白话区块链

1. The cumulative net inflow of Bitcoin spot ETFs in the US has exceeded 40.8 billion USD, setting a new historical high.

2. Lido: A dual governance mechanism is about to be launched.

3. BlackRock meets with the SEC cryptocurrency working group to discuss staking and options for crypto ETFs.

4. CryptoQuant analyst: Bull and bear market cycle indicators have shown bullish signals for the first time in weeks.

5. Polymarket bettors suffered heavy losses in the pope prediction, raising doubts about the accuracy of rare event forecasts.

6. Coinbase CEO: Considered adopting Michael Saylor's Bitcoin investment strategy, but ultimately did not due to high risks.

Compiled by: Blockchain in Plain Language

As of May, competition for liquidity has markedly intensified. The surge in Bitcoin holdings by institutional investors over the past year has led to liquidity depletion.

Latest data shows that over 8% of the total circulating supply of Bitcoin is now held by government and institutional investors. This unprecedented level of sovereign and institutional participation in a decentralized asset has sparked intense debate: Is this the legitimization of Bitcoin as a strategic reserve asset, or does it signal centralized risks that threaten the core ideals of cryptocurrency?

Strategic hedging in a turbulent world
For many governments and institutions, accumulating Bitcoin reflects a rational strategy in the face of macroeconomic uncertainty. With fiat currencies facing inflationary pressures and ongoing geopolitical instability, Bitcoin is increasingly viewed as an alternative to digital gold.

1. Raoul Pal: Bitcoin's dominance has peaked, and an altcoin season may be coming.

2. Politico: A post by Trump supporting the inclusion of XRP, SOL, and ADA in the crypto strategic reserve has been revealed to be pushed by lobbyists, and the related personnel have been expelled from the White House.

3. The U.S. Senate's vote on the stablecoin bill failed as Democrats opposed it due to Trump-related issues.

4. Last month, the trading volume of stablecoins reached $1.82 trillion, setting a historical high.

5. Bitcoin has risen to sixth place in the global asset ranking, surpassing Google.

6. Coinbase Q1 financial report: Declining trading volume led to revenues and profits falling short of expectations.

On May 7, Ethereum completed the Pectra network upgrade, opening a new chapter in ecosystem development. Taking this opportunity, the new co-executive directors of the Ethereum Foundation, Tamas Stanczak and Shay Wong, discussed their thoughts and determination to drive change in an interview with Bankless.

In the past, the community has criticized the Ethereum Foundation for its execution speed, communication methods, and ongoing sale of coins. In this interview, both addressed these issues one by one.

The community's questions, including the necessity of 'selling coins,' were directly explained.

A detailed explanation of the three strategic focal points: 'expanding L1, expanding Blobs, and improving user experience.'

For months, crypto asset traders have been anxiously refreshing price charts in anticipation of the arrival of 'altcoin season,' when altcoins will soar. However, despite bullish predictions and brief rallies, altcoin season has yet to materialize.

Bitcoin continues to dominate the market, leaving altcoin enthusiasts wondering: Why is altcoin season late? Will there even be an altcoin season?





01

Bitcoin's ironclad control: Dominance and institutional adoption.

Bitcoin's dominance—its share of the total market capitalization of crypto—has hovered around 60% throughout 2024-2025, a level not seen since the 2017 bull market. This dominance reflects market preference for Bitcoin, due to its stability and widespread institutional adoption.

1. Bitcoin's market share has risen to 65.4%, reaching a new high in this bull market.

2. The Federal Reserve has maintained interest rates unchanged for the third time, warning that the risks of high inflation and high unemployment are rising simultaneously.

3. U.S. Treasury Secretary: Demand for digital assets will reach up to $2 trillion for U.S. Treasury bonds.

4. Binance will launch the Alpha points consumption mechanism starting May 13.

5. Analysis: Several key BTC technical indicators are showing a 2024 trend again, which may indicate a new round of upward momentum.

6. Revolut will launch Bitcoin Lightning Network payment features in the European market.

7. ARK Invest: Bitcoin outperformed the S&P 500 in April, with prices having a pullback but rebounding quickly.

1.CryptoQuant: ETH accumulation addresses continue to increase holdings without realized losses, with a portfolio growth of over 22% in two months.

