Market Snapshot
Bitcoin dropped to the lowest since 1 May and was trading at $76,990 at 05:05UTC on Monday for a 12% year-to-date decline. A sell-off in global bonds pushed yields higher, while crude oil prices also rose on Monday amid concerns about the impact of the Iran conflict on the global economy. A drone strike caused a fire at a nuclear plant in the United Arab Emirates.
Macro Summary
On the geopolitical front, the macro landscape will continue to be shaped by the delicate ceasefire in the war in the Middle East. Following last week's US-China summit, Russian President Vladimir Putin will visit China on 19-20 May for talks with Xi Jinping, according to reports that cited the Kremlin.
On the macro data side, the week will be shaped by Japan and Germany's output data, inflation reports from the euro area and Japan, as well as UK unemployment.
Recap
- US lawmakers continued advancing crypto market structure legislation after Senate Republicans unveiled an updated draft of the CLARITY Act ahead of a key markup session, underscoring Washington's growing focus on establishing formal rules for digital asset markets.
- Kevin Warsh secured confirmation from the US Senate as the next Chair of the US Federal Reserve.
- US President Donald Trump's latest financial disclosure showed the president's investments include crypto-linked equities.
- The US Commodity Futures Trading Commission issued blanket relief on event contract reporting requirements while also seeking to ring-fence federal prediction markets oversight, as regulators continue grappling with the sector's rapid growth.
- Hyperliquid's HYPE token jumped after Coinbase expanded USDC’s role on the network in another sign that major exchanges are deepening ties with emerging onchain trading ecosystems.
- Institutional appetite for crypto exposure beyond Bitcoin has continued to expand, with CME Group and Nasdaq introducing new crypto index futures products tied to a broader basket of digital assets.
- Kraken and Franklin Templeton said they are targeting existing crypto users to drive the next phase of tokenization growth in one of the most significant TradFi-crypto native collaborations to date.
- The rapidly growing market for pre-IPO tokenized equities faced fresh scrutiny after AI company Anthropic warned that tokenized versions of its shares were effectively void amid booming demand for blockchain-based exposure to private companies.
- Bermuda said it's exploring the creation of a digital assets treasury and is preparing to introduce a privately issued Bermudian digital dollar.
- Strategy Inc. indicated it would sell Bitcoin to help fund a debt repurchase. Its shares fell.
Top Gainers
KITE (Kite) +21%
H (Humanity) +14%
INJ (Injective) +6.5%
Top Losers
JUP (Jupiter) -27%
ICP (Internet Computer) -25%
LUNC (Terra Classic) -23%
Market Metrics
Total Market Cap: $2.57tn (-5.9% vs last week)
BTC Dominance: 60.2% (vs 60.1% last week)
Fear and Greed Index: 40/100 (vs 50 last week)
Alt Season Index: 32/100 (vs 50 last week)
ETF Flows
BTC (Bitcoin): -$995.5mn (vs +$631.6mn previous week)
ETH (Ether): -$255.2mn (vs +$70.3mn previous week)
Futures (CME)
BTC (Bitcoin): $79,210 (-1.46%) (as at Friday close)
ETH (Ether): $2,225.5 (-4.22%) (as at Friday close)
This week, we’ll be monitoring (all times UTC):
Monday 18 May
Economic data
- 23:50 Japan GDP Q1: The fourth-largest economy publishes initial first-quarter GDP figures. Economists expect growth to be annualized 1.7%, up from 1.3% in fourth quarter 2025.
Tuesday 19 May
Economic data
- 07:00 UK ILO Unemployment Rate: the UK publishes employment statistics for March. Economists expect the unemployment rate to remain flat at 4.9%.
Wednesday 20 May
Economic data
- 02:00 China loan prime rate: Beijing will report the new monthly LPR – the country's benchmark lending rate – for May. China has left key lending rates unchanged for a year.
- 10:00 Euro area HICP final: The euro area reports final inflation estimates for April, measuring price stability in line with the ECB's mandate. Deviations from the ECB's inflation target guide monetary policy decisions, including interest rate changes and liquidity measures. The shorter flash estimate showed inflation spiking to 3.0%, driven by energy prices, up from 2.6% in March.
Crypto event (token unlock)
- Kaito (KAITO) Token Unlock: 20.7mn KAITO (~8.6% of circulating supply), worth roughly $10.60mn. The cliff-style release spans ecosystem growth, core contributors, and early backers, introducing notable new supply into circulation.
- LayerZero (ZRO) Token Unlock: 25.7mn ZRO (~10.2% of circulating supply), worth roughly $33.09mn. The cliff-style release is primarily allocated to strategic partners and core contributors, introducing significant new supply into circulation.
- Pyth Network (PYTH) Token Unlock: 2.1bn PYTH (~36.8% of circulating supply), worth roughly $95.32mn. The cliff-style release spans ecosystem growth, publisher rewards, private sales, and protocol development, representing a major increase in circulating supply.
Thursday 21 May
Economic data
- 13:30 US unemployment claims: Initial jobless claims data for the week ending 16 May follow a small increase of 5,000 in unemployment benefits to a seasonally adjusted 211,000 in the week ending 9 May.
Crypto event (token unlock)
- GateChain (GT) Token Unlock: 4.2mn GT (~3.9% of circulating supply), worth roughly $29.91mn. The cliff-style release spans community development, research & development, and foundation expansion allocations, introducing additional supply into circulation.
Friday 22 May
Economic data
- 00:30 Japan CPI: Japan publishes its key inflation indicator for April. Economists polled by Reuters expect core inflation, which excludes food, to be 1.7% in April, down from 1.8% in February.
- 07:00 Germany GDP: Europe's largest economy reports first-quarter GDP. Economists expect growth to have flatlined at 0.5%, the same as in the fourth quarter last year.
- 15:00 US University of Michigan Sentiment Survey: Final results for the Consumer Sentiment Survey for May.
