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JPMorgan anticipates that Ethereum and other altcoins will continue to underperform Bitcoin due to ongoing weak market conditions. According to NS3.AI, JPMorgan noted that Bitcoin has shown greater resilience compared to Ethereum, particularly in spot ETFs and institutional futures positions. Additionally, JPMorgan highlighted that Ethereum's upgrades over the past three years have not significantly increased network activity and have weakened the token burn mechanism.

On May 14, 2026, 17:04 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 82,000 USDT benchmark and is now trading at 82,007.289063 USDT, with a narrowed 3.53% increase in 24 hours.

The U.S. Senate Banking Committee has commenced discussions on the Cryptocurrency Market Structure Act, known as the CLARITY Act. According to Odaily, U.S. Senator Cynthia Lummis, a long-time Bitcoin advocate, described the CLARITY Act as one of the most challenging bills of her career. She noted that cryptocurrencies possess both commodity and security characteristics, and the innovation brought by blockchain technology is still an emerging field. The bill requires extensive bipartisan negotiation and industry involvement. Lummis expressed gratitude to several Democratic and Republican senators, including Ruben Gallego, Mark Warner, Angela Alsobrooks, Bernie Moreno, Thom Tillis, and John Kennedy, for their cooperation in advancing the bill.
In response to concerns raised by Democratic Senator Elizabeth Warren regarding consumer protection and enforcement, Lummis argued that the bill actually benefits consumers and addresses enforcement issues. She emphasized Bitcoin's value in specific situations, stating it can help individuals experiencing domestic violence or living in oppressive countries to "store wealth in their minds and take it with them," as Bitcoin private keys can be memorized.

Bitcoin's 30-day realized cap net position change has increased to $2.8 billion per month, according to Glassnode. However, inflows are still below levels seen in previous breakout phases. Analysts have noted that the overhead supply near $86,900 and negative funding rates since March are hindering Bitcoin's ability to surpass the $80,000 mark.

On May 14, 2026, 15:00 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 81,000 USDT benchmark and is now trading at 81,149.992188 USDT, with a narrowed 1.66% increase in 24 hours.

Canaan, a prominent player in the Bitcoin mining industry, reported mining 90 BTC in April. According to NS3.AI, this addition brings the company's total cryptocurrency holdings to 1,826 BTC and 3,952 ETH. The company's continued efforts in mining underscore its significant presence in the cryptocurrency market.

Spiral, the Bitcoin open-source development division of Block, has launched a free AI vulnerability scanning tool named Loupe for open-source Bitcoin projects. According to ChainCatcher, Loupe is designed to support continuous security scanning, aiming to enhance the security auditing capabilities of small and medium-sized development teams.

Delphi Digital has released a report indicating that the authorized issuance cap for Strategy's variable rate Series A perpetual preferred stock (STRC) is approximately $28.3 billion. According to Odaily, if this cap is reached without expansion, Strategy's rate of Bitcoin accumulation may slow down. Earlier this week, Strategy purchased 535 Bitcoins for $43 million, with most of the funds raised through the sale of Class A common stock, MSTR.
Currently, Strategy's market net asset value (mNAV) stands at 1.25 times. Researchers noted that when mNAV is low, Strategy uses STRC as the primary accumulation tool. If mNAV increases, the company might opt to acquire Bitcoin through MSTR sales. Strategy holds $2.25 billion in cash reserves, with the next significant cash obligation due in September 2027.

On May 14, 2026, 13:23 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 80,000 USDT benchmark and is now trading at 80,043.28125 USDT, with a narrowed narrowed 0.27% decrease in 24 hours.

Bitcoin custody platform Onramp has successfully raised $12.5 million in its Series A funding round, bringing the company's valuation to $135 million. According to Foresight News, the information was disclosed by the company's CEO, Michael Tanguma, to Axios Pro.
Onramp specializes in assisting large Bitcoin holders in distributing their assets across multiple institutions for custody. This approach allows users to avoid reliance on a single custodian and eliminates the need for self-management of private keys.

