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Binance Wallet announced on X that the AIGENSYN Alpha Trading Competition will only include Batch 1 due to the spot listing of Gensyn (AIGENSYN). The second batch of the competition has been cancelled, and eligibility and rewards will be calculated based on the rules established for Batch 1. Participants are advised to refer to the latest trading competition announcement for further details on the rewards and eligibility criteria. This decision affects all traders who were anticipating Batch 2, as the competition will not proceed beyond its initial phase. The cancellation means that all calculations regarding participant eligibility and rewards will strictly adhere to the guidelines set forth in Batch 1. For those involved in the competition, it is crucial to review the updated announcement to understand how the changes might impact their participation and potential rewards. The spot listing of Gensyn (AIGENSYN) has prompted this adjustment, and traders should stay informed by checking the latest updates provided by Binance Wallet.

Binance has revised the start time for Gensyn (AIGENSYN) spot trading, pushing the listing back by two hours from its originally scheduled 21:00 UTC+8 slot to 23:00 UTC+8 on May 14, 2026.

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 record
Bitcoin'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 underway
CryptoQuant'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 pressure
The 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: $70,000
CryptoQuant 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 printing
Not 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 line
Bitcoin 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.

Circle, the issuer of USDC, has announced an expansion of its partnership with Hyperliquid, according to ChainCatcher. Circle will serve as the technical deployment partner for USDC on Hyperliquid, positioning USDC as an Aligned Quote Asset. Hyperliquid, known for its high-performance on-chain trading platform, is expanding from perpetual contracts to outcome-based markets. USDC will continue to be a primary collateral and quote asset, supporting liquidity, collateral management, and cross-chain capital flows.
Circle is responsible for providing reliable minting, redemption, and cross-chain transfer infrastructure, allowing USDC to play a more central role in new markets. Additionally, Circle has increased its financial investment in the Hyperliquid ecosystem. Following its initial purchase of HYPE tokens in September 2025, Circle has pledged an additional 500,000 HYPE tokens, further aligning the interests of both parties and moving towards becoming a validator.

Binance founder CZ said the most important work in crypto right now is making blockchain infrastructure "agentic ready" — so that AI agents can transact, store data, and execute trades natively.
Speaking at Binance Online on May 13, CZ said payments are the most obvious intersection. "Payments is definitely one of them. We want to make all crypto infrastructure agentic ready. So when agents want to use crypto, they can call a skill or API and the agents can just use it."
He outlined three specific infrastructure requirements. "The infrastructure should be micropayment ready, large amounts of data ready. If agents want to save a large amount of data in a decentralized fashion, we need to have the infrastructure for it. And we need to be able to support fast, high volume, but low transaction values of each agent."
CZ said the biggest user-facing shift will come in trading. "Agents should do all the trading for you. You shouldn't have to click on a chart, enter a price, enter a number on your mobile phone, and then click a button. That's just clunky. You should just say, look, I want to convert ten percent of my portfolio or ten percent of my stablecoins into BNB. And the agent just does it for you in the background. You'll figure out the best price, where to do it, etc."
On capital deployment, CZ echoed Chamath Palihapitiya's view that infrastructure offers steadier — if lower-multiple — returns. "In AI infrastructure, you can deploy a very large amount of capital, and the return multiple-wise may be smaller than a very successful software or model or language model company. But the return will be very steady."
He acknowledged the competitive dynamic now reshaping software. "With the advancement of AI, creating new software is much easier now. For somebody to copy somebody else's software idea, it's going to become cheaper and easier. But software does have network effects. Once you build a platform, users are with you. I don't know how those forces will converge over time."

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.

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.

PANews posted on X (formerly Twitter) that in 2026, the most sought-after startups are focusing on several key areas. These include AI applications, models, and tools with companies like Anthropic, OpenAI, Cursor, and Perplexity leading the way. In the defense technology and autonomous systems sector, SpaceX, Anduril, and Shield AI are prominent. Meanwhile, in fintech and new finance, Stripe is a notable player.

