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The first week of May delivered another rollercoaster for crypto investors. Bitcoin extended its rally, crossing impressive price milestones, while the overall crypto market surged past the $3 trillion mark for the first time since February, signaling renewed bullish sentiment.
Let’s break down the key moments that shaped the market last week.
The week opened with shocking headlines: an alleged Bitcoin early adopter (or “Bitcoin OG”) reportedly lost $330 million in a massive hack, ranking among the largest non-exchange thefts in crypto history.
That same day, Coinbase made waves by announcing its new Bitcoin Yield Fund (CBYF) targeting institutional players who want passive returns on their BTC holdings. With yields ranging between 4% and 8%, the fund uses basis trading (a strategy exploiting price gaps between Bitcoin’s spot and futures markets) to generate returns.
Meanwhile, Tether authorized the minting of 1 billion USDT, sparking chatter across crypto circles. But as CTO Paolo Ardoino clarified, the newly minted tokens remain “authorized but unissued” and serve as liquidity backup, not circulating supply.
Tuesday saw a major movement in crypto payments. MetaMask, partnering with Mastercard, CompoSecure, and Baanx, unveiled a crypto payment card that lets users spend directly from their wallets - no prior fiat conversion required. This is a big leap forward for everyday crypto spending and self-custody.
On the regulatory front, Circle secured preliminary approval from Abu Dhabi’s FSRA, inching closer to full licensing as a money services provider. This marks a significant regulatory win, especially in the Middle East and African markets.
However, not everything was rosy - Pi Network faced a storm. Its open mainnet launch quickly went from hype to chaos, plagued by sudden token unlocks, halted trading, and liquidity crunches, leaving many community members frustrated.
U.S. economic data rattled global markets midweek, with Q1 GDP showing a -0.3% contraction - far below expectations and the worst Q1 result since 2022. This fueled recession fears, though Fed Chair Jerome Powell signaled no immediate rate cuts, maintaining focus on inflation control.
In more positive news, North Carolina’s House passed a bill (HB92) authorizing up to 5% of state treasuries to be allocated into digital assets, with discussions even hinting at crypto integration for pension funds.
Despite negative macro headlines, Bitcoin defied gravity, surging past $95,000. Analysts speculated whether Bitcoin’s role as a potential inflation hedge was finally materializing, particularly as institutional buying intensified and governments explored adding Bitcoin to reserves.
The total crypto market cap mirrored this optimism, surpassing $3 trillion for the first time in months.
However, Immunefi reported concerning figures: $92 million was lost to crypto hacks in April, more than doubling March’s numbers. DeFi platforms bore the brunt, with major losses hitting UPCX, KiloEx, and Loopscale. Ethereum, BNB Chain, and Base were the most affected ecosystems.
Economic worries eased slightly by Friday, thanks to positive U.S. labor market reports showing stable job creation and steady unemployment. Meanwhile, political pressure mounted as President Trump renewed his calls for an interest rate cut ahead of the upcoming Fed meeting.
On the institutional front, BlackRock continued its aggressive Bitcoin accumulation, adding over 19,000 BTC this week, including a record-breaking 10,249 BTC purchase on Monday. While competitors like Fidelity and Grayscale saw mixed flows, Ark/21 Shares faced sharp outflows, dropping nearly 5,000 BTC.
Last week reminded us why crypto remains one of the most dynamic and unpredictable markets on earth. From institutional power moves and regulatory shifts to bullish price action, the space continues to evolve at breakneck speed.
Markets are moving fast, but you don’t have to navigate them alone. BuddyTrading offers tools and expert strategies to help you trade smarter. Explore more at BuddyTrading.com
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