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Crypto Daybook Americas: Bitcoin Dips, but ETF Inflows, Fed Week Keep Bulls Interested
By Omkar Godbole (All times ET unless indicated otherwise)
The outlook for bitcoin (BTC) looks bullish even after the largest cryptocurrency pulled back to $95,000 from Friday’s highs above $98,000 and the total crypto market capitalization dropped under $3 trillion
Among the signals, U.S.-listed spot bitcoin ETFs are rapidly absorbing supply. Last week, the 11 ETFs registered a cumulative net inflow of $1.8 billion, equating to over 18,500 BTC, six times more than the 3,150 BTC mined, according to data sources Farside Investors and HODL15Capital. (See Chart of the Day)
On-chain activity has also picked up, suggesting a bullish outlook. According to data source IntoTheBlock, the number of active BTC addresses topped 800,000 on Sunday, «While it is still far from its highs, the rebound signals a clear pickup in on-chain engagement; often a sign of renewed market demand,» the firm said on X.
As for DeFi, the number of on-chain transactions involving wrapped bitcoin (WBTC) continues to rise, having doubled since January, indicating investor interest in bitcoin-backed decentralized finance.
Still, long-term holders may step up their selling as the price nears $100,000, potentially slowing rate of increase, analysis from Glassnode shows.
In ether’s (ETH) case, data from CryptoQuant show that the number of ETH held by the so-called accumulation addresses increased by 22% to 19.04 million ETH in two months. Ethereum is set to implement the Pectra upgrade on Wednesday to boost scalability, usability and validator efficiency, doubling the blob data capacity per block and lowering the costs for layer-2 protocols.
On the macro front, the Federal Reserve interest-rate decision is due this Wednesday. According to ING, the near-term inflation concerns, highlighted by survey data, limit the Fed’s ability to ease and the central bank is likely to push back against the calls for rate cuts. The bank, however, said that the recent softening of the GDP suggests scope for easing in the second half.
«Volatility is coming,» PowerTrade said, pointing to the Fed decision, U.S. ISM services PMI and the Bank of England rate decision as catalysts this week. Stay alert!
What to Watch
- Crypto:
- May 5, 11 a.m.: The Crescendo network upgrade goes live on the Kaspa (KAS) mainnet. This upgrade boosts the network’s performance by increasing the block production rate to 10 blocks per second from 1 block per second.
- May 6: Casper Network (CSPR) launches its 2.0 mainnet upgrade, introducing faster transactions, enhanced smart contracts and improved staking features to boost enterprise adoption.
- May 7, 6:05 a.m.: The Pectra hard fork network upgrade will get activated on the Ethereum (ETH) mainnet at epoch 364032. Pectra combines two major components: the Prague execution layer hard fork and the Electra consensus layer upgrade.
- May 8: Judge John G. Koeltl will sentence Alex Mashinsky, the founder and former CEO of the now-defunct crypto lending firm Celsius Network, at the U.S. District Court for the Southern District of New York.
- Macro
- May 5, 9:45 a.m.: S&P Global releases (Final) U.S. April purchasing managers’ index (PMI) data.
- Composite PMI Est. 51.2 vs. Prev. 53.5
- Services PMI Est. 51.4 vs. Prev. 54.4
- May 5, 10 a.m.: Institute for Supply Management (ISM) releases U.S. April economic activity data.
- Services PMI Est. 50.6 vs. Prev. 50.8
- May 6, 9 a.m.: S&P Global releases Brazil April purchasing managers’ index (PMI) data.
- Composite PMI Prev. 52.6
- Services PMI Prev. 52.5
- May 7, 7 p.m.: The Federal Reserve announces its interest rate decision. The FOMC press conference is livestreamed 30 minutes later.
- Federal Funds Rate Target Range Est. 4.25%-4.5% vs. Prev. 4.25%-4.5%
- May 5, 9:45 a.m.: S&P Global releases (Final) U.S. April purchasing managers’ index (PMI) data.
