Major crypto exchange OKX will be launching wrapped Bitcoin asset, xBTC, as well as related yield products. BTC recently broke through a new all-time high, surpassing $111,000. According to the official announcement, xBTC is a wrapped token that is pegged…

OKX launches xBTC following new Bitcoin all-time high at $111k

A crypto trader spent $3.8 million to buy Ether at a significantly higher 
price after selling the asset for almost the same amount about a month ago.
On May 22, blockchain analytics firm Lookonchain reported that a crypto wallet 
spent $3.8 million to purchase 1,425 Ether (ETH) at $2,670 per coin, 
reentering ETH after a major rally.
On April 13, the same wallet sold 2,522 ETH for $3.9 million, when the asset 
was trading at about $1,570, a decision that, in retrospect, looks poorly- 
timed.
&#8220;Think twice before selling your bags,&#8221; Lookonchain wrote, highlighting the 
potential gains if the trader just held on to their Ether instead of selling 
and repurchasing it at a higher price point.
_Whale buys ETH after selling over a month ago. Source: DeBank_
## Trader loses out on $2.6 million gain
With ETH up over 70% since the sale, the trader lost out on over 1,000 ETH, or 
roughly $2.67 million, in the process of buying back in. If the trader decided 
to hold on to their Ether, the assets would be worth about $6.7 million.
As ETH rallied, the asset surpassed the market capitalization of big companies 
like Coca-Cola and Alibaba.
At the time of writing, company data tracker 8marketcap shows that Ether&#8217;s 
$321 billion market capitalization makes it the 38th most-valuable asset in 
the world, surpassing the pharmaceutical company AbbVie and inching closer to 
the Bank of America.
Ether&#8217;s upswing is largely fueled by the successful launch of its Pectra 
upgrade. The new update introduced improvements to the network&#8217;s scalability, 
validator user experience and smart wallet functionality. These updates are 
expected to drive broader adoption of the Ethereum mainnet.
_**Related:**__**Bitcoin open interest hits record high as bulls stampede 
toward new BTC price highs**_
## ETH leads crypto investment products with $205 million weekly inflows
Along with its recent price appreciation, ETH-based investment products in the 
United States also saw renewed interest.
A May 19 report from digital asset manager CoinShares revealed that US crypto 
investment products saw $785 million in inflows last week. This development 
pushes the year-to-date (YTD) total for crypto ETPs to $7.5 billion.
ETH was the top performer among the crypto exchange-traded products (ETPs), 
attracting $205 million in inflows last week. This represents 26% of all the 
inflows within the time period. This also brings ETH&#8217;s YTD total to over $575 
million.
The CoinShares report also attributed the increased inflows to renewed 
investor optimism following the Pectra upgrade and the Ethereum Foundation&#8217;s 
appointment of Tomasz Stańczak as a co-executive director.
_**Magazine:**__**TradFi is building Ethereum L2s to tokenize trillions in 
RWAs: Inside story **_

Whale buys back ETH holdings after losing $2.6M by selling early

Kazakhstan&#8217;s National Bank will begin licensing crypto exchange services that 
allow the conversion of crypto to fiat, establishing their legal status under 
new national rules. Kazakhstan plans to bring crypto exchange operators under 
formal regulation, with the National Bank tasked…

Kazakhstan to allow crypto exchanges to deal with fiat

FIFA is turning to Avalanche for a purpose-built blockchain to power digital 
collectibles and future web3 products. The world&#8217;s football governing body 
FIFA is creating its own blockchain on Avalanche, named the FIFA Blockchain, 
as the latest move in its…

AVAX soars 10% as FIFA taps Avalanche to power its own blockchain for digital collectibles

James Wynn recently grabbed headlines with a $1.1 billion long position on 
BTCPERP via HyperLiquid. But who is the trader behind this bold move and what 
other high-stakes plays has he made? More importantly, which coin is he 
betting on…

From PEPE to Billions: meet crypto’s boldest whale James Wynn

According to Maghnus Mareneck, co-CEO of Interchain Labs, the Colombian 
government will be testing a still-unannounced CBDC on the Cosmos network. 
Colombia aims to target cross-border payments with this new CBDC, which has 
just emerged from stealth with this announcement. Colombia Hops Onto the CBDC 
Bandwagon With Stealth CBDC Pilot Colombia would be the latest […]