Bullish setup holds—but will $40M in SUI inflows trigger a surprise sell-off instead?
The revised GENIUS Act (S. 1582) in the U.S. Senate expands regulatory oversight to include foreign stablecoin issuers serving U.S. users, notably bringing Tether under U.S. jurisdiction regardless of its headquarters location. The legislation broadens the definition of digital asset service providers to encompass developers, validators, and self-custody wallets, extending anti-money laundering (AML) compliance requirements to these entities. While the bill is seen as favorable to Tether, it may pose challenges for decentralized finance (DeFi) facilitators. This development marks a tightening of regulatory controls over stablecoins and digital assets in the United States. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Bitcoin has revisited the $100,000 mark for the first time in months, gaining nearly 5% in the past week. As of the time of writing, BTC is trading at $102,922, up 3.5% on the day and just 5.2% shy of its all-time high of $109,000 recorded in January. The latest push above this critical psychological threshold marks a renewed phase of bullish market behavior, following weeks of range-bound trading between $93,000 and $98,000. Related Reading: Massive Buy Pressure Hits Binance as Bitcoin Reclaims $100,000 Short Liquidation Clusters Ignite Rally According to insights shared by CryptoQuant contributor Amr Taha, the recent rally has been driven in part by a sequence of short liquidation events on Binance. These events not only removed downward pressure from the market but also flipped the derivatives funding market, signaling a possible change in trader sentiment. Taha explained that a large cluster of short positions had accumulated in recent days, creating conditions ripe for a squeeze. Taha noted that the first key liquidation occurred at the $97,000 level, where a large number of short positions were wiped out, totaling approximately $360 million. Traders had positioned themselves for a local top, but instead, BTC broke through this zone, triggering a cascade of short covers and forced liquidations. This resulted in a rapid price acceleration as sellers were pushed to close their positions. Shortly after this surge, the price consolidated below the $101,000 mark, where another dense cluster of short interest had formed. This acted as a magnet for a second liquidation wave. When BTC breached $101,000, nearly $240 million in shorts were liquidated, contributing to a breakout that pushed the price toward $104,000. Data from liquidation heatmaps highlighted both $97,000 and $101,000 as high-liquidity targets, reinforcing the narrative that these were calculated liquidation sweeps. Bitcoin Funding Rate Shift Signals Bullish Sentiment The impact of these events extended beyond spot price movement. Taha pointed to Binance’s funding rate chart, showing that prior to the liquidation events, the funding rate was negative, a reflection of bearish bias among traders who were paying to maintain short positions. Following the twin liquidation waves, the funding rate flipped to +0.01%, a key signal that demand for long exposure was increasing. This transition from negative to positive funding is often interpreted as a shift in market structure, from bear-dominated to bull-dominated sentiment. It suggests that many traders now expect further upside, at least in the near term. Related Reading: Trump’s $6 Billion Trade Deal With The UK Pushes Bitcoin Past $100,000 Additionally, the rapid adjustment in funding rates highlights the impact that derivative market positioning can have on spot price behavior, especially during periods of thin liquidity or elevated leverage. Featured image created with DALL-E, Chart from TradingView
On-chain data shows address generation on the Bitcoin network has spiked as BTC has rallied above the $103,000 level. Bitcoin Network Growth Has Been On The Rise Recently In a new post on X, the on-chain analytics firm Santiment has talked about the latest trend in the Network Growth of Bitcoin. The “ Network Growth ” here refers to an indicator that keeps track of the total number of new BTC addresses being created by users every day. An address is said to be ‘created’ when it comes online on the network for the first time. In other words, when it makes its very first transaction. A number of factors can contribute to a spike in address generation. New users joining the network and old ones who had sold earlier coming back, both naturally lead to an increase in the Network Growth. The metric also goes up whenever existing users create multiple wallets for a purpose like privacy. In general, all three of these factors can be assumed to be at play to some degree whenever the Network Growth observes a spike. Thus, some net adoption of the cryptocurrency could be considered to have occurred. Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Network Growth over the past month: As is visible in the above graph, the Bitcoin Network Growth has witnessed an increase alongside the recent price recovery rally, indicating that demand for creating BTC addresses has been on the rise. This trend isn’t anything surprising, as investors usually find sharp price action like rallies to be exciting, so they tend to be drawn to the blockchain during such periods. In fact, BTC rallies have historically only been successful when they have been able to amass a sufficient amount of attention, as it’s only with the fresh capital coming into the asset that these runs can acquire the fuel they need to keep going. In the past day alone, when Bitcoin has surpassed the $103,000 level, the investors have opened up a total of 344,620 new addresses on the network, thus suggesting a notable influx of users. In some other news, the BTC Open Interest has remained low relative to the market cap recently, as analyst James Van Straten has pointed out in an X post . The “Open Interest” is a metric that measures the total amount of derivatives positions related to Bitcoin that are currently open on all centralized exchanges. In the past, spot-driven rallies have had higher chances of being stable, so the Open Interest being low right now could prove to be a positive sign for the asset. BTC Price At the time of writing, Bitcoin is trading around $103,500, up almost 7% in the last seven days.
