• DIU names Concordium official AI partner for 2026 IIHF event.
• Concordium launches blockchain fan ID pilot with Danish hockey.
• Partnership fee settled fully in Concordium CCD tokens.

Danmarks Ishockey Union (DIU), the governing body for ice hockey in Denmark, has named Concordium as the Official AI Partner of the Danish National Ice Hockey Team in a partnership centered on blockchain-based digital identity and artificial intelligence infrastructure.

The collaboration will officially launch during the 2026 IIHF Ice Hockey World Championship in Switzerland and will include multiple technology-focused initiatives aimed at enhancing fan engagement through AI-powered systems and on-chain identity verification.

Concordium, which describes itself as a regulatory-grade AI infrastructure platform powered by blockchain technology, said the partnership will serve as a real-world demonstration of how verified digital identities and AI agents can operate at scale in consumer-facing environments.

Verified fan program to debut at IIHF Championship

The partnership between DIU and Concordium will initially focus on two core initiatives built on Concordium’s infrastructure.

The first is a Verified Fan Programme designed to pilot a privacy-preserving fan experience using zero-knowledge proof technology.

The system is intended to allow users to verify identity-related credentials while limiting exposure of personal information.

The second initiative is an Agentic Commerce pilot, which aims to demonstrate how verified AI agents can operate autonomously while interacting with fans and digital commerce systems.

The project builds on Concordium’s previous work involving the x402 agentic payments protocol, which is focused on enabling secure and verifiable machine-driven transactions.

“Agents transacting at scale need a verified identity they can carry and settlement rails they can trust,” said Varun Kabra, Chief Growth Officer at Concordium.

“The infrastructure for that already exists. What it has lacked is legibility, a place where mainstream audiences can see it working. We are very excited to partner with the Danish Ice Hockey team to build together a solution where AI can deliver a much superior fan experience.”

DIU said the partnership was structured around long-term technology collaboration rather than traditional sponsorship branding alone.

“We approached this the way we approach every serious collaboration, starting with what we could build together, not what would go on the jersey,” said Michael Dupont, CEO of Danmarks Ishockey Union. “Concordium is a Swiss-built and regulatory-grade AI infrastructure. The programmes planned over the course of the partnership are the kind of work that fits how Danish hockey wants to be seen.”

Partnership settled entirely in CCD tokens

As part of the agreement, Concordium branding will appear on the Danish national team’s helmets and jerseys, alongside category exclusivity across digital assets during the term of the partnership.

The organizations also said the full partnership fee was settled entirely in CCD, Concordium’s native blockchain token.

According to the announcement, the agreement represents the first national-team partnership fully paid and locked in a native protocol token.

The transaction was settled on-chain at signing, while a 12-month lock-up period was enforced directly at the protocol level.

DIU will maintain full self-custody of the digital assets under the arrangement.

Global tournament exposure supports partnership visibility

The partnership launches ahead of the 2026 IIHF World Championship, where Denmark’s national team is expected to receive broad international television exposure.

Games involving the Danish team are broadcast across Sweden, Finland, Germany, Switzerland, Canada, and the United States through networks including Viaplay, ZDF, ARD, TSN, and ESPN.

According to the organizations, the 2025 IIHF World Championship generated a cumulative live television audience of 215 million viewers and 25.6 billion event impressions across 155 territories.

DIU noted that Denmark has become an established host nation for international hockey tournaments, hosting four IIHF World Championships within eight years, including the men’s tournaments in 2018 and 2025, and women’s tournaments in 2022 and 2026.

Tokyo-listed Metaplanet reported first-quarter operating income Wednesday of 2.27 billion Japanese yen (roughly $14.38 million) on net sales of about $19.5 million, implying an operating margin of 73.6% as surging Bitcoin option income more than tripled revenue from a year earlier, according to the company’s Q1 fiscal year 2026 earnings release.

The strong operating performance contrasted with an ordinary loss of around $728 million, driven mainly by non-cash valuation losses as Bitcoin’s price declined during the period, and the company marked its expanding Bitcoin (BTC) holdings lower.

