A recent survey from the University of Michigan finds that consumer sentiment is down 26.5% since May 2024. According to the university’s ongoing Surveys of Consumers, the Index of Consumer Sentiment dropped to 50.8 this month, the second-lowest rating ever recorded. The lowest rating ever recorded was 50 in June 2022. The survey began in November 1952. Said Surveys of Consumers Director Joanne Hsu, “Consumer sentiment was essentially unchanged this month, inching down a scant 1.4 index points following four consecutive months of steep declines. Sentiment is now down almost 30% since January 2025. Slight increases in sentiment this month for independents were offset by a 7% decline among Republicans.” The survey also finds that consumer assessments of personal finances fell by 10%, anticipating weaker incomes and a weaker economy ahead. “Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April; uncertainty over trade policy continues to dominate consumers’ thinking about the economy.” With Trump’s tariff wars creating uncertainty, the University of Michigan survey finds that inflation expectations are experiencing a bipartisan surge. “Year-ahead inflation expectations surged from 6.5% last month to 7.3% this month. This month’s rise was seen among Democrats and Republicans alike. Long-run inflation expectations lifted from 4.4% in April to 4.6% in May, reflecting a particularly large monthly jump among Republicans.” Source: University of Michigan Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Sabura/Andy Chipus The post US Consumer Sentiment Crashes to Second-Lowest Rating Ever: University of Michigan Survey appeared first on The Daily Hodl .
An unprecedented surge in the Philadelphia Federal Reserve’s May Manufacturing Business Outlook Survey has jolted global risk markets and given crypto asset traders their clearest macro catalyst of the year. The Future New Orders diffusion index leapt by forty-plus points, a move that Julien Bittel, head of macro research at Global Macro Investor (GMI), called “literally” historic. Crypto Bulls Can Rejoice Bittel’s commentary on X framed the print with statistical precision: “Philly Fed data for May dropped yesterday – and the Future New Orders index just made history. Literally. … Expectations for new orders posted the largest monthly spike ever recorded – going all the way back to the index’s inception in May 1968. A staggering +4.3 standard deviation move. He underlined the shock with a comparison few macro watchers will forget: For perspective: that’s an even bigger move up than the downside collapse during the depths of the 2008 Global Financial Crisis (-4.1σ). Let that sink in…” Bittel then set the surge in a broader narrative that has animated his research since late last year. “Q1 growth was weak. The reason is straightforward – financial conditions tightened sharply in Q4. The dollar ripped, bond yields surged… a classic tightening phase,” he wrote. Related Reading: Analysis: Crypto Heats Up As $35 Billion Enters Market In Under A Month The proximate trigger, in his telling, was “businesses panic‑loading inventories ahead of Trump tariffs, and markets front‑running the inflation narrative.” Those dynamics, he argued, are a replay of Donald Trump’s first term: “We’ve highlighted repeatedly: this had all the hallmarks of Q4 2016 during Trump’s first term. Just like early 2017, that tightening spilled over into slower growth momentum in Q1.” Where 2017 began with doubt and ended in a synchronous global boom, Bittel believes 2025 is rhyming. “Those Q1 headwinds have flipped into Q2 tailwinds,” he insisted. “Everything flows downstream from changes in financial conditions… Purchasing managers’ expectations are shifting – and shifts in thinking eventually translate into action. Sentiment shifts first. Action follows. It always does. Bullish.” The crypto market responded muted. Bitcoin reclaimed the $104,000 level in early‑European trade, but lost it later on. Ether steadied near $2,600, and high‑beta layer‑one tokens such as Solana and Avalanche moved in tandem. Related Reading: Ethereum Gains Momentum Amid Flat Funding Rates – Is This A Healthy Uptrend? Giancarlo Cudrig, head of markets at Immutable, said the scale of the shock is less important than how under‑positioned investors are for an upside growth surprise. “An upside economic shock like this – +4.3σ on new orders – is rare. But the bigger story is market positioning. Asset prices are not prepared. The melt‑up is the asymmetric risk. Now it’s being repriced.” Independent analyst Market Heretic struck a similar note on X: “When this dropped, markets didn’t even blink. Because the shift’s already in motion. This wasn’t news, it was confirmation. That’s the real tell, when markets shrug off a four‑sigma upside shock. It means the turn is already upon us – and it’s just getting started.” For crypto investors, the implications are immediate. A softer dollar and retreating real‑yield expectations reduce the opportunity cost of holding non‑yielding assets, while the early phase of a reflationary turn historically favours high‑beta exposures. Bittel’s own playbook is unambiguous: “Sentiment shifts first. Action follows.” As long as that chain reaction continues, the crypto bulls appear to have both math and momentum on their side. At press time, the total crypto market cap stood at $3.28 trillion. Featured image created with DALL.E, chart from TradingView.com