- Earnings (Estimates based on FactSet data)
Token Events
- Governance votes & calls
- Uniswap DAO is voting on whether to pay Forse, a data‑analytics platform from StableLab, $60,000 in UNI to build an “analytics hub” that tracks how incentive programs are working on four more blockchains. Voting ends on May 6.
- Arbitrum DAO is voting on whether to put the last $10.7 million from its 35 million ARB diversification plan into three low‑risk, dollar‑based funds from WisdomTree, Spiko and Franklin Templeton. Voting ends on May 8.
- May 5, 4 p.m.: Livepeer (LPT) to host a Treasury Talk session on Discord.
- May 6, 1:30 p.m.: MetaMask and Aave to host an X Spaces session on USDC supplied to Aave being spendable on the MetaMask card.
- May 7, 7:30 a.m.: PancakeSwap to host an X Spaces Ask Me Anything (AMA) session on the future of trading.
- May 7, 11 a.m.: Pendle to host a Pendle Yield Talk: Stablecoin Alpha X Spaces session.
- May 8, 10 a.m.: Balancer and Euler to host an Ask Me Anything (AMA) session.
- Unlocks
- May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.59 million.
- May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $9.85 million.
- May 11: Solayer (LAYER) to unlock 12.87% of its circulating supply worth $88.46 million.
- May 12: Aptos (APT) to unlock 1.82% of its circulating supply worth $58.36 million.
- May 13: WhiteBIT Coin (WBT) to unlock 27.41% of its circulating supply worth $1.13 billion.
- May 15: Starknet (STRK) to unlock 4.09% of its circulating supply worth $17.02 million.
- Token Launches
- May 5: Sonic (S) to be listed on Kraken.
- May 7: Obol (OBOL) to be listed on Binance, Bitget, Bybit, Gate.io, MEXC, and others.
Conferences
CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
- May 6-7: Financial Times Digital Assets Summit (London)
- May 6-8: Stripe Sessions (San Francisco)
- May 7-9: SALT’s Bermuda Digital Finance Forum 2025 (Hamilton, Bermuda)
- May 11-17: Canada Crypto Week (Toronto)
- May 12-13: Dubai FinTech Summit
- May 12-13: Filecoin (FIL) Developer Summit (Toronto)
- May 12-13: Latest in DeFi Research (TLDR) Conference (New York)
- May 12-14: ACI’s 9th Annual Legal, Regulatory and Compliance Forum on Fintech & Emerging Payment Systems (New York)
- May 13: Blockchain Futurist Conference (Toronto)
- May 13: ETHWomen (Toronto)
- May 14-16: CoinDesk’s Consensus 2025 (Toronto)
Token Talk
By Shaurya Malwa
- Memecoin markets are not attracting celebrity hype anymore.
- Prices of the GORK token, which references a parody AI chatbot that itself mimics XAI’s Grok chatbot, failed to jump higher over the weekend even as technocrat Elon Musk widely referenced the Gork X account.
— gorklon rust (@elonmusk) May 3, 2025
- Musk even changed his X picture to the one used by Gork. He later added pit viper sunglasses — a reference to Mog Coin — after a MOG holder asked Musk to «put those» on.
- GORK, which was issued last week, zoomed to an $80 million market capitalization in four days, but did not rise after Musk’s references, a possible sign of fatigue among memecoin speculators. Such an endorsement last year would probably have led to a massive spike in prices.
- That muted reaction highlights a broader shift in memecoin dynamics: Celebrity engagement no longer guarantees price momentum. In 2023 and early 2024, even a single tweet or like from high-profile figures could trigger double- or triple-digit percentage gains in minutes.
- But the market has since matured, or, arguably, burned out. Now, traders seem more focused on liquidity depth, tokenomics and narrative stickiness than quick-hit endorsements.
- GORK’s stalled reaction, despite Musk’s implicit nod, suggests that attention alone isn’t enough — memecoins need sustained community traction or utility memes to drive value.
- It also hints that retail appetite may be cooling, especially as memecoins become more saturated and short-term rotations grow more competitive.
Derivatives Positioning
- Monero’s (XMR) perpetual futures market looks overheated, with annualized funding rates nearing the 100% mark. Extreme bullish positioning often translates into sudden price pull backs.
