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According to CoinMarketCap data, the global cryptocurrency market cap now stands at $2.63T, down by 2.3% over the last 24 hours.Bitcoin (BTC) traded between $78,659 and $82,048 over the past 24 hours. As of 16:00 (UTC) today, BTC is trading at $79,149,565, down by 2.17%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include AIGENSYN, RAD, and DUSK, up by 73%, 16%, and 14%, respectively.Inflation Shock Rewrites the Playbook — Bitcoin Drops to $78,600 as Hike Odds SurgeA global bond market rout sent the US 10-year yield to 4.58%, UK gilts to 5.2% — their highest since 2008 — and oil above $100, forcing markets to reprice Fed expectations from 28% cut odds to nearly 50% hike odds in a single week. Bitcoin fell as low as $78,600 before stabilizing near $79,000, with stocks, gold, and crypto all selling off simultaneously in what looked like broad-based deleveraging rather than a targeted risk-off rotation.Despite the macro headwinds, Binance captured 78% of crypto exchange inflows in May as stablecoin dry powder continues to build, Strategy repurchased $1.5B in convertible debt and bought 11,707 more BTC, and BNB stood as the only green asset in the CoinDesk 20 — a week that tested the rally's foundations without breaking them.Binance Captures 78% of Crypto Exchange Inflows as Risk-On Returns — Majors Up 6% in May, According to CoinDesk ResearchKey Takeaways:Binance captured 78% of net inflows among exchanges that gained month-to-date — vs a 29% trailing three-month average — per DefiLlama dataCrypto majors (BTC, ETH, SOL, BNB) are up 6% in May, outpacing the S&P 500's 4.3% gain; exchange inflows total $3.3B MTD, stablecoins $2.5B, ETFs $1.5BWithin Binance, stablecoins are leading inflows — dry powder accumulating for deployment — while Bitcoin is seeing $400M in net outflows, consistent with self-custody or institutional accumulation rather than distributionWETH has seen $887M in deposits MTD — likely reflecting rotation out of rsETH and LRT positions following the KelpDAO incident back into cleaner ETH exposureETF inflows have quieted to $181M this week vs $1.5B earlier in May — establishing a trader-dominant regime more vulnerable to sharp reversals than broad-based ETF-plus-exchange participationSummary:Binance's 78% inflow capture — nearly three times its trailing average — confirms the exchange is structurally central to the current rally, not just a passive beneficiary of it. The stablecoin-led inflow composition is the most constructive signal: dry powder accumulating on exchange without being immediately deployed suggests buying power is building rather than being exhausted. The risk is the trader-dominant regime — without ETF inflows broadening participation, the rally rests on a thinner, more reactive participant base that historically produces faster reversals when positioning unwinds.Bitcoin Tumbles Below $79,000 Briefly Before Rebounding as Surging Bond Yields and Inflation Fears Spark Broad Market SelloffKey Takeaways:Bitcoin fell to $78,600 — down ~4% from Thursday's $82,000 high — before stabilizing near $79,000; the drop erased gains from the CLARITY Act's Senate Banking Committee advancementUS 10-year Treasury yield climbed to 4.58% — its highest in more than a year; UK 10-year gilts surged to 5.2%, their highest since 2008Fed rate expectations inverted completely in seven days: from 28% cut / 1% hike odds to virtually zero cut odds and nearly 50% hike probability by year-endNasdaq fell 1.7%, S&P 500 dropped 1.2%, gold fell 2.5% to ~$4,500 — the simultaneous selloff across asset classes pointed to forced deleveraging, not macro rotationCrypto stocks took the hardest hits: Coinbase -6%, Circle -7.4%, MARA and Hut 8 each -7%, Cipher Mining -9%, Bitdeer -11%Summary:Three consecutive inflation surprises — CPI, PPI, oil above $100 — forced a complete repricing of global rate expectations in one of the fastest macro reversals of the current cycle. The fact that gold sold off alongside Bitcoin confirms this was deleveraging rather than a flight-to-safety rotation. For crypto, the $78,600 low may not be the floor if bond yields continue climbing and the hike narrative gains further momentum — the institutional bid that held Bitcoin above $80,000 was partly built on a Fed pivot thesis that is now running in reverse.Strategy Repurchases $1.5 Billion in Convertible Debt and Buys 11,707 Bitcoin as STRC Logs Record Trading SessionKey Takeaways:Strategy agreed to repurchase ~$1.5B of its 0% Convertible Senior Notes due 2029 at ~$1.38B in cash — a discount to par, with settlement expected around May 19The 2029 notes carry a conversion price of $672.40/share vs Strategy's current ~$183 share price — the conversion option is deeply out of the money, making discount repurchase highly attractiveStrategy simultaneously purchased 11,707 BTC to continue accumulation; funding sources include cash, ATM equity proceeds, and potentially Bitcoin salesThe inclusion of potential BTC sales as a funding source signals Strategy views its Bitcoin treasury as a deployable liquid resource — a meaningful shift from its "never sell" postureSTRC preferred stock logged a record $1.5B trading session driven by pre-ex-dividend positioning; MSTR common stock fell ~2% pre-market alongside Bitcoin's overnight retreat to $80,400Summary:Strategy's simultaneous debt retirement at a discount and continued BTC accumulation is sophisticated liability management — locking in cheap debt payoff while the conversion option is worthless and deploying into Bitcoin at current levels. The potential BTC sale language is the detail markets will watch most closely: any actual BTC liquidation from the world's largest corporate holder would be a significant near-term supply signal. Whether the May 19 settlement triggers visible on-chain outflows from Strategy's wallets will be the tell for whether this is tactical liquidity management or the beginning of a posture shift.BNB Is the Only Green Asset in the CoinDesk 20 as Index Drops 2% — SUI and ICP Lead LossesKey Takeaways:The CoinDesk 20 Index fell 2% on Friday to 2,184.2, with 19 of 20 assets closing in the redBNB was the sole gainer, rising 0.4% — standing apart from a broad decline that included Bitcoin down 1.3%, one of the day's relatively better performancesSUI and ICP led losses among the index constituents in a risk-off session driven by the bond yield surge and oil price spikeSummary:BNB being the only green asset in the CoinDesk 20 during a broad risk-off session is a micro-confirmation of Binance's macro dominance story. With Binance capturing 78% of exchange inflows MTD, BNB's relative resilience reflects genuine ecosystem demand rather than isolated price action. Bitcoin's 1.3% decline being among the better performers on the day also reinforces the Bitcoin-centric structure of the current cycle — when selling comes, it hits altcoins and higher-beta names hardest while Bitcoin absorbs relatively less of the downside.Crude Oil Surpasses $100 as Stocks, Gold, and Crypto DeclineKey Takeaways:WTI crude front-end futures jumped 3% to cross $100/bbl, reinforcing that energy-driven inflation is not abating — adding direct pressure to the Fed's ability to hold rates steadyThe oil move compounds the week's CPI and PPI beats into a three-data-point inflation sequence that has fundamentally shifted the macro narrativeMarkets repriced from 28% cut odds to ~50% hike odds in seven days — a speed of repositioning that reflects how unprepared the market was for the inflation resurgenceThe Trump-Xi Beijing summit's Hormuz agenda is now more consequential than ever — an oil price relief catalyst is the only near-term solution the Fed cannot engineer itselfSummary:Oil above $100 is the number that ties all of Friday's macro chaos together. It feeds directly into headline inflation, reinforces the Fed's inability to cut, and now raises the specter of hikes — a scenario that compresses risk asset valuations across the board. The only plausible near-term relief valve is a Hormuz resolution that sends energy prices sharply lower, which is exactly what the Trump-Xi summit is supposed to deliver. Until that happens, every inflation print will face the same upward bias from energy, and markets will keep repricing the rate path higher.Market movers:ETH: $2257.75 (-0.13%)BNB: $683.58 (+1.86%)XRP: $1.4675 (+2.46%)SOL: $91.2 (+0.39%)TRX: $0.3524 (-0.11%)DOGE: $0.11503 (+1.61%)WBTC: $80296.01 (+1.04%)U: $1.0001 (-0.02%)ADA: $0.2672 (+1.02%)XAUT: $4559.96 (-2.64%)