Tron has officially surpassed Ethereum in total circulating USDT, marking a major shift in the stablecoin space. According to a May 12 post by CryptoQuant contributor Maartunn, on May 6, Tron&#8217;s (TRX) USDT supply reached $73.8 billion, exceeding Ethereum&#8217;s (ETH)…

Tron flips Ethereum in USDT supply amid growing on-chain activity

Shares of healthcare company KindlyMD (KDLY) skyrocketed by 250% on Monday 
after the firm announced a merger with Nakamoto Holdings, a Bitcoin (BTC) 
investment company founded by David Bailey, crypto advisor to President Donald 
Trump. KindlyMD Secures $710 Million In Funding According to CNBC, the newly 
merged entity has secured a substantial financial boost, raising $200 million 
in convertible debt and an additional $510 million through a private 
investment in public equity (PIPE) deal. Investors in the PIPE are purchasing 
shares at $1.12 each, while the convertible notes will convert at a premium 
price of $2.80. Notably, these notes are zero-coupon for the first two years, 
allowing investors a unique opportunity to benefit from future growth. Related 
Reading: Ethereum Price Completes Bullish Structure Break – $3,000 Comes Next 
Bailey revealed the overwhelming interest in the offering, stating, “I’ve been 
raising about $100 million a day. Yesterday, I raised almost $200 million.” 
The funding round has attracted over 200 investors, including prominent names 
such as Actai Ventures, Arrington Capital, and Van Eck. Individual backers 
include notable figures in the cryptocurrency world, such as cryptographer 
Adam Back, CEO of Blockstream, and former Coinbase executive Balaji 
Srinivasan. A ‘Transformational Transaction’ For Bitcoin Integration 
Constantine Karides, chair of Reed Smith’s Crypto &amp; Digital Assets Group and 
lead counsel on the deal, characterized the merger as a “transformational 
transaction.” Karides noted that Bitcoin’s rise as a treasury asset is a 
natural progression, reflecting a broader trend in capital markets toward 
innovative transaction structures that embrace blockchain technology. The 
merger&#8217;s implications are particularly intriguing given KindlyMD’s existing 
mission to address opioid addiction. Bailey emphasized that his team sought a 
“right vehicle” to take Nakamoto public, and KindlyMD&#8217;s leadership was already 
enthusiastic about bitcoin. “What KindlyMD will look like in the future will 
be different than what it looks like today,” he stated. Related Reading: 
Ethereum Recovery Gains Strength: Massive Comeback Above Key Support Plans are 
in place for a rebranding of the combined company, which will also change its 
ticker symbol from “KDLY.” The vision is to build a global network of bitcoin- 
focused businesses, with KindlyMD&#8217;s healthcare operations gradually taking a 
smaller role. However, Tim Pickett, CEO of KindlyMD, assured stakeholders that 
the clinics would continue to prioritize treating opioid addiction and 
providing patient-focused care. “This merger represents a strategic leap for 
KindlyMD, allowing us to expand our mission,” Pickett said. Pickett also 
expressed confidence that the partnership with Nakamoto, which brings deep 
expertise in Bitcoin strategy and treasury management, will drive long-term 
value for shareholders. Trading at approximately $102,260, BTC’s price has 
recorded a notable 8% surge in the weekly time frame, hovering just 6% below 
its all-time high of $109,000 reached in the first quarter of the year. 
Featured image from DALL,-E, chart from TradingView.com

