Cryptocurrency Market Performance
The current total market capitalization of cryptocurrencies is $3.23 trillion, with BTC accounting for 63.51% at $2.05 trillion.The market cap of stablecoins is $242.7 billion, up 0.04% over the past seven days, with USDT representing 61.96%.
This week, BTC prices showed volatile upward movement, currently at $103,158; ETH also rose with volatility, now priced at $2,335.
CoinMarketCap's top 200 projects saw most increase and a few decline, including: PNUT up 93.83% in 7 days, MOG up 71.4%, PEPE up 45.43%, WIF up 32.29%.
This week, net inflows into U.S. spot Bitcoin ETFs were $919.3 million; net outflows from U.S. spot Ethereum ETFs were $38.2 million.
The "Fear & Greed Index" on May 10 was 70 (higher than last week), with investor sentiment this week neutral for 2 days and greedy for 5 days.
Market Outlook:
This week, continued issuance of stablecoins, large inflows into U.S. spot Bitcoin ETFs, and minor net outflows from Ethereum ETFs occurred. Despite the Federal Reserve's firm stance that rate cuts are not suitable now, BTC surged from $97,000 to $104,000 following Trump’s policy statements on easing tariffs. However, on-chain data shows profit-taking began after breaking above $100,000. For BTC to surpass previous highs, further quantitative easing by the Fed and substantial capital inflows will be required. Notably, altcoins with strong fundamentals posted significant gains this week.
Market sentiment remains greedy. The probability of a 25-basis-point rate cut by the Fed in June is only 17.1%, lower than last week, making a June cut unlikely—attention shifts to July. With most global countries adopting quantitative easing policies, multiple U.S. states passing Bitcoin strategic reserve bills, and some global listed companies actively acquiring Bitcoin, the outlook for 2025 remains positive. However, liquidity shortages may occur during summer months, so partial profit-taking is advised.
Understanding the Present
Review of Weekly Major Events
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On May 6, according to CNBC, Trump scheduled two cryptocurrency-themed dinners this month—one for wealthy political donors and another targeting "Meme coin" millionaires;
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On May 6, according to Nansen data, the top five blockchains by active addresses over the past 7 days were: Solana (24.215 million), Tron (5.851 million), Base (5.42 million), BNB Chain (5.243 million), Aptos (4.889 million);
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On May 8, official sources reported that payment service provider Stripe announced the launch of stablecoin financial accounts, enabling users to send and receive funds via fiat and crypto channels, now available in 101 countries/regions;
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On May 7, Vaulta (formerly EOS) announced that EOS tokens will be swapped for $A on May 14, supporting a 1:1 no-loss conversion without changes to tokenomics;
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On May 7, market data showed that Bitcoin dominance (BTC.D) has been rising continuously since March 26, now at 65.4%, reaching a new high for this bull market;
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On May 7, Coindesk reported that Visa (V), the global payments provider’s venture arm, made a strategic investment in BVNK, a startup building stablecoin-based payment infrastructure, reflecting traditional finance firms’ move toward blockchain-driven money flows;
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On May 7, Japanese listed company Metaplanet announced additional purchases of 555 BTC for $53.4 million;
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On May 9, cryptocurrency exchange Gemini received regulatory approval to expand crypto derivatives trading in Europe. Having obtained a MiFID II license from Malta’s Financial Services Authority (MFSA), Gemini can now offer crypto derivatives across the EU, including perpetual futures and other products, accessible to advanced users;
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On May 9, according to Thursday’s announcement, Bitcoin miners MARA and CleanSpark both reported revenue growth in Q1 this year, increasing by 30% and 63% respectively.
