Kalshi Supports the Formation of a Prediction Markets Lobbying Organization, with Former Trump Administration Official Appointed as Strategic Advisor
Prediction market platform Kalshi announced the formation of a new prediction market lobbying organization, Americans for Fair Markets, and appointed Taylor Budowich—former Deputy Chief of Staff to President Trump at the White House—as its Strategic Advisor. The organization will oppose the sports betting and casino industries, which it claims are attempting to “maintain their monopoly position and spread misinformation about prediction markets to policymakers.”
According to reports, Americans for Fair Markets will advocate for federal-level regulatory policies governing prediction markets and launch paid advertising campaigns to counter what it calls the “false narrative” targeting prediction markets. The group will also join a broader industry lobbying coalition—the Coalition for Prediction Markets—founded in December 2025 and backed by Coinbase, Crypto.com, and Robinhood.
On the same day, the U.S. House of Representatives launched an investigation into Kalshi and its primary competitor Polymarket, focusing specifically on how the platforms handle insider trading. As prediction markets face increasingly stringent scrutiny both in the U.S. and globally, related regulatory controversies continue to intensify.
Kalshi stated that the new organization will support regulatory oversight of prediction markets by the U.S. Commodity Futures Trading Commission (CFTC) and endorse a federal regulatory framework including KYC requirements, insider trading bans, and restrictions on markets tied to violence and terrorism. John Bivona, Kalshi’s Head of Government Relations, said: “We will not be outspent or out-organized by entrenched interest groups seeking to preserve their monopolistic advantages.”
[Odaily]
XRP spot ETFs saw a net inflow of $22.04 million last week
According to SoSoValue data, last week’s trading days (Eastern Time, May 18 to May 22), XRP spot ETFs saw a net inflow of $22.04 million.
The XRP spot ETF with the largest net inflow last week was the Franklin Templeton ETF XRPZ, with a weekly net inflow of $11.70 million. Currently, XRPZ’s total historical net inflow has reached $390.00 million. The second largest was the Canary ETF XRPC, with a weekly net inflow of $8.03 million, and XRPC’s total historical net inflow has reached $452.00 million.
As of press time, the total net asset value of XRP spot ETFs is $1.13 billion, and the ETF net asset ratio (market value as a percentage of the total market value of XRP) is 1.36%, with a total historical net inflow of $1.41 billion.
[Odaily]
U.S. officials stated that the U.S. and Iran have reached a preliminary agreement on the deal.
An anonymous senior U.S. official said the U.S. and Iran have agreed in principle to a deal that could end the war in the Middle East, but final approval from both leaders could take days.
The unnamed U.S. official said the deal would reopen the Strait of Hormuz and prompt Iran to dispose of its highly enriched uranium, but the specific method of disposal is still under negotiation. Iranian leaders and official media have not made public comments on the content of any potential agreement or what is being discussed.
Officials from both countries said any agreement would be a preliminary framework that would lay the groundwork for further negotiations, rather than a final conclusion.
[Odaily]
Bitcoin spot ETFs saw a net outflow of $1.257 billion last week, with BlackRock’s IBIT leading the outflows at $1.008 billion.
According to SoSoValue data, Bitcoin spot ETFs recorded a net outflow of $1.257 billion during last week’s trading days (May 18–22, Eastern Time).
The Bitcoin spot ETF with the largest weekly net outflow was BlackRock’s IBIT, with a weekly net outflow of $1.008 billion; IBIT’s cumulative historical net outflow now stands at $64.77 billion. Second was Fidelity’s FBTC, with a weekly net outflow of $112 million; FBTC’s cumulative historical net outflow now stands at $10.76 billion.
The Bitcoin spot ETF with the largest weekly net inflow was Morgan Stanley’s MSBT, with a single-week net inflow of $1.1107 million; MSBT’s cumulative historical net inflow now stands at $234 million.
As of press time, the total net asset value (NAV) of Bitcoin spot ETFs stood at $98.87 billion, the ETF net asset ratio (i.e., ratio of ETF market cap to Bitcoin’s total market cap) reached 6.49%, and the cumulative historical net inflow has reached $5.708 billion.
[Odaily]
edgeX launches the EDGE token page, where users can view token allocation and buyback plans, etc.
Decentralized derivatives exchange edgeX has launched the EDGE token page, where users can view token allocation, lock-up data, and repurchase plans.
[Foresight News]
Chen Mo-bo: Hong Kong’s development and regulation of digital assets are ahead of Europe’s and can serve as a reference for global governance.
