Crypto World
BTC, ETH, XRP, ADA, SOL as SPX, DXY Move
Bitcoin extended its latest ascent into the new week, clearing the $80,500 zone and nudging toward the $84,000 level as bulls attempt to take charge. The move comes with a constellation of supporting indicators—from on-chain liquidity signals to rising institutional participation—suggesting the upside may have more room to run, at least in the near term. Yet traders are also weighing potential resistance at key levels and the broader macro backdrop, including equities and the dollar, which could curb momentum if risk-off conditions return.
On-chain dynamics are featuring prominently in the bullish narrative. An indicator tracked by analysts points to a potentially explosive setup if Bitcoin clears the $84,000 mark: a surge above that level could unleash around $2.85 billion in short liquidations across exchanges, underscoring how fragile a breakout can be without broad participation. Meanwhile, capacity for institutional demand remains a recurring theme as funds continue to accumulate exposure to BTC, with observers citing a sustained appetite among large buyers that could propel prices higher in the weeks ahead.
Key takeaways
- BTC has cleared the $80,500 hurdle and eyes a test of $84,000; a break above could trigger meaningful short liquidations around $2.85 billion across exchanges.
- Institutional demand remains a persuasive force, with reports noting periods where buyers absorb 500%+ of Bitcoin’s daily mined supply, a pattern historically associated with further upside in the ensuing weeks.
- The broader market backdrop shows the S&P 500 at fresh highs while the U.S. dollar trades within a tight range, setting up a delicate balance between macro risk and crypto momentum.
- Among the top altcoins, Ether, XRP, and Dogecoin are showing relative strength, while several other major alts have yet to gain sustained traction—highlighting a bifurcated momentum landscape.
Bitcoin momentum and on-chain signals
BTC’s breakout above the $79,500 resistance has investors weighing the next leg higher. If the current momentum holds, the next clear target appears near $84,000, a level that, if decisively breached, could reframe the near-term trajectory for the pair. Traders will be watching whether the price can remain above the 20‑day exponential moving average, currently acting as a short-term fulcrum around the mid-$70,000s; a sustained hold above this EMA would bolster the case for an extended rally.
Analysts have been revisiting the implications of an extended move higher. One widely cited perspective notes that a breakout through $84,000 could prompt substantial short liquidations, a signal that risk appetites across the market could intensify further. In parallel, commentary from market observers has highlighted how on-chain behavior—particularly the pace at which new supply is absorbed by market participants—can serve as a leading indicator for price action in the weeks ahead.
In a contrasting view, some traders emphasize that upside catalysts must be confirmed by a broadening base of buyers, not just a handful of momentum players. As BTC remains tightly correlated with macro catalysts, any escalation in risk-off sentiment could cap gains or trigger a swift pullback, especially if liquidity pockets thin out at key levels.
For context, analysts and industry observers have pointed to notable institutional activity as a contributing factor behind recent price momentum. Charles Edwards, founder of Capriole Investments, noted on X that institutions have been “slurping up 500%+ of Bitcoin’s daily mined supply.” Historical patterns following similar bursts of demand have coincided with multimonth strength, though observers caution that past performance is not a guarantee of future results. If the trend continues, some expect BTC to flirt with higher targets in the near term—potentially into the mid-$90,000s if momentum sustains.
Markets in macro context
Beyond crypto-specific signals, the traditional markets present a mixed but constructive backdrop. The S&P 500 climbed to a fresh high, with the index trading in an uptrend as buyers maintain an edge above the 20-day exponential moving average. The key support around 7,000 remains a strategic line in the sand; a sturdy bounce at that level would bolster the case for a continued rally toward higher targets, while a close below could open the door to a deeper pullback and a test of the 50-day moving average.
The U.S. Dollar Index, meanwhile, has been oscillating between the 50-day moving average near 98.97 and support around 97.74. The near-term bias remains nuanced: a move above the 50-day line could signal renewed dollar strength, potentially weighing on crypto gains, whereas a break below the 97.74 support might invite a renewed risk-on rotation that could help crypto assets extend their gains toward higher resistance levels.
Taken together, the macro backdrop underscores a delicate balance. If risk assets continue to outperform, crypto markets could ride the wave of optimism into the next leg higher. Conversely, a shift toward safer assets or rising volatility could pressure prices, particularly for fragile altcoin momentum where liquidity and sentiment can diverge quickly from BTC.
