By Omkar Godbole (All occasions ET until indicated in any other case)
Crypto bulls are taking a breather, leaving bitcoin BTC$103,708.78 in stasis close to $103,000 forward of the U.S. April inflation knowledge, due at 8:30 a.m.
With U.S.-China commerce tensions easing, markets are, for now, optimistic a couple of softer-than-expected inflation print, doubtlessly stirring up requires Fed interest-rate cuts.
This ensuing risk-on sentiment might push bitcoin to new highs and speed up the continued rotation of funds into various cryptocurrencies. The bitcoin dominance price, or the biggest cryptocurrency’s share of whole crypto market cap, has slipped 63% from 65%, indicating rising curiosity past bitcoin.
An essential level to think about amid all that is that bitcoin has led swings in U.S. property this yr.
Notably, bitcoin peaked above $109,000 in January, weeks earlier than the Nasdaq and greenback index reached their tops and entered bear markets, pricing the financial affect of rising commerce tensions.
Equally, BTC’s early April backside at round $75,000 occurred weeks earlier than the promoting within the greenback index climaxed close to 92 in late April. Since then, the index has rebounded to 102, difficult its bearish trendline (see Technical Evaluation).
This value motion raises a compelling query: Is bitcoin evolving to be a number one indicator for U.S. property, whereas being a part of the U.S. exceptionalism story, as CoinDesk famous in March? If sure, then days of monitoring Nasdaq for cues on the subsequent attainable transfer in BTC are previous. Keep alert!
What to Watch
- Crypto:
- Macro
- Could 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases April client value inflation knowledge.
- Core Inflation Price MoM Est. 0.3% vs. Prev. 0.1%
- Core Inflation Price YoY Est. 2.8% vs. Prev. 2.8%
- Inflation Price MoM Est. 0.3% vs. Prev. -0.1%
- Inflation Price YoY Est. 2.4% vs. Prev. 2.4%
- Could 14, 3 p.m.: Argentina’s Nationwide Institute of Statistics and Census releases April inflation knowledge.
- Inflation Price MoM Prev. 3.7%
- Inflation Price YoY Prev. 55.9%
- Could 15, 8 a.m.: The Brazilian Institute of Geography and Statistics releases March retail gross sales knowledge.
- Retail Gross sales MoM Prev. 0.5%
- Retail Gross sales YoY Prev. 1.5%
- Could 15, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases April producer value inflation knowledge.
- Core PPI MoM Est. 0.3% vs. Prev. -0.1%
- Core PPI YoY Est. 3.1% vs. Prev. 3.3%
- PPI MoM Est. 0.2% vs. Prev. -0.4%
- PPI YoY Est. 2.5% vs. Prev. 2.7%
- Could 15, 8:30 a.m.: The U.S. Census Bureau releases April retail gross sales knowledge.
- Retail Gross sales MoM Est. 0% vs. Prev. 1.5%
- Retail Gross sales YoY Prev. 4.9%
- Could 15, 8:30 a.m.: The U.S. Division of Labor releases unemployment insurance coverage knowledge for the week ended Could 10.
- Preliminary Jobless Claims Est. 230K vs. Prev. 228K
- Could 15, 8:40 a.m.: Fed Chair Jerome H. Powell will ship a speech (“Framework Evaluate”) in Washington. Livestream hyperlink.
- Could 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases April client value inflation knowledge.
- Earnings (Estimates based mostly on FactSet knowledge)
- Could 13: Semler Scientific (SMLR), post-market
- Could 14: Bitfarms (BITF), pre-market
- Could 14: IREN (IREN), post-market
- Could 15: Bit Digital (BTBT), post-market
- Could 15: Bitdeer Applied sciences Group (BTDR), pre-market
- Could 15: Fold Holdings (FLD), post-market
- Could 15: KULR Know-how Group (KULR), post-market
- Could 28: NVIDIA (NVDA), post-market
Token Occasions
- Governance votes & calls
- Could 15, 10 a.m.: Moca Community to host a Discord townhall session discussing community updates.
- Unlocks
- Could 13: WhiteBIT Coin (WBT) to unlock 27.41% of its circulating provide value $1.2 billion.
- Could 15: Starknet (STRK) to unlock 4.09% of its circulating provide value $23.87 million.