Bitcoin mining company BitFuFu (NASDAQ: FUFU) has released its operational data for April 2026, revealing the extraction of 145 BTC during the month. According to Foresight News, the company mined 113 BTC through cloud computing and 32 BTC using its own computing power. BitFuFu's Bitcoin holdings increased by 18 BTC from March 31, 2026, reaching a total of 1,812 BTC.
Leo Lu, Chairman and CEO of BitFuFu, noted that the company faced two major challenges in April: an unexpected power outage at the Ethiopian mining site and adjustments to third-party computing power procurement strategies. These factors impacted the month's production. The average cost of self-mining was approximately $59,000 per Bitcoin.

Crypto markets remained under pressure on Thursday as Bitcoin held below $80,000, nearly $400 million in leveraged long positions were liquidated, and altcoins slid broadly in response to hotter-than-expected US inflation data that sent risk assets into retreat.
Bitcoin was trading around $79,800 after dropping as low as $78,720 on Wednesday — still well below its weekly open of $82,500 and unable to reclaim the 200-day moving average at just above $82,000 that has emerged as the defining technical resistance of the current cycle.
What triggered the move: PPI surprises to the upside
Wednesday's Producer Price Index reading provided the macro catalyst for the risk-off turn. PPI rose 6% on an annual basis — its highest level since 2022 — adding to the inflation picture already complicated by Tuesday's hotter-than-expected CPI print. Together, the two inflation reports in as many days have made a compelling case that price pressures are re-accelerating rather than stabilizing, reinforcing expectations that the Federal Reserve will hold rates at 3.50% to 3.75% not just through June but potentially through the end of the year.
For crypto markets, which have become increasingly sensitive to US macro data as institutional adoption has deepened, the one-two punch of CPI and PPI was enough to unwind positioning that had built up in anticipation of a clean breakout above $82,000.
Derivatives: $400 million in liquidations, longs dominate the damage
The derivatives market told the clearest story of how one-sided bullish positioning had become. Total liquidations surged 68% to nearly $400 million over 24 hours, with the vast majority coming from long positions. Bitcoin alone saw $117 million in liquidations, of which $102 million — roughly 87% — were longs. The concentration of liquidations on the bullish side confirms that a significant portion of the market had been positioned for an upside breakout above the 200-day moving average that did not materialize.
Futures volume rose 14% to $189 million over the same period while open interest declined 2% to $133 billion, suggesting that elevated trading activity was driven by position closures rather than new capital entering the market. Bitcoin's open interest edged slightly higher to 750,000 BTC from 745,000 BTC, but the 24-hour cumulative volume delta remained negative — meaning sell orders dominated buy limit orders throughout the session, a sign of persistent selling pressure beneath the surface.
Ethereum's open interest reached a record high of 15.42 million tokens earlier Thursday, surpassing the previous peak of 15.33 million set in July. The record OI in a range-bound market — ETH has largely oscillated between $2,200 and $2,450 over the past four weeks — reflects growing demand for leverage without a clear directional conviction behind it.
Across the broader market, the open-interest-adjusted cumulative volume delta for most of the top 25 coins remained negative, pointing to sustained selling pressure that could extend downside risk particularly in the altcoin market, which is heavily influenced by derivatives positioning.
Options market signals hedging demand
In the options market, the most actively traded contract on Thursday was the $75,000 strike Bitcoin put expiring May 29 — a downside hedge that signals meaningful demand for protection against a drop toward that level. The presence of that put as the most traded contract, while the remaining top five most active contracts were calls, reflects a market that is simultaneously hedging downside and maintaining some bullish exposure — a positioning profile consistent with uncertainty rather than clear directional conviction.
Despite the volatility and the CLARITY Act markup scheduled for Thursday, both Bitcoin and Ether 30-day implied volatility indexes remained subdued, suggesting the options market is not yet pricing in a sharp directional move in either direction.
Altcoins: memecoins lead losses, 75 of top 100 in the red
The altcoin market bore the brunt of Thursday's risk-off move. The Altcoin Season indicator dropped back to 43 out of 100 after briefly touching 50 on Monday, reflecting the rapid deterioration in broader crypto risk appetite. Of the 100 assets in the CoinDesk 100, 75 were in the red on Thursday.
Memecoins led losses, with the CoinDesk Memecoin Select Index tumbling more than 4% since midnight UTC and over 10% across the full 24-hour period. The DeFi Select Index also showed weakness, losing 1%, while the Bitcoin-heavy CoinDesk 20 index held up comparatively well with only a 0.16% decline — illustrating the same dynamic visible in the ETH/BTC ratio, where Bitcoin's relative defensiveness continues to outperform higher-beta crypto assets.
Restaking token ETHFI led individual declines among tracked assets, falling 4.1% since midnight and 7.5% over 24 hours. A handful of tokens bucked the trend: XDC rose 7.5% and Humanity Protocol broke out of a recent downtrend with a 3.9% gain since midnight UTC.
What to watch
The CLARITY Act markup in the Senate Banking Committee, scheduled for Thursday, remains a potential positive catalyst that could shift sentiment if it advances as expected. Multiple analysts have flagged a clean procedural win on the bill as a trigger for renewed institutional buying regardless of the macro backdrop.
On the technical side, Bitcoin's ability to hold above $78,720 — Wednesday's session low — will be closely watched as the key near-term support level. CryptoQuant has identified $70,000 as the broader support floor if the current weakness extends, representing the average cost basis of the market as a whole. A recovery above $82,000 and the 200-day moving average would be required to shift the technical picture back to bullish.

