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DePIN tokens are rallying across the board, according to CoinNess market monitoring. Over the past 24 hours, IO has surged more than 69% to trade at $0.2008, STORJ is up over 30% at $0.1311, OVPP has risen more than 22% to $0.019, HONEY is up 22% at $0.00235, and FIL has gained 13% to $1.08.

XRP could soon experience significant volatility after trading sideways for approximately three months, according to one analyst. Crypto analyst Dom stated on X that XRP has been in a prolonged period of range-bound movement within a key price zone, suggesting a directional move is likely in the near future, U.Today reported. He explained that a strong upward trend could develop if XRP successfully secures a position above $1.47. However, Dom added that this would require a broader market bull run, noting that XRP's momentum could improve if Bitcoin (BTC) manages to break through its $82,000 resistance level.

Digital asset infrastructure firm Taurus has secured a Markets in Financial Instruments Directive II (MiFID II) license from the Cyprus Securities and Exchange Commission (CySEC), CoinDesk reported. The license enables Taurus to provide investment services for tokenized financial instruments to banks and asset managers across Europe. The company will also support secondary trading services for assets including tokenized bonds, fund shares, equities, and structured products.

Crypto prime broker FalconX announced through official channels a partnership with Kalshi to support prediction market services for institutional investors. Through the partnership, the two companies plan to provide institutional clients with structured derivatives and block trade services for event-based markets.

While Bitcoin (BTC) continues to dominate the market, early signs of stabilization are appearing in the altcoin sector, on-chain analyst Darkfost noted in a CryptoQuant contribution. Bitcoin recently surpassed $81,000, a roughly 36% increase from its February low, with its market share climbing above 61.3% to its highest level since November 2025. Despite market funds remaining concentrated in BTC, several indicators point to a potential shift. The total market capitalization of altcoins excluding ETH (TOTAL3) rose by approximately 15% over the same period. Additionally, the proportion of altcoins on Binance that have reclaimed their 200-day moving average has increased from 2.3% to 11.7%. The share of altcoin trading volume on Binance relative to BTC and ETH has also grown from 31% to 49%, signaling a potential recovery in investor interest. Analysts view these developments as initial signals of capital rotation, although they do not yet constitute a strong altseason.

Jeong Eun-bo, chairman of the Korea Exchange, announced plans to introduce digital asset-based derivatives to establish the city of Busan as a global hub for the derivatives market, The Korea Economic Daily reported. Speaking at a ceremony in Busan on May 6 celebrating the 30th anniversary of the derivatives market, Jeong said the exchange would actively pursue the introduction of such products. He added that the exchange aims to attract international conferences to solidify Busan's position as South Korea's leading financial center for derivatives.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 50.36% long, 49.64% short - Binance: 53.54% long, 46.46% short - OKX: 51.89% long, 48.11% short - Bybit: 50.46% long, 49.54% short

A bill to apply foreign exchange regulations to South Korean virtual asset service providers, including crypto exchanges, has passed the National Assembly's Legislation and Judiciary Committee. Digital Asset reported that the committee approved the amendment to the Foreign Exchange Transactions Act during a plenary meeting today with revisions suggested by professional members. The bill now awaits a final vote in a plenary session. The earliest possible session is scheduled for tomorrow, May 7, as the ruling and opposition parties are currently discussing which bills to bring to the floor.

Whale Alert reported that 225,860,006 USDT has been transferred from an unknown wallet to Bitfinex. The transaction is valued at about $226 million.

Whale Alert reported that 225,860,006 USDT has been transferred from Kraken to an unknown wallet. The transaction is valued at about $226 million.

Binance CEO Richard Teng announced via X that the cumulative payment volume for its service, Binance Pay, has surpassed $280 billion. He added that since its launch in 2021, Binance Pay has expanded its reach in both online and offline payments globally and plans to extend its QR-based payment service to more than 10 countries by the third quarter of this year.

An anonymous whale address starting with 0x0a8 just withdrew 9,288 ETH, worth $21.94 million, from Bybit, Onchain Lens reported via X. Withdrawals from exchanges are typically interpreted as a sign of intent to hold. The address now holds a total of 27,098 ETH, valued at $64 million.

Crypto analyst Murphy (@Murphychen888) suggested on X that Bitcoin (BTC) is moving out of its bear market, pointing to the Net Realized Profit/Loss (NRPL) indicator recovering above zero. An NRPL reading above zero indicates that overall realized profits in the market are exceeding realized losses, while a reading below zero suggests investors are selling at a loss. Murphy referenced a historical three-stage cycle: a deepening bear market, the end of capitulation, and a transition from bear to bull market. He explained that the current market's behavior is similar to the transition phase that follows a deep bear market. He added that this cycle is notable because the NRPL has recovered quickly without an extreme capitulation phase. Additionally, the BTC price has broken through the STH-RP and TMMP resistance levels.

DeepBook Protocol (DEEP), a dApp in the Sui (SUI) layer-1 blockchain ecosystem, has announced the testnet launch of DeepBook Predict, its on-chain options and prediction market infrastructure. Predict is an options primitive that can be combined with DeepBook's spot and margin features, supporting the creation of binary markets, call and put options, leveraged products, and structured products. DeepBook explained that it has implemented an institutional-grade options pricing model on-chain through an options oracle developed in collaboration with Block Scholes. The protocol added that Predict integrates with its margin function to enable leveraged positions and supports transaction finality under 400ms on the Sui network. "The on-chain options market TVL is currently around $100 million, which is still an early stage," DeepBook stated, adding that "Predict will accelerate the expansion of DeFi options infrastructure."

LayerZero CEO Bryan Pellegrino has refuted claims from KelpDAO regarding a recent rsETH security incident. Citing on-chain records, Pellegrino stated on X that KelpDAO itself changed the rsETH cross-chain configuration from the default multi-DVN structure to a 1:1 single DVN mode in April 2024. He explained that LayerZero's official documentation warns against using this setting in a live environment and that the team has consistently recommended a more secure multisig structure. Pellegrino added that most related transactions during the period the 1:1 structure was active originated from rsETH. He is now awaiting a final audit report from an external security firm.

Lawyers for the victims of the KelpDAO hack are shifting their legal strategy to seize $71 million in frozen ETH, CoinDesk reported. In a court filing, they argued the incident was not a simple theft but a loan based on collateral fraud, asserting that assets obtained fraudulently can still be legally owned. The lawyers explained that the North Korea-linked Lazarus Group allegedly secured a loan of real ETH using worthless rsETH as collateral. They emphasized that under the U.S. Terrorism Risk Insurance Act (TRIA), assets linked to North Korea can be seized. Previously, Aave had requested the freeze be lifted, arguing that temporary possession of stolen assets does not confer ownership and that the funds belong to the victims, not the perpetrators.

The U.S. Federal Reserve is unlikely to pursue additional interest rate hikes, according to an analysis by Jim Smigiel, an analyst at the Nasdaq-listed financial services firm SEI (SEIC). He explained that the Fed, with its dual mandate of price stability and full employment, must consider the potential negative impact of rate hikes on the economy and the labor market. In contrast, Smigiel noted that some other global central banks, such as the ECB, are more focused on price stability, making further tightening relatively more likely. However, he added that central banks in other major economies are likely to largely follow the Fed's policy path due to concerns about exchange rate and capital market instability.

OKX announced it will list the EDGE spot pair at 12:00 p.m. UTC today.

South Korean crypto exchange Upbit announced that it will list dogwifhat (WIF) on its KRW, BTC, and USDT markets at 7:00 a.m. UTC today.

Tushar Jain, co-founder of crypto investment firm Multicoin Capital, stated on X that he has been accumulating large amounts of the privacy coin Zcash (ZEC) since February. He explained that while Bitcoin (BTC) is censorship-resistant, making it difficult to freeze or restrict, it does not solve the issue of government taxation. Jain added that there is growing market demand for assets with true privacy features, and he believes Zcash most directly meets this need.

The following is an order book analysis chart for the BTC/USDT spot pair. The top section displays a volume heatmap, while the bottom shows the cumulative volume delta (CVD). - The volume heatmap tracks the amount of trading that occurs at specific price levels. The background color brightens when the price lingers in a certain range or makes a significant move. These brighter areas can potentially act as support or resistance levels. - The CVD indicator at the bottom represents buy and sell orders categorized by trade size. A rise in a colored line indicates an increase in buy orders for that category. The yellow line tracks orders between $100 and $1,000, and the brown line tracks large orders between $1 million and $10 million.

U.S. spot Ethereum ETFs recorded approximately $97.5 million (142.1 billion won) in net inflows on May 5, marking the third consecutive day of positive flows, according to data from Farside Investors. - BlackRock ETHA: +$69.5 million - BlackRock Staking ETHB: +$2.4 million - Fidelity FETH: +$24.2 million - 21Shares TETH: +$1.4 million

Australian rapper Iggy Azalea is facing a class-action lawsuit over her Solana-based memecoin MOTHER, Cointelegraph reported. According to a complaint filed in a U.S. federal court in Manhattan, the plaintiffs allege that Azalea emphasized the MOTHER token's real-world utility and ecosystem expansion plans, but these claims did not materialize into actual services. The suit specifically points out that MOTHER was promoted as a key payment method for Azalea-related businesses, including a telecommunications service, an online casino, a luxury commerce platform, and a merchandise store.

Solana has begun deploying its Firedancer validator client 1.0, the project announced on its official X account. Firedancer is an upgrade designed to enhance Solana's client diversity, making it more difficult to bring down the network either accidentally or intentionally. The Firedancer client was previously launched on the Solana mainnet last December.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $149.56 million liquidated (92.38% shorts) - ETH: $49.81 million liquidated (68.25% shorts) - ZEC: $46.76 million liquidated (95.92% shorts)