What Happened in Crypto Today? GDP Fall, Elon Exit, SOL Dumps

May 30 Crypto Bloodbath: DOGE, US GDP Fall, SOL Drop, ETF Outflows

The crypto market crash today is hurting a lot of people in the crypto space. Prices are falling across the board, and fear is spreading quickly. From Elon Musk's abrupt resignation from a government advisory role to a large $25 million Solana transfer by Pumpfun, there are five main events that are causing this fear. Here's what’s really going on—and why prices are bleeding.

1. Pumpfun Sends $25M in SOL to Kraken

Pumpfun, the meme coin launchpad on Solana, has moved 156,000 SOL (worth around $25.7 million) to Kraken. According to data from Wu Blockchain, this isn't a one-off. It’s part of their regular fee collection model—roughly $1.3 million per day—which gets sent out after a week or two.

What’s making traders nervous is the bigger picture: over the past year, Pumpfun has already dumped more than 4 million SOL, totaling $727 million in sales. That’s a massive supply shock. No surprise that SOL price have been feeling the pressure lately. 

2. Elon Musk Steps Down, DOGE Drops Hard

Elon Musk officially ended his 130-day advisory role in Trump’s Department of Government Efficiency. On his final day, he posted a farewell on X, and Trump responded with kind words. But the markets didn’t smile back.

Within hours, Dogecoin ($DOGE) crypto plummeted 21.6%, and it's now down over 40% this week, according to CoinMarketCap. The coin is trading near $0.01697, and volumes are up by 71%, which often signals panic exits by large holders. With Musk no longer in the spotlight, traders are asking: “Who will push DOGE now?”

3. U.S. GDP Slips, Jobless Claims Climb

The U.S. economy is slowing down. The latest US GDP data shows a 0.2% drop in Q1 2025, a big step down from the 2.4% growth in the last quarter of 2024. While it’s a bit better than the earlier estimate of -0.3%, it's still a red flag.

To make things worse, jobless claims hit 240,000—more than what analysts had expected. For crypto investors, this isn’t good news. Economic weakness often triggers a risk-off mood, making people pull out of assets like Bitcoin and altcoins.

4. Bitcoin ETFs Lose $359M in One Day

After ten straight days of gains, spot Bitcoin ETFs saw a big reversal on May 29 with a $359 million outflow. This is the biggest ETF pullback in recent weeks, hinting that institutional players may be cashing out or pausing their crypto bets.

Meanwhile, Ethereum ETFs stayed strong, pulling in $91.93 million on the same day.

5. Canary Capital Proposes Staked CRO ETF

While the rest of the market is in sell mode, one big development flew under the radar. Canary Capital Group just filed an S-1 form with the U.S. SEC for a Staked Cronos ($CRO) ETF.

Here’s what stands out:

• No leverage or risky derivatives involved.

• Daily NAV (net asset value) will be based on prices from multiple exchanges.

This ETF lets U.S. investors earn passive CRO staking rewards without managing wallets or interacting with the blockchain. 

Conclusion: Red Day, But Not the End

It’s been a rough ride. The crypto market crash today is being driven by multiple forces—Musk’s exit, weak GDP, big ETF outflows, and aggressive sell-offs. Tokens like DOGE and SOL are seeing the worst of it, while Bitcoin and Ethereum are struggling to hold key levels.

But seasoned investors know this isn’t new. Fear creates opportunity. And the next rally? It often starts when the market looks its worst.