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analysts suggest the rising yields on U.S. Treasury bonds and other major global economies' sovereign bonds are weakening the market's willingness to allocate to high-risk, non-yielding assets like Bitcoin. Meanwhile, amid tensions related to Iran, concerns over potential supply disruptions in the Strait of Hormuz are growing, prompting some speculative capital to flow into commodity markets such as crude oil, copper, and sulfur.Market数据显示，Bitcoin has dropped over 3% in the past 24 hours, falling approximately 10% from its recent high of around $82,500 on May 6. During this market downturn, U.S. spot Bitcoin ETFs continue to experience capital outflows. U.S.-listed spot Bitcoin ETFs saw net outflows of approximately $1.26 billion this week, marking the largest single-week capital outflow since January. The previous week also saw outflows close to $1 billion, with cumulative net outflows over the two weeks exceeding $2.26 billion.Additionally, there are emerging views that capital might be shifting towards trades related to SpaceX's potential IPO. Currently, trading volume for some blockchain-based derivatives in the pre-IPO market for SpaceX has reached millions of dollars. (CoinDesk)
According to CoinDesk, approximately $6.25 billion worth of Bitcoin options contracts will expire on May 29, with the $75,000 strike price hosting the largest put position—valued at roughly $394 million—and the $80,000 strike price holding the largest call position—valued at approximately $532 million. The current maximum pain price stands at $75,000, about 3% below Bitcoin’s current price of $77,250. Data shows that a total of 80,535 contracts are set to expire, comprising 43,184 calls and 37,351 puts, yielding a Put/Call Ratio of 0.86—indicating the market remains moderately bullish overall. Notably, the Bitcoin call option expiring on May 29, 2026, with a $82,000 strike price emerged as Thursday’s most actively traded single options product, with around 1,600 contracts traded and a notional value of approximately $126 million—suggesting some traders are betting on an upside breakout for Bitcoin.
According to recently unsealed court documents, Jane Street is alleged to have obtained insider information from Terraform Labs via a private Telegram group named "Bryce's Secret."The documents claim that Jane Street subsequently sold approximately $192 million worth of UST when it was near its peg price, and profited around $134 million by shorting UST during the collapse of TerraUSD and the evaporation of roughly $40 billion in market value from the Terra ecosystem. (CoinDesk)
According to CoinDesk, newly unsealed court documents allege that Jane Street, a major Wall Street quantitative trading firm, obtained non-public internal information from Terraform Labs via a private Telegram group named “Bryce’s Secret” prior to the 2022 Terra collapse. The firm is accused of selling approximately $192 million worth of UST in advance and establishing short positions, thereby profiting roughly $134 million amid the collapse of the Terra ecosystem—valued at approximately $40 billion. The complaint states that on May 7, 2022—just nine minutes after Terraform withdrew $150 million in liquidity from the Curve pool—Jane Street sold around $85 million worth of UST on Curve. The associated wallet was subsequently suspected of being a key address contributing to UST’s de-pegging. However, Jane Street denies these allegations, calling the lawsuit “baseless,” and states it will vigorously defend itself.
According to CoinDesk, Bitcoin held steady near $76,800 on Tuesday, while Ethereum edged down 0.1%. Major altcoins continued weakening following Monday’s sell-off. Traders are closely watching Bitcoin’s monthly close above $76,000—Tom Lee, Chairman of Bitmine, previously stated that a monthly close above this level would confirm a bull market. The WLFI token fell 3.3% after its treasury firm, AI Financial, warned it may not remain solvent through year-end; the token has declined roughly 77% since its September launch. CoinMarketCap’s “Altcoin Season” index retreated to 33/100 after briefly surpassing 50/100 last week. In the derivatives market, total futures notional trading volume rose from $159 billion to $201 billion, open interest remained around $126 billion, and liquidations dropped from over $600 million to $294 million—indicating an orderly market adjustment rather than forced deleveraging. Ethereum’s 30-day implied volatility hit a year-to-date low, while the Bitcoin Volatility Index held near its low of ~40%, suggesting the current sell-off is relatively orderly.
According to CoinDesk, the total value locked (TVL) in ETH lending protocols has declined from a year-to-date high of $32 billion to $23 billion—a drop of approximately 28%. The oracle vulnerability incident involving KelpDAO triggered a market confidence crisis, and combined with overall bearish market sentiment, led to roughly $9 billion in outflows from the DeFi lending sector.
