Suspected Sonic Labs-Related Address Transfers 11.78 Million S Tokens to Binance, Valued at Approximately $5.55 Million

May 28th brings a critical update for crypto derivatives: the Chicago Mercantile Exchange (CME) will launch 24/7 trading for Bitcoin futures and options this Friday, with only a 1-hour system maintenance window each Sunday between 22:00 and 23:00 UTC. This change will effectively eliminate the long-watched "CME gap" phenomenon. Previously, CME Bitcoin futures paused trading from Friday’s close through Sunday, while the broader Bitcoin spot market operated nonstop. This disconnect regularly formed what traders call a "CME gap," spurring widespread "gap-filling" trading strategies. Analysts view this move as CME continuing to align with crypto’s native 24/7 market structure, which will reduce institutional exposure to weekend risk and enhance hedging efficiency. However, institutional liquidity remains concentrated in ETF options and offshore perpetual futures contracts, per industry observations. Cole Kennelly, CEO of Volmex Labs, highlighted the stark open interest gap: BlackRock’s

On May 28, Iran’s Islamic Revolutionary Guard Corps (IRGC) announced that Iran remains in full control of the Strait of Hormuz and will give a "decisive response" to any interference attempts. (Golden Finance)

May 28 — Per LookOnChain’s on-chain monitoring, a whale moved 6.2 BTC (valued at roughly $455,000) into Hyperliquid and sold it yesterday. Following that, the whale opened a short position worth approximately $10.66 million, with a position size of 145.42 BTC. One hour ago, the trader closed that short, locking in a $311,600 profit, and immediately shifted to a long position. As of now, the whale holds a long position of 416.6 BTC with 40x leverage, bringing the total position value to around $30.6 million. They’ve set a take-profit target at $74,400, which would generate an estimated $439,000 in profits if triggered. The current liquidation price for this long trade is $72,430.3.

On May 28, Coinglass data shows that if Bitcoin drops below $72,000, cumulative long liquidation intensity across major centralized exchanges (CEXs) will reach $807 million. Conversely, if Bitcoin surpasses $75,000, cumulative short liquidation intensity on major CEXs will hit $1.058 billion. BlockBeats Note: Liquidation charts do not display the exact number of contracts set to liquidate or their precise value. The bars on these charts represent the relative importance of each liquidation cluster compared to adjacent clusters—this is what’s referred to as "intensity". Therefore, the chart illustrates how significantly an underlying asset’s price will be impacted when it reaches a specific level. A higher "liquidation bar" means once the price hits that level, it will experience a more intense reaction due to a liquidity cascade.

May 28 – Per Coinbob Popular Address Monitor (https://t.me/Coinbob_track_CN), the largest BTC short on Hyperliquid, known as “pension-usdt.eth,” has again added roughly 400 BTC to its short position, valued at around $29.4 million. As of press time, its 3x-leveraged BTC short position stands at $102 million, with an average entry price of $69,423. It currently holds an unrealized loss of approximately $5.5 million (16%). Notably, this address has been aggressively shorting BTC since April 1, during which it incurred significant unrealized losses and later added an ETH short position. At its peak, its unrealized loss reached as high as $16 million. Yesterday, as the ETH short turned profitable and was fully closed, the funds used for this latest BTC short addition came from the margin released by that ETH short closure. Address: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902

May 28th — Per HTX’s market data, Bitcoin is currently trading at $73,524.15, marking a 3.13% drop in the last 24 hours. Ethereum sits at $1,994.33, down 4.20% over the same period; ETH dipped below the $2,000 key psychological level earlier today. Across top centralized exchanges (CEXs), funding rates for both BTC and ETH are firmly in bearish territory, reflecting weak long-position sentiment and an overall sluggish market mood. For Bitcoin, funding rates across platforms are mostly below the 0.01% benchmark, with no clear bullish signals. Ethereum’s bearish trend is even more pronounced: ETH’s overall funding rates fall below the 0.005% threshold, indicating stronger downward pressure compared to BTC. BlockBeats Note: Funding rates are mechanisms crypto exchanges use to keep perpetual contract prices aligned with the underlying asset’s market value. They work as fund transfers between long and short contract traders—exchanges do not collect these fees. The rate adjusts the cost o