<h2 id="market-overview">Market Overview 📉</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/df44d6bff6c744909d5733e41ed415ee.png">*Data as of 6:45 AM UTC on May 15, 2026.<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> squeezed out a small gain of 1.31% this week across a choppy price action, while <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> slightly worse, dropping 0.89% in the same week. Nevertheless, total crypto market cap continued to climb higher, rising 0.75% to $2.68T, up from $2.66T from the previous week.Weekly <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">liquidations</a> look to trend down over this week from the prior weeks, with total daily liquidations rarely exceeding $350M daily. <a href="https://www.coinglass.com/FundingRateHeatMap" rel="noopener noreferrer nofollow">Funding rates</a> in general have risen across the board, although funding rates still remain at relatively healthy levels.📌 Michael Saylor’s Strategy acquires 535 BTC for $43M, bringing their total holding to 818,869 BTC. - <a href="https://x.com/saylor/status/2053807998993150151" rel="noopener noreferrer nofollow">Link</a>📌 ConsenSys delays their upcoming IPO to at least fall, citing poor market conditions. - <a href="https://x.com/WuBlockchain/status/2054658244426248621" rel="noopener noreferrer nofollow">Link</a>📌 The CLARITY Act has passed through the Senate Banking Committee on a 15-9 vote, with two Democrats crossing the party line. The bill now proceeds to the full Senate. - <a href="https://x.com/BitcoinMagazine/status/2054968501861851383" rel="noopener noreferrer nofollow">Link</a>Why does it matter?The AI supercycle lives on as the equity markets continue to rise this week despite a stumble in the midweek, with crypto slowly struggling to keep up. The positive talks between U.S. President Trump and China’s Xi also helped to bolster the market, with positive catalysts for Nvidia. The S&amp;P 500 finished the week strong, rising 1.88% from the previous week, while the Nasdaq outperformed again, closing 2.82% up.Notable altcoin outperformers this week included <a href="https://coinmarketcap.com/currencies/telcoin/" rel="noopener noreferrer nofollow">Telcoin (TEL)</a>, <a href="https://coinmarketcap.com/currencies/sahara-ai/" rel="noopener noreferrer nofollow">Sahara AI (SAHARA)</a>, <a href="https://coinmarketcap.com/currencies/irys/" rel="noopener noreferrer nofollow">Irys (IRYS)</a>, <a href="https://coinmarketcap.com/currencies/buildon/" rel="noopener noreferrer nofollow">Buildon (B)</a>, and <a href="https://coinmarketcap.com/currencies/humanity-protocol/" rel="noopener noreferrer nofollow">Humanity (H)</a>.View <a href="https://coinmarketcap.com/gainers-losers/" rel="noopener noreferrer nofollow">CMC Gainers &amp; Losers board</a><h2 id="narrative-of-the-week">Narrative of the Week 📰</h2>Tokenization falls into the spotlight again, amidst both headwinds and tailwinds for the RWA sector.📌 JP Morgan files for their second tokenized money market fund, JLTXX, on the Ethereum blockchain, which is designed to be compliant with the GENIUS Act. - <a href="https://x.com/EricBalchunas/status/2054316547712196688" rel="noopener noreferrer nofollow">Link</a>📌 Anthropic publishes a support document stating that all secondary sales of Anthropic shares are void, bringing into question the value of pre-IPO on-chain Anthropic shares and perps. - <a href="https://x.com/TFTC21/status/2053886845084451147" rel="noopener noreferrer nofollow">Link</a>📌 Cerebras marks the first pre-IPO perpetual on Hyperliquid, transitioning to a regular perp pair after the successful IPO on the Nasdaq. - <a href="https://x.com/tradexyz/status/2054740824320082271" rel="noopener noreferrer nofollow">Link</a>Why does it matter?Institutional RWA adoption is accelerating through compliant tokenized funds, even as the "pre-IPO" token market faces a reality check regarding legal enforceability and the transition to traditional public markets.