holders

Glassnode data shows that Bitcoin long-term holders (LTH) experienced an unrealized loss of 15% at the beginning of April, while in previous deep bear markets, this indicator exceeded 75%. This indicates that despite the recent significant pullback in Bitcoin, the pressure faced by long-term holders is only a small fraction of historical cycle lows, and their belief in holding has not been tested to the same extent.

Glassnode released data on platform X indicating that the unrealized losses of Bitcoin long-term holders (LTH) reached about 15% at the beginning of April. Compared to the historical depths of bear market cycles where this metric exceeded 75%, the impact of this market correction on long-term holders is significantly lighter.Analysis points out that although the recent price pullback has resulted in some paper losses, the overall pressure remains far below historical cycle lows, indicating that the current decline has not yet posed a substantial test to the beliefs of long-term holders. Structurally, this adjustment leans more towards mid-term fluctuations rather than a complete cyclical capitulation.

Bitfinex Alpha's latest report indicates that after entering May, BTC successfully broke through the dense selling pressure zone of $78,000 to $79,000, briefly approaching $83,000. This round of increase is mainly driven by spot demand rather than leveraged funds. Since May 8, the spot CVD (Cumulative Volume Delta) has significantly risen, showing that buyers are continuously taking orders and absorbing market supply.ETF capital inflows and public market increases have become the main driving forces, while long-term holders have now accumulated nearly 4 million BTC, marking the largest increase since the pandemic crash in 2020, which means that the circulating chips in the market are being further locked up. The market currently expects about a 94% probability that the Federal Reserve will maintain interest rates in June. In the context of macroeconomic uncertainty, institutional funds continue to position themselves in the crypto market.

Syndicate stated on platform X that regarding the latest developments of the Syndicate bridge security incident, all affected SYND holders on the Commons Chain have received full compensation, along with an additional 15% of the total losses as compensation.The relevant amounts have been directly sent to the affected users' Base chain wallets, with the Gas fees covered by Syndicate Labs. The total compensation amounts to 12.901 million SYND, and no action is required through any claim page.

Strategy CEO Phong Le confirmed that the company only sells Bitcoin under specific conditions. Previously, Executive Chairman Michael Saylor hinted at the possibility of selling Bitcoin to pay dividends, which led to a 4% drop in MSTR's stock price. Le stated that the decision to sell is primarily related to the Series A perpetual preferred stock Stretch (STRC, dividend yield 11.5%). The company will execute sales when it is more beneficial for shareholders to sell Bitcoin than to issue stock for dividend payments, with specific trigger conditions being the stock price falling below book value or mNAV falling below approximately 1.22. The second condition involves tax management, including realizing deferred gains or capturing tax losses. Le emphasized that the company's leverage is about 10%-15%, with a magnification rate of about 35%, and the financial situation is manageable.Strategy currently holds 818,334 BTC, with an average price of approximately $75,537, making it the largest publicly traded holder of Bitcoin in the world. Le pointed out that the daily trading volume of Bitcoin exceeds $60 billion, while the company's annual dividends are only about $1.5 billion, indicating that liquidity is not an issue, and stated, "I believe in math rather than ideology."

According to DefiLlama data, three relatively active DeFi applications, Hyperliquid, EdgeX, and Pump.fun, have collectively distributed $96.3 million in revenue to token holders over the past 30 days. Among them, Hyperliquid leads with $50.95 million, with all revenue returned directly to holders and zero incentive spending; Pump.fun returned $22.09 million to holders from a total revenue of $38.81 million; EdgeX allocated $23.26 million from $8.26 million in protocol revenue, indicating it may have tapped into reserves or other income sources.In terms of annualized data, Hyperliquid's revenue over the past year reached $946 million, Pump.fun at $481 million, and EdgeX at $236 million. This trend reflects that the crypto community is shifting from focusing on trading volume to actual revenue. Yearn.Finance founder Andre Cronje pointed out that DeFi in 2026 is no longer just a venue for speculation but is becoming the backend infrastructure of the on-chain economy, with the stablecoin market reaching $320 billion, decentralized exchanges having monthly spot trading volumes exceeding $160 billion, and perpetual contract DEX monthly trading volumes reaching $540 billion.