KindlyMD Shares Surge 250% Post-Merger With Trump Crypto Advisor David Bailey

Bitcoin defied expectations in April, delivering double-digit gains while 
posting lower volatility than major traditional assets.
According to analysts at Galaxy Digital, Bitcoin&#8217;s (BTC) realized volatility 
over the past 10 trading sessions dropped to 43.86, lower than the S&amp;P 500&#8217;s 
47.29 and the Nasdaq 100&#8217;s 51.26 &#8212; an unusual &#8220;positioning for a digital 
asset traditionally known for its outsized volatility.&#8221;
The data point comes against a backdrop of renewed financial turbulence. Since 
US President Donald Trump&#8217;s Liberation Day tariff announcement on April 2, 
traditional markets have wobbled.
The Nasdaq Composite is flat, the Bloomberg Dollar Index fell nearly 4%, and 
even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling 
back to a 5.75% gain, Galaxy Digital analysts wrote in a May 12 note.
However, they noted that Bitcoin surged 11% over the same period, reinforcing 
its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.
_The Nasdaq Composite Index has been in the red over the past six months. 
Source:__Nasdaq_
 _**Related:**__**Bitcoin illiquid supply hits 14M BTC as hodlers set bull 
market record**_
## Bitcoin&#8217;s correlation with major indexes declines
The analysts noted that Bitcoin still maintains elevated 30-day correlations 
with major indexes, around 0.62 with the S&amp;P and 0.64 with the Nasdaq. 
However, its beta has declined, signaling that investors may be treating it 
less as a high-risk asset and more as a long-term allocation.
&#8220;Bitcoin as a non-sovereign asset means an investor doesn&#8217;t need the full 
faith or tax basis of a nation to support the integrity of the asset,&#8221; said 
Chris Rhine, head of liquid active strategies at Galaxy.
Galaxy said that the recent investor behavior mirrors what was observed during 
the 2018-2019 US-China trade tensions when Bitcoin rallied amid rising global 
uncertainty.
Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF 
inflows and Strategy&#8217;s ongoing Bitcoin purchases are helping reshape Bitcoin 
into a digital version of gold, less tied to equities.
&#8220;As institutions deepen liquidity, volatility drops, making Bitcoin a 
cornerstone for portfolios,&#8221; Huang added.
Meanwhile, Galaxy&#8217;s OTC trading desk said the market posture is &#8220;tactically 
cautious but structurally constructive,&#8221; marked by disciplined leverage and 
low hedging stress.
With 95% of Bitcoin&#8217;s total supply already mined and growing interest from 
institutions, ETFs, and even governments, Bitcoin is increasingly being viewed 
as a digital store of value.
&#8220;Bitcoin&#8217;s supply and demand dynamics are solidifying its place as a mature 
digital store of value,&#8221; said Ian Kolman, co-portfolio manager at Galaxy.
On April 25, Jay Jacobs, BlackRock&#8217;s head of thematics and active ETFs, said 
there has been a long-term trend where countries have been reducing their 
reliance on dollar-based reserves in favor of assets like gold and, 
increasingly, Bitcoin.
He noted that geopolitical fragmentation is fueling demand for uncorrelated 
assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.
_**Magazine: **__**Bitcoin eyes &#8216; crazy numbers,&#8217; JD Vance set for Bitcoin 
talk: Hodler&#8217;s Digest, May 4 &#8211; 10**_

Bitcoin volatility falls below S&P 500 and Nasdaq in rare shift — Galaxy

Given the inelastic supply of gold, JPMorgan analysts believe the precious 
metal could reach prices of $6,000 per troy ounce by 2029. The bank stated 
that a shift of just 0.5% of U.S. assets held abroad into gold could send 
prices soaring. JPMorgan: Gold Might Soar to $6,000 by Trump&#8217;s Term End Gold, 
which has […]