A crypto analyst is sounding the alarm on Bitcoin (BTC), forecasting a price crash that could drag it down to levels not seen since previous bear markets. Citing recurring historical chart patterns, such as the ominous double-top formation that has preceded past market collapse, the analyst warns that Bitcoin’s current price action is on the brink of repeating history. He also raised concerns about possible market manipulation contributing to recent price volatility, fueling fears of an impending downturn. Historic Double Top Signals Bitcoin Crash Bitcoin’s explosive rise past the $100,000 mark once again reignited market sentiment, triggering various bullish predictions of a potential rise to its final cycle top . However, while analysts see its recent price action as a bullish move to new heights, others are projecting an impending crash to fresh lows. Notably, Jacob King, a crypto analyst and the Chief Executive Officer (CEO) of WhaleWire, has forecasted an upcoming crash in the Bitcoin price. The analyst shared a comparative chart, pointing to a recurring chart pattern that has preceded every major market crash in Bitcoin’s price history. In all the past market cycles, BTC has formed a distinct double-top pattern, which marked the end of a bull cycle and the beginning of a bear market. For more clarity, King’s chart shows four panels comparing Bitcoin’s price action during the past 4-year cycles. The top left of the chart shows a double top pattern formed in 2017, followed by a steep crash after the cryptocurrency hit a second price peak. On the top right chart, a smaller double top pattern occurred in 2019, triggering a price correction, though less severe than in 2017. A more pronounced doubt top pattern was also formed in 2021, leading to the historic mark collapse and drawn-out bear market that stretched from 2022 – 2023. Now the current 2025 Bitcoin structure eerily mirrors the same pattern from previous cycles, with King warning that history is on the verge of repeating itself. The analyst’s chart shows that BTC is finally forming a market top, potentially signaling the onset of a bear market . He further declared that Bitcoin’s price is already dangerously overvalued . He urges investors to exit the market, highlighting that every green candle is a better opportunity to sell. Analyst Raises Flag On Possible Market Manipulation Beyond technical patterns and possible price crashes, King has raised red flags about what could be fueling Bitcoin’s latest surge and volatility. The analyst argues that the recent rally above $100,000 isn’t driven by real demand but rather by Tether (USDT). According to the controversial view, the rapid creation of USDT is creating artificial buying pressure, printing exit liquidity for large holders who are now offloading their positions at inflated prices. King claims that the stablecoin’s issuance is being used by insiders to manipulate the price of Bitcoin , creating demand that doesn’t originate from actual fiat inflows.
The S&P 500 rose 0.7% Friday, closing out a strong week as investors looked past weak consumer sentiment data and persistent inflation concerns. The index posted a 5% gain for the week, its best since November 2023, as tech stocks and easing trade tensions fueled optimism. The Nasdaq Composite added 0..5% and the Dow Jones Industrial Average climbed 331 points, or 0.7%. For the week, the Nasdaq jumped more than 6%, while the Dow gained 3%. You might also like: Bitcoin price remains range-bound hinting towards a slow weekend Why did the markes go up? Markets rallied earlier this week after U.S. and Chinese officials agreed to a 90-day pause on new tariffs, easing fears of escalating trade friction. Tech stocks led the charge, with Nvidia up more than 15%, Meta up 7%, and Apple and Microsoft each logging notable gains. But Friday’s rally lost momentum after the University of Michigan’s consumer sentiment index dropped to 50.8—its second-lowest reading ever. Inflation expectations for the next year surged to 7.8%, the highest since 1981. Still, some analysts downplayed stagflation fears. “Markets are repricing the stagflation risk right now,” said Jamie Cox of Harris Financial Group, noting that consumer spending remains strong despite inflation concerns. President Donald Trump added uncertainty by signaling his administration would soon send letters to countries detailing new tariff rates, replacing some negotiations due to limited bandwidth. Despite the mixed signals, Wall Street ended the week on a high note, with the S&P 500 logging a five-day winning streak and recouping its year-to-date losses. Investors now turn to upcoming trade moves and inflation data for the next catalyst. You might also like: Moo Deng price approaches support: 50% bounce possible on bullish rounded bottom