According to CoinDesk, Simone Maini, CEO of blockchain analytics firm Elliptic, stated that the biggest emerging risk to crypto security is not larger-scale hacking attacks, but rather AI-driven financial activity operating at a speed and scale that human compliance teams cannot keep up with. As AI lowers the barriers to hacking, scams, and fraud, security firms like Elliptic are responding by deploying AI agents to analyze on-chain data in real time—sparking an automated arms race between adversaries and defenders. Maini noted that current compliance systems remain heavily reliant on manual review, and the global pool of compliance analysts specializing in digital assets is simply insufficient to meet future demand. Elliptic has raised $120 million in funding—including from Nasdaq and Deutsche Bank—to build an “agent-based compliance system” that leverages AI to automate transaction monitoring and investigation workflows, thereby reducing the cost per alert and per investigation.
According to CoinDesk, blockchain analytics firm Arkham Intelligence reported that the wallet holdings of Bhutan’s sovereign wealth fund, Druk Holding and Investments (DHI), have sharply declined—from approximately 13,000 BTC in October 2024 to roughly 3,100 BTC as of now. Since mid-2025, over $1 billion worth of Bitcoin has flowed out of the wallet, with funds directed to multiple exchanges and trading firms—including wallets interacting with Galaxy Digital and OKX. In response, Ujjwal Deep Dahal, CEO of DHI, stated, “I don’t recall the last time we sold Bitcoin,” officially denying any Bitcoin sales. However, DHI did not clarify the specific wallet activity nor confirm its current Bitcoin holdings.
According to CoinDesk, crypto platform Bullish (BLSH) reported its first-quarter 2026 results, with adjusted revenue of $92.8 million—below analysts’ expectation of $94.9 million—and adjusted EBITDA of $35.1 million—also below the expected $38 million. The company posted a net loss of $604.9 million, or $3.85 per share, representing a wider loss compared to the same period last year. Dragged down by sluggish digital asset trading activity, BLSH’s pre-market share price fell 7.9% to $38.51.
ahead of the release of the April US CPI data, the crypto market rally has temporarily stalled. Bitcoin has been oscillating within the $80,000 to $82,000 range recently, failing to break out effectively since last Wednesday. Market participants believe that while capital flows still point to the potential for a future breakout, inflation and macroeconomic risks are weighing on risk appetite.The United States will release the April Consumer Price Index (CPI) at 8:30 PM Beijing time tonight. According to FactSet data, the market expects April CPI to rise 3.7% year-over-year, up from 3.3% in March. If this forecast materializes, it would mark the largest increase since January 2024 and be significantly higher than the average of 2.7% over the past 12 months. Core CPI is expected to rise 2.7% year-over-year, up from the previous 2.6%.Analysts are concerned that against a backdrop of high oil prices and Trump's characterization of the US-Iran ceasefire as "extremely fragile," inflation data exceeding expectations could further trigger risk-off sentiment in the markets, dragging down risk asset performance.Lukman Otunuga, Head of Market Research at FXTM, stated that the market is entering a sensitive phase where geopolitical risks, inflation concerns, and central bank expectations are intertwined. High oil prices, uncertainties surrounding the Iran situation, and key US economic data could drive increased volatility in commodities, currencies, and global stock markets.Beyond macroeconomic factors, XRP and SOL are also approaching key supply zones again. XRP tested $1.50 today, but this level has repeatedly failed to be breached since February this year; SOL is once again nearing the resistance zone around $97.Meanwhile, institutional interest in related assets is heating up. The US spot XRP ETF recorded net inflows of $25.8 million on Monday, the highest since January 5th. Bitcoin and Solana ETFs also maintained net capital inflows, while the Ethereum ETF saw net outflows of $16.9 million. (CoinDesk)
According to CoinDesk, the ETH/BTC ratio fell to 0.02835 on Tuesday—the lowest level since July 2025—and declined more than 35% from its August 2025 high of 0.04324. On the same day, Ethereum dropped over 2%, while Bitcoin fell approximately 1%. The ratio currently stands well below its 200-week moving average (0.04828), indicating a sustained long-term underperformance of Ethereum relative to Bitcoin on the technical chart. Analysis suggests that the continued inflow of institutional capital following the U.S. approval of spot Bitcoin ETFs in early 2024 has been the key driver behind Bitcoin’s outperformance over Ethereum.
