The Senate Banking Committee plans to hold its long-awaited markup hearing for the Digital Asset Market Clarity Act of 2025 (otherwise known as the Clarity Act) on Thursday, May 14 at 10:30 a.m.

The Clarity Act was largely in limbo after Coinbase CEO Brian Armstrong announced the exchange was pulling its support over stablecoin yield and other provisions in January. Last week, Senators Thom Tillis and Angela Alsobrooks released a compromise text addressing yield, which would prohibit crypto companies from offering yield on static stablecoin reserve holdings but allowing rewards for stablecoins involved in activities, seemingly resolving one of the key issues blocking the bill from advancing.

The committee did not release the full text of the updated bill publicly as of press time.

The banking industry groups said they had issues with this compromise text and would provide feedback. A letter published by multiple banking trade associations, including the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America, National Bankers Association and Consumer Bankers Association on Friday said “additional work is needed to arrive at text that embraces the innovation represented by digital assets while also protecting consumers.”

The letter includes recommendations with specific edits to the text of the provision released last week.

The scheduling of a markup hearing suggests lawmakers are ready to move ahead with the current version of the text regardless of these concerns.

There are still other outstanding issues — Senator Kirsten Gillibrand, a longtime champion of the crypto industry, told the audience at Consensus Miami this past week that the Clarity Act needs an ethics provision barring senior government officials from profiting off of the crypto industry while regulating it. Her office reiterated that position in a press release on Thursday, which cited CoinDesk-commissioned polling data which found that 73% of registered voters believe senior government officials should not have business ties to the industry.

However, this issue may not be addressed in the Senate Banking version of the bill; after the Banking markup, the Senate will need to merge this version of the bill with the Senate Agriculture Committee’s version before the overall Senate can vote to advance the bill.

TLDR:

• XRP remains range-bound between $1.22 and $1.55, with no confirmed breakout on higher timeframe charts.
  
• A short-term B-wave rally toward $1.78–$2.87 is possible but would not confirm a new bullish trend for XRP.
  
• Analysts warn a C-wave decline could push XRP down to between $0.98 and $0.48 if the structure holds.
  
• High-leverage long positions face liquidation risk if XRP sees even a slight drop below current price levels.

XRP continues to trade within a well-defined range as analysts monitor its price structure closely. The cryptocurrency has shown limited momentum compared to Bitcoin, which has already posted stronger rallies in recent sessions.

Market observers note that the current movement appears corrective rather than impulsive. As long as XRP remains trapped between key levels, the broader bearish outlook stays intact for traders watching the charts.

XRP Remains Stuck Between $1.22 and $1.55 Support and Resistance

XRP has been unable to break out of its local range between $1.22 and $1.55. According to MCO Global Español, the structure on higher timeframes has not changed much. The movement continues to look corrective, consistent with a broader ABC pattern.

The ABC structure is a common corrective wave sequence tracked in Elliott Wave analysis. It involves two downward legs separated by a temporary counter-rally. Analysts who follow this framework suggest XRP may still be in its middle phase.

While a short-term rally toward the $1.78 to $2.87 resistance zone remains possible, that move would still fit within a corrective B-wave. That outcome would not confirm a new bull trend for XRP. Instead, it would set the stage for a deeper C-wave decline.

Momentum Weakness and Leverage Risk Add to Bearish Pressure

Momentum remains the central concern for XRP bulls at this stage. MCO Global Español noted that Bitcoin has already delivered stronger B-wave rallies, while XRP lags behind. This divergence raises questions about XRP’s short-term strength relative to the broader market.

A potential C-wave drop could push XRP down to between $0.98 and $0.48, based on the current corrective count.

That would represent a substantial move lower from current levels. Traders are watching closely to see whether the range holds or breaks in either direction.

Adding to the concern, analyst CW pointed out that a slight further decline in XRP could liquidate most high-leverage long positions.

This creates additional downside pressure since forced liquidations tend to accelerate price drops. The concentration of leveraged longs near current levels makes the $1.22 support area particularly sensitive.