The decentralized stablecoin USDD has announced the launch of a VIP program aimed at providing exclusive value-added services for high-net-worth users and deeply engaged participants in the ecosystem. Members who join this program will periodically receive ecosystem benefits, including merchandise, gift packs, whitelist privileges, and will have access to in-depth strategic content, ecosystem and market analysis reports, as well as the opportunity to communicate directly with the official team.It is reported that this program is primarily targeted at users with a single account holding of 1 million or more USDD (or equivalent sUSDD). Eligible users can apply by sending a private message to the official X account @usddio, and after asset verification, they can join. Successfully inviting users to join will also yield corresponding rewards.

According to Bloomberg, BlackRock is planning to launch two tokenized money market funds aimed at stablecoin holders, rather than traditional bank account customers. One is a digital share class of the BlackRock Treasury Liquidity Fund, investing in cash, U.S. Treasury securities, and other securities maturing within 93 days, which will be issued on the Ethereum blockchain; the other is the newly established BlackRock Daily Reinvestment Stablecoin Reserve Fund, targeting investors managing finances through crypto wallets and stablecoins, which will be launched on multiple blockchains.BlackRock CEO Larry Fink has repeatedly stated that all financial assets will eventually be tokenized. The BUIDL fund launched by BlackRock in 2024 currently has a size of approximately $2.5 billion.

Mantle token holders have approved a credit line of up to 30,000 ETH (approximately $68 million) to Aave DAO through the MIP-34 proposal. This move aims to help address the potential bad debt issues arising from the rsETH attack incident in April, which is estimated to have caused bad debts between $123.7 million and $230.1 million.The proposal was passed in a seven-day Snapshot vote, authorizing the Mantle Foundation to negotiate and execute the final loan agreement with Aave DAO. The final implementation of this credit line still depends on Aave executing its recovery plan and finalizing specific terms.A Galaxy Research report noted that the rsETH attack incident had put Aave's WETH market under continuous strain, with the utilization rate remaining above 99% for 12.7 consecutive days. As of May 8, the utilization rate of Aave Ethereum V3's WETH market has dropped to about 91.6%, indicating some relief in market pressure.

The GnosisDAO community has released a proposal to "allow GNO holders to proportionally redeem their entitled treasury shares." The proposal aims to allow GNO holders to exchange their tokens for a proportionate share allocated from the GnosisDAO treasury. Non-participants will retain their GNO and continue to enjoy all economic rights brought by the ongoing operations of the DAO, with liquidity and semi-liquid treasury assets distributed based on net asset value.Illiquid off-chain investments and enterprise value will be handled through the synthetic gLTD-CLAIM, which grants participants a fixed proportion of future dividends from the aforementioned asset pool once the capital deployed by the DAO exceeds the principal recovery threshold after redemption. The redeemed GNO will be burned, thereby permanently reducing the effective circulating supply.As of the time of publication, the current opposition rate for this proposal is 64.81%.

According to Cointelegraph, Bitcoin surged to a high of $81,300, resulting in weekly and 30-day cumulative increases of 5% and 21%, respectively. CryptoQuant data shows that, based on 30-day rolling data, long-term holders have net added 331,000 BTC, valued at approximately $2.67 billion at Tuesday's current market price. This accounts for nearly 1.6% of the total supply, indicating that accumulation has strengthened as prices rebound.Accompanying the rise in Bitcoin is a strong inflow of funds into U.S. spot Bitcoin ETFs, with a total net inflow of $1.18 billion over the past three days. On Monday, the net inflow was $532 million, indicating increased institutional interest in BTC. MN Capital founder Michael van de Poppe stated on X on Tuesday, "ETF inflows have returned to the market, and the market is turning upward towards Bitcoin." He added, "I expect more funds to flow in over the next few weeks, as there is currently high demand for ETFs."As previously reported, institutions are absorbing more than five times the daily newly mined BTC supply. The $84,000 region is a focal point for many traders, as this position coincides with the CME gap formed in early February. From a technical perspective, after the price broke above the upper boundary of $77,500, it has validated a bullish flag pattern on the daily chart. A daily closing price above the 200-day exponential moving average (EMA) at $82,000 will confirm the continuation of the upward trend, with a target of the bullish flag's measured target of $94,800, at which point the overall increase will reach 18%.A chart shared by crypto investor Cryptocupra shows that after the weekly MACD produced a golden cross, the macro bottom for Bitcoin may have formed, paving the way for further upward movement.