Hong Kong’s Financial Secretary, Paul Chan, published a “Secretary’s Column” stating that the effective use of blockchain and artificial intelligence technologies is an inevitable trend for the future of finance. However, this also presents real governance challenges—for example, criminals and terrorists attempting to exploit regulatory discrepancies across jurisdictions for money laundering and fundraising activities.
Hong Kong’s principles, practices, and experience in digital asset development and regulation are ahead of those in Europe, offering significant scope for collaboration and mutual learning. Such cooperation can not only promote healthy industry development but also contribute to global governance.
[Odaily]
Vitalik Buterin says Ethereum Foundation will sell less ETH under leaner plan
Ethereum co-founder Vitalik Buterin said the Ethereum Foundation will use its remaining resources with more focus on long-term survival, not wider expansion. He said this means the foundation will sell less ETH going forward. Buterin made the comments in a long post on X, where he described the foundation as one part of Ethereum, not the center of the network. He said his own power inside the organization will keep falling as the board expands.
Buterin said the Ethereum Foundation has limited funds, staff, and organizational capacity. He said the foundation holds about 0.16% of all ETH, which is far smaller than the central foundations behind many other blockchains. He wrote that the foundation is choosing “longevity over breadth” and added that this means it will sell less ETH. His post described a narrower mission around censorship resistance, openness, privacy, and security.
“Some of my perspective on where the @ethereumfndn is going. First of all, this is only my own view. The board is not just me, and I have no extra special powers on the board that the other board members do not. @aerugoettinea is the one executing much of this transition.”
The statement builds on the foundation’s treasury policy from June 2025. That policy said ETH sales depend on operating needs and reserve targets, while the foundation also planned to reduce annual operating costs over five years. Buterin said the Ethereum Foundation should act as one node in the wider Ethereum system. He said it should not behave as Ethereum’s parent, main company, or permanent steward. He also said the transition is still underway and should settle over the next few months.
According to him, the foundation will become smaller and more opinionated in its work. Buterin said Ethereum must be “impressive” in areas tied to security, privacy, openness, and censorship resistance. He named goals such as bug-free Ethereum, stronger consensus, and fewer intermediaries in transaction inclusion.
Related reports show the comment comes after several Ethereum Foundation treasury moves. On May 12, the foundation withdrew 21,270 ETH from Lido staking after earlier unstaking activity and OTC sales linked to operating funding. The same report said the foundation sold 10,000 ETH to BitMine on May 1 at an average price of $2,292 per ETH. That followed two earlier OTC sales to BitMine in March and April, bringing recent sales to 25,000 ETH.
Earlier reports also noted that the foundation began staking 70,000 ETH from its treasury in February. The move was framed as a way to help secure Ethereum while funding core operations, grants, and protocol research without relying only on ETH sales. Buterin’s new comments match recent Ethereum roadmap work. Related coverage said he outlined a three-step privacy plan covering account abstraction, FOCIL, keyed nonces, and access-layer privacy tools.
The Ethereum Foundation has also kept funding core research. Its Q1 2026 allocation report said it awarded $9.86 million across areas such as cryptography, zero-knowledge proofs, security, protocol research, wallets, clients, and user experience. Roadmap work has also continued through Ethereum’s Strawmap and later upgrade planning. Related coverage said the Strawmap targets faster slots, stronger finality, privacy, post-quantum security, and formal verification through future forks. Buterin’s post places those efforts inside a tighter foundation strategy. The foundation plans to keep backing work that may not attract enough outside capital but remains central to Ethereum’s long-term technical goals.
Ethereum spot ETFs saw net outflows of $216 million last week, with BlackRock’s ETHA leading at $189 million in net outflows.
According to SoSoValue data, Ethereum spot ETFs saw a net outflow of $216.00 million during last week’s trading days (May 18 to May 22, US Eastern Time).
The Ethereum spot ETF with the largest net outflow last week was Blackrock’s ETF ETHA, with a weekly net outflow of $189.00 million. Currently, ETHA’s total historical net inflow reaches $116.20 billion. The second largest was Fidelity’s ETF FETH, with a weekly net outflow of $21.01 million, and the total historical net inflow of FETH currently reaches $21.80 billion.
The Ethereum spot ETF with the largest net inflow last week was Blackrock’s ETF ETHB, with a weekly net inflow of $5.52 million, and the total historical net inflow of ETHB currently reaches $5.18 billion.
As of press time, the total net asset value of Ethereum spot ETFs is $118.40 billion, and the ETF net asset ratio (market value as a percentage of the total market value of Ethereum) reaches 4.73%, with a total historical net inflow of $116.20 billion.
[Odaily]
Data: Bitcoin spot ETFs saw a net outflow of $1.257 billion last week, with BlackRock’s IBIT leading the way with a net outflow of $1.008 billion.
