txd102023

The trading volume gap between Ethereum and Solana's DEXs (decentralized exchanges) is rapidly narrowing, with both currently approaching $45 billion. Solana, with its faster speed and lower fees, is attracting more and more users and developers; meanwhile, Ethereum still maintains its lead thanks to stronger liquidity and a massive DeFi ecosystem. In simple terms: Solana: faster, cheaper, suitable for high-frequency trading and regular users Ethereum: stronger capital liquidity, favored by large institutions and DeFi projects Future upgrades on both sides will also impact the competition: Ethereum will improve processing speed and reduce fees Solana will further increase transaction confirmation speed Overall, DeFi is gradually entering an era of "multi-chain competition" rather than Ethereum dominating alone.

Good morning ☀️ Bitcoin is engaged in a tug-of-war near a critical resistance level, while a group of large holders known as "Conviction Buyers" have cumulatively increased their Bitcoin holdings by approximately $243 billion since 2026, nearly tripling their position size. These long-term holders typically have low on-chain activity but consistently accumulate on dips. Analysts believe that large-scale coin hoarding is reducing market circulating supply, which could lead to a "supply shock" in subsequent market movements. Currently, Bitcoin faces significant technical resistance around $82,000, including the area where the 200-day moving average and 200-day EMA overlap. The market believes that if BTC successfully breaks through and holds this level, the long-term uptrend could be reestablished. Meanwhile, BTC remains about $78,400 above the cost basis of short-term holders, meaning recent buyers are overall still in profit, so the risk of large-scale panic selling in the short term is relatively low. However, if Bitcoin fails to break through the $82,000 resistance for a prolonged period, market sentiment may weaken again. Previously, BTC fell below the 200-day moving average at the end of 2025 and declined to around $60,000 after a failed rally in early 2026, so the current range is seen as a crucial threshold determining the medium- to long-term trend.

Injective has recently surged strongly, with a cumulative increase of 48% over the past week. On May 13, it rose 22% in a single day to $5.80, successfully breaking through a months-long consolidation range. Data shows that INJ contract open interest surged by 60%, reaching $130 million, reflecting a large inflow of new funds into the market. Meanwhile, futures trading volume soared to $612 million, far exceeding the spot market's $95 million. This rally also triggered a short squeeze. Since many traders had previously shorted INJ, the continuous price rise forced some shorts to cover their positions, further driving the price up. Approximately $1.08 million worth of short positions were forcibly liquidated in the past 24 hours. Technically, INJ has broken out of the weekly descending wedge pattern. The market believes that if it can hold above the $6.20 resistance level, the next target could be $6.90. However, $5 remains a key support; if broken, the short-term bullish structure may be compromised. Notably, amid a generally weak crypto market and prevailing "fear" sentiment, INJ's counter-trend surge indicates that this rally is more driven by the project itself rather than a broad market-wide increase.

Cisco Systems announced Q3 revenue for fiscal year 2026 reached $15.8 billion, exceeding market expectations by about $500 million, mainly driven by strong demand for AI infrastructure. Following the news, Cisco's after-hours stock price rose, with a cumulative increase of nearly 60% over the past year. The market believes that as cloud computing giants increase investment in AI data center construction, Cisco's network equipment business is clearly benefiting. The company's network business is expected to grow 19% this quarter, reaching approximately $8.4 billion. However, the industry still faces profit pressure due to rising memory costs. Previously, Cisco's gross margin was below market expectations, and this quarter's profit performance remains under scrutiny. Additionally, Cisco announced it will lay off fewer than 4,000 employees to further focus on key business areas such as AI. Analysts point out that Cisco is becoming one of the major beneficiaries of AI infrastructure expansion, and the market will focus on the company's subsequent order growth and profit margin guidance in the future.

The Solana-based crypto wallet Phantom has generated approximately $20 million in revenue in less than a year by integrating with the decentralized derivatives platform Hyperliquid, showcasing a new profit model for crypto wallets. Data shows that since July 2025, Phantom has brought nearly $37 billion in trading volume to Hyperliquid, becoming the largest traffic source in its "builder code" program. This mechanism allows wallets or third-party apps to earn a share of the fees when importing trades to the platform. Currently, Phantom earns about 0.05% fee rebates per transaction. The entire program has generated approximately $74 million in revenue for over 100 partner teams. Analysts believe this indicates that crypto wallets are evolving from simple asset management tools to DeFi trading gateways. Phantom can continuously earn revenue through user trades without building its own exchange; meanwhile, Hyperliquid leverages third-party apps to rapidly expand its user base and trading volume, with its daily perpetual contract trading volume now exceeding $11 billion.