Monthly trading volume on the Polymarket prediction market experienced a decline of approximately 8.9% in April, marking the first decrease in month-to-month activity since August. According to Cointelegraph, this drop comes as competitors like Kalshi are expanding their market share. Data from Dune Analytics reveals that Polymarket and its U.S.-based trading application collectively generated over $10.2 billion in volume in April, down from more than $11.2 billion in March. Meanwhile, Kalshi's trading volume surged by about 13% in April, reaching approximately $14.8 billion. Overall, the total monthly trading volume for prediction markets increased to around $29.8 billion in April, up from about $26.5 billion in March, representing a 12.4% increase.
Polymarket's decline in volume coincides with the company's efforts to reintegrate into U.S. markets amid heightened legal and regulatory scrutiny from U.S. lawmakers. This scrutiny follows the sector's rapid growth during the 2024 elections. Prediction markets are attracting new competitors, such as Prophet, an AI-native prediction market platform, which recently launched its first live trading tranche. This system features an AI model acting as the counterparty using real capital. Additionally, financial technology company MoonPay introduced an AI technology tool for trading strategies on prediction markets.
Polymarket is actively seeking to expand its presence in the U.S. after exiting in 2022 due to a settlement with the U.S. Commodity Futures Trading Commission (CFTC). This settlement barred the platform from allowing U.S. residents on its main global exchange. In December 2025, Polymarket launched a dedicated app for U.S. customers, although it remains separate from the global platform and its liquidity. Concerns about insider trading on prediction markets, particularly in areas related to war, energy prices, and geopolitically sensitive issues, have been raised by several U.S. lawmakers and regulatory officials.
In March, Senator Elizabeth Warren and over 40 Congressional representatives urged the CFTC to prohibit government insiders from using prediction market platforms for profit while in office or serving in an official capacity. The CFTC asserts that event contracts are a type of swap under its jurisdiction and emphasizes the need for federal employees to understand existing restrictions on prediction market insider trading. Additionally, Wisconsin Attorney General Josh Kaul filed lawsuits against Kalshi, Polymarket, and other prediction markets in April, accusing them of violating state sports betting laws.

BitGo Holdings, a digital asset infrastructure company, recently released its first quarterly financial report following its listing on the NYSE. According to ChainCatcher, the company reported total revenue of $3.77 billion for the first quarter of 2026, marking a 112.6% increase compared to the previous year. This growth was primarily driven by the expansion of its digital asset business and increased revenue from its stablecoin-as-a-service offerings.
Despite the revenue growth, BitGo's GAAP net loss widened from $25.7 million in the same period last year to $60.7 million. This increase was attributed to a non-cash market value adjustment of approximately $53.7 million related to Bitcoin holdings and higher IPO-related stock compensation expenses. The adjusted EBITDA showed a loss of $1.7 million, contrasting with a profit of $3.9 million in the previous year.
In January, BitGo launched its derivatives business, generating a nominal trading volume of around $3 billion. However, due to the net revenue recognition for derivatives and gross revenue recognition for spot trading, the company's revenue declined by 38.7% quarter-over-quarter. The number of clients increased by 42% year-over-year, reaching 5,569 by the end of the quarter. As of the quarter's end, BitGo held 2,449 Bitcoins and $186.6 million in cash.

The TAC team, responsible for the L1 blockchain, has confirmed a security incident that resulted in the transfer of approximately $2.8 million in assets, including USDT, BLUM, and tsTON, to specific addresses. According to Foresight News, the team has stated that if the attacker returns the funds to a designated multi-signature address, the incident will be considered a white-hat rescue, and no legal action will be taken against the operators of the related addresses on ETH/BSC, ZEC, and TON networks. The attacker is offered a bounty of about 10%, which includes approximately 13 ETH and 300 ZEC.

The U.S. Senate has voted to confirm Kevin Warsh as the new Chair of the Federal Reserve. According to Odaily, Warsh's confirmation follows a nomination process that has been closely watched by financial markets. Warsh, who previously served as a Fed Governor, will take over the role immediately, succeeding Jerome Powell. His appointment is expected to influence monetary policy decisions in the coming months.

The U.S. export price index for April increased by 3.3%, surpassing the anticipated 1.1%, according to Jin10. The previous month's figure was revised from 1.60% to 1.5%.

The global cryptocurrency market cap now stands at $2.70T, up by 0.58% over the last day, according to CoinMarketCap data.
Bitcoin (BTC) has been trading between $78,755 and $81,300 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $79,729, down by -1.78%.
Most major cryptocurrencies by market cap are trading mixed. Market outperformers include AI, OSMO, and MLN, up by 40%, 40%, and 23%, respectively.
Top stories of the day:
CZ: Crypto Must Become "Agentic Ready" — and Trading Should Be a Prompt, Not a Click
Binance Online: Three Crypto CEOs Make the Case for Why the Clarity Act Matters Now
Chamath Palihapitiya: "The Last Decade Has Mostly Been Gearing Up for This Moment" of AI Infrastructure
Yi He: Talent Density Is the One Thing That Keeps Me Up at Night
Richard Teng: "1.4 Billion People Excluded From Financial Services — Crypto Is Here to Solve That"
Richard Teng: Binance Has Pivoted to "Global Infrastructure" and the "Most Regulated Exchange Globally"
Donald Trump Arrives in Beijing for State Visit
Market movers:
ETH: $2260.74 (-2.51%)
BNB: $671.11 (-2.05%)
XRP: $1.4323 (-2.17%)
SOL: $90.86 (-5.14%)
TRX: $0.3527 (+0.66%)
DOGE: $0.11321 (+0.37%)
WBTC: $79628.23 (-1.67%)
U: $1.0003 (+0.00%)
XAUT: $4684.68 (+0.00%)
ADA: $0.2646 (-4.03%)
Top gainers on Binance:
AI/USDT (+40%)
OSMO/USDT (+40%)
MLN/USDT (+23%)