If liquidations trigger below that level, a cascade effect could push price toward the lower end of the projected C-wave target. However, the range between $1.22 and $1.55 has held so far.

Until a clear break occurs in either direction, the corrective structure remains the dominant framework analysts are working with.

The US April jobs report showed 115,000 positions added in April, nearly doubling the consensus forecast of 62,000.

The US April jobs report showed 115,000 positions added in April, nearly doubling the consensus forecast of 62,000, according to data the Bureau of Labor Statistics released on May 8. The unemployment rate held unchanged at 4.3%, marking the second consecutive month that payroll growth significantly outpaced expectations.

Healthcare led job creation with 37,000 new positions, followed by gains in transportation, warehousing, and retail trade. Federal government employment continued to decline.

Average hourly earnings rose 0.2% for the month and 3.6% year on year, coming in below the 0.3% and 3.8% forecasts respectively, suggesting that wage pressures remain contained even as hiring holds firm.

What the report means for markets

A stronger-than-expected labor market typically pushes out expectations for Federal Reserve rate cuts, as policymakers see less urgency to ease with unemployment low and hiring robust.

As crypto.news reported, fewer expected rate cuts in 2026 mean higher terminal funding costs for leveraged players and a slower normalization of real yields, both headwinds for the crypto bull cycle.

The White House called the result “yet another sign that the American economy remains on a solid trajectory,” while analysts noted the report arrives against a backdrop of Iran-war-related uncertainty and oil price pressure.

As crypto.news tracked, labor data surprises this year have consistently pushed Treasury yields higher and reduced the rate-cut expectations that typically fuel crypto liquidity rallies.

Bitcoin advanced to a fresh three-month high, even as on-chain metrics signal a growing wave of profit-taking among short-term holders. CryptoQuant analyst Julio Moreno highlighted a notable distribution event on Monday, with holders realizing 14,600 BTC in profits — roughly $1.1 billion — in the wake of Bitcoin’s April rally. The move comes as BTC and broader risk assets attempt to extend a recent uptrend after a challenging start to the year.

Moreno pointed to the Short-Term Holder Spent Output Profit Ratio (STH-SOPR), an indicator tracking profit-taking by wallets that have been dormant for less than 155 days. The metric rose above 1, a signal that those newly moved coins were being realized at a profit. He also noted that the 30-day rolling window shows more than 20,000 BTC in net profits realized, the first positive reading since December 22, 2025, following a stretch of losses in February and March that pushed net losses to as high as 398,000 BTC. While profit-taking has intensified, Moreno cautioned that demand has not kept pace, leaving Bitcoin in a broader bear market even as the price trades higher.

Bitcoin holders’ realized profits spike after the April rally. Source: CryptoQuant

Key takeaways

• Bitcoin hit a three-month high as on-chain metrics show a surge in profit-taking, including 14,600 BTC realized profits on Monday (~$1.1 billion).
• The STH-SOPR metric moved above 1, signaling active profit-taking among short-term holders; the 30-day window shows over 20,000 BTC in net profits realized, the first positive reading since late 2025.
• Bitcoin-focused ETF inflows remain robust—four days of positive inflows this week push weekly gains over $1 billion, though a Friday outflow of about $268.5 million trimmed some of the week’s momentum.
• Analysts remain divided on whether BTC has bottomed or if the bear market will deepen, with some forecasting a mid-2026 bottom and others warning that momentum could stall without stronger demand.

On-chain signals and the price narrative

The latest on-chain signals underscore a familiar tension in a market that has endured a protracted downcycle. Realized profit spikes often accompany bear-market rallies or sideways action, and the current pattern appears consistent with a market that lacks conviction among buyers despite a rising price. While the short-term holder cohort is realizing gains, the broader demand side has yet to accelerate meaningfully, leaving the price path susceptible to shifts in liquidity and macro sentiment.

