Weekly snapshot:

• BTC ETFs: +$631.6M

• ETH ETFs: +$70.3M

ETF flows stayed constructive, continuing to channel institutional demand even as direct balance sheet expansion slowed.

Latest treasury moves:

• Strategy bought 535 BTC (~$43.0M)

Corporate accumulation outside Strategy remains subdued, with last week marking a breather after aggressive Q1 and April buying.

Structure remains unchanged: Strategy still dominates treasury activity, while ETFs provide a parallel route for capital deployment.

Circle has closed a $222 million strategic raise for its Arc blockchain from Andreessen Horowitz, BlackRock, Apollo Funds, ICE and many other major names. Andreessen Horowitz served as the lead investor in the raise with a $75 million investment.

Arc attracted engagement from 100+ institutions across banking, capital markets, and technology, including Goldman Sachs, Visa, Mastercard, BNY Mellon, Deutsche Bank and HSBC.

Arc's public testnet has processed more than 166 million total transactions since launch, with daily average volumes of 2.3 million transactions and near-100% uptime; settling in approximately 0.5 seconds.

Total RWA market cap has surpassed $26.4B across 165 issuers, with a growth curve that went near-vertical heading into 2026. Zooming in, Syrup USDC's $305M DeFi TVL on just $1.50B market cap shows which assets are actually being put to work.

Sale Valuation - $516K. Hard cap - $200K. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.02. Jurassic is a Solana-based platform that tokenizes museum-grade dinosaur fossils as fractional ownership SPVs.

Futard.io is a new permissionless launchpad on Solana by MetaDAO, and this sale has already raised $9.4M from 652 funders against a $200K goal, a 4,700% oversubscription.

Canton Network is a public, permissionless Layer 1 blockchain built with configurable privacy features. Unlike Ethereum or Solana, it offers protocol-level confidentiality guarantees designed specifically for regulated financial institutions.

For a16z crypto, the investment follows the firm closing a $2.2B fifth crypto fund, bringing its total dedicated crypto capital to approximately $10B across five vehicles.

If completed, the raise would be Digital Asset's largest to date and come less than a year after it secured $135 million in June 2025 led by DRW Venture Capital and Tradeweb Markets.

LayerZero has also issued a public apology for its handling of the Kelp DAO's exploit, admitting it had done "a terrible job on comms" and conceding it should not have allowed its DVN to act as the sole verifier for high-value transactions.

Despite the overhaul, the exodus is already underway. Protocols representing approximately $2B in combined TVL, including Kelp DAO ($1.5B), Solv ($600M), and Re ($200M), have announced migrations to Chainlink CCIP.

gTrade, the on-chain perpetuals DEX offering crypto and RWA markets with up to 1000x leverage, is now live inside MegaETH Terminal — the ecosystem's points program tied to a 2.5% mainnet campaign allocation from ~10B token supply.

At current pre-market pricing of ~$0.17 per MEGA, that allocation implies roughly $40M+ in potential ecosystem incentives, though exact distribution mechanics remain unconfirmed and allocations may be partial or phased.

Users accumulate Terminal points through two activities: trading across gTrade's 165+ markets, which includes commodities, forex, stocks, and indices alongside crypto pairs, or providing liquidity to the gUSDM vault. Selected pairs rotate weekly with point multipliers, directing attention toward specific markets each week.

The RWA coverage is a differentiator — XAU, USOIL, EUR/USD, NVDA, SPY, and similar instruments are available with the same leverage profile as crypto perps, expanding the addressable audience beyond typical DEX users.

Google has unveiled Google Health Coach, a Gemini-powered service combining fitness coaching, sleep analysis, and wellness guidance, available May 19 under the Google Health Premium subscription at $9.99/month or $99/year.

The coach personalizes guidance through an onboarding flow covering goals, equipment, injuries, and lifestyle. Users can log workouts and meals via text, voice, or photo. Insights draw from fitness metrics, sleep data, nutrition, cycle tracking, and connected U.S. medical records.

Alongside the app rebrand, Google introduced the Fitbit Air — a screenless, Whoop-style band priced at $99.99. It tracks heart rate, SpO2, HRV, sleep stages, and Afib. The device weighs 12g, is water-resistant to 50m, and offers up to 7 days of battery with a 5-minute fast charge delivering a full day of use.

The Fitbit Air ships May 26 and includes a 3-month Google Health Premium trial. Google AI Pro and Ultra subscribers get Health Premium at no added cost.

FDV/Revenue Annualized ratio measures how much the market pays for every dollar a protocol earns; the lower the ratio, the more efficiently a protocol is valued. This snapshot compares the most profitable protocols, identifying who offers the best value by fundamentals.

The category leaders: Limitless in Prediction Markets (4.4x), Morpho in Lending (11.6x), edgeX in Perp DEXs (11.7x), Meteora in Spot DEXs (10.5x).

The top 12 spot DEXs processed $132B in combined volume, led by Uniswap ($40.3B) and PancakeSwap ($24.5B). But the real story is in the growth numbers: Curve surged +54.7%, Aerodrome +47.7%, while HumidiFi lost -60.9% and Raydium dropped -38.6%.