CoinShares data shows crypto funds saw net inflows of $858 million last week, marking the fifth consecutive week of inflows and the largest single-week inflow since the end of April. Among them, Bitcoin funds attracted over $700 million in a single week, with year-to-date inflows reaching $4.9 billion, indicating sustained growth in institutional investor demand for the crypto market.Market analysis suggests that positive expectations related to the "Clarity Act" have driven an improvement in institutional sentiment. Currently, BTC prices remain above the $80,000 mark, with the market watching for a potential breakout of the 200-day moving average near $82,000. Marex analysts point out that if Bitcoin manages a daily close above $82,000 accompanied by stable spot buying, it could initiate a new upward trend.In the altcoin space, SUI rose 12% in 24 hours to $1.26. Mysten Labs co-founder Adeniyi Abiodun revealed that Sui plans to launch confidential transaction features this year to support fee-free private payments. Additionally, Nasdaq-listed Sui Group Holdings (SUIG) previously announced that it has staked most of its reserve SUI, effectively reducing the circulating market supply by approximately 2.7%. (CoinDesk)
Odaily News: Margaret Garnett, a U.S. District Judge in Manhattan, has approved Aave's asset recovery proposal, allowing the transfer of approximately $71 million in ETH previously frozen on Arbitrum and linked to North Korean-linked attacks, to a wallet controlled by Aave LLC, while preserving the legal claims of terrorism victim plaintiffs over the funds. The ruling also amended the earlier freeze notice against the Arbitrum DAO, permitting the transfer to be executed through an on-chain governance vote and exempting those who propose, vote on, or participate in the transfer from liability under the freeze order. The transfer is still subject to an official vote by Arbitrum's on-chain governance. (CoinDesk)
According to CoinDesk, at the “Perp DEX Explosion: Bullish Volumes and Bear Market Resilience” panel at Consensus Miami, several industry insiders stated that institutional investors are still largely avoiding decentralized exchanges offering perpetual futures (Perp DEXs). Veteran trader Wizard of SoHo pointed out that Drift’s recent multi-million-dollar hack highlights security vulnerabilities in the DeFi ecosystem, making secure onboarding of institutional capital a core competitive focus for major Perp DEXs. Anderson of Canary Labs expressed concern about DeFi’s current security posture, noting that large institutions face significantly greater challenges adopting decentralized exchanges compared to centralized platforms. Additionally, the structural tension between DeFi’s permissionless, open design and institutions’ stringent KYC compliance requirements is seen as a key barrier to scaling adoption. Michaël van de Poppe, founder of MN Fund, shared his views on AI-powered trading tools, stating that AI agents represent an evolutionary extension of algorithmic trading—and that trading will increasingly become fully automated.
According to Odaily, crypto market analyst and founder of Into The Cryptoverse, Ben Cowen, stated that the crypto market is experiencing an "extinction event" for millions of altcoins, a process necessary for Bitcoin to enter a sustainable bull market cycle. He believes that the "shitcoin purge" has actually been underway since 2021, but a larger-scale clearance is still needed to restore a healthy market structure. Capital is continuously flowing from high-risk tokens to Bitcoin, with the rising BTC dominance rate serving as a clear signal.Data shows that GeckoTerminal tracks over 25 million deployed tokens, with more than 11.6 million projects failing in 2025 alone, primarily due to the burst of the Meme coin bubble. CoinShares researcher Luke Nolan stated that the claim "95% of tokens are worthless" is reasonable.Although Bitcoin has returned above $81,000, Ben Cowen remains cautious, believing that BTC is still in a bear market phase. He warns that if it fails to hold the key resistance level around $88,880, the price could correct to the $58,000-$62,000 range. Against the backdrop of delayed Fed rate cuts and ongoing geopolitical risks, the crypto market continues to face short-term pressure. "2026 is more likely to be a reset year rather than a year for reaching new highs." (CoinDesk)
