TradFi Trading Frenzy, Leading the RWA Sector, ONDO Surges Over 80% in the Past Month

On May 11, South Korea’s market regulator said it is closely monitoring leveraged stock investments by retail investors. Preemptive measures will be taken if needed to maintain market stability. (FXStreet)

May 11 — Crypto analyst Murphy stated that Bitget’s second IPO Prime will be announced tonight at 6:00 PM. On-chain data shows: The preOPAI token was minted on the Solana blockchain by Republic on May 7, with the first batch of 29,082 tokens sent to the project’s custody account. The top-level instruction was “Mint_securities,” and the caller was 4X79YR...zMJwr3 (Republic’s Access Token issuance program) — just one step away from the final distribution before Bitget IPO Prime’s official launch. Based on on-chain minting data and the prior preSPAX token (a Bitget-Republic collaboration), the second IPO Prime is highly likely tied to an OpenAI-related project.

On May 11, renowned trader and chart analyst Peter Brandt—who correctly predicted the 2018 Bitcoin crash—shared a weekly SUI chart this morning, noting that SUI is now at “an important bottom” and will see significant price gains from current levels. Notably, this marks Brandt’s first bullish call on SUI. He has previously analyzed tokens like ETH, XRP, and BCH, though his track record with such calls has been inconsistent.

May 11 — South Korea’s National Tax Service (NTS) is developing an AI system with a budget of roughly $2.2 million to monitor crypto transactions and target tax evaders. Slated for completion by late 2026, the system will combine exchange transaction records with blockchain data to flag suspicious activity (including money laundering, undeclared gifts, and offshore tax evasion) and extend monitoring to non-custodial wallets. The NTS is currently coordinating with the top five centralized crypto exchanges (CEXs) — Upbit, Bithumb, and three others — to finalize implementation details, with final tax guidelines also slated for release by late 2026. A survey from South Korea’s Financial Services Commission (FSC) found the country has over 11 million verified crypto investors, though growth has slowed: the growth rate of tradable crypto accounts fell from 25% in H1 2024 to 3% in H2 2024.

Data as of May 11 shows the S&P 500 has surged 142% from May 2024 through June 2026—but excluding artificial intelligence (AI) stocks, that gain shrinks to just 16%. AI equities now make up 45% of the S&P 500’s total market capitalization, marking an all-time high for a single thematic sector in the index. Capital Economics projects the S&P 500 will hit 7250 by year-end—but hitting that target would mean the index sees its highest-ever concentration in composition, historically speaking. Additionally, caution is warranted around $1.4 trillion in AI-related debt, which spans corporate bonds from mega-cap firms to leveraged positions in AI stocks. If credit conditions tighten going forward, or a major AI company reports disappointing revenue growth, that $1.4 trillion in AI-linked borrowing could evaporate quickly, per Cryptobriefing.

May 11 — Huobi HTX’s latest Proof of Reserves (PoR) data shows that as of May 1, 2026 (UTC+8), reserve ratios for major mainstream assets on the platform remain above 100%, with ample overall capital reserves. As one of the industry’s earliest platforms to consistently publish PoR via Merkle Tree technology, Huobi HTX has released PoR data for 43 consecutive months, offering long-term protection for user funds. In this month’s PoR update, the “USDs” aggregated asset category has been updated again. Along with existing USD-pegged stablecoins (including USDT and USDC) already aggregated, the USDS asset has been added to the “USDs” aggregation system. This update makes the platform’s overall USD asset structure more transparent, improving the user experience for viewing and verifying reserve data. The updated reserve ratios are as follows: BTC (101%), ETH (105%), TRX (108%), USDs (106%), HTX (101%), XRP (103%), DOGE (100%), SOL (101%), WLFI (103%). The amount of USDS user assets added i