Coinbase Discloses Regulatory Documents from US Authorities, Acknowledging 'Cryptocurrency Regulation Gaps'
Coinbase's Chief Legal Officer (CLO) Paul Grewal announced through X this morning that the company has released regulatory documents from US government agencies. These documents, obtained through a Freedom of Information Act (FOIA) lawsuit, amount to 10,000 pages. The documents include: ▲SEC's internal acknowledgment of cryptocurrency regulation gaps in 2019 ▲New York Prosecutor's request to SEC in 2023 to consider Ethereum as a security in the Kucoin lawsuit ▲SEC's inability to access Coinbase's video response to Wells Notice due to IT technical issues.
BTC Spot ETF Sees Immediate Net Inflow of 198.2 Billion Won
According to TraderT, on May 7th (local time), the US Bitcoin spot ETF saw a net inflow of $14.229 million (approximately 198.2 billion won). Just a day after switching to net outflow, it returned to net inflow. ARK Investments' ARKB alone saw a net inflow of $54.73 million, while Fidelity's FBTC and BlackRock's IBIT saw net inflows of $39.92 million and $37.16 million respectively. No ETFs recorded net outflows that day.
Abraxas Capital Deposits 1,000 BTC to Kraken
The Data Nerd reported that an address related to London asset management firm Abraxas Capital deposited 1,000 BTC ($98.92 million) to Kraken two hours ago. He explained that these funds were accumulated about three weeks ago at an average price of $84,713, and if sold in full, could realize a profit of approximately $14.21 million. The address currently holds 983 BTC ($97.43 million).
Abraxas Capital Withdraws $39.92 Million ETH from Kraken
On-chain analyst ai_9684xtpa reported that an address associated with London asset management firm Abraxas Capital withdrew 21,999 ETH ($39.92 million) from Kraken four hours ago at an average price of $1,814. These funds are deposited in major DeFi platforms like Aave and Compound, currently showing an unrealized profit of around $658,000.
Bolivia Plans to Launch CBDC
Bitcoin.com reported that the Central Bank of Bolivia plans to launch its own digital currency with cross-border payments in mind. Central Bank President Edwin Rojas Ulo stated, "We are currently designing the digital currency system and plan to make an official announcement on August 6th, coinciding with the 200th anniversary of independence. We are currently consulting international organizations and closely collaborating with neighboring central banks conducting cryptocurrency experiments."
Bitcoin Magazine CEO: "BTC Global Reserve Asset Adoption Faster Than Expected"
In an interview with The Block, Bitcoin Magazine CEO David Bailey stated that "Bitcoin is being adopted as a global reserve asset much faster than anticipated." He emphasized that as governments and major institutions begin to accept Bitcoin as a strategic reserve asset, it is establishing itself as a value storage mechanism similar to gold. This goes beyond mere technological innovation and represents a structural redefinition of the global monetary system.
Cygnus Supports Cross-Chain USDC Deposit via Omni Solvenet
Web3 and Instagram app layer Cygnus announced through its official X a strengthened partnership with Omni Network, a layer-1 blockchain with chain abstraction. This partnership enables Cygnus Finance to integrate with Omni's Solvenet, supporting cross-chain USDC deposits. Cygnus aims to enhance multi-chain DeFi accessibility and expand cross-chain interoperability and liquidity.
Tim Beiko: "Urgent Need to Reorganize Ethereum Upgrade Governance"
Ethereum core developer Tim Beiko proposed improvements to the network upgrade governance structure. Through the Ethereum Magicians forum, he suggested several measures to clarify and improve the governance process.
Crypto.com Partners with UAE State Oil Company Emarat
Cryptocurrency exchange Crypto.com has established a partnership with Emarat, the UAE's state-owned oil company, to activate cryptocurrency payment services, as announced by Emarat on X.
Flare TVL Surges 160% Following USDT0 Launch
The Block reported that Flare (FLR), a layer-1 blockchain, saw its Total Value Locked (TVL) surge 160% after launching the USDT omni-chain version, USDT0. The TVL increased from $45 million to $120 million in two weeks, attributed to the USDT0 boost program offering 30% APY for liquidity providers on decentralized exchanges.
Lee Jae-myung: "We Must Create a Won-Based Stablecoin Market"
According to Money Today, Lee Jae-myung, the Democratic Party's presidential candidate, stated that "we must create a won-based stablecoin market". At a live talk show with economic channel YouTubers held in a studio in Yeongdeungpo-gu, Seoul, he said, "We must quickly enter the stablecoin market to prevent being marginalized and stop national wealth outflow".
ETH Spot ETF 30.4 billion won net outflow... 2 consecutive trading days
According to Passyide Investor, on the 7th (local time), $21.8 million was net outflowed from the US Ethereum (ETH) spot ETF. This is a net outflow for 2 consecutive trading days. $21.8 million was withdrawn from BlackRock ETHA, and no net inflow/outflow occurred in other ETFs.
OKX lists WAL·NIL·PLUME perpetual futures
OKX announced the listing of WAL·NIL·PLUME perpetual futures. It supports up to 20x leverage.
205,354,305 USDT transfer... Anonymous → OKX
According to Whale Alert, 205,354,305 USDT was transferred from an anonymous address to an OKX address. This is a scale of 210 million dollars.
200,000,000 USDT transfer... HTX → Aave
According to Whale Alert, 200,000,000 USDT was transferred from an HTX address to an Aave address. This is a scale of 200 million dollars.
BTC short-term selling pressure limited
On-chain analysis firm Centora shared on X, "BTC quantities in loss status are less than 3% of the total. Short-term selling pressure will be limited".
Analysis "BTC near $100,000 under Trump's interest rate reduction pressure"
Bybit Research Senior Analyst Ryan Lee said, "Bitcoin's recovery to $100,000 is largely influenced by macroeconomic factors. Especially, expectations of Fed rate cuts and Trump's pressure for rate cuts are providing positive momentum across risk assets. However, the Fed is looking at employment and inflation as key indicators, so whether rate cuts will actually occur is uncertain. Even if Trump pressures for rate cuts, this does not directly impact the Fed's decision. Meanwhile, institutional fund inflows, ETF demand, and whale accumulation are substantially supporting Bitcoin's upward trend. However, some profit-taking may occur at the psychological resistance of $100,000, and trade tariff issues could be variables. Ultimately, recovering and maintaining $100,000 depends on whether continuous expansionary policy signals emerge from the US economic slowdown".
Analysis "BTC can reach all-time high if recovering and maintaining $100,000"
An analysis suggests that if BTC price recovers and maintains $100,000, it could soon reach an all-time high. In an interview with The Block, BTC Market Analyst Rachel Lucas said, "Today, BTC temporarily exceeded $99,000. This upward trend is due to various factors including institutional infrastructure establishment, macrofactors, and supply reduction after halving. Particularly, continuous capital inflows through BTC spot ETF are strengthening the upward momentum. While short-term volatility and profit-taking near resistance lines are expected, the overall trend remains positive".
BTC surpasses $99,000
According to Coinness market monitoring, BTC has surpassed $99,000. Based on Binance USDT market, BTC is trading at $99,006.28.
