Bitget Daily Digest (May 6)｜US Senate Split on Stablecoin Legislation, Ethereum’s Pectra Upgrade Approaching

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远山洞见2025/05/06 01:42

By:远山洞见

Today’s Preview

1.U.S. March Trade Balance (in billions) to be released today. Previous: -$122.7B

2.U.S. Global Supply Chain Pressure Index for April due today. Previous: -0.18

3.Ethereum’s Pectra Upgrade is imminent, focusing on staking and wallet function improvements

4.Jito (JTO) to unlock 11.3 million tokens worth approximately $20.4 million

Key market highlights

1.Draft of U.S. Digital Asset Regulatory Framework Released

Representatives French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson introduced the 2025 Digital Asset Market Structure Bill, proposing a unified regulatory framework for digital commodities, stablecoins, self-custody rights, and DeFi. The bill delineates responsibilities for the CFTC and SEC, establishes registration requirements for exchanges, brokers, and custodians, and emphasizes consumer protection, innovation, and regulatory clarity. It is currently open for public comment.

2.Trump Hosting Two Crypto-Themed Dinners in May

One dinner targets high-net-worth political donors with a $1.5M per seat fundraiser scheduled for Monday—among the most expensive in recent times. The second, on May 22, targets "Meme Coin" millionaires, with entry via TRUMP tokens rather than cash donations. Trump and David Sacks attended the May 5 "Crypto and AI Innovators Dinner" hosted by MAGA Inc. Critics argue this merges personal gain with public policy, potentially violating the Constitution’s Emoluments Clause.

3.Bipartisan Rift in U.S. Senate Over Stablecoin Bill

Nine Democratic Senators, led by Arizona’s Ruben Gallego, threatened to filibuster unless “significant” changes are made to the latest draft. Gallego, who previously supported the bipartisan bill regulating USD-pegged stablecoins, now joins fellow Democrats citing "potential Trump family conflicts of interest" as a reason to delay the crypto-friendly legislation. Republicans insist on a neutral approach, with Rep. Bryan Steil stressing uniform rules for all issuers.

4.Mikami Meme Coin Presale Results Announced on X

The official Mikami token account reported 17,560 valid subscription addresses and 23,320.74 SOL subscribed in total. Over 21,000 spam transactions with deposits under 0.002 SOL (totaling approx. 1.158 SOL) were excluded. Only addresses depositing more than 0.002 SOL will receive Mikami tokens proportionally.

Market Trends

1.Bitcoin ($BTC) bounced after hitting $93.5K; market mixed. $OM in the RWA sector led gains. $VIRTUAL (Base) and $X (TON) entered the top 10 by volume. New token $HOUSE declined post-listing.

2.SP 500 ended its 9-day winning streak; Warner Bros. dropped over 5%. Berkshire Hathaway fell 5% following confirmation of Warren Buffett’s year-end retirement. Oil futures hit a 3-year low.

Bitget Daily Digest (May 6)｜US Senate Split on Stablecoin Legislation, Ethereum’s Pectra Upgrade Approaching image 0

3.Bitget BTC/USDT Liquidation Map: At ~$94,717, a 1,000-point drop to ~$93,717 could trigger >$96M in long liquidations; a rise to ~$95,717 may cause >$371M in short liquidations. Short liquidations far exceed longs—use leverage with caution.

Bitget Daily Digest (May 6)｜US Senate Split on Stablecoin Legislation, Ethereum’s Pectra Upgrade Approaching image 1

4.BTC Spot Flows (24H): $1.7B inflow vs. $2.3B outflow, net outflow of $600M

5.Notable Contract Outflows (24H): $XRP, $ETH, $DOGE, $TRUMP, $ADA—may present trading opportunities

Institutional Insights

1.Goldman Sachs: Forecasts 3 Fed rate cuts in 2025 Source

2.CryptoQuant: ETH accumulation addresses are increasing holdings despite unrealized losses; holdings up 22% in 2 months Source

3.Matrixport: As Bitcoin dominance rises, hopes for altcoin rebound fade Source

News Updates

1.ECB’s Stournaras signals more rate cuts ahead

2.Fed’s probability of holding rates in May: 97.3%

3.SEC’s fourth Crypto Roundtable set for May 12; SEC Chair and Nasdaq to attend

4.U.S. Treasury Secretary: Trade deal could be reached as early as this week

Project Developments

1.SEC delays decision on Canary spot LTC ETF

2.Chainlink launches community rewards program; 100M SXT tokens to be distributed to LINK stakers

3.Radiant Capital reopens all markets and launches compensation plan post-attack

4.Morpho sees record April user activity; crypto lending via Coinbase surpasses $130M

5.IOTA retires Stardust mainnet; 13 genesis validators launch new network

6.Indonesia suspends World platform's operating license

7.Tether mints $1B USDT on Tron as inventory reserve

8.Solana DEX weekly volume hits $29B; Raydium remains dominant

9.Ripple CTO responds to XRP Ledger block loss controversy—blames early development bug

10.Jupiter Boop partner to launch new Launchpad platform

Highlights on X

1.Sunova’s PEST Analysis of Musk Memes

Effective Musk-themed memes stem from analyzing his motives using the PEST model—Politics, Economy, Society, and Technology. Musk is a businessman, politician, techie, and meme artist. Understanding the logic behind his actions helps anticipate trends rather than waiting passively. Read More

2.Jason Chen: Bitcoin Reserve Policy at Critical Juncture

The 60-day period following Trump’s March 6 Bitcoin reserve executive order is ending soon, and the U.S. Treasury’s execution report may deliver a bullish surprise. Though critics dismissed the “seizure-based” reserve approach, the report may also reference other digital assets—opening narrative space for altcoins. Read More

3.Crypto_Painter: BTC Struggles Amid Low-Leverage Longs

BTC’s stagnation near $98K is partly due to large low-leverage longs (5x) entering at high levels, dampening further upside. With shorts already flushed, lack of liquidity above limits momentum. Clearance of $94.5K–$95K longs creates potential for further downside toward $93K. Market is now governed by reflexive futures positioning. Read More

4.xunle: Solana Profit Strategies – Three Core Paths

To profit on the Solana chain, monitor smart and dev wallets to follow their trades, obtain insider information for fund movements and project updates, and understand narratives to choose strategic entry points. Avoid blindly holding positions; adapt strategies based on situations. Read More

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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