Congress has advanced a major crypto market bill that would give the CFTC new power over digital commodities despite fresh concerns about the agency’s staffing and funding.

Brookings fellow Tonantzin Carmona has warned that the Digital Asset Market Clarity Act could create a large regulatory system without giving its main watchdog enough resources to run it. Her concern centers on the Commodity Futures Trading Commission, which would become the chief regulator for spot trading in most digital commodities under the bill.

The legislation, known as the CLARITY Act or H.R. 3633, cleared the House in July 2025. The Senate Banking Committee advanced the measure on May 14, 2026, after bipartisan negotiations over digital asset market rules.

Supporters of the bill say it would end years of conflict between the Securities and Exchange Commission and the CFTC over crypto oversight. Critics, including Carmona, say Congress may be assigning one of the largest new financial-market jobs in years to an agency with limited staff.

CFTC faces resource questions

According to the CFTC’s budget documents, the agency’s FY2026 enacted budget was approximately $365 million. The agency later requested $410 million and 650 full-time equivalent staff for FY2027.

Carmona has argued that those numbers matter because the CLARITY Act would shift significant portions of crypto spot-market supervision to the CFTC. She compared the scale of the new duties to major post-crisis financial rules, while noting that the agency has never operated with the same retail-facing structure as the SEC.

The SEC’s budget remains much larger than the CFTC’s. The comparison has become central to the debate because the bill would reduce the SEC’s role in many crypto markets while giving the smaller commodities regulator a new mandate.

What the CLARITY act would change

Under the CLARITY Act, the CFTC would receive exclusive authority over spot transactions involving digital commodities. Crypto exchanges, brokers, dealers, and custodians handling those assets would have to register with the agency.

The bill gives regulators 360 days to complete rulemaking. It also sets a 270-day effective date for registration requirements, as described in the legislative framework of the proposal.

The Senate Banking Committee said the bill is designed to establish clear rules for digital assets. Committee Republicans, led by Chairman Tim Scott, described the markup as a step toward a national market structure for crypto.

Retail market oversight draws scrutiny

Carmona’s criticism focuses on the difference between derivatives markets and spot crypto markets. The CFTC has long supervised futures, swaps, and options, which are mostly used by professional and institutional traders.

Spot crypto markets involve many retail users. Brookings research has warned that retail-heavy crypto markets raise consumer protection concerns, including fraud, manipulation, and investor losses.

The SEC has historically handled retail investor protection through disclosure rules, enforcement programs, and investor education. Carmona’s argument is that those functions do not move automatically to the CFTC simply because Congress changes the legal label attached to crypto assets.

The proposed framework would treat many crypto assets as digital commodities, placing them outside the SEC’s main trading oversight once they meet the bill’s conditions.

That classification would affect assets such as Bitcoin, Ether, Solana, and XRP if regulators apply the proposed taxonomy in final rules. For crypto firms, the bill offers a clearer path to registration. 

U.S. treasuries climbed while the dollar bond index dropped to an intraday low of 98.8, signaling a notable swing in risk sentiment across global markets.

According to Gate market data, U.S. Treasury bonds “continue to rise” while the U.S. dollar index, DXY, “has fallen to an intraday low,” currently quoted at 98.8 against a base value of 100. The move underlines a familiar macro trade: investors buying Treasuries as a haven while the dollar softens against a basket of major currencies.

The DXY is a reference index that tracks the dollar against six peers, including the euro, yen and pound, with 100 set as the benchmark level when the index was created in 1973. A reading of 98.8 implies the dollar is trading roughly 1.2% below that base, extending a decline that recently saw the index oscillate around the 99 to 101 range as traders reacted to shifting Federal Reserve expectations.

Bonds bid as dollar slips

Rising U.S. Treasury prices imply falling yields, a notable shift from earlier in May when the 10 year benchmark climbed toward 4.75%, its highest level of the quarter, pulling capital into the dollar. More recent bond market commentary has highlighted how inflation data and geopolitical shocks had pushed the 10 year yield into the 4.40 to 4.60% band, with moves now reversing as demand for duration returns.

Historically, surges in Treasury yields have tended to strengthen the dollar as higher returns attract foreign capital, helping push the dollar index up from levels near 90 to more than 92 during past cycles. The current pattern flips that script: as bond prices rise and yields ease back, the DXY’s slide toward 98.8 reflects reduced yield support for the greenback and a modest rotation into other currencies.

