1.Bitcoin Market

During the period from May 3 to May 9, 2025, the specific trend of Bitcoin was as follows:

May 3:Bitcoin showed a volatile downward trend throughout the day, with the price starting to adjust from a high of $97,754. Bulls and bears engaged in intense battles around a key support level. Intra-day, the price once fell to around $97,000, failing to gain effective support, and then further declined to the day's low of $95,986. Near the end of the session, the market rebounded, closing at $96,523, signaling an initial sign of a short-term bottoming, with bearish momentum slightly weakening.

May 4:Continuing the weak pattern of the previous day, Bitcoin fluctuated downward throughout the day. After a brief rebound during the session, the price continued to weaken, hitting a low of $95,328. Although it slightly recovered by the close, the overall performance remained weak, indicating that bullish confidence was still lacking.

May 5:The market experienced significant volatility, with a clear “cliff-like” drop during the day. The price quickly fell from the morning high of $95,734 to a low of $93,612. Although there was an intra-day rebound to $94,752, the overall trend remained weak. By the end of the session, the price dropped again to $93,696, indicating a marked increase in bearish pressure.

May 6:Bitcoin continued the previous day's highly volatile pattern and remained in a broad fluctuation range. Multiple attempts were made to rebound to $94,816 and $95,114, but neither level held effectively. The price then dipped again to a low of $93,438. Afterwards, market sentiment gradually stabilized, and the price rebounded rapidly, closing at $94,703, forming an initial short-term reversal signal.

May 7:Bitcoin extended the previous day’s rebound momentum, rising to $95,100 in early trading and quickly surging to an intra-day high of $97,583. Although it pulled back to $96,336 afterward, it climbed again to $97,379 by the close. Overall, bullish sentiment gradually took the lead, and market trading activity increased significantly.

May 8:Bitcoin experienced a brief pullback after the opening, dipping to $95,866. Then bullish forces quickly strengthened, and the price rebounded strongly, breaking through previous highs and reaching $97,317. The rally accelerated, and the intra-day high reached $99,819, approaching the key psychological threshold of $100,000. Market sentiment turned significantly bullish. Under the leadership of the bulls, the price continued to rise, and after a brief correction, surged again, successfully breaking the $100,000 level. The full-day performance was strong with significant gains.

May 9:The upward momentum continued. Bitcoin reached $101,506 in the morning session. After a slight technical adjustment, the upward trend quickly resumed, breaking through a new high in a straight-line rally, reaching a peak of $103,756. The market then entered a consolidation phase, with the price stabilizing around $102,850. As of writing, Bitcoin is temporarily quoted at $102,945, maintaining operation in a high-level range, and still showing a strong short-term trend.

Summary

This week, the Bitcoin market experienced a “first decline, then rise” process. In the first half of the week, due to weak market confidence and external macro factors, the price corrected and once fell below the $94,000 support level. However, starting from May 6, market sentiment gradually recovered, and bullish forces drove a sharp price rebound. Boosted by positive news, Bitcoin continuously broke through multiple technical resistance levels, forcefully surpassing the $100,000 mark, and hit a new stage high of $103,756 on May 9, showing strong resilience and optimistic expectations under bullish dominance. From a technical perspective, the bullish trend is gradually being established. In the short term, attention should be paid to changes in trading volume and the sustainability of sentiment to assess the strength of future support.

Bitcoin Price Trend (2025/05/03 – 2025/05/09)

2. Market Trends and Macroeconomic Background

Capital Flows

1. Market Dominance: Bitcoin’s Market Share Continues to Rise as Altcoins Lose Ground
Over the past week, Bitcoin’s market dominance (BTC Dominance, BTC.D) has been on a strong upward trajectory, repeatedly setting new highs for the current bull cycle, reflecting sustained capital rotation back into Bitcoin during market corrections:

• On May 4, according to CoinMarketCap data, Bitcoin dominance rose to 61.8%, a new high since September 2022.
• On May 5, according to TradingView data, BTC.D climbed to 64.85%, marking the 9th consecutive week of increases, with market share returning to mid-January levels of this year.
• On May 6, Bitcoin dominance briefly surpassed 65%, the highest since February 2021, further exacerbating the relative downturn in the altcoin market.

