Asian Stock Markets Open Lower

On May 28, the U.S. military opened fire in the area around Iran’s Hormuz Port, close to the Strait of Hormuz, according to Iran’s Tasnim News Agency, which cited a military source. The incident followed a standoff between Iran’s Revolutionary Guard and a U.S. oil tanker attempting to transit the strategic Strait of Hormuz.

May 28 — According to ChainNews, InBlockchain’s secondary investment arm, Trend Research, transferred an additional 2.705 million UNI (≈$8.71 million) and 114,000 COMP (≈$2.13 million) to Binance an hour ago. The transfer is likely part of preparations to liquidate its entire position; if all these tokens are sold, the total loss would hit $40.29 million. As previously reported, on May 25, Trend Research had deposited 2.7 million UNI and 114,352 COMP into Binance.

On May 28th, Donald Trump took to social media to post: “Former SEC Chair Gary Gensler and his so-called ‘anti-crypto army’ nearly wrecked the entire U.S. cryptocurrency industry. They pushed Bitcoin, crypto perpetual contracts, and all crypto innovation overseas — but I saved it, every single bit of it. Today, the U.S. is the undisputed ‘crypto capital of the world,’ and top builders and entrepreneurs are flocking back to America in droves.” “Under my leadership, we will put in place a forward-looking, future-oriented digital asset market framework that crypto adversaries will never be able to easily overturn. The next big frontier of finance is being built right here in the United States — and I will never let the crypto industry down, nor let unfair attacks derail its growth on my watch.”

May 28. Traditional Bitcoin mining companies, after transitioning to artificial intelligence, hyperscale computing, and data center infrastructure, held strong market momentum this Wednesday. A string of related stocks notched double-digit gains: IREN led the sector with a more than 13% price jump, nearing a new all-time high, while Cipher Digital and Hut 8 even hit fresh record highs. This trend has persisted over recent months: firms that once focused solely on Bitcoin mining are now shutting down portions of their mining operations and reallocating resources and capital to AI power and computing infrastructure. Many investors today view these new business initiatives as far more attractive than traditional mining activities.

May 28 Update: Per on-chain analytics platform cinderfy, Pump.fun transferred another 100,628 SOL (about $8.32 million) to crypto exchange Kraken just one hour ago. Year-to-date 2024, Pump.fun has sold a cumulative total of 4.54 million SOL from transaction fee revenue, totaling approximately $791 million at an average price of around $174 per SOL.

Per OnchainLens monitoring on May 28th, whale trader Evaded (@ICanPlug) has opened a new 25x leveraged short position for 12,600 ETH at an average entry price of $2033.31. The trader continues to hold a 30x leveraged short position on 960 BTC, with their combined floating profit totaling over $1.6 million.