In a significant market move reported by COINOTAG News on May 10, an identified whale address, bc1q57, executed a withdrawal of 1,139 BTC, valued at approximately $117.43 million, from the
In a recent update, prominent trader Eugene Ng Ah Sio highlighted the complexities of navigating the current cryptocurrency market, despite accurately forecasting the recent price surge. He faced challenges executing
Bitcoin ‘s price is rising again and investors everywhere are wondering: What’s the best altcoin to buy now before the next alt season kicks off? Sure, Bitcoin is still king, but seasoned crypto enthusiasts know the real excitement and often the biggest gains come from spotting promising altcoins early. One name that’s buzzing right now is Remittix (RTX) , a fresh project still in presale that has already raised over $14.8 million and is gearing up for its exchange debut. Alongside established players like Bitcoin , Solana and SUI , Remittix offers a compelling opportunity for investors looking to ride the next crypto wave. Remittix – Is the best looking for the future Remittix (RTX) isn’t just another crypto project, it’s positioning itself at the forefront of the PayFi revolution. What exactly is PayFi, you ask? It’s the intersection of crypto and traditional fiat payment systems and Remittix is bridging that gap beautifully. Imagine sending cross-border payments instantly, cheaply and without hidden fees. That’s the Remittix promise. While Bitcoin is great as digital gold and Solana and SU I are busy building scalable dApp ecosystems, Remittix is laser-focused on the massive $250 trillion cross-border payments market. This clear, practical use case gives Remittix a unique edge and enormous growth potential. What is Remittix and how does it work? At its core, Remittix is an innovative payment network that seamlessly connects crypto to traditional fiat banking systems. Users can instantly convert more than 40 cryptocurrencies into fiat currency, sending it directly to any global bank account. The recipient doesn’t even need to know crypto was involved, they simply see a regular bank transfer. For businesses, Remittix offers the Remittix Pay API, allowing merchants to accept crypto payments and receive fiat currency straight into their bank accounts. With support for over 30 fiat currencies and 50+ crypto pairs, businesses have complete flexibility and control. And if security is your concern (as it should be!), rest easy: Remittix has passed a thorough SolidProof audit with flying colors. Bitcoin – Setting market trends Bitcoin is the original cryptocurrency and it often leads market trends. Bitcoin (BTC) is a decentralized digital currency that allows peer-to-peer transactions without intermediaries. It’s a favorite store of value among investors. Bitcoin hit its all-time high of $108,786 in January and then its price fell to $76,329 in April. It recently jumped to around $103,000, up around 7% in the last 7 days. Bitcoin’ s price movements typically set the tone for the entire crypto market. When Bitcoin consolidates, altcoins often follow suit. Image source: CoinGecko Solana – Known for speed Solana (SOL) is known for fast transactions and minimal fees. It’s a popular choice for decentralized applications (dApps), DeFi projects and NFTs. Currently priced around $167, Solana is often considered Ethereum’s biggest rival. Its rapid growth has made it stand out in the altcoin community and investors are watching closely to see if it can sustain its momentum. Image source: CoinGecko SUI – Onboarding users into Web3 SUI is a newer Layer 1 blockchain explicitly designed to onboard the next billion users into Web3. With a focus on high throughput, low latency and a developer-friendly programming model, SUI aims to become a go-to platform for decentralized apps. Currently priced around $4.00, SUI is still in its early days. It has already attracted attention for its ambitious goals and strong backing. Remittix price prediction Remittix (RTX) is still in its presale phase, offering investors an attractive entry price before it hits exchanges. Historically, presales provide the best opportunities for significant returns. Given Remittix’s clear use case in the enormous cross-border payments market, its robust security credentials and practical utility, it has the potential to grow. Unlike more speculative assets, Remittix’s value is tied directly to adoption and real-world usage, potentially making it less volatile than Bitcoin, Solana or SUI in the long run. RTX could see impressive price appreciation once it hits exchanges and starts gaining traction. What are the best altcoins to buy now ? With Bitcoin’ s dominance signaling a maturing crypto market, investors are eagerly hunting for the best altcoins to buy now . While Bitcoin , Solana and SUI each offer unique strengths, Remittix (RTX) stands out with its practical application in the massive global payments industry. Its innovative PayFi solution, strong fundamentals and successful presale make it a compelling investment opportunity. But hurry, the presale won’t last forever and these might just be the best prices you’ll ever see for RTX. Remittix To buy Remittix, visit the official Remittix website .
