Author & Editor: Monkey

1. Bitcoin Market

From May 3 to May 9, 2025, the specific trends of Bitcoin are as follows:

May 3: Bitcoin showed an overall downward trend throughout the day, with prices starting to adjust from a high of $97,754. Both bulls and bears engaged in fierce competition around key support levels. During the day, the price briefly fell to around $97,000 but failed to gain effective support, subsequently dipping further to a low of $95,986. Near the end of the trading session, the market rebounded, closing at $96,523, indicating an initial short-term stop-loss signal, with bearish momentum slowing down.

May 4: Continuing the weak pattern from the previous day, Bitcoin experienced a day of fluctuating declines. After a brief rebound during the day, it continued to weaken, reaching a low of $95,328, and closed slightly higher but overall remained weak, indicating insufficient bullish confidence.

May 5: The market experienced significant volatility, with a noticeable "cliff-like" drop during the day. Prices quickly fell from a morning high of $95,734 to a low of $93,612. Although there was a rebound to $94,752 during the day, the overall trend remained weak, and by the end of the session, it fluctuated down to $93,696, showing a significant increase in bearish pressure.

May 6: Bitcoin continued the previous day's volatile pattern, remaining in a wide range of fluctuations. Multiple attempts to rebound to $94,816 and $95,114 failed to hold effectively, and it subsequently tested a low of $93,438. Afterward, market sentiment gradually stabilized, and prices quickly rebounded, closing at $94,703, forming an initial short-term reversal signal.

May 7: Bitcoin continued the rebound momentum from the previous day, quickly rising to $95,100 in the morning and reaching a daily high of $97,583. Although it later retraced to $96,336, it surged again to $97,379 by the end of the session. Overall, bullish sentiment gradually took the lead, and market trading activity significantly increased.

May 8: After a brief pullback at the opening, Bitcoin dipped to $95,866. Subsequently, bullish forces rapidly strengthened, leading to a strong rebound that broke through previous highs, reaching $97,317, with the upward momentum accelerating further, peaking at $99,819, approaching the key psychological level of $100,000. Market sentiment significantly turned bullish, with prices continuing to rise under bullish dominance. After a brief pullback, it surged again, successfully breaking through the $100,000 mark, with a significant daily increase and strong momentum.

May 9: The upward momentum continued, with Bitcoin reaching a temporary high of $101,506 in the morning, followed by a slight technical adjustment. However, it quickly regained its upward trend, breaking through new highs in a straight line, peaking at $103,756. The market then entered a phase of consolidation, with prices retreating to around $102,850. As of the time of writing, Bitcoin was reported at $102,945, maintaining a high-level range, still showing a strong trend in the short term.

Summary

This week, the Bitcoin market overall experienced a "first decline, then rise" process. In the first half of the week, due to insufficient market confidence and external macro factors, prices experienced a pullback, briefly falling below the $94,000 support level. However, after May 6, market sentiment gradually improved, with bullish efforts driving prices to rebound significantly. Coupled with positive news stimuli, Bitcoin continuously broke through multiple technical resistance levels, strongly surpassing the $100,000 mark, and on May 9, it reached a new high of $103,756, demonstrating strong resilience and optimistic expectations under bullish dominance. From a technical perspective, the bullish trend is gradually establishing, and short-term attention should be paid to changes in trading volume and the sustainability of sentiment to support future market movements.

Bitcoin Price Trend (2025/05/03-2025/05/09)

2. Market Dynamics and Macroeconomic Background

Capital Flow

1. Market Dominance: Bitcoin's Market Share Continues to Rise, Altcoins Relatively Weak

In the past week, Bitcoin's market share (BTC Dominance, BTC.D) has risen strongly, repeatedly setting new highs since the current bull market began, reflecting a continued flow of funds back into Bitcoin during the market adjustment phase: On May 4, according to CoinMarketCap data, Bitcoin's market share rose to 61.8%, the highest since September 2022; on May 5, according to TradingView data, BTC.D rose to 64.85%, marking the ninth consecutive week of increase, with market share returning to levels seen in mid-January of this year; on May 6, Bitcoin's market share briefly surpassed 65%, the highest since February 2021, further exacerbating the relative weakness in the altcoin market.

The continued rise in Bitcoin's market share indicates an increase in market risk aversion, with funds concentrating on mainstream assets. Historical data shows that a significant rise in BTC.D often accompanies the bottoming and subsequent rotation of altcoins. If Bitcoin's price remains stable at high levels, it may trigger a rebound cycle of funds rotating into altcoins in the future.