Macro backdrop and crypto link

The latest leg lower in the dollar index comes against a backdrop of investors debating whether the Fed will keep rates at 5.25 to 5.50% for longer or begin cutting later in 2026, a debate that has already roiled risk assets. In recent weeks, some banks have delayed their expected first rate cut to September 2026 while nudging inflation forecasts nearer 2.9%, a trajectory that keeps policy restrictive but leaves room for yields to drift lower if growth slows.

For digital assets, the dollar’s move matters because DXY has historically shown a negative correlation with bitcoin (BTC), with weaker dollar stretches often coinciding with stronger performance in top cryptocurrencies. As bond markets lean toward lower yields and the dollar softens, traders will be watching whether this creates breathing room for ethereum and broader crypto markets, especially after earlier bouts of volatility tied to Fed repricing.

In a previous crypto market analysis, delayed rate cuts and sticky inflation were flagged as key risks for digital assets, tightening liquidity conditions and pressuring valuations. Other reporting on bitcoin correlation with macro benchmarks and the impact of Treasury market turbulence on crypto suggests DXY’s retreat to 98.8 and a bid in Treasuries could mark an early phase of a more supportive macro backdrop, if it persists.

Coinbase Financial Markets has begun offering US institutional clients access to global crypto options and perpetual futures markets through a regulated futures commission merchant, including connectivity to Deribit’s crypto options platform.

Coinbase said the launch follows guidance from the Commodity Futures Trading Commission (CFTC) that allows a regulated futures commission merchant to connect US clients with global crypto derivatives liquidity. The company said Coinbase Financial Markets is the first CFTC-regulated futures commission merchant to offer such access.

Deribit, which Coinbase acquired in August 2025 as part of its expansion into crypto derivatives, is the largest crypto options exchange by open interest.

CoinGlass data shows Deribit held roughly $31 billion in Bitcoin options open interest on May 27, compared with $2.7 billion on OKX, $1.8 billion on Binance and $1.2 billion on Bybit.

Bitcoin options open interest. Source: CoinGlass

According to Friday’s announcement, institutional clients can begin onboarding immediately, while broader access, including retail, is expected to follow later.

Related: Coinbase CEO’s finance wishlist mirrors company’s product roadmap

Crypto derivatives move deeper into regulated US markets 

The launch comes months after the US Securities and Exchange Commission and CFTC said they would explore ways to bring perpetual futures trading onshore. In a joint statement published in September 2025, the agencies said perpetual contracts had been largely confined to offshore crypto markets due to regulatory and jurisdictional constraints.

The agencies added that they could consider steps to “onshore perpetual contracts” and bring activity “now flowing exclusively to foreign platforms” back to regulated US markets.

Source: SEC/CFTC

Since then, US derivatives venues have steadily expanded their crypto offerings. Earlier this month, CME Group announced plans to launch a crypto index futures contract tracking a basket of seven cryptocurrencies, including Bitcoin (BTC), Ether (ETG), Solana (SOL) and XRP (XRP).

The announcement came days after Chicago-based CME unveiled Bitcoin Volatility futures, a regulated crypto derivatives product scheduled to launch on June 1. The futures will settle to a 30-day measure of expected Bitcoin volatility derived from CME options markets.

Other US crypto exchanges have also been expanding their derivatives businesses. In May, Kraken parent Payward completed its acquisition of Bitnomial, a CFTC-regulated derivatives platform that earlier this year launched the first US-regulated futures contracts tied to Injective’s INJ (INJ) token, following a similar launch for Aptos (APT) in January.

On Friday, CFTC staff issued guidance on 24/7 trading, clearing and settlement, saying crypto asset derivatives may be particularly well suited to round-the-clock markets.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

TLDR

• Dell’s quarterly revenue soared to $43.8B with an 88% year-over-year increase, while AI server orders reached $24.4B
• Dell stock rocketed more than 30% higher; the Dow Jones achieved a historic milestone by surpassing 51,000
• Strong enterprise AI software demand lifted Salesforce and NetApp shares significantly
• AI infrastructure enthusiasm drove gains in Hewlett Packard Enterprise and Super Micro Computer
• AST SpaceMobile shares declined following complications with Blue Origin’s New Glenn rocket program

Dell Technologies Delivers Massive AI-Driven Earnings Beat

Dell Technologies reported what many are calling one of 2025’s most impressive earnings performances. The tech giant announced quarterly revenue of $43.8 billion, representing an 88% jump from the same period last year, alongside adjusted earnings per share of $4.86. Revenue from AI-optimized servers climbed to $16.1 billion while AI-related order volume hit $24.4 billion. The company’s AI server backlog now exceeds $51 billion. Management upgraded its fiscal 2027 AI revenue projection from $50 billion to $60 billion. The stock responded by jumping more than 30%, prompting numerous Wall Street analysts to raise their price targets.

Dow Jones Achieves Historic 51,000 Milestone

The catalyst for broader market gains came directly from Dell’s blockbuster report. The Dow Jones Industrial Average broke through 51,000 for the first time in its history, while both the S&P 500 and Nasdaq established new all-time highs. Market participants continue viewing AI infrastructure investment as a fundamental growth driver, with Dell’s performance validating that perspective. The rally spread across multiple sectors, as traders sought additional opportunities to capitalize on the expanding AI infrastructure buildout.

Salesforce Gains Ground on Enterprise AI Momentum

Salesforce experienced significant upward movement following earnings that confirmed robust appetite for enterprise software and AI-enabled business applications. The company has emerged as a critical bellwether for investors monitoring practical AI implementation within major corporations. Its encouraging guidance helped broaden the day’s advances beyond hardware manufacturers into software providers, indicating the AI investment theme is expanding throughout the technology landscape.

NetApp and Enterprise Hardware Names Ride Dell’s Wave

NetApp emerged as a top performer, with shares climbing as market participants searched for AI infrastructure opportunities beyond semiconductor companies. The firm’s storage solutions and data management technologies are considered critical elements for large-scale AI system deployments. Hewlett Packard Enterprise and Super Micro Computer also posted substantial gains, as investors interpreted Dell’s strong numbers as a positive indicator for the broader enterprise AI hardware ecosystem.

AST SpaceMobile Drops on Blue Origin Rocket Program Issues

AST SpaceMobile ranked among the session’s weakest performers following news of difficulties with Blue Origin’s New Glenn rocket initiative. While the problem wasn’t directly connected to AST SpaceMobile’s business operations, it triggered widespread selling throughout space and satellite-related equities. Despite impressive performance over the past twelve months, Friday’s trading demonstrated that the space sector continues to face vulnerability from operational challenges and unfavorable developments.

Bitcoin extended its six-week slide as Wall Street kicked off the week with fresh records, underscoring the growing gap between crypto prices and traditional risk assets. BTC traded around the low $72,000s, with a dip to about $72,395 on Bitstamp marking another test of near-term support as U.S. equity indices surged to new highs.

In a backdrop of upbeat stock performance — the S&P 500 and the Dow Jones Industrial Average both flirting with intraday records — traders weighed the persistence of the crypto weakness versus the risk-on appetite in conventional markets. The market narrative has increasingly centered on whether Bitcoin can hold key technical floors or if a broader rotation into risk assets could push prices lower in the near term. The week’s mood was further shaped by headlines around a potential durable ceasefire in a broader geopolitical front, which has historically fed risk-on sentiment in equities even as crypto liquidity and volatility persisted.

Key takeaways

• Bitcoin hovered around the $72,000 support zone as U.S. stocks touched fresh highs, highlighting a persistent crypto-equities divergence.
• A wide technical battleground exists in the $72,000–$74,000 range; a break below could push BTC toward new lows, while a rally above roughly $77,000 may rekindle the uptrend, according to prominent analysts.
• Trader Michaël van de Poppe warned that the level of support is crucial, suggesting that a break could set the stage for downside, whereas clearing the $77k mark could signal the start of the next leg higher.
• Derivative and risk metrics pointed to potential volatility ahead: long-position pressure and liquidations per market trackers indicate the risk of a squeeze remains elevated heading into weekend closes.
• The 100-day moving average near $72,972 remains a focal technical level, with traders watching for signals from weekly indicators and pattern formations that could guide the next move.

Bitcoin’s price action amid stock strength

Data compiled during the U.S. trading session showed BTC/USD slipping closer to the $72,000 zone, with Bitstamp recording a print near $72,395. Traders noted that the move comes during a period of broad stock-market strength, with a number of indices testing or setting new highs as investors priced in a continued risk-on environment. The discordance between a strong equity backdrop and a softer Bitcoin price has become a recurrent theme, reflecting ongoing debates about sector rotation, liquidity, and the drivers of institutional participation in crypto markets.

From a broader market standpoint, investors have been parsing headlines around a potential lasting ceasefire situation involving major geopolitical players. While such developments can lift stocks, Bitcoin has shown resilience to remain within a defined price corridor rather than breaking decisively in either direction. In this context, traders have been keenly watching how the technical landscape evolves as the weekend approaches.

Analyst views and potential trajectories

“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality.”

