Hey Crypto Addicts,

Adam Back has never owned an altcoin. Not one. And this weekend he reminded the entire industry exactly why. Back, the inventor of Hashcash and one of Bitcoin's founding pioneers, posted on X that the efficient market is finally catching up with "air tokens, altcoins, memecoins etc."

His exact words: "I was expecting efficient market hypothesis to kick in with alts and price them at $0. I was making that call a decade ago. I am surprised it took this long."

His conclusion: "Buy bitcoin, hodl, repeat."

The data supports the case. Bitcoin dominance is sitting near 59%, with nearly 40% of altcoins trading near all-time lows. When capital concentrates in Bitcoin, smaller tokens see shorter rallies and sharper drawdowns.

That is exactly what is happening right now.

Back's argument is not new. Most altcoins have no cash flows. No real demand. No competitive moat. They exist because retail buys the narrative before the market prices in reality.

The efficient market is doing exactly what efficient markets do.

Finding the real price. And for a lot of these tokens, that price might be zero.☕

This week is short on US trading sessions and long on market-moving catalysts. US markets close Monday for Memorial Day, compressing everything into a four-day window. Here is what is coming:

Trump announced over the weekend that a peace deal with Iran has been "largely negotiated" with an announcement coming shortly. Iran dismissed the claim as "far from reality."

Bitcoin has already absorbed some optimism, recovering from $75,800 lows toward $77,000.

But the real test is Thursday.

April PCE is expected to show inflation remains elevated, with headline PCE up 0.4% month over month and core PCE up 0.3%. Hot inflation lowers rate cut hopes and strengthens the dollar. Soft inflation gives Bitcoin room to move higher.

Four days of catalysts. One direction to watch.

Iran deal or no deal. PCE hot or cold. This week decides the next move. ☕

Privacy Coin ETF

Grayscale just filed for something the SEC has never approved before.

On May 12, Grayscale filed a Form S-3 with the SEC to convert its existing Zcash Trust into a spot ETF on NYSE Arcaunder the ticker ZCSH, holding 391,103 ZEC worth approximately $99.4 million.

If approved, it becomes the first US spot ETF tied to a privacy coin. Full stop.

The timing is not accidental.

The filing came shortly after the SEC closed its long-running Zcash investigation without enforcement action, removing the regulatory overhang that had kept privacy assets out of regulated investment vehicles for years.

The structure mirrors Grayscale's Bitcoin and Ethereum ETF conversions exactly. Coinbase Custody holds the ZEC. Bank of New York Mellon handles administration. The fund tracks the CoinDesk Zcash Price Index minus fees.

Multicoin Capital disclosed a significant ZEC position ahead of the filing. Institutional interest arrived before the announcement.

The honest caveat: the ETF has not been approved yet. The prospectus states information is "not complete and may be changed."

But Grayscale just put a privacy coin in front of the SEC for the first time in history.

That is not nothing.☕

Wall Street hijacked the stock market 200 years ago. 

Now in 2026, they're coming for YOUR digital assets.

Bitcoin was supposed to be peer-to-peer. No banks. No middlemen.

Not anymore.

BlackRock owns more Bitcoin than most countries. 

Fidelity's ETF hit $10 billion. 

JPMorgan called Bitcoin a "fraud" — now they run billions in tokenized assets. 

They ARE crypto now.

Every time you hit "Buy" on Coinbase, you're trading at their prices that they've already positioned themselves for the biggest returns. You're fighting over scraps.

It's the 2008 playbook. 

Wall Street sold mortgage-backed securities to retail, then shorted them and made billions while people lost their homes.

But there's a way to operate outside their system.

Tan Gera, ex-Wall Street banker and CFA Charterholder, walked away after discovering their two-tier system. 

Now, his 35-person research team helps 3,000+ investors access opportunities before Wall Street marks them up 100x.

Click here to watch the free presentation now →

For educational purposes only. Results will vary. DM Intelligence LLC is not liable for losses.  

Pi Network Year One

Pi Network opened its mainnet firewall on February 20, 2025. Fifteen months later, the story is complicated.

PI reached an all-time high of $2.99 shortly after launch before falling to around $0.15 by May 2026. A 95% drop in one year. Not the headline 18 million KYC-verified users were hoping for.

The development side tells a different story.

Protocol 23 was successfully deployed across over 421,000 active mainnet nodes, activating smart contracts on the mainnet for the first time and introducing parallel transaction processing and native DEX infrastructure.

Seven years of mobile mining just became a programmable blockchain.

The honest picture is mixed.

Pi still faces tier-one exchange gaps, KYC migration delays and ongoing supply unlock pressure. Token unlocks continue putting downside pressure on price while the ecosystem waits for developers to actually build on Protocol 23.

The Pi Launchpad and PiDEX are in the pipeline. Founders spoke at Consensus Miami 2026. Chainlink integration was announced.

Year one delivered the infrastructure. Year two needs the builders.

PI trades at $0.15. Smart contracts are live. The hard part starts now. ☕

The Future of Crypto Banking Is Here

While most people are still juggling wallets, exchanges, and banks… a small group is already moving faster with all-in-one crypto banking.

Veil Bank isn’t just another tool.

It’s a privacy-first omni-bank where you can swap, bridge, borrow, and spend ~ all in one place, without friction.

No delays. No unnecessary steps. No outdated systems holding you back.

The reality? The people who adopt better tools early are the ones who win long term. Everyone else catches up later… at a cost.

Don’t be the one still figuring it out when the edge is already gone.

👉 Get ahead here: https://veilbank.co/#products

The 2022 Fractal ?

The chart is telling a familiar story. And it is not a comfortable one.

Bitcoin's current price action is showing striking similarities to the 2022 bear market fractal. Back then, an oversold bounce led into a convincing relief rally before the market rolled over and continued significantly lower.

Sound familiar?

The current structure is almost identical. A strong recovery move off the lows. Momentum stalling beneath $80,000 resistance. Signs of potential topping price action beginning to appear.

From a fractal perspective, failure to reclaim and hold above $80,000 could trigger a bearish rotation that mirrors the previous cycle almost tick for tick.

Internal support needs to hold to keep the bullish case alive. Range support must not be lost or the structure breaks down entirely. Both are being tested right now.

If the fractal continues playing out, the next major area of interest sits between $40,000 and $50,000. That zone represents the next major higher timeframe swing low and a significant liquidity area where price could build the foundation for a much larger macro rally later in the cycle.

To be clear, nothing is confirmed yet.

The coming sessions will decide whether Bitcoin reclaims strength above resistance or whether the fractal continues toward lower targets.

$80K is the line. Everything pivots from here. ☕

Russia is moving toward a regulated crypto framework that would allow digital assets to be used for cross-border trade settlements while still banning crypto payments domestically. The proposed legislation, approved in its first reading by the State Duma, would place the Bank of Russia in charge of licensing crypto operators.

StablR’s euro and US dollar stablecoins, EURR and USDR, temporarily lost their pegs after an ongoing exploit drained approximately $2.8 million from the protocol. Blockchain security firm Blockaid reported that the attack was likely caused by a compromised private key tied to a weak multisig minting wallet.

Harvard University’s endowment fund has reportedly sold its entire $87 million Ethereum position after holding it for just one quarter, according to its latest SEC filing. The position was tied to BlackRock’s iShares Ethereum Trust ETF, which Harvard accumulated during Q4 2025 before fully exiting in Q1 2026.

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My wallet went from “to the moon” to “back to work Monday….