Macroeconomics
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On May 3, Buffett stated that investments in Japan fully align with their investment philosophy and they will not sell Japanese stocks within the next decade;
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On May 7, U.S. President Trump said, “We might renegotiate the USMCA. We’ll maintain friendly relations with Canada. I respect Canadians”;
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On May 7, PBOC Governor Pan Gongsheng announced at a State Council Information Office press conference a 0.5 percentage point RRR cut, releasing about 1 trillion yuan in long-term liquidity, along with a 0.1 percentage point reduction in policy rates;
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On May 8, U.S. President Trump said he believes the 10% tariff floor is set, but the 10% base rate for the UK is not a template for others, noting 10% is low and other countries may face higher rates;
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On May 8, Fed Chair Powell stated in response to questions that President Trump’s calls for rate cuts do not affect the Fed’s work;
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On May 8, the Federal Reserve kept its benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations, marking the third consecutive meeting with no change;
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On May 9, according to CME’s “Fed Watch” data, the probability of a 25-basis-point rate cut by the Fed in June is 17.1%, while the probability of no change is 82.9%.
ETF
According to statistics, between May 5 and May 9,net inflows into U.S. spot Bitcoin ETFs were $919.3 million; as of May 9, GBTC (Grayscale) has seen cumulative outflows of $22.872 billion, currently holding $19.542 billion, while IBIT (BlackRock) holds $64.108 billion. The total market value of U.S. spot Bitcoin ETFs is $123.258 billion.
Net outflows from U.S. spot Ethereum ETFs were $38.2 million.
Envisioning the Future
Event Announcements
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Canada Crypto Week will be held in Toronto, Canada from May 11 to 17, 2025;
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ETHWomen will take place in Toronto, Canada on May 13, 2025;
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ULTILAND will host an offline event titled "A Star Is Born - AI x ARTFi x RWA" on Thursday, May 15 at 15:00 at Exchange Square Tower 3 in Central, Hong Kong;
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Bitcoin 2025 will be held in Las Vegas, USA from May 27 to 29;
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NFT NYC 2026 will be held in New York, USA from June 23 to 25, 2025;
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Permissionless IV will be held in New York, USA from June 24 to 26, 2025.
Project Updates
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VanEck plans to launch a new crypto-related ETF "NODE" on May 14. The ETF will invest in 30 to 60 stocks related to the digital asset economy, including crypto exchanges, Bitcoin mining companies, and data centers;
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NEAR's request for proposal (RFP) on chain abstraction relayer is open for applications until May 15. This RFP aims to build a self-service relayer infrastructure based on chain abstraction, allowing developers to seamlessly sponsor gas fees or let users pay transaction costs across multiple blockchains using native tokens (e.g., ETH, SOL) and major stablecoins (USDT/USDC) as gas deposits;
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Distributed validator infrastructure Obol will have its TGE on May 15.
Key Events
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Galaxy plans to list on Nasdaq on May 16.
Token Unlocks
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Starknet (STRK) will unlock 152 million tokens on May 15, worth approximately $27.69 million, representing 1.63% of circulating supply;
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Cyber (CYBER) will unlock 4.23 million tokens on May 15, worth approximately $6.2 million, representing 4.23% of circulating supply;
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Sei (SEI) will unlock 224 million tokens on May 15, worth approximately $56.01 million, representing 2.25% of circulating supply;
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Immutable (IMX) will unlock 24.52 million tokens on May 15, worth approximately $16.2 million, representing 1.23% of circulating supply;
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Solayer (LAYER) will unlock 46.39 million tokens on May 15, worth approximately $58.54 million, representing 4.64% of circulating supply;
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Apecoin (APE) will unlock 13.34 million tokens on May 17, worth approximately $9.9 million, representing 1.54% of circulating supply.
About Us
Hotcoin Research, as the core research hub of the Hotcoin ecosystem, is dedicated to providing professional, in-depth analysis and forward-looking insights for global crypto investors. We have built a three-in-one service system of "trend assessment + value discovery + real-time tracking," delivering precise market interpretations and practical strategies through deep industry trend analysis, multidimensional evaluation of promising projects, and round-the-clock market monitoring. Our weekly dual-updated strategy livestreams "Top Coin Selection" and daily news digest "Blockchain Today Headlines" serve investors at all levels. Leveraging cutting-edge data analytics models and industry networks, we empower novice investors to build cognitive frameworks and help institutional clients capture alpha returns, jointly seizing value growth opportunities in the Web3 era.
Risk Warning
The cryptocurrency market is highly volatile and inherently risky. We strongly advise investors to fully understand these risks and conduct investments strictly within a sound risk management framework to ensure capital safety.
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