Data: Web3 social application Towns has over 400,000 total users, with over 200,000 token holders

May 28th — U.S. President Donald Trump took to Truth Social to announce he’ll lead efforts to build a “forward-looking” digital asset market structure. He slammed former SEC Chair Gary Gensler and what he called the “anti-crypto army” for pushing Bitcoin, crypto perpetual contracts, and crypto innovation overseas. Trump vowed, “Under my leadership, we will enshrine a set of ‘forward-looking’ digital asset market regulations into law that crypto haters cannot overturn. The new frontier of finance is being built in the United States, and ‘Trump’ will never disappoint the crypto industry!” At the time of his remarks, the Clarity Act — a bill designed to establish a comprehensive regulatory framework for digital assets — cleared the Senate Banking Committee in early May after months of delays tied to debates over stablecoin rules and other sticking points. However, analysts note the legislation still faces major hurdles before becoming law. Benchmark analyst Mark Palmer explained that the

On May 28, the cryptocurrency market remained weak. Coinglass data shows that total liquidations across all exchanges over the past 24 hours reached $701 million. Breaking this down, liquidated long positions accounted for $648 million, while short-position liquidations totaled $53.59 million.

On May 28, Hyperinsight, via its Telegram monitoring, flagged a Hyperliquid whale that deposited roughly $4.3 million two months ago. Since participating in on-chain U.S. stock trading offered by Trade.xyz, the wallet has accumulated around $8 million in profits, pushing its total funds to over $12 million — a 280% return on the initial investment. The most profitable assets driving these gains are Micron Technology (MU) and NVIDIA (NVDA). As of press time, the address in question — 0x577ae91c7b74f04ddb3a5b399ded8318e9895fd2 — still maintains an open long position in MU that hasn’t been closed. This position holds an unrealized gain of $7.2 million (or +77.8%). The long position was opened at the start of the wallet’s creation two months ago, when Micron’s stock price traded at roughly $520. As MU’s stock price continued climbing, the position’s value grew passively, making it the largest long position in MU on Hyperliquid.

May 28 — Huobi HTX’s CEO addressed recent issues related to restrictions on user fund flows in a social media post, stating that due to the exchange’s involvement in a UK-related sanctions dispute, some third-party risk control and security systems have broadly flagged all addresses involved in HTX fund transactions. As a result, some users have faced fund flow restrictions, disrupted trading, and even account freezes. HTX described this as an extremely rare large-scale "collateral damage" incident impacting ordinary users in the history of the crypto industry. HTX emphasized that the platform’s trading, deposit/withdrawal, and over-the-counter (OTC) functions are currently operating normally, and user assets can still be withdrawn to the blockchain. However, the exchange warned that if in the future users are only able to withdraw funds to the blockchain or exit via OTC, it would signal the loss of "interoperability" among centralized exchanges. This is not just a problem for HTX; it

May 28. Globally across capital markets, the S&P 500, Nasdaq, and Russell 2000 have largely edged back toward their recent highs, while gold and silver have each posted robust, strong rallies. In contrast, following the "1011" crash, the total cryptocurrency market capitalization has only managed a subdued, low-level rebound, significantly lagging behind performance in traditional financial markets. This dynamic signals that even as liquidity expectations improve and risk appetite rebounds, large-scale capital flows have not returned to the crypto space. The current market structure appears to be: U.S. stocks trading on AI-related themes, gold acting as a safe-haven asset, and crypto still stuck in a "waiting for incremental funds" phase. From a relative strength standpoint, crypto assets are not displaying the beta strength typically expected to track global capital markets. Instead, they seem to be being "abandoned" by global risk assets overall.

According to a May 28 report from Edaily, South Korea’s Investment Securities will sign a deal with OKX on the 29th to each take a 20% stake in South Korean cryptocurrency exchange Coinone, for a total combined holding of 40%. The transaction is valued at an estimated 500 billion to 600 billion South Korean won, translating to between $332 million and $398 million. The acquisition will be executed primarily through new share issuance, and existing major shareholders will retain their operational control. Through this move, Korea Investment Securities will advance its digital asset business, including tokenized securities issuance and circulation, corporate client acquisition, and block trading.