1. Market Observation
Keywords: SOL, ETH, BTC
After the UK and US reached a trade agreement, Trump immediately encouraged investors to "buy stocks now". This series of positive news ignited market optimism. According to the agreement, the UK's steel and aluminum product exports to the US will have tariffs canceled, and car tariffs will be significantly reduced from 27.5% to 10%, though the US's previously imposed 10% "reciprocal tariff" will be retained. Boosted by this, US stock indexes collectively rose, with the S&P 500 rising nearly 1.6% and the Nasdaq surging 2%. Meanwhile, the US dollar index returned above 100, causing non-US currencies to generally weaken, and gold was also pressured, with spot gold falling below $3,300, a decline of nearly 2%.
The crypto market was similarly boosted by Trump's shill, with Bitcoin breaking through $10,000 for the first time since February, briefly touching $104,000 and momentarily surpassing Amazon as the world's fifth-largest asset. This strong surge led to $836 million in short liquidations yesterday, the largest single-day short liquidation in history. Standard Chartered's digital asset head Geoffrey Kendrick stated that his previous Bitcoin Q2 target of $120,000 "might be too conservative". However, BTSE COO Jeff Mei also reminded investors of the seasonal "sell in May" pattern - historical data shows Bitcoin dropped 35% in May 2021 and 15% in May 2022.
Ethereum performed even more brilliantly, surging over 20% in a single day and breaking $2,200, with the ETH/BTC ratio returning to 0.02 levels after a month. Despite this, Ethereum still has significant room to rise to reach its historical high of 0.05. Notably, although the price has increased and the network recently underwent the Pectra upgrade, Ethereum's network activity remains tepid, with trading volume and active addresses showing weak growth. The base layer chain activity has been stagnant since 2021, and institutional demand is generally declining, so the sustainability of its upward trend remains to be seen.
The Altcoin market followed the mainstream currencies' trend with a broad rally, with some strong coins rising over 20%. Several projects in the Ethereum ecosystem were particularly eye-catching, such as MOODENG, NEIRO, PEPE, EIGEN, LQTY, ETHFI, all rising over 30%. In comparison, Solana's rise was relatively moderate, increasing only 8% to $162, and its on-chain activity seems to be diverted by the secondary market, with no quality rapid trading in the past 24 hours. Interestingly, crypto assets showed a clear fund flow shift compared to other digital asset markets - the CS skin market experienced a significant decline, almost the opposite of the crypto market's trend, essentially recovering the previous week's gains.
CS Skin Market Experiences Significant Decline
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]Coinbase to acquire crypto options platform Deribit for $2.9 billion
Missouri may exempt cryptocurrency and stock capital gains from taxation
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