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TRONSCAN's latest data shows that the total number of transactions on the TRON network has reached 14,001,026,800, officially surpassing the 14 billion mark. It is reported that the total number of transactions refers to the cumulative number of all transactions on the TRON network.As a major global payment network and blockchain infrastructure, TRON has a large user base, with on-chain transaction activity continuously rising and user demand steadily increasing. Currently, the total number of TRON accounts has reached 381 million, and the total value locked (TVL) exceeds 28.9 billion USD. In addition, the issuance of TRC20-USDT has recently hit new highs, increasing to 89.3 billion coins, with a cumulative increase of 8 billion coins this year.

JPMorgan analysts pointed out in their latest report that although the overall cryptocurrency market has recovered after the Iran conflict, Ethereum and other altcoins continue to underperform compared to Bitcoin. The analyst team led by Managing Director Nikolaos Panigirtzoglou stated that this trend, which began in 2023, "is unlikely to change unless we see meaningful improvements in network activity, DeFi, and real-world applications."The analysts noted that since the conflict triggered a market sell-off, Bitcoin's recovery in spot ETF fund flows and institutional futures positions has outperformed Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. CME futures positions also indicate that institutional investors are rebuilding their Bitcoin exposure more aggressively than Ethereum.Regarding the upcoming Ethereum upgrades (Glamsterdam and Hegota), analysts questioned whether they would be sufficient to improve ETH's relative performance. Upgrades over the past three years have primarily reduced Layer 2 transaction costs, which has weakened the Ethereum network's fee generation and token burn mechanisms, leading to an accelerated net supply growth and weakened price support. Whether the new upgrades can generate enough new demand and network activity remains to be seen.For altcoins, analysts believe that since 2023, weak liquidity conditions, low market depth and breadth, limited growth in DeFi activity, and recurring hacking and security incidents have collectively eroded market confidence and hindered the deployment of new capital.

USDC issuer Circle announced further deepening of its cooperation with Hyperliquid, becoming the technical deployment partner for USDC on Hyperliquid and positioning USDC as an Aligned Quote Asset. Hyperliquid, as a high-performance on-chain trading platform, is expanding from perpetual contracts to outcome-based markets, with USDC continuing to serve as the primary collateral and quote asset to support liquidity, collateral management, and cross-chain capital flows.Circle is responsible for providing reliable minting, redemption, and cross-chain transfer infrastructure, allowing USDC to play a more central role in new markets. Circle also announced an increase in financial investment in the Hyperliquid ecosystem: following the initial purchase of HYPE tokens in September 2025, it has staked an additional 500,000 HYPE tokens, further aligning the interests of both parties and moving towards becoming a validator.

According to Gate market data, Nvidia (NVDA.O) rose 2.6% in pre-market trading, indicating strong market performance.

According to Jinshi reports, Federal Reserve official Kashkari stated that the impact of Iran has disrupted the current inflation environment, while also noting that the labor market seems to remain stable.

According to Jinshi reports, Federal Reserve official Collins stated that strong productivity growth should help alleviate inflationary pressures.

According to Jinshi reports, the semiconductor sector of the US stock market generally rose, with Micron Technology up nearly 5%, ON Semiconductor rising close to 5%, and NXP Semiconductors up 4.6%.

According to Jinshi reports, the market has currently priced in a probability of over 30% for interest rate hikes before December. After the unexpectedly strong PPI data in the U.S. for April, the market believes it will be almost more difficult for the Federal Reserve to justify any rate cuts this year.The April PPI rose by 1.4%, significantly higher than the general expectation of 0.5% from economists, indicating that inflationary pressures are stronger than expected and reinforcing the trend of the market repricing the interest rate path.

Glassnode data shows that Bitcoin long-term holders (LTH) experienced an unrealized loss of 15% at the beginning of April, while in previous deep bear markets, this indicator exceeded 75%. This indicates that despite the recent significant pullback in Bitcoin, the pressure faced by long-term holders is only a small fraction of historical cycle lows, and their belief in holding has not been tested to the same extent.

The U.S. April CPI data reached a three-year high, raising concerns in the market about the Federal Reserve's potential rate hikes. Both the U.S. stock market and bond market came under pressure, but Bitcoin performed relatively well. Data shows that the core CPI in the U.S. rose by 0.4% month-on-month in April, higher than the market expectation of 0.3%, and increased to 2.8% year-on-year; the overall CPI, which includes energy prices, rose by 3.8% year-on-year, up from the previous value of 3.3%, marking the highest inflation level since May 2023.As a result of the data, the market quickly adjusted its expectations for the Federal Reserve's policy path. CME FedWatch data shows that traders are currently betting on a probability of over 35% for at least one rate hike within 2026, whereas just a few weeks ago, the mainstream market expectation was still for a rate cut within the year. Risk assets subsequently fell, with the Nasdaq index dropping over 1.3% and U.S. Treasury yields rising in tandem. However, the cryptocurrency market showed some resilience. Bitcoin remained above $80,000 after the data was released, currently reported at around $80,500, essentially flat over the past 24 hours; Ethereum and XRP fell by about 2.5%.

According to Cointelegraph, Bitcoin Bond Company CEO Pierre Rochard stated that the current fourth bear market of Bitcoin has significantly decoupled from past cycles and is performing stronger. In the previous cycles, the maximum drawdown was about 85% from 2013-2015, nearly 77% from 2017-2018 and 2021-2022, while this round has dropped from a historical high of about $126,000 to around $60,000, with a maximum drawdown of only about 52%.Rochard believes that this resilience mainly comes from two new demands: the cumulative net inflow of Bitcoin spot ETFs exceeding $59 billion, and continuous purchases by corporate treasuries (such as Strategy holding over 818,000 BTC). These institutional demands did not exist during the bear markets of 2018 and 2022.Michaël van de Poppe, founder of MN Capital, also stated that the current market is no longer the same environment as in 2022, and the view that "Bitcoin will break out of the bear flag pattern and bottom in October 2026" may be the most crowded trading expectation.