Crypto markets remained under pressure on Thursday as Bitcoin held below $80,000, nearly $400 million in leveraged long positions were liquidated, and altcoins slid broadly in response to hotter-than-expected US inflation data that sent risk assets into retreat.Bitcoin was trading around $79,800 after dropping as low as $78,720 on Wednesday — still well below its weekly open of $82,500 and unable to reclaim the 200-day moving average at just above $82,000 that has emerged as the defining technical resistance of the current cycle.What triggered the move: PPI surprises to the upsideWednesday's Producer Price Index reading provided the macro catalyst for the risk-off turn. PPI rose 6% on an annual basis — its highest level since 2022 — adding to the inflation picture already complicated by Tuesday's hotter-than-expected CPI print. Together, the two inflation reports in as many days have made a compelling case that price pressures are re-accelerating rather than stabilizing, reinforcing expectations that the Federal Reserve will hold rates at 3.50% to 3.75% not just through June but potentially through the end of the year.For crypto markets, which have become increasingly sensitive to US macro data as institutional adoption has deepened, the one-two punch of CPI and PPI was enough to unwind positioning that had built up in anticipation of a clean breakout above $82,000.Derivatives: $400 million in liquidations, longs dominate the damageThe derivatives market told the clearest story of how one-sided bullish positioning had become. Total liquidations surged 68% to nearly $400 million over 24 hours, with the vast majority coming from long positions. Bitcoin alone saw $117 million in liquidations, of which $102 million — roughly 87% — were longs. The concentration of liquidations on the bullish side confirms that a significant portion of the market had been positioned for an upside breakout above the 200-day moving average that did not materialize.Futures volume rose 14% to $189 million over the same period while open interest declined 2% to $133 billion, suggesting that elevated trading activity was driven by position closures rather than new capital entering the market. Bitcoin's open interest edged slightly higher to 750,000 BTC from 745,000 BTC, but the 24-hour cumulative volume delta remained negative — meaning sell orders dominated buy limit orders throughout the session, a sign of persistent selling pressure beneath the surface.Ethereum's open interest reached a record high of 15.42 million tokens earlier Thursday, surpassing the previous peak of 15.33 million set in July. The record OI in a range-bound market — ETH has largely oscillated between $2,200 and $2,450 over the past four weeks — reflects growing demand for leverage without a clear directional conviction behind it.Across the broader market, the open-interest-adjusted cumulative volume delta for most of the top 25 coins remained negative, pointing to sustained selling pressure that could extend downside risk particularly in the altcoin market, which is heavily influenced by derivatives positioning.Options market signals hedging demandIn the options market, the most actively traded contract on Thursday was the $75,000 strike Bitcoin put expiring May 29 — a downside hedge that signals meaningful demand for protection against a drop toward that level. The presence of that put as the most traded contract, while the remaining top five most active contracts were calls, reflects a market that is simultaneously hedging downside and maintaining some bullish exposure — a positioning profile consistent with uncertainty rather than clear directional conviction.Despite the volatility and the CLARITY Act markup scheduled for Thursday, both Bitcoin and Ether 30-day implied volatility indexes remained subdued, suggesting the options market is not yet pricing in a sharp directional move in either direction.Altcoins: memecoins lead losses, 75 of top 100 in the redThe altcoin market bore the brunt of Thursday's risk-off move. The Altcoin Season indicator dropped back to 43 out of 100 after briefly touching 50 on Monday, reflecting the rapid deterioration in broader crypto risk appetite. Of the 100 assets in the CoinDesk 100, 75 were in the red on Thursday.Memecoins led losses, with the CoinDesk Memecoin Select Index tumbling more than 4% since midnight UTC and over 10% across the full 24-hour period. The DeFi Select Index also showed weakness, losing 1%, while the Bitcoin-heavy CoinDesk 20 index held up comparatively well with only a 0.16% decline — illustrating the same dynamic visible in the ETH/BTC ratio, where Bitcoin's relative defensiveness continues to outperform higher-beta crypto assets.Restaking token ETHFI led individual declines among tracked assets, falling 4.1% since midnight and 7.5% over 24 hours. A handful of tokens bucked the trend: XDC rose 7.5% and Humanity Protocol broke out of a recent downtrend with a 3.9% gain since midnight UTC.What to watchThe CLARITY Act markup in the Senate Banking Committee, scheduled for Thursday, remains a potential positive catalyst that could shift sentiment if it advances as expected. Multiple analysts have flagged a clean procedural win on the bill as a trigger for renewed institutional buying regardless of the macro backdrop.On the technical side, Bitcoin's ability to hold above $78,720 — Wednesday's session low — will be closely watched as the key near-term support level. CryptoQuant has identified $70,000 as the broader support floor if the current weakness extends, representing the average cost basis of the market as a whole. A recovery above $82,000 and the 200-day moving average would be required to shift the technical picture back to bullish.

