Yeliz Akmaca 
Bitcoin (BTC) is trading at $108,864 amid a volatile day in the crypto market. Here are the key events shaping the scene, including surprise moves by Trump, ETF inflows, and more.
Court Ruling in Mango Markets Case
U.S. District Judge Arun Subramanian overturned fraud and market manipulation convictions against Avraham Eisenberg, accused of a $110 million fraud in Mango Markets. The court ruled there was insufficient evidence that Eisenberg made serious misrepresentations to the platform. This weakens the government’s case and acquits Eisenberg of one charge. Eisenberg had inflated the MNGO token price by over 1300% in a short time and used those gains as collateral to withdraw $110 million from Mango Markets.
Record Inflows into Bitcoin ETFs
U.S.-based spot Bitcoin ETFs recorded a total inflow of $2.75 billion this week, about 4.5 times the $608 million inflow the previous week, according to Farside data. BlackRock’s IBIT fund notably saw $430.8 million daily inflows for eight consecutive days. In contrast, Grayscale’s GBTC fund experienced outflows of $89.2 million, and ARK 21Shares’ ARKB fund saw $73.9 million withdrawn.
Trump’s Crypto Dinner Under Investigation
Thirty-five members of the U.S. House of Representatives sent a letter on May 22 to the Department of Justice requesting an investigation into Trump’s memecoin investors dinner. They asked Edward Sullivan to probe whether the event violated federal bribery laws or the U.S. Constitution’s “Foreign Emoluments Clause.”
Most attendees were reportedly foreign nationals linked to crypto exchanges, according to Bloomberg. The letter stated:
“U.S. law prohibits foreign persons from contributing to U.S. political campaigns. However, the $TRUMP memecoin, including the promotion of a dinner promising special access to the president, opens the door for foreign governments to buy influence with the president without disclosing their identities.”
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