- Could 15: Sei (SEI) to unlock 1.09% of its circulating provide value $14.91 million.
- Could 16: Arbitrum (ARB) to unlock 1.95% of its circulating provide value $39.06 million.
- Token Launches
- Could 13: LOFI (LOFI) to listing on Kraken.
- Could 13: Cosmos Hub (ATOM) to listing on Bitbank.
- Could 13: Redacted (RDAC) to listing on Binance Alpha.
- Could 15: RIZE (RIZE) to listing on Kraken.
- Could 16: Galxe (GAL), Litentry (LIT), Mines of Dalarnia (DAR), Orion Protocol (ORN), and PARSIQ (PRQ) to be delisted from Coinbase.
Conferences
CoinDesk’s Consensus is happening in Toronto on Could 14-16. Use code DAYBOOK and save 15% on passes.
Token Discuss
By Shaurya Malwa
- Over 11,700 tokens had been launched on LetsBONK.enjoyable prior to now 24 hours, almost half the quantity created on Pump.enjoyable throughout the identical interval — an indication of main consumer migration to the comparatively new token-issuance platform on Solana.
- The platform generated 5,884 SOL in charges ($1.02 million) on Monday, pushing whole payment income previous 16,000 SOL ($2.78 million) since its late April launch, broadly adopted dealer @theunipcs instructed CoinDesk in a Telegram message.
when https://t.co/rnl8BxaG6Z launched two weeks in the past, many dismissed it as ‘one other Pumpfun competitor that can be useless in just a few days… identical to all of the others have launched earlier than it’
however what does the information say?
i had a chat with LetsBONKfun Lead Dev @SolportTom at the moment to get…
— Unipcs (aka ‘Bonk Man’) (@theunipcs) May 11, 2025
- LetsBONK.enjoyable now controls 31% of the Solana memecoin launchpad market by quantity, quickly closing in on dominant gamers regardless of its relative youth.
- The whole variety of tokens created on LetsBONK.enjoyable now exceeds 38,000, with the bulk launched in the previous couple of days.
- Most of the platform’s aggressive options and catalysts have but to go stay, suggesting upside potential as deliberate instruments and gamification roll out, @theunipcs identified within the X submit.
- BONK costs are up greater than 25% prior to now week as LetsBONK’s metrics contributed to the momentum.
Derivatives Positioning
- Open curiosity in bitcoin perpetual futures listed on offshore exchanges dropped by $1 billion to $19 billion through the in a single day BTC value pullback, which signifies that the weak spot was led by revenue taking. Ether knowledge reveals the identical.
- Funding charges in BTC and ETH stay optimistic, indicating an total bullish temper.
- BTC and ETH CME futures open curiosity in coin phrases has jumped to the best since early April, however the total positioning stays gentle and properly under the highs seen in December.
- On Deribit, BTC and ETH calls proceed to commerce at premiums to places throughout a number of time frames, reflecting a bullish bias.
- On over-the-counter platform Paradigm, choice flows have been combined with name spreads lifted in ETH alongside put spreads in bitcoin.
Market Actions
- BTC is up 1.58% from 4 p.m. ET Monday at $103,469.13 (24hrs: -0.97%)
- ETH is up 1.22% at $2,485.45 (24hrs: -2.9%)
- CoinDesk 20 is up 1% at 3,244.61 (24hrs: -0.95%)
- Ether CESR Composite Staking Price is down 7 bps at 3.17%
- BTC funding price is at 0.0057% (6.219% annualized) on OKX
- DXY is down 0.22% at 101.56
- Gold is up 3.22% at $3,251.80/oz
- Silver is up 1.85% at $33.03/oz
- Nikkei 225 closed +1.43% at 38,183.26
- Hold Seng closed -1.87% at 23,108.27
- FTSE is unchanged at 8,605.82
- Euro Stoxx 50 is unchanged at 5,394.23
- DJIA closed on Monday +2.81% at 42,410.10
- S&P 500 closed +3.26% at 5,844.19
- Nasdaq closed +4.35% at 18,708.34
- S&P/TSX Composite Index closed +0.69% at 25,532.18
- S&P 40 Latin America closed unchanged at 2,578.53
- U.S. 10-year Treasury price is down 2 bps at 4.46%
- E-mini S&P 500 futures are down 0.31% at 5846.75
- E-mini Nasdaq-100 futures are down 0.41% at 20,862.75
- E-mini Dow Jones Industrial Common Index futures are down 0.11% at 42,445.00
Bitcoin Stats
- BTC Dominance: 62.95 (+0.51%)
- Ethereum to bitcoin ratio: 0.02394 (-1.36%)
- Hashrate (seven-day transferring common): 875 EH/s
- Hashprice (spot): $56.15
- Complete Charges: 12.946 BTC / $1.33 million
- CME Futures Open Curiosity: 146,020 BTC
- BTC priced in gold: 31.7 oz
- BTC vs gold market cap: 9.98%
Technical Evaluation
- The greenback index is probing the trendline that characterizes the sell-off from February highs.
