Plus: One Trump tweet, and the market did a 180

GM. The market gave us lemons. We turned them into a nice glass of lemonade with mild sass.

😳 Cetus hack.

🍋 News drops: Trump memecoin dinner, choosing between Kraken and Coinbase + more

🍍 Market flavor today

Crypto Market Cap: $3.47T -1.07% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$108,937.45	-1.50%	4.92%
	Ethereum ETH	$2,570.50	-3.38%	-0.91%
	XRP XRP	$2.36	-2.30%	-2.32%
	Solana SOL	$181.46	1.84%	5.42%
	BNB BNB	$669.56	-1.95%	3.06%

Quick heads-up before you start reading further: this is the market update you could've had today. Just... keep in mind.

The vibes in crypto rn? Still immaculate.

Greed is in the air, and the charts are greener than Shrek munching on a Granny Smith in the middle of his swamp.

And… it might not even be the peak yet 😉

CryptoQuant contributor Ibrahim Cosar says Bitcoin's Spot Taker Cumulative Volume Delta (CVD) has flipped back to green.

To those of you who aren’t nerds: Spot Taker CVD tracks how much buying vs. selling is happening in the spot market.

And right now, buyers are in control, which could give Bitcoin the push it needs to keep going up.

Backing that up is another CryptoQuant contributor, CryptoOnchain, who looked into the derivatives market and noticed that Bitcoin open interest is on the rise.

Open interest is the total number of active futures contracts in the market that haven't been closed or settled yet.

When that number goes up, it means more people are placing new bets in the futures market = traders are getting bolder.

​​And here’s the key part - most of those new trades are long positions. So, not only are more bets being placed, but those bets are leaning toward "up-only".

Nothing’s guaranteed, of course - but right now, things are looking positive.

...

Would've been a nice market update, right? But that price chart doesn't really reflect this vibe... so... wtf? 🤨

Well, everything was going well today. And then, this happened:

Donald Trump said he wants to impose a 50% tariff on all products coming from the European Union, starting June 1.

And just like how trade deals with China or the UK gave markets a boost (because they were a sign that global economic tensions were easing), this announcement cranked the uncertainty back up.

So yeah... nothing's guaranteed. "Never let them know your next move" moment, I guess...

🥝 Memecoin harvest

These coins said: “We’re not like the other tokens” 💅

Data as of 09:20 AM EST.

Check out these memecoins and plenty more here.

🤔 (De?)centralized

“Ok, why is literally everybody and their mom talking about Sui right now?”

If that’s you - hey, you know we got you. Let's put an end to the pain of being unaware:

Yesterday, the Sui blockchain experienced the biggest DeFi hack of 2025.

A hacker stole $223M from Cetus, the largest DEX aggregator on Sui.

FYI: that's about 94% of what the platform had in total value locked (TVL) the day before. So yeah, pretty big deal.

"But... how?", said you, maybe.

Like I said - don't worry, we got you.

The attacker exploited a flaw in Cetus’ smart contracts - and according to HackenProof CTO Alex Horlan, this is how the whole thing went down:

Step 1. Making a garbage token look valuable

The attacker made their own token - just a worthless coin called BULLA.

Now, on most DEXs, prices are set by how many coins are sitting in a pool. If there’s a lot of BULLA and only a little SUI (a legit token), the system assumes BULLA must be really valuable - because it thinks it takes a lot of BULLA to buy just a little SUI.

So the hacker dumped tons of BULLA into the pool and added just a bit of SUI. Now the pool’s price math was tricked: it thought 1 BULLA was worth a lot of SUI, when really, it was garbage.

Step 2. Setting up a fake liquidity pool

Next, the hacker used BULLA to create a new liquidity pool - this time adding almost nothing to it, just enough to set it up.

When someone starts a new liquidity pool, they get LP tokens in return. These LP tokens are like a receipt showing what percent of the pool you own, and later you can trade them in to get your share of the real tokens in the pool.

But the system still thinks the fake token is super expensive, so when the attacker adds a tiny bit of it into the pool, it treats that like a massive deposit. As a result, the hacker gets a huge number of LP tokens - way more than they actually deserve.

Step 3. Cash out

Now armed with those LP tokens, the hacker starts removing liquidity - exchanging their LP tokens for real tokens from the pool.

Because the system’s math is broken from the earlier trick, it lets them keep pulling out real money - again and again - even though they barely put anything real in to begin with.

I know. Crazy stuff.

And the result was a mess:

• The total assets held by investors in the network dropped by over $330M;

• Multiple tokens paired with SUI tanked 70 - 90%.

• USDC on Sui depegged.

Craaaazy stuff.

Cetus scrambled to respond:

• Paused all smart contracts to prevent more damage;

• Teamed up with the Sui Foundation and froze around $162M of the hacker’s funds. Sadly, the hacker had already bridged about $60M over to Ethereum;

• Offered a white hat bounty - up to $6M - if the attacker returns the Ether.

Which sounds like a pretty solid response.

But many people went like, “Uhhh… pause. Sui can freeze funds?”

Yeah, if someone can just halt transactions, it feels a lot like the traditional banking system. And for a network that calls itself decentralized, that’s a big red flag.

On the other hand, people like crypto sleuth Matteo pointed out that what happened wasn’t centralized control - it was decentralization in action.

According to him, Sui validators from all over the world independently coordinated to stop a known malicious wallet. No one gave orders, no one had to ask permission. They just chose to act.

That, he said, is what true decentralization looks like - not being powerless, but being able to respond together as a network.

And it probably was the right choice. If you can stop someone from stealing, why wouldn’t you?

But even if this made sense, it left a crack in the idea that Sui was fully decentralized.

So yeah. And that, friends, is why everyone is freaking out about Sui. The pain of unawareness has been released.

🍋 News drops

🍽 The largest TRUMP token holders showed up for a dinner at Trump’s golf club last night. The guest list included some crypto heavyweights like Tron’s Justin Sun, BitMart’s Sheldon Xia, and Jack Lu from Magic Eden.

✊ Senate Democrats are pushing to change the GENIUS Act. Their goal is to make sure future presidents can’t make money off stablecoins.

⚖️ A guy from Massachusetts is headed to prison for six years because he ran an unregistered Bitcoin-for-cash business. On top of that, he has to give up $1.5M and will be watched for three years after he gets out.

🚨 macOS users beware: scammers are spreading fake versions of Ledger Live that can steal your recovery phrase and drain your crypto.

🤔 Can’t decide if you’re team Kraken or team Coinbase? We compared them so you can skip the existential crisis.

🍌 Juicy memes