The continued rise in Bitcoin dominance indicates increased risk aversion in the market, with capital concentrating in major assets. Historical data shows that significant increases in BTC.D often coincide with altcoins forming a bottom and subsequently rotating upward. If Bitcoin’s price stabilizes at high levels, a rebound cycle involving capital rotation into altcoins may emerge.

2. On-chain and Exchange Capital Flows: Whale Exit vs. Continued Exchange Outflows

Exchange Bitcoin balances decline, outflows persist:
On May 5, according to Coinglass data, major exchanges saw a net outflow of 15,710 BTC over the past week. Among them, Coinbase Pro saw outflows of 10,274 BTC; Binance saw 7,241 BTC withdrawn. Currently, total Bitcoin holdings across exchanges stand at 2.2 million BTC, remaining in a low range not seen since 2021, signaling stronger medium- to long-term bullish sentiment in the market.

Whale accounts undergo short-term large-scale selling:
On May 6, according to a report by crypto analyst @ali_charts, whale addresses (wallets holding over 1,000 BTC) reduced holdings by nearly 50,000 BTC over the past 10 days. This has been interpreted as short-term profit-taking following recent Bitcoin price increases, though it has not yet triggered widespread market sell-off.

Despite whale sell-offs, continued declines in exchange Bitcoin balances indicate an overall tightening of market supply, with coins flowing into long-term holders and cold wallets. Combined with continued ETF accumulation, the market structure is becoming healthier, and short-term volatility does not alter the long-term bullish outlook.

3. Bitcoin ETFs: Daily Inflows Show Increased Volatility, Institutions Remain Cautiously Bullish
As of May 4, according to Dune data, the total on-chain holdings of U.S. spot Bitcoin ETFs reached 1.136 million BTC, accounting for approximately 5.72% of the circulating supply, valued at around $109.6 billion. According to Farside data, cumulative net inflows into Bitcoin ETFs have reached $40.207 billion, nearing the annual peak of $40.78 billion recorded on February 7.

This week’s ETF inflows breakdown:

• May 5: +$425 million
• May 6: -$86.21 million
• May 7: +$142 million
• May 8: +$48.4 million

ETF capital flows have shown some volatility but overall maintain a net inflow trend. The outflow on May 6 may be related to short-term market adjustments. Overall, ETFs remain a major channel for medium- to long-term capital inflows, providing downside support for prices.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)
According to Investing.com data, as of May 9, 2025, Bitcoin’s 14-day Relative Strength Index (RSI) stands at 75.144. This indicator has exceeded the overbought threshold (commonly RSI > 70 is considered overbought), indicating strong buying sentiment and significantly dominant bullish momentum. Although there are no clear signs of divergence yet, the technicals have issued a short-term overheating risk warning. It is important to monitor whether there will be a volume-backed price pullback or a decline in RSI as early signals of a potential market reversal.

2. Moving Averages (MA)

• 5-day Moving Average (MA5): $98,192.84
• 20-day Moving Average (MA20): $92,597.02
• 50-day Moving Average (MA50): $87,570.47
• 200-day Moving Average (MA200): $82,596.00
• Current Market Price: approximately $102,932

MA5, MA20, MA50, MA200 chart image

As of May 9, 2025, Bitcoin's price remains above all major moving averages across different timeframes, indicating a strong bullish alignment. The short-term MA5 has clearly crossed above the medium- and long-term moving averages, forming a classic “bullish alignment,” reflecting continued short-term buying momentum. However, the current price shows a certain deviation from the MA5, indicating a rapid short-term rise that may require a technical correction.

