BTC spot ETFs recorded over $1.03 billion in weekly outflows, led by ARKB and BlackRock’s IBIT
Kraken cut around 150 jobs as crypto firms increasingly adopt AI tools to improve operational efficiency, and industry-wide crypto layoffs crossed 5,000 employees
Trade.xyz launched synthetic SpaceX pre-IPO perpetuals under SPCX, generating $33 million in daily volume as contracts surged from $150 to $200
The crypto market saw major developments as Bitcoin ETFs witnessed $1 billion in outflows, Kraken layoffs as part of its AI push, and SpaceX tied pre-IPO perpetuals picked up steam on Hyperliquid. Meanwhile, exchange outflows are rising, and another major bridge exploit showed up.
According to SoSoValue, last week BTC spot ETFs witnessed a net outflow of $1.039 billion. The Bitcoin spot ETF with the largest net outflow last week was $Ark & 21Shares ETF ARKB, with a weekly net outflow of $324 million.
The second largest was BlackRock ETF IBIT, with a weekly net outflow of $317 million.
The Bitcoin spot ETF with the largest net inflow last week was Grayscale Bitcoin Mini Trust $BTC, with a weekly net inflow of $12.604 million.
The total net asset value of Bitcoin spot ETFs is $104.29 billion, and the ETF net asset ratio reached 6.58%, with a cumulative historical net inflow of $58.34 billion.
Crypto exchange Kraken cut approximately 150 jobs as part of efficiency measures tied to the growing implementation of AI tools in the business.
While the company is not currently planning more layoffs, the move is clear proof of just how artificial intelligence is reshaping employment in the cryptocurrency industry.
The reported staff reductions may also impact Kraken’s long-awaited plans to go public in the United States. The IPO timeline could now be pushed back until 2027.
Cryptocurrency companies collectively eliminated over 5,000 jobs in 2026 so far, with many firms pointing to automation and artificial intelligence as key reasons behind workforce reductions.
Bitget reserve assets posted over $900 million in net outflows in 7 days, according to exchange data, raising questions about user withdrawal activity and exchange liquidity.
The number shows a notable short-term drawdown in assets held on the platform.
Reserve-asset tracking measures the total value of assets held in wallets attributed to a given exchange. A net outflow means more value left those wallets than entered them during the measurement window.
The figure reflects wallet-level movement, not a direct measure of the exchange’s financial health.
Also Read: Bitcoin Falls Below $77K as Crypto Prices Face Fresh Selling
Bitcoin Depot, North America's largest Bitcoin ATM operator, filed for Chapter 11 bankruptcy protection on May 18, 2026, in the Southern District of Texas.
All 9,276 kiosks went offline the same day. With Bitcoin trading at $76,800 and BTM shares already down 79.48% over six months, the collapse marks the first time a Nasdaq-listed crypto ATM company has entered bankruptcy proceedings.
Preliminary Q1 2026 revenue fell 49.2% year-over-year to $83.5 million, with a net loss of $9.5 million.
Bitcoin Depot was founded to bring everyday people closer to Bitcoin, placing kiosks in grocery stores and gas stations across the US, Canada, and Australia.
Ahead of the SpaceX IPO, Trade.xyz has launched a SpaceX-linked synthetic perpetual contract on Hyperliquid. The pre-IPO perpetual futures are trading under the ticker SPCX.
SPCX is a synthetic perpetual, meaning no real SpaceX shares are bought or sold. Instead, traders speculate on SpaceX’s estimated value through a derivative contract that follows a reference price.
The SPCX-USDC contracts launched at $150, but have surged to $200, suggesting the company is valued at $2.2 trillion.
In the first session, the market posted $33 million in 24-hour volume and $21.8 million in open interest. Identifying the opportunity, Aster has announced that it is launching the SpaceX pre-IPO perpetual with up to 5x leverage.
Also Read: Ethereum Price Analysis: Is a Deeper Drop Ahead After $2.4K Rejection?
The Verus-Ethereum Bridge suffered an exploit that drained about $11.5 million worth of crypto assets.
The hacker stole 1,625 ETH, 103.6 tBTC, and 147,000 USDC before consolidating the funds into a single wallet now holding more than 5,400 ETH.
The incident adds another major bridge exploit to a sector that has already lost hundreds of millions of dollars this year alone.
Bitcoin ETFs faced strong outflows as traders reduced exposure amid declining crypto prices and macro uncertainty. ARKB and BlackRock’s IBIT alone accounted for over $640 million in weekly withdrawals.
Kraken stated the layoffs are linked to efficiency improvements and the growing implementation of AI tools. The exchange is streamlining operations as automation reshapes the crypto industry workforce.
The SPCX perpetuals on Hyperliquid are synthetic derivatives that allow traders to speculate on SpaceX’s estimated valuation without owning real company shares or equity.
Reserve outflows indicate more assets leaving exchange wallets than entering them. While not necessarily a sign of insolvency, large outflows can raise concerns around liquidity and user sentiment.
Hackers drained approximately $11.5 million in ETH, tBTC, and USDC from the Verus-Ethereum Bridge. The stolen funds were consolidated into a single wallet holding over 5,400 ETH after the exploit.