According to CoinDesk, Denis Beau, the Deputy Governor of the Bank of France, has publicly called for a joint effort from the European public and private sectors to promote the development of euro tokenized currency in response to the dominance of the US dollar stablecoin. This move stands in stark contrast to the position of European Central Bank President Christine Lagarde, who is cautious about private stablecoins, believing that USDT, USDC, and others pose financial stability risks, and favors a central bank-led digital euro plan expected to be implemented by 2029.Beau proposed a "triple objective" for Europe: to adapt central bank currency services, to promote the issuance of pan-European tokenized private currency by regulated institutions, and to strengthen the MiCA regulatory framework. His stance is highly aligned with the Qivalis consortium, which consists of 12 major European banks including ING, BBVA, and BNP Paribas, and plans to launch a private digital euro within this year. Beau also revealed that the euro system will launch its first tokenized wholesale central bank currency service by the end of the year.

The BAI platform announced user data for May 11, showing that the platform gained 8,756 new users that day. While maintaining strong growth, the proportion of Stripe payments among the core paying group has risen to 69.0%, indicating a steady improvement in retention rates among traditional developers and production-level users. In terms of business structure, the DeepSeek-V4 series has contributed nearly 60% of Token consumption due to its extreme cost advantages. This series of models, with ultra-low latency, high concurrency, and high throughput capabilities, is becoming an indispensable core execution engine in the AI Agent era. The B.AI platform will continue to provide developers with efficient and economical model services, helping more AI-native applications to be implemented.

Despite Bitcoin's pullback of about 2.5% since reaching a peak of $82,800, market analysts generally believe that its overall upward structure remains intact and has re-entered the "full bull market momentum" range. Swiss wealth management firm Swissblock pointed out that Bitcoin has re-entered the price expansion range, the Bull Market Support Band has turned into support, and the 21-week EMA has crossed above the 20-week SMA, with the trend structure turning bullish again. Currently, Bitcoin's price is consolidating around $80,000, where the "real market average" and short-term holding costs constitute key support, while the realized price around $85,000 forms an upper pressure zone.Whale and institutional-led spot buying are strengthening, while the proportion of derivative speculation is decreasing. Similar structures historically correspond to sustainable upward trends. If this indicator continues to maintain positive values, it may further drive Bitcoin to continue its upward cycle. In terms of liquidity, the Stablecoin Supply Ratio (SSR) has rebounded from historical lows to a key range, indicating that stablecoin funds are flowing back into the market. This signal has corresponded to phase bottom rebounds in mid-2021, 2022, and mid-2023. Meanwhile, the Binance stablecoin supply ratio oscillation indicator (SSR Oscillator) has risen to 2.8, reaching a 12-month high, showing a significant increase in stablecoin purchasing power.On-chain activity is also strengthening. Bitcoin's daily transaction volume has increased by 116%, reaching 831,400 transactions, a 20-month high; the number of active addresses has increased by 7.1% to 707,700, and total transaction fees have grown by 37% to $279,300, indicating a significant increase in network usage activity. In terms of funding structure, the 90-day spot Taker CVD has turned into a sustained positive value, indicating that spot buying is dominating the market. Glassnode data shows that this indicator has further risen to $62 million compared to a week ago, reflecting an increase in market proactive buying sentiment.In summary, the price structure, liquidity indicators, and on-chain demand all indicate that Bitcoin is currently still in a "strong trend expansion phase," and the bull market momentum has not yet ended.

NASDAQ-listed company Tron Inc. (NASDAQ: TRON) announced that it has purchased 142,384 TRX at an average price of $0.3512. After this increase, the company's total holdings of TRX in its treasury wallet have exceeded 695.7 million. According to the on-chain address it disclosed, the total value of digital assets in this treasury wallet has surpassed $255 million.

Glassnode's latest weekly report indicates that Bitcoin slowly climbed from $77,000 to $82,000 last week, with buying pressure continuing to support during the pullback, even as momentum began to cool near local highs. The spot CVD surged, reflecting strong bullish sentiment and a firm belief in price increases. Meanwhile, spot trading volume also increased, indicating that the recent price trend gained more support with heightened investor participation. However, the easing of price momentum suggests that buying and selling pressures are becoming more balanced, implying that the market may be entering a stabilization phase.The situation in the futures market is similar, with a rise in risk appetite. The increase in open interest indicates heightened speculative activity, with investors willing to take on more risk; the perpetual contract CVD surged, indicating sustained bullish momentum. However, the decline in long funding rates suggests a shift towards bearish sentiment, and bullish sentiment may have weakened.In the options market, the demand for downside protection has decreased, while open interest has increased, indicating a shift in market expectations towards neutral or slightly bullish. However, the volatility spread has surged significantly, indicating that the risks reflected in options pricing are much higher than the actual risks, reflecting a notable increase in participant uncertainty.In summary, supported by stronger on-chain activity, healthier profitability, and more stable holder positions, Bitcoin's market structure continues to improve. Although bullish sentiment is strengthening, the slowdown in capital inflows and cautious market sentiment suggest that the market remains sensitive to changes in risk appetite.

According to the official announcement, OKX will suspend the deposit and withdrawal services for all tokens on the Ronin network on May 12 at 22:00. The services will resume after the network upgrade is completed. Please note that trading of the relevant tokens will continue as normal, and users do not need to take any action.