Data: The IPO offering price for Cerebras is expected to be $150 to $160 per share.
On May 12, according to Polymarket data, Cerebras’ closing price on its first trading day post-IPO will be $256 per share.
The IPO’s offering price is expected to be between $150 and $160 per share.
[PANews]
USSD launches the Flying Tulip margin lending market, adding new lending scenarios
Sonic’s native stablecoin USSD has added on-chain lending use cases. According to the announcement, Flying Tulip has officially launched USSD on the Sonic Lend margin lending market, and users can now use USSD for operations such as deposit, lending, and on-chain leveraged trading.
Sonic stated that this integration will further expand the liquidity and scope of use of USSD in the Sonic on-chain financial market.
[Foresight News]
Binance CMO Rachel Conlan to Depart, Former Trust Wallet CEO Eowyn Chen to Serve as Interim CMO
Rachel Conlan, Chief Marketing Officer of crypto exchange Binance, has announced that she will be leaving next month, ending her three-year brand-building work. Her last day will be June 15th, and she will assist with the transition as a consultant after leaving.
Binance said that former Trust Wallet CEO Eowyn Chen will serve as interim CMO, responsible for marketing and brand management during the transition.
[ChainCatcher]
Binance Chief Marketing Officer Rachel Conlan to Step Down
Rachel Conlan, Chief Marketing Officer of crypto exchange Binance, has announced that she will be leaving next month, ending her three-year brand-building work. Her last day will be June 15, and she will assist with the transition as a consultant after leaving.
Binance said that former Trust Wallet CEO Eowyn Chen will serve as interim CMO, responsible for marketing and brand management during the transition.
[CoinDesk]
Google in talks with SpaceX to collaborate on deploying data centers in orbit
On May 13, according to The Wall Street Journal, Google is in talks with SpaceX to launch and deploy data centers in Earth orbit.
The plan aims to leverage SpaceX’s launch capabilities and Starlink network infrastructure to relocate data centers to space, thereby enhancing computing and data transmission capabilities. Both parties are currently in negotiations and have not disclosed specific timelines, investment amounts, or potential customer arrangements.
[PANews]
U.S. Senate secures enough votes to confirm Wash as member of the Federal Reserve Board
The U.S. Senate has secured enough votes to confirm Worshe as a member of the Federal Reserve Board for a 14-year term beginning February 1, 2026.
Voting is still underway.
[Odaily]
glassnode: `BTC` long-term holders’ conviction is much stronger than in historical bear markets, with unrealized loss peaks of only 15%.
Glassnode data shows that Bitcoin long-term holders’ (LTH) relative unrealized loss peaked at 15% in early April, whereas this metric exceeded 75% during previous deep bear markets.
This indicates that, despite Bitcoin’s recent notable pullback, the pressure on long-term holders is only a small fraction of historical cycle lows, and their conviction to hold has not been tested to the same degree.
[ChainCatcher]
Stablecoin yield project Osero raises $13.5 million, led by Sky Ecosystem
May 12th news, according to The Block, the stablecoin yield infrastructure project Osero has completed a $13.50 million financing round led by Sky Ecosystem (formerly MakerDAO), with participation from Plasma. The financing is structured entirely in the form of a Simple Agreement for Future Tokens (SAFT), and the valuation was not disclosed.
Osero is incubated by the stablecoin yield data and risk control platform Stablewatch, focusing on providing savings infrastructure for Sky Ecosystem’s stablecoins USDS (formerly DAI) and sUSDS. It provides individuals and institutions with access to the Sky Savings Rate through the Osero App and Osero Earn, and is integrated for wallets, banks, exchanges, etc.
[PANews]
Polish Parliament Considers Fourth Version of Crypto Bill, Ruling PiS Party Members Propose Separate Draft for Complete Ban
On May 12, news emerged that the Sejm—the lower house of the Polish Parliament—has begun deliberating four draft bills on crypto asset regulation, proposed respectively by the government, President Karol Nawrocki, the Poland 2050 party, and the Confederation party. This follows the President’s previous two vetoes of related legislation.
Local media reported that the main differences between the government’s draft and the President’s draft concern the Polish Financial Supervision Authority’s (KNF) authority to freeze accounts and the upper limit for fines. Under the President’s version, the maximum fine for obstructing inspections remains at PLN 20 million, whereas the Ministry of Finance’s version raises it to PLN 25 million.
Meanwhile, lawmakers from the ruling Law and Justice (PiS) party withdrew, on Monday, their draft bill on crypto market regulation originally submitted in April, and instead introduced a new bill proposing a general ban on crypto asset activities. Speaker Włodzimierz Czarzasty stated that this ban proposal would only be addressed after deliberations on the four major regulatory drafts are completed—unless PiS withdraws it.
[PANews]
Polish Right-Wing Party Hastily Proposes “Total Crypto Ban,” Parliament Debates Crypto Regulatory Bill
As the Polish parliament is reviewing four crypto asset regulatory bills, the right-wing party Law and Justice (PiS) suddenly submitted a new bill proposing a comprehensive ban on crypto asset-related activities in Poland, sparking concern in local political circles and markets. According to reports, Polish Parliament Speaker Włodzimierz Czarzasty has confirmed that the parliament is currently simultaneously reviewing four crypto bills from the government, President Karol Nawrocki, the “Poland 2050” party, and the “Confederation” party.
Among them, the main disputes are focused on the account freezing powers of Polish financial regulators and the severity of penalties for violations. The presidential version of the bill maintains a maximum fine of 20.00 million zlotys (approximately $5.50 million), while the Ministry of Finance version proposes to increase it to 25.00 million zlotys (approximately $6.90 million).