The price of Bitcoin fell around 24% during the quarter, from around $87,000 on Jan. 1 to roughly $66,000 on March 31, according to data from Coingecko.

Revenue for the quarter ending March 31 rose from about $5.5 million a year earlier to about $19.5 million, the filing shows, with the Bitcoin Income Generation business of option premiums and derivative valuation gains contributing the bulk of sales, while hotel operations remained a small, stable contributor.

BTC price fell 24% in Q1. Source: Coingecko

Metaplanet posted a basic loss of roughly $0.63 per share, widening from a loss of about $0.078 a year earlier, and kept its full-year 2026 outlook unchanged, still forecasting net sales of roughly $101 million and operating profit of about $72 million, while refraining from giving ordinary or net income guidance due to Bitcoin price sensitivity.

Strong operating income offset by Bitcoin valuation loss

Metaplanet ended the quarter holding 40,177 Bitcoin, up from 35,102 at the end of December 2025, after adding about 5,075 BTC in Q1 to become the third-largest publicly listed Bitcoin treasury, through a combination of new equity and Bitcoin-backed borrowing.

Consolidated Financial Results for Q1, FY2026. Source: Metaplanet

On a fully diluted basis, Bitcoin holdings per share increased from 0.0240486 BTC to 0.0247319 BTC, corresponding to a first-quarter BTC yield of 2.8%, which the company highlights as a key performance indicator for shareholder value creation, as it measures Bitcoin per-share growth after dilution.

Metaplanet’s capital structure continued to evolve over the quarter, with total net assets falling from $2.96 billion at Dec. 31 to approximately $2.60 billion, as Bitcoin-related valuation losses outweighed equity raised during the quarter.

Short-term borrowings also increased as the company drew further on its $500 million Bitcoin-collateralized credit facility, under which it had $302 million outstanding as of May 13, 2026, it said.

Metaplanet shares traded lower on Wednesday in Tokyo, at around 327 Japanese yen (roughly $2.07), down 3.82% at the time of writing from Tuesday’s close, according to data from Yahoo! Finance.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

U.S. producer prices for April came in far hotter than expected on Wednesday, complicating the Federal Reserve’s path forward to ease monetary policy later this year.

The April Producer Price Index rose 1.4% month-over-month, nearly triple economists’ expectations for a 0.5% increase. Annual producer inflation accelerated to 6%, while core PPI excluding food and energy climbed 1% on the month and 5.2% year-over-year, both well above forecasts.

The report reinforced that inflation is reaccelerating after Tuesday’s consumer price index (CPI) rose 3.8% year-over-year, the hottest inflation reading in almost three years.

Bitcoin (BTC), which traded above $81,000 overnight, quickly dropped below the key $80,000 level in the minutes following the release before recovering slightly. The largest cryptocurrency was recently changing hands just above $80,000, down about 0.8% over the past 24 hours.

Equity futures held relatively steady ahead of the U.S. open, with Nasdaq 100 futures up 0.2% and S&P 500 futures little changed.

The inflation surprise adds another layer of uncertainty for the Fed as policymakers navigate rising energy prices tied to the ongoing Iran conflict and persistent concerns over supply disruptions around the Strait of Hormuz. Higher oil prices risk feeding further into inflation data in the months ahead.

The report could also revive discussion of whether the central bank may need to consider additional tightening rather than cuts, even as President Donald Trump continues to pressure the Fed to lower interest rates.

That backdrop is especially delicate as Kevin Warsh prepares to take over leadership of the central bank, with investors closely watching how the incoming chair will balance slowing growth risks against resurgent inflation pressures.

Bitcoin could be poised for another push to fresh all-time highs within a year if a familiar price pattern holds, according to research from network economist Timothy Peterson. With BTC hovering around $81,000 after rebounding from a February dip below $60,000, the setup echoes past bear-market recoveries, where BTC rebuilt strength from a -50% to -35% drawdown and then surged higher. The signal sits atop a broader valuation discussion: VanEck analyst Matthew Sigel argues that the Buffett indicator implies a path toward a $160,000 price level if market dynamics align, a scenario that would simply bring Bitcoin in line with equities’ overall asset pricing.

