💸Record Outflows See $890M Exit Spot Bitcoin ETFs

GM Defiers!

Last week was the worst on record for spot Bitcoin ETFs, with roughly $890 million leaving the funds in aggregate over five consecutive days of outflows. The sector’s poor performance came amid market volatility and heavy GBTC sales.

In other news, Polygon zkEVM suffered a major outage, Worldcoin launched support for self-hosted data, Polymarket traders are wagering on a fresh round of airdrops, and DEX Screener is looking to moderate hateful-themed tokens listed on its platform.

Plus, activity on Base is bubbling, with network hosting record TVL and trade volume.

✍️ In today’s newsletter:

Spot Bitcoin ETFs suffer record streak of outflows
Polygon zkEVM endures major outage
Worldcoin responds to data security concerns
Polymarket punters tip more airdrops are coming
DEX Screener may moderate racist tokens
Base adoption surges

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💰 Spot Bitcoin ETFs Suffer Worst Week Yet With $890 Million In Outflows

Spot Bitcoin ETFs suffered a record run of outflows last week with five consecutive daily outflows worth $890 million. The unfortunate milestone coincided with a significant pullback in the crypto markets and Gemini Earn beginning heavy sales of GBTC provided as loan collateral from Genesis, the insolvent CeFi lender.

🔌 Polygon zkEVM Resumes Operation Following Major Outage

Polygon zkEVM experienced a major outage over the weekend, with Polygon engaging its Emergency Council to restore normal operations. Polygon is also gearing up to introduce support for EIP-4844 in the coming weeks

🌎 Worldcoin Addresses Privacy Concerns With New Personal Custody Feature

Worldcoin, the controversial digital identity protocol, responded to criticism regarding data storage concerns with the launch of "Personal Custody.” The new feature allows users to store all data generated from interacting with the protocol on their personal devices.

🪂 Polymarket Traders Expect Major Airdrops to Launch Before June 30

Punters trading on the Polymarket prediction market are tipping that we can expect to see airdrops from Blast, Parcl, Swell Network, Tensor, and Ethena go live before July with implied probability exceeding 90%. Punters also expect to see token drops from Drift, LayerZero, and EigenLayer.

🚫 DEX Screener To Review Moderation Policy Amid Flurry of Racist Memecoins

DEX Screener, a popular platform aggregating data for low-cap tokens, is considering moderating its website after multiple racist memecoins were featured on the site. “We'll be reviewing our token profile moderation policy in the coming days,” DEX Screener tweeted, adding that it “won't be the gatekeepers of what happens on-chain.”

🚀 Base Activity Soars As TVL Crosses $900 Million

The recent memecoin frenzy has helped propel Base up the Layer 2 rankings, with native DeFi protocols approaching a combined TVL of $1 billion. On-chain trading volume also tagged a record high of $394 million alongside soaring transaction throughput.

🌍 ELSEWHERE

EU to investigate Apple, Google, Meta under new digital law (Al Jazeera)
London Stock Exchange picks May 28 as start date for crypto ETN trading (The Block)
Nigeria files tax evasion charges against Binance (The Guardian)