Split Capital founder Zaheer Ebtikar is closing his crypto hedge fund after strong returns to join Plasma as chief strategy officer, citing a major industry shift. Split Capital, a digital asset hedge fund founded by investor Zaheer Ebtikar, is shutting down, with the founder joining Peter Thiel-backed stablecoin startup Plasma. Ebtikar announced the news in an X post on Tuesday, saying Split Capital was profitable both in 2024 and 2025, and delivered over 100% in returns. “We were a top performing fund by every mark,” Ebtikar claimed, adding that his decision to wind down the business was driven by a belief that the crypto market had shifted away from strategies that hedge funds are designed to capture. Read more
Polymarket has become one of decentralized finance’s highest fee-generating protocols, pulling in about $7.1 million in fees in the first week of the second quarter. Polymarket has become one of decentralized finance’s most profitable protocols after a pricing overhaul, generating about $7.1 million in fees in the first week of the second quarter, according to new data. That pace implies an annualized run rate of roughly $365 million if sustained, placing the onchain prediction platform among the industry’s top fee generators and giving it nearly all of the sector’s revenue, at 96.8% of onchain prediction market fees. The gains follow a March 30 pricing change that pushed daily fees to around $1 million, a level that has largely held as trading activity remains elevated, data from DeFiLlama shows, and make Polymarket the eighth-largest DeFi protocol by fees, along with stablecoin issuers Circle (USDC) and Tether (USDT) and decentralized derivatives exchange Hyperliquid. Read more
Bitcoin and risk-asset price action tried to brush off new US-Iran war rhetoric just hours before the deadline for a deal passed. Bitcoin (BTC) stayed near a key long-term trend line at Tuesday’s Wall Street open as markets waited for US-Iran war cues. Key points: Bitcoin and US stocks attempt to shrug off claims by US President Donald Trump that a “whole civilization will die” after his Iran deadline expires. Read more
CME Group said it will launch Avalanche and Sui futures contracts pending regulatory approval, as it expands its regulated crypto product offering. CME Group is expanding its suite of cryptocurrency futures products, as more traditional finance (TradFi) entities launch regulated crypto trading products. On Tuesday, CME Group announced plans to launch Avalanche (AVAX) and Sui (SUI) futures contracts on May 4, pending regulatory review. Market participants will be able to trade both micro-sized and larger-sized contracts, including AVAX futures sized at 5,000 AVAX and Micro AVAX futures sized at 500 AVAX, as well as SUI futures sized at 50,000 SUI and Micro SUI futures sized at 5,000 SUI. Read more