Hey Crypto Addicts,

US spot Bitcoin ETFs recorded $635 million in net outflows on May 13, the largest single-day withdrawal since January….

BlackRock's IBIT led with $284.69 million, followed by Ark 21Shares at $177 million and Fidelity at $133 million. Not a single Bitcoin ETF recorded positive flows on the day.

The reason is not a mystery.

April CPI came in at 3.8%, the highest since May 2023. Then April PPI hit 6%, the biggest wholesale price increase since December 2022. Markets had priced in rate cuts. By Wednesday morning they were pricing rate hikes. Polymarket now puts the odds of zero rate cuts all year at 62%…

Remove the rate cut narrative and one of Bitcoin's key structural pillars disappears with it.

The good news..

The CLARITY Act cleared the Senate Banking Committee yesterday. Citi is tying a $143,000 Bitcoin price target directly to the bill clearing Congress and projecting $15 billion in additional ETF inflows if it passes.

Hot inflation. Hawkish Fed. Historic crypto legislation. All in the same week.

What we’ve covered for you today:

While Bitcoin was dealing with ETF outflows and hot inflation data yesterday, the AI world had its biggest moment of 2026.

Cerebras Systems soared 68% on its Nasdaq debut, closing at $311.07 after pricing at $185 and opening at $350. The largest US tech IPO since Uber in 2019, raising $5.55 billion and valuing the company at roughly $95 billion.

Cerebras builds wafer-scale AI chips the size of a dinner plate, claiming up to 15x faster inference than Nvidia GPUs at lower power consumption. Customers include OpenAI, Amazon Web Services and Meta. Revenue jumped 76% to $510 million in 2025. 👀

The honest caveats are real though. About 86% of 2025 revenue came from just two UAE-linked customers, and at closing price the stock trades at more than 130 times sales, well above Nvidia's multiple. Customer concentration at a $95 billion valuation is not nothing. 😅

The crypto connection: the Cerebras debut helped lift both crypto and traditional markets on the same day the Senate Banking Committee advanced the CLARITY Act in a 15-9 bipartisan vote, with Bitcoin hitting $82,000 following the vote.

AI euphoria. Regulatory milestone. Same day.

Whether Cerebras earns its valuation is a question for the next few quarters. ☕

April 2026 was the worst month for DeFi exploits on record. May is already trying to keep up.

Blockchain security firm Blockaid flagged an active smart contract exploit draining $132,700 from ShapeShift's FOX Colony on Arbitrum. A second related exploit followed almost immediately, pulling an additional $50,000, bringing total losses to approximately $182,700.

The attack targeted the executeMetaTransaction function in FOX Colony's contracts, using a delegate call to redirect funds to a malicious contract. Stolen assets included USDC and FOX governance tokens. 💀

The part that should concern the wider DeFi community: Blockaid warned that every Colony Network deployment exposing executeMetaTransaction on top of EtherRouter, across any chain, may face the same attack vector.

This is not just a ShapeShift problem.

ShapeShift has not released an official statement on recovery or compensation as of this morning. The broader context is grim. April 2026 logged $625 million drained across 28 separate DeFi incidents, the worst month on record.

If you have any approvals sitting on Colony Network contracts, revoke them now.

Not after coffee. Now. ☕

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Coinbase Took The Keys

Hyperliquid built one of the fastest growing DeFi trading platforms in crypto. Then Coinbase walked in and took control of the stablecoin layer.

Coinbase has been named the official USDC treasury deployer on Hyperliquid, assuming control of stablecoin liquidity management under the Aligned Quote Asset framework.

As part of the deal, Hyperliquid's native stablecoin USDH is being phased out entirely, just seven months after launching. Native Markets agreed to sell the brand assets to Coinbase. USDH holders can redeem without fees during the transition. 😅

The numbers make the move obvious. USDC supply on Hyperliquid has grown to approximately $5 billion, doubling year over year. Hyperliquid captures roughly 40% of all on-chain fee market share, ahead of Ethereum, Solana and Tron.

Under the new structure, Coinbase will share the majority of reserve yield with the Hyperliquid protocol rather than keeping it. A meaningful shift in stablecoin economics that could pressure other platforms to negotiate similar deals. 👀

Brian Armstrong put it simply: "USDC is becoming the standard across crypto markets."

USDH lasted seven months. USDC just became the infrastructure. ☕

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 Real Buy ?

Bitcoin's rounded bottom around $60,000 is building what looks like a significant long-term buying opportunity with clearly defined risk.

But we are not there yet.

The higher timeframe structure is still in a bearish trend. The current rise has not changed that reality. Price is grinding higher inside a broader downtrend until structure proves otherwise with volume and follow-through.

Here is the patient investor's roadmap.

If the current rise ends here, the next corrective move is expected to initiate a bottom structure around July to August 2026. That window would represent the kind of accumulation zone where durable long-term positions are built. 👀

The $60,000 region offers defined risk. You know where the thesis is wrong. You know where to place stops. You know what you are buying and why.

That is the setup patient investors wait for.

If you missed the move from $60K, do not chase the current rally at resistance. A better entry is forming between now and August at lower prices and with clearer confirmation.

Rounded bottom. Defined risk. Better prices ahead.

Patience is not missing the trade. It is finding the right one. ☕

Australia is reportedly planning major changes to its capital gains tax (CGT) system that could significantly impact long-term crypto investors. Under the proposed reforms, the current 50% CGT discount for assets held longer than 12 months would be replaced with an inflation-indexed model.

Crypto exchange Kraken is migrating its wrapped Bitcoin product, kBTC, and future wrapped assets away from LayerZero in favor of Chainlink’s CCIP infrastructure. The move comes after growing industry concerns surrounding cross-chain bridge security following the recent $292 million Kelp DAO exploit.

XRP whale wallets have surged to an all-time high, with more than 332,000 addresses now holding at least 10,000 XRP, signaling growing confidence and accumulation from larger investors. On-chain activity across the XRP Ledger has also continued to rise, with monthly transactions reaching record levels.

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Another day in the trenches… charts red, coffee strong, conviction stronger ☕