From a trend perspective, both the MA20 and MA50 are steadily rising, confirming a medium-term upward trend. The MA200 is also gently sloping upward, suggesting a solid long-term bull market structure and a relatively healthy market foundation.

In summary, the moving average system overall supports the continuation of Bitcoin’s upward trend, but short-term volatility risk due to excessive deviation should be watched. If the price can consolidate at high levels with volume support, further upward movement is expected.

3. Key Support and Resistance Levels
Support Levels:
Bitcoin’s primary support area currently lies in the $101,000 to $98,000 range, representing the first structural support zone within a short-term cycle. This area marks the lower edge of a previous price consolidation platform and has strong technical buying support. A pullback to this zone could trigger proactive dip buying.

If this zone is breached, the market may further decline toward the $94,000 level. This price corresponds to a high-volume area during the recent upward move and intersects with the 20-day and 50-day moving averages, marking a key medium-term support zone. A confirmed breakdown here could signal structural damage to the short-term uptrend and shift market sentiment from bullish to cautious or even bearish.

Additionally, $94,000 may act as a dividing line for short-term traders assessing whether bears are gaining control. If this level holds and rebounds with volume, it would be seen as a bullish regrouping signal. If broken without significant support, caution is warranted for a possible pullback toward the MA50 (around $87,500).

Resistance Levels:
At the time of writing, the first major resistance lies at $104,000, near the intraday high on May 9 and a short-term profit-taking zone during the current uptrend. If broken and sustained, the price could move to test the $105,000 to $108,000 range—an area with heavy trading activity and potential psychological resistance, possibly triggering intense long-short battles.

If buying volume continues to expand and market sentiment stays strong, Bitcoin may even challenge the unprecedented $110,000 round number, a level with significant symbolic and emotional influence that could play a key role in guiding the medium- to long-term market trend.

Market Sentiment Analysis

1. Cautiously Optimistic, Structural Bullishness Coupled with Macroeconomic Policy Expectations

This week, Bitcoin's price continued to rise, reaching a peak of $103,756 and successfully breaking through the significant psychological threshold of $100,000. This indicates a shift in market sentiment from cautious observation to optimistic momentum chasing. The overall market structure exhibits a structural bullish trend, evident in several aspects: Bitcoin's market dominance has risen to 65%, marking a new phase high, with funds clearly concentrating on mainstream cryptocurrencies; exchange-held Bitcoin balances continue to decrease, indicating a stronger inclination for long-term holding; and stable ETF fund inflows reflect institutional confidence in medium to long-term trends.

On the macroeconomic policy front, during the May 7 FOMC meeting, the Federal Reserve announced that the federal funds rate would remain unchanged at the 4.25%-4.50% range. Chairman Powell emphasized the need to await more economic data to assess the sustainability of changes in inflation and the labor market. Currently, the market generally expects that the interest rate hike cycle has essentially ended, and the anticipation of easing policies provides medium to long-term support for risk assets.

Technical and sentiment outlook: If Bitcoin can effectively break through and stabilize above $104,000, it will create a dual resonance of sentiment and technical factors, potentially triggering a new wave of trend-driven capital inflows, and the market may enter a medium-term upward channel. Conversely, if it fails to stabilize and experiences a pullback after reaching highs, there may be short-term profit-taking pressure, and market sentiment could shift to a cautious observational state.

2. Key Sentiment Indicator (Fear & Greed Index)

According to CoinMarketCap data, as of May 9, the Fear & Greed Index stands at 70, placing it in the "Greed" zone. The index has shown a steady trend this week:

May 3: 56 (Neutral);May 4: 53 (Neutral);May 5: 49 (Neutral);May 6: 50 (Neutral);May 7: 53 (Neutral);May 8: 53 (Neutral).

This change indicates that market sentiment is gradually shifting from a neutral to a more positive momentum-chasing stance, with investors' risk appetite increasing. Especially after Bitcoin broke through key psychological levels, greed sentiment has warmed up. However, the index has not yet entered the "Extreme Greed" stage (usually above 80), suggesting that current market sentiment still has room for further growth.

Additionally, it is noteworthy that the number of active on-chain addresses and trading volumes are simultaneously increasing, corroborating the upward trend of the Fear & Greed Index. This validates that investor participation is heating up, and potential momentum is accumulating. However, caution is advised regarding the short-term volatility risks that may arise from overheated sentiment.

Fear and Greed Index Data Image

Macroeconomic Background

1.Policy and Geopolitical Developments

U.S.-China Trade Talks Resume
The U.S. Treasury Secretary announced plans to meet with Chinese officials in Switzerland to ease tense trade relations, boost market confidence, and drive up risk assets such as Bitcoin.

Trump Administration Strengthens Crypto Strategy
President Trump signed an executive order launching a “Strategic Bitcoin Reserve” initiative, encouraging states to hold cryptocurrency reserves. New Hampshire was the first to respond, allowing up to 5% of state reserves to be invested in Bitcoin, reflecting the government's crypto-friendly policy stance.

2.Federal Reserve Policy and Economic Trends

Interest Rates Unchanged, Fed Remains Cautious
On May 7, the Federal Reserve kept the federal funds rate unchanged at the 4.25%-4.5% range. Chair Jerome Powell indicated the Fed would wait for more data to assess inflation and unemployment trends, signaling policy stability for now.

Signs of Slowing Economic Growth
U.S. GDP contracted by 0.3% in Q1 2025. Despite strong employment data, the uncertainty brought by high-tariff policies is dampening both business and consumer confidence, restraining investment and consumption.

3.Europe: Weak Growth and Policy Divergence

Continued Construction Sector Contraction, German Orders Rebound
The construction sector in both the UK and Eurozone continued to decline, reflecting weakness in infrastructure and real estate. However, German factory orders rose 3.6% month-over-month, offering a glimmer of hope for the Eurozone economy.

Bank of England Likely to Cut Rates to Ease Pressure
Facing global demand slowdown and spillover effects from U.S. policy, the Bank of England is expected to cut rates by 25 basis points this month to signal easing and stimulate the economy.

4.Market Summary and Outlook

Global financial markets remain focused on U.S.-China trade relations and Federal Reserve policy. U.S. equities saw modest gains, while European markets underperformed due to weak economic data. The global economy faces a triple threat: U.S. trade protectionism impacting foreign trade, weak fundamentals in Europe, and China relying on easing policies to maintain growth. With market volatility rising, investor sentiment is cautiously optimistic, and close attention to policy direction and flexible asset allocation strategies is essential.

3. Hashrate Fluctuations

Between May 3 and May 9, 2025, the Bitcoin network hashrate exhibited notable volatility. The detailed breakdown is as follows:

On May 3, the network hashrate declined from 922.97 EH/s to 859.61 EH/s before beginning a gradual upward trend, peaking intraday at 1077.53 EH/s, indicating signs of hashpower recovery. On May 4, the hashrate generally trended downward, falling steadily from 1047.71 EH/s to a low of 811.22 EH/s. This wide fluctuation may be attributed to miner revenue pressure or rising energy costs. On May 5, hashrate volatility intensified while maintaining an overall upward trajectory. The hashrate reached 926.05 EH/s, 1080.63 EH/s, and 1095.40 EH/s; although it briefly fell to 974.24 EH/s, it quickly rebounded, showcasing the network’s strong resilience. On May 6, the hashrate entered a correction phase again, showing a consistent decline throughout the day—from 1076.27 EH/s to 912.23 EH/s and eventually to 818.57 EH/s—suggesting a temporary withdrawal of some miners or equipment from the network. On May 7, the hashrate initially dropped to a weekly low of 743.05 EH/s before gradually recovering to 910.84 EH/s, potentially reflecting miners adjusting deployment in response to electricity prices and network difficulty. On May 8, the hashrate briefly surged to a high of 963.39 EH/s, corrected to 907.12 EH/s, and then climbed again to a peak of 1061.27 EH/s. Later in the day, it retreated slightly to 948.67 EH/s. Entering May 9, the hashrate saw a minor decline from 975.91 EH/s to 939.56 EH/s.

In terms of the overall trend, from early May 2025 to the present, Bitcoin's network hashrate has shown a pattern of wide-range fluctuations. During this period, hashrate fluctuated significantly between approximately 743 EH/s and 1095 EH/s, indicating frequent short-term adjustments in network hashpower distribution. This phenomenon may be linked to miners re-evaluating profitability models, changes in electricity costs, or power grid instability in regions such as North America and parts of Asia.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the total daily revenue for Bitcoin miners this week (including block rewards and transaction fees) is as follows:

May 3:$50.40 million;May 4:$43.16 million;May 5:$52.29 million;May 6:$41.32 million;May 7:$46.40 million;May 8:$50.31 million.

Overall, miners' average daily total revenue this week remained within the range of approximately $43 million to $52 million, showing moderate fluctuations. Although there were slight pullbacks on some trading days, overall performance was stable, indicating relatively high transaction activity on the network. This suggests that transaction fee income continues to provide steady support to miners’ earnings.

From the perspective of earnings per unit of hashpower, as of now, the Bitcoin Hashpriceis approximately $54.91 per PH/s per day, rebounding to a relatively high level over the past month. The continued rise in Hashprice over several days reflects stable demand for hashpower in the market, while also benefiting from the stabilization of Bitcoin's spot price and the heightened level of on-chain transaction activity.

The rebound in Hashprice helps improve miner profitability, especially for mining farms with higher operational efficiency and lower electricity costs. In the current market environment, improved hashpower profitability may attract more miners to resume or expand their computational resources, potentially driving further fluctuations in the total network hashrate. In addition, the upward trend in Hashprice also indirectly indicates that some high-cost mining machines remain economically viable at current price levels, providing short-term support for hashpower return and overall network stability.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, the Bitcoin network completed its latest difficulty adjustment on May 4, 2025, at 05:00:13 (block height 895,104). In this round, mining difficulty decreased by 3.34%, dropping to 119.12 T. As of May 9, 2025, the total network hashrate remained at approximately 921.50 EH/s, with mining difficulty still at 119.12 T. Based on the current hashrate trend, the next difficulty adjustment is expected to occur around May 17, with a projected increase of approximately 3.88%, bringing difficulty to around 123.74 T. This trend indicates that after short-term fluctuations, the overall network hashrate is steadily recovering, mining activity is resuming toward higher load levels, and miner participation is rebounding—demonstrating an enhancement in the network's processing capacity.

From a cost perspective, according to MacroMicro’s latest model estimates, as of May 7, 2025, theunit production costof Bitcoin was approximately $88,965.59, while the spot priceat the same time was $97,032.32. This yields a Mining Cost-to-Price Ratio of 0.92 . This ratio, being slightly below 1, indicates that the current market price of Bitcoin is still higher than the average mining cost. Most miners remain profitable, and therefore retain economic incentives to continue investing in computational resources.

Overall, the Bitcoin network currently demonstrates a clear recovery trend in terms of mining difficulty, hashrate volatility, and cost structure. The upward movement in hashrate, expected increase in difficulty, and positive cost-to-price spread together form encouraging signals for miners, further supporting the network’s stable operation and decentralized security. On the whole, the Bitcoin network continues to show strong resilience and market responsiveness in the post-halving adaptation phase.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

Florida Senate Withdraws Bitcoin Strategic Reserve Bill for Review

On May 6, according to Cointelegraph, two cryptocurrency bills in Florida have been removed from the legislative process, marking the latest setback for the U.S. state-level strategic Bitcoin reserve goals. The Florida Senate stated that Florida House Bill 487 and Senate Bill 550 were "indefinitely postponed and withdrawn from consideration" on May 3. The Florida Legislature adjourned on May 2 without passing these two bills, which were originally designed to promote the creation of cryptocurrency reserves within the state.

