New York Mellon Bank to Expand Crypto Custody Business to Abu Dhabi, Initially Supporting BTC and ETH

Strait of Hormuz tensions escalated sharply on May 7 after the U.S. attempted to escort merchant vessels, with Iran’s Islamic Revolutionary Guard Corps (IRGC) launching attacks on multiple merchant ships from various countries. On May 6, France’s CMA CGM Group (the world’s second-largest container shipping firm) reported its small container ship *San Antonio* was attacked the previous day while transiting the Strait of Hormuz, leaving crew members injured and the vessel damaged. On May 4, a Chinese-owned oil tanker was attacked at the Strait of Hormuz entrance off the UAE’s Al-Jeel port, sparking a deck fire. The vessel was marked "CHINA OWNER & CREW" at the time of the attack. According to monitoring by PolyBeats (via https://t.me/PolyBeats_Bot), the probability of the Suez Canal reopening on the prediction market Polymarket has risen from 7% 15 days prior to 34% by month-end.

May 7 — Per official updates, OKX Onchain OS has launched the Agentic Wallet Trading Competition. The event kicked off at 6:00 PM GMT+8 on May 7 and runs for 14 days, with concurrent participation across the Solana and X Layer blockchains. Users can sign up, trade, and claim rewards by engaging with the AI Agent in the Agentic Wallet. The competition offers multiple award categories: Yield Ranking, Profit Amount Ranking, Participation Rewards, and Skill Quality Awards, with a total prize pool of 50,000 USDC.

**Grayscale Completes Q1 2026 Crypto Fund Rebalancing** On May 7, Grayscale wrapped up its first-quarter 2026 cryptocurrency industry fund rebalancing. ### DeFi Fund Changes - Added **Ethena’s ENA token** with a 13.59% weight, making it the fund’s fourth-largest holding. - Fully divested the **Aerodrome Finance AERO token**. Post-rebalancing top holdings: - Uniswap (UNI): 35.22% - Aave (AAVE): 21.36% - Ondo Finance (ONDO): 19.83% - Curve DAO (CRV): 5.27% - Lido DAO (LDO): 4.73% ### Smart Contract Platform Fund No asset additions or reductions this quarter. Key shifts: - **Ethereum (ETH)** weight rose to 30.14%, retaking the top spot from Solana (SOL) (now 29.69%). - Cardano (ADA) ranks third at 17.96%, followed by Avalanche, Hedera, and Sui. Adjustments aligned with the **CoinDesk DeFi Select Index** and **CoinDesk Smart Contract Platform Select Maximum Index** methodologies, ensuring holdings meet liquidity, custody, and market cap requirements.

May 7th: Per HyperInsight monitoring (https://t.me/HyperInsight), a long-term holding whale at address **0x049bdc370620beab340b01072fa580fd57745e7d** opened two 20x leveraged short positions in the past 10 minutes: - 494 BTC (~$39.95M) with a liquidation price of $83,947 - 17,173 ETH (~$39.9M) with a liquidation price of $2,397

**May 7th Update** Per HyperInsight monitoring, a whale on Hyperliquid (address: 0xc6cfc26b057f9f70a4cfdd896f075d86315d9d23) took a contrarian short position as BTC continued retracing from its recent high overnight. The whale opened 109.7 BTC shorts (~$8.8M total value) with 35x leverage, entering at an average price of $82,000 and a liquidation price of $80,650. Early this morning, BTC’s downtrend pushed its price near the liquidation level—with a gap of less than $50 (~0.06%)—leaving the whale with heavy paper losses and prompting an initial position close. Later that afternoon, BTC rebounded to ~$81,680, narrowing unrealized losses, but the whale chose to hold. In the past 10 minutes, a sharp BTC downturn triggered a large-scale liquidation. The whale manually stopped out ahead of further liquidation, leaving the account with less than $100,000 remaining. *Address: 0xc6cfc26b057f9f70a4cfdd896f075d86315d9d23*

On May 7th, per Onchain Lens data, a newly created crypto wallet withdrew 2500 BTC from Binance—valued at approximately $202.36 million.