Today in crypto, the co-founder of World Liberty Financial pushes back against US lawmakers' attempts to probe potential conflicts of interest involving the president. Meanwhile, a new report reveals that 90% of institutional players are either using or planning to use stablecoins. In other news, the US Department of Justice has added 12 more individuals to its list of defendants in a major crypto racketeering case. World Liberty Financial brushes off oversight concerns from Congress Zach Witkoff, one of the co-founders of the Donald Trump family-backed crypto platform World Liberty Financial (WLFI), has rebuffed efforts by US lawmakers to investigate the president’s potential conflicts of interest. In a May 15 letter to Senator Richard Blumenthal, lawyers for World Liberty Financial claimed a call to investigate the crypto platform was based on “fundamentally flawed premises and inaccuracies.” Witkoff did not specifically address any allegations, claiming that WLFI was “too busy building” for oversight. “The Company rejects the false choice between innovation and oversight,” said the letter. “What it opposes is the misuses of regulatory authority and uncertainty to suppress lawful innovation.” May 15 letter to Sen. Blumenthal. Source: Zach Witkoff Blumenthal, the ranking member of the US Senate Permanent Subcommittee on Investigations, was one of many Democrats calling for investigations and legislative changes in response to Trump’s ties to WLFI, as well as his TRUMP memecoin and its dinner scheduled for the top tokenholders on May 22. The GENIUS Act, a bill to recognize stablecoins as payment instruments currently being considered in Congress, may be a bellwether for how lawmakers intend to handle the president’s potential conflicts of interest. 90% of institutions “taking action” on stablecoins A report from enterprise-grade digital assets platform Fireblocks shows that 90% of institutional players are using or exploring the use of stablecoins in their operations. The report, published May 15, surveyed 295 executives across traditional banks, financial institutions, fintech companies and payment gateways. Almost half of the respondents (49%) said they already use stablecoins in payments, while 23% are conducting pilot tests and another 18% are in the planning stage. Only 10% of institutions surveyed said they were undecided about stablecoin adoption. “The stablecoin race has become a matter of avoiding obsolescence as customer demand accelerates and use cases mature,” Fireblocks wrote. Current stablecoin adoption among institutional respondents. Source: Fireblocks As traditional cross-border systems are hampered by higher costs, delays and other inefficiencies, stablecoins have emerged as a strategic solution in emerging markets’ business-to-business (B2B) settings. The report found that financial institutions, particularly traditional banks, cited cross-border payments as a top priority for using stablecoins. Banks use stablecoins for a competitive advantage, to reduce friction and meet customer expectations. The report also found that 58% of traditional banks use stablecoins for cross-border payments, while 28% use the assets to accept payments. Twelve percent of banks use stablecoins to optimize their liquidity, while 9% use them in merchant settlements. Another 9% use them in B2B invoicing. DOJ charges 12 more gamer-turned $263 million Bitcoin robbers Another 12 people have been charged for their involvement in a $263 million crypto crime spree that stole 4,100 Bitcoin from a Genesis creditor last August, along with a string of break-ins and money laundering. The 12 new names, included in a superseding indictment, add to charges originally brought against the main defendant in the case, Malone Lam, on Sept. 19, 2024, the Department of Justice noted in a May 15 statement. Jeandiel Serrano was named a defendant in the initial indictment but was not included in the superseding one. The DOJ said several defendants have been arrested, while two others are believed to be living in Dubai. Source: Symbiote Many of the suspects, with aliases like “Goth Ferrrari” and “The Accountant,” come from California, mostly aged between 18 and 22. The group allegedly began operating in October 2023, evolving from friends while playing online games to what the DOJ describes as participating in a “cyber-enabled racketeering conspiracy.”
