$BTC

Here are the key news summaries from the cryptocurrency sector on May 7, 2025, covering policy dynamics, on-chain activities, exchange announcements, and market sentiment:

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🏛 Policy and Regulatory Dynamics

• Multiple U.S. states advance Bitcoin reserve legislation

Dennis Porter, co-founder of the Satoshi Action Fund, stated that several U.S. states may pass strategic Bitcoin reserve bills today, further promoting Bitcoin's status as a national reserve asset.

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🔗 On-Chain and Stablecoin Dynamics

• USDC issues $250 million on the Solana chain

The USDC Treasury issued $250 million in USDC on the Solana blockchain early this morning and burned approximately $94.5 million in USDC on the Ethereum chain, indicating a reallocation of funds across multiple chains.

• Ethereum Pectra upgrade in progress

The Ethereum mainnet is undergoing the Pectra upgrade today, introducing features such as account abstraction (EIP-7702). In conjunction with the upgrade, exchanges like Binance and Coinbase have temporarily suspended ETH and related network deposit and withdrawal services.

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🏦 Exchanges and Capital Flow

• KuCoin Bitcoin reserves plummet over 77%

On-chain data shows that KuCoin exchange's Bitcoin reserves have significantly decreased, possibly related to capital outflows or declining user confidence, necessitating continued attention to its fund security and user protection measures.

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🧠 Market Sentiment and Trends

• Bitcoin's market share hits a new high

Bitcoin's market share has surpassed 65%, reaching a new high since 2021, reflecting an increased preference for Bitcoin in the market.

• Trump coin trading popularity raises concerns

Data from blockchain analysis firm Chainalysis shows that approximately 764,000 wallets that purchased “Trump coins” are experiencing losses, with only 58 wallets profiting over $10 million, totaling about $1.1 billion in profits, reminding investors to be wary of speculative risks.