Headlines
▌Data: 88% of Bitcoin Supply is in Profit
Glassnode data shows that 88% of Bitcoin supply is currently in a profitable state, with losses mainly concentrated among buyers in the $95,000 to $100,000 range. This high profitability rate, rebounding from the 75% long-term average, indicates that investor expectations are being reset.
Bitcoin's price recovery from its long-term cumulative average profit percentage marks a significant shift. Previously, in August 2024, Bitcoin retested the 75% average around $60,000. This suggests that the $75,000 to $95,000 price range may represent a bottom, consistent with the structural market conditions observed in the third quarter of 2024.
▌CZ Talks About Prison Experience: Serving Time Was "Extremely Difficult", Will Publish New Book About Imprisonment
Binance founder CZ candidly shared in a Rug Radio interview that his four-month imprisonment in the US was "extremely difficult" and "terrifying", stating he "would not wish such an experience on anyone". However, this experience also made him realize the importance of health and family.
He recalled feeling intense unease and fear upon first entering prison, surrounded by tattooed, loud, muscular inmates. His cellmate was serving 30 years for double murder, but they got along reasonably well. Due to his non-US citizenship, he was sent to a low-security facility instead of the minimum-security prison.
Despite being the Binance founder with a billion-dollar fortune, his prison companions did not treat him specially. CZ said many inmates were friendly, and he still maintains contact with several. The most challenging aspect for him was the mental pressure—worrying about potential sudden extension of his sentence. He noted that many of his prison friends faced similar fates.
This experience led him to reassess life, stating, "Health is most important, followed by family, then work and other things." CZ also revealed he will publish a new book detailing his imprisonment experience.
Market
As of filing, according to Coingecko data:
BTC recent trading price $94,689.93, daily change +0.3%;
ETH recent trading price $1,817.11, daily change +0.3%;
BNB recent trading price $597.58, daily change +1.8%;
SOL recent trading price $146.29, daily change +1.4%;
DOGE recent trading price $0.1697, daily change -3.9%;
XPR recent trading price $2.13, daily change -1.4%.
Policy
▌US SEC Delays Decision on Canary Spot Litecoin ETF
According to market news, the US Securities and Exchange Commission (SEC) has delayed its decision on the Canary Spot Litecoin ETF.
▌US CFTC Acting Chair: CFTC Plans to Participate as Observer in Some Industry Tokenization Pilot Projects
According to Forbes reporter Eleanor Terrett, CFTC Acting Chair Caroline Pham told her at the Medici network conference that the CFTC plans to participate as an observer in some industry tokenization pilot projects to personally experience how tokenized assets operate in the real world and accumulate relevant technical experience.
▌US Democratic Lawmakers Will Block Joint Hearing with House Agriculture Committee
The top Democrat on the House Financial Services Committee, Representative Maxine Waters, will block a joint hearing with the House Agriculture Committee on the market structure discussion draft bill published on Monday.
According to House rules, all participants in a joint hearing must unanimously agree to proceed. A Democratic staffer told CoinDesk that Waters will oppose and block the joint hearing, citing increased recent interactions between former US President Donald Trump and cryptocurrency.
The Financial Services and Agriculture Committees announced a joint hearing on market structure issues last week and published the first bill text on Monday, including how the SEC and CFTC will regulate cryptocurrencies.
▌Discussion Draft of US Digital Asset Regulatory Framework Released
According to official sources, House Financial Services Committee Chair French Hill, House Agriculture Committee Chair G.T. Thompson, House Financial Services Subcommittee on Digital Assets, Financial Technology & Artificial Intelligence Chair Bryan Steil, and House Agriculture Subcommittee on Commodity Markets, Digital Assets & Rural Development Chair Dusty Johnson today released a discussion draft of a bill aimed at establishing a regulatory framework for digital assets in the US.
▌New House Market Structure Discussion Draft: Transactions Involving Digital Commodity Sales Do Not Constitute Securities
According to Forbes reporter Eleanor Terrett, page 49 of the new House market structure discussion draft aims to clarify that transactions involving digital commodity sales do not constitute securities, provided the transaction does not involve the purchaser obtaining ownership rights to the issuer's business, profits, or assets.
In other words, if you buy and sell digital commodities in the secondary market, rather than directly from the issuer, it will not automatically trigger US securities laws unless the sale grants you some ownership or claims on company profits or assets.
Blockchain Applications
▌Trump and David Sacks to Attend "Crypto and AI Innovators" Dinner, Ticket Price $1.5 Million
Trump has arranged two cryptocurrency-themed dinners this month—one for well-funded political donors and another for "meme coin" millionaires.
The first dinner, scheduled for Monday, will cost $1.5 million per person, making it one of the most expensive political fundraising events recently. The second dinner will be held on May 22, where participants can access Trump's inner circle by holding TRUMP tokens.
The "Crypto and AI Innovators Dinner" hosted by MAGA Inc. will be held on May 5, with Trump and David Sacks attending.
The receiving committee, MAGA Inc., is a Trump-supporting Super PAC. It remains unclear how the PAC will use the millions raised through a series of dinners this spring.
The crypto community is enthusiastic about Sacks' growing influence in Washington, noting that he and other Trump-appointed officials have helped achieve a significant policy shift, securing a series of regulatory victories across multiple federal agencies, which many industry executives describe as a 180-degree turn from the Biden administration's policies.
