U.S. financial data shows that the PPI annual rate in April was 2.4%, lower than the expected value of 2.5% and lower than the previous value of 2.7%. The monthly rate of retail sales in April was 0.1%, significantly lower than the previous value of 1.5%. This week, the U.S. CPI and PPI inflation were lower than expected, easing market concerns about inflation. The market currently expects the Federal Reserve to cut interest rates at least twice this year to prevent a recession, and the latest economic data reinforces this expectation.
Back to the topic:
U.S. Senator John Thune formally submitted a motion to end debate on the (GENIUS Act), which is scheduled for a vote on May 19. If the bill is passed, it will become the first federal legislative framework for stablecoins in the United States. The amendments include explicit prohibitions on the abuse of FDIC insurance and strengthening bankruptcy protection provisions. The results of this vote will directly affect the direction of U.S. regulation in the field of digital assets. Bo Hines, executive director of the U.S. President's Digital Asset Advisory Committee, said that Trump is expected to sign the Stablecoin and Market Structure Act before the August congressional recess, although the details are still being adjusted. (New York Times) reported that the U.S. Securities and Exchange Commission SEC is investigating whether CB has falsely reported the number of users in past disclosure documents. The investigation focuses on the indicator that CB claims to have more than 100 million certified users in securities filings and promotional materials. CNBC reported that CoreWeave, an AI infrastructure company backed by Nvidia, reached a $4 billion cooperation agreement with OpenAI. Bitcoin Magazine reporter Vivek reported that the California Pension Fund System has purchased $276 million worth of MicroStrategy shares. The Wisconsin Investment Board has sold its $321 million BTC ETF holdings, according to SEC documents.
CB Global said that the cyber attack led to the leakage of its customer account data, which may cause the company up to $400 million in losses. CB currently manages more than $328 billion in assets, and the company's stock price fell more than 7% on Thursday. Joao Wedson, CEO of Alphractal, said that BTC's dominance rate fell from about 65% to 62% in a week, ending a five-month upward trend. Investor interest has shifted from BTC to some alternative coins. June is expected to usher in a full-scale alt season. BTC's dominance rate is expected to fall rapidly in the coming months. Broader indicators show that the bull market has not yet extended beyond BTC. Ruslan Lienkha, head of markets at YouHodler, said: After the tariff extension, the upward momentum of the U.S. stock index has weakened, and short-term traders have begun to lock in profits. This sentiment shift has spread to BTC, and the current pullback appears to be a pullback in a larger medium-term upward trend. On May 15, the US BTC spot ETF inflows reached $114.9 million, of which BlackRock IBIT had a net inflow of $409.7 million; the ETH spot ETF outflows reached $39.8 million, of which Fidelity FETH had a net outflow of $31.6 million. As of May 15, the BTC size of BlackRock's BTC spot ETF was approximately $64.697 billion, exceeding MicroStrategy's current holdings of approximately $59.146 billion. Abu Dhabi sovereign wealth fund Mubadala's holdings file 13F shows that its holdings of BlackRock spot BTC ETF increased to 8.727 million shares, with a market value of $408.5 million, a 6% increase from the end of 2024.
Tether issued an additional $1 billion in stablecoins on Tron on May 15. Tether will issue a total of $16 billion in stablecoins on Tron in 2025. Reuters reported: FTX's main repayment will begin on May 30, which is the second distribution to creditors, with a total distribution of more than $5 billion. U.S. financial data showed that the PPI annual rate in April was 2.4%, lower than the expected value of 2.5%. The previous value was revised from 2.70% to 3.4%. The PPI (Producer Price Index) annual rate fell for the third consecutive month, the lowest since September last year; the monthly rate of retail sales in April was 0.1%, significantly lower than the previous value of 1.5%. The market currently expects that the Federal Reserve will cut interest rates at least twice this year to prevent a recession. The latest economic data reinforces this expectation. Although U.S. retail sales in April maintained growth, they slowed down significantly. At the same time, inflation showed a steady downward trend, but economists generally warned that the tariff effect has not yet fully emerged. Jason Hunter, head of strategy at JPMorgan, said that the U.S. market seems to have jumped out of the black hole and may enter a slow upward channel. If history is instructive, the S&P 500 index has returned to a low-volatility rebound form and has listed 6170 points (currently 5920 points) as a potential upward target. Nikolaos Panigirtzoglou, an analyst at JPMorgan, said that BTC has rebounded 18% in the past three weeks, while gold has fallen 8% during the same period. The U.S. dollar has shifted from gold ETFs to crypto funds. Catalysts include: New Hampshire allows 5% of state assets to be allocated to BTC, and Arizona has established a digital asset reserve. As more U.S. state governments consider including BTC in their reserves, this may become a continued positive.
Barclays Bank analysis: The demand for portfolio adjustments on Friday is enough to make the cost of trading high-grade corporate bonds on Friday 31% higher than other times. Wall Street traders generally choose Friday to avoid risks because Trump often releases news that affects the market on weekends. You don't know what will happen on weekends. This week, the US CPI and PPI inflation were lower than expected, easing market concerns about inflation, which may rekindle the Fed's dovish expectations and retain bets on interest rate cuts. Analysts have also recently shifted from pessimistic forecasts of tariffs to positive forecasts of inflation and the economy. It is expected that the US stock index S&P 500 will regain its previous high in the second half of the year. In the absence of new black swans in the market, the current round of tariff-induced declines is likely to have been alleviated (the S&P 500 and Nasdaq 100 have already gone out of the 20% rebound bull-bear dividing line from the April low). It is necessary to pay attention to FTX's second round of $5 billion compensation at the end of May. The market was sluggish at the beginning of the year, and the impact of the first round of compensation was not obvious. Now that the market is gradually heating up, this compensation may play a role in fueling the flames. The market needs a catalyst, and I hope the bull market goes smoothly. #比特币