Key points:

• Bitcoin’s current configuration mirrors a historically favorable window: after falling from -50% to -35% from its all-time high, BTC has often advanced to new peaks within about a year, according to Timothy Peterson’s analysis.
• As of now, Bitcoin trades near $81,000, with the drawdown from its October 2025 high standing at roughly 35% after a dip below $60,000 in February.
• Past episodes show that similar recoveries culminated in new all-time highs, a pattern reinforced by on-chain analytics and historical price data.
• Valuation signals, including the Buffett indicator, have been cited by observers as suggesting a longer-term upward re-rating of Bitcoin could materialize, potentially targeting well into the six-figure range.

Pattern repeats as BTC rebounds from bear-market drawdowns

Timothy Peterson laid out a concise framework for interpreting Bitcoin’s price action when it rebounds from a large drawdown. In a post on X, he noted: “I looked at every time Bitcoin went from a -50% drawdown to a -35% drawdown (the situation we are in today).” The implication is that when BTC retraces from its deepest losses toward a shallower drawdown, historical precedent favors a resume of bullish momentum that can culminate in a new all-time high within roughly a year.

Bitcoin’s recent path has featured a sharp correction that began in earnest during the 2022 bear market, followed by a multi-quarter recovery. In February, BTC briefly dipped below the $60,000 level, deepening its drawdown against the all-time high around $126,200. Since then, the price has rebounded to around $81,000, narrowing the drawdown to about 35% versus that October 2025 peak, according to data from TradingView. The cycle aligns with Peterson’s narrative: a shift from the harsher drawdown toward a less severe trough often precedes renewed upside momentum.

Historical precedents and what they imply

To contextualize the current setup, market analytics platform Glassnode provides a longer lens on drawdowns in Bitcoin’s price history. Glassnode data illustrate that during the last major drawdown, the market didn’t stabilize at a 35% retreat from the prior all-time high until December 2023—roughly two years after the peak. That period of stabilization preceded Bitcoin’s next notable price peak in March 2024, underscoring a pattern in which extended bear-market correction can set the stage for a renewed ascent later in the cycle.

The narrative that a measured rebound often follows a deep drawdown aligns with several prior cycles. After the 2022 bear market saw an extreme drop, the subsequent period of consolidation and resilience culminated in a fresh breakout in the following year. While not a guaranteed outcome, the historical sequence—deep drawdown, slower recovery, then new highs—has appeared with sufficient frequency to merit attention from believers in a cyclical, macro-driven recovery.

Valuation signals and the Buffett indicator

Beyond pure price action, a separate line of reasoning centers on valuation. VanEck’s Matthew Sigel has argued that Bitcoin appears cheap relative to equities when viewed through the Buffett indicator—the ratio of the total US stock market to GDP. In a post on X, Sigel suggested that if Bitcoin were to regain the level implied by the 35x XBT/XAU cross embedded in that indicator, the price could potentially reach around $160,000. He framed the scenario as a re-pricing mechanism that would bring Bitcoin in line with where equities already stand on a valuation basis.

“Bitcoin looks cheap,” he told X followers. “If it regains the 35x XBT/XAU cross implied by current levels of the Buffett Indicator, we’re looking at $160k, and that’s just catching up to where equities already are.”

The Buffett indicator has long been cited as a broad gauge of whether risk assets are over- or under-priced relative to macro fundamentals. In the Bitcoin context, proponents see it as a cross-asset justification for higher prices if the market’s risk premium shifts in step with the equity complex. Critics, however, caution that the indicator is a back-tested, broad-strokes tool and should be interpreted within a wider set of catalysts, including adoption trends, on-chain activity, and regulatory developments.

