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It’s been a historic week for Web3 — one that brought milestones, headlines, and moments that will be remembered.From Bitcoin hitting an all-time high on the 15th anniversary of Pizza Day, to the biggest DeFi hack of the year and a meme coin dinner with the former U.S. President — these are the stories you can’t afford to miss.
Bitcoin has surged to a new all-time high of $111,970, marking a significant milestone in its ongoing bull run. This ascent is underscored by seven consecutive green weekly candles since April, reflecting sustained bullish momentum. Analysts project that BTC could reach between $135,000 and $320,000 by 2025, driven by factors such as increased institutional adoption and favorable regulatory developments.
In tandem with the price surge, Bitcoin's market capitalization has soared to a record $2.17 trillion, and its realized cap—which measures the value of all coins at the price they were last moved—has reached an unprecedented $911.5 billion. These metrics indicate robust investor confidence and a strong foundation for potential future growth. However, the broader cryptocurrency market, excluding Bitcoin (Total2), remains approximately 30% below its previous all-time high.
The recent rally is further bolstered by substantial institutional inflows, particularly into Bitcoin ETFs, which have seen net inflows of $3.6 billion in May alone. This influx of capital from institutional investors reflects growing confidence in Bitcoin as a legitimate asset class and a hedge against traditional financial systems. Moreover, regulatory advancements in the United States, including the Senate's procedural approval of the GENIUS Act, a bill aimed at regulating stablecoins, have contributed to the positive sentiment in the market. These developments signal a more supportive environment for cryptocurrencies, potentially paving the way for sustained growth in the industry.
On May 22, 2025, the crypto community celebrated the 15th anniversary of Bitcoin Pizza Day—marking the first time Bitcoin was used to purchase a real-world good. Back in 2010, software developer Laszlo Hanyecz made history by paying 10,000 BTC (then worth just $41) for two Papa John’s pizzas. Fast forward to today, and those coins—at Bitcoin’s recent all-time high of $111,000—would be valued at over $1.1 billion.
But Hanyecz’s legacy goes far beyond a famous pizza. He was an early contributor to Bitcoin’s development, responsible for creating the first MacOS client and pioneering GPU mining, which dramatically boosted the network’s security and efficiency. Between April and November 2010, he spent an estimated 80,000 BTC on various purchases—now worth over $8.6 billion. Despite the eye-watering valuation, he has no regrets, saying his goal was to prove Bitcoin could function as real money.
To mark the occasion, Marathon Digital Holdings and Gemini collaborated on a unique tribute: they mined a Bitcoin block styled to look like a slice of pizza, a fun nod to the moment Bitcoin first touched the real economy.
Today, Bitcoin Pizza Day is more than just a meme—it’s a global celebration of how far the crypto world has come. It reminds us of the bold experimentation that sparked a financial revolution, and the incredible journey from two pizzas… to a trillion-dollar asset.
Bybit became the first major crypto exchange to offer direct trading of global stocks using USDT, including Apple, Tesla, Meta, and others. This move eliminates fiat onboarding and bridges TradFi with crypto—users can now access equities, gold, oil, indices, and forex directly from their crypto wallet. The update reflects a broader trend: exchanges evolving into full-scale financial platforms. Meanwhile, Kraken is rolling out xStocks on Solana, featuring 50+ tokenized stocks and ETFs with 24/7 trading for users outside the U.S. As regulatory tides shift and pro-crypto sentiment grows, exchanges are reviving ideas regulators once shut down—like Binance’s 2021 attempt.
On May 22, 2025, 220 holders of the $TRUMP memecoin gathered at Donald Trump’s golf club in Virginia for what was billed as “the most exclusive invitation in the world.”
Among the guests were founders of major crypto projects, a former professional athlete and reality TV personality, high-net-worth crypto investors from Asia and the Middle East with clear political and regulatory interests, several Web3 influencers and meme coin promoters, and multiple early Bitcoin adopters and miners. The guest list turned heads across both the crypto industry and political circles.
Trump made a dramatic arrival by helicopter and gave a 25-minute speech in support of cryptocurrency and the token’s investors. He thanked holders for their loyalty and emphasized the importance of innovation in financial markets. Some attendees also expressed disappointment at the briefness of Trump’s appearance and the underwhelming quality of the meal.
Public Backlash & Political FirestormDespite the fanfare, the dinner drew immediate backlash. Trump was accused of monetizing access to the presidency through crypto-fueled fundraising. Protesters gathered outside the club, chanting slogans against corruption and the selling of political influence. Ethics experts voiced concern over the involvement of wealthy foreign nationals, warning of potential national security and campaign finance implications.
While the dinner underscored crypto’s rising influence in politics, it also raised serious questions about the ethical boundaries between money, technology, and political power.
This week, Cetus Protocol, the largest DEX on the Sui blockchain, suffered a major exploit resulting in the theft of over $220 million in crypto assets. The attack is now considered the largest DeFi hack of 2025, with far-reaching consequences for the entire Sui ecosystem.
On May 22, the attacker exploited a vulnerability in Cetus’s Concentrated Liquidity Market Maker (CLMM) mechanism. By deploying fake tokens and manipulating price oracles, they distorted internal liquidity calculations—allowing repeated withdrawals of real assets like SUI and USDC without proper collateral. The Cetus team responded swiftly by pausing smart contracts and launching a full investigation. In coordination with the Sui Foundation and the network’s validators, roughly $162 million of the stolen funds were frozen. Validators are now actively blocking transactions from addresses linked to the exploit to prevent further movement of assets.
A Debate Over Decentralization: In the wake of the hack, the Sui team implemented a controversial "whitelist" function, allowing certain transactions to bypass standard security checks. While intended as a protective measure, it has sparked debate over decentralization, with critics questioning the network’s ability to intervene in what should be an immutable and permissionless system.
The incident had a sharp impact on market sentiment: several Sui-related tokens plunged by up to 80%. While the core SUI token remained relatively stable, overall trust in the Sui ecosystem has been significantly shaken.
The Crypto Fear & Greed Index surged to 78—its highest level since January—signaling extreme greed in the market. This index, which ranges from 0 (extreme fear) to 100 (extreme greed), is based on factors such as volatility, trading volume, social media sentiment, dominance, and Google Trends. Despite the elevated reading, funding rates remain moderate, indicating that leverage is not yet at dangerous levels. Historical trends suggest that price growth often continues for some time after extreme greed first appears. In both March and November 2024, Bitcoin rallied for several weeks after the index entered similar territory.
Web3 is moving faster than ever — and this week proved it. Every day brings new shifts, new signals, and new turning points. Don’t just keep up — stay ahead.
Follow along with the Magnet team for weekly insights that help you see what’s coming, not just what’s trending. See you in next week’s Web3 Digest.
