BTC and ETH Dip as US Jobs Data Looms; SIREN, ONDO Lead Altcoin Gains

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Senate Banking Committee is advancing the CLARITY Act, signaling imminent regulatory clarity for crypto markets. A bipartisan deal on stablecoin yields supports stablecoin sector growth, though ongoing ethics clause negotiations may affect the bill's timeline. Global monetary policy remains cautious amid persistent inflation and geopolitical risks, influencing risk sentiment and cross-border crypto flows.

Crypto Market

The crypto market saw mixed performance over the past 12 hours, with BTC down 1.60% at $79,743 and ETH down 1.69% at $2,284.75, both pressured by weak risk sentiment and ETF outflows. Altcoins diverged: SIREN surged 20.85%, ONDO rose 8.47%, and VVV gained 1.09%, driven by protocol upgrades, institutional partnerships, and user growth. Most other majors, including SOL (-0.13%) and FET (-0.31%), traded flat to lower.

Today's Outlook

Key events today include the release of US April Nonfarm Payrolls and Unemployment Rate data, which may drive volatility across risk assets and crypto. PORT3 Network (PORT3) will unlock 5.40M tokens (1.20% of market cap), potentially impacting liquidity and short-term price action.

Fear and Greed Index

16.00% Annual Percentile

48 Neutral

Total Crypto Market Cap

$2.66T

0.94%

Total Market Trading Volume

$133.77B

11.74%

Altcoin Season Index

90.91%

Quarterly Percentile

43 / 100

Total Futures Market Open Interest

3.71B

0.60%

Futures

453.82B

2.64%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Bank of Mexico cut its benchmark interest rate to 6.50%, ending its easing cycle due to persistent inflation risks. This move may limit MXN liquidity and impact crypto-USD/MXN trading pairs.

President Trump stated the US has ample oil supply and no energy crisis, aiming to stabilize energy markets. This reassurance may reduce volatility in BTC and ETH prices linked to oil shocks.

A US trade court ruled that Trump's 10% global tariffs exceeded executive authority, raising uncertainty for global trade flows. This could affect risk sentiment and cross-border crypto capital movement.

BlackRock advocated for stablecoins to enhance payment systems and real-time settlement, provided a robust policy framework exists. This supports institutional adoption and DeFi liquidity expansion.

Payment service providers are rapidly adapting to real-time and stablecoin-based settlements, requiring new risk and compliance models. This evolution boosts on-chain transaction efficiency and DeFi integration.

Cryptocurrency Regulatory Trends

The US Senate Banking Committee is preparing to hold a markup on the CLARITY Act this week, with draft legislative text circulated to industry members. This signals imminent progress on a comprehensive federal crypto regulatory framework, boosting market confidence.

A bipartisan compromise on stablecoin yield provisions has been reached, banning passive yield on stablecoin balances but allowing activity-based rewards. This addresses a major sticking point and could accelerate the bill's passage, supporting stablecoin market growth.

Senator Gillibrand insists on an ethics clause barring senior officials from profiting off crypto before supporting the CLARITY Act. Ongoing negotiations on this issue may impact the bill's timeline and investor sentiment regarding regulatory certainty.

Banking industry groups have formally opposed the current stablecoin provisions in the CLARITY Act, warning of risks to traditional deposits. Their lobbying efforts may lead to further amendments, introducing short-term uncertainty for stablecoin issuers and banks.

Bankrupt crypto exchange Bittrex has asked a federal court to void its $24 million SEC settlement, citing the regulator's recent shift to a more favorable crypto stance. The outcome could set a precedent for future enforcement actions and market compliance expectations.

Siren (SIREN): SIREN surged 21% in 24h with $66.8M volume, driven by renewed interest in decentralized options trading and protocol upgrade anticipation.

Ondo Finance (ONDO): ONDO rose 8.8% in 24h, trading $272.6M, as TVL reached $3.66B and institutional partnerships boosted demand for tokenized real-world assets.

Venice Token (VVV): VVV gained 14% in 24h with $68M volume, fueled by growing user base for its decentralized AI platform and increased staking for API access.

Smart Money Movements

UBS disclosed holdings of 197,369 XRP ETF shares worth $1.49 million and 317 Grayscale XRP Trust shares valued at $8,248, marking a significant institutional move into XRP.

Coinbase purchased $88 million in Bitcoin during Q1 2026, reinforcing its commitment to expanding digital asset reserves amid ongoing market volatility.

American Bitcoin Inc. increased its reserves to over 7,300 BTC, valued at approximately $592 million, after mining and purchasing nearly 1,600 bitcoins in Q1 2026.