According to SoSoValue data, Bitcoin spot ETFs recorded a net outflow of $1.257 billion last week (U.S. Eastern Time, May 18–22).
The Bitcoin spot ETF with the largest net outflow last week was BlackRock’s ETF IBIT, with a weekly net outflow of $1.008 billion; IBIT’s cumulative historical net outflow now stands at $64.77 billion. Next was Fidelity’s ETF FBTC, with a weekly net outflow of $112 million; FBTC’s cumulative historical net outflow now stands at $10.76 billion.
The Bitcoin spot ETF with the largest net inflow last week was Morgan Stanley’s ETF MSBT, recording a single-week net inflow of $1.1107 million; MSBT’s cumulative historical net inflow now stands at $234 million.
As of press time, the total net asset value (NAV) of Bitcoin spot ETFs stood at $98.87 billion, with the ETF net asset ratio (i.e., ETF market cap as a percentage of Bitcoin’s total market cap) reaching 6.49%; cumulative historical net inflows have reached $5.708 billion.
[ChainCatcher]
A whale unstaked 443,200 HYPE and has sold 232,000.00.
PANews May 25th, according to Lookonchain monitoring, a short-selling trader was closing positions while selling HYPE before the price of HYPE rose.
They unstaked 443,180 HYPE ($27.00 million), sold 231,899 HYPE ($14.15 million), and the remaining 211,281 HYPE ($13.00 million) are still being sold.
They still hold a short position of 141,500 HYPE ($8.67 million) with a floating loss of over $2.50 million.
[Lookonchain]
Today’s Market Pulse
The market is experiencing a clear rotation from major cryptocurrencies to alternatives, evidenced by XRP ETF inflows while Bitcoin and Ethereum ETFs face significant outflows, alongside strategic shifts within major crypto organizations and evolving regulatory landscapes.
Key Themes
1. Capital Rotation: XRP Outshines Majors
XRP spot ETFs attracted $22.04 million in inflows last week, contrasting sharply with Bitcoin’s $1.257 billion and Ethereum’s $216 million in outflows. Franklin Templeton’s XRPZ led with $11.70 million, bringing its total inflows to $390 million. This rotation suggests investors are seeking exposure to more speculative assets or are responding to XRP-specific catalysts, potentially signaling a broader rebalancing away from established digital assets. Near-term, this could create momentum for XRP while increasing pressure on Bitcoin and Ethereum ETF providers to halt outflows.
2. Regulatory Defense and Scrutiny
Kalshi formed “Americans for Fair Markets,” a lobbying group with Trump advisor Taylor Budowich, to counter casino and sports betting opposition. Simultaneously, the U.S. House launched investigations into Kalshi and Polymarket regarding insider trading. These developments highlight prediction markets’ increasing regulatory battles and the industry’s organized response. The formation of a broader coalition with Coinbase, Crypto.com, and Robinhood suggests coordinated industry efforts to shape favorable regulatory frameworks. Near-term, this battle will intensify as prediction markets face greater scrutiny.
3. Ethereum Foundation’s Strategic Pivot
Vitalik Buterin announced a leaner strategy for the Ethereum Foundation, emphasizing longevity over breadth with reduced ETH sales. The foundation will hold 0.16% of all ETH and focus on core priorities like censorship resistance, security, and privacy. This shift follows recent treasury moves, including staking 70,000 ETH and selling 25,000 ETH for operational funding. The strategic pivot suggests a more focused approach to protocol development without overextending resources. Near-term, this could reduce selling pressure on ETH while reinforcing the foundation’s role as one node in the broader ecosystem.
4. Geopolitical and Token Developments
A potential preliminary U.S.-Iran agreement to end the Middle East war could impact regional stability and markets. Meanwhile, edgeX launched its EDGE token page with allocation and buyback plans, while a whale was unstaking and selling $27 million worth of HYPE tokens. These developments highlight the intersection between macro factors and token-specific market dynamics. Near-term, geopolitical news could create volatility, while token launches and large holder movements will likely influence specific token prices.
RichSilo Verdict
Smart money should monitor the ETF flow divergence closely as it may signal a broader market rotation rather than a trend reversal. The XRP ETF inflows warrant attention for potential momentum continuation. For Ethereum, the Foundation’s reduced selling could offset some negative pressure, but larger outflows from BlackRock’s ETHA suggest institutional caution. The regulatory battles surrounding prediction markets will be a key catalyst to watch, with potential precedents for the broader crypto industry. Geopolitical developments in the Middle East could create unexpected volatility, while token-specific events like edgeX’s launch and whale activities in HYPE will offer tactical opportunities. The most significant risk remains regulatory uncertainty, particularly around prediction markets and potential broader crackdowns.