Altcoin landscape: a mixed bag of signals
Ether extended its recent strength, clearing the 20-day EMA near $2,298 and marching toward the $2,465 overhead resistance. Traders will be watching whether demand can push ETH through that threshold; a sustained breakout could open the door toward a higher target in the vicinity of $3,050, should the momentum persist. A stall at the $2,465 level would be a warning sign that resistance is mounting and that a consolidation phase could ensue, keeping ETH within a defined range for a period.
XRP has also moved higher, lifted by a broader rally in selective large-cap altcoins. A close above the key $1.61 level would put the XRP/USDT pair on track to revisit the $2.00 area and push toward $2.40 as buyers attempt to shoulder the next leg higher. If the price fails to clear that hurdle, XRP could remain trapped in a range roughly between $1.27 and $1.61, delaying a decisive breakout.
BNB seems to be treading water near its moving averages, suggesting indecision between bulls and bears. The immediate range sits around $570 to $687; a sustained close above $687 could unleash a rally toward $790, while a break below $570 would open the path back to $500 as bears attempt to reassert control.
Solana has shown tentative strength as it tests the moving averages. A decisive close above the $82.65 area could propel SOL toward the $90.73 resistance, with a breakout potentially taking the price toward $98. Below $82.65, buyers would need to defend the level to prevent a retrace toward $76, keeping the short-term trajectory uncertain until a clear breakout direction emerges.
Dogecoin has cleared the $0.11 barrier, opening the door to a move toward $0.12 and beyond if bullish momentum persists. A sustained push through $0.12 could target the $0.14–$0.16 region, though a reversal lower from current levels would likely anchor DOGE within a tight range near $0.09–$0.12 for longer.
Hyperliquid has maintained above its 20-day EMA around $41, but a long upper wick hints selling pressure at higher levels. The price could face resistance in the $43.76–$45.77 zone; a break above this area might push the pace of the rally toward $50 and beyond to around $51.43, while a break below the 50-day moving average could tilt the chart back to the bears’ favor toward the mid-$30s.
Cardano has inched above the downtrend line but faces an uphill battle at the 50-day moving average near $0.25. A sustained push above that level could see ADA rise toward $0.29 and then $0.31, with $0.22 acting as a critical support. A break below could reintroduce a corrective phase for the token within its current range.
Overall, the altcoin picture remains nuanced. A handful of the big-cap tokens are showing resilience and fresh demand, while others lag, underscoring a market where breadth and participation remain uneven. Traders should monitor how cross-asset risk appetite evolves, as crypto markets often amplify shifts in macro sentiment more quickly than traditional equities.
What to watch next
Looking ahead, the immediate questions center on whether BTC can sustain its breakout above $84,000 and how the surrounding macro environment will react to continued risk-on or risk-off shifts. A clean close above $84,000 would strengthen the case for higher targets, but traders should remain mindful of potential liquidity-driven volatility and the possibility of a quick pullback if selling pressure intensifies at resistance levels.
On the altcoin side, the next few sessions will reveal whether ETH and XRP can extend their breakouts, whether BNB can decisively clear the $687 hurdle, and how the broader momentum across Solana, Dogecoin, and the niche players like Hyperliquid and Cardano evolves. Investors should watch for confirmation signals—volume expansion, sustained closes above critical thresholds, and evolving correlations with BTC and traditional markets—to gauge whether the current momentum has legs or simply marks a pause before the next chapter.
As always, the evolving interplay between macro drivers, on-chain signals, and trader sentiment will determine whether the week’s rallies solidify into a lasting trend or fade into a consolidation phase. Keep a close eye on how BTC behaves around the $84,000 level and how the SPX and DXY respond to ongoing macro data releases in the days ahead.
Bitcoin (BTC) may rally toward $96,000 by June as institutions absorb more than five times the daily mined BTC supply, according to Capriole Investments founder Charles Edwards.
BTC price averages 24% gains after institutional supply squeeze
In a Monday post, Edwards said institutions have been “slurping up 500%+ of Bitcoin’s daily mined supply.”
BTC/USD daily chart vs. institutional buying market cap. Source: Capriole Investments
Since the April 2024 halving, Bitcoin miners have produced roughly 450 BTC per day, keeping supply growth relatively stable, with its rate of change (ROC, the red line) hovering near 0.0022% as of Monday.
In contrast, institutional buying’s ROC (blue) stood near 0.0139%, showing demand momentum rising more than five times faster than new supply growth.
Renewed ETF inflows and steady BTC purchases by Michael Saylor’s Strategy have helped drive that demand. They added roughly 70,000 BTC in April, more than approximately 13,500 BTC mined during the same period.
US Spot Bitcoin ETF monthly net flows and Strategy’s BTC holding. Source: Glassnode, BitBo.IO
“Every time it’s been this high before, price has shot up over the next week,” said Edwards, adding:
“The average return in prior cases is +24% over the next 1 month from here, that would take us to around $96K.”
Edwards noted that when institutional absorption exceeds 500% of Bitcoin’s daily mined supply, BTC has historically delivered ~24% average gains over the following month, which would put the price around $96,000 by June.
Similar targets have also been shared by analyst Michaël van de Poppe, who said Bitcoin may “easily” reach $95,000, citing renewed demand for spot BTC ETFs and other technical factors.
Bitcoin sharks accumulate over 61,000 BTC in 30 days
Onchain data shows the supply squeeze extends beyond ETFs and corporate buyers.
Bitcoin “sharks,” entities that hold 100–1,000 BTC, have accumulated over 61,000 BTC in the past 30 days, according to data resource Glassnode.
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BTC shark net position change vs. price. Source: Glassnode
Smaller cohorts, including “fishes” holding 10–100 BTC and “crabs” holding 1–10 BTC, are also net accumulators during the same period.
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BTC fish and crab net position change vs. price. Source: Glassnode
The data shows that both mid-sized investors and retail participants are steadily absorbing supply, raising BTC’s odds of hitting $96,000 over the next few weeks if the demand persists.
Related: Strategy takes Bitcoin buying breather ahead of Q1 earnings report
Still, some analysts warrant caution, citing a prevailing bear flag setup.
In a Monday post, trader Bitbull highlighted $60,000–$62,000 as a potential downside target if BTC corrects from the flag’s upper trendline toward the lower trendline.
BTC/USD daily chart. Source: TradingView/BitBull
A breakdown below the lower trendline may send the BTC price under $50,000.
Market analysts said Bitcoin (BTC) is “primed for upward momentum” after rallying past $80,000 during the early Asian trading hours on Monday.
Key takeaways:
- Bitcoin price rises to a 13-week high of $80,610 on Monday amid $462 million in crypto liquidations.
- The CME gap at $84,000 could act as a “magnet” for BTC price.
Bitcoin leads market in fresh May rally
Data from TradingView showed 1.6% daily BTC price gains, with BTC/USD rising as high as $80,610 for the first time since Jan. 31.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Ether (ETH), the largest altcoin by market capitalization, was trading at $2,367 at the time of writing, up 2% over the last 24 hours. Fourth-place XRP (XRP) has gained nearly 2% over the last day to trade just above $1.41.
Dogecoin (DOGE) climbed the most among the top 10 cryptocurrencies, up 3.5% over the same period.
Related: BTC price can ‘easily’ hit $95K: Five things to know in Bitcoin this week
As a result, the global crypto market capitalization is up 1.6% over the last day toward $2.65 trillion on Monday.
Performance of top-cap cryptocurrencies: Source: CoinMarketCap
“Bitcoin looks primed for upwards momentum,” MN Capital founder Michael van de Poppe said in an X post on Monday.
The analyst added that a “breakout above $79K opens the opportunities” toward the $86,000-88,000 resistance zone and later to $90,000.
BTC/USD daily chart. Source: X/Michael van de Poppe
“It’s a disbelief rally” for Bitcoin, crypto analyst Matthew Hyland said in response to Bitcoin’s latest push above $80,000, adding:
“The many calling for $60K and below will be the ones flipping bullish late above $90K.”
Bitcoin’s rally is accompanied by significant short liquidations across the crypto market totaling $452 million over the last 24 hours, signaling intense buying by traders.
Meanwhile, Bitcoin taker buy volume saw “two consecutive large hourly buy-volume spikes on Binance of approximately $1.19 billion and $792 million,” CryptoQuant analyst Amr Taha said in a Quicktake note on Monday, adding:
“When this type of volume appears near a major breakout level, it often shows that traders are not waiting for a pullback; instead, they are chasing confirmation as the price moves higher.”
Bitcoin taker buy volume on Binance. Source: CryptoQuant
BTC bulls target $84,000 next
As Cointelegraph reported, Bitcoin bulls were required to push above $80,000 to sustain the upward momentum.
Bitcoin’s 5.5% rally over the last five days saw the BTC/USD pair reclaim key support levels, including the true market mean at $77,500 and the short-term holder cost basis around $78,000.
Traders now shifted their focus to the CME gap at $84,000, formed in early February.
BTC/USD four-hour chart. Source: X/AlphaBTC
Bitcoin is on “its way to close the previous large gap from $84K,” trader Daan Crypto Trades said in a Monday post on X, adding
“Good to mark these levels on your chart as they could act as ‘magnets’ and local reversal zones if price trades close/into them.”
Meanwhile, Bitcoin’s 30-day liquidation map reveals that a break above $84,000 would trigger over $2.85 billion worth of leveraged short liquidations across all exchanges.
Bitcoin exchange liquidation map. Source: CoinGlass
TLDR:
- Binance PAXG reserves surged 344%, climbing from 25,301 tokens in early 2025 to a peak of 133,334 by April 2026.
- Physical gold prices rose from $2,700 in early 2025 to $4,650, running parallel to the spike in tokenized gold holdings.
- JPMorgan targets $6,300 and Goldman Sachs projects $5,400 for gold by year-end 2026 despite the recent price correction.
- Crypto investors are treating PAXG as a long-term hedge, mirroring institutional safe-haven strategies in traditional markets.
PAXG reserves on Binance have recorded a dramatic 344% growth between early 2025 and May 2026. This surge in tokenized gold accumulation mirrors a historic rally in physical gold prices.
Crypto investors appear to be actively positioning themselves against macroeconomic risks. Meanwhile, top Wall Street institutions maintain bullish targets for gold through the end of 2026.
The parallel movements across both markets reflect a clear shift in how digital asset holders manage long-term value.
Binance PAXG Reserves Climb to Record Levels
Binance’s tokenized gold holdings stood at just 25,301.5 PAXG tokens in early 2025. By early April 2026, that figure climbed sharply to a peak of 133,334.1 tokens.
As of early May 2026, reserves have settled at 112,385.4 tokens. The overall growth from start to peak represents a 344% increase over roughly 15 months.
This accumulation trend developed alongside a steep rise in physical gold prices. Spot gold moved from $2,700 per ounce in early 2025 to $4,650 currently.
The two trends together point to a broader risk-hedging strategy taking shape within the crypto market. Investors appear to be using PAXG as a long-term store of value rather than a short-term trading position.
Cryptoquant analyst CryptoOnchain noted on X that the growth in Binance’s PAXG reserves aligns closely with bullish institutional forecasts for gold.
According to the analyst, crypto investors are actively hedging risks by treating tokenized gold as a long-term hold.
This behavior mirrors strategies more commonly seen in traditional commodity markets. The data from CryptoQuant supports this reading.
PAXG, issued by Paxos Trust Company, is an ERC-20 token backed one-to-one by physical gold bars. Each token represents one fine troy ounce held in LBMA-accredited vaults.
The token allows fractional ownership without the logistics of physical storage. Its presence on Binance makes it one of the most accessible forms of tokenized gold for retail and institutional traders.
Wall Street Targets Remain Bullish Despite Recent Gold Correction
Gold reached an all-time high of $5,589 per ounce in January 2026 before pulling back. Prices have since corrected into the $4,800 to $4,900 range.
However, major institutions have not revised their bullish outlook in response to the dip. JPMorgan has set a year-end 2026 target of $6,300, while Goldman Sachs projects $5,400.
Both banks cite central bank accumulation and geopolitical hedging as the main drivers. These factors have remained consistent throughout the current bull cycle.
The correction, in their view, represents a buying opportunity rather than a trend reversal. Institutional demand continues to absorb available supply at lower price levels.
The structural forces supporting gold remain unchanged in the current macro environment. Persistent geopolitical tensions and ongoing currency risks continue to push investors toward safe-haven assets.
Tokenized gold has become a practical bridge between traditional hedging and digital asset portfolios. The growth in Binance’s PAXG reserves is one measurable outcome of this shift.
As gold markets head further into 2026, both on-chain data and Wall Street forecasts point in the same direction. The alignment between PAXG reserve growth and institutional price targets suggests a coordinated rotation into hard assets.
Whether through physical bullion, ETFs, or tokenized alternatives, the appetite for gold exposure remains strong across investor segments.
Morgan Stanley head of digital asset strategy Amy Oldenburg said at the Bitcoin 2026 Conference in Las Vegas that Bitcoin on US bank balance sheets is “not totally out of the question,” citing 16 months of regulatory progress while warning that Basel capital rules and Fed guidance still stand in the way.
Summary
- The Basel Committee’s 1,250% risk-weight on unbacked crypto makes direct Bitcoin balance-sheet exposure economically unviable for major banks under current rules.
- Morgan Stanley’s MSBT launched April 8 as the first US bank-affiliated Bitcoin ETP, hitting $100M in six days entirely through self-directed client demand with zero advisor involvement.
- The bank recommends a 2% to 4% Bitcoin allocation to certain clients and is pursuing an OCC digital trust charter for direct crypto custody and spot trading.
Morgan Stanley’s Amy Oldenburg said at the Bitcoin 2026 Conference on May 3 that direct Bitcoin holdings are not imminent but regulatory progress has made the scenario more plausible. “I think if we continue to see the progress that we’ve made over the last 16 months or so in regulatory, that that’s something that you may see going forward. It’s not totally out of the question,” she said.
CoinCentral reported that Oldenburg identified two conditions: the Basel Committee must revise its 1,250% risk-weight for Bitcoin, and the Federal Reserve must provide examiners a clear framework for Bitcoin exposure.
The Basel Committee said in February 2026 it had expedited a targeted review of its crypto standards.
As crypto.news reported, Morgan Stanley launched MSBT on April 8 as the first spot Bitcoin ETF issued directly by a major US commercial bank, with Coinbase Custody and BNY Mellon serving as dual custodians.
As crypto.news documented, MSBT attracted $103 million in net inflows within eight days of launch, with 80% of exposure coming through self-directed channels and zero advisor involvement. Oldenburg said the slow advisor adoption reflects an education gap the bank is now addressing through internal training programs.
As crypto.news tracked, Morgan Stanley is pursuing an OCC digital trust charter for direct crypto custody and spot trading, and has filed separately for Ethereum and Solana trusts, with retail crypto trading on E*Trade targeted for the first half of 2026.
Bitcoin (BTC) reached a new three-month high of $80,500 on Monday, testing the level for the first time since Jan. 31. The rally above $80,000 puts the price just below short-term holders’ cost basis of $81,486, the next dynamic resistance level. For the rally to continue, a daily close above this level is key to securing $80,000 as support.
A rally to $81,500 may lock in the trend
Bitcoin’s rally to $80,000 places the price directly under the short-term holder’s realized price of $81,486. This metric reflects the average cost of coins moved over the last 155 days and indicates where recent buyers have flipped from loss to profit.
A daily close above $81,500 would return these holders to profit and reduce sell-side pressure. According to crypto analyst Crazyyblockk, the short-term holder losses have narrowed to about -2.17%, showing that the overhead supply band is thinning. The long-term holders (LTHs) hold near +27% profit and are not distributing aggressively.
Bitcoin LTH/STH SOPR ratio. Source: CryptoQuant
The spent-output profit ratio (SOPR), which tracks whether coins are spent at a profit or a loss, has climbed to 1.097 from 0.99. This indicates the coins are being spent in profit again, led by long-term holders.
The exchange inflow data aligns with that shift. Around 97.2% of recent deposits came from short-term holders, with wallets holding 1 to 1,000 BTC contributing roughly 58%.
BTC inflows peaked at 35,649 BTC on April 24 and dropped to 3,895 BTC by May 3. That compression reduces immediate sell pressure and supports the case for holding at $80,000 once the cost basis flips.
Related: Bitcoin in ‘disbelief rally’ as traders spot $84K BTC price target
BTC exchange supply builds below $80,000
BTC exchange flow data tracked by Bitcoin researcher Axel Adler Jr shows 8,512 BTC in net inflows over recent days, with spikes on April 27 and April 30. The price absorbed that supply without a sharp downside, signaling an active BTC demand.
Bitcoin exchange netflows for all exchanges. Source: CryptoQuant
The BTC flows have since cooled to near-neutral at 269 BTC between May 1 and May 3. The short-term averages stay positive, while the longer-term averages sit near zero, keeping the move contained to a short impulse.
BTC exchange reserves increased by 5,773 BTC week over week to 2,685,541 BTC, before easing slightly after April 30. Adler Jr explained that the coins are currently sitting on exchanges without aggressive selling, forming a supply overhang that could turn into pressure if demand slows.
Meanwhile, crypto trader Ardi highlighted that BTC is retesting breakout liquidity near $79,600. The trader said that holding this level keeps the move intact toward the next supply zone near $84,000.
