News linked to both this project and an event.
Bitget has simultaneously launched the Phase 2 Contract SuperPairs event, with participation ending on June 9th at 19:00 (UTC+8). Details are as follows:**Gold & Oil Rally Challenge:** Total prize pool of 30,000 USDT. Users trading XAU, XAG, CL, BZ, and other assets, and completing designated futures contract trading tasks can receive blind box rewards, with a maximum prize of 0.3 XAUT. Users with a cumulative trading volume of 10,000 USDT or more, ranked in the top 1,000, can share 20,000 USDT, with a maximum individual prize of 2,000 USDT.**Popular Futures Coin Pair Challenge:** Total prize pool of 30,000 USDT. Users trading XRP, HYPE, ZEC, XLM, and other assets, and completing corresponding futures contract trading tasks can receive blind box rewards, with a maximum prize of 10 HYPE. Users with a cumulative trading volume of 10,000 USDT or more, ranked in the top 1,000, can share 20,000 USDT, with a maximum individual prize of 2,000 USDT.
Wintermute released its weekly market analysis, covering the week ending May 11. During this period, BTC broke above $80,000 for the first time since January, peaking near $83,000 and decisively crossing its 200-day moving average—a resistance level that had held for seven months. However, Wintermute noted that this rally was primarily leveraged-driven: open interest surged by $10 billion month-on-month to $58 billion, while spot trading volume hit a two-year low—classic hallmarks of a short squeeze rather than a healthy breakout. Funding rates remain skewed bearish, indicating further short-covering potential in the near term; yet covering shorts does not equate to genuine bullish consensus. Looking at medium- to long-term fundamentals, institutional buying logic remains intact: BTC ETFs posted $623 million in net inflows for the week; Morgan Stanley’s BTC ETF attracted $194 million in its first month with zero net outflows on any single day; and BTC reserves held on exchanges remain at a seven-year low. Nevertheless, Wintermute cautioned that the RSI has entered overbought territory, and if spot buying fails to materialize after the squeeze concludes, prices face significant risk of a rapid correction. On the macro front, the Nasdaq rose 4.5% and the S&P 500 gained 2.3% for the week—both hitting all-time highs. Nonfarm payrolls significantly exceeded expectations (115,000 vs. forecast 65,000). U.S.-Iran negotiations collapsed, with Iran demanding sovereignty recognition and reparations—terms rejected by Trump. Oil prices swung violently between $88 and $113 per barrel during the week, yet equity markets reacted indifferently. Key events to watch this week:
Wintermute’s weekly market report indicates Bitcoin recently broke through $80,000 and briefly touched around $83,000, while also reclaiming the 200-day moving average for the first time in seven months. However, this rally is clearly more driven by leveraged capital rather than spot buying.The report notes that over the past month, Bitcoin open interest increased by approximately $10 billion, while spot trading volume dropped to a two-year low, a classic short squeeze scenario. Although ETFs still recorded net inflows of $623 million and BTC reserves on exchanges fell to a seven-year low, the current RSI has entered overbought territory. If spot buying fails to sustain after the short squeeze ends, BTC prices could face a rapid correction risk.Wintermute also stated that the current crypto market rally is more driven by the strength of US equities and the resonance of leverage, rather than an independent bull market narrative. Upcoming US CPI data and changes in Federal Reserve policy expectations will be key factors in determining whether BTC can stably hold above $80,000.