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CMC Market Pulse: Saylor Sells Bitcoin BTC -15.62%, ETH -29.75%. Market cap craters to $2.13T as Strategy breaks its "Never Sell" mantra. Crypto decouples from equities hitting new highs. Let's break down this week's top crypto narratives 1/6

Market Overview: > Crypto mcap down 13.8% to $2.13T. BTC -15.62%, ETH -29.75%. > ~$3.5B in liquidations taken out across Tuesday to Thursday. > Funding rates collapse, ETH and SOL now firmly negative. > Strategy sells 32 BTC for $2.5M, its first BTC sale since 2022. > BitMine files for a 9.5% yield preferred stock offering, mimicking Strategy's playbook. > The U.S. CFTC enables perpetual futures listings by Designated Contract Markets. > S&P +0.07%, Nasdaq +0.24% as equities crack new highs and crypto decouples. 2/6

Narrative of the Week: The Saylor Sale Heard 'Round the World > Strategy breaks its "Never Sell" mantra, triggering panic over the sustainability of its product yields. > Traders speculate STRC, Strategy's high-dividend product, will only bottom when Bitcoin does. > Polymarket controversy: a market on whether Saylor would sell BTC in May 2026 resolved No despite the 8-K disclosing exactly that. > A core pillar of the Bitcoin bull thesis has cracked, fears of cascading sales now drag BTC down. 3/6

Major Project Updates: > Binance adds U.S. stocks to its platform, offering 7,000+ stocks and ETFs with overnight trading. > Zcash exploit enabling unlimited, undetectable minting discovered and patched by researchers and the dev team. > TON rebrands back to Gram as part of Durov's "Make TON Great Again" plan. > Binance's move places direct pressure on Robinhood and Coinbase. 4/6

DeFi Brief: > Morpho releases the Morpho Midnight whitepaper for fixed-rate, fixed-term credit markets. > Radiant Capital shuts down 18 months after the October 2024 exploit, with no meaningful recovery. > GnosisPay exploited but patched; affected users to be made whole. > Cosmos-based Gravity bridge exploited for $5.4M. > Fundraises: Coinone stake ($106M by OKX & Korea Investment), SignalPlus ($50M Series B1), AIVIVE ($8M), Hypernova ($3M). 5/6