2. On-chain and Exchange Capital Flow: Whales Exiting vs. Continuous Outflow from Exchanges

Exchange Bitcoin Balances Declining, Continuous Outflow:

On May 5, according to Coinglass data, major exchanges saw a net outflow of 15,710 Bitcoins over the past week, with Coinbase Pro seeing an outflow of 10,274 Bitcoins and Binance 7,241 Bitcoins. Currently, the total amount of Bitcoin held by exchanges is 2.2 million BTC, at a low level since 2021, indicating an increasing long-term bullish signal in the market.

Whale Accounts Reducing Holdings on a Large Scale in the Short Term:

On May 6, according to crypto analyst @ali_charts, over the past 10 days, whale addresses (wallets holding more than 1,000 BTC) have cumulatively reduced their holdings by nearly 50,000 BTC. This is interpreted as a short-term profit-taking behavior following Bitcoin's recent rise, but it has not triggered large-scale selling pressure in the market.

Despite the whales reducing their holdings, the continuous decrease in exchange Bitcoin balances indicates an overall tightening of market supply, with chips flowing towards long-term holders and cold wallets. Combined with the continuous increase in ETF holdings, the market structure appears healthier, and short-term fluctuations do not alter the long-term bullish trend.

3. Bitcoin ETF: Daily Inflows Volatile, Institutional Attitude Cautiously Bullish

As of May 4, according to Dune data, the total on-chain holdings of the U.S. spot Bitcoin ETF have reached 1.136 million BTC, accounting for approximately 5.72% of the circulating supply, valued at about $109.6 billion. According to Farside data, as of now, the cumulative net inflow into Bitcoin ETFs has reached $40.207 billion, nearing the year's high (with $40.78 billion on February 7).

ETF inflow details for this week:

May 5: +$425 million
May 6: -$86.21 million
May 7: +$142 million
May 8: +$48.4 million

ETF funds have shown some volatility but overall maintained a net inflow trend. May 6 was a negative inflow day, possibly related to the market's short-term adjustment. Overall, ETFs remain the main force for medium- to long-term capital entering the market, providing downward support for prices.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of May 9, 2025, Bitcoin's 14-day Relative Strength Index (RSI) is 75.144. This indicator is above the critical value of the overbought area (typically, RSI > 70 is considered entering the overbought zone), indicating strong buying sentiment in the current market, with bullish momentum significantly prevailing. Although there are no obvious divergence signals yet, the technical indicators have released a short-term overheating risk warning, and attention should be paid to whether prices show a volume-based pullback or whether RSI declines, as these could serve as leading signals for a potential market reversal.

2. Moving Averages (MA)

5-day Moving Average (MA5): $98,192.84
20-day Moving Average (MA20): $92,597.02
50-day Moving Average (MA50): $87,570.47
200-day Moving Average (MA200): $82,596.00

Current market price: approximately $102,932

MA5, MA20, MA50, MA200 Data Image

As of May 9, 2025, Bitcoin's price remains above all major moving averages across different periods, indicating a strong bullish arrangement. The short-term MA5 has clearly crossed above the medium- and long-term moving averages, forming a typical "bullish arrangement," reflecting the continuous release of short-term buying momentum. At the same time, the current price shows a certain divergence from MA5, indicating a rapid short-term increase, which may necessitate a technical pullback.

From a trend perspective, both MA20 and MA50 are steadily rising, confirming an upward medium-term trend. MA200 shows a gentle upward trend, indicating that the long-term bullish pattern remains solid, and the market foundation is relatively healthy.

Overall, the moving average system supports Bitcoin's continuation of the upward trend, but caution is warranted regarding the risk of correction due to excessive short-term divergence. If prices can stabilize and consolidate at high levels with volume support, further upward movement is expected.

3. Key Support and Resistance Levels

Support Levels:

The current main support area for Bitcoin is between $101,000 and $98,000, which serves as the first structural support band within the short term. This area corresponds to the lower edge of the previous price consolidation platform, possessing significant technical buying support capacity. If a pullback occurs, it is likely to trigger proactive buying behavior.
If this area is lost, the market may further test around $94,000, which corresponds to a dense trading area during the recent upward process and intersects with the 20-day and 50-day moving averages, serving as a key mid-term support level. If prices effectively break below this area, it may indicate a structural damage to the short-term upward trend, and market sentiment could shift from bullish to cautious or even neutral.

Additionally, $94,000 may also become a watershed for short-term traders to observe whether bears are in control. If this level holds and rebounds with volume, it will be seen as a signal for bulls to regroup; if it breaks without significant support, caution should be exercised for a potential further pullback to the vicinity of MA50 (around $87,500).

Resistance Levels:

As of the time of writing, the first important resistance level above is at $104,000, which corresponds to the peak reached during the day on May 9 and is also an area where short-term profit-taking is expected. If this level is broken and stabilized, it will open up space for testing the range of $105,000 to $108,000, which is a significant trading area and a potential psychological resistance zone, likely triggering intense bullish-bearish competition.

If subsequent volume continues to be released and market sentiment remains high, there is even a possibility that prices will further challenge the unprecedented $110,000 mark, which has strong symbolic significance and emotional guidance, forming an important directive for the medium- to long-term market trend.

Market Sentiment Analysis

1. Cautiously Optimistic, Structural Bullishness Combined with Macroeconomic Policy Expectations

This week, Bitcoin's price continued to rise, peaking at $103,756, successfully breaking through the important psychological level of $100,000, reflecting that market sentiment is gradually shifting from cautious observation to optimistic chasing. The overall structure shows characteristics of structural bullishness, mainly reflected in several aspects: Bitcoin's market share rising to 65%, setting a new high for the phase, with funds clearly concentrating on mainstream currencies; continuous decrease in exchange Bitcoin balances, indicating an increased willingness to hold long-term; stable inflows into ETFs, reflecting institutional confidence in medium- to long-term trends.

On the macroeconomic policy front, the Federal Reserve announced on May 7 during the FOMC meeting that it would maintain the federal funds rate in the range of 4.25%-4.50%, with Chairman Powell emphasizing the need to wait for more economic data to assess the persistence of inflation and labor market changes. The market generally expects that the interest rate hike cycle has essentially ended, and expectations for easing policies provide medium- to long-term support for risk assets.

Technical and sentiment outlook: If Bitcoin can effectively break through and stabilize above $104,000, it will create a dual resonance of sentiment and technical factors, potentially triggering a new round of trend-based capital inflow, with the market likely entering a medium-term upward channel. Conversely, if it fails to stabilize and shows a pullback after reaching a high, there may be pressure from profit-taking, leading market sentiment to turn cautious.

2. Key Sentiment Indicators (Fear & Greed Index)

According to CoinMarketCap data, as of May 9, the Fear & Greed Index is at 70, in the "Greed" zone. This week, the index showed a flat trend: May 3: 56 (Neutral); May 4: 53 (Neutral); May 5: 49 (Neutral); May 6: 50 (Neutral); May 7: 53 (Neutral); May 8: 53 (Neutral).

This change indicates that market sentiment is gradually shifting from a neutral conservative stance to a more aggressive chasing behavior, with investors' risk appetite increasing. Especially after Bitcoin broke through key psychological levels, greed sentiment has intensified, but the index has not yet entered the "Extreme Greed" stage (typically above 80), indicating that current market sentiment still has room for further upward movement.

Additionally, it is noteworthy that the number of active addresses on-chain and trading volume have both increased, corroborating the rising trend of the greed index, validating that investor participation is heating up and potential momentum is accumulating. However, caution is also needed regarding the short-term volatility risks brought about by overheating sentiment.

Fear & Greed Index Data Image

Macroeconomic Background

1. Policy and Geopolitical Dynamics

U.S.-China Trade Negotiations Restart
The U.S. Treasury Secretary announced plans to meet with Chinese officials in Switzerland to ease tense trade relations and boost market confidence, driving up Bitcoin and other risk assets.

Trump Administration Strengthens Crypto Strategy
President Trump signed an executive order to launch a "Strategic Bitcoin Reserve" plan, encouraging states to hold cryptocurrencies. New Hampshire was the first to respond, allowing up to 5% of state reserves to be invested in Bitcoin, indicating a friendly government policy towards crypto assets.

2. Federal Reserve Policy and Economic Trends

Interest Rates Unchanged, Policy Remains Cautious
On May 7, the Federal Reserve maintained the federal funds rate in the range of 4.25%-4.5%, with Chairman Powell stating that more data would be needed to assess changes in inflation and unemployment, and current policies would remain stable.

Signs of Economic Growth Slowing
The U.S. GDP for the first quarter of 2025 fell by 0.3%. Despite strong employment data, the uncertainty brought about by high tariff policies is impacting business and consumer confidence, suppressing investment and consumption.

3. Europe: Weak Growth, Diverging Policies

Construction Industry Continues to Shrink, German Orders Rebound
The construction industries in the UK and Eurozone have seen continuous declines, indicating weakness in infrastructure and real estate. German factory orders increased by 3.6% month-on-month, bringing a glimmer of hope to the Eurozone economy.

Bank of England May Cut Rates to Address Pressure
Due to slowing global demand and spillover effects from U.S. policies, the Bank of England is expected to cut rates by 25 basis points this month, signaling easing to stimulate the economy.

4. Market Summary and Outlook

Global financial markets continue to focus on U.S.-China trade relations and Federal Reserve policies, with U.S. stocks slightly rising while European markets underperformed due to economic data. The global economy faces triple pressures: U.S. trade protection policies impacting the foreign trade environment, weak fundamentals in Europe, and China stabilizing growth through easing policies. Market volatility is increasing, and investor sentiment is becoming cautiously optimistic, necessitating close attention to policy directions and flexible adjustment of allocation strategies.

3. Hash Rate Changes

From May 3 to May 9, 2025, the Bitcoin network hash rate exhibited fluctuations, with specific conditions as follows:

On May 3, the overall network hash rate fell from 922.97 EH/s to 859.61 EH/s before starting to fluctuate upward, reaching a daily high of 1077.53 EH/s, indicating signs of some recovery in computing power. On May 4, the hash rate showed an overall downward trend, continuously dropping from 1047.71 EH/s, with a low of 811.22 EH/s, exhibiting significant volatility during the day, possibly influenced by miner profit pressures or energy costs. On May 5, the fluctuations in computing power intensified, maintaining an upward trend overall. The hash rate reached 926.05 EH/s, 1080.63 EH/s, and 1095.40 EH/s, although it briefly fell to 974.24 EH/s, it quickly rebounded, showing strong network recovery capability. On May 6, the hash rate entered a correction cycle again, maintaining a downward trend throughout the day, sliding from 1076.27 EH/s to 912.23 EH/s and 818.57 EH/s, reflecting that some miners or equipment temporarily exited the network. On May 7, the hash rate initially dipped to a weekly low of 743.05 EH/s, then gradually recovered to 910.84 EH/s, possibly indicating that miners adjusted their deployment rhythm based on electricity prices and network difficulty. On May 8, the hash rate briefly rose to a high of 963.39 EH/s, then retraced to 907.12 EH/s, but climbed again within the day, peaking at 1061.27 EH/s. Afterward, the hash rate retreated to 948.67 EH/s. Entering May 9, the hash rate slightly adjusted down from 975.91 EH/s to 939.56 EH/s.

Overall, from early May 2025 to now, Bitcoin's network hash rate has shown a wide range of fluctuation characteristics. During this period, the hash rate fluctuated significantly between approximately 743 EH/s and 1095 EH/s, indicating frequent adjustments in the distribution of network computing power in the short term. This phenomenon may be related to miners reassessing profit models, changes in electricity costs, or fluctuations in power grids in certain regions of North America and Asia.

Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, the daily total revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows:
May 3: $50.4 million;
May 4: $43.16 million;
May 5: $52.29 million;
May 6: $41.32 million;
May 7: $46.40 million;
May 8: $50.31 million.

Overall, the average daily total revenue for miners this week remained in the range of approximately $43 million to $52 million, showing moderate fluctuations. Despite some trading days experiencing slight pullbacks, the overall performance remained stable, indicating that current network trading activity is relatively high, and fee income provides certain support for miners' revenue.

From the perspective of unit computing power revenue, as of now, the Bitcoin hash price (Hashprice) is approximately $54.91 per PH/s per day, having rebounded to a relatively high level over the past month. The Hashprice has risen for several consecutive days, reflecting stable demand for computing power in the market, while also benefiting from the stabilization of Bitcoin's spot price and active trading activities.

