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BitMEX co-founder Arthur Hayes argued in a recent blog post that the Bitcoin bull market has already been underway since late February. He explained that expanding investments in AI infrastructure, rising war costs, and spending on physical infrastructure for supply chain security are all fueling fiat-based credit expansion, which will benefit BTC. Hayes noted that capital expenditure in AI is at an unprecedented level, while the U.S. Federal Reserve and other central banks continue to print money. He also pointed to declining trust in U.S. dollar assets, which is causing a shift of capital into physical infrastructure and commodity stockpiles, potentially leading to further fiat expansion. Against this macroeconomic backdrop, Hayes believes it is a foregone conclusion that BTC will surpass $126,000 and that a break above $90,000 would further accelerate the rally. He added that his asset management firm, Maelstrom, has increased its portfolio risk exposure to the maximum level. After Hyperliquid (HYPE) and Zcash (ZEC), he is most optimistic about NEAR Protocol (NEAR).

The U.S. House Ways and Means Committee will hold a closed-door meeting on May 14 to discuss cryptocurrency taxation, Bloomberg reported, citing three people familiar with the matter. The meeting is reported to be bipartisan and attended only by lawmakers. On the same day, the Senate Banking Committee is scheduled to mark up the Clarity Act (H.R. 3633).

EmberCN reported that over the past 10 hours, 10 anonymous addresses have withdrawn 100 million LAB, worth $514 million, from Bitget. This amount represents approximately 32% of LAB's circulating supply. EmberCN noted that the memecoin RAVE also recently saw a large-scale withdrawal from Bitget, suggesting that the same trading team may manage both RAVE and LAB.

DeFi lending platform Fluid (FLUID) announced in a post-mortem report that it has resolved a $19.3 million bad debt stemming from the March hack of Resolv (RESOLV). The platform stated the debt was fully covered through a combined effort by the Fluid team, its governance treasury, and Resolv. Fluid noted it had approximately $100 million in exposure to Resolv, with a $21 million default occurring during a depegging event caused by the hacker. The report clarified that Fluid's own smart contracts were not compromised in the incident and that the platform had taken measures such as halting its buyback program and reducing token issuance. Looking ahead, Fluid plans to enhance its security and introduce a legal framework for asset protection.

CoinMarketCap's Altcoin Season Index has fallen two points from yesterday to 49. The index measures whether altcoins are outperforming Bitcoin. An altcoin season is declared when 75% of the top 100 cryptocurrencies by market capitalization, excluding stablecoins and wrapped tokens, have outperformed Bitcoin over the preceding 90 days. A score closer to 100 indicates a stronger altcoin season.

Ondo Finance announced via X that the Total Value Locked (TVL) in equity tokens on its Ondo Global Markets platform has surpassed $1 billion. The platform now holds over 70% of the market share in this sector, with cumulative trading volume exceeding $18 billion.

South Korean crypto exchange Upbit has announced the temporary suspension of deposits and withdrawals for Astar Network (ASTR), Enjin Coin (ENJ), Polymesh (POLYX), and Bittensor (TAO) due to wallet upgrades.

Representative Kim Sang-hoon, chairman of the People Power Party's Special Committee on Stock and Digital Asset Value-up, has stated he will push for deliberations on a basic act on digital assets concerning stablecoins immediately after the upcoming local elections. According to Edaily, Kim said at a seminar on May 12 that while the domestic virtual asset market has grown through the efforts of startups, the government's role has so far been limited to regulation. He stressed that it is now time to focus on fostering the stablecoin market and establishing a legal framework for it. The legislation, which constitutes the second phase of digital asset regulation, was initially scheduled for discussion in a National Assembly subcommittee today but was ultimately removed from the agenda.

Upbit has announced that it will temporarily suspend deposits and withdrawals for Polkadot (DOT) to support a wallet upgrade.

According to CoinNess market monitoring, BTC has fallen below $81,000. BTC is trading at $80,953.82 on the Binance USDT market.

Keel Infrastructure, formerly Bitfarms, announced first-quarter 2026 revenue of $37 million and a net loss of $128 million. The revenue figure represents a 23% decrease year-over-year, while the operating loss widened to $98 million, which includes a $41 million loss on its cryptocurrency holdings. The company has completed its strategic shift, which involved relocating from Canada to the U.S., changing its name, selling its Latin American mining assets, and pivoting to focus on developing high-performance computing (HPC) and artificial intelligence (AI) data centers. As of May 8, Keel holds approximately $533 million in liquidity, with about $197 million of that in Bitcoin. The company has sold 269 BTC for $20 million so far this year, continuing its previously stated plan to reduce its Bitcoin position.

An Ondo Finance (ONDO) multisig wallet transferred 150 million ONDO, worth $63.88 million, to an external address seven hours ago, according to a report from EmberCN on X. Subsequently, one hour ago, 21.338 million ONDO ($9.15 million) was deposited into Coinbase and Bybit. Deposits to exchanges are typically interpreted as a precursor to selling.

Ordinals browser Ord.io announced on X that it will terminate its service on June 1. Launched three years ago, the browser has amassed over one million users. Following the shutdown, Ord.io's records will be uploaded to GitHub.

Memecoin trading app Zap announced it will terminate its service on June 1. The company explained that while it aimed to build an app allowing anyone to buy memecoins in 30 seconds, it failed to achieve its expected level of user growth. Zap has advised users to log into their accounts and export their private keys before the service ends, recommending they import them into a Phantom wallet.

Eleanor Terrett, host of Crypto in America, said on X that the crypto industry is watching for the release of new text for the CLARITY Act from Republicans on the U.S. Senate Banking Committee. She noted that, given the precedent of an amended version released in January, the text of this bill could also be released before midnight ET tonight.

DeFi platform Stream Finance has announced on X that it has begun the process of consolidating, liquidating, and distributing its assets for the benefit of customers and creditors. The platform said it is reviewing multiple strategies and that participation from customers and creditors will be required regardless of the approach taken. Further details are expected to be released within the coming weeks. Late last year, Stream Finance incurred a loss of approximately $93 million from assets managed by an external fund manager. The company has since filed a lawsuit in a U.S. federal court against the individuals responsible.

The X account of Roaring Kitty, a key figure in the GameStop (GME) meme stock frenzy, was suspected to have been hacked on May 11, BlockBeats reported. A hacker allegedly posted the contract address for a memecoin called "Red Kitten Crew" (RKC) using the compromised account. The token's market capitalization briefly surged to $12 million before crashing to around $1.8 million. Roaring Kitty's team appears to have since regained control of the account, and the related posts have been deleted. While no official statement has been released, the community believes the memecoin promotion resulted from the account being compromised.

An anonymous whale has purchased 71,832 HYPE for $3.02 million, according to a report from Onchain Lens on X. The average purchase price was $42.

The spot CVD chart analyzes the order book for the BTC/USDT spot pair, displaying a Volume Heatmap at the top and the Cumulative Volume Delta (CVD) at the bottom. - The top Volume Heatmap tracks trading volume at specific price levels. The background brightens when the price lingers in a particular range or moves significantly, with these brighter areas potentially acting as support or resistance. - The bottom CVD indicator shows buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line represents orders from $100 to $1,000, while the brown line tracks large orders from $1 million to $10 million.

The Crypto Fear & Greed Index from data provider CoinMarketCap is currently at 52, remaining in the neutral range. The index measures market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). CoinMarketCap calculates the index using several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data like the put/call ratio, the Stablecoin Supply Ratio (SSR), and its own search data.

An address believed to be associated with FTX and Alameda has unstaked 199,000 SOL, worth approximately $19.4 million, Onchain Lens reported. Based on past patterns, the funds are likely to be distributed across multiple addresses before being transferred to Coinbase and Binance.

Kevin Warsh, President Donald Trump's nominee for the next Federal Reserve Chair, cleared a key procedural hurdle in the Senate on May 11. The term of the current chairman, Jerome Powell, is set to end on May 15. After a cloture vote, the Senate is scheduled to hold a confirmation vote on Warsh's appointment as a Fed Governor for a 14-year term as early as May 12. A separate vote to confirm his four-year term as Fed Chair could follow as soon as May 13. The Republican-controlled Senate is expected to approve the confirmation. The Fed's next meeting is scheduled for June 16-17, which could be the first one presided over by Warsh as chairman.

U.S. hedge fund titan Ray Dalio argued that Bitcoin is not functioning as a safe haven asset, citing a lack of privacy, high correlation with tech stocks, and its small market size. He contrasted it with gold, which he described as an independent asset that is unique and more widely held. In response, MicroStrategy founder Michael Saylor countered on X that gold is analog capital while Bitcoin is digital capital. He stated that transparency is a feature, not a flaw, and that Bitcoin is suitable as a global collateral asset. Saylor also noted that Bitcoin has outperformed gold since MicroStrategy began its reserve strategy in August 2020.

The Trump administration on Monday asked a U.S. court for a stay on an unfavorable ruling regarding its 10% global tariff, a move intended to allow the federal government to proceed with its appeal process. Previously, the U.S. Court of International Trade (CIT) had ruled against the tariff measure on May 8, though it did not completely halt the collection of the duties. The Trump administration officially filed an appeal the same day. If the court grants the stay, the 10% global tariff will be reimposed on three importers who had sued over the government's policy. The 10% global tariff was implemented in February. The administration pursued the new global tariff policy under Section 122 of the Trade Act of 1974 after the U.S. Supreme Court invalidated most of its 2025 tariff measures. The current tariff measure is set to expire in July unless extended by Congress.

South Korea's National Assembly will convene a subcommittee of its National Policy Committee today to discuss finance-related legislation. According to Edaily, while the Capital Markets Act will be on the table, a proposed basic act on digital assets—part of the second phase of crypto legislation that includes regulations for stablecoins—has been excluded from the discussion. This marks the committee's final subcommittee meeting for the first half of the year. Deliberations on the digital asset legislation are now expected to begin only after the new parliamentary session is formed following the June 3 local elections.