| Bitcoin (BTC) | +10.4% | US spot BTC ETFs saw $5.2 billion in net inflows in May. Bitcoin reached an all-time high above $111,800 on 22 May. New Hampshire and Arizona established crypto reserves, and Pakistan is establishing a strategic Bitcoin reserve. |
| Ether (ETH) | +40.4% | US spot ETH ETFs recorded $564 million in net inflows in May, the highest monthly net inflow year-to-date. Ethereum’s Pectra mainnet upgrade went live on 7 May. |
| Cronos (CRO) | +20.1% | Canary Capital, a digital asset-focused investment firm, submitted an S-1 to the US Securities and Exchange Commission (SEC) for the first spot CRO ETF in the US. Crypto.com will serve as a custodian and liquidity provider of the fund. |
| USD Coin (USDC) | N/A | Circle launched an initial public offering (IPO) of 24 million shares of its class A common stock and applied for listing on the New York Stock Exchange (NYSE) with the ticker ‘CRCL’. Additionally, Circle Payments Network, a blockchain-enabled payments coordination protocol, went live. It allows banks and payment providers to settle global payments, including cross-border remittances and payroll or enterprise payments, using USDC on public blockchains. |
| Sky (SKY) | +7.0% | Sky DAO formally defined the process to upgrade its governance token from MKR to SKY. This includes three phases across a few executive votes: disablement of the SKY to MKR conversion, activating SKY staking, and imposing a delayed upgrade penalty to MKR if it hasn’t upgraded to SKY by 18 September. |
| Jupiter (JUP) | +12.1% | The Jupiter team shared plans to launch Jupiter Lend, a money market on Solana powered by Fluid, in Summer 2025. |
| Sui (SUI) | -9.3% | The community and validators of the SUI network voted to upgrade the protocol to freeze and recover stolen funds from the hacked Cetus Protocol by transferring them to a multisig custodial wallet without requiring the hacker’s signature. |