The number of initial jobless claims in the United States for the week ending May 9 reached 211,000, marking the highest level since the week of April 18. According to Jin10, this figure surpassed market expectations of 205,000.

U.S. retail sales increased by 0.5% in April, marking the slowest growth rate since January, according to Jin10. This figure aligns with market expectations.

OpenAI is facing a class action lawsuit in a California federal court, accused of disclosing private ChatGPT user data to Meta and Google. According to BeInCrypto, the complaint alleges that OpenAI used embedded tracking technology without consumer consent, funneling personal queries and account details to the tech giants. The lawsuit covers U.S. residents who used ChatGPT.com, arguing that users had reasonable privacy expectations. Plaintiffs seek monetary damages and an injunction to halt the practice. This case adds to the growing legal scrutiny on AI providers regarding data privacy.

Michael Saylor has shared insights on STRC's performance metrics. According to Foresight News, Saylor noted that STRC's volatility stands at 1.8%, with a Sharpe ratio of 4.35 and a yield of 11.5%. He also highlighted that tomorrow marks the record date for equity, while today is the issuance date.

Key economic indicators, including the U.S. initial jobless claims for the week ending May 9, April retail sales, and the import price index month-over-month, as well as Canada's March wholesale sales month-over-month, are set to be released in ten minutes. According to Jin10, these data points are closely watched by market participants for insights into economic trends.

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.

U.S. President Donald Trump has arrived in Beijing for a two-day summit with Chinese President Xi Jinping, marking a significant diplomatic engagement between the two nations. According to NS3.AI, this visit coincides with Charles Schwab's initiation of a U.S. retail rollout for spot cryptocurrency trading, highlighting the growing integration of digital assets in mainstream financial services. Additionally, Bitcoin ETFs witnessed substantial net outflows, totaling $630 million on Wednesday, reflecting shifting investor sentiment in the cryptocurrency market.

The Bank of England (BOE) is set to relax its proposed restrictions on stablecoin holdings following criticism from the digital asset industry, according to the Financial Times. The BOE's initial plan included a cap of 20,000 pounds ($27,000) per coin and a requirement for at least 40% of stablecoin-backing assets to be deposited with the central bank. Sarah Breeden, deputy governor for financial stability, acknowledged the measures might have been 'overly conservative' and expressed openness to alternative approaches. The industry argued these restrictions could hinder the U.K.'s competitiveness in the digital economy, according to CoinDesk.

Tether, TRON, and TRM Labs announced that their T3 Financial Crime Unit has frozen over $450 million in illicit crypto assets globally since its launch in 2024. According to The Block, the unit reported a 43.9% increase in intercepted illicit proceeds in 2025, addressing hacks, DPRK-linked activities, terrorist financing, and violent crime cases. The unit collaborates with law enforcement across 23 jurisdictions, including the U.S., Spain, and Germany, executing asset freezes within 24 hours of requests. Tether CEO Paolo Ardoino emphasized the unit's growing impact and commitment to enhancing blockchain reliability.

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 International Energy Agency (IEA) has reported that global oil markets will remain severely undersupplied through the end of the third quarter of 2026, even if the US-Iran conflict ends by early June. According to BeInCrypto, the IEA's latest report highlights a significant drop in global oil supply by 12.8 million barrels per day since the conflict began, with output from Strait of Hormuz countries down 14.4 million barrels per day from pre-war levels. The agency projects a 1.78 million bpd shortfall in 2026, reversing previous surplus estimates. A cumulative oil liquids deficit of 900 million barrels is expected by September 2026, despite a coordinated release of 400 million barrels. Demand is projected to decline by 420,000 bpd this year, exacerbating the supply shortfall.

