🌟 Cryptocurrency morning report on May 13, 2025
🌐 Today's focus: Policy backlash, accelerated ecosystem differentiation, rising risks of leverage liquidation
🚀 Market dynamics: Correction wave and narrative vacuum
1️⃣ BTC weekend gains fully retraced
- Affected by the realization of favorable tariffs between China and the US, BTC retraced from 105,000 to around 102,000, with short-term long leverage liquidations reaching $1.2 billion;
- Key logic: The market enters a 'policy vacuum period', with diverging interest rate cut expectations (CICC bullish vs Goldman Sachs delaying until the end of the year) intensifying volatility.
2️⃣ ETH's rise and fall exposing liquidity traps
- After breaking 2,600, it quickly dropped to 2,500, with rumors of a second issuance of Trump Meme tokens (Item 10) having a significant short-term blood-sucking effect;
- Concerns: BlackRock applying for physical redemption of Ethereum trust (Item 13), which may trigger adjustments in institutional holdings structure.
3️⃣ SOL's rise and fall lacks independence
- After a brief breakout to 180, it fell to 170, with the ecosystem relying on BTC/ETH rotation; Cardano plans to launch a privacy stablecoin (Item 12) to further divert funds.
📜 Policy and regulatory games
4️⃣ Milestone events in traditional finance
- Coinbase selected for S&P 500 (effective May 19): The first cryptocurrency exchange endorsed by a mainstream index, potentially attracting $100 billion in passive funds;
- Follow-up on SEC account theft: Hackers face two years in prison (Item 6), revealing vulnerabilities in digital security of regulatory agencies.
5️⃣ Global policy chain reaction
- Brazil bans Discord (Item 9): Due to the crypto community planning a terrorist attack, regulation on decentralized communication tools is tightening;
- Chinese institutions breaking barriers: CICC report states that further tariff reductions may trigger Fed rate cuts, leading to diverging expectations of liquidity in the crypto market.
⚙️ Ecosystem trends and project controversies
6️⃣ NFT and Meme track upheaval
- DeGods founder exits (Item 5): The collapse of a veteran project in the Solana ecosystem sparks controversy over 'founders cashing out and abandoning the project';
- End of Trump Meme coin competition: NFT rewards tied to offline events (Item 10), but US visa restrictions may prevent 99% of participants from redeeming.
7️⃣ Protocol innovation and mechanism games
- Pump.fun revenue sharing plan (Item 11): Creators only receive 50% of the revenue, accused of 'harvesting the value of secondary creation';
- Solana zombie projects revived: $Pasternak surging after going to zero (Item 14), possibly a trap for market makers to save themselves.
🗣️ Community memes
- _'Coinbase enters S&P, retail investors enter ICU'_
- _'Trump issuing tokens like tweeting, only to find out later that the US visa is insufficient'_
- _'Pump.fun sharing money? Clearly sharing the pot'_
🌪️ Ultimate warning: When favorable policies turn into negative fuel, running faster than the narrative is the key to survival—In the second half of the bull market, what matters is not courage, but the clarity of the exit path!
