BTC, ETH Hold Firm, a Founder Exit, and a New Revenue Record

Happy Monday, TM Family!

Welcome to the Token Metrics Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. Today, we cover five key stories shaping the market, from price movements to leadership changes and emerging platforms.

Let’s dive in! 

After a turbulent weekend, Bitcoin regained ground, climbing to just above $110,000 on Monday, May 26, 2025, following a sell-off sparked by U.S. President Donald Trump’s tariff threats on the EU. The cryptocurrency dropped from above $111,000 to a low of $107,000 as trade war fears intensified. With Trump extending the tariff deadline to July 9, a temporary easing of tensions supported the recovery, alongside gains in U.S. and European equity futures.

The market saw significant volatility, with over $300M in leveraged crypto positions liquidated in four hours, driven by the same tariff-related fears. Bitcoin long positions accounted for $107M, while Ethereum longs saw nearly $87M in liquidations. Other tokens like Solana and Dogecoin faced liquidations between $10M and $18M. A notable trader, James Wynn, faced $7.5M in unrealized losses on a $1.1B Bitcoin long bet, as shared in an X post.

Spot Bitcoin ETFs marked their highest volume week of 2025, with $25B in value traded and $2.75B in net inflows, the second-highest inflow week since their inception in 2024. BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, maintaining a 30-day streak without significant outflows and holding 3.3% of all Bitcoin, with a net asset value exceeding $71B.

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Now let’s get back to the key stories for the day.

Ethereum demonstrated resilience, holding a critical support level at $2,477 and rebounding to $2,504. This was driven by an extraordinary trading volume of 291,395 units, nearly three times the average, $12B in the last 24 hours. The cryptocurrency’s 24-hour range was 3.5%, with strong ETF inflows and institutional interest supporting its performance despite global economic tensions.

Mihailo Bjelic, a co-founder of Polygon, announced his departure from active roles at Polygon Labs and the Polygon Foundation board on Friday, May 23, 2025. Bjelic, who co-founded Polygon (initially Matic Network) in 2017 alongside Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, contributed to advancements in zero-knowledge technology and Ethereum scaling. Following Kanani and Arjun’s departure two years prior, his exit leaves Nailwal as the sole original founder.

Unlike competitors like BlackRock, Fidelity, and Charles Schwab, Vanguard stands out in the financial industry by maintaining a firm stance against cryptocurrency investments. The firm does not offer crypto ETFs and blocks trading of such products on its platform, citing that cryptocurrencies do not align with traditional asset classes like equities, bonds, and cash.

Critics, including Ric Edelman and Bitwise CIO Matt Hougan, argue this approach limits investor choice. Some predict that market demand and competition may push Vanguard to reconsider by the decade’s end. For instance, BlackRock’s iShares Bitcoin Trust manages $71B in assets, highlighting the growing mainstream acceptance of crypto.

Axiom exchange, launched in early 2025 by 22-year-old UC San Diego graduates Henry Zhang and Preston Ellis, achieved $100M in revenue just four months after its early-access debut. Operating on Solana and Hyperliquid, Axiom offers competitive fees (0.95% for Wood level, 0.75% for Champion level) and returns up to 43% of fees as rewards in SOL.

The platform’s rapid growth outpaces competitors like Pump.fun, which took eight months to reach the same milestone. Axiom plans to expand to other blockchain ecosystems and offers yield-earning features powered by MarginFi.

That’s all for today, people. Let’s talk tomorrow.

Your Friends at Token Metrics