2. The U.S. SEC has postponed its decision on the Canary spot Litecoin ETF application.

3. House Democratic leaders plan to obstruct the cryptocurrency bill hearing, with bipartisan positions diverging.

4. CoinShares: Last week, inflows into digital asset investment products totaled $2 billion, with Bitcoin inflows at $1.8 billion.

5. Goldman Sachs expects the Federal Reserve to cut interest rates three times in 2025.

6. The U.S. SEC announced that the fourth crypto roundtable will be held on May 12, with the SEC chairman and Nasdaq participating.

Source: The DeFi

Compiled by: Baihua Blockchain

Momentum and on-chain data

200-week moving average

As shown in the figure, Bitcoin typically bottoms when its price reaches (or falls below) the critical 200-week moving average (200 WMA) during bear markets, which is currently at $43,617.

At the end of 2022, when Bitcoin bottomed out, the 200 WMA was $23,757.

At the bottom of the 2018 bear market, the 200 WMA was $3,158.

Where will the 200 WMA be in the next bear market?

This depends on future price trends, but we expect it to ultimately fall within the range of $60,000 to $70,000.

Data Source: The DeFi Report, Investing.com

Source: Tiger Research

Compiled by: Blockchain in Plain Language

TL;DR

Russia's use of stablecoins in oil trade indicates that stablecoins are no longer marginal tools—they have become real financial infrastructure in high-risk cross-border business.

Despite the restrictions on domestic cryptocurrencies in China and India, they benefit from stablecoin trading with Russia, quietly experiencing the efficiency of decentralized finance at the national level.

Governments around the world are responding in different ways, but all recognize that stablecoins are reshaping the way value flows across borders.

1. The Rise of Stablecoins as Strategic Currency Under Sanctions

1. Fidelity Investments: Bitcoin could surpass gold's dominance at any time.

2. Indonesia suspends Worldcoin and WorldID related services due to violations.

3. Trump: I want cryptocurrency because if we don't, China will.

4. Bitcoin's market share rises to 64.85%, previously reported at 63.75%, marking a nine-week consecutive increase.

5. Binance will adjust the collateral ratio for some assets in unified accounts and the leverage and margin tiers for U-based perpetual contracts.

6. Ethereum's historical return rate for May: 6 increases and 3 decreases since 2016, with an average return rate of 27.39%.

7. Trump reiterates 'I support cryptocurrency'; crypto assets perform resiliently during market downturns.

1.Vitalik: In 5 years, make Ethereum as simple as Bitcoin, pushing the consensus key code closer to the simplicity of Bitcoin.

2.The probability of the Federal Reserve maintaining interest rates unchanged in May is 97.2%.

3.Bitcoin spot ETF saw a total net inflow of $675 million yesterday, with no net outflows from the twelve ETFs.

4.Current funding rates on mainstream CEX and DEX indicate that the market has generally turned bearish.

5.A whale sold TRUMP after buying at a high, retracting a profit of $483,000 and losing $900,000 in principal.

6.Tether CEO: The company's business will not be limited to stablecoins, but operations will remain 'stable'.

Source: Coinmonks

Translation: Blockchain in Plain Language

Did you think you could buy Bitcoin one day? It is disappearing. Quietly, systematically, and subtly.

The trend has been obvious over the past two years. The supply of Bitcoin on crypto exchanges is rapidly decreasing. Retail investors haven't noticed, but institutional investors have. They are not just buying; they are draining the entire pool.

Fidelity's latest report shows that since November 2024, over 425,000 Bitcoins have been withdrawn from exchanges. Publicly traded companies now hold 350,000 Bitcoins, and institutional investors are buying over 30,000 Bitcoins each month in 2025. This is not speculation, but hard data.

1.Galaxy: MGX's single investment in Binance accounts for 40% of Q1 crypto financing.

2.Arthur Hayes: The altcoin season is sometimes just around the corner, with a token price breaking through 20 USDT.

3.The S&P 500 index has risen for the ninth consecutive day, setting the longest consecutive rise since 2004.

4.Apple relaxes cryptocurrency-related rules for the US App Store.

5.Du Jun: The ABCDE Phase I fund has not outperformed Bitcoin, currently showing a paper profit of about 5 times, with DPI around 2 times.

6.Goldman Sachs: Will increase investment in digital assets and bet on tokenization business.

7.Analysts: Bitcoin indicators show that most holders have achieved profits without having to realize losses.