That assessment came from Michaël van de Poppe, who shared a nuanced view on the outlook for BTC in a post on X. While emphasizing the critical nature of support in the $72,000–$74,000 band, he also signaled that a breakout above $77,000 could mark the beginning of the next leg upward. The contrast in these two thresholds underscores the market’s current bifurcation: a construct where the next move is heavily contingent on whether buyers can defend key floors or whether sellers gain the upper hand and push Bitcoin toward new lows, especially if risk appetite shifts again.

Van de Poppe also drew attention to the broader macro setup, noting that even if BTC stabilizes here, price action remains tethered to the path of risk-on assets and macro catalysts. In his view, a sustained break above the $77,000 level could re-energize the bull case, while failure to hold support could expose BTC to renewed downside pressure and a potential widening gap against altcoins.

Derivatives, on-chain signals, and near-term risk

Market-commentary researchers and traders offered a cautionary read on the immediate horizon. CGT Trader highlighted a setup that could precede renewed volatility heading into the weekend, noting that extended long exposure and positive funding, coupled with declining open interest, could foreshadow a “long squeeze” if the price fails to sustain upward momentum. The assessment reflects a broader pattern in which traders appear to be holding risk-on bets even as some participants derisk and reduce exposure ahead of weekly closes.

Meanwhile, data aggregators signaled elevated risk in the near term. CoinGlass tracked more than $200 million in cross-crypto liquidations over a 24-hour window, illustrating persistent risk concentrations in the broader market backdrop. Such figures typically precede heightened volatility, reinforcing the sense that traders should be prepared for abrupt moves during the closing days of the week.

On the technical front, Market intelligence firm Material Indicators emphasized that volatility could spike as Sunday’s cluster of daily, weekly, and monthly closes arrived. In addition, its analytics flagged a potential head-and-shoulders pattern forming, with a possible pullback to the $68,000–$69,000 zone if current dynamics fail to sustain momentum. The note also pointed to the 100-day simple moving average, which sits around $72,972, as a critical pivot for the near term. “The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the weekly close,” the team observed, highlighting the macro tilt of the current price action.

These signals paint a nuanced picture: while there is still speculative appetite in the market, a constellation of risk indicators suggests a probability of continued volatility and potential retracements if key supports fail to hold or if the market fails to sustain a bid above important technical thresholds.

What to watch next

As the weekend approaches, the immediate focus for traders will be whether Bitcoin can defend the critical support zone around $72,000. A successful hold in this area could set the stage for a bounce toward the next meaningful resistance, potentially near $77,000, where bulls previously signaled a renewed push higher. Conversely, a decisive break below the $72,000 floor could open downside momentum toward mid- to upper-$60,000s, particularly if the broader risk-on backdrop falters or if liquidity conditions tighten further.

Beyond price levels, market participants will be watching the interaction between spot volumes, derivatives activity, and on-chain signals. The combination of high liquidations and positive funding conditions suggests a delicate balance between bullish intent and the risk of a sudden squeeze if the price fails to sustain a directional move. The upcoming weekly close will be a focal point for traders who rely on pattern recognition and moving-average confluences to gauge the next phase of the cycle.

For investors and builders in the space, the key takeaway remains: the immediate path for Bitcoin hinges on defending critical technical floors while macro narratives and liquidity dynamics continue to influence the pace of gains or retracements. The next few sessions could clarify whether Bitcoin resumes its longer-term uptrend or remains ensnared in a choppy range as market participants reassess risk budgets.

As always, readers should stay tuned to market developments and monitor how the price behaves around the 100-day moving average and around the outlined support and resistance thresholds, as the weekend closes and the new week begins.

Bitcoin (BTC) deepened six-week lows at Friday’s Wall Street open as US stock markets diverged to all-time highs.

Key points:

• Bitcoin sinks closer to $72,000 as analysis eyes “crucial” BTC price levels.
• US-Iran ceasefire talks send stocks to even higher records as the crypto divergence continues.
• Bitcoin’s 100-day moving average gains significance as a battleground for bulls.

BTC price analysis sees “crucial” range now in play

Data from TradingView showed BTC/USD dropping to $72,395 on Bitstamp to start the US TradFi trading session.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Continuing a losing streak from recent weeks, the pair again saw downside pressure, even as stocks surged further into price discovery.

The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.

S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingView

Anticipation of a lasting ceasefire between the US and Iran drove the momentum, even as military strikes continued.

Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.

“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” he wrote in a post on X. 

“Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal –> rates go down –> oil goes down –> risk-on assets (especially crypto) go higher.”