Superstate, led by CEO Robert Leshner, is set to launch Opening Bell, a platform designed to enable the issuance and trading of SEC-registered public shares on the Solana blockchain. The initiative aims to integrate public equities into decentralized finance (DeFi), offering 24/7 trading capabilities and instant settlement. Leshner, known for founding Compound and as a partner at Robot Ventures, sees public equity as the next major chapter of tokenization. SOL Strategies, a Canadian firm focused on building infrastructure for Solana and led by CEO Leah Wald, has signed a non-binding memorandum of understanding with Superstate to explore tokenizing its shares on the Solana blockchain. This move positions SOL Strategies as a potential pioneer in listing public equities on a blockchain network. Previously, SOL Strategies announced plans to list on Nasdaq, but sees this blockchain launch as a crucial next step. Wald, who co-founded Valkyrie, a crypto ETF issuer acquired by CoinShares, believes in the future of internet capital markets. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Russia and China have nearly eliminated the U.S. dollar from their bilateral trade, conducting transactions in rubles and yuan as de-dollarization reshapes global economic power structures. Almost All Russian-Chinese Foreign Trade Operations Now in Rubles and Yuan Following a high-level meeting with Chinese President Xi Jinping on May 8 in Moscow, Russian President Vladimir Putin
A recent wave of exchange outflows has hit Ethereum ($ETH) , and this trend has now been seen for three weeks in a row. Data from DeFi analytics firm SentoraHQ shows that over the past 24 hours, exchange outflows of Ethereum have reached a staggering $559 million. This increase in outflows fits right in with Ethereum’s price rally that it’s on as we speak, with its price hitting above $2,300 recently—meaning the asset is now up over 20% just from yesterday to today. ETH has surged past $2,300, up more than 20% in the past 24 hours. Meanwhile, Abraxas Capital continues to accumulate, withdrawing 61,401 $ETH ($116.3M) from exchanges over the last 2 days. https://t.co/ObH6pw7cwd pic.twitter.com/cKk7K8ZXe0 — Lookonchain (@lookonchain) May 9, 2025 The recent increase in price and outflows shows that the market is shifting, with investors now casting their votes in favor of Ethereum’s long-term vision. The uptick in ETH’s price has not only gained the attention of everyday investors but has also drawn the eyes of big-name institutions. These organizations are now starting to custody ETH themselves—means to an end that, in Ethereum’s view, further hashes out the network’s future value. Ethereum exchange outflows reach $559M amid price rally Ethereum $ETH has seen accelerating exchange outflows for the third straight week, driven by its ongoing price surge, according to DeFi analytics firm @SentoraHQ on X (formerly IntoTheBlock). About $559 million worth of ETH… — CoinNess Global (@CoinnessGL) May 9, 2025 Abraxas Capital Takes a Bold Step, Increasing its Ethereum Holdings A very important event in the Ethereum market has been the accumulation of ETH by institutional investors, especially Abraxas Capital. Just in the last two days, the firm has taken an impressive 138,511 ETH, worth about $297 million, off exchanges. This appears to be a not-so-subtle way of signaling its intent to hold more Ethereum in the sort of context that makes one think it’s just waiting for the price to go up before it’s yet again returning to more modern investment strategies. Massive $ETH accumulation! Abraxas Capital has withdrawn 138,511 $ETH ($297M) from exchanges in the past 2 days. https://t.co/scgYjuISN0 pic.twitter.com/Dvtr1IIubS — Lookonchain (@lookonchain) May 9, 2025 Large-scale withdrawals from Abraxas are just one obvious reversal of a much-discussed institutional accumulation trend. This accumulation trend has seen a growing number of large entities, especially in the U.S., buying up not only Bitcoin (BTC) but also a quite surprising amount of Ethereum (ETH), all in these past few months. Ethereum ETFs