- BCH and SUI markets face the opposite situation with bias for shorts driving funding rates to minus 20% or lower. This could potentially lead to a short squeeze and a big move higher.
- BTC futures open interest on the CME rose to $14.01 billion on Friday, the highest since Feb. 21. ETH open interest remains flat near recent lows under $1.5 billion.
- On Deribit, BTC calls trade at a premium to puts across multiple time frames, risk reversals show. In ETH’s case, bullishness is seen only after the end-May expiry.
Market Movements
- BTC is down 1.27% from 4 p.m. ET Sunday at $94,447.49 (24hrs: -1.07%)
- ETH is down 0.77% at $1,819.25 (24hrs: -0.39%)
- CoinDesk 20 is down 0.70% at 2,721.32 (24hrs: unchanged)
- Ether CESR Composite Staking Rate is down 3 bps at 2.90%
- BTC funding rate is at 0.0007% (0.7512% annualized) on Binance
- DXY is down 0.34% at 99.69
- Gold is up 2.29% at $3,316.45/oz
- Silver is up 1.4% at $32.43/oz
- Nikkei 225 closed +1.04% at 36,830.69
- Hang Seng closed +1.74% at 22,504.68
- FTSE closed on Friday +1.17% at 8,596.35
- Euro Stoxx 50 is down 0.35% at 5,266.20
- DJIA closed on Friday +1.39% at 41,317.43
- S&P 500 closed +1.47% at 5,686.67
- Nasdaq closed +1.51% at 17,977.73
- S&P/TSX Composite Index closed +0.95% at 25,031.51
- S&P 40 Latin America closed -2.94% at 2,227.14
- U.S. 10-year Treasury rate is up 8 bps at 4.32%
- E-mini S&P 500 futures are down 0.75% at 5,666.00
- E-mini Nasdaq-100 futures are up 0.90% at 20,013.75
- E-mini Dow Jones Industrial Average Index futures are down 0.61% at 41,174.00
Bitcoin Stats
- BTC Dominance: 64.65 (-0.21%)
- Ethereum to bitcoin ratio: 0.01928 (+0.52%)
- Hashrate (seven-day moving average): 886 EH/s
- Hashprice (spot): $50.30
- Total Fees: 3.40 BTC / $321,456
- CME Futures Open Interest: 145,920 BTC
- BTC priced in gold: 28.9 oz
- BTC vs gold market cap: 8.18%
Technical Analysis
- TON traded at the support level offered by the trendline connecting lows registered in March and April.
- Potential violation of trendline would signal an end of the corrective bounce from first-quarter lows, exposing the yearly low of $2.43.
Crypto Equities
- Strategy (MSTR): closed on Friday at $394.37 (+3.35%), down 2.38% at $384.98 in pre-market
- Coinbase Global (COIN): closed at $204.93 (+1.8%), down 1.81% at $201.22
- Galaxy Digital Holdings (GLXY): closed at $26.84 (+11.6%)
- MARA Holdings (MARA): closed at $14.48 (+3.06%), down 2.56% at $14.11
- Riot Platforms (RIOT): closed at $8.39 (+7.98%), down 2.15% at $8.21
- Core Scientific (CORZ): closed at $8.74 (+2.22%), down 1.49% at $8.61
- CleanSpark (CLSK): closed at $8.81 (+1.61%), down 2.50% at $8.59
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.97 (+2.6%)
- Semler Scientific (SMLR): closed at $36.16 (+8.49%)
- Exodus Movement (EXOD): closed at $44.79 (+10.92%), up 2.66% at $45.98
ETF Flows
Spot BTC ETFs:
- Daily net flow: $674.9 million
- Cumulative net flows: $40.20 billion
- Total BTC holdings ~ 1.16 million
Spot ETH ETFs
- Daily net flow: $20.1 million
- Cumulative net flows: $2.52 billion
- Total ETH holdings ~ 3.46 million
Source: Farside Investors
Overnight Flows
Chart of the Day
- The chart shows the U.S.-listed spot bitcoin ETFs snapped up over 18,000 BTC last week, significantly outpacing the new supply from miners.