What this means for investors and traders

The convergence of a pattern-based setup and valuation commentary creates a nuanced scene for market participants. On one hand, Peterson’s drawdown framework—paired with recent resilience—offers a probabilistic case for upside in the months ahead, especially if Bitcoin can sustain momentum through key liquidity and macro crossroads. On the other hand, the signal is not a guarantee. The broader macro environment remains uncertain, with geopolitical tensions, regulatory scrutiny, and shifting risk appetites continuing to shape crypto markets.

Traders may watch several factors closely. On-chain indicators that track capitalization cycles and exchange flows could reveal whether new supply is entering the market in a way that sustains a rally. Additionally, any shifts in macro policy or inflation expectations could influence the pace at which risk assets reprice, including Bitcoin. While the Buffett-indicator perspective adds an intriguing long-term valuation narrative, it should be weighed alongside price action, market sentiment, and the evolving regulatory backdrop that continues to influence institutional participation in crypto markets.

In this context, the next few months could prove pivotal. If the historical tendency of a post-drawdown rally holds, BTC might test fresh highs within the year. If, however, macro risks intensify or demand falters, the path could diverge from the prior cycles. What remains certain is that investors will be watching both the price drivers and the broader narrative around Bitcoin’s role in portfolios as a non-sovereign store of value and a networked medium of exchange in an increasingly digitized financial landscape.

As the market navigates these crosscurrents, observers will likely weigh both the momentum signals from previous cycles and the evolving macro framework that could either validate or challenge the notion of a swift transition to new all-time highs.

Keep an eye on evolving data points and market commentary in the coming weeks, including on-chain metrics, global macro guidance, and any shifts in institutional commentary on Bitcoin’s long-run role in diversified portfolios.

BNB price climbed higher this week as bulls attempted to confirm a breakout from a bullish double bottom pattern forming on the weekly chart.

According to data from crypto.news, BNB (BNB) price rose over 2% over the past week to trade near $679 at press time, pushing its market capitalization above $96 billion. The token has now recovered sharply from its April lows near $580 as investor sentiment around the Binance ecosystem improved.

BNB’s latest rally appears to have been driven by a combination of institutional and ecosystem-related catalysts unique to the token. Market speculation surrounding pending spot BNB ETF applications from major asset managers such as Grayscale and VanEck has fueled optimism that the token could attract broader institutional participation if approved.

Investor sentiment also strengthened following the successful tracking performance of the recently launched Teucrium 2x Long Daily BNB ETF (XBNB), which expanded institutional wrapper access to BNB and increased exposure opportunities for traditional market participants.

At the same time, growing RWA adoption on the BNB Chain has further reinforced the network’s long-term utility narrative. Recent integrations involving BlackRock’s BUIDL and Franklin Templeton’s BENJI through Securitize have strengthened expectations that the chain could play a larger role in tokenized finance infrastructure.

On the weekly chart, BNB appears to have formed a bullish double bottom pattern over the past several months, with two major lows established around the $580 region. The neckline of the pattern sits near the $680 resistance zone, which the token is currently attempting to reclaim.

Typically, a confirmed breakout above the neckline of a double bottom pattern signals a potential trend reversal and often opens the door for a rally equal to the height of the formation. Based on the current structure, a successful breakout above $680 could position BNB for a move toward the $780–$800 region in the coming months.

A look at other technical indicators also supports the improving bullish outlook. The MACD histogram has started turning positive after weeks of fading bearish momentum, while the MACD line appears to be curling upward toward a bullish crossover. This suggests that buying momentum may gradually be returning.

Meanwhile, the RSI has also rebounded from oversold territory and currently sits near the neutral 46 level, indicating that BNB still has room for additional upside before entering overbought conditions.

The recent recovery is also notable because BNB had been under pressure in recent months amid renewed scrutiny surrounding Binance’s compliance operations in the U.S. That uncertainty contributed to weaker sentiment earlier this year, though price action now suggests sellers may be losing control near the $580 support zone.

For now, the key resistance level remains near $680, which serves as the neckline of the double bottom formation. A decisive weekly close above that area could strengthen the bullish case and increase the chances of a move past the key $700 psychological level.