Face Outflows, but Price Rally Continues In spite of the favorable Ethereum price rally, the Ethereum spot exchange-traded funds (ETFs) have encountered some difficulties. On May 8, Ethereum spot ETFs endured a net outflow totaling $16.11 million, which was the ETFs’ third consecutive day of outflows. Now, those numbers might cause one to raise an eyebrow in concern. A declining asset under management is, after all, a sign of something being undesirable. On May 8, Bitcoin spot ETFs saw a total net inflow of $117 million. Ethereum spot ETFs experienced a total net outflow of $16.11 million, marking three consecutive days of net outflows. https://t.co/SF4brkkBta — Wu Blockchain (@WuBlockchain) May 9, 2025 Indeed, the outflows could be a reflection of changing investor strategies. As Ethereum’s price keeps climbing, it’s likely that a number of investors are moving in the direction of direct holding methods that provide more control and security. This might mean self-custodying or moving Ethereum to a staking arrangement where it’s earning interest-yielding rewards. Notably, this trend matches the broader pattern of Ethereum outflows from exchanges, as holders aim to sidestep any price-dipping disaster that could occur if the Ethereum in question is simply parked on an exchange. Moreover, the price of Ethereum keeps on climbing despite ETF outflows, and this suggests that investor sentiment around Ethereum is still quite solid. Once again, the price has now transcended the $2,300 mark, making this the highest that Ethereum has reached in 2023, and it’s continued to do really well relative to everyone’s expectations. Most of the confidence around Ethereum’s price rally is based on how well the network is expected to perform in the near term, particularly with big events like its full transition to Ethereum 2.0 later this year and with the adoption of its Layer 2 solutions. The Bigger Picture: Ethereum’s Growing Strength Ethereum’s sustained price rally and record exchange outflows show increasing trust in the network’s future. With market dominance right alongside Bitcoin’s, Ethereum is staking out a place as the go-to blockchain for not just decentralized applications but also the sorts of “smart contracts” that, in theory at least, could make things like computerized financial derivatives work. An enormous developer ecosystem makes at least some of us think at least some of the time that there’s something really, really valuable in all this. The Ethereum network has already displayed virtuous technology over the years, and its advancements—like Ethereum 2.0, for instance—along with the increasingly unidirectional adoption of Layer 2 solutions—like, say, Optimism—give further cause for optimism. Investors are betting on these unidirectional long-term improvements, transferring Ether off centralized exchanges—on which it has been exposed to as much as 80% downside risk in the event of a hack or insolvency—and into their unsecured crypto wallets. Ethereum is still building on its successes. Rising prices and accumulation by institutions are taking Ethereum to a significant next level of development. In terms of both technological and market performance, Ethereum is now assured for a promising future. With a combination of price action and accumulation by institutions, Ethereum is now solidifying its position as the second-largest cryptocurrency by market cap. And it is not going anywhere: unlike the first assembly of Bitcoin forks in 2017, which mostly withered away, Ethereum is a blockchain ecosystem that maintains a strong, secure position. To conclude, the latest spike in exchange outflows—and a recent price rally—gives Ethereum a shiny new outlook. These price moves seem to have been driven mainly by buying from institutions and a heightened level of confidence from retail investors. With these two types of players now being much more involved in the Ethereum space, it seems quite likely that Ethereum will be able to maintain its upwards price trajectory well into the next several months. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !