Key Takeaways
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Macroeconomic Environment: More good news from trade negotiations as China and the U.S. reached a consensus to significantly reduce bilateral tariffs. Global trade tensions have eased substantially, recession expectations have softened, and markets have pushed back bets on Fed rate cuts to July. U.S. Treasury yields and gold prices plunged, while the three major U.S. stock indexes recorded their largest daily gains in a month. Today, the market will focus on the first inflation data following the reciprocal tariffs; how the tariffs affect inflation will guide market movements.
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Crypto Market: Bitcoin decoupled from U.S. equities, falling 1.26% week-on-week. Following the China-U.S. consensus, Bitcoin briefly surged past recent highs, but the market “sold the news,” sending the price quickly back down to the $101,000 support level. BlackRock applied for physical redemption for its Ethereum trust, but market reaction was muted. The ETH/BTC ratio rose 0.54% week-on-week. Bitcoin dominance decreased 0.84% week-on-week. Sentiment for altcoins held steady, showing no signs of panic selling during Bitcoin’s pullback. Meme tokens remained popular, with small-cap meme coins rotating higher.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,844.20 | +3.26% |
| NASDAQ | 18,708.34 | +4.35% |
| BTC | 102,787.80 | -1.26% |
| ETH | 2,495.37 | -0.77% |
Crypto Fear & Greed Index: 70 (70 a day ago), level: Greed
Macro Economy
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The tariff reduction between China and the U.S. will exceed 100%; China will suspend a 24% tariff on U.S. goods for 90 days, while keeping the remaining 10%; the U.S. will retain the remaining 10% tariffs and cancel or suspend other additional tariffs by May 14.
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Citigroup has postponed its forecast for the next Fed rate cut from June to July.
Industry Highlights
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Crypto custodian BitGo has obtained a MiCA license in Germany.
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The U.S. Treasury will hold a series of crypto policy roundtable discussions this week.
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SEC Chairman Paul Atkins: A complete overhaul of crypto broker regulations is possible.
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Dubai has signed an agreement with Crypto.com, becoming one of the first governments to enable crypto payments for public services.
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New York City Mayor Eric Adams announced a crypto partnership initiative, stating that NYC is “open to crypto businesses.”
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Strategy purchased 13,390 BTC last week at a total cost of approximately $1.34 billion, averaging $99,856 per BTC.
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BlackRock has filed for physical redemption for its Ethereum trust.
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Pumpfun launched a revenue-sharing mechanism for creators, allowing coin creators to receive 50% of PumpSwap trading revenue.
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Ethereum’s upcoming Fusaka upgrade proposes to introduce PeerDAS, aimed at reducing costs for Layer 2s and validators.
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TRUMP is rumored to be launching a "Trump Points" NFT marketplace; Truth Social has denied rumors about issuing a meme coin.
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Japanese listed company MetaPlanet increased its Bitcoin holdings by 1,241 BTC, bringing its total to 6,796 BTC.
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Amber International has established a $100 million crypto ecosystem reserve.
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Coinbase will be added to the S&P 500 Index.
Project Highlights
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Trending tokens: DEGEN, MICHI, ACT
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Meme token trend continues, with DEGEN, COQ, CHILLGUY, WIF, TOSHI, NEIRO rotating upward.
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TRUMP: Snapshot for Trump dinner event has ended, and TRUMP token declined for three consecutive days.
Weekly Outlook
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May 13: U.S. to release April year-on-year CPI (unadjusted) data
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May 14: Consensus Toronto 2025 to be held
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May 16: U.S. May 1-year inflation expectation preliminary value; U.S. preliminary University of Michigan Consumer Sentiment Index; Immutable (IMX) to unlock 24.5 million tokens, worth approximately $14 million
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