Bitcoin's price reached a daily high of $97,731.8, with a 24-hour increase of 3.08%, and a market cap of $1.93 trillion. Institutional funds continue to flow in, with BlackRock's Bitcoin ETF seeing a net inflow of $421 million in a single day.
Ethereum's price reached $1,842.96, with a 24-hour increase of 1.69%. The Pectra upgrade introduces key improvements: the validator staking cap is raised to 2,048 ETH, and blob throughput is doubled to reduce Layer 2 costs.
On-chain data shows that whale addresses holding 1,000-10,000 ETH have accumulated a 22.54% increase since March, and the MVRV ratio is close to its low in March 2020, suggesting that ETH may be undervalued.
U.S. senators have proposed the (MEME Act), which aims to prohibit the president and members of Congress from issuing meme coins, directly targeting Trump-related token projects.
The People's Bank of China announced a 0.5 percentage point reserve requirement cut, releasing approximately 1 trillion yuan in long-term funds, and lowered the policy interest rate by 0.1 percentage points to support the real economy and capital market stability.
CSRC Chairman Wu Qing stated that reforms for the Sci-Tech Innovation Board and the ChiNext Board will be deepened, supporting the Central Huijin Investment Company's role as a 'quasi-stabilization fund' to enhance market resilience. A-share listed companies' net profits increased by 3.6% year-on-year in the first quarter.
Market expectations for the Federal Reserve to maintain interest rates in May are at 96.9%, with rate cut expectations pushed to July. Analysts warn of potential volatility after the FOMC meeting, with Bitcoin's low volatility possibly indicating a shift.
Japanese listed company Metaplanet announced it has increased its holdings by another 555 BTC, bringing its total holdings to 5,555 BTC, valued at approximately $465 million, as part of its 'Bitcoin Financial Strategy.'
South Korean presidential candidate Lee Jae-myung promised to approve a Bitcoin ETF if elected, promoting the legalization of cryptocurrencies and reducing transaction costs.
Futu Securities International (Hong Kong) has launched BTC, ETH, and USDT deposit functions, allowing users to invest in traditional financial products (such as Hong Kong, U.S., and Japanese stocks) directly through cryptocurrencies.
BNP Paribas is cooperating with Dr. Ni's Web3 network to integrate the SEPA transfer system with blockchain technology, exploring digital asset payment solutions.
The U.S. SEC is reviewing Bitwise's application for a NEAR spot ETF, which, if approved, will become the first ETF tracking the NEAR token.
Coinbase will temporarily suspend Ethereum operations on May 7 to facilitate the Pectra upgrade.
Summary: Bitcoin benefits from macro policy easing and institutional accumulation, with a short-term target of $100,000 and potentially challenging higher levels in the long term; Ethereum's technical upgrades consolidate its leading position in smart contracts, but market sentiment fluctuations should be monitored. China's policy support and the Federal Reserve's interest rate decisions are in focus, which may amplify volatility in risk assets.
