Gate.io Launches INIT Perpetual Contract Pre-trading

On May 10, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that the so-called "BTC OG Insider Whale" recharged 78,168.5 ETH to Binance 11 hours earlier—valued at $180 million, with no clear purpose yet. Since May 6, the whale has sent a total of 322,268.33 ETH to centralized exchanges (CEXs). Currently, it still holds 225,449.31 ETH and 19,003.39 BTC on-chain, with a combined worth of approximately $2.05 billion.

May 10 — Per LookOnChain data, SATO has once again hit a new all-time high. Crypto whale 0xe5f6 purchased 335,899 SATO three days ago in a FOMO spree, paying $1.42 per token (valued at roughly $477k at the time). The whale’s holdings have since flipped from a 60% unrealized loss to a profit, with the current unrealized gain standing at around $130k.

On May 10, the Intercontinental Exchange (ICE) announced plans to launch Bitcoin Volatility Futures on June 1—pending regulatory approval—expanding its U.S.-based derivatives exchange’s cryptocurrency offerings. Reportedly, the contracts will tie to the CME CF Bitcoin Volatility Index (not Bitcoin’s price) and are designed to track expected market volatility over the next four weeks.

On May 10, Strategy CEO Phong Le stated the company will only sell Bitcoin under specific circumstances: paying a 11.5% dividend to STRC preferred shareholders, and pursuing tax deferral or optimization arrangements. The firm will evaluate whether selling Bitcoin or issuing stock better improves its "earnings per Bitcoin" metric, emphasizing BTC will only be sold if the transaction creates value for common shareholders. Previously, Michael Saylor noted the company may "sell some Bitcoin in the future to pay dividends," drawing market attention. As of now, Strategy holds 818,334 BTC—valued at over $66 billion. Phong Le believes the company’s ~$1 billion annual dividend payout will not materially impact Bitcoin’s market price, given the asset’s roughly $600 billion daily trading volume.

May 10th — According to analyst Tom Wan, multiple protocols with a combined total value locked (TVL) of roughly $20 billion have announced plans to migrate to Chainlink CCIP, despite LayerZero issuing an apology statement earlier. These include KelpDAO ($15B), SolvProtocol ($6B), and re ($2B). Meanwhile, top assets still using LayerZero’s OFT standard are: USDe/sUSDe (Ethena), weETH (Etherfi), USDT0 (Tether), thBILL (Theo), and WBTC (Bitgo). Specific migration timelines will be released by the projects at a later date. Earlier, LayerZero formally apologized for its inadequate communication during the security incident over the past three weeks. The firm acknowledged its internal RPC was compromised by the Lazarus Group and admitted it had mistakenly allowed LayerZero Labs DVN to serve as a 1/1 validation node for high-value transactions, creating a single point of failure.

On May 10th, Changpeng Zhao (CZ) said during the latest episode of the Crypto Banter podcast: “Other U.S.-based crypto centralized exchanges (CEXes) don’t want to see me get a pardon. During the pardon application process, we actually faced strong opposition from what we consider our competitors in the U.S.”