The Bitcoin Short-Term Holder Spent Output Profit Ratio signals that short-term holders are realizing profits. Source: CryptoQuant

ETF inflows show continued institutional interest, but sentiment remains mixed

Investor appetite for Bitcoin exposure via exchange-traded funds remains resilient. Data from Farside shows a continuation of positive ETF inflows for four consecutive days this week, contributing to weekly inflows surpassing $1 billion. However, the week ended with a Friday outflow of approximately $268.5 million, illustrating how liquidity flows can ebb even amid broader buying interest.

Analysts remain divided on whether the market has found a floor. Some market observers argue that the bear-market dynamics persist until demand strengthens across both retail and institutional channels. Others see the recent resilience as a signal that a longer-term bottom could be forming, albeit with considerable uncertainty about the trajectory in the near term.

Context from current coverage shows a broader discussion among traders about whether Bitcoin is in a bear-market rally or entering a new cycle. For example, veteran traders have offered divergent views on the path to mid-2026 and beyond, with forecasts ranging from modest recoveries to more skeptical assessments about the likelihood of a rapid ascent back toward previous highs. Related analyses continue to emphasize the gap between on-chain profit realization and actual buying demand as a critical factor shaping near-term moves.

In related perspective pieces, industry voices have mulled whether BTC could reassert bullish momentum in 2026, with opinions spanning a potential bottom around mid-year to scenarios where a sustained push toward higher levels remains contingent on broader market catalysts. For readers seeking a broader commentary, Cointelegraph has highlighted the ongoing debate among traders about whether BTC is bottoming or entering a longer bear-market phase, alongside coverage of market cycles and sentiment indicators.

Additionally, readers can explore broader market context through specialist commentary and magazines that examine long-term price narratives and veteran trader viewpoints on Bitcoin’s possible trajectories through the coming years.

What to watch next: traders will be paying close attention to whether ETF inflows stay resilient and whether on-chain profit-taking cools as price momentum persists. If demand strengthens alongside price, Bitcoin could extend its recovery; if not, the market may test the lower bounds of the current bear cycle.

With bitcoin holding above $80,000 and stocks pushing to fresh record highs, risk appetite spilled deeper into crypto markets Friday, lifting altcoins and blockchain infrastructure plays.

Solana (SOL), Chainlink LINK$10.36, SUI$1.0249 and DOT$1.3796 rose around 5%, while Near Protocol (NEAR) and Uniswap (UNI) gained roughly 7%. Internet Computer Protocol’s ICP jumped nearly 12%, leading majors higher.

The move came alongside another strong session for equities. The tech-heavy Nasdaq climbed 2.2% to fresh record highs, while the S&P 500 added 0.85%, also closing at an all-time high.

Friday’s U.S. labor market data added to the constructive backdrop. The economy added 115,000 jobs in April, comfortably above expectations for 62,000, while the unemployment rate held steady at 4.3%.

Crypto-linked equities also rebounded, led by Coinbase (COIN). Shares of the crypto exchange recovered 10% from session lows after Thursday’s earnings report showed a $398 million quarterly loss with softer trading activity. The firm’s trading platform also suffered early Friday a several hours long outage due to an AWS failure that was fully resolved later.

Despite the weak quarter, several Wall Street analysts focused on longer-term tailwinds tied to stablecoins and crypto regulation.

That narrative gained momentum after SEC Chair Paul Atkins said Friday that the agency is weighing new rulemaking around onchain trading systems, crypto custody infrastructure and blockchain-based settlement rails as finance increasingly converges with AI and distributed ledger technology.

Atkins also reiterated support for congressional efforts to advance crypto market structure legislation, comments investors viewed as supportive for tokenization and blockchain-based financial infrastructure.

The theme drove gains in related equities. Bullish (BLSH), CoinDesk’s parent company, that this week announced a deeper push into tokenization, rose 6%. Digital asset infrastructure firm BitGo (BTGO) surged 10%, while Cantor Equity Partners II (CEPT), which plans to merge with BlackRock-backed tokenization firm Securitize, gained 4.3%.