JPMorgan: Gold Could Reach $6,000 if This Shift Happens

Solana Labs co-founder Anatoly Yakovenko proposed a new data availability 
solution aimed at tackling persistent fragmentation and lack of 
interoperability across blockchain networks.
In a May 12 post on X, Yakovenko proposed a &#8220;meta blockchain,&#8221; that could 
aggregate and order data posted across multiple layer-1 chains, including 
Ethereum, Celestia and Solana.
&#8220;This would actually allow the meta chain to use cheapest currently available 
DA offer,&#8221; Yakovenko said.
Data availability (DA) layers are third-party solutions ensuring that 
blockchains have the necessary data to validate transactions.
_Source: Anatoly_ _Yakovenko_ 
Blockchain interoperability is one of the most pressing issues for Web3 
developers, since today&#8217;s siloed layer-1 (L1) blockchain networks have no 
means of communicating or exchanging data with each other, creating a need for 
crosschain interoperability solutions like DA layers.
Other leading blockchains are also focused on improving DA solutions. 
Ethereum&#8217;s upcoming Fusaka upgrade, expected in late 2025, will focus on 
scaling the Ethereum mainnet&#8217;s capacity as a DA layer by introducing EIP-7594.
_Ethereum data capacity upgrades. Source: Binance Research_
This upgrade may boost Ethereum&#8217;s value accrual, depending on whether existing 
Layer-2 blockchains continue choosing Ethereum for data availability in the 
future, a Binance Research spokesperson told Cointelegraph.
_**Related:**__**Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for 
$300M**_
## Making data availability cheap makes &#8220;everything else cheap&#8221;
Creating cheaper DA solutions is essential to reduce the costs associated with 
blockchain-based transactions, Yakovenko said in a response to his initial 
post, adding:
&gt; &#8220;Making data availability cheap allows for making everything else cheap. 
&gt; Bandwidth is the irreducible bottleneck.&#8221;
He also suggested that a more advanced solution could eliminate external 
sequencers by using a rule-based system to merge transactions across chains, 
allowing users to send transactions &#8220;anywhere.&#8221;
_**Related:**__**Bunq, Europe &#8216;s second-largest neobank, expands into 
crypto**_
Other prominent blockchain industry leaders have also called for more 
interoperability and collaborative tokenomics among the leading blockchains.
Speaking at Paris Blockchain Week 2025, Cardano founder Charles Hoskinson 
emphasized the need for collaborative economics in the crypto industry to 
counter growing competition from traditional tech firms entering the 
blockchain space.
_Charles Hoskinson. Source:__Cointelegraph_
&#8220;The problem right now, with the way we&#8217;ve done things in the cryptocurrency 
space, is the tokenomics and the market structure are intrinsically 
adversarial. It&#8217;s sum 0,&#8221; said Hoskinson. &#8220;Instead of picking a fight, what 
you have to do is you have to find tokenomics and market structure that allows 
you to be in a cooperative equilibrium.&#8221;
Aiming to align blockchain network incentives, Cardano has been working on 
&#8220;Minotaur,&#8221; a multi-resource consensus protocol that combines multiple 
consensus mechanisms and networks to pay a unified block reward to multiple 
networks at the same time.
_**Magazine:**__**Charles Hoskinson, Cardano and Ethereum &#8211; for the record**_

Solana co-founder proposes meta chain to fix blockchain fragmentation

The Bitcoin price and the entire crypto and stock market have been operating 
at the mercy of the tariff wars ignited by US President Donald Trump after 
being sworn into office. The initial wave of tariff increases on countries 
such as China triggered massive crashes across financial markets, plunging the 
Bitcoin price below $80,000. However, the tariff wars are nearing their end 
with the latest announcement from the White House regarding trade between the 
United States and China. White House Announces Reduction Of China Tariffs In 
April 2025, US President Donald Trump had announced a drastic increase of 
tariffs on Chinese goods to a high 145%, with over 180 countries also seeing 
tariff increases. This triggered a wave of panic and retaliation, triggering 
what is now known as the ‘tariff wars.’ As discussions progressed, another 
announcement in April revealed a 90-day pause on tariffs for other countries, 
with the exception of China. Related Reading: XRP Price Surge To $10: Analyst 
Reveals Factors That Will Make It Happen In 2025 While China was yet to 
exempt, the 90-day pause did have a positive effect on the market as the 
Bitcoin price recovered, taking the crypto market up with it. Since then, the 
Bitcoin price has since recovered above $100,000, as well as the stock market 
seeing multiple green days. Trade talks have since been ongoing between China 
and the United States and there has been a stopgap put in place for now. In a 
statement on the White House website, it was announced that both the Chinese 
and United States government at the US-China Economic and Trade Meeting in 
Geneva had agreed to modify their respective applications and implement a 
suspension of 24 percentage points of tariffs. This agreement is expected to 
be in place for an initial period of 90 days, giving both parties time for 
more discussions toward a resolution. The statement read that this was done in 
“the spirit of mutual opening, continued communication, cooperation, and 
mutual respect.” Why The Bitcoin Price Could Explode Currently, the rally of 
the Bitcoin price is being driven by the positive news surrounding the 
tariffs. So, it is expected that more positive news will continue to drive up 
the price. The agreement between the US and China states that both countries 
should have implemented the tariff reduction by May 14, 2025. With only a day 
left, this deadline could trigger another rally. Related Reading: Dogecoin 
Price Gearing Up For Major Explosive Rally – Why $1 Is Still In The Cards As 
the news of the suspension begins to make the rounds, it signals no negative 
news coming out regarding tariffs for the next three months at least. This 
gives time and most importantly, confidence in risk assets such as Bitcoin for 
investors looking for gains. With the return of investors into the risk 
market, the Bitcoin price could quickly cross $110,000 as early as Wednesday. 
Featured image from Dall.E, chart from TradingView.com