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Large institutions are holding net long positions in Bitcoin, according to data from the U.S. Commodity Futures Trading Commission's (CFTC) weekly Commitment of Traders (COT) report, Tom McClellan, editor of the McClellan Market Report, said on X. He explained that while commercial traders who produce, hold, or consume an actual commodity typically lead most futures markets, the Bitcoin market is driven by non-commercial traders such as hedge funds and asset managers. McClellan added that, unlike late last year, these non-commercial traders now hold substantial net long positions.

According to Onchain Lens, a Hyperliquid whale (pension-usdt.eth, starting with 0x0ddf) is facing over $16 million in unrealized losses on 3x short positions in BTC and ETH amid rising market prices. The whale, who had previously drawn market attention for a win rate exceeding 80% on Hyperliquid, reportedly opened a total of $110 million in 3x BTC and ETH short positions early last month.

An amendment to South Korea's Foreign Exchange Transactions Act that brings virtual asset service providers (VASPs), including crypto exchanges, under its regulatory scope has passed the Finance and Economy Committee. The bill mandates that any business wishing to offer 'virtual asset transfer services' must register with the Minister of Finance and Economy, establishing a formal monitoring system. It also provides a legal basis for revoking the registration of specialized foreign exchange business operators. The newly defined 'virtual asset transfer services' refer to the transfer of virtual assets between South Korea and other countries through activities such as buying, selling, exchanging, or other actions to be specified by a presidential decree.

Major exchanges have seen $106 million worth of futures liquidated in the past hour. In the past 24 hours, $256 million worth of futures have been liquidated.

Bitcoin could surpass $80,000 driven by buying pressure from Strategy's preferred stock product, STRC, cryptocurrency analyst Taiki Maeda said on X. He expects STRC to purchase between $2 billion and $3 billion worth of BTC over the next two weeks, with buying to begin this week and accelerate from May 14. Maeda added that many investors have already capitulated and sold at the bottom, leaving no significant selling pressure to drive the price down. BTC briefly surpassed $80,000 around 2:00 a.m. UTC today for the first time in approximately three months.

Bithumb announced it will temporarily suspend deposits and withdrawals for Babylon (BABY) starting at 10:00 a.m. UTC on May 5 to support the token's network upgrade.

Bitcoin has surpassed the $80,000 mark for the first time in about three months, a level not seen since Feb. 1. The cryptocurrency is currently trading at $79,822 on the Binance BTC/USDT pair.

AI payment infrastructure firm TokenSquare has launched KRWQ, a won (KRW) stablecoin infrastructure, in the South Korean market, ZDNet reported on May 4. The launch follows a strategic partnership with the Switzerland-based BSV Association. The two entities signed a memorandum of understanding (MOU) in June 2025 and have since collaborated on technical verification, node operation structure, and commercialization plans for the KRWQ infrastructure.

Ethereum whales have purchased $322 million worth of ETH in the past 48 hours, crypto news service BSCN reported. The outlet noted that this buying pressure coincides with a record increase in staking demand. Currently, about 3.48 million ETH, valued at around $8 billion, is in the staking queue, while only 441,000 ETH is queued for withdrawal. BSCN assessed that this indicates accumulation by long-term investors and that the combination of buying from whales and Bitmine (BMNR) and the growing staking queue has created the most positive supply-demand structure for ETH in recent months.

Cryptocurrency analyst Sykodelic has predicted that Bitcoin could soon break through the $80,000 mark. In a post on X, the analyst noted that Bitcoin is showing signs of an upward breakout attempt and that its current long-term bearish phase is rare compared to past cycles. According to Sykodelic, BTC has consistently recovered quickly after hitting resistance to set higher highs, and a bullish cross was recently confirmed. He added that the market is currently consolidating in a range below a major resistance line, accumulating energy for a breakout, which he believes will be overcome in stages. Sykodelic forecasts that BTC could rise to the $80,000 level as early as next week. If the price holds, further gains could follow, but a quick rejection from that level would be a bearish signal. He concluded that a weekly close above $78,400 would further strengthen the bullish momentum.