BTC/USDT analysis by Ardi. Source: X
A breakdown below $80,000 shifts focus to the new-money cost basis near $76,500 and increases the likelihood of a failed breakout setup.
Related: BTC price can ‘easily’ hit $95K: Five things to know in Bitcoin this week
XRP price action has flatlined near $1.40 as Bollinger Bands on both the weekly and daily charts compress to their tightest readings in years, setting the conditions for an outsized directional move.
The Bollinger Band Width Percentile has fallen into extreme blue territory across multiple timeframes, and on-chain activity from large holders has cooled in step. Together, these signals point to a coiled market waiting for a catalyst.
Volatility Compression Reaches Multi-Year Extremes
On the weekly chart, XRP trades at $1.3985 just above the 0.786 Fibonacci retracement zone near $1.1729, while the BBWP reading sits at the very bottom of its range.
That places weekly volatility at its lowest level since the late 2024 expansion phase.
The daily timeframe tells the same story. The BBWP has flashed extreme blue three times in recent weeks, with the most recent reading from late April still pinned to the indicator’s floor.
The Relative Strength Index hovers near 40, reinforcing the absence of momentum in either direction.
A move on the BBWP back above 50 would signal that volatility is expanding. Until then, the squeeze remains the dominant technical feature on both timeframes.
On-Chain Activity Confirms the Calm
While the chart shows compression, on-chain data confirms why. Santiment data shows the whale transaction count for transfers above $100,000 has dropped to 117, well below the 700-900 peaks seen during the January and early February swings.
Exchange inflows tell the same story. The metric currently stands at roughly 2.19 million XRP per day, near the lowest level in the past six months. Large holders are not moving size onto exchanges, and retail flows have thinned out alongside.
This combination historically precedes volatility expansion rather than continued drift. When whale activity and exchange flows reset to local lows, the market typically runs out of fuel to sustain the existing range.
XRP Price Prediction Hinges on Triangle Apex Near $1.40
The daily price chart shows XRP grinding inside a contracting symmetrical triangle. The descending resistance line tracks down from the mid-February high near $1.65 toward $1.45, while the ascending support line rises from the early February low near $1.20 toward $1.30. The apex sits within days of completion.
An independent analyst @seth_fin highlighted the same setup, noting that the current Bollinger Band squeeze on Ripple is the tightest in years.
The Visible Range Volume Profile on his chart shows the heaviest volume node clustered between $1.35 and $1.42, identifying that band as the immediate battleground.
A breakout above the descending trendline near $1.45 opens the path toward $1.4697 and the 0.618 weekly Fibonacci resistance at $1.7045. A breakdown through $1.3563 exposes the $1.1427 to $1.1729 region, which aligns with the weekly 0.786 Fibonacci support.
The catalyst remains open. Spot Bitcoin and Ethereum exchange-traded fund flows, fresh news on the Ripple legal file, or a broad macro shift could each force the squeeze to release. Either way, the apex is closing fast, and the next candle of size should set the direction.
The post XRP Calm Before the Storm? Bollinger Squeeze Signals Big Move appeared first on BeInCrypto.
Pi Network co-founder Dr. Chengdiao Fan is set to speak at Consensus 2026 in Miami on May 6, delivering a session titled “Aligning Web3, AI, and Blockchain for Utility” at the Convergence Stage, six days before Protocol 23 brings full smart contracts to the Pi blockchain on May 11.
Summary
- Fan’s session argues that verified human identity is the competitive advantage that AI cannot replicate, directly connecting Pi’s 18 million verified users to the AI era’s core governance problem.
- Pi Network has completed over 526 million human KYC validation tasks and runs 421,000 active Mainnet nodes entering Consensus week.
- Protocol 23, Pi’s most significant upgrade, launches May 11, introducing full smart contract functionality and transforming Pi into a programmable blockchain.
Pi Network’s official X account confirmed that Dr. Fan will speak May 6 from 11:15 to 11:35 AM EDT at the Convergence Stage. Her presentation argues that as AI lowers the barriers to building products, competition increasingly centres on authentic human data, verified user acquisition, and trusted participation.
This is the infrastructure Pi has been building since 2019. As crypto.news reported, Pi Network is an official sponsor of Consensus 2026, with co-founder Nicolas Kokkalis joining a May 7 panel titled “How to Prove You’re Human in an AI World (Without Doxing Yourself).”
