SnapShot 261

Hello SnapShotters,

The phantom of Mt. Gox returned to spook the crypto market this past week, kickstarting a wave of FUD and sending BTC on a rapid descent to a year-to-date low of $61,000. The long-dormant crypto exchange moved more than 10,000 BTC (about $731 million) out of a cold wallet address. Even though analysts deemed the event a funds transfer to service creditors rather than a market dump, it was enough to ignite sell-off anxiety and catch leveraged traders off guard.

Strategy’s first publicized BTC sale since 2022 added to the crypto market’s woes. Ignoring Strategy's historic trim, Bitmine continued its systematic ETH accumulation, absorbing another 26,497 ETH last week to bring its total treasury to 4.49% of ETH’s circulating supply.

As other major altcoins experienced heavy retracements, traditional equities also paused; investors pulled back from all-time highs to lock in gains from this year's dominant AI stock rally. The capital flight pinned ETH below $2,000 and XRP under $1.30, while SOL lost its $80 hold.

Amid the market bleed, Hyperliquid (HYPE) emerged as a top-10 outlier, hiking over 24% across a seven-day timeframe. Meanwhile, corporate treasury strategies showed a stark divergence.

Let’s look at the other headliners of the crypto world.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

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News Snaps

💎 Bitmine Proposes High-Yield Preferred Stock to Fund ETH Treasury 

Despite sitting on an estimated $9.2 billion in unrealized losses, the world's largest ETH treasury has filed with the SEC to launch a public offering of $300 million in Series A perpetual preferred stock under the NYSE ticker BMNP. 

💸 MoneyGram Launches MGUSD Stablecoin on Stellar 

Issued by Stripe-owned Bridge and leveraging Fireblocks infrastructure, the stablecoin will initially roll out to U.S. users before expanding across MoneyGram's global network of 60 million customers for cross-border payments.

🕛 CME Group Launches 24/7 Regulated Crypto Trading 

Featuring crypto futures and options products, the launch brought in over 7,200 contracts during its inaugural weekend and recorded the first "gap-free Monday" in Bitcoin history.

🌌 Stellar Blockchain Selected for DTCC Tokenization 

The Depository Trust & Clearing Corporation (DTCC) and the Stellar Development Foundation announced plans to tokenize DTC-custodial assets natively on the Stellar network, covering Russell 1000 constituents, ETFs, and U.S. Treasuries.

💻 Nvidia Enters Consumer PC Market With AI Superchip 

Nvidia unveiled the RTX Spark, a new chip designed for AI-integrated personal computers, during a keynote at the Computex technology show in Taipei. Partnering with Microsoft and major PC manufacturers, the tech giant aims to power a new class of devices optimized for autonomous AI agents.

What’s Ahead

📅 June 10 to 11: U.S. Inflation and ECB Decision

The upcoming release of the U.S. Consumer Price Index (CPI) on June 10 will offer a glimpse into May’s inflation trajectory and the Fed's next policy direction. This will be immediately followed by the European Central Bank’s (ECB) interest rate announcement on June 11.

Number of the Week

Source: CoinDesk

Chart of the Week

Bitcoin Supply: Long-Term Status Climbs on Reduced Market Participation

Bitcoin’s long-term holder (LTH) supply has expanded past 15.8 million BTC, but this increase reflects a decline in market turnover rather than aggressive buying. With a distinct lack of fresh demand, existing circulating tokens are simply aging into long-term status (held over 155 days) while market participants stand on the sidelines.

This passive holding pattern has kept the market in a state of equilibrium. Large whale holdings (1,000 to 10,000 BTC) are contracting at their fastest rate in 2026.

Simultaneously, inflows into corporate treasuries and spot ETFs — represented by institutional "dolphin" wallets (100 to 1,000 BTC) — have flattened. In light of the May rally, is the market still in a flat consolidation phase after all, until new demand returns?

As of May 30, 2026

Sources: CryptoQuant, Crypto.com Research

Crypto Trivia

Two of the famous animals listed below directly inspired the creation of highly viral meme coins. Which animal is the odd one out and does NOT have a major meme coin named after it?

A) Moo Deng, the chaotic pygmy hippo from Thailand
B) Pesto, the giant, fluffy king penguin from Australia
C) Peanut, the internet-famous rescue squirrel

Find the correct answer at the end of this newsletter.

Digital Drops

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Product Updates

Crypto.com Exchange Integrates With TradingView

Crypto.com Exchange has officially integrated with TradingView, bringing direct, on-chart execution to your desktop. Traders can now seamlessly connect their accounts to deploy over 400 indicators, manage risk with drag-and-drop precision, and navigate a comprehensive multi-asset platform within a single workspace. Learn more here.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Byte Sized

We assembled the ultimate clash of tokens. Which tokens do you think would make up the Crypto World Cup “Group of Death”?

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Security Tips

Over 8 Million USDT Seized in Argentine Crypto Fraud Crackdown

Argentine prosecutors coordinated 90 raids across Argentina, arresting 24 suspects and seizing over 8 million USDT in what has been dubbed operation "Fake Coins." 

Investigators estimate the scheme caused nearly 3 billion Argentine pesos in losses. The fraudsters posed as unregistered financial advisors, soliciting victims via WhatsApp and directing them to fake trading apps — some distributed through the Google Play Store. 

Once victims deposited funds, the money was converted to USDT through P2P marketplaces and transferred internationally.

How to Keep Funds Safe:

• Only download trading apps from verified developer accounts, and cross-check reviews for fraud warnings
• Verify a trading app or exchange is registered with financial regulators before depositing funds
• Be wary of platforms showing guaranteed or unusually consistent returns — legitimate markets fluctuate
• Disengage and report any unknown contact who pressures you to act quickly or move to a private channel

Source: The Defiant

Crypto Trivia Answer

B) Pesto, the giant, fluffy king penguin from Australia ✅

While Pesto the penguin won the hearts of millions on TikTok, his viral moment failed to translate into a sustained digital asset.

Moo Deng capitalized on a chaotic personality and dramatic zoo photos, leading to an explosion of memes adopted by major brands, sports teams, and mainstream media.

Peanut the Squirrel went viral after a controversial event where New York authorities seized and euthanized the pet influencer. Online protests and Elon Musk’s tweets later turned PNUT into a multi-billion-dollar cultural movement and a symbol of digital activism.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.