Cerebras Systems is set to launch its IPO on Thursday, aiming to raise $5.5 billion with a valuation of $40 billion, according to CoinDesk. This marks a significant increase from its $8.1 billion valuation just eight months ago, highlighting Wall Street's growing interest in AI infrastructure companies. The shift in investor focus from cryptocurrencies to AI-related stocks is evident as bitcoin has dropped 12% this year, while semiconductor stocks like Intel and AMD have seen substantial gains. The upcoming IPOs of OpenAI and SpaceX are expected to further draw capital towards AI equities.

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.

According to the announcement from Binance, the platform is set to expand its trading options on Binance Futures by introducing two new perpetual contracts. The PHAROSUSDT Perpetual Contract will be available from 2026-05-14 at 05:15 (UTC) with leverage options of up to 20x. Shortly after, at 05:30 (UTC), the STARUSDT Perpetual Contract will launch, offering leverage up to 3x. These additions aim to enhance the trading experience for users by providing more diverse options.The PHAROSUSDT and STARUSDT contracts will be settled in USDT. The tick size for PHAROSUSDT is set at 0.0001, while STARUSDT will have a tick size of 0.00001. Both contracts require a minimum trade amount of 1 unit of their respective underlying assets, with a minimum notional value of 5 USDT. The capped funding rate for these contracts is set at +2.00% / -2.00%, with funding fees settled every four hours. Trading will be available 24/7, and the Multi-Assets Mode is supported, allowing users to trade across multiple margin assets.

According to the announcement from Binance, several tokens will be removed from the Binance Alpha platform due to non-compliance with the platform's standards. The delisting is scheduled for 2026-05-14 at 06:00 (UTC). The affected tokens include PRAI (Privasea AI), COMMON (Common), PINGPONG (PINGPONG), TAKER (Taker Protocol), JANITOR (Janitor), GATA (Gata), KLINK (Klink Finance), CORL (Coral Finance), SWTCH (Switchboard), ARIAIP (Aria Protocol), LONG (Belong), ZKWASM (ZKWASM), GORILLA (gorilla), ECHO (Echo Protocol), LITKEY (Lit Protocol), FIR (Fireverse), GM (GOMBLE), DELABS (Delabs Games), DONKEY (donkey), and WHY (why).Binance emphasizes its commitment to innovation and transparency while ensuring user protection. Despite the removal, users will still be able to withdraw or sell these tokens on Binance Alpha. To do so, users can navigate to the [Asset] tab, select [Alpha], and choose the desired token to withdraw or sell. Alternatively, users can access the [Market] tab on Binance Wallet to trade these tokens. Binance advises users to exercise caution, as tokens on Binance Alpha may carry higher risks and be subject to significant price volatility. Users are encouraged to conduct thorough research and manage risks effectively before engaging in any trading activities.Binance also highlights the introduction of a regular review mechanism to remove unqualified tokens, aiming to enhance transparency and protect the community from fraudulent activities. The platform reserves the right to amend or cancel the announcement at its discretion without prior notice. Users are reminded that digital asset prices are highly volatile, and investments carry inherent risks. Binance advises consulting with independent financial advisors to assess investment suitability. This announcement serves as an Exchange Notice under Binance’s Exchange Rules.

According to the announcement from Binance, the platform is set to launch a Solayer (LAYER) Trading Tournament, offering eligible users a chance to share a total prize pool of 300 BNB in token vouchers. The tournament will run from 2026-05-14 10:00 (UTC) to 2026-05-21 10:00 (UTC). An "Early Bird Boost" multiplier will be introduced to reward users who trade earlier during the promotion period.Eligibility for the tournament includes all verified new, regular, and Binance VIP users, excluding liquidity providers in the Binance Spot Liquidity Provider Program and Binance Brokers. The eligible trading pairs for this event are LAYER/USDT and LAYER/USDC. The Early Bird Boost Multiplier will decrease over time, with the highest multiplier of 2x available from 2026-05-14 10:00 to 2026-05-15 10:00 (UTC), gradually reducing to 1x by the end of the promotion period.Participants must register by clicking the [Join Now] button on the landing page and achieve a total effective trading volume of at least 500 USD equivalent in the eligible pairs during the promotion period to qualify for rewards. The reward structure is based on cumulative trading volume, with the top participant receiving 15 BNB, and subsequent ranks receiving decreasing amounts. Token vouchers will be distributed by 2026-06-04 and must be redeemed within 21 days.Binance emphasizes that trading volume from zero-fee pairs and transaction fees will not count towards the final trading volume calculation. The leaderboard, updated daily, will display the total effective trading volume. Binance reserves the right to disqualify participants engaging in dishonest behavior and may amend the terms and conditions at its discretion. The tournament's commencement is contingent upon the successful listing of the relevant token on Binance Spot.