Bitcoin may be approaching a critical inflection point after hitting a key historical resistance level that preceded its last major bear market decline, crypto analytics firm CryptoQuant warned in a note published Wednesday. The warning comes as Bitcoin has slipped 2.3% in the past 24 hours to $79,300, following hotter-than-expected US producer price data that added to the macro headwinds already weighing on risk assets.The 200-day moving average: a level with a bearish track recordBitcoin's six-week rally from its early April low of $66,000 carried it to the 200-day moving average at $82,400 — a level CryptoQuant described as a "major bear market resistance" based on its historical significance. The firm drew a direct parallel to March 2022, when Bitcoin last tested the same moving average before resuming a steep decline that defined the 2022 bear market."The 200-day MA was a major resistance in the 2022 bear market: the price resumed its downward trend after hitting it in March of that year," CryptoQuant said. "The current setup raises the question of whether history repeats."The moving average carries weight as a resistance level because it represents the average price at which Bitcoin has traded over the past 200 days — a threshold above which the market transitions from a longer-term downtrend to recovery territory. Reaching it from below after a sustained bear market rally has historically been a moment where selling pressure from holders sitting on recovered losses intensifies.Profit-taking already underwayCryptoQuant's concern is not purely based on the price level. The firm pointed to several on-chain signals suggesting traders are already acting on the resistance rather than waiting to see whether it breaks.Traders' unrealized profit margins reached 17.7% on May 5 — their highest level since June last year — a reading the firm said indicated significant potential selling pressure. Critically, that margin level mirrors what was observed in March 2022, precisely when Bitcoin last tested the 200-day moving average before reversing lower.More concretely, daily realized profits jumped to their highest level since early December last week, with traders cashing out 14,600 Bitcoin — worth nearly $1.2 billion at current prices — on May 4 alone. "Historically, spikes of this magnitude in bear market rallies have preceded local price tops," CryptoQuant said.The combination of elevated unrealized profit margins and a spike in actual profit-taking behavior at a historically significant resistance level forms the core of CryptoQuant's bearish thesis.Macro headwinds add pressureThe technical picture is being complicated by deteriorating macro conditions. Producer prices jumped 1.4% in April, the Bureau of Labor Statistics reported Wednesday — the biggest monthly increase in four years and another sign that inflation is re-accelerating rather than stabilizing. The reading follows Tuesday's hotter-than-expected CPI print and further reduces the likelihood of any near-term Federal Reserve pivot toward easier monetary policy.Bitcoin has become increasingly sensitive to US economic data as Wall Street adoption has grown through spot ETF inflows and institutional positioning. Wednesday's PPI-driven dip to $79,300 illustrates that sensitivity — a data point that might have had limited impact on Bitcoin two years ago now moves the market within hours of release.Key support if Bitcoin falls: $70,000CryptoQuant identified $70,000 as the critical support level to watch if the current resistance holds and Bitcoin begins to pull back. That level represents the average price at which all Bitcoin was last transacted — a metric known as the realized price — which has historically acted as a key resistance-turned-support band during bear markets."It represents the average cost basis of short-term traders and the level at which unrealized profit margins compress back toward zero, reducing the incentive for further selling," CryptoQuant said. In practical terms, $70,000 is the level where most recent buyers would be sitting at breakeven — removing the profit-taking pressure that CryptoQuant sees as the primary downside risk at current levels.The bull case: CLARITY Act and money printingNot all analysts share CryptoQuant's cautious read. MN Capital founder Michaël van de Poppe said Wednesday that Bitcoin "might see a fast move" to $90,000 if the US Senate advances the CLARITY Act — crypto market structure legislation that the Senate Banking Committee is deliberating this week. Several traders have flagged the bill as a potential catalyst capable of driving institutional inflows regardless of the macro backdrop.Arthur Hayes, investment chief at crypto fund Maelstrom, went further on Tuesday, calling Bitcoin's return to its all-time high of $126,000 a "foregone conclusion." Hayes argued that the ongoing US-Iran conflict and US-China competition over artificial intelligence would force governments to expand the money supply — triggering inflation that would ultimately drive capital into Bitcoin as a hard-asset hedge.The bottom lineBitcoin is caught between two competing narratives at one of the most technically significant levels of the current cycle. CryptoQuant's on-chain data — elevated profit margins, a surge in realized profits, and a price that has just hit historically meaningful resistance — makes a compelling case for caution. The legislative and monetary policy bull cases being made by other analysts are real but forward-looking, dependent on events that have not yet materialized.Whether Bitcoin can break cleanly above the 200-day moving average at $82,400 or gets pushed back toward $70,000 support may well be determined by two things happening simultaneously this week: the Senate Banking Committee's CLARITY Act markup and the continued flow of inflation data that is making the Fed's path increasingly difficult to predict.