At the same time, several PiS members have withdrawn their support for the market regulatory bill submitted in April and have instead submitted an independent proposal to “ban crypto asset activities.” Speaker Czarzasty stated that the ban proposal will enter the process after the four main regulatory bills have been reviewed, provided that PiS does not actively withdraw it.
He also described the current situation in the crypto industry as “a devil’s dance” and publicly questioned the financing relationship between some politicians and local crypto platforms, as well as the reasons behind the president’s previous two vetoes of crypto bills.
[Foresight News]
Opinion: This round of BTC bear market has clearly decoupled from historical cycles
Bitcoin Bond Company CEO Pierre Rochard stated that the current fourth bear market of Bitcoin has significantly decoupled from past cycles and is currently performing more strongly.
Previously, the maximum drawdown in the 2013-2015 cycle was about 85%, and the maximum drawdown in the 2017-2018 and 2021-2022 cycles was nearly 77%, while this round has fallen from a historical high of about $126,000.0 to around $60,000.0, with a maximum drawdown of only about 52%.
Rochard believes that this resilience mainly comes from two major new demands: cumulative net inflows of Bitcoin spot ETFs exceeding $59.0B, and continuous corporate treasury purchases (such as Strategy already holding over 818,000.0 BTC). These institutional demands did not exist in the 2018 and 2022 bear markets.
[Foresight News]
Today, the US Bitcoin ETF had a net outflow of 7 BTC, and the Ethereum ETF had a net outflow of 1,183 ETH.
According to Lookonchain monitoring, today the US Bitcoin ETF had a net outflow of 7 BTC, and the Ethereum ETF had a net outflow of 1,183 ETH.
The Solana ETF had a net inflow of 259,129 SOL.
[Odaily]
Binance Chief Marketing Officer Rachel Conlan will depart, and former Trust Wallet CEO Eowyn Chen will serve as interim CMO.
According to CoinDesk, Binance Chief Marketing Officer Rachel Conlan announced she will depart next month, concluding her three-year tenure focused on brand building.
The company confirmed that her last working day will be June 15, after which she will assist with the transition in an advisory capacity. Binance stated that former Trust Wallet CEO Eowyn Chen will serve as interim CMO, overseeing marketing and brand management during the transition period.
[Foresight News]
The U.S. CFTC is in discussions with major professional sports leagues regarding the regulation of prediction markets.
May 12th news, Commodity Futures Trading Commission (CFTC) Chairman Mike Selig said that the agency is consulting with all major professional sports leagues outside of Major League Baseball to promote data sharing in order to monitor insider trading and manipulation in sports event contracts.
The CFTC has filed lawsuits against “about five or six states” that are trying to block federal regulation of event contracts, emphasizing that derivatives listed on the CFTC exchange should be subject to federal regulation rather than state gaming laws.
Selig pointed out that regulators have begun investigating insider trading cases in prediction markets and are coordinating with the SEC to review exchange-traded products such as ETFs related to prediction market strategies, and that prediction markets are accelerating their extension into mainstream financial products.
[PANews]
Today’s Market Pulse
Bitcoin’s market structure shows remarkable resilience compared to historical cycles, driven by institutional adoption through ETFs and corporate treasuries, even as regulatory uncertainty in Poland creates regional volatility. The convergence of traditional finance interest in prediction markets and orbital infrastructure signals accelerating institutional integration.
Key Themes
Institutional Adoption Reshaping Market Cycles
Bitcoin’s current drawdown of ~52% stands in stark contrast to previous bear markets (77-85%), demonstrating unprecedented resilience. This strength stems from cumulative net inflows exceeding $59B in spot ETFs and corporate treasury accumulation (e.g., MicroStrategy holding over 818,000 BTC), creating new demand drivers absent in prior cycles. Near-term, ETF flows remain critical indicators, with today showing Bitcoin and Ethereum ETFs experiencing modest outflows while Solana ETFs attract significant capital.
Stablecoin Ecosystem Expansion
The stablecoin landscape is rapidly evolving with USSD launching its Flying Tulip margin lending market on Sonic, expanding on-chain utility for native stablecoins. Concurrently, Osero has secured $13.5M in funding to develop stablecoin yield infrastructure for Sky Ecosystem’s USDS. These developments enhance DeFi primitives and institutional on-ramps, potentially increasing stablecoin velocity and creating new yield opportunities across the DeFi landscape.
Regulatory Crosscurrents
Poland’s political landscape presents significant uncertainty as the Parliament debates four crypto regulatory bills while a right-wing party unexpectedly proposes a comprehensive ban. This regulatory fragmentation contrasts with U.S. developments, where the CFTC advances discussions with sports leagues on prediction market regulation and the Senate confirms a new Federal Reserve member. The divergent regulatory approaches globally may drive capital flows toward jurisdictions with clearer frameworks.
Traditional-Tech Convergence
Anticipation builds around Cerebras’ IPO (expected $150-160 share price) with market data predicting a first-day close at $256, reflecting strong investor interest in AI infrastructure. Meanwhile, Google’s potential collaboration with SpaceX on orbital data centers could revolutionize data processing capabilities, bridging traditional tech with space-based infrastructure—a development with implications for blockchain scalability and distributed computing.
RichSilo Verdict
Smart money should monitor the durability of Bitcoin’s institutional support structure as ETF flows and corporate adoption will likely determine the trajectory of this cycle. Key catalysts include regulatory clarity in Poland, the implementation of prediction market frameworks by the CFTC, and the potential market reaction to Cerebras’ IPO as a bellwether for AI infrastructure investment. The decoupling of Bitcoin’s performance from historical cycles suggests a maturing market structure, but regional regulatory risks remain a significant wildcard that could create volatility.