Cryptocurrency
▌OpenSea CEO: US SEC Targeted Excellent Crypto Participants During Biden's Administration
OpenSea co-founder and CEO Devin Finzer stated that the US Securities and Exchange Commission's (SEC) enforcement approach towards crypto companies has left a lasting "regulatory shadow" on the industry.
In an interview, Finzer said that during the Biden administration, the agency unfairly targeted excellent participants in the cryptocurrency field, including OpenSea. "There are various digital assets, you know, you shouldn't treat them the same. That's obvious. But I think the approach the SEC previously took was, you know, very, very generic."
The U.S. Securities and Exchange Commission issued a Wells Notice to OpenSea in 2024 - a formal notification typically preceding enforcement action - accusing the Non-Fungible Token marketplace of operating as an unregistered securities exchange. At the time, Fincen criticized the SEC's "enforcement regulation" approach and stated that OpenSea was prepared to "stand and fight".
▌Coinbase CEO Praises Company's Latest Advertisement "The Future of Money Can't Be Printed"
Coinbase CEO Brian Armstrong stated on X that he greatly liked Coinbase's latest advertisement, specifically mentioning that the voiceover was done by actor Sam Rockwell, praising his excellent performance in the sci-fi film "Moon". The advertisement's theme is: "The future of money can't be printed".
▌BTC Drops Below $95,000
Market data shows BTC has dropped below $95,000, currently trading at $94,997.71, with a 24-hour increase of 0.39%. The market is experiencing significant volatility, so please manage risks carefully.
▌Dormant Address Containing 2,343 BTC Activated After 11.8 Years, Worth Over $221 Million
According to on-chain data tracking service Whale Alert, around 5:36 AM Beijing time, a dormant address containing 2,343 BTC ($221,429,323) was just activated after 11.8 years.
▌Solana Has Fixed a Vulnerability That Could Allow Attackers to Mint and Steal Tokens Infinitely
Solana network validators successfully avoided a potential disaster by launching a patch to fix a vulnerability in a program. If exploited, attackers could have infinitely minted certain tokens or extracted them from any account. The vulnerability only affected Token-22 confidential tokens, with the issue in the ZK ElGamal proof program used to verify encrypted balances and ensure zero-knowledge proof accuracy.
According to the Solana Foundation's post-incident report, some algebraic components in the on-chain ZK ElGamal proof program were not included in the hash used to generate the Fiat-Shamir transformation. Sophisticated attackers could exploit these unhashed components to develop forged proofs, thereby executing unauthorized operations through verification.
▌Analysis: Trump's Two Crypto-Themed Dinners in May Raise Potential Conflict of Interest Concerns
U.S. President Donald Trump is pushing back against criticisms of his and his family's associations with cryptocurrency. On May 4th, Trump posted on X that he plans to host a dinner in Washington at the end of the month for main supporters of the "Trump Official MEME Coin". Previously, Massachusetts Democratic Senator Elizabeth Warren criticized Trump's family for alleged "improper" crypto transactions, including UAE's investment in Trump-related stablecoin USD1.
In late April, Warren and several other legislators (including California Democratic Senator Adam Schiff) called on federal officials to examine potential bribery and corruption risks associated with Trump's MEME coin. The Financial Services and Agriculture Committees announced last week that they would hold a joint hearing on market structure issues and published the first related bill text this Monday, including how the SEC and CFTC will regulate cryptocurrencies.
However, Trump's planned crypto-themed dinners in May have sparked new controversy. One, called the "Crypto and AI Innovators Dinner", is hosted by Trump-supporting super PAC MAGA Inc., with ticket prices up to $1.5 million. The other dinner is for the top 220 Trump MEME coin investors, with entry determined through bidding.
Critics point out that Trump is blurring personal interests with public policy through these events, potentially violating the Constitution's Emoluments Clause, which prohibits the president from receiving gifts or economic compensation from domestic or foreign governments or their agents. Moreover, the Trump family's potential profits from crypto projects, combined with the relatively lenient crypto regulation during Trump's administration, further intensifies conflict of interest concerns.
Important Economic Developments
▌U.S. Stock Market Closes: Three Major Indices Decline, Berkshire Falls 5%
U.S. stocks closed on Monday with the Dow initially down 0.2%, S&P 500 down 0.6%, and Nasdaq down 0.7%. Tesla (TSLA.O) fell 2.4%, Apple (AAPL.O) dropped 3.1%, and Berkshire Hathaway (BRK.A.N, BRK.B.N) declined 5%. The Nasdaq Golden Dragon China Index slightly decreased, with Alibaba (BABA.N) up 0.6% and JD.com (JD.O) down 1%. (Jinse Finance)
▌97.3% Probability Fed Will Maintain Rates in May
According to CME "Fed Watch": There's a 97.3% probability the Federal Reserve will maintain rates in May, with a 2.7% chance of a 25 basis point cut. The probability of maintaining rates through June is 69.8%, with a 29.4% chance of a cumulative 25 basis point cut and a 0.8% chance of a 50 basis point cut. (Jinse Finance)
Jinse Encyclopedia
▌What is Address Poisoning Attack
In the cryptocurrency world, hostile actions by attackers manipulating cryptocurrency addresses to influence or deceive consumers are called address poisoning attacks. On blockchain networks, these addresses composed of different alphanumeric character strings are the source or destination of transactions. These attacks use various methods to compromise the integrity and security of crypto wallets and transactions.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes article content solely for informational reference and does not constitute actual investment advice. Please establish a correct investment concept and be sure to improve risk awareness.
