DeFi shrugs off altcoin dip; Coinbase joins S&P 500

Hola folks!

Welcome back to your weekly dose of crypto insights, major trends, market moves, and must-know updates from the crypto world.

In the week that went by, Bitcoin took a breather, slipping 0.80% as inflation data pointed to cooling prices, but the US Fed signaled rates may stay high. While Ethereum and altcoins tumbled, Solana’s DeFi ecosystem showed surprising strength, with platforms like Meteora and Believe.app leading in fee generation. 

Adoption continued to gain traction, with JP Morgan, Chainlink, and Mastercard making major moves. Meanwhile, the US stablecoin regulation inches closer to reality. Let’s unpack the latest stories shaping the crypto space.

Bitcoin ended the week slightly lower as the BTC rally cooled off, dipping 0.80% and trading within a range of $101,700 to $106,200. The broader macro environment set the tone for markets, as US producer prices fell 0.5% in April, the largest monthly drop since October, signaling cooling inflation alongside a softer CPI print. Despite the data, Fed Chair Jerome Powell warned that long-term interest rates could remain elevated. Meanwhile, Japan’s Metaplanet acquired 1,004 BTC for $104.6 million, pushing its total holdings to 7,800 BTC, now valued at roughly $807 million.

Ethereum followed suit, shedding 4.4% on the week, while altcoins took a heavier hit, SOL dropped 8.7%, SUI 11.5%, and ADA 12.6%. However, Solana saw some bright spots. Meteora, a Solana DEX, emerged as the second-highest fee generator across DeFi with $7.6 million in 24-hour fees, even outpacing Circle. Believe.app, a new Solana-based token launchpad, raked in $6.3 million in 24-hour fees and saw its LAUNCHCOIN token surge by 880%. Lending protocols also gained traction as Aave surpassed $40.3 billion in net deposits and Morpho hit $1 billion in total deposits on Base. Coinbase grabbed headlines after being added to the S&P 500 index, a major milestone for crypto-native firms, but also faced a setback due to a security breach that could cost up to $400 million.

On the adoption front, momentum continued building. JP Morgan, Chainlink, and Ondo Finance completed a cross-chain delivery versus payment test, reinforcing the rise of real-world asset tokenization. Thailand’s Finance Ministry revealed plans to issue $150 million in digital investment tokens, giving citizens a higher-yield alternative to traditional deposits. MoonPay and Mastercard’s partnership to enable USDT-based transactions is another push toward mainstream stablecoin adoption. 

Meanwhile, in a regulatory signal, a White House official confirmed that US President Trump is expected to sign legislation on stablecoins and market structure before the congressional recess in August.

Altcoins took a hit over the past week. The largest altcoin, Ethereum, shed value, while altcoins like SOL, SUI, and ADA followed suit. 

Weekly price movement: 

• BTC $103,013 ⏬ 1.45% (7d)

• ETH $2,400 ⏬ 6.58% (7d)

• SOL $161 ⏬ 8.11% (7d)

• SUI $3.68 ⏬ 11.73% (7d)

• ADA $0.71  ⏬ 13.12% (7d)

(All data here as of 2:20 p.m., 19 May 2025)

Before we conclude, here’s a quick look at some important news from around the crypto world.

• Stablecoin issuer Tether bought $458.7 million worth of Bitcoin for Twenty One Capital, a Bitcoin investment firm it backed that is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners. Tether snapped up 4,812.2 Bitcoin at $95,319 each and transferred it to an escrow wallet on May 9, Cantor Equity Partners disclosed in a May 13 filing with the US SEC, according to Cointelegraph.

• Brokerage fintech Robinhood is set to acquire WonderFi, a Canadian crypto firm, for $179 million in an all-cash deal to expand its global presence. The acquisition is expected to close in the second half of 2025. WonderFi operates two of Canada’s longest-standing regulated crypto trading platforms, Bitbuy and Coinsquare, managing over 2.1 billion Canadian dollars in assets under custody, according to Cointelegraph.

That’s it for now. Thanks for sticking around.

See you later, folks! 👋

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