Concerns about quantum computing in Bitcoin always revolve around a "Satoshi-related problem." If a sufficiently powerful quantum computer emerges, millions of Bitcoins stored in old wallets with exposed public keys may face the risk of being stolen, including approximately 1.1 million Bitcoins that are allegedly owned by the anonymous creator Satoshi, currently valued at about $84 billion.Senior developer Jameson Lopp and five other developers formally proposed this plan through BIP-361 in mid-April, which aims to gradually phase out addresses vulnerable to quantum attacks over a five-year timeline and freeze any coins that fail to complete the migration. However, this proposal creates another issue: Satoshi and all other long-dormant holders would have to publicly "reveal themselves," or risk losing access to their assets.Dan Robinson, a general partner at Paradigm, released a proposal on Friday that suggests a way to circumvent this trade-off, with the core concept being "Provable Address Control Time Stamps" (PACTs). The main idea of PACTs is not to move coins, but to timestamp ownership proofs on specific dates, without disclosing any information externally until the wallet owner truly needs to spend.If Bitcoin later implements a soft fork to freeze coins vulnerable to quantum attacks, the protocol could include a rescue path that accepts STARK proofs (a type of zero-knowledge proof that remains secure against quantum computers), proving that the holder created their commitment before the existence of quantum hardware. When the holder wishes to spend, they submit this proof, and the network releases the corresponding coins. This redemption process will not reveal any information about the address, amount, or even the original timestamp creation time.

According to crypto analyst Darkfost, the 30-day moving average of the Bitcoin short-term holder (STH) SOPR has turned positive for the first time in the past six months, indicating that STHs are on average at breakeven or slightly profitable.Historical data shows that this situation often acts as a resistance level during bear markets, as holders may flee due to a lack of confidence.

According to market news, Nigel Farage, the leader of Reform UK, is facing a parliamentary standards review for receiving an undisclosed grant of approximately £5 million from cryptocurrency billionaire Christopher Harborne. Christopher Harborne resides in Thailand and holds a 12% stake in the stablecoin issuer Tether.Nigel Farage stated that the grant was intended to ensure his personal safety and not for political activities. However, the Conservative Party and the Labour Party accused him of violating the House of Commons rules requiring members to declare earnings received in the 12 months prior to their election, and have requested the parliamentary standards commissioner to investigate. Reform UK responded that the funds are classified as "personal unconditional gifts" that do not need to be declared and are unrelated to elections.The UK government announced in March this year a suspension of political parties receiving cryptocurrency donations to prevent foreign interference. Previously, Christopher Harborne donated £9 million to Reform UK, setting a record for the largest single political donation by a living individual in the UK; BitMEX co-founder Ben Delo also donated £4 million to the party this year.Additionally, Farage himself holds a 6.31% stake in the Bitcoin treasury company Stack BTC.

According to Cointelegraph, Vanessa Perrée, the French national prosecutor for organized crime, stated that 88 people have been prosecuted for allegedly carrying out "ransom attacks" against cryptocurrency holders, including 10 minors, with 75 individuals in pre-trial detention, involving 12 cases currently being investigated by a Paris court judge. "Ransom attacks" refer to the use of violence through home invasions, kidnappings, and other means to gain access to the victims' cryptocurrency wallets.Perrée indicated that some suspects are involved in multiple cases, revealing the existence of a structured network, and the investigation is ongoing to identify all perpetrators and planners. Records from the French national office for organized crime show 18 such incidents in 2024, 67 in 2025, and 47 so far in 2026.

The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.

According to on-chain analyst Axel Adler Jr (@AxelAdlerJr), the discount for short-term holders (STH) has narrowed from -21.6% to -5.7%, and the 7-day moving average of STH-SOPR has risen back above 1, indicating that short-term sellers are no longer clearly in a loss position. However, the current price is still below the cost basis of $83,000, and the market has not yet entered a true risk appetite phase.

According to Cointelegraph, despite the 22% drop in Bitcoin prices, the supply of Bitcoin held by steadfast buyers has significantly increased from 2.13 million BTC to 3.6 million BTC, an increase of 69%, reaching the highest level since 2020.

According to Bloomberg, the cryptocurrency venture capital fund Pantera Capital Management is urging the London-listed company Satsuma Technology Plc to sell its remaining approximately $50 million in Bitcoin and return the funds to shareholders.Satsuma has confirmed that some shareholders have requested a return of funds, and the company is evaluating related proposals. Additionally, sources revealed that the shareholders are also demanding a change in management; currently, Satsuma's CEO Henry Elder and CFO Andrew Smith have resigned. Earlier this month, the company announced it would cut costs and disclosed the purchase of Bitcoin worth £1.4 million.