETH through OTC sales and unstaking moves introduces a continuing element of treasury management that may constrain near-term supply dynamics and, by extension, price sensitivity to major moves by the EF.

Market observers will be watching how the EF aligns its actions with the long-term health of Ethereum’s core protocols, including upcoming upgrades and research funding decisions. While critics may view such treasury activity as a headwind for price, proponents argue it reflects prudent stewardship aimed at preserving decentralization and protocol integrity over time. As with previous cycles, the ultimate impact will hinge on a mix of on-chain developments, macro conditions and the evolving regulatory environment surrounding crypto asset management.

For now, Mougayar’s argument reframes the debate: the Ethereum Foundation is not an advertising arm but a foundational institution whose work is intended to outlast any single market cycle. The coming quarters will reveal whether this approach strengthens Ethereum’s long-term viability and how it shapes the appetite of investors and builders alike.

Readers should monitor upcoming EF upgrades, research funding announcements and treasury activity, which together will illuminate how the foundation navigates its shrinking centrality while continuing to support the protocol’s evolution.

Bitcoin (BTC) fell to $74,190 on Saturday, its lowest level in more than a month, despite pro-crypto Kevin Warsh being sworn in as Federal Reserve chairman a day earlier.

BTC/USD daily chart. Source: TradingView

Key takeaways:

• Higher odds of a rate hike in 2026 are pressuring the Bitcoin market.
• Bitcoin has historically struggled during years marked by Federal Reserve leadership changes.

Why is Bitcoin down despite a pro-crypto Fed chair?

Bitcoin’s sell-off came as the 2-year US Treasury yield climbed to 4.14%, its highest level since February 2025.

US 2-year bond yield daily chart. Source: TradingView

The 2-year yield is closely tied to where traders expect the federal funds rate to move in the near term. Its move above the Fed’s current 3.50%–3.75% target range suggests markets are no longer betting on quick easing under Warsh.

CME data shows traders now expect the Fed to keep rates unchanged for most of 2026, with futures pricing pointing to a possible 25 basis point hike in December.

Target rate probabilities for the December Fed meeting. Source: CME

Over the past three decades, the Fed has typically raised rates when the 2-year Treasury yield moved above the federal funds rate, as the gap suggested markets were pricing in tighter policy ahead, according to data provided by BCA Research.

US 2-year Treasury yield vs. US Fed fund target rate. Source: BCA Research

Conversely, when the 2-year yield fell below the Fed funds rate, it often signaled expectations for future rate cuts.

Related: Bitcoin ETFs snap 5-day inflow streak as BTC dips under $80K

Such a shift weakens the bullish case for BTC, which typically benefits from falling yields, lower real rates and easier liquidity conditions.

Warsh is “a known inflation hawk”

In the past, Warsh has spoken favorably about Bitcoin, criticized central bank digital currency, and backed a larger role for private-sector financial innovation. For crypto traders, that checks several bullish boxes.

But from a monetary-policy perspective, Warsh may still challenge the bullish Bitcoin narrative, according to analyst Crypto Patel.

In a Saturday post, Patel noted that Warsh is “a known inflation hawk,” not a dove, adding that a difficult macro backdrop, including Iran war-driven inflation risks and labor-market pressure, may keep him from slashing rates.

“Crypto-friendly on regulation is NOT the same as dovish on rates,” he said.

Bitcoin underperforms in years of Fed leadership changes

Another warning comes from Bitcoin’s historical reaction to Fed leadership changes.

In a Saturday post, analyst Lucky noted that BTC has struggled during previous chair transitions: it fell 84% after Janet Yellen took over in January 2014, 73% after Jerome Powell started in February 2018, and 60% after Powell began his second term in May 2022.

Source: X

Warsh’s takeover has so far coincided with a sharp BTC decline, suggesting traders may again be de-risking as they wait for policy clarity from the new Fed chief.

Bank of America reported about $53 million in crypto ETF exposure in its Q1 2026 13F filing, with BlackRock’s iShares Bitcoin Trust leading the group. 

The filing showed a larger IBIT position and smaller Ether and Solana ETF exposure, putting Bitcoin at the center of the bank’s reported crypto ETF basket.

Bank of America held 972,590 shares of IBIT worth about $37.3 million at the end of the quarter, up from 719,008 shares in the prior filing. That made IBIT the largest single crypto ETF position in the bank’s report.

The bank also held smaller Bitcoin ETF positions across other issuers. Its reported holdings included about $7.98 million in Bitwise’s BITB, $3.32 million in Grayscale’s Bitcoin Mini Trust, and about $1.71 million in Fidelity’s FBTC. Smaller positions in GBTC, VanEck’s HODL, and ARKB also stayed on the books.