As crypto.news documented, Protocol 23 is scheduled for May 11, six days after Consensus 2026 closes, introducing full smart contract functionality and unlocking decentralised applications, exchanges, and real-world asset tokenisation on Pi for the first time. The Consensus timing creates maximum public visibility immediately before launch.
As crypto.news tracked, PI rose more than 5% on April 29 as both founders were confirmed for Consensus 2026, with the token near $0.187 entering conference week. The official minepi.com blog confirmed full schedule details and session descriptions for both founders.
The Depository Trust & Clearing Corporation (DTCC) plans to pilot trading of tokenized securities in July with a goal of a full service launch in October.
The post-trade market infrastructure giant said Monday that more than 50 TradFi and DeFi firms will play a role in the design and deployment of the service. That DTCC Industry Working Group includes Alpaca, Anchorage Digital, BitGo Bank & Trust, BlackRock, Circle and Fireblocks, along with some of the biggest banks in the country.
Source: DTCC
DTCC, which currently custodies $114 trillion in liquid assets from stocks to exchange-traded funds, said it expects the service will enable tokenization of real-world assets that provide the same entitlements, investor protections and ownership rights as the assets held in traditional form.
In December, DTCC received permission from the US Securities and Exchange Commission (SEC) to offer tokenization services on pre-approved blockchains for three years.
“Although this program is a pilot subject to various operational limitations, it marks a significant incremental step in moving markets onchain,” SEC Commissioner Hester Peirce said at the time.
Related: Tokenized assets climb to $23.6B as investors seek always-on markets
While the pilot phase will test limited production trades, the full service is expected to tokenize a specific set of some of the most-widely traded liquid assets, including exchange-traded funds tracking major indexes, Russell 1000 constituents, US Treasury bills, bonds and notes, according to DTCC’s announcement.
Tokenized RWA market grows, but remains concentrated
The value of tokenized real-world assets have surged 66% in 2026, with funds, gold and equities driving growth across public blockchains.
Data from the analytics platform RWA.xyz show that tokenized stocks alone expanded from $375.4 million on May 3, 2025, to about $1.21 billion on May 3, 2026. Kraken’s xStocks platform has emerged as one of the more visible entrants, reporting more than $25 billion in cumulative trading volume since launching last year.
In January, the New York Stock Exchange and its parent company, the Intercontinental Exchange, announced the development of a new platform to trade tokenized stocks and ETFs. The platform, subject to regulatory approvals, is intended to underpin a new NYSE trading venue for tokenized securities.
Tokenized stocks have recently topped $1.2 billion in value. Source: RWA.xyz
Rather than creating a parallel crypto-native marketplace, the venue is designed to operate within existing US market rules while leveraging blockchain-based settlement infrastructure.
Both NYSE Group and Kraken’s parent, Payward, are part of the DTCC Industry Working Group announced Monday.
In March, TD Securities’ Reid Noch, vice president for electronic trading, said tokenization is beginning to carry real implications for market structure, pointing to the NYSE’s proposed tokenized equities alternative trading system as a key development.
Noch described the structure as closer to a “2.0” market shift, where custody and settlement would remain anchored to the DTCC, while trading would comply with National Best Bid and Offer requirements.
Magazine: How to fix suspected insider trading on Polymarket and Kalshi
TLDR
- Bitmine purchased 101,745 ETH worth about $238 million and increased its total holdings to over 5.18 million ETH.
- The company now holds roughly 4.29% of Ethereum’s outstanding supply and maintains total crypto and cash assets of $13.1 billion.
- Bitmine has pledged more than 4.36 million ETH to staking operations and generates about $297 million in annualized revenue.
- Chairman Thomas Lee said a new crypto spring has begun despite subdued investor sentiment.
- Lee referenced progress on the CLARITY Act and cited a more than 60% probability of passage this year on Polymarket.
Bitmine expanded its Ethereum holdings last week with a 101,745 ETH purchase valued near $238 million. The acquisition raised its total holdings to more than 5.18 million ETH, equal to about 4.29% of supply. Chairman Thomas Lee said a new “crypto spring” has started even as overall sentiment remains weak.
Ethereum Treasury Expands Ether Holdings
Bitmine increased its Ethereum treasury with the latest purchase and pushed total holdings above 5.18 million ETH. The firm said the position equals roughly 4.29% of Ethereum’s outstanding supply. It confirmed the transaction value at about $238 million based on current market prices. The company has continued weekly purchases and has accumulated ETH at scale.