On the downside, the $650 and $600 regions remain important support zones that bulls will likely need to defend to maintain the current recovery structure.

Key takeaways

• Pi Network (PI) is currently consolidating within a descending wedge pattern on the 4-hour chart.
• The deployment of cross-chain contracts on the BSC and OP testnets is part of the ongoing mainnet upgrades, expanding Pi Network’s capabilities.

PI extends consolidation within descending wedge pattern

Pi Network (PI) is trading in the red on Wednesday, down 1%, continuing its consolidation within a descending wedge pattern on the 4-hour chart. 

Despite the current bearish price action, the technical outlook remains mildly bullish. PiChain Global, a key player within the Pi Network ecosystem, has recently deployed cross-chain contracts on the BSC and OP testnets, signaling that ongoing upgrades are bringing new capabilities to the Pi Network ecosystem. 

In an update posted on X, PiChain Global announced the successful deployment of cross-chain smart contracts on two blockchain testnets: BSC (Binance Smart Chain) and Optimism’s OP testnet, built on Ethereum. 

The move highlights the growing cross-chain functionality within Pi Network, expanding its capabilities. PiChain also plans to integrate this functionality into its PCM wallet, while temporarily pausing its Meeta social app due to resource limitations.

This new development is part of the Pi Core Team’s ongoing push for the mainnet upgrade, which has now reached Stellar Protocol v23 on Pi Network’s testnet. 

The mainnet nodes must complete this upgrade by Friday to remain connected to the network, and if successful, the upgrade will unlock similar cross-chain functionality on the mainnet, broadening the utility of the PI token.

PI price forecast: potential bullish breakout from descending wedge 

The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is consolidating between the $0.1700 mark and the May 9 high of $0.1766 on the 4-hour chart. 

This consolidation is bounded by two key trendlines—an overhead trendline from April 29 and May 6 highs, and a support trendline from April 30 and May 8 lows. 

Short-term momentum is recovering on the 4-hour chart. The Moving Average Convergence Divergence (MACD) remains above its signal line, with positive histogram bars contracting toward the zero line. 

The Relative Strength Index (RSI) is showing a steady rise in the mid-range at 46, while the price holds above the key $0.1700 level, signaling a positive divergence. 

If the bulls regain control, immediate resistance is found at the short-term descending trendline around $0.1766. 

A sustained break above this resistance level would help lift the current cap and pave the way for a potential move toward the May 6 high at $0.1881.

However, if the market undergoes a correction, initial support is at the psychological $0.1700 level, followed by the active descending support trendline near $0.1670. 

If the price breaks below this support level, it could trigger a deeper pullback, potentially weakening the broader consolidation structure.

The copper-to-gold ratio has broken above its 200-day moving average for the first meaningful time since September 2020, a development that has historically coincided with the early stages of bitcoin BTC$80,492.82 bull markets.

The ratio currently stands at 0.00142, with copper trading at $6.65 per pound and gold near $4,700 per ounce. Previous surges in the ratio during 2013, 2017, and 2021 aligned with major gains in bitcoin prices.

The correlation coefficient between bitcoin and the copper-to-gold ratio currently sits at -0.11, though it has rebounded sharply from -1.00. This suggests the two assets are not yet positively correlated, but the relationship is beginning to strengthen. Historically, during bitcoin’s strongest bull runs, the correlation has moved toward or above 1.0.

The current negative reading largely reflects the earlier divergence phase, when the ratio was falling and bitcoin typically declined faster than copper. As the ratio recovers, that relationship has historically converged alongside improving market conditions.

Historically, the copper-to-gold ratio has led bitcoin by several weeks to months, suggesting the current move may still be in its early stages.

The copper-to-gold ratio is widely viewed as a gauge of economic momentum and investor risk appetite. Copper is closely tied to industrial demand and tends to outperform during periods of economic expansion, while gold is traditionally associated with defensive positioning. A rising ratio therefore signals a more risk-on macro environment.