Ether and Solana exposure moves lower

The filing showed lower exposure to Ether and Solana products during the same quarter. Bank of America’s Ethereum allocation stood near $1.06 million through BlackRock’s ETHA, with 67,492 shares remaining after the reduction.

The bank also sold 700 shares of the Volatility Shares 2x Solana ETF and kept 10,296 shares of the standard Solana ETF, valued near $86,000. XRP exposure stayed unchanged at 13,000 shares of the Volatility Shares XRP ETF, worth about $98,500.

Strategy stock dwarfs ETF holdings

The ETF positions were smaller than the bank’s crypto-linked equity exposure. The filing also showed 3.96 million shares of Strategy, formerly MicroStrategy, valued near $660 million.

Strategy remains widely tracked because of its large Bitcoin treasury. For Bank of America, that equity position was more than twelve times larger than its direct crypto ETF exposure at quarter-end.

Bank filings add to institutional ETF trend

The filing was submitted to the U.S. Securities and Exchange Commission as a Form 13F-HR. The SEC filing page lists a May 18 filing date and a March 31 reporting period.

Related crypto.news coverage reported that Wells Fargo also used regulated crypto products in Q1, with IBIT still its largest crypto ETF position at about $250 million. The same report noted that 13F filings show holdings, not the reason behind each trade.

A separate crypto.news report cited a Coinbase and EY-Parthenon survey of 351 institutions. It found that 73% planned to increase digital asset allocations in 2026, while regulated products had become the preferred exposure route for about two-thirds of respondents.

Crypto wrench attacks in France have become a larger concern after Bitcoin journalist Joe Nakamoto said the country accounts for about 70% of reported physical attacks against crypto holders and their families. 

The latest figures put the country at the center of a security debate that now links privacy, custody, and personal safety.

Nakamoto said France has recorded 41 crypto-linked kidnappings so far in 2026. That equals roughly one case every two and a half days, based on his latest report.

A wrench attack means criminals use force, threats, kidnapping, or home invasion to pressure a victim into handing over crypto. The target is often not only the holder, but also relatives who may be easier to reach.

KYC data leak fears return

Nakamoto linked the rise in attacks to centralized know-your-customer records. He said criminals can use leaked names, emails, phone numbers, and home addresses to find possible crypto holders.

The 2020 Ledger customer data leak remains central to that debate. Nakamoto said the breach exposed details tied to more than 270,000 customers worldwide. 

“France is the canary in the coal mine, demonstrating how financial regulations create a surveillance apparatus that causes direct harm to bitcoin holders,” said Casa CEO Jameson Lopp.

French authorities widen security response

Related reports show that French authorities have already moved against several suspected networks. April coverage reported that 88 suspects were charged in connection with wrench attack cases in France, including minors.

The same reporting noted that PNACO tracked 18 incidents in 2024, 67 in 2025, and 47 so far in 2026. Separate coverage said France also planned a prevention platform and a wider security plan after police records counted 41 crypto-linked kidnappings this year.

Bitcoin holders receive safety warnings

Nakamoto said some attacks are arranged by criminals outside France, who recruit young people inside the country to carry them out. He advised crypto holders to avoid public posts that reveal wealth, wallet use, or direct exposure to digital assets.

He also pointed to custody tools that can freeze funds when a user faces a threat. Some services use a pre-agreed word or phrase to warn the company that a customer is under pressure. Nakamoto also suggested a small decoy wallet for emergency situations, while stressing that a low public profile remains important.

The report adds to a wider debate over privacy, KYC rules, and crypto holder safety. France now shows how exposed personal data can move from online leaks into offline threats, forcing users and companies to rethink basic security habits.

StablR’s euro and dollar stablecoins lost their pegs after a suspected private key compromise allowed an attacker to take control of minting permissions and extract about $2.8 million.

Blockchain security firm Blockaid said its detection system found an ongoing exploit affecting StablR on Ethereum. The firm said the attacker targeted the issuer behind StablR Euro, EURR, and StablR USD, USDR, with about $2.8 million extracted so far.

Blockaid said the suspected cause was a compromised private key linked to one owner of the minting multisig account. The setup reportedly used a 1-of-3 threshold, meaning one compromised owner key was enough to control minting access.

Attacker mints 12.85 million tokens

According to Blockaid, the attacker added themselves as an owner, replaced the two other legitimate owners, and minted 8.35 million USDR plus 4.5 million EURR. The new supply pushed both stablecoins away from their intended pegs.

The attacker then swapped about $10.4 million in face value through decentralized exchanges. Due to thin liquidity, the attacker realized only 1,115 ETH, worth about $2.8 million. 