The firm reported total crypto and cash holdings of $13.1 billion after the transaction. It holds 200 Bitcoin, worth about $79,935.77 each at the time of disclosure. It also maintains $700 million in cash and equity stakes in Beast Industries and Eightco Holdings. Bitmine said it uses its balance sheet to support long-term digital asset exposure.
Bitmine has pledged more than 4.36 million ETH into staking operations. That figure represents over 84% of its total ETH holdings. The company said staking generates about $297 million in annualized revenue. It operates the MAVAN staking platform for internal use and institutional clients.
Regulation and Market Outlook Shape Strategy
Lee linked the company’s accumulation strategy to improving regulatory progress in the United States. He referenced the Senate’s release of compromise text for the CLARITY Act. He said the bill bans stablecoin yield on reserves but allows activity-based rewards. He stated, “This compromise is largely acceptable to us, and we hope to see this bill passed in 2026.”
He also cited Polymarket data that assigns more than a 60% chance of passage this year. Lee said crypto markets are emerging from a recent “mini-winter” phase. He stated, “Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen.” He added that current sentiment does not reflect price performance.
Lee said Ethereum benefits from tokenization trends and artificial intelligence growth. He argued that financial assets continue shifting onto blockchain infrastructure. He said AI systems may prefer neutral public networks for payments and verification. He also said ETH functions as both a store of value and a medium of exchange.
He cited Ethereum’s performance relative to equities since the start of the Iran conflict. Bitmine plans to maintain its staking allocation through its MAVAN platform.
TLDR:
- Bitcoin on-chain activity has fallen to 2-year lows, with only 531K wallets making daily transfers.
- BTC’s 22% price rise over five weeks is not backed by broad network participation or new user growth.
- Only 203K new Bitcoin wallets are created daily, a figure that sits at the lowest point in two years.
- Santiment warns that price rallies without on-chain support are historically fragile and short-lived.
Bitcoin on-chain activity has dropped to its lowest levels in two years, even as BTC reclaims the $80,000 price mark.
Data from blockchain analytics firm Santiment shows only 531,000 wallets making daily transfers. Additionally, just 203,000 new Bitcoin wallets are being created each day.
These are the weakest participation numbers since 2023. The gap between the price recovery and user activity has drawn fresh scrutiny from market observers.
A Rally Supported by Few Market Players
Bitcoin’s price has climbed roughly 22% over the past five weeks. Yet, the number of daily active wallets has not risen in step with the price.
This kind of divergence is unusual during a sustained price recovery. Market participants and on-chain analysts are paying close attention to the gap.
Santiment noted on X that both wallet metrics are sitting at two-year lows. The firm shared data showing “531K Bitcoin wallets making transfers daily” and “203K new Bitcoin wallets created daily.”
This comes as Bitcoin breaks back above $80,000 for the first time in three months. The timing makes the numbers stand out even more.
Typically, rising prices pull in new users and encourage more wallet activity. More on-chain traffic and higher wallet creation rates are common signs of broad adoption. Those signals are clearly missing from the current rally.
Instead, a smaller pool of market participants appears to be driving prices higher. Without wide user participation, the move rests on a narrow foundation.
That makes it more sensitive to profit-taking by larger holders. There is also less fresh demand available to absorb a potential sell-off.
What Low Network Activity Could Signal Next
Low on-chain activity during a price rally is widely viewed as a warning sign. According to Santiment, price increases without growing on-chain participation tend to be fragile. There is simply less buying pressure backing the current move.
If larger players choose to exit their positions, the situation becomes more delicate. There may not be enough demand from new users to keep prices elevated.
The absence of retail adoption at scale remains a key concern for market watchers. Santiment’s data shows that buying fuel remains thin at current participation levels.
However, Santiment also notes that low activity can serve as a contrarian signal. Activity bottoms have historically marked the end of periods of market apathy, not the continuation of them. The market may be closer to a turning point than the current numbers suggest.
Bitcoin is already recovering toward $80,000 with participation near multi-year lows. If retail interest picks back up and daily active addresses begin climbing, the move could gain a stronger footing.
During the 2024–2025 peaks, new wallet creation regularly exceeded 100,000 per day. A return to those levels would represent a notable shift in market momentum.
MediaAlpha, Inc. 2026 Q1 – Results – Earnings Call Presentation (NYSE:MAX) 2026-05-04
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