While You Were Sleeping
- President Donald Trump Denies He’s Profiting From TRUMP Token: (NBC): In an interview with «Meet the Press» moderator Kristen Welker, Trump said he hasn’t checked his crypto token’s value.
- Maldives Could Soon Become a Crypto Hub Thanks to Dubai Family Office’s $9B Commitment (CoinDesk): A Dubai-based family office tied to Qatari royal Sheikh Nayef plans to invest up to $8.8 billion in a Maldives financial hub over five years, with $4 billion already committed.
- Kyrgyzstan’s Gold-Backed Dollar Pegged Stablecoin USDKG to Debut in Q3 (CoinDesk): The stablecoin will be backed by $500 million in gold from the Kyrgyz Ministry of Finance, with plans to expand reserves to $2 billion.
- Why the U.S. Senate Crypto Bill Is in Turmoil (Politico): Nine Democrat senators pulled support Saturday for a revised stablecoin bill, citing diluted anti-money laundering rules, systemic risk concerns and Trump family ties to a $2 billion crypto deal.
- Chinese Exporters ‘Wash’ Products in Third Countries to Avoid Donald Trump’s Tariffs (Financial Times): Authorities in Asia are investigating intermediaries helping Chinese firms reroute goods through nearby countries, where shipments are repackaged and relabeled to obtain new origin certificates.
- OPEC+ Supply Hike Forces Wall Street to Redo Sums, Yet Again (Bloomberg): Saudi Arabia appears willing to accept weaker oil prices to rein in overproducing allies, undercut U.S. shale rivals and demonstrate cooperation with Washington amid global inflation concerns.
In the Ether
The cryptocurrency market continues to reflect broader economic uncertainties as Shiba Inu (SHIB) faces significant downward pressure.
Recent price action shows SHIB testing critical support at $0.0000127 after experiencing a 7.4% decline from recent highs, with volume spikes coinciding with major selloffs particularly during early May, according to CoinDesk Research’s technical analysis data model.
Despite current volatility, on-chain data reveals growing institutional confidence in SHIB’s long-term prospects. April 2025 saw the addition of 109 new millionaire wallets holding SHIB, bringing the total to 860 addresses with at least $1 million in tokens. This accumulation occurred even as SHIB’s 7% price gain in April underperformed compared to Bitcoin’s surge toward $95,000.
Market sentiment remains cautiously optimistic as futures open interest for SHIB nearly doubled in April, rising from under $97 million to nearly $190 million. Meanwhile, ongoing development of Shibarium, SHIB’s Layer-2 blockchain, continues with improvements to transaction throughput and validator onboarding that could provide fundamental support for future price action.
Technical Analysis Highlights
- Price action reveals a series of lower highs and lower lows, with volume spikes coinciding with major selloffs, particularly during the May 3rd decline below $0.0000130.
- A key horizontal support zone has formed around $0.0000127, which has been tested multiple times in the last 48 hours.
- The $0.0000129 level now represents immediate resistance, with the Fibonacci retracement suggesting potential stabilization at the current level before any meaningful recovery can occur.
- In the last 100 minutes, SHIB demonstrated remarkable volatility and recovery, initially plunging to a critical support level at $0.0000126 during a high-volume selloff at 13:31-13:40, where volume peaked at over 22 million units.
- The price found strong buying interest at this support zone, triggering a V-shaped recovery that accelerated dramatically around 13:57-14:01, where bullish momentum pushed SHIB up nearly 10% from its lows.
- The most recent price action shows consolidation above $0.00001276 with decreasing volume, suggesting short-term exhaustion after the recovery rally, though the higher lows pattern forming since 14:40 indicates potential for continued upward movement if the $0.00001274 support holds.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
The leading Democrat on the House Financial Services Committee, Rep. Maxine Waters, will block efforts to hold a joint hearing between her committee and the House Agriculture Committee on Monday’s newly unveiled market structure discussion draft bill.
