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Truth Social Withdraws Bitcoin ETF Application, Analyst Suggests Competition Too Fierce

1 hours ago

May 20th, Bloomberg ETF analyst James Seyffart revealed that Donald Trump’s social media platform Truth Social has withdrawn its spot Bitcoin ETF application. The official press release from Truth Social cited a justification that Seyffart called "not very convincing." He noted that the regulatory distinction between a 33 Act ETP and a 40 Act ETF—specifically regarding investor protection levels—is widely understood in the crypto ETF market, and there have been "no new developments" to prompt the withdrawal. Seyffart’s more probable take points to the hyper-competitive spot Bitcoin ETF landscape: particularly after Morgan Stanley launched its MSBT ETF with a low 14 basis point fee, which has further compressed available market space. He also added that Truth Social still plans to launch a more flexible crypto-focused ETF strategy under a 40 Act fund structure. Seyffart questioned, "Does the market really need a 14th spot Bitcoin ETF? But more differentiated crypto products do still make sense."
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President Trump Hopes to End Iran Conflict "Very quickly"

MAY 20 – U.S. President Donald Trump told reporters at the White House that he hopes to end the conflict with Iran “very quickly.” “We will end this war very quickly. They [Iran] will not have nuclear weapons. Hopefully, we can work this out in a very dignified way,” Trump said. Trump also noted that Iran is eager to reach an agreement and has grown weary of the ongoing conflict, adding he has repeatedly maintained the Iran dispute is nearing its end. This morning, *The Wall Street Journal* (WSJ) reported, citing U.S. officials familiar with regional mediation efforts and negotiation terms, that Iran’s stance in talks to end the war with the U.S. has not shifted significantly from previous rounds that failed to make progress—raising doubts about whether a viable path to resolving the conflict exists. Mediators pointed out that Iran still insists on its core demands: an end to U.S. hostility toward Tehran, economic relief, compensation for war-related losses, and a supervisory role o

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Coinbase to Add MetaDAO (META) and Derive (DRV) to Asset Listing Roadmap

On May 20th, Coinbase announced via a blog post that it will add MetaDAO (META) and Derive (DRV) to its asset listing roadmap.

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A certain whale increased their holdings by acquiring 11,000 AAVE tokens at an average price of $89.24 and deposited them into Aave V3.

On May 20, per OnchainLens’ monitoring, a crypto whale allocated $1 million in USDT to purchase 11,206 AAVE at an average price of $89.24, then deposited these tokens into Aave V3. The whale also holds 5,007 ETH, which is currently valued at $10.56 million.

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Grafana Labs discloses GitHub breach and ransomware attack, confirms no impact on customer production systems

Grafana Labs released a security update on May 20, confirming that the company suffered a targeted network attack on May 16. The attacker gained unauthorized access through a GitHub repository, downloaded its full codebase, and then issued a ransom demand. The incident stemmed from a compromise of the TanStack npm supply chain. After securing initial access, the attacker exploited a missed GitHub workflow token to breach Grafana’s internal repository environment. Grafana emphasized that its ongoing investigation has found no impact on customer production systems or the Grafana Cloud platform. The breach was limited to the company’s GitHub environment, including source code and some content from internal collaborative repositories—no code was altered during the attack. The company noted that the downloaded data may contain more than just source code: it could include internal operational details, business contacts’ names and emails, though no production system data was exposed. Foll

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A certain whale sells 50,000 HYPE tokens while simultaneously shorting 223,400 HYPE tokens with 10x leverage.

On May 20th, monitoring data from Lookonchain reveals that whale address 0xde42 sold 50,000 HYPE tokens worth approximately $2.41 million over the past 10 hours, and opened a 10x leveraged short position, bringing its total HYPE short holdings to 223,404 tokens (valued at roughly $10.55 million).

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Japanese and South Korean Stock Markets Fall, with the Nikkei 225 Index Dropping by 2%

May 20: According to Bitget’s market data, the Nikkei 225 Index dropped 2.00% intraday, while South Korea’s KOSPI Index fell to 7,100 points, down 2.37% intraday.

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