YouTuber and crypto trader Jason Pizzino argued that while there are signs of a trend reversal for Bitcoin, it is too early to confirm that a bottom has been formed. In a post on X, he noted that it took Bitcoin 12 weeks to recover its losses after a sharp drop earlier this year, a slower pace compared to past recovery periods of eight and two weeks. Pizzino explained that a long-term trend reversal can only be confirmed when price, time, volume, sentiment, liquidity, and momentum align. He cautioned that buying before these conditions are met is akin to catching a falling knife.

Amy Oldenburg, head of digital asset strategy at Morgan Stanley, stated that U.S. banks will eventually incorporate Bitcoin onto their balance sheets, CoinDesk reported. Speaking at a Bitcoin conference in Las Vegas, she noted that for large banks like Morgan Stanley to hold BTC, they would need approvals from the Federal Reserve (Fed), compliance with Basel regulations, and clearance from multiple global regulators. Oldenburg added that the recent regulatory environment is becoming more favorable for expanding digital asset businesses. She pointed to MSBT, the first Bitcoin-backed exchange-traded product (ETP) from a U.S.-chartered bank, which attracted over $100 million within its first six days of launch, highlighting that these funds came entirely from self-directed investors.

CoinMarketCap's Altcoin Season Index currently stands at 43. The index compares the price performance of the top 100 cryptocurrencies, excluding stablecoins and wrapped tokens, against that of Bitcoin over the last 90 days. The market is considered to be in an altcoin season if 75% of these top 100 coins outperform Bitcoin over that period. If the opposite is true, it is deemed a Bitcoin season. A score closer to 100 indicates a stronger trend toward an altcoin season.

Coinbase Australia has officially launched a dedicated cryptocurrency service for Self-Managed Superannuation Funds (SMSF). The new offering, which follows the company's acquisition of an Australian Financial Services Licence (AFSL), allows SMSF trustees to add cryptocurrencies to their retirement portfolios. According to data from the Australian Taxation Office (ATO), there are currently over 1.2 million SMSF members with more than $757.3 billion in assets under management.

According to data from Tokenomist, the major token unlocks scheduled for this week (May 4–10) are as follows: - ENA: 171.88 million tokens ($17.28 million), representing 2.12% of circulating supply, at 7:00 a.m. UTC on May 5 - OPN: 32.09 million tokens ($5.44 million), representing 12.22% of circulating supply, at 12:00 p.m. UTC on May 5 - HYPE: 422,000 tokens ($17.36 million), representing 0.18% of circulating supply, at 12:00 a.m. UTC on May 6 - RED: 40.85 million tokens ($5.59 million), representing 12.20% of circulating supply, at 4:00 p.m. UTC on May 6 - SXT: 387.64 million tokens ($5.96 million), representing 23.20% of circulating supply, at 1:00 p.m. UTC on May 8 - LINEA: 1.38 billion tokens ($4.91 million), representing 5.05% of circulating supply, at 11:00 a.m. UTC on May 10 - BASED: 50 million tokens ($5.02 million), representing 20.41% of circulating supply, at 12:00 a.m. UTC on May 11

The key global macroeconomic events for the first week of May are as follows: - May 4, 4:50 p.m. UTC: Speech by U.S. Federal Open Market Committee (FOMC) member Williams - May 5, 2:00 p.m. UTC: U.S. Department of Labor March JOLTS report - May 6, 12:15 p.m. UTC: April ADP non-farm employment change - May 7, 12:30 p.m. UTC: U.S. initial jobless claims - May 8, 11:30 a.m. UTC: Speech by Federal Open Market Committee (FOMC) member Bowman - May 8, 12:30 p.m. UTC: April non-farm payrolls and unemployment rate

A Bitcoin (BTC) whale address that had been dormant for two years has deposited 141.26 BTC, worth approximately $11.16 million, to Kraken, Onchain Lens reported. Deposits to exchanges are typically presumed to be for the purpose of selling.

The Spot CVD chart provides an order book analysis for the BTC/USDT spot pair. The upper section shows a volume heatmap, while the lower section displays the Cumulative Volume Delta (CVD). - The volume heatmap tracks trading volume at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences a significant move. These brighter areas can potentially act as support or resistance levels. - The CVD indicator in the lower section represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line tracks orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.

CoinMarketCap's proprietary Fear & Greed Index fell one point from yesterday to 45, remaining in the neutral stage. The index measures market sentiment on a scale of 0, indicating extreme fear, to 100, representing extreme optimism. CoinMarketCap calculates the index based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and its own search data.

U.S. Central Command announced on May 4 that it has begun supporting a 'Freedom of Navigation' operation in the Strait of Hormuz. The mission, carried out under a presidential order, aims to assist merchant vessels transiting the key international trade route, which accounts for a quarter of the world's seaborne oil trade and a large volume of fuel and fertilizer products. General Brad Cooper, commander of U.S. Central Command, emphasized the defensive mission's critical importance to regional security and the global economy while maintaining a maritime blockade. The operation follows the U.S. State Department's earlier announcement of the 'Maritime Freedom Initiative,' a new program with the Department of Defense that combines diplomatic efforts with military coordination to enhance cooperation and information sharing among international partners. The U.S. military is deploying a missile destroyer, over 100 land- and sea-based aircraft, multi-domain unmanned platforms, and 15,000 personnel for the operation.

ETH could see further upside to $2,700, the level of its 200-day moving average (MA), if it breaks above the $2,400 resistance on a daily closing basis, according to an analysis by CryptoPotato. The outlet noted that ETH has been consolidating near the $2,400 mark for approximately three months. It is currently testing for support above its 100-day MA around $2,200, with the Relative Strength Index (RSI) remaining neutral at a level of 55. On-chain metrics show signs of structural improvement, with a continued decrease in exchange reserves and a trend of accumulation. Conversely, a daily close below $2,200 could trigger a decline of around 15%.

Ebrahim Azizi, chairman of the Iranian parliament's National Security and Foreign Policy Committee, stated that any U.S. intervention aimed at imposing a new maritime order in the Strait of Hormuz will be considered a violation of the ceasefire agreement. He asserted that the Strait of Hormuz and the Persian Gulf will not be dictated by what he described as President Trump's absurd remarks, emphasizing that "no one will believe this blame-shifting tactic."

New York prosecutors have reached a $5 million settlement with cryptocurrency platform Uphold in the state's first enforcement action related to the promotion of crypto interest-bearing products, The Block reported. New York Attorney General Letitia James stated that Uphold promoted a third-party interest product, "CredEarn," as a safe, deposit-like instrument without adequately disclosing its underlying revenue structure. The product's operator, Cred, went bankrupt in 2020, leading to significant investor losses. Under the agreement, Uphold will pay the $5 million fine and must enhance its due diligence procedures for any future third-party offerings. Funds recovered from Cred's bankruptcy proceedings are also slated to be returned to investors. The case affected over 6,000 users who invested a total of $50 million in CredEarn through Uphold, ultimately losing more than $34 million.

A majority of U.S. voters do not trust the Trump administration's ability to regulate cryptocurrency, CoinDesk reported. A survey of 1,000 registered U.S. voters found that 62% of respondents do not believe the administration can properly regulate the crypto industry. Furthermore, 73% of those polled opposed the participation of high-ranking public officials in crypto-related businesses, a finding that reflects concerns about potential conflicts of interest and regulatory independence.

Blockstream CEO Adam Back stated that state-level adoption of Bitcoin does not conflict with the cryptocurrency's original ideology, in an interview with Cointelegraph. He argued that recent interest from governments and nations is an indicator of Bitcoin's success. Back explained that technologies designed to shift the balance of power, such as the internet and cryptography, initially spread among individuals and early adopters before expanding to higher-level entities like governments over time.