JPMorgan Chase significantly increased its reported exposure to Bitcoin ETFs in the first quarter of 2026, with its position in BlackRock's iShares Bitcoin Trust jumping 174% despite Bitcoin prices falling more than 22% during the same period. The bank's 13F filing, published Wednesday, reveals selective but broad-based accumulation across Bitcoin, Ethereum, and Solana-linked funds — a pattern that points to deliberate strategic positioning rather than momentum chasing.
IBIT leads the expansion: 174% increase, $162 million added
The headline move was JPMorgan's increase in BlackRock's iShares Bitcoin Trust from approximately 3 million shares in Q4 2025 to 8.3 million shares in Q1 2026 — a 174% jump that added roughly $162 million in reported value. The timing is notable. JPMorgan was buying aggressively into a quarter when Bitcoin fell sharply and US spot Bitcoin ETFs recorded net outflows overall, suggesting the bank was treating the price weakness as an entry opportunity rather than a reason to reduce exposure.
Broader Bitcoin ETF accumulation: BITB up 900%, FBTC up 450%
Beyond IBIT, JPMorgan expanded positions across several other Bitcoin ETF products. Holdings in the Bitwise Bitcoin ETF surged nearly 900%, rising from 4,872 shares to 48,258 shares and adding approximately $1.51 million in reported value. Its position in the Fidelity Wise Origin Bitcoin Fund increased roughly 450%, from 3,996 shares to 22,196 shares, adding around $980,000.
The bank also dramatically expanded its position in the ProShares Bitcoin Strategy ETF — a futures-based rather than spot product — with holdings surging from just 40 shares to 1,302 shares, a gain of more than 3,000%. While the absolute dollar value of that position remains small, the directional signal is consistent with the broader pattern of increasing Bitcoin exposure across product types.
New Solana ETF position, expanded Ethereum exposure
JPMorgan's Q1 activity extended beyond Bitcoin. The bank initiated its first reported position in a Solana-focused product, buying 47,460 shares of the Bitwise Solana Staking ETF worth approximately $523,000. The move marks a meaningful expansion of the bank's reported altcoin ETF footprint into an asset class that has attracted growing institutional interest.
On the Ethereum side, JPMorgan increased its position in the iShares Ethereum Trust by 36% to 266,734 shares, alongside a sharp increase in the Bitwise Ethereum ETF. The expansion of Ethereum ETF exposure — even as the ETH/BTC ratio has fallen to ten-month lows — suggests the bank is building long-term positions in the asset rather than making short-term directional bets.
XRP fully exited
The one clear reversal in the filing was a complete exit from XRP-linked exposure. JPMorgan reduced its position in the Bitwise XRP ETF from 3,870 shares to zero during the quarter. The exit stands in contrast to the broad expansion across other crypto asset classes and may reflect either a tactical reallocation or a specific view on XRP's regulatory and market outlook relative to competing assets.
Mixed signals in crypto equity positions
JPMorgan's crypto-linked equity positions told a more mixed story. The bank slightly increased its position in Strategy — the world's largest public Bitcoin holder — in line with its bullish Bitcoin ETF positioning. It also added to positions in Block, MARA Holdings, Core Scientific, and PayPal.
On the other side of the ledger, JPMorgan reduced holdings in Robinhood Markets, Coinbase, Galaxy Digital, and Bitdeer Technologies Group — a combination that suggests the bank is becoming more selective about which parts of the crypto equity ecosystem it wants exposure to, favoring Bitcoin-adjacent infrastructure and payment rails over pure-play crypto trading and mining services.
What the filing signals
Taken together, JPMorgan's Q1 13F paints a picture of a major traditional financial institution deepening its crypto exposure during a period of market weakness rather than retreating from it. Buying Bitcoin ETFs aggressively through a 22% price drawdown, initiating a first Solana ETF position, and expanding Ethereum exposure simultaneously are not the actions of an institution treating digital assets as a peripheral or opportunistic allocation.
The filing adds to a growing body of evidence — alongside BlackRock's tokenization filings, the Senate Banking Committee's CLARITY Act deliberations, and continued institutional ETF inflows — that the institutionalization of crypto is advancing structurally rather than cyclically. For markets, the key implication is that the institutional bid for Bitcoin and select digital assets is likely to be more durable through price drawdowns than the retail-driven demand cycles that defined earlier crypto market cycles.