A whale opened a 3x long position on 1.97 million Toncoin (TON), valued at $5.39 million, with a liquidation price set at $0.944 per TON, signaling strong bullish conviction.

Ethereum whales placed $2.212 billion in limit orders within 24 hours, with $1.288 billion in buy volume and $924 million in sell volume, reflecting active large-scale market positioning.

Events to Watch

May 8 (Fri)

US April Nonfarm Payrolls and Unemployment Rate data to be released; Canada April Employment data and US Participation Rate also scheduled.

May 8 (Fri)

Port3 Network (PORT3) will unlock 5.40M tokens (1.20% of market cap), potentially impacting liquidity.

May 12 (Tue)

US April CPI data release, including CPI MoM, Core CPI MoM, CPI YoY, and Core CPI YoY, will provide key inflation signals.

May 13 (Wed)

US May PPI and Core PPI data to be released; Russia’s largest securities exchange to list crypto indexes for SOL, XRP, TRX, and BNB.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Bank of Mexico cut its benchmark interest rate to 6.50%, ending its easing cycle due to persistent inflation risks. This move may limit MXN liquidity and impact crypto-USD/MXN trading pairs.

President Trump stated the US has ample oil supply and no energy crisis, aiming to stabilize energy markets. This reassurance may reduce volatility in BTC and ETH prices linked to oil shocks.

A US trade court ruled that Trump's 10% global tariffs exceeded executive authority, raising uncertainty for global trade flows. This could affect risk sentiment and cross-border crypto capital movement.

BlackRock advocated for stablecoins to enhance payment systems and real-time settlement, provided a robust policy framework exists. This supports institutional adoption and DeFi liquidity expansion.

Payment service providers are rapidly adapting to real-time and stablecoin-based settlements, requiring new risk and compliance models. This evolution boosts on-chain transaction efficiency and DeFi integration.

Cryptocurrency Regulatory Trends

The US Senate Banking Committee is preparing to hold a markup on the CLARITY Act this week, with draft legislative text circulated to industry members. This signals imminent progress on a comprehensive federal crypto regulatory framework, boosting market confidence.

A bipartisan compromise on stablecoin yield provisions has been reached, banning passive yield on stablecoin balances but allowing activity-based rewards. This addresses a major sticking point and could accelerate the bill's passage, supporting stablecoin market growth.

Senator Gillibrand insists on an ethics clause barring senior officials from profiting off crypto before supporting the CLARITY Act. Ongoing negotiations on this issue may impact the bill's timeline and investor sentiment regarding regulatory certainty.

Banking industry groups have formally opposed the current stablecoin provisions in the CLARITY Act, warning of risks to traditional deposits. Their lobbying efforts may lead to further amendments, introducing short-term uncertainty for stablecoin issuers and banks.

Bankrupt crypto exchange Bittrex has asked a federal court to void its $24 million SEC settlement, citing the regulator's recent shift to a more favorable crypto stance. The outcome could set a precedent for future enforcement actions and market compliance expectations.

Trending Tokens

Siren (SIREN): SIREN surged 21% in 24h with $66.8M volume, driven by renewed interest in decentralized options trading and protocol upgrade anticipation.

Ondo Finance (ONDO): ONDO rose 8.8% in 24h, trading $272.6M, as TVL reached $3.66B and institutional partnerships boosted demand for tokenized real-world assets.

Venice Token (VVV): VVV gained 14% in 24h with $68M volume, fueled by growing user base for its decentralized AI platform and increased staking for API access.

Smart Money Movements

UBS disclosed holdings of 197,369 XRP ETF shares worth $1.49 million and 317 Grayscale XRP Trust shares valued at $8,248, marking a significant institutional move into XRP.

Coinbase purchased $88 million in Bitcoin during Q1 2026, reinforcing its commitment to expanding digital asset reserves amid ongoing market volatility.

American Bitcoin Inc. increased its reserves to over 7,300 BTC, valued at approximately $592 million, after mining and purchasing nearly 1,600 bitcoins in Q1 2026.

A whale opened a 3x long position on 1.97 million Toncoin (TON), valued at $5.39 million, with a liquidation price set at $0.944 per TON, signaling strong bullish conviction.

Ethereum whales placed $2.212 billion in limit orders within 24 hours, with $1.288 billion in buy volume and $924 million in sell volume, reflecting active large-scale market positioning.

Events to Watch

May 8 (Fri)

May 8 (Fri)

May 12 (Tue)

May 13 (Wed)

III. Phemex Market Focus

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