BTC/USDT one-day chart. Source: Michaël van de Poppe/X

Van de Poppe suggested that $77,000 was the line in the sand to start the “next leg upwards.”

“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” he added.

Weekly close tipped to see extra volatility

Continuing the general sense of caution among Bitcoin market participants, trading account CGT Trader warned that BTC long positions could face liquidation next.

Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar

“Long squeeze loading …. Price continues to range while funding stays heavily positive and open interest keeps declining. That usually suggests the market is still leaning aggressively long, even as some participants are already closing positions and derisking,” an X post read. 

“At the same time, spot volume continues to fade, which points toward underlying weakness. Given these conditions, a long squeeze looks increasingly likely.”

Binance BTC/USDT futures order-book data. Source: CGT Trader/X

Data from CoinGlass showed the total 24-hour cross-crypto liquidations passing $200 million at the time of writing.

Crypto liquidation history (screenshot). Source: CoinGlass

Looking ahead, trading resource Material Indicators told followers to “expect volatility” on Bitcoin as Sunday’s joint daily, weekly and monthly close approached.

“We have a cluster of liquidations around $76k and a developing H & S pattern that could take price down to the Q2 Timescape R/S Levels in the$68k – $69k range,” it noted, referring to data from its proprietary trading tools. 

“The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close.”

BTC/USD one-hour chart with 100-day SMA. Source: Cointelegraph/TradingView

Material Indicators referenced the 100-day simple moving average, currently at $72,972.

TLDR:

• Bitcoin ETF outflows surpassed $4 billion during one of 2026’s largest withdrawal phases.
• Santiment data shows major ETF outflow spikes often emerge close to Bitcoin market bottoms.
• Whale wallets and retail traders are simultaneously increasing spot Bitcoin accumulation activity.
• Thin liquidity above $74K may accelerate Bitcoin price movement if bullish momentum strengthens.

Bitcoin ETF outflows have crossed $4 billion since May 7, reflecting rising caution among institutional and retail investors.

However, fresh CVD data and weakening sell-side liquidity suggest Bitcoin could be approaching a critical turning point after weeks of aggressive market pressure.

Bitcoin ETF Outflows Signal Investor Capitulation

According to Santiment data, cumulative withdrawals from spot Bitcoin ETFs now exceed $4.013 billion within three weeks.

The heavy selling pressure reflects a sharp decline in confidence across mainstream investment markets. Institutional investors, hedge funds, wealth managers, and retail traders have all contributed to the latest wave of capital exits.

Santiment noted that extreme Bitcoin ETF outflows historically appeared during emotionally driven market conditions.

Similar patterns emerged during November 2025, when ETF products recorded nearly $903 million in daily withdrawals before Bitcoin staged a recovery rally.

Another major outflow event occurred on May 27, 2026, when roughly $738 million exited spot Bitcoin ETFs. The latest selling trend now ranks among the largest sustained withdrawal periods since spot Bitcoin ETFs launched in the United States.

The analytics platform also pointed out that previous inflow spikes coincided with overheated market conditions. In July and October 2025, billion-dollar ETF inflows arrived near local Bitcoin highs as bullish sentiment intensified across the market.

By contrast, current Bitcoin ETF outflows suggest investors are reducing exposure after prolonged uncertainty and weakening momentum. Market fear has increased steadily as traders react to broader macroeconomic pressure and persistent volatility.

Bitcoin CVD Data Shows Buyers Returning

Despite continued Bitcoin ETF outflows, recent cumulative volume delta data paint a more constructive market structure beneath the surface. Santiment reported that buying activity has started increasing across nearly every major order cohort.

Retail traders executing smaller orders have returned to spot accumulation. At the same time, whale-level participants between $100,000 and $10 million are also rebuilding exposure after earlier distribution phases.

This alignment between smaller investors and larger wallets often strengthens bullish momentum during recovery periods. Historically, synchronized spot buying has preceded stronger Bitcoin expansion phases when liquidity conditions remain favorable.

The report also identified the $74,000 region as a key resistance level for Bitcoin. Market heatmaps indicate relatively thin sell-side liquidity above that zone, reducing the number of major sell walls overhead.

Analysts often describe such conditions as a liquidity gap, where aggressive buying pressure can trigger faster upward price movement.

If Bitcoin breaks above resistance with strong volume, short covering and renewed momentum could accelerate price action quickly.

While macroeconomic risks remain, current CVD trends suggest stronger hands are quietly absorbing supply during the latest phase of market weakness.