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IMF questions Pakistan’s plan to allocate 2,000 megawatts of electricity for Bitcoin mining amid energy shortages and budget talks.

US government argues Coinbase user James Harper has no right to block IRS access to his crypto records in Supreme Court filing.

BlackRock ended its spot Bitcoin ETF inflow streak with its largest outflow on record, nearly $12.7 million more than its previous biggest outflow day.

SharpLink Gaming intends to use most of the proceeds from its proposed share sell-off to purchase Ether, according to a recent SEC filing.

REX Shares took a “regulatory end-around” with its Ethereum and Solana staking ETF filings, and the launch looks “imminent,” an ETF analyst says.

ETH holds on to the bulk of its weekly gains, while BTC and altcoins sell off.

Mayor Eric Adams’s push for a Bitcoin-backed municipal bond faces strong opposition from Comptroller Brad Lander, who found the plan "legally dubious and fiscally irresponsible."

The payouts to FTX creditors have sparked both controversy and speculation that the payouts could be reinvested back in the crypto markets.

Institutional demand for Bitcoin and increasing regulatory clarity are positive factors for Bitcoin in 2025, head of research Katalin Tischhauser says.

Bitcoin’s chance of falling to $100,000 has increased, but the $3.7 billion open interest wipeout means traders will view dips as buying opportunities.

Key takeaways:

97% of ETH put options will expire worthless if ETH holds above $2,600.

A bullish ETH price outcome could be limited by macroeconomic factors and trading strategies that cap Ether gains.

On May 30, $2.4 billion in Ether (ETH) options will expire—an event that could support ETH’s attempt to break above the $2,700 mark for the first time in over three months. Despite the recent gains, Ether is down 21% in 2025, while the broader cryptocurrency market has seen a 5% increase.

Ether bulls are motivated to keep ETH above $2,600 ahead of the monthly expiry. However, weak network activity on Ethereum suggests that the upside potential may be limited.

The US Labor Department has officially rescinded guidance issued during the Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans.

On May 28, the Labor Department revoked a 2022 guidance that had urged fiduciaries to be “extremely cautious” when considering cryptocurrency for 401(k) retirement plans. The move could give asset managers more flexibility to include digital assets in retirement investment options.

The government agency removed the guidance asserting that it represented a departure from the department’s “historically neutral, principled-based approach to fiduciary investment decisions.”

“We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats,” said US Secretary of Labor Lori Chavez-DeRemer.

The Labor Department under Biden criticized the practice of marketing cryptocurrencies to 401(k) participants. At the time, the agency claimed cryptocurrencies posed “significant risks and challenges” to participants’ retirement accounts due to their “speculative and volatile” nature and “valuation concerns,” among other reasons.

Key takeaways:

Bitcoin researcher Sminston With says BTC could gain 100% to 200%, with a cycle peak between $220,000 to $330,000.

Bitcoin continues to exhibit strong cyclical volatility, contradicting the belief that its price swings are softening over time.

Over $4 billion in BTC has been moved by long-term holders, warning of a price correction.

Analysis from Bitcoin (BTC) researcher Sminston With implied that a BTC price peak is still 100% to 200% away from current prices. In a recent X post, With shared a Bitcoin price chart using a 365-day simple moving average (SMA) aligned with a power law model (R²=0.96).

Bilal Bin Saqib, head of Pakistan’s crypto council, announced on May 28 that the country is moving to establish a strategic Bitcoin reserve.

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Saqib said the government of Pakistan followed the United States’ lead in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. The government official told the audience:

"Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them."

The announcement represents a significant departure from the government of Pakistan’s previous stance on cryptocurrencies, holding that crypto would never be legal in the country.

Pakistan’s shift reflects the broader trend of nation-states adopting pro-crypto policies following the regulatory shift in Washington, DC under the President Donald Trump administration.

Bilal Bin Saqib at the Bitcoin 2025 conference announcing a Bitcoin strategic reserve. Source: Cointelegraph

Related: Pakistan appoints special assistant to PM on blockchain and crypto

Shares of video game and collectibles retailer GameStop dropped nearly 11% on May 28 after the company announced its first Bitcoin purchase, triggering a classic sell-the-news reaction.

