Bitcoin (BTC) sees a short-term rebound, temporarily around $80,250 as of May 9. BlackRock plans to launch two tokenized money market funds tailored for stablecoin holders. Reuters reports that efforts to get the Swiss central bank to hold Bitcoin have failed; the Bitcoin initiative called for the Swiss central bank to include Bitcoin in its reserves alongside the euro, the US dollar, and gold.
Macro events & Crypto hotspots
1、According to a report by Bloomberg, BlackRock is planning to launch two tokenized money market funds for stablecoin holders, rather than traditional bank account customers. One is a digital share class of BlackRock’s Select US Treasury Liquidity Fund, investing in securities with maturities within 93 days such as cash and US Treasury bills, and will be issued on the Ethereum blockchain; the other is a newly established BlackRock Daily Reinvestment Stablecoin Reserve Fund, targeting investors managing finances via crypto wallets and stablecoins, and will be rolled out across multiple blockchains.
BlackRock CEO Larry Fink has said multiple times that all financial assets will ultimately be tokenized. The BUIDL fund BlackRock launched earlier in 2024 currently has a size of about $2.5 billion.
2、Reuters reports that crypto advocates trying to push the Swiss central bank to hold Bitcoin have abandoned the referendum effort due to failing to collect enough signatures. The Bitcoin initiative calls for the Swiss central bank to include Bitcoin in reserves alongside the euro, the US dollar, and gold, but only about half of the 100,000 signatures were collected. Initiative founder Yves Bennaim said they knew from the start this would be difficult, and the initiative will now be put on hold.
News roundup
1、Moscow Exchange to launch Solana, Ripple, and Tron futures trading on May 14
2、The mastermind behind the Zondacrypto crypto exchange collapse may be hiding in Dubai
3、Arthur Hayes: 99% of altcoins will eventually go to zero, but that’s normal market cleanup
4、a16z Crypto: The tokenized RWA market size has exceeded $30 billion, growing 10x over two years
5、Tether sues Titan Holding in Brazil, seeking repayment of a $300 million defaulted loan
6、Trump says he may resume “Free Plan” actions
7、LayerZero Labs apologizes for the security incident and reveals remediation measures
8、Tether destroys 2 billion USDT on the Ethereum network in the early hours
9、US Senate Banking Committee schedules a CLARITY bill review hearing on May 14
Market performance
1、Latest on Bitcoin: $BTC sees a short-term rebound, temporarily around $80,250; over the past 24 hours, $41.50 million in liquidations occurred, with longs being liquidated the most;
2、Despite the US and Iran clashing again, dashing expectations of ending the war in the Middle East, the US released employment data for April adding 115,000 people, more than double the prior expectation, lifting US stocks to close higher on May 8. The S&P 500 and Nasdaq indexes hit record highs again. The Dow Jones Industrial Average rose 12.19 points, or 0.02%, closing at 49,609.16. The S&P 500 rose 61.82 points, or 0.84%, closing at 7,398.93. The Nasdaq, led by technology stocks, rose 440.88 points, or 1.71%, closing at 26,247.08. The Philadelphia Semiconductor Index rose 614.507 points, or 5.51%, closing at 11,775.50.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, using the current 80,225.70 USDT as the reference point: if it drops to around $79,353, the cumulative liquidation amount for long positions would exceed $157 million; if it rises to around $80,999, the cumulative liquidation amount for short positions would exceed $404 million. The liquidation amount on the short side is significantly higher than on the long side. It’s advised to manage leverage levels reasonably and avoid triggering large-scale liquidations with market moves.
(Source: Coinglass)
4、Over the past 24 hours, BTC spot inflows were $1.75 billion, outflows were $1.73 billion, for net inflows of $20 million.
(Source: Coinglass)
5、Over the past 24 hours, contract trading net outflows led for $BTC, $SOL, $ZEC, $DOGE, $LAB , and others, presenting trading opportunities.
X KOL picks
Phyrex Ni (@Phyrex_Ni): “Early this morning I suddenly saw the US strike Iran. Even though there had been things like sinking 6 speedboats before, this time the scale and specifications clearly increased. Of course, even with the strike, both the US and Iran are still very restrained. Especially when Trump said this is still within the ceasefire agreement—this kind of action is just limited in scope. Iran, which has been pushing to be strong, did not immediately choose a full-scale escalation. More than anything, it maintains a tough stance in words, while leaving room in actions.”
“This actually shows that both the US and Iran now don’t want to push the situation all the way to total loss of control. What the US wants is pressure—forcing Iran to accept conditions—not launching an immediate full-scale war. What Iran wants is posture—proving it hasn’t completely bowed—but it also knows that if the conflict truly escalates to an unmanageable point, it would be more disadvantageous to itself.”
“For risk markets, this is actually the most uncomfortable situation. As long as there isn’t genuinely complete loss of control, risk-aversion sentiment will slowly cool down. But as long as the US and Iran keep having small-scale skirmishes, risk assets—including crude oil, gold, and Bitcoin—will be repeatedly disturbed by emotions. Especially crude oil: what truly determines the price is no longer just whether there has been an attack, but whether the expectation of passage through the Strait of Hormuz can stabilize and recover.”
“Also, the most troublesome part is that on the weekend, the funding rate for CLUSDT will be relatively high. And if WTI is still chopping around at elevated levels, it’s the short-side investors who feel it the most. Personally, I exited around $96 this morning, and then re-entered with a portion of small-size shorts around $97, mainly to avoid the weekend funding rate. But if Binance fixes this issue, I can add back anytime.”
“Coming back to the data for Bitcoin, it’s still the same as what I said before: the factors affecting $BTC ’s price change currently have almost nothing to do with Bitcoin itself. It’s more about the war issue between the US and Iran—also the issue of whether the Strait of Hormuz is clear. Whether these two issues can be resolved quickly mainly affects whether the US will cut rates in 2026.”
Today’s preview
No major financial events or data
