ONDO, INJ, and VVV Lead Crypto Gains as US Jobs Data Looms

I. Crypto Market Overview

Key Takeaways

Macro Environment

US crypto legislation prospects have improved with a 60% passage probability after a Senate stablecoin compromise. BlackRock's tokenized money market funds and $30B+ in on-chain RWAs highlight rapid institutional blockchain adoption. Regulatory uncertainty persists in the EU and Russia, with MiCA enforcement tightening and new mining restrictions proposed.

Crypto Market

The crypto market saw moderate gains, with BTC up 0.69% at $80,291 and ETH rising 1.15% to $2,311. Altcoins outperformed, led by ONDO (+33.5%), INJ (+12.4%), and VVV (+11%), driven by strong RWA, DeFi, and AI narratives. Institutional partnerships and ecosystem growth fueled sector rotation.

Today's Outlook

Key events today include the release of US April Nonfarm Payrolls, Unemployment Rate, and Employment Situation reports, alongside China's April Balance of Trade data, both likely to impact global risk sentiment and crypto market volatility.

Fear and Greed Index

22.00% Annual Percentile

48 Neutral

Total Crypto Market Cap

$2.68T

0.98%

Total Market Trading Volume

$95.92B

52.05%

Altcoin Season Index

90.91%

Quarterly Percentile

43 / 100

Total Futures Market Open Interest

3.70B

0.44%

Futures

447.83B

3.55%

Perpetuals

II. Industry Updates

Macro-economic Policies

The probability of passing major US cryptocurrency legislation has risen to 60% after a Senate compromise on stablecoin incentives, potentially boosting institutional confidence and supporting crypto market liquidity.

BlackRock will launch two tokenized money market funds for stablecoin users, enabling direct blockchain-based access to US Treasuries and cash equivalents, which may enhance DeFi collateral options and on-chain liquidity.

Galaxy Digital projects that stablecoin-driven credit expansion under the GENIUS Act could reach $400 billion by 2030, with offshore capital inflows lowering US Treasury yields and supporting broader crypto market adoption.

On-chain real world assets (RWA) have surpassed $30 billion, led by tokenized US Treasuries, signaling rapid institutional adoption of blockchain for traditional assets and increasing DeFi protocol collateralization capacity.

Cryptocurrency Regulatory Trends

The U.S. Senate Banking Committee will vote on the Digital Asset Market Clarity Act on May 14, aiming to clarify crypto regulation and potentially boost investor confidence.

A bipartisan compromise on stablecoin incentives has raised the odds of U.S. crypto legislation passing to 60%, signaling progress toward a unified regulatory framework.

Poland's crypto regulation remains stalled due to political conflict, increasing uncertainty for exchanges and service providers ahead of the EU MiCA compliance deadline.

The Estonian regulator has warned Zondacrypto for failing to publish a required token whitepaper, highlighting stricter MiCA enforcement and growing regulatory scrutiny in the EU.

Russia's State Duma is advancing a bill to criminalize illegal crypto mining, with penalties including imprisonment and asset confiscation, which may impact mining operations and compliance.

Ondo Finance (ONDO): ONDO surged 33.5% in 24h, driven by $628M trading volume and TVL rising to $3.67B. Strong institutional partnerships and real-world asset tokenization narrative fueled demand.

Injective (INJ): INJ gained 12.4% in 24h, with $103M trading volume and over 1 billion transactions on-chain. Growth is supported by new DeFi, AI, and RWA integrations on its interoperable L1 network.

Venice Token (VVV): VVV rose 10.7% in 24h, reaching $14.00 with $45M volume. The increase is linked to user growth on Venice.ai’s decentralized AI platform and rising demand for uncensored AI inference.

Smart Money Movements

UBS Group acquired 551,121 shares of MicroStrategy, valued at $98 million, raising its total MSTR holdings to $1.12 billion.

A dormant wallet identified as Emb5o purchased 67,648 SOL worth $6.23 million and 6.2 million JUP worth $1.52 million after seven months of inactivity.

Tether burned 2 billion USDT on the Ethereum network, representing nearly 40% of the 5 billion USDT minted since April 18.

Deutsche Bank increased its holdings in Strategy Inc. to 784,919 shares by Q1 2026, despite the value dropping to $98 million due to a stock price decline.

A whale transferred 221,999,990 USDT (about $222 million) from Ethena to an unknown wallet, drawing attention to large-scale stablecoin movements.

Events to Watch

May 9 (Sat)

US April Nonfarm Payrolls, Unemployment Rate, and Employment Situation reports release; China April Balance of Trade data published.

May 11 (Mon)

US April CPI data and China April Inflation Rate data to be released, offering key insights into inflation trends in both economies.

May 12 (Tue)

US April Core Inflation Rate and headline CPI data released; monthly token unlock of 0.54% supply scheduled, adding market sell pressure.

May 13 (Wed)

US April Producer Price Index (PPI) data to be released, with forecasts indicating a 0.4%-0.5% MoM increase.

May 14 (Thu)

US April Retail Sales data release; US Senate Banking Committee to vote on the Digital Asset Market Clarity Act, shaping crypto regulation.

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