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The crypto market remained cautious and mixed throughout the week. Bitcoin has been consolidating around the $88,500–$91,200 range, with traders watching macro triggers like the upcoming Federal Reserve meeting for directional cues, while overall market capitalization held near $3 trillion. During this period, Ethereum traded near $3,000, signalling relative stability amid broader sideways action, and several smaller tokens posted notable gains as the market sought fresh momentum.

Institutional actors made headlines: Strategy — the bitcoin-focused firm led by Michael Saylor — purchased roughly $2.13 billion worth of BTC (about 22,305 BTC) over eight days, demonstrating confidence despite recent volatility, though the firm reported large unrealized losses on its holdings.

A significant regulatory shift occurred when the U.S. SEC agreed to dismiss its enforcement case against Gemini Space Station (formerly Gemini Earn) after investors were fully made whole through the Genesis bankruptcy process — a move that investors interpreted as a sign of a more constructive regulatory climate for crypto firms.

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What is DeFi?

DefiLlama’s leaderboards show that while centralized exchanges (CEXs) still dominate in volume terms, decentralized finance (DeFi) continues to grow in importance.

DeFi is a blockchain-based financial system that is permissionless and transparent and non-custodial, meaning that anyone with an internet connection can participate and users control their own assets, without intermediaries. The DeFi market includes numerous different services, including decentralized exchanges like Uniswap, stablecoins like DAI, lending protocols like Aave, and more.

While DeFi TVL (total value locked) declined in Q1 of 2025, the Trump administration shows a generally favourable outlook for the sector.

In April 2025, President Trump signed legislation overturning an IRS rule that would have classified DeFi platforms as brokers, requiring them to report user transactions. This move was seen as a significant victory for the DeFi industry, alleviating concerns about privacy and operational feasibility.

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Why we are highlighting these token categories

While memecoins have been a huge story in crypto for the last year, AI Agents, Real-World Assets (RWA), and DePIN are reshaping the token economy in profound ways — each opening new frontiers for utility, scalability, and real-world impact. As the crypto space matures beyond speculation, these technologies are driving a more grounded and interoperable future for blockchain.

AI agents are increasingly being integrated into decentralized platforms, where they can execute smart contracts, optimize yield strategies, or help users navigate DeFi ecosystems.

RWAs refer to the tokenization of tangible or off-chain assets — such as real estate, bonds, invoices, and commodities — on blockchain networks. This bridges the gap between traditional finance and DeFi by bringing the value of trillions of dollars of real-world capital onto decentralized rails.

DePIN, or Decentralized Physical Infrastructure Networks, involve the use of blockchain tokens to coordinate and incentivize the deployment and maintenance of physical infrastructure. These systems rely on crypto economics to reward contributors for building out infrastructure in a decentralized, permissionless manner.

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