The stock closed at $31.21 on the New York Stock Exchange, according to Google Finance.

The company announced the purchase of 4,710 Bitcoin (BTC) valued at roughly $513 million on May 28. GameStop confirmed plans to create a BTC treasury strategy on March 26, following months of investor speculation and rumors that it would begin accumulating the cryptocurrency.

Trump Media and Technology Group (TMTG), the parent company of President Donald Trump’s Truth Social platform, also saw its shares plunge after announcing a $2.5 billion capital raise to purchase Bitcoin. Since the May 27 announcement, TMTG stock has dropped over 24%.

GameStop’s stock has experienced a pullback following the company’s first Bitcoin purchase. Source: TradingView

GameStop’s move to adopt Bitcoin as a treasury reserve asset reflects a growing trend among companies turning to Bitcoin to safeguard cash reserves or reposition themselves as Bitcoin acquisition vehicles.

Key point:

Bitcoin’s market structure is still bullish, even as a phase of profit taking and consolidation sets in.

Bitcoin (BTC) remains pinned below the breakout level of $109,588, indicating that the bears are fiercely defending the level. Bitfinex analysts said in a market note that profit-taking generally follows after Bitcoin hits a new all-time high after a sharp rally. The report added that a mild retracement or consolidation would be healthy and lay the foundation for the next leg higher.

Glassnode had a similar view. In its latest report, the market intelligence company said that the relative strength indicator (RSI) has weakened, suggesting easing momentum, which could lead to “a potential pause or reversal in the recent bullish trend.”

Crypto market data daily view. Source: Coin360

Even if a correction happens, dips are likely to be purchased. Material Indicators co-founder Keith Alan remains bullish as Bitcoin continues to trade above $100,000, and the whales are accumulating. He expects Bitcoin to find support near the $94,000 level. 

United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.

Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:

"What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond."

“Don’t ignore politics because I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,” the vice president continued.

Vice President JD Vance gives a keynote speech at Bitcoin 2025 in Las Vegas, Nevada. Source: Cointelegraph

Bitcoin continues to gain institutional legitimacy and has been elevated to an asset class with macroeconomic and geopolitical importance. Market analysts and Bitcoin advocates warn that the global race to acquire BTC is underway between sovereign powers.

Related: Crypto czar Sacks says US could possibly ‘acquire more Bitcoin’

Conduit, a cross-border payments company based in Boston, has raised $36 million in a Series A funding round led by Dragonfly and Altos Ventures. The capital will go to scale its payment system and expand currency offerings across fiat and stablecoins.

Conduit markets its payment system as an alternative to the messaging network SWIFT, or Society for Worldwide Interbank Financial Telecommunications. Banks have relied on the SWIFT protocol to process wire transfers since the 1970s.

Conduit claims its platform offers a modern alternative, enabling near real-time cross-border settlements by combining stablecoins with local fiat currencies through crypto infrastructure.

“Traditional cross-border payment systems do not meet the demands of modern businesses,” Kirill Gertman, Conduit CEO, said in a statement.

Additional participants in the funding round include Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and two previous investors, Helios Digital Ventures and Portage Ventures. Conduit claims its clients have saved more than 60,000 hours in settlement times and over $55 million in fees since launching in 2021.

BlackRock is reportedly planning to take a significant stake in Circle’s upcoming initial public offering (IPO).

According to a May 28 Bloomberg report citing anonymous sources, BlackRock is looking to purchase roughly 10% of the offering. Circle, the issuer of the USDC stablecoin, is aiming to raise $624 million in its initial public offering

Cathie Wood’s Ark Investment Management is also interested in buying $150 million worth of shares in the offering, the report said. 

Circle launched its offering of 24 million shares of Class A common stock on May 27. The offering consists of shares from the company as well as shares of existing stakeholders, including co-founder and CEO Jeremy Allaire. According to the report, Circle’s IPO has now received orders for multiple times the shares available.

The company filed for an initial public offering on April 1, but delayed plans citing economic uncertainty. Crypto firms Ripple and Coinbase were reportedly exploring a potential acquisition of Circle. The company has since dismissed the speculation, saying it “is not for sale.”