New Hampshire Allows Bitcoin Holdings up to 5% of State’s Total Funds

On May 7, New Hampshire’s governor signed HB 302 into law, adopting the Satoshi Action strategic Bitcoin reserve (SBR) model. The contents of HB 302 are as follows:

• Allowing the state treasury to purchase Bitcoin and top digital assets—authorizing reserve purchases of up to $500 billion worth of Bitcoin (only fully stop-loss purchases);
• A holding cap of 5% of the state’s total funds—ensuring Bitcoin supplements the state’s broader investment portfolio;
• Mandating U.S. regulatory custodianship—assets must be held by the state-controlled multi-signature or via U.S. exchange-traded products to maximize security and transparency;
• Effective 60 days after enactment—providing a clear operational framework for reserves and stacking.

Arizona Senate Approves Bitcoin Reserve Bill SB 1373, Sends to Governor

On May 7, according to Bitcoin News, the Arizona Senate approved Bitcoin reserve bill SB 1373 and sent it to Governor Katie Hobbs for final approval. Previously, the Arizona governor had vetoed the state’s strategic Bitcoin reserve bill SB 1025.

Texas Bitcoin Reserve Bill SB 21 Passes DOGE Committee Review, Final Outcome to Be Decided in the Next Three Weeks

On May 8, according to Bitcoin Laws, Texas's strategic Bitcoin reserve bill (SB 21) has passed the DOGE committee review without amendments and will enter the final full vote stage. Since the Texas legislature will adjourn on June 2, the final outcome of the bill is expected to be determined in the next three weeks. This bill represents an important legislative initiative for Texas to establish a strategic Bitcoin reserve and has now completed all committee review procedures, leaving only the final step to be passed.

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7. Mining News

Block: U.S.-Made Bitcoin Mining Chip Proto Set to Launch This Year to Mitigate Tariff Risks

On May 2, CEO Jack Dorsey of Block stated that the company is manufacturing its Bitcoin mining chip, Proto, in the U.S. to address the growing tariff and overseas manufacturing risks. The chip is planned to be launched in 2025, featuring an open-source design that emphasizes flexibility and direct collaboration with U.S. suppliers. Additionally, Block disclosed that it achieved a gross profit of $2.29 billion in the first quarter, a 9% year-over-year increase. Cash App's gross profit grew by 10% to $1.38 billion, and Square’s grew by 9% to $898 million.

Lendn Executive: Bitcoin Mining Companies Should Hold the Bitcoin They Mine

On May 4, John Glover, Chief Investment Officer of Bitcoin lending company Ledn, stated that Bitcoin mining companies should hold onto the Bitcoin they mine and use it as collateral for fiat loans to cover operational costs, rather than selling the Bitcoin and losing the upside potential of the asset, which miners expect to appreciate. Glover highlighted several benefits of holding BTC, including price appreciation, tax deferral, and earning additional income by lending out the BTC held in the company’s reserves.

Data: U.S. Bitcoin ETF Purchases Last Week Were Nearly Six Times the Output of Miners

On May 5, data from asset allocation platform HODL15Capital revealed that in the past week, U.S.-listed spot Bitcoin ETFs purchased a total of about 18,644 Bitcoins. During the same period, considering the post-halving mining efficiency (approximately 450 Bitcoins per day), global miners only produced around 3,150 Bitcoins. This means the ETF's purchase volume was nearly six times the miners’ output during the same period.

