Today in crypto: Netflix director’s fraud – Solana’s futures debut flops

Bitcoin struggles as liquidity dries up

Bitcoin is facing a rough patch as the amount of money flowing into the market has slowed down. Data from blockchain analytics firm Glassnode shows that exchange inflows – a key measure of market activity – have dropped more than 54% from their peak.

At the same time, Bitcoin futures, a type of contract traders use to bet on Bitcoin’s future price, have also declined. Open interest in these contracts has fallen by 35%, dropping from $57 billion to $37 billion. This suggests fewer people are making big bets on Bitcoin’s price movements.

Bitcoin is currently trading at around $82,800, down 23% from its record high in January. Experts believe two key factors are behind this slowdown:

1. Less trading activity – Many investors who bought Bitcoin expecting quick profits are now backing out.
2. Economic uncertainty – Investors are worried about global events like rising trade tensions, inflation, and geopolitical conflicts, making them hesitant to invest in risky assets like Bitcoin.

Some traders are also playing it safe by buying insurance-like contracts (called put options) that protect them from further losses. Despite the dip, long-term Bitcoin holders are staying put, showing confidence in its future value.

Solana futures launch on CME exchange

The Chicago Mercantile Exchange (CME) has officially launched Solana futures, allowing investors to trade contracts tied to Solana’s price. While the launch attracted $12.3 million in trading volume on its first day, it was significantly lower than the launch volumes for Bitcoin and Ethereum futures in previous years.

However, experts at K33 Research argue that Solana’s futures debut is strong compared to the size of its market. Analyst Vetle Lunde pointed out that, adjusted for market size, Solana’s performance is in line with how Bitcoin and Ethereum performed when they first launched futures trading.

Solana’s price has been under pressure, dropping more than 8% from its weekend high to around $125. This decline comes as the broader crypto market faces a slowdown, and some memecoins built on Solana have lost momentum.

Raydium takes on pump.fun with new launchpad

Solana-based decentralized exchange (DEX) Raydium is launching a new token launchpad called LaunchLab, which works similarly to the popular pump.fun platform.

Pump.fun, a Solana memecoin launchpad, has been one of the biggest drivers of activity on Raydium, accounting for 41% of its swap fee revenue over the past 30 days. However, pump.fun is now building its own exchange, which could take away revenue from Raydium.

In response, Raydium is launching its own competing product. LaunchLab will allow users to create and trade tokens while offering customized pricing models to better manage liquidity. The move highlights growing competition in Solana’s ecosystem, where platforms are racing to capture market share in the booming memecoin space.

Crossmint raises $23.6M to build blockchain tools for AI

Blockchain infrastructure firm Crossmint has raised $23.6 million in a funding round led by Ribbit Capital, with participation from major financial firms like Franklin Templeton.

Crossmint helps companies integrate blockchain technology into their businesses without needing deep technical knowledge. The company has over 40,000 clients, including major brands like Adidas and Red Bull.

A key focus for Crossmint is building blockchain-powered payment systems for AI-driven commerce. Co-founder Alfonso Gómez-Jordana explained:

“AI agents are reshaping commerce. Soon, they will autonomously manage tasks like grocery shopping or personal styling. Traditional payment systems weren’t designed for AI agents, but blockchain is.”

This investment signals growing interest in the intersection of AI and blockchain, as companies explore how to automate payments, manage digital wallets, and improve online transactions using decentralized technology.

Film director charged with stealing Netflix funds for crypto trading

Carl Rinsch, the director of the 2013 movie 47 Ronin, has been charged with fraud after allegedly taking $11 million from Netflix and using it for crypto investments instead of making a new TV series.

According to prosecutors, Rinsch lost millions in risky trading but later struck it big with Dogecoin, turning a $4 million bet into $27 million during the memecoin’s massive rally in 2021.

Instead of repaying Netflix or finishing the project, Rinsch spent the money on luxury items, including:

• $2.4 million on expensive cars
• $3.7 million on rare antiques
• $1 million on high-end bedroom furniture

Now, he faces serious legal trouble. If convicted, he could be sentenced to up to 90 years in prison for fraud and money laundering. The case highlights the wild risks some individuals take in the crypto space and the legal consequences of misusing funds.

Heroes of Mavia token surges 430% after long decline

The token behind blockchain-based mobile game Heroes of Mavia has made a stunning comeback, soaring 430% in just one week. $MAVIA is now trading at $0.61, making it the top-performing gaming token of the week.

However, the token is still down 94% from its all-time high, following a dramatic crash after its initial hype in early 2024.

The recent surge comes as Skrice Studios, the company behind Heroes of Mavia, announced plans to:

• Expand the game’s ecosystem
• Launch a new interoperability hub for blockchain gaming
• Release six new flagship games

Despite this momentum, analysts warn that gaming tokens remain highly speculative, and long-term success depends on actual player adoption and game quality.

Final thoughts

Bitcoin’s liquidity crunch and macro uncertainty continue to put pressure on prices, but institutional interest in crypto remains strong. The launch of Solana futures, major funding rounds for blockchain infrastructure, and the rise of AI-driven payments suggest that crypto innovation isn’t slowing down.

Meanwhile, scandals like the Netflix fraud case and the ongoing volatility of gaming tokens highlight the risks that still exist in the industry.