You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Risk assets climbed as investors welcomed a cooler-than-expected CPI print, with YoY inflation dropping to 2.3% vs. 2.4% forecast—marking the lowest level since February 2021. The softer data triggered a risk-on move, adding fuel to the prior session’s rally and setting the stage for BTC to retest highs. BTC dominance has slipped from 65% to 62%, reflecting growing appetite for altcoins. Crypto chatter is heating up—SEC filings mentioning "cryptocurrency" hit a record 786 in April, while “stablecoin” references have doubled. Since April, crypto has outpaced equities by more than 15%, but with BTC near ATHs, we could see equities regain leadership in the short term.
Elsewhere, Robinhood is making moves—acquiring Canadian crypto platform WonderFi for $179M, representing a 41% premium to its last close. Meanwhile, Yuga Labs, under fire for its handling of CryptoPunks and a derivatives project, has handed full IP rights to the Infinite Node Foundation, a nonprofit focused on digital art preservation.
On the institutional side, VanEck has launched its first tokenized product—VBILL—providing on-chain exposure to short-term U.S. Treasury bills across multiple blockchains. Animoca Brands is also looking to ride the momentum, preparing for a U.S. IPO as Trump-era crypto optimism builds.
The News Room
Coinbase makes history with S&P 500 induction, reinforcing crypto’s arrival in mainstream finance
Coinbase has made history by becoming the first cryptocurrency company to be included in the S&P 500 index, replacing Discover Financial Services, which is being acquired by Capital One. This inclusion, effective May 19, 2025, signifies a major milestone for the crypto industry, highlighting its growing acceptance in mainstream finance. Following the announcement, Coinbase's stock surged nearly 10% in premarket trading, reflecting investor optimism. Analysts anticipate that this move will attract significant institutional investment, with estimates suggesting up to $16 billion in buying pressure from index-tracking funds. Coinbase's CEO, Brian Armstrong, celebrated the achievement, stating, "Crypto is here to stay."
Short squeeze propels Bitcoin past $100,000 with funding rates growing
Bitcoin surged past the $100,000 mark, driven by a significant short squeeze that led to the largest liquidation of short positions since 2024. This rally was fueled by a sharp increase in derivatives activity, with open interest and perpetual funding rates reaching unprecedented levels. While this leverage-driven momentum propelled prices upward, it also raises concerns about market stability, as such elevated funding rates may not be sustainable in the long term
XRP outperforms crypto market with 10% jump as open interest surges past $5B
XRP surged over 10% in the past 24 hours, reaching $2.59—its highest level since March—outperforming the broader crypto market. This rally coincided with a significant rise in open interest for XRP futures, which climbed to $5.4 billion, rebounding from a dip to $3.6 billion earlier this year. The uptick in open interest indicates renewed trader confidence and heightened speculative activity. The price movement also triggered over $20 million in liquidations across derivatives platforms. Contributing to this bullish momentum was Ripple's recent settlement with the U.S. Securities and Exchange Commission (SEC), resolving a longstanding legal dispute. Under the agreement, Ripple will pay a $50 million fine, and a previous injunction has been vacated, bolstering investor sentiment
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