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8. Bitcoin News

Global Corporate and National Bitcoin Holdings (This Week's Statistics)

1.El Salvador: This week, El Salvador added 1 Bitcoin to its holdings, bringing the total to 6,166.18 Bitcoins, valued at approximately $593 million.
2.Brown University: Brown University disclosed holding approximately $5 million in BlackRock’s spot Bitcoin ETF, reflecting the increasing allocation of Bitcoin assets by institutional funds in academia.
3.Strategy (formerly MicroStrategy): On May 1, Strategy acquired an additional 1,895 Bitcoins for about $180.3 million, bringing its total holdings to 155,450 Bitcoins, with an average cost of $68,550.
4.Semler Scientific: On May 2, Semler Scientific increased its Bitcoin holdings by 167 Bitcoins, investing a total of $16.2 million, with a total holding of 3,634 Bitcoins and a year-to-date return of 22.2%.
5.Australia’s Monochrome: The IBTC Bitcoin Spot ETF, under Monochrome, increased its holdings to 350 Bitcoins, with a total value of approximately $52.146 million.
6.BlackRock: Last week, BlackRock purchased $2.5 billion worth of Bitcoin, or approximately $500 million per day. Over the past two weeks, its iShares Bitcoin Trust ETF added a total of 41,452 BTC, bringing its total holdings to 614,639 Bitcoins, valued at approximately $58.07 billion. Additionally, its Q1 2025 report revealed Bitcoin-related stock assets totaling $5.43 billion, with the IBIT ETF holdings increasing from 2.6 million shares to 5.85 million shares, and new positions opened in Fidelity’s FBTC and Grayscale’s GBTC.
7.Listed Company KULR: This week, KULR increased its Bitcoin holdings by 42 Bitcoins, bringing its total holdings to 716.2 Bitcoins, worth approximately $69 million, with a year-to-date return of 197.5%.
8.Thumzup: Thumzup submitted an amendment to raise its fundraising cap from $200 million to $500 million to advance its Bitcoin acquisition strategy. The board has authorized the use of up to 90% of its liquid assets to purchase Bitcoin.
9.NYSE-listed Company Cango: In April, Cango acquired an additional 470 Bitcoins, increasing its total holdings to 2,944.8 Bitcoins, funded by the $352 million from selling its auto finance business.
10.Japanese Listed Company Metaplanet: On May 2, Metaplanet increased its Bitcoin holdings by 555 Bitcoins at an average price of approximately $89,000 per Bitcoin, bringing its total holdings to 5,555 Bitcoins with an investment of approximately $465 million. The company also announced the issuance of $25 million in zero-interest bonds to fund further Bitcoin purchases, with the bonds set to mature on November 6, 2025.

Fidelity: Bitcoin Could Soon Surpass Gold's Dominance

On May 4, Fidelity Investments' global macro director, Jurrien Timmer, analyzed the dynamics between Bitcoin and gold, noting that Bitcoin could soon surpass gold in dominance. According to the change in the Sharpe ratio, which measures the risk-adjusted returns of these two assets, Bitcoin and gold are negatively correlated. With Bitcoin's Sharpe ratio at -0.40 and gold's at 1.33, this suggests that Bitcoin might soon lead the market, and we could see the baton pass from gold to Bitcoin. Jurrien Timmer advised investors to start their portfolio with four parts gold to one part Bitcoin, as gold's volatility is only one-quarter of Bitcoin’s, despite both having similar Sharpe ratios.

Opinion: Capital Flows into Crypto Will Always Flow to Bitcoin, 1.5% of Personal Portfolio Allocated to BTC

On May 4, well-known investor Kevin O'Leary pointed out that, at present, institutions are unwilling to touch Ethereum. When significant capital flows into the cryptocurrency space, it will inevitably flow toward the flagship digital asset: Bitcoin. Especially as Bitcoin has recently decoupled from traditional stock indices, this is a significant development, indicating that Bitcoin is maturing as a unique asset class, even on par with gold, becoming a hedge and store of value. Additionally, Kevin O'Leary revealed that he has allocated 1.5% of his investment portfolio to Bitcoin, with 19% invested in other areas related to cryptocurrency, including buying shares of Coinbase and Robinhood.