Strive's Variable Rate Series A Perpetual Preferred Shares (SATA) will become the first U.S.-listed security to pay cash dividends every business day starting June 16, according to CoinDesk. This daily payout structure increases the effective annual yield to approximately 13.88%, up from the stated 13% due to more frequent compounding. Strive has also eliminated all outstanding debt and now holds 15,009 bitcoin, ranking it as the ninth-largest publicly traded corporate bitcoin holder globally. CEO Matthew Cole described the daily dividend as a 'zero-to-one innovation,' positioning SATA as a competitive cash yield instrument.

The prediction market Polymarket has experienced notable fluctuations in its Bitcoin-related event, "Bitcoin above ___ on May 14?" According to ChainCatcher, the probability of the "Yes" option for the sub-market "80,000" has sharply decreased. Within the past hour, the likelihood dropped from 35.5% to 20.5%, marking a significant 15% swing. Observers are advised to consider the impact of any related breaking news.

The U.S. CLARITY Act markup is scheduled for later today, with Bitcoin (BTC) options continuing to exhibit compressed implied volatility. According to NS3.AI, short-dated contracts are near their year-to-date lows, and implied volatility has reached a historical low of 30%. The May 11 draft of the CLARITY Act proposes several significant changes, including a ban on interest for stablecoin balances. Additionally, it seeks to add the Treasury as a rule-making authority alongside the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The draft also includes a provision for a $5 million penalty for any violations.

Bitcoin traders have seen their unrealized profit rate increase to 17.7%, marking the highest level since June 2025. According to Odaily, data from CryptoQuant indicates this significant rise in unrealized profits among Bitcoin traders.