“This is not a smart contract bug — it’s a key management and governance failure,” said Blockaid.

Market trackers showed the peg break during Sunday trading. CoinGecko listed EURR near $0.908, down more than 21% over 24 hours, while CoinMarketCap showed EURR near $0.8995 and down more than 22% on the day.

USDR also traded below its intended $1 peg during the incident. CoinMarketCap listed the token near $0.7225 in the same trading window.

Tether-backed issuer faces market stress

StablR presents EURR and USDR as regulated stablecoins backed by reserves held in secure segregated accounts. Its website says both tokens run on Ethereum and Solana and are pegged to the euro and U.S. dollar for digital transactions.

The issuer has also been part of Tether’s European stablecoin push. Tether invested in StablR in December 2024, while crypto.news later reported that Oobit and StablR launched MiCA-compliant EURR and USDR payment support in Europe.

May exploit wave adds pressure

The StablR incident comes during a busy month for crypto security teams. Related coverage on crypto.news reported that the Verus bridge exploiter returned 4,052 ETH, worth about $8.5 million, while keeping 1,350 ETH as a bounty after a settlement offer.

Earlier crypto.news reports also covered Resolv Labs, where USR lost its peg after an attacker minted unbacked tokens. The latest StablR case adds another example of stablecoin minting controls becoming a direct risk when key access fails.

Key Takeaways

• Security firm Blockaid identified an active exploit targeting StablR, resulting in approximately $2.8 million in losses
• An attacker exploited a vulnerable 1-of-3 multisig setup by compromising a single private key to mint 8.35M USDR and 4.5M EURR
• EURR lost its peg, plummeting 23% from $1.15 to $0.88, while USDR fell 30% to $0.70
• Despite minting tokens valued at $10.4 million, limited liquidity on decentralized exchanges netted the hacker only 1,115 ETH
• Over a dozen significant DeFi security incidents have occurred in May 2025, affecting platforms like THORChain, Verus Bridge, Echo Protocol, and Polymarket

StablR, a regulated stablecoin issuer, fell victim to a major security breach on Sunday, with hackers draining approximately $2.8 million from the platform. The exploit was first identified by blockchain security company Blockaid using its real-time threat detection system.

The root cause appears to be a compromised private key within StablR’s minting multisignature wallet. The wallet’s configuration featured an inadequate 1-of-3 threshold setup, requiring just a single key to authorize transactions.

Leveraging this vulnerability, the hacker added their own address as an authorized owner while simultaneously removing legitimate owners. This access allowed them to illegally mint 8.35 million USDR and 4.5 million EURR tokens.

Blockaid didn’t mince words when describing the incident. “This is not a smart contract bug — it’s a key management and governance failure,” the security firm stated.

Dramatic Depeg Events Hit Both Stablecoins

The unauthorized token creation triggered severe depegging across both of StablR’s stablecoin offerings. EURR, the platform’s euro-denominated stablecoin with a $14 million market capitalization, experienced a dramatic 23% drop from its $1.15 peg down to $0.88.

Meanwhile, USDR, StablR’s dollar-pegged token boasting an $11 million market cap, crashed 30% to $0.70. As of press time, neither stablecoin had recovered its intended peg.

The attacker proceeded to liquidate the freshly minted tokens through decentralized exchange platforms. However, shallow liquidity pools significantly impacted the actual value extracted—the tokens, nominally worth approximately $10.4 million, converted to merely 1,115 ETH, equivalent to roughly $2.8 million.

Blockchain investigator ZachXBT estimated the total exploit amount at around $10 million. The attack remained active when initial reports surfaced Sunday morning.

As of this writing, StablR has not released any official statement or update via its X account.

May 2025: A Challenging Month for DeFi Security

May has proven particularly troublesome for cryptocurrency security. Data from DeFiLlama shows over a dozen significant exploits have occurred throughout the month.

Additional platforms compromised in May include THORChain, Verus Bridge, Echo Protocol, and Polymarket. A common thread among many incidents involves compromised private or administrative keys rather than vulnerabilities in smart contract code.

Volo Vault, Wasabi Perps, Echo Bridge, and Polymarket have all experienced comparable key-based security breaches within the last sixty days.

On May 21, Map Protocol, a Bitcoin cross-chain bridge solution, suffered its own exploit through an actual smart contract vulnerability. In that case, the attacker managed to mint one quadrillion MAPO tokens, triggering a catastrophic 96% price collapse.

StablR specializes in issuing regulated stablecoins with reserves maintained in segregated accounts at established financial institutions. Notably, Tether, the world’s dominant stablecoin provider, made an investment in StablR during December 2024.

At publication time, StablR has yet to release an official response regarding the security breach.