- A breakout would verify the tip of the downtrend, doubtlessly drawing momentum merchants to market.
Crypto Equities
Technique (MSTR): closed on Monday at $404.9 (-2.68%), up 1.07% at $409.22 in pre-market
Coinbase World (COIN): closed at $207.22 (+3.96%), up 9.55% at $226.88
Galaxy Digital Holdings (GLXY): closed at $28.39 (+6.37%)
MARA Holdings (MARA): closed at $15.95 (+1.21%), up 0.94% at $16.10
Riot Platforms (RIOT): closed at $8.7 (+2.59%), up 0.69% at $8.76
Core Scientific (CORZ): closed at $9.88 (+6.01%), up 1.92% at $10.07
CleanSpark (CLSK): closed at $9.62 (+4.57%), up 0.83% at $9.70
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $16.34 (+5.08%)
Semler Scientific (SMLR): closed at $34.84 (+0.14%), down 0.46% at $34.68
Exodus Motion (EXOD): closed at $54.3 (+8.32%), down 10.22% at $48.75
ETF Flows
Spot BTC ETFs:
- Day by day internet flows: $5.2 million
- Cumulative internet flows: $41.13 billion
- Complete BTC holdings ~ 1.17 million
Spot ETH ETFs
- Day by day internet flows: -$17.6 million
- Cumulative internet flows: $2.47 billion
- Complete ETH holdings ~ 3.45 million
Supply: Farside Buyers
In a single day Flows
Chart of the Day
- The market cap of stablecoin tether (USDT) has hit a report excessive of $150 billion, climbing 4% in lower than a month.
- The ever-increasing provide might maintain the market properly supported on dips, if any.
Whereas You Had been Sleeping
- Bitcoin Crossing $2T in Market Cap Triggers Wave of New Patrons, however Key Gamers Tread Cautiously, On-Chain Information Present (CoinDesk): Whereas first-time patrons are exhibiting sturdy curiosity, momentum patrons stay weak, suggesting there’s potential for value consolidation.
- Hong Kong Crypto Investor Animoca Plans U.S. Itemizing as Trump Lures Extra Teams (Monetary Occasions): Animoca, which has backed OpenSea, Kraken and Consensys, sees the crypto-friendly U.S. regulatory regime as an opportunity to pursue an inventory within the nation.
- Goldman Raises S&P 500 Targets on Decrease Tariff, Recession Dangers (Bloomberg): Strategists raised their 12-month goal for the S&P 500 index to six,500 from 6,200, citing easing recession and tariff dangers. Increased duties might nonetheless erode company margins, they mentioned.
- Funding Banks Carry China Progress Outlook After Shock Commerce Deal With U.S. (CNBC): UBS raised its 2025 China development forecast to as excessive as 4% from 3.4%, whereas Nomura upgraded Chinese language equities and trimmed Indian publicity in favor of China.
- EU Readies Capital Controls and Tariffs to Safeguard Russia Sanctions (Monetary Occasions): Brussels is weighing various authorized instruments to resume sanctions on Russia past July if Hungary follows by means of on threats to veto an extension.
- Pump.enjoyable Launches Income Sharing for Coin Creators in Push to Incentivize Lengthy-Time period Exercise (CoinDesk): Pump.enjoyable launched a revenue-sharing mannequin that pays coin creators 5 foundation factors of buying and selling quantity, aiming to curb pump-and-dumps and reward credible builders with recurring earnings.
Within the Ether