Summary KULR Technology Group, Inc. reported disappointing first quarter results, with both revenue and profitability missing expectations by a wide margin. The company continued to aggressively sell new shares into the open market in order to expand its Bitcoin holdings. KULR Technology continues to trade at a substantial premium to market leader Strategy. Even when assigning a generous valuation to the company's tiny core business, the company remains overvalued. Recent move into Robotics is not likely to result in meaningful near-term sales. Anywhere you slice it, KULR Technology stock appears substantially overvalued at current share price levels. As a result, I am reiterating my "Sell" rating on the company's common shares. Note: I have covered KULR Technology Group, Inc. (NYSE: KULR ) or “KULR Technology” previously, so investors should view this as an update to my earlier articles on the company. After the close of Thursday's regular session, KULR Technology reported disappointing quarterly results with both revenue and profitability missing expectations by a wide margin: Company Press Releases / Regulatory Filings Gross margin of just 8.4% represented a new all-time low for the company. On the conference call , management attributed the poor performance to " unanticipated labor hours needed to complete technical projects, " but abstained from providing additional details. Cash burn of $10.0 million increased to new all-time highs but aggressive open market sales resulted in liquidity increasing further to $79.7 million (including KULR Technology's Bitcoin holdings). During the quarter, the company raised approximately $50 million in net proceeds from the sale of 19.4 million newly issued shares into the open market and utilized $44.5 million for the acquisition of 449.45 Bitcoin. Subsequent to quarter-end, the company sold an additional 13.9 million shares into the open market for gross proceeds of $19.8 million and acquired 42.37 Bitcoin for approximately $4.0 million. KULR Technology has also entered into a Bitcoin mining services agreement with limited duration, which accounted for approximately 10% of reported revenues: Additionally, on March 7, 2025, the Company entered into a sixty-day lease agreement (...) with a bitcoin mining services company to operate 2,500 S-19 bitcoin mining machines on KULR’s behalf, at a total lease cost of $850,000. Through March, 31, 2025, 2.97 bitcoin have been earned pursuant to the Machine Lease Agreement, at an average value of $84,186 per bitcoin. (...) During the period from April 1, 2025 through May 13, 2025, the Company has earned 4.48 Bitcoin from mining services. As of May 13, 2025, the company holds 7.45 Bitcoin from mining services with a current market value of approximately $777,000. In aggregate, the company now holds 716 Bitcoin with a current market value of almost $75 million. In addition, KULR Technology's estimated pro forma cash balance amounts to approximately $35 million after accounting for assumed quarter-to-date cash burn. Regulatory Filings / Yahoo Finance Based on these numbers, the company's current enterprise value calculates to $275.5 million or 3.7x the value of its Bitcoin holdings as compared to market leader Strategy's ( MSTR ) much more moderate 2.0x multiple. Given the poor start to the year, I do not expect KULR Technology's 2025 sales to " at least double, " as projected by management on the Q4/2024 conference call . In recent quarters, management has started to advertise the company as a one-stop shop investment in several of the biggest hype themes in today's market (Space, AI, Defense, Energy Storage, Nuclear, Bitcoin). Given this pattern, KULR Technology's recent move into Robotics isn't exactly a surprise: KULR Technology Group, Inc. (...) announced the launch of a new strategic partnership with German Bionic (“GB”), a leading global robotics company known for its groundbreaking robotic exoskeleton, Apogee ULTRA, to expand into the rapidly growing fields of robotics and artificial intelligence. GB counts global logistics companies, large retailers, hospitals, and major international airports among its customers, including Dachser Intelligent Logistics, GXO, Nuremberg Airport, Canadian Tire, the British consumer electronics retailer Currys, and the Charité Hospital Berlin. (...) The initiative includes the formation of a dedicated business unit, KULR AI & Robotics, aimed at driving innovation and commercialization of affordable and mature robotic solutions to support the US workforce and reshoring of manufacturing. (...) As disclosed in the company's quarterly report on form 10-Q, KULR Technology also invested $3.3 million to acquire preferred shares of privately-held German Bionic. While the company's Apogee robotic exoskeleton has been on the market for several years already, prices well north of EUR 10,000 per unit make it difficult for businesses to justify the investment. Company Website In addition, German Bionic is operating in a highly competitive market with large domestic and international players offering similar products at lower price points. As a result, the company continues to burn cash and will likely require additional funding going forward. For my part, I do not expect this new strategic partnership to generate substantial revenues for KULR Technology anytime soon, if ever. Given the company's limited scale and less-than-stellar operational execution in the first quarter, it is difficult to justify an enterprise value of almost 30x the company's 2024 sales. Even when considering the company a Bitcoin pure play, an investment doesn't make sense, as shares of market leader Strategy are available at a substantial discount to KULR Technology's valuation. To be perfectly honest, I am struggling to assign meaningful value to the company's operations. But even when assuming 50% year-over-year growth and a 10x revenue multiple, downside in the shares would still be material: Regulatory Filings / Author's Calculations Consequently, I am reiterating my " Sell " rating on KULR Technology's common shares. Risk Factors The most apparent risk to the bear thesis would be another jump in the Bitcoin trading price. In addition, substantial improvements in the company's operating performance would likely attract a new round of speculative investors and traders to the stock. Bottom Line KULR Technology reported disappointing first quarter results. Management did not waste much time on discussing the reasons behind the miss or updating full-year expectations, but spent most of the conference call touting the company's Bitcoin accumulation strategy and recent move into Robotics. But anywhere you slice it, KULR Technology appears substantially overvalued at current share price levels. In addition, persistent open market sales are likely to remain an overhang even when assuming a decent Bitcoin performance. As a result, I am reiterating my " Sell " rating on KULR Technology's common shares.