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Coinbase Investor: Bitcoin's Value Could Reach "Infinite" Dollars

On May 5, Coinbase investor Tim Draper posted on X platform, stating that Bitcoin's value could reach "an unlimited" amount in dollars. This raises alarms about the collapse of fiat trust, the historic weakness of the dollar, and the accelerating dominance of cryptocurrency. Tim Draper explained, citing the example of Confederate silver dollars during the Civil War, which experienced hyperinflation, and by the end of the war, the ratio of Confederate dollars to US dollars fell to over 10 million to 1. As trust in the currency declined, people rushed to exchange them for US dollars. Currently, the US dollar index is having its worst performance in 40 years, and market confidence in the dollar may further decrease, while the US is hedging against this situation by incorporating Bitcoin into its strategic reserves.

QCP: Macroeconomic Data Shows Resilience, Bitcoin ETF Steady Inflows Indicate Continued Institutional Demand

On May 5, QCP Capital released a market analysis stating: The macroeconomic data released last Friday provided a detailed snapshot of the US economy. Non-farm payrolls increased by 177,000, exceeding the expected 133,000, and the unemployment rate remained stable at 4.2%. However, despite the strong data, economists continue to warn that the full economic impact of recent tariffs has yet to be felt, and the market is cautiously optimistic. Meanwhile, the market generally expects the Federal Reserve to keep rates unchanged in this week's policy meeting. Despite a record high first-quarter loss, Strategy has doubled its financing target to $84 billion. This loss was due to adopting new digital asset market accounting standards, highlighting the company's strong belief in its long-term Bitcoin strategy. Meanwhile, the steady inflow into the spot Bitcoin ETF shows that institutional demand persists and reinforces the growing role of this asset in diversified portfolios.

Forbes: Wall Street Institutions Are Preparing for a Significant Surge in Bitcoin and Cryptocurrency Markets

May 6th - According to anonymous sources, high-frequency trading giant Tower Research Capital has joined Citadel Securities in "increasing its bets on cryptocurrency." As the Trump administration commits to opening up Bitcoin trading and the cryptocurrency market, removing restrictions from the Biden era, and rapidly advancing legislation to reshape the financial system, Wall Street is quietly increasing its support for Bitcoin and cryptocurrencies.
Last week, Wall Street giants, managing a total of $10 trillion in client funds, expected to "open business" for Bitcoin this year, allowing advisors for the first time to recommend Bitcoin ETFs to clients.

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K33 Analyst: Bitcoin Market May Break the "May Downturn Effect," Trump-Related Positive Factors Support

May 7th - According to The Block, cryptocurrency research institution K33 analyst stated that investors should continue to hold Bitcoin in May, contrary to the traditional "sell in May" strategy.
The analyst believes that despite the key deadline for the Strategic Bitcoin Reserve having passed without public statements, the market situation in 2025 will be different. Several positive Trump-related factors are expected to drive the market, meaning that this summer's market performance may not experience the usual downturn.

Bitcoin Magazine CEO: Bitcoin Accelerating Its Transition to Global Reserve Asset

May 8th - According to The Block, Bitcoin Magazine CEO David Bailey stated that Bitcoin is transitioning to a global reserve asset at a faster pace than expected. Bailey emphasized that as adoption increases at the national level, Bitcoin has gradually evolved from an early rebellious technology to a strategic consideration for national security. He particularly noted that the acceleration of institutionalization and continued investments from institutions like Strategy (formerly MicroStrategy) are driving a clear separation between Bitcoin and the broader cryptocurrency market.

Bitcoin's Market Value Exceeds Amazon, Rising to Fifth Position Among Global Assets

May 9th - According to 8Marketcap data, Bitcoin's current market value is $2.045 trillion, surpassing Amazon and rising to the fifth position in global assets.