Here’s what happened in crypto today

Today in crypto, inflows to digital asset treasury companies fell off a cliff in May, plunging 95% from April, Radiant Capital will wind down after failing to recover from a 2024 hack, and the US Senate’s CLARITY Act debates resume this week as lawmakers return from vacation.

Crypto treasury inflows fall to lowest level since 2024

Monthly inflows into digital asset treasury (DAT) companies fell to $180 million in May, the lowest level since October 2024, according to DefiLlama data. 

The May total was down 95% from April's $4.4 billion and about 93% below the monthly average for January through May. The drop followed two strong months for DAT inflows, with data showing $4.2 billion in March and $4.4 billion in April. 

Bitcoin treasury companies accounted for nearly all of May's DAT inflows, with $177 million (about 98%) of the monthly total. However, Bitcoin inflows were also down sharply from their $3.8 billion recorded in April. 

Non-Bitcoin treasury assets made only a marginal contribution to May inflows in DefiLlama’s monthly asset breakdown. Smaller inflows came from ZCash, Story and Sui, while Litecoin recorded a $1.89 million outflow.

The slowdown adds to signs that investors are reassessing passive crypto treasury models as exchange-traded funds (ETFs), net asset value compression and pressure to generate yield weaken the case for companies that simply raise capital and hold tokens.

Digital asset treasury inflows monthly chart. Source: DefiLlama

Radiant to wind down after failing to recover from 2024 hack

Crypto lending protocol Radiant Capital said on Monday it will start closing down as it failed to establish a “viable path forward” after North Korea exploited it for $50 million in October 2024, adding its inability to recover the stolen funds, secure new capital and maintain a runway to continue operating responsibly forced it to wind down.

It added that contributors and community members had helped maintain the protocol under “increasingly difficult conditions,” but it was not enough to sustain the protocol “without recovery, capital, or growth.”

North Korea’s Lazarus Group exploited Radiant in October 2024, and its value locked fell to $75 million before collapsing further to $5 million within the month after the hack, which it never recovered from.

Source: Radiant Capital

Radiant said it will transition into a “maintenance state,” where the protocol’s frontend will stay online, its smart contracts will remain accessible and users will be able to withdraw, repay, and manage their positions, but the protocol will no longer have development, upgrades or expansions.

Debate on CLARITY Act continues this week as US Senate returns

US Senate consideration of the Digital Asset Clarity (CLARITY) Act is likely to resume as members reconvene this week after an extended Memorial Day holiday.

Many US lawmakers and crypto industry leaders are pushing for consideration of the CLARITY Act, a crypto market structure bill introduced by Republicans and passed by the House of Representatives in July 2025.

The bill, expected to give more authority to the federal commodities regulator over digital assets, passed two crucial committees before the one-week break. It has been debated in Congress amid pushback from industry and banking representatives over stablecoins, tokenized equities and other issues.

“This will be actually the biggest financial regulatory bill that Congress has done in quite some time, certainly since Dodd-Frank,” Coinbase chief policy officer Faryar Shirzad said in a Monday Fox Business interview, referring to a 2010 law in response to the 2008 financial crisis.

Polymarket on Monday showed a 55% chance of the Clarity Act signed into law this year. Source: Polymarket