The Filecoin Foundation and Lockheed Martin Space have successfully transmitted data in space using a version of the InterPlanetary File System (IPFS) on a satellite orbiting Earth, Marta Belcher, president of the Filecoin Foundation, told Cointelegraph. Filecoin and Lockheed Martin adapted the system for use in space and successfully tested it, Belcher said during the Consensus 2025 conference in Toronto. The IPFS enhances privacy and security compared to traditional web protocols, such as HTTP, by identifying data based on its content rather than its location . This has additional benefits for data transmission in space, Belcher said. “The architecture is well-suited to space because it reduces delays, compensates for data corruption caused by radiation, and enables cryptographic verification to ensure data has not been tampered with,” she said. The foundation is a nonprofit governing the decentralized cloud storage protocol Filecoin ( FIL ), which uses the IPFS web protocol to store data. Lockheed Martin is one of the world’s largest aerospace companies. Source: Filecoin Foundation Decentralized storage benefits “There’s a multi-second delay from the Moon and a multi-minute delay from Mars,” Belcher said. “With IPFS, you look for a content ID and retrieve the data from wherever is closest — your own device, a nearby satellite, or a lunar station.” Additionally, the IPFS uses a distributed architecture to store multiple copies of data across a global network, reducing reliance on centralized data centers. These multiple copies of data improve reliability in environments where hardware is prone to degradation, helping to ensure the integrity of sensitive materials such as satellite images, according to Belcher. Interest in decentralized archival storage is growing among media companies, and the Foundation is also exploring potential military applications of this technology, Belcher said. “It could be really powerful for media in general to have that deep archive and also the ability to have your records everywhere all over the world when needed,” she said. The FIL token is a utility token that can be used within the Filecoin ecosystem. It has a total market capitalization of approximately $1.8 billion as of May 16, according to Cointelegraph data. Magazine: X Hall of Flame: Bitcoin will ‘start ripping’ as Trump’s polls improve — Felix Hartmann
Michael Saylor has once again acknowledged Bitcoin’s role in MicroStrategy’s financial journey
The evolving relationship between traditional finance (TradFi) and cryptocurrency gains more attention as public firms hold a staggering 699,387 BTC, valued at over $72 billion. Companies like Metaplanet are leading
At least one partner at Sequoia Capital was reportedly impacted by the recent data breach among Coinbase users, suggesting that data from others at the venture capital firm may also have been compromised. According to a May 16 Bloomberg report, Sequoia Capital Managing Partner Roelof Botha’s personal information available through his Coinbase account was stolen after a group of cybercriminals bribed the exchange’s support agents for access to user data. Though Botha had not publicly disclosed his net worth, estimates suggested he had hundreds of millions of dollars in assets. Coinbase disclosed the data breach in a May 15 blog post, saying that some of its users had been targeted with social engineering attacks after the criminals had access to their personal account information. The company said the group attempted to extort $20 million in exchange for not disclosing the breach, which Coinbase rebuffed. Though the extent of the breach was still unknown, another Bloomberg report suggested that the same type of attacks targeted users at Kraken and Binance. Cointelegraph reached out to representatives from both exchanges but had not received responses at the time of publication. Related: Bitcoin breaks out while Coinbase breaks down: Finance Redefined Coinbase's chief security officer, Philip Martin, reportedly said the contracted customer service agents at the center of the controversy were based in India and had been fired following the breach. The exchange also filed with the US Securities and Exchange Commission (SEC), estimating that they planned to pay between $180 million and $400 million in remediation and reimbursement to affected users. The exchange’s stock (COIN) fell more than 7% following the reports of the data breach and phishing attacks, to $244. At the time of publication, the price of COIN shares was $264.24. Coinbase CEO in DC to advocate for crypto bills Amid the reports related to the data breach, Coinbase CEO Brian Armstrong was in Washington, DC, to support crypto-related legislation being considered in Congress. Lawmakers in the Senate are expected to vote on a stablecoin bill in a matter of days, and those in the House of Representatives are considering a draft digital asset market structure bill. Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10