According to the announcement from Binance, the platform is set to expand its trading options on Binance Futures by introducing several new perpetual contracts. These contracts are scheduled to launch on specific dates, starting with the SOXLUSDT Perpetual Contract on 2026-05-15 at 14:00 (UTC), offering up to 20x leverage. Following this, the MRVLUSDT Perpetual Contract will be available at 14:05 (UTC) on the same day, with a leverage of up to 10x. Additional contracts, including CRWVUSDT, WMTUSDT, JPMUSDT, VUSDT, and BRKBUSDT, will be introduced on 2026-05-18, each with a leverage of up to 10x.The new perpetual contracts will track the prices of various underlying equities and indices. For instance, the SOXLUSDT contract will follow the Direxion Daily Semiconductor Bull 3X ETF, while the MRVLUSDT contract will track Marvell Technology, Inc. Common Stock. Other contracts will correspond to stocks such as CoreWeave, Inc., Walmart Inc., JP Morgan Chase & Co., Visa Inc., and Berkshire Hathaway Inc. All contracts will settle in USDT, with a tick size of 0.01 and a minimum trade amount of 0.01 units of the respective underlying asset. The minimum notional value is set at 5 USDT, and the capped funding rate is +2.00% / -2.00%, with funding fees settled every eight hours.Binance has noted that these contracts are exempt from the 8.1 Adjustment of Funding Interval rules, meaning the funding interval will remain at every eight hours, regardless of reaching the funding rate cap or floor. The platform may adjust contract specifications based on market risk conditions, including funding fees, tick size, and leverage. The Multi-Assets Mode is supported, allowing users to trade across multiple margin assets. Users are advised to refer to this notice for the most accurate and updated information regarding these new offerings.

Solana's perpetual contract daily trading volume has reached a 31-week high of $3.45 billion. According to Odaily, this figure represents 56% of Hyperliquid's daily trading volume, which stands at $6.1 billion.

Solana's price experienced a decline from $98 on May 12 to approximately $90, following an unsuccessful attempt to surpass the $100 mark. According to NS3.AI, CoinGecko data indicated that SOL decreased by 4.5% over a 24-hour period. Several factors may have contributed to this downturn, including Bitcoin's recent pullback, unexpectedly high Producer Price Index (PPI) figures, ongoing discussions surrounding the CLARITY Act vote, and escalating tensions between the U.S. and Iran.

JPMorgan Chase has significantly increased its holdings in spot Bitcoin ETFs during the first quarter. According to NS3.AI, BlackRock's IBIT position saw a substantial rise of 174% quarter over quarter, reaching 8.3 million shares. A 13F filing revealed notable increases in Fidelity FBTC and Bitwise BITB holdings as well, despite Bitcoin experiencing a decline of over 22% during the quarter.

Binance Wallet announced on X the launch of the Bitway Perpetuals Trading Competition, offering participants the chance to trade BTWUSDT with a total of $50,000 in rewards available. The competition is designed to engage traders by tracking their trade volumes, which include both opening and closing volumes across long and short trades.
Participants are required to meet a minimum trading volume of 500 USDT to qualify for the rewards. This initiative provides an opportunity for traders to enhance their trading experience while competing for substantial rewards. The competition is accessible through the Binance App, where users can click 'Join' on the event page to begin tracking their trade volumes.

Spain's central bank has emphasized the need for protective measures similar to Anthropic's Glasswing. According to Jin10, the bank highlighted the importance of such initiatives in ensuring the stability and security of financial systems. The call for support reflects growing concerns over the potential risks associated with technological advancements in the financial sector.

On May 14, HSBC analysts stated in a research report that Alibaba Cloud's profitability is expected to improve significantly over the next two quarters. According to Jin10, the analysts highlighted that the deployment of self-developed chips and a shift in business structure towards higher profit margins are anticipated to support the enhancement of Alibaba Cloud's profit margins. Based on this improvement, HSBC has raised its EBITA forecast for Alibaba's cloud business for the fiscal years 2027 to 2028 by 40% to 50%. The report also mentioned that this could increase market expectations for Alibaba Cloud's valuation. HSBC maintains a 'buy' rating for Alibaba and has raised its ADR target price from $172 to $180.

Base announced that as of May 14, 2026, the total amount paid by AI agents through the x402 protocol payment service has exceeded $50 million. According to Foresight News, more than 85% of these transactions occurred on the Base chain.

U.S. Treasury Secretary Bessent has highlighted the rapid growth in capabilities of major AI companies, including Anthropic, OpenAI, and Google. According to Jin10, Bessent noted that these companies are significantly enhancing their technological strengths, which could have substantial implications for the industry.