Stablecoin supply expanded to around $323 billion, with more than $3 billion added this month, as liquidity conditions improved. Ethereum’s staking ratio also climbed to a new all-time high of 32.4%, while ETH/BTC stayed under pressure after weeks of declines. The setup puts focus on whether past links between stablecoin liquidity and ETH’s relative strength versus Bitcoin re-emerge this cycle.

The XRP Ledger is nearing activation of the "fixCleanup3_1_3" amendment in XRPL 3.1.3 after it entered a two-week activation window. The change is expected to go live on May 27, 2026 and has shown an uncommon 100% validator consensus, exceeding the 80% threshold typically required for amendments to pass.

Corporate Ethereum reserves have climbed to $16 billion, with strategic holders controlling 7.33 million ETH—about 6% of total supply. In May, Ethereum ETFs saw roughly -$300 million in net flows, a shift that has pressured sentiment and coincided with an around 8% monthly decline in ETH.

A wallet linked to Arthur Hayes transferred 115,453 HYPE valued at about $6.33 million to Bybit on May 23. The same address previously withdrew the same amount from Bybit roughly one month earlier at $39.58 per token, creating a sharp contrast with Hayes' public view that HYPE could reach $150.

Pudgy Penguins (PENGU) fell 14% over the past 24 hours, marking the largest decline among CoinMarketCap’s top 100 tokens. The move followed a monthly unlock of 712.4 million PENGU valued at $6.25 million, alongside heavier selling activity and a 17% jump in daily volume to about $181 million. Technically, PENGU revisited the 0.618 Fibonacci retracement near $0.008266, with bulls needing a break above $0.009846 to validate a rebound.

Dogecoin (DOGE) slipped under the $0.1 level, printing a monthly low of $0.0997 and trading around $0.099 at the time of writing, down 5.84% on the day. Long liquidations totaled $16.4 million and futures netflow fell 484% to -$99 million as outflows rose to $811 million and inflows eased to $712 million. Technical readings cited in the report showed heavy selling pressure, with Connors RSI at 19 and TSI in negative territory.

On May 20, TradingView analyst Lingrid outlined an Ethereum (ETH) "Kill Zone" that she says marks an optimal accumulation area during the current pullback. She placed the buy zone at $2,100–$2,135 with a stop-loss at $2,040, while targeting a rebound toward $2,300 after ETH briefly fell to $2,070.

Toncoin (TON) fell 11.15% over the past 24 hours, alongside a 3.35% Bitcoin (BTC) decline that coincided with $85 billion being wiped from total crypto market cap. Derivatives markets saw $942 million in liquidations in the same window, with longs making up most of the total. Analysts outlined a bearish near-term setup for TON, with a potential bounce toward $1.9–$2.0 seen as a selling area.