1. Market Observation
Keywords: SOL, ETH, BTC
After reaching a trade agreement between the U.S. and the U.K., Trump immediately encouraged investors to 'buy stocks now,' igniting optimistic market sentiment. According to the agreement, tariffs on U.K. steel and aluminum products exported to the U.S. will be eliminated, and auto tariffs will be significantly reduced from 27.5% to 10%. However, the previously imposed 10% 'reciprocal tariff' by the U.S. will remain. This boosted the U.S. stock market, with the three major indices rising collectively; the S&P 500 index briefly rose nearly 1.6%, and the Nasdaq surged by 2%. At the same time, the U.S. dollar index returned above 100, leading to a general weakening of non-U.S. currencies, and gold was also pressured by the strengthening dollar, with spot gold briefly dropping below $3,300 overnight, down nearly 2%.
The cryptocurrency market is also buoyed by Trump's call, with Bitcoin breaking the $100,000 mark for the first time since February, briefly touching $104,000 this morning and temporarily surpassing Amazon to become the world's fifth-largest asset. This strong rise resulted in $836 million in short liquidations yesterday, marking the largest single-day short liquidation in history. Standard Chartered's head of digital assets, Geoffrey Kendrick, stated that the previous target of $120,000 for Bitcoin in the second quarter 'may have been too conservative.' However, BTSE COO Jeff Mei also reminded investors to be cautious of the seasonal pattern of 'selling in May'—historical data shows that Bitcoin dropped 35% in May 2021 and 15% in May 2022.
Ethereum performed even more impressively, surging over 20% in a single day, breaking through $2,200, with the ETH/BTC ratio returning to the 0.02 level after a month. Nevertheless, to return to the historical high of 0.05, Ethereum still has significant room for growth. It is worth noting that although the price has risen and the network recently underwent a Pectra upgrade, Ethereum's network activity remains subdued, with weak growth in trading volume and active addresses. Since 2021, basic layer on-chain activity has stagnated, and institutional demand has shown an overall declining trend, thus the sustainability of its upward trend remains to be seen.
The altcoin market closely follows the mainstream coin trends, with some strong coins rising more than 20%. Several projects within the Ethereum ecosystem performed particularly well, such as MOODENG, NEIRO, PEPE, EIGEN, LQTY, ETHFI, with gains exceeding 30%. In contrast, Solana's rise has been relatively moderate, up only 8% to $162, and its on-chain activity seems to have been diverted to the secondary market, with no high-quality quick trades in the past 24 hours. Interestingly, the cryptocurrency assets have shown a significant shift in capital flow compared to other digital asset markets—the CS accessories market has recently experienced a significant decline, forming an almost opposite trend to the cryptocurrency market, basically reversing the gains from the previous week.
The CS accessories market has seen a significant decline.
2. Key Data (as of May 9, 12:00 HKT)
(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN, Steamdt)
Bitcoin: $102,546 (year-to-date +9.78%), daily spot trading volume $47.583 billion.
Ethereum: $2,214.65 (year-to-date -33.49%), daily spot trading volume is $37.764 billion.
Fear and Greed Index: 73 (Greed)
Average GAS: BTC 1.01 sat/vB, ETH 1.07 Gwei
Market share: BTC 63.4%, ETH 8.3%
Upbit 24-hour trading volume ranking: XRP, LAYER, BTC, ETH, VIRTUAL
24-hour BTC long-short ratio: 0.9623
Sector performance: Meme sector up 10.14%, AI sector up 9.98%
24-hour liquidation data: A total of 186,745 people were liquidated globally, with a total liquidation amount of $865 million; BTC liquidations accounted for $342 million, ETH for $285 million, and SOL for $25.86 million.
BTC medium to long-term trend channel: upper channel line ($97,519.88), lower channel line ($95,588.79).
ETH medium to long-term trend channel: upper channel line ($1,914.51), lower channel line ($1,876.60).
*Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.
3. ETF Flows (as of May 8)
Bitcoin ETF: $117 million
Ethereum ETF: -$16.11 million (net outflow for three consecutive days)
4. Today's Outlook
Doodles will launch the $DOOD airdrop tonight at 21:05.
Coinbase plans to launch around-the-clock Bitcoin and Ether futures trading on May 9.
Movement (MOVE) will unlock approximately 50 million tokens at 8 PM on May 9, with a ratio to the current circulation of 2.0%, valued at approximately $8.7 million.
Top 500 market cap gainers today: MOODENG up 100.15%, PNUT up 48.05%, NEIRO up 42.06%, VIRTUAL up 32.50%, EIGEN up 30.49%.
5. Hot News
CleanSpark's quarterly revenue increased by 62.5% year-on-year, with Bitcoin assets nearing $1 billion.
Mining company MARA's Q1 revenue grew by 30%, with Bitcoin holdings soaring to 47,531 coins.
Ripple and the SEC have officially reached a settlement agreement, proposing to resolve the case with $50 million.
Acurast will launch its token sale on CoinList at 1 AM on May 16.
The stablecoin GENIUS bill failed to pass in the Senate, with Democrats pointing to Trump's conflict of interest in cryptocurrencies.
Coinbase's Q1 revenue fell short of expectations, with trading activity down 10%.
Coinbase will list Space and Time (SXT).
Public company DeFi Development Corp spent approximately $2.97 million to increase its holdings of 20,473 SOL.
Trump: The U.S. will raise $6 billion in external revenue by imposing a 10% tariff on the UK.
The U.S. SEC is studying a tokenized securities registration exemption plan to accelerate the application of distributed ledger technology.
Arbitrum DAO approved the distribution of 35 million ARB tokens for tokenized U.S. Treasury bonds to Franklin Templeton, Spiko, and WisdomTree.
TRUMP dinner list shows TOP 9 whales are suspected of liquidating all tokens; if sold, a loss of $434,000 would occur.
Coinbase will acquire the crypto options platform Deribit for $2.9 billion.
Missouri may exempt cryptocurrency and stock capital gains tax.
Indian public company Jetking plans to raise funds to gradually increase its Bitcoin holdings, aiming to accumulate 18,000 coins by 2030.
The Sei community is considering abandoning Cosmos native accounts and fully transitioning to EVM architecture.
Upbit will list Celestia (TIA) and io.net (IO).