What happend to $PROS

The Ethereum Foundation recently unstaked approximately 21,270 ETH from Lido, valued at nearly $50 million, to adjust its ETH fund management strategy. Previously, the foundation had repeatedly unstaked and sold ETH through over-the-counter transactions to support operational expenses such as research, ecosystem grants, and development. Earlier this year, its staked amount reached about 70,000 ETH. The market views this move more as fund management and risk control rather than a direct sell-off. Some analysts point out that the recent increase in DeFi security incidents has heightened market concerns about the risks of third-party staking protocols, so the foundation may be reducing its reliance on a single protocol. Currently, the overall ETH market reaction is relatively stable, and the price has not experienced a significant drop due to this news. Investors will next focus on whether these ETH will flow into exchanges and whether the foundation will further sell.

Strategy, which holds about $67 billion in Bitcoin reserves (formerly MicroStrategy), has for the first time indicated it may sell some Bitcoin in the future to address debt pressure, marking a significant shift in the company's strategy. CEO Phong Le stated at the Q1 2026 earnings call: "We will choose to sell Bitcoin when it benefits the company." This is a clear departure from the previous stance of "never selling Bitcoin." The company emphasized that future decisions will focus on enhancing the "per-share Bitcoin value" rather than simply continuing to accumulate Bitcoin. Currently, Strategy holds about 819,000 BTC, but the company also faces approximately $4.1 billion in convertible bonds maturing between 2027 and 2028. Due to the large debt scale, S&P has previously assigned it a "junk" credit rating, raising concerns that if Bitcoin enters a prolonged bear market, the company may face repayment pressure. Nevertheless, co-founder Michael Saylor stressed that the goal is not to completely sell off Bitcoin but to "never become a net seller." He believes that moderately selling some BTC to repay debt or optimize the financial structure is a more pragmatic approach to fund management. This change is also seen as an important test of the "corporate Bitcoin accumulation model." Previously, several Bitcoin mining companies, including MARA Holdings and Riot Platforms, have started selling some BTC to alleviate financial pressure. The market is currently closely watching: if Strategy can successfully resolve debt risks without shaking its long-term Bitcoin conviction, it may set a new example for more corporate Bitcoin holding models in the future.

BlackRock, the world's largest asset management company, sold approximately $173 million worth of Bitcoin and Ethereum on May 13, sparking market concerns about institutional fund withdrawals and a "capitulation-style decline" in the crypto market. On-chain data shows BlackRock transferred 861 BTC (about $69.59 million) and 44,691 ETH (about $103 million) to Coinbase Prime. Meanwhile, its Bitcoin spot ETF IBIT has experienced net outflows for five consecutive days, totaling about $235 million; the Ethereum ETF ETHA also saw a single-day outflow exceeding $100 million. Analysts believe this indicates some institutions are beginning to reduce risk exposure, especially given the recent significant gains in the US stock and crypto markets and the overheated market sentiment. Bitcoin is currently still facing resistance near the key $82,000 level. However, the attitude of long-term holders is completely different. On-chain data shows that since 2026, "steadfast holders" have cumulatively increased their holdings by about 3 million BTC, valued at over $240 billion, indicating strong long-term buying demand still exists in the market. Currently, the crypto market is caught between two opposing forces: on one side, institutional funds are reducing positions and exiting; on the other, long-term investors continue accumulating. If the market can absorb BlackRock's selling pressure, it may indicate that Bitcoin demand remains strong; otherwise, it could increase the risk of further market corrections.

Famous cryptocurrency investor Machi Big Brother has lost approximately $2.16 million over the past 7 days due to leveraged long positions in Bitcoin and Ethereum. On-chain data shows that he currently still holds long positions valued at about $40.59 million, including 101 BTC and 14,150 ETH, with an unrealized loss of around $484,000. Recently, the crypto market has been highly volatile, causing many leveraged traders to face liquidations. CoinGlass data indicates that over the past 24 hours, the total market liquidation amount exceeded $243 million, with long position liquidations accounting for about $182 million. Bitcoin and Ethereum suffered the most significant losses. Despite the losses, Machi Big Brother maintains a bullish stance, indicating he remains optimistic about the long-term trends of Bitcoin and Ethereum. However, Ethereum has shown relatively weak performance recently and is among the few of the top ten cryptocurrencies this week to have declined. The ETH/BTC exchange rate has also dropped to a nearly 10-month low. Market analysis suggests that in the current high-volatility environment, the risks of leveraged trading have clearly increased, and investors need to exercise greater caution in managing positions and risks.