In this episode of the Bankless podcast, host David talks with Paradigm's research lead Dan Robinson and policy lead Justin Slaughter about Paradigm's recently released report (TradFi Tomorrow: DeFi and the Rise of Extensible Finance).

This report surveyed 300 traditional finance professionals, covering traditional banks, investment banks, payment companies, and other financial institutions. The results were almost unanimous: there is an astonishing interest in cryptocurrencies, especially DeFi. The survey found that two-thirds of traditional finance companies are currently actively experimenting with or researching DeFi.

Source: Blockhead

Compiled: Plain Language Blockchain

In the conference rooms of the financial district, discussions about blockchain have evolved from 'Should we pay attention?' to 'How quickly do we need to adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains a challenge.

Ethereum's upcoming Pectra upgrade, scheduled for May 7, 2025, aims to enhance the network's efficiency, security, and scalability.

Beyond the cryptocurrency narrative

Despite the numerous scams, project failures, and overall FUD (fear, uncertainty, doubt) in the crypto space, Ethereum (along with a few other permissionless chains) has established its durability through institutional adoption. Here are some key financial participants showing commitment:

Source: Blockhead

Compiled: Plain Language Blockchain

In the conference rooms of finance, discussions about blockchain have evolved from 'Should we pay attention?' to 'How fast should we adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains challenging.

Ethereum's upcoming Pectra upgrade, scheduled for May 7, 2025, aims to enhance the network's efficiency, security, and scalability.

Beyond the Cryptocurrency Narrative

Despite the multitude of scams, project failures, and overall FUD (Fear, Uncertainty, Doubt) in the crypto space, Ethereum (and some other permissionless chains) has established its durability through institutional adoption. Here are some key financial participants showing commitment:

Source: Blockhead

Translation: Plain Blockchain

In the conference rooms of the financial district, discussions about blockchain have evolved from 'Should we pay attention?' to 'How quickly should we adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains challenging.

The upcoming Pectra upgrade for Ethereum, scheduled for May 7, 2025, aims to enhance the network's efficiency, security, and scalability.

Beyond the Cryptocurrency Narrative

Despite the plethora of scams, project failures, and overall FUD (Fear, Uncertainty, Doubt) in the crypto space, Ethereum (and some other permissionless chains) has established its durability through institutional adoption. Here are some major financial participants demonstrating commitment:

Source: Blockhead

Compiled: Plain language blockchain

In the conference rooms of the financial district, discussions about blockchain have evolved from 'Should we pay attention?' to 'How quickly should we adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains challenging.

The upcoming Pectra upgrade for Ethereum, scheduled for May 7, 2025, aims to enhance the network's efficiency, security, and scalability.

Beyond the cryptocurrency narrative

Despite the cryptocurrency space being rife with scams, project failures, and overall FUD (fear, uncertainty, doubt), Ethereum (and some other permissionless chains) has established its durability through institutional adoption. Here are some major financial participants showing commitment:

Source: Blockhead

Compilation: Plainspoken Blockchain

In the conference rooms of the financial district, discussions about blockchain have evolved from 'Should we pay attention?' to 'How quickly should we adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains challenging.

The upcoming Pectra upgrade for Ethereum, scheduled for May 7, 2025, aims to improve the network's efficiency, security, and scalability.

Beyond the cryptocurrency narrative

Despite the multitude of scams, project failures, and overall FUD (fear, uncertainty, doubt) in the crypto space, Ethereum (and some other permissionless chains) has established its durability through institutional adoption. Here are some key financial participants demonstrating commitment:

Source: Blockhead

Compiled by: Blockchain in Plain Language

In the conference rooms of the financial district, discussions about blockchain have evolved from 'Should we pay attention?' to 'How quickly should we adapt?'

However, for many business leaders outside the Web3 ecosystem, distinguishing meaningful innovation from market hype remains challenging.

Ethereum's upcoming Pectra upgrade, scheduled for May 7, 2025, aims to enhance the network's efficiency, security, and scalability.

Beyond the Cryptocurrency Narrative

Despite the numerous scams, project failures, and overall FUD (fear, uncertainty, doubt) in the crypto space, Ethereum (and some other permissionless chains) has established its durability through institutional adoption. Here are some major financial players showing commitment: