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BTC $68,753.42 -1.00%
ETH $2,013.57 -2.01%
BNB $618.63 -1.72%
XRP $1.41 -1.83%
SOL $83.81 -1.67%
TRX $0.2776 +0.01%
DOGE $0.0926 -2.34%
ADA $0.2633 -1.45%
BCH $516.64 -0.75%
LINK $8.55 -1.53%
HYPE $29.64 -7.40%
AAVE $108.93 -2.32%
SUI $0.9313 -2.43%
XLM $0.1568 -1.96%
ZEC $234.52 -0.80%

ice

Wintermute: The AI sector is siphoning off market liquidity, and persistent selling pressure in the U.S. is dominating the market. Bitcoin is entering a high volatility price discovery phase

Wintermute stated that Bitcoin briefly fell to $60,000 last Monday, erasing all gains since Trump's election. Spot fund flows show significant structural pressure. The Coinbase premium has consistently been in a discount state throughout the market process, persisting since last December, indicating ongoing selling pressure from the U.S.Internal OTC fund flow data also confirms that U.S. counterparties were the main sellers throughout the week, and this trend has been further amplified by continuous ETF fund redemptions. Over the past few months, AI-related assets have been continuously absorbing available market funds, crowding out the allocation space for other asset classes. The phenomenon where crypto assets underperform when AI-related companies rise and experience amplified declines when they fall can almost entirely be explained by the rotation of funds towards the AI sector.For crypto assets to outperform again, AI trading needs to cool down first. Microsoft's weak earnings report has initiated this process, but it is still far from enough. Last week's market was like a "surrender-style" clearing, with volatility soaring and buying support emerging at $60,000. In an environment where spot trading remains relatively low, leverage has become the dominant factor in price fluctuations.If open interest cannot significantly rebound, it will be difficult for the market to form sustained follow-through on either the long or short side. A true structural recovery requires a return of spot demand, but there is currently almost no evidence of this. We are likely entering a phase of high volatility and choppy price discovery. It will be hard to see sustained upward potential until the Coinbase premium turns positive, ETF fund flows reverse, and basis rates stabilize. Meanwhile, retail attention is being diverted to other asset classes, and market direction seems increasingly dominated by institutional fund flows from ETFs and derivatives channels.

White House advisor and former chairman of the House Financial Services Committee: The crypto market structure bill is expected to pass within months

According to CoinDesk, former Chairman of the U.S. House Financial Services Committee Patrick McHenry and White House advisor Patrick Witt stated at the Ondo Summit in New York that U.S. cryptocurrency legislation is accelerating, with a comprehensive cryptocurrency market structure bill expected to be passed in the coming months.Patrick McHenry predicted that the final version may be submitted to the President for signing around Memorial Day (May 25). Patrick Witt revealed that Trump has prioritized this legislation, and the White House is pushing for negotiations between banks and crypto companies, with drafting teams exchanging drafts. Both parties noted that stablecoin yields are the biggest point of contention, with the industry reaching a consensus on banning fraudulent promotions, but differing on whether centralized exchanges can pay passive yields.Patrick McHenry emphasized that without including DeFi, the market structure legislation would "not hold up." He pointed out that tokenized lending products have lower costs than traditional securities lending, indicating strong market demand. Regarding ethical standards, both believed that overly restricting the scope of proposals for officials' spouses is too broad, but a more precise compromise could still gain bipartisan support.Patrick Witt stated that the White House's goal is to translate high-level principles into specific legal text and reach a final agreement that can withstand scrutiny from both the House and Senate.

In a volatile market, the performance of core stock indices has warmed up, with the Gate index contract's open interest ranking in the top three for growth

As global macro uncertainties persist, major risk assets experienced phase fluctuations at the beginning of February. In terms of stock indices, the Dow Jones Industrial Average recently broke through the 50,000 point mark, while the S&P 500 and NASDAQ showed volatile movements, with increased index fluctuations, and market attention on the short-term trends of core indices continues to rise.Against the backdrop of expanding demand for index trading, Gate's index contracts have performed particularly well. According to CoinGlass data, in the past 4 hours, the top three in terms of open interest growth all came from the Gate platform, with US30 (Dow Jones Industrial Average) seeing an open interest increase of 1233.34% in 4 hours; NAS100 (NASDAQ 100 Index) recorded a growth of 814.95% during the same period; and SPX500 (S&P 500 Index) increased by 188.29%. The data indicates that funds are accelerating towards mainstream index contracts, with short-term trading sentiment significantly heating up.Currently, Gate contracts comprehensively cover traditional financial assets including stocks (48 types), metals (11 types), forex (3 types), commodities (2 types), and indices (13 types), supporting 24/7 continuous trading with a maximum leverage of 100 times. Gate is continuously building a multi-asset contract system that covers mainstream TradFi assets, creating the industry's most comprehensive trading area for index and traditional financial asset contracts.
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