<h2 id="major-project-updates">Major Project Updates 🗓️</h2>📌 Ethereum releases Clear Signing, an open standard to end blind signing and to make human-readable transactions the norm for better user experience. - <a href="https://x.com/ethereumfndn/status/2054232916763263148" rel="noopener noreferrer nofollow">Link</a>📌 The DTCC announces plans for the buildout of a collateral app chain, leveraging Chainlink Runtime Environment (CRE) to enable 24/7 collateral management. - <a href="https://x.com/The_DTCC/status/2054172654135873638" rel="noopener noreferrer nofollow">Link</a>📌 Blockchain analytics firm, Arkham Intelligence, announces plans to expand into Prediction Markets. - <a href="https://x.com/arkham/status/2052418748716372225" rel="noopener noreferrer nofollow">Link</a>📌 StarkNet launches strkBTC, private Bitcoin on StarkNet, built on STRK20 privacy framework to enable users to shield their balance and send Bitcoin privately, while retaining control over their assets. - <a href="https://x.com/Starknet/status/2054170013783994832" rel="noopener noreferrer nofollow">Link</a>📌 Circle’s Arc blockchain releases their whitepaper, detailing the need for the ARC token, its utility, tokenomics, and more. - <a href="https://x.com/arc/status/2053852639943852178" rel="noopener noreferrer nofollow">Link</a>Why does it matter?While long accepted, Ethereum’s blind signing has always been an attack vector which resulted in millions in losses from unsuspecting retail. The move to clear signing is the right step forward to prepare for wider scale adoption and better user experience.<h2 id="defi-brief">DeFi Brief 🏦</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/ee2663dd958e440c98d5e4a4441a9325.png">*Data as of 6:45 AM UTC on May 15, 2026.Source: <a href="https://coinmarketcap.com/chain-ranking/" rel="noopener noreferrer nofollow">https://coinmarketcap.com/chain-ranking/</a>📌 Native Markets sunsets the USDH stablecoin as Coinbase enters an agreement to be the official deployer of USDC on Hyperliquid. - <a href="https://x.com/nativemarkets/status/2054894518055448628" rel="noopener noreferrer nofollow">Link</a>📌 Well-known perps trader, Jez, introduces PaperTrade, an on-chain “bucket shop” built on Hyperliquid. Traders trade against a liquidity pool, with the exchange relying on Hyperliquid’s order book for prices. - <a href="https://x.com/izebel_eth/status/2054299171344327149" rel="noopener noreferrer nofollow">Link</a>📌 Jupiter launches Jupiter Poker, a new staking platform allowing users to buy and sell shares of professional poker players’ tournament actions. - <a href="https://x.com/JupiterExchange/status/2053872945202683948" rel="noopener noreferrer nofollow">Link</a>📌 MegaETH tap trading platform, Euphoria, launches on mainnet. - <a href="https://x.com/Euphoria_fi/status/2054954998375535097" rel="noopener noreferrer nofollow">Link</a>Why does it matter?The sunset of USDH is controversial, especially after an intense community vote to appoint Native Markets as its deployer in the previous year. Nevertheless, the move solidifies Hyperliquid’s place in the DeFi ecosystem alongside a huge revenue stream for the platform.<h2 id="fundraises">Fundraises 💰</h2>📌 Prediction market, Kalshi, raises $1B at a valuation of $22B, led by Coatue, with support from Morgan Stanley, Sequoia, a16z, and more. - <a href="https://x.com/mansourtarek_/status/2052373007939567953" rel="noopener noreferrer nofollow">Link</a>📌 Stablecoin savings protocol, Osero, raises $13.5M led by Sky Ecosystem and Plasma, alongside angel investors from Spark, Maple Finance, Four Pillars, Ink, and more. - <a href="https://x.com/OseroHQ/status/2054216133692252634" rel="noopener noreferrer nofollow">Link</a>📌 Blockchain analytics firm, Elliptic, raises $120M in a Series D funding round led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank, and the British Business Bank. - <a href="https://x.com/elliptic/status/2054569923456729511" rel="noopener noreferrer nofollow">Link</a>📌 Circle raises $222M in a token presale for the Arc blockchain, valued at $3B, with investors including BlackRock, Apollo, and others. - <a href="https://x.com/zoomerfied/status/2053783763490922706" rel="noopener noreferrer nofollow">Link</a><h2 id="tweet-of-the-week">Tweet of the Week 📝</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/8fe72e37cc3b4c78885e2ba6d276c738.png">Source: @sershokuninPrice discovery happening on Hyperliquid in real-time. Hyperliquid.

CMC Market Pulse: Cerebras, USDH, Hyperliquid

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