Under House rules, all participants in a joint hearing need to agree to proceed. Waters will object to the joint hearing and prevent it from proceeding as planned, a Democratic staffer told CoinDesk, pointing to U.S. President Donald Trump’s recent and increasing engagement with crypto.
The Financial Services and Agriculture Committees announced they would host a joint hearing on market structure issues last week, and unveiled the first text addressing the issue — including how the Securities and Exchange Commission and Commodity Futures Trading Commission would oversee crypto — earlier Monday.
«Ranking Member Maxine Waters has been incredibly vocal about Trump’s crypto crimes and has pushed Republicans to investigate these crimes,» the staffer said. «Ahead of tomorrow’s hearing, Ranking Member Waters gave Chairman Hill a phone call and told him she would not approve this hearing unless Republicans included provisions in their legislation to block Trump from further profiting from crypto off the backs of investors.»
Politico first reported that Waters would object to the joint hearing.
In recent days, Trump announced he would host a dinner for the 220 parties holding the most TRUMP memecoins. One of his children, Eric Trump, announced just last week that Abu Dhabi investment firm MGX would use World Liberty Financial’s USD1 stablecoin to close its investment in crypto exchange Binance. Freight Technologies, a publicly traded logistics firm, also said last week that it would buy $20 million in TRUMP coins with the explicit purpose of trying to influence trade policy.
The Democratic staffer told CoinDesk that Waters and other Democrats on the Financial Services Committee would hold their own hearing investigating Trump’s different crypto ties, which would include World Liberty Financial.
A spokesperson for the Financial Services Committee’s chair, French Hill, said in a statement that, «Since the last Congress, we’ve had productive bipartisan, bicameral discussions on market structure legislation. We encourage the Ranking Member to attend tomorrow’s hearing to express her views and reconsider her decision to object.»
Warren Buffett, the billionaire investor who helped shape Berkshire Hathaway into a global investment powerhouse, is stepping down as CEO at year-end — but his distaste for bitcoin (BTC) will likely live on at the firm.
Buffett, who will remain chairman of the board, has famously described bitcoin as “rat poison squared” and a “gambling token,” signaling a strong ideological opposition to digital assets. His legacy on this issue casts a long shadow over his successor, Greg Abel, who now takes the reins of day-to-day leadership.
For investors hoping for a shift in Berkshire’s crypto stance, the odds look slim.
“I would be very surprised if there’s a meaningful change in Berkshire’s attitude toward Bitcoin,” said Meyer Shields, managing director at KBW. “On the merits, I think there’s a vast difference between the Buffett/Munger attitude to technology stocks (which they admitted to not understanding) and their expressed opposition to cryptocurrency.”
Currently chairman and CEO at Berkshire Hathaway Energy and vice-chairman of Berkshire’s non-insurance operations, incoming CEO Abel is unlikely to make sudden moves that could signal a break from Buffett’s and recently deceased Charlie Munger’s longstanding views, added Shields. “I expect Greg Abel to initially avoid doing anything that could look like a marked shift away from Buffett’s and Munger’s values, even if he actually disagrees.”
During a meeting with shareholders, Buffet expressed flexibility to diversify into other currencies if the U.S. economy were to weaken more, saying that “there could be […] things happen in the United States that […] make us want to own a lot of other currencies.” However, given Buffet’s continued critique of cryptocurrencies, it seems unlikely that would include bitcoin.
Still, the succession was handled with characteristic flair. “Another brilliant example of handling a major situation for Berkshire,” said Macrae Sykes, portfolio manager at GAMCO Investors. He praised Buffett’s decision to keep the news under wraps until the shareholder meeting, allowing him to “address questions and enjoy the engagement with shareholders without the succession overhang.”
Sykes sees Buffett’s continued presence on the board as a stabilizing force: “Shareholders should welcome this transparent transition, but also have confidence that Warren isn’t going anywhere.”
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
SHIB Plunges 7.4% in One Week, but Market Sentiment Remains Cautiously Optimistic
Leading House Dem Will Block Crypto Market Structure Bill Hearing
Bitcoin Likely Still ‘Rat Poison’ at Berkshire Hathaway Even Without Warren Buffett
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