The rebound in hash price helps to improve miners' profit margins, especially for mining operations with high operational efficiency and low unit electricity costs. In the current market environment, the improvement in computing power revenue may attract more miners to restore or expand their computational resources, further driving fluctuations in the overall network hash rate. Additionally, the upward trend in Hashprice indirectly indicates that some high-cost mining machines still possess economic feasibility for operation within the current price range, which will support the return of computing power and network stability in the short term.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, the Bitcoin network completed its latest difficulty adjustment on May 4, 2025, at 05:00:13 (block height 895,104), with the mining difficulty reduced by 3.34%, down to 119.12 T. As of May 9, 2025, the total network hash rate remains at approximately 921.50 EH/s, with the mining difficulty still at 119.12 T. Based on the current hash rate trend, the next difficulty adjustment is expected to occur around May 17, with an anticipated increase of approximately 3.88% to 123.74 T. This trend indicates that after short-term fluctuations in hash rate, the overall network hash rate is steadily recovering, with mining activities gradually returning to higher load levels, reflecting a warming of miner participation and enhanced network processing capacity.

From a cost perspective, according to the latest model calculations by MacroMicro, as of May 7, 2025, the unit production cost of Bitcoin is approximately $88,965.59, while the spot price during the same period is $97,032.32, resulting in a mining cost-to-price ratio of 0.92. This ratio is slightly below 1, indicating that the current Bitcoin market price remains above the average mining cost, with most miners in a profitable state and possessing economic incentives to continue investing computational resources.

In summary, the Bitcoin network currently shows a clear recovery trend in terms of mining difficulty, hash rate fluctuations, and cost structure. The upward trend in hash rate, anticipated difficulty increases, and positive cost-price differentials collectively form a positive signal for miners, further supporting the stable operation and decentralized security of the network. Overall, the Bitcoin network continues to demonstrate good resilience and market responsiveness after experiencing the halving adjustment phase.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Florida Senate Withdraws Consideration of Bitcoin Strategic Reserve Bill

On May 6, it was reported by Cointelegraph that two crypto bills in Florida have been removed from the legislative process, marking the latest setback for the state's strategic Bitcoin reserve goals. The Florida Senate stated that House Bill 487 and Senate Bill 550 have been "indefinitely postponed and withdrawn from consideration" as of May 3. The Florida legislative session adjourned on May 2 without passing these two bills, which were originally intended to promote the establishment of cryptocurrency reserves in the state.

New Hampshire Allows Bitcoin Holdings Up to 5% of State Funds

On May 7, it was reported that the Governor of New Hampshire signed HB 302, which adopts the Strategic Bitcoin Reserve (SBR) model from Satoshi Action. The contents of HB 302 include:

• Allowing state finances to purchase Bitcoin and top digital assets—authorizing reserve purchases of up to $500 billion in Bitcoin (limited to full stop-loss);
• A holding limit of 5% of total state funds—ensuring Bitcoin supplements the state's broader investments;
• Mandatory U.S. regulatory custody—assets must be held in state-controlled multi-signature wallets or through U.S. exchange-traded products to maximize security and transparency;
• Effective 60 days after enactment—providing a clear operational framework for reserves and stacking.

Arizona Senate Approves Bitcoin Reserve Bill SB 1373 and Sends it to the Governor

On May 7, it was reported by Bitcoin News that the Arizona Senate approved Bitcoin reserve bill SB 1373 and sent it to Governor Katie Hobbs for a final decision.

Previously, it was reported that the Governor of Arizona vetoed the state's strategic Bitcoin reserve bill SB 1025.

Texas Bitcoin Reserve Bill SB 21 Passes DOGE Committee Review, Final Results Expected in Three Weeks

On May 8, it was reported by Bitcoin Laws that Texas's strategic Bitcoin reserve bill (SB 21) has passed the DOGE committee review without amendments and will enter the final full voting stage. As the Texas legislature is set to adjourn on June 2, the final results of this bill are expected to be revealed in the next three weeks.

This bill is an important legislative measure for establishing a strategic Bitcoin reserve in Texas and has completed all committee review procedures, being just one step away from final approval.

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7. Mining News

Block: U.S.-Made Bitcoin Mining Chips Proto Set to Launch This Year to Address Tariff Risks

On May 2, it was reported that Block CEO Jack Dorsey stated that the company is manufacturing Bitcoin mining chips Proto in the U.S. to address rising tariffs and overseas manufacturing risks. The chip is planned for release in 2025, featuring open-source design, emphasizing flexibility, and will involve direct collaboration with U.S. suppliers. Additionally, Block disclosed that it achieved a gross profit of $2.29 billion in the first quarter, a 9% year-on-year increase, with Cash App gross profit rising 10% to $1.38 billion and Square increasing 9% to $898 million.

Lendn Executive: Bitcoin Mining Companies Should Hold Their Mined Bitcoins

On May 4, it was reported that John Glover, Chief Investment Officer of Bitcoin lending company Ledn, stated that Bitcoin mining companies should hold their mined Bitcoins and use them as collateral for fiat loans to cover operational costs, rather than selling Bitcoin and losing the upside potential of assets that miners expect to appreciate.

Glover noted that holding BTC has many benefits, including price appreciation, tax deferral, and earning additional income by lending out BTC held in company bonds.

Data: Last Week, U.S. Bitcoin ETF Purchases Reached Nearly Six Times Miners' Output

On May 5, it was reported that according to asset allocation platform HODL15Capital, U.S.-listed spot Bitcoin ETFs purchased approximately 18,644 Bitcoins over the past week. In the same period, considering the post-halving mining efficiency (about 450 Bitcoins per day), global miners produced only about 3,150 Bitcoins. This means that the ETF purchase volume was nearly six times the miners' output during the same period.

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8. Bitcoin News

Global Corporate and National Bitcoin Holdings (This Week's Statistics)

1. El Salvador purchased an additional Bitcoin this week, bringing its total holdings to 6,166.18 Bitcoins, valued at approximately $593 million.

2. Brown University disclosed holding approximately $5 million in BlackRock's spot Bitcoin ETF, reflecting that institutional funds in universities are laying out Bitcoin assets.

3. Strategy (formerly MicroStrategy) added 1,895 Bitcoins on May 1, investing approximately $180.3 million, with total holdings now at 155,450 Bitcoins, with an average cost of about $68,550.

4. Semler Scientific added 167 Bitcoins on May 2, with a total investment of $16.2 million, bringing its total holdings to 3,634 Bitcoins, with a year-to-date return of 22.2%.

5. Australia's Monochrome's IBTC spot Bitcoin ETF holdings increased to 350 Bitcoins, valued at approximately $52.146 million.

6. BlackRock added a total of $2.5 billion in Bitcoin last week, averaging $500 million per day; over the past two weeks, it has cumulatively added 41,452 Bitcoins through its iShares Bitcoin Trust ETF, bringing total holdings to 614,639 Bitcoins, valued at approximately $58.07 billion. Additionally, its Q1 2025 report disclosed that Bitcoin-related stock assets have reached $5.43 billion, with IBIT ETF holdings increasing from 2.6 million shares to 5.85 million shares, and new positions established in Fidelity's FBTC and Grayscale's GBTC.

7. Public company KULR added 42 Bitcoins this week, increasing total holdings to 716.2 Bitcoins, valued at approximately $69 million, with a year-to-date return of 197.5%.

8. Thumzup submitted an amendment to raise the financing cap from $200 million to $500 million to advance its Bitcoin acquisition strategy, with the board authorizing up to 90% of liquid assets for Bitcoin purchases.

9. NYSE-listed company Cango added 470 Bitcoins in April, bringing total holdings to 2,944.8 Bitcoins, with funding sources including $352 million from the sale of its auto finance business.

10. Japanese listed company Metaplanet added 555 Bitcoins on May 2 at an average price of approximately $89,000, increasing total holdings to 5,555 Bitcoins, with a total investment of approximately $465 million; it also announced the issuance of $25 million in zero-interest bonds for future Bitcoin purchases, with the bonds maturing on November 6, 2025.

Fidelity: Bitcoin May Soon Surpass Gold's Dominance

On May 4, it was reported that Jurrien Timmer, Global Macro Director at Fidelity Investments, analyzed the dynamics between Bitcoin and gold, pointing out that Bitcoin may soon surpass gold's dominance. Based on the changes in the Sharpe ratio measuring the risk-adjusted returns of these two assets, gold and Bitcoin are negatively correlated. With Bitcoin's Sharpe ratio at -0.40 and gold's at 1.33, this suggests that Bitcoin may lead the market going forward, and we may see a relay of trust from gold to Bitcoin. Jurrien Timmer advised investors to start with a portfolio of four parts gold to one part Bitcoin, as gold's volatility is only a quarter of Bitcoin's, despite having similar Sharpe ratios.