Bitcoin briefly approached the key 200-day simple moving average (SMA) around $83,300 on Wednesday but failed to achieve a decisive breakout, subsequently falling back below $81,000. Meanwhile, the broader crypto market weakened, with the CoinDesk Smart Contract Platform Index falling over 2% in the past 24 hours, making it the worst-performing major sector. The 200-day moving average is widely regarded by the market as a key indicator for measuring long-term trends. If BTC can hold above this level, it would further reinforce the market narrative that the bear market, which saw prices fall below $63,000 in February, has ended and a new bull market has begun.However, a similar situation occurred historically in March 2022, when Bitcoin briefly broke above and tested the 200-day moving average before ultimately falling to around $20,000 by June of that year. As a result, some analysts are warning of the risk of a "fakeout."Analytics firm Marex stated that Bitcoin's ability to continue its upward trajectory depends on three factors: sustained spot buying pressure, a continued tightening of exchange supply, and a derivatives market that remains healthy without overheating. If all three factors align positively, Bitcoin could quickly open up the path towards the $85,000 range. Alex Kuptsikevich, Chief Market Analyst at FxPro, noted that this pullback appears more like a brief consolidation within an uptrend rather than an end to the trend. However, he also cautioned that the daily RSI had previously entered overbought territory, and similar instances in the past were accompanied by significant corrections.Additionally, the 10-year US Treasury yield has fallen to 4.32% from its early-month high of 4.46%, which is viewed as a potential positive factor for risk assets. (CoinDesk)
According to CoinDesk, Bitcoin has risen from approximately $63,000 to over $80,000 in the past three months, with multiple key indicators now converging on an $85,000 target. On-chain, BTC has broken above two critical support levels—the “Realized Market Value” ($78,200) and the “Short-Term Holder Cost Basis” ($79,100). Research firm Glassnode notes that the next resistance level lies near the Active Realized Price of $85,200. In the futures market, funding rates have shifted from negative to neutral, signaling a clear retreat of prior large-scale short pressure and rising risk of a short squeeze. In the options market, market makers hold roughly $2 billion in “short gamma” exposure near $82,000; rising prices will compel them to continuously hedge by buying BTC, generating positive feedback. However, analysts caution that Bitcoin remains highly correlated with U.S. tech equities—should equity markets shift toward risk-aversion, upward momentum could be dampened.
According to CoinDesk, Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, stated at the Bitcoin Conference in Las Vegas that U.S. banks may hold bitcoin on their balance sheets in the future—but the timeline remains uncertain due to guidance from the Federal Reserve, the Basel Accords, and global regulatory requirements. Meanwhile, Morgan Stanley’s recently launched MSBT—the first bank-issued bitcoin ETP—drew over $100 million in inflows within its first six days of listing, all sourced exclusively from self-directed investment channels and not yet made available to financial advisors. Oldenburg noted that slow adoption by the advisor channel stems primarily from an education gap; the bank has initiated internal training programs to address this and is applying for a digital trust charter from the Office of the Comptroller of the Currency (OCC) to support direct custody of crypto assets and spot crypto trading services.
According to CoinDesk, Bitcoin (BTC) edged up slightly on Friday, rising 1.25% to approximately $77,250 since 00:00 UTC, yet it remains range-bound between $75,000 and $80,000 since April 19. Futures funding rates are predominantly negative, indicating traders continue favoring short positions on rallies; Bitcoin futures open interest stands at roughly $19 billion—essentially flat week-on-week—with a 3-month annualized basis of 1.5%. In the options market, sentiment leans bullish: call options accounted for 58% of options volume over the past 24 hours, and demand for downside protection has eased.
Adrian Fritz, Chief Investment Officer of 21Shares, stated that spot Bitcoin ETFs continue to attract capital inflows, reinforcing Bitcoin's core position in institutional asset allocation, even as the price remains volatile below the $80,000 mark. Adrian Fritz pointed out that since the beginning of this year, Bitcoin ETFs have absorbed nearly $2 billion in funds, sourced from retail investors, institutions, and hedge funds engaging in arbitrage and options strategies. He believes that as traditional asset management institutions like Morgan Stanley accelerate their deployment, crypto assets are being more broadly incorporated into multi-asset portfolio allocations. Bitcoin's current daily trading volume has exceeded $50 billion, with liquidity levels approaching those of large-cap tech stocks like Nvidia. The ETF mechanism simultaneously provides primary and secondary market liquidity, gradually granting it "institutional-grade asset" attributes.Although the market remains under pressure from macroeconomic conditions and interest rate environments, Adrian Fritz believes that ETF inflows have shifted from being speculation-driven to structural demand. He predicts that driven by factors such as improving geopolitical conditions, sustained capital inflows, and short covering, Bitcoin could challenge the $100,000 threshold this year. Meanwhile, differentiation among altcoins is intensifying, with the market shifting towards an asset selection logic that places greater emphasis on fundamentals and cash flow. (CoinDesk)