Opinion: Capital Flowing into Crypto Will Inevitably Go to Bitcoin, 1.5% of Personal Portfolio Allocated to BTC

On May 4, it was reported that renowned investor Kevin O'Leary pointed out that institutions are currently reluctant to touch Ethereum, and when large amounts of capital flow into the cryptocurrency space, it will inevitably flow into the flagship digital asset: Bitcoin. Especially as Bitcoin has recently decoupled from traditional stock indices, this is an important development indicating that this asset is maturing into a unique investment category, even standing alongside gold as a means of hedging and value storage. Additionally, Kevin O'Leary disclosed that he allocated 1.5% of his investment portfolio to Bitcoin, with 19% invested in other areas related to cryptocurrencies, including purchasing stocks of Coinbase and Robinhood.

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Coinbase Investor: Bitcoin's Value Could Reach "Unlimited" Dollars

On May 5, it was reported that Coinbase investor Tim Draper stated on the X platform that Bitcoin's value could reach "unlimited" dollars, sounding the alarm for the collapse of fiat trust, the historic weakness of the dollar, and the accelerated dominance of cryptocurrencies. Tim Draper explained that during the Civil War, Confederate silver dollars experienced hyperinflation, and by the end of the war, the ratio of Confederate silver dollars to dollars plummeted to over 10 million to 1. As trust declines, people rush to exchange them for dollars. Currently, the dollar index has had its worst start to the year in 40 years, and market confidence in the dollar may further decline, while the U.S. is hedging against this situation by incorporating Bitcoin into its strategic reserves.

QCP: Macroeconomic Data Reflect Resilience, Stable Inflows into Bitcoin ETFs Indicate Sustained Institutional Demand

On May 5, it was reported that QCP Capital released a market analysis stating that last Friday's macro data provided a detailed snapshot of the U.S. economy, with non-farm payrolls increasing by 177,000, exceeding the expected 133,000, and the unemployment rate remaining stable at 4.2%. However, behind the strong data, economists continue to warn that the full economic impact of recent tariff increases has yet to be seen, and the market is cautiously optimistic about this. Meanwhile, the market generally expects the Federal Reserve to maintain interest rates at this week's policy meeting. Despite a record high loss in the first quarter, Strategy has doubled its fundraising target to $84 billion, with this loss attributed to the adoption of new digital asset market value accounting standards, highlighting the company's firm belief in its long-term Bitcoin strategy. At the same time, the stable inflow of spot Bitcoin ETFs indicates sustained institutional demand and reinforces the growing role of this asset in diversified investment portfolios.

Forbes: Wall Street Institutions Preparing for Significant Bitcoin and Cryptocurrency Market Surge

On May 6, it was reported that, according to anonymous sources, high-frequency trading giant Tower Research Capital has joined Citadel Securities to "increase bets on cryptocurrencies." With the Trump administration promising to open up Bitcoin trading and the cryptocurrency market, lifting restrictions from the Biden era, and rapidly advancing legislation to reshape the financial system, Wall Street is quietly increasing its support for Bitcoin and cryptocurrencies.

Last week, Wall Street giants managing a total of $10 trillion in assets for clients anticipated that they would "open business" for Bitcoin this year, allowing advisors to recommend Bitcoin ETFs to clients for the first time.

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K33 Analyst: Bitcoin Market May Break "May Drop Effect," Trump-Related Positive Factors Support

On May 7, it was reported by The Block that analysts from the cryptocurrency research firm K33 stated that investors should continue to hold Bitcoin in May, contrary to the traditional "sell in May" strategy.

Analysts believe that although the key deadline for the Strategic Bitcoin Reserve has passed without public statements, the market situation in 2025 will be different. Several positive factors related to Trump are expected to drive the market, suggesting that this summer's market performance may not experience the usual sluggishness seen in previous years.

Bitcoin Magazine CEO: Bitcoin is Accelerating Its Transition to a Global Reserve Asset

On May 8, it was reported by The Block that Bitcoin Magazine CEO David Bailey stated that Bitcoin is transitioning to a global reserve asset at an unexpected speed. Bailey emphasized that as adoption rates increase at the national level, Bitcoin has evolved from an early rebellious technology to a strategic consideration for national security. He particularly pointed out that the acceleration of institutional processes and continuous investments from firms like Strategy (formerly MicroStrategy) are driving a clear differentiation between Bitcoin and the broader cryptocurrency market.

Bitcoin's Market Value Surpasses Amazon, Rising to Fifth Place Among Global Assets

On May 9, it was reported that according to 8Marketcap data, Bitcoin's current market value is $2.045 trillion, surpassing Amazon to rank fifth among global assets.