Bitcoin (BTC) gives back this week’s gains; as of May 8, it is temporarily around $79,731. Donald Jr. Trump denies rumors that World Liberty Financial is about to fall apart, saying negative narratives are manipulated by a robot cluster. Tom Lee said BitMine is assessing slowing the pace of its Ethereum buying, shifting to stock buybacks.
Macro Events & Crypto Market Hotspots
1、According to CoinDesk, World Liberty Financial co-founder Donald Jr. Trump and CEO Zach Witkoff denied social media rumors at the Consensus conference that the crypto platform connected to the Trump family is about to fall apart. Previously, there were rumors that members of the Trump family had abandoned the project; Witkoff responded that the brief design adjustment on the team page was misread as family members exiting. Donald Jr. Trump said the negative narratives are manipulated by a robot cluster. The two also defended the company’s stablecoin USD1, responding to questions about reserve authenticity. Witkoff said the token achieves real-time on-chain reserve proofs through a Chainlink partnership, and users can verify it themselves.
2、At Consensus 2026, BitMine chairman Tom Lee said the company is currently buying about 100k ETH per week. At this pace, it would reach a 5% Ethereum allocation target in about 6 weeks, but it is evaluating whether to slow the buying cadence and instead use capital for a $4 billion stock buyback plan. BitMine’s annualized Ethereum staking revenue exceeds $300 million. The company’s total daily cash flow exceeds $1.2 million, and it also holds about $700 million in cash reserves.
Tom Lee believes that if Bitcoin’s closing price at the end of May is higher than $76,000, it will set a record of three consecutive months of gains, meaning the bear market is over—because historically, Bitcoin has never remained in a bear market after three consecutive months of rising. He gave three target prices for ETH: if Bitcoin rises to $250k and the ETH/BTC exchange rate returns to its 2021 peak, Ethereum would correspond to about $22,000; if the ETH/BTC rate reaches 0.25, it corresponds to $62,000; if tokenization surges at scale and Ethereum becomes the main $250k market for hundreds of millions of dollars.
News Updates
1、Hyperliquid Strategies discloses nine months of net losses of $165 million as of March 31
2、SlowMist: Dirty Frag, a high-risk vulnerability is exposed in Linux systems; users must upgrade in time
3、Coinbase executives: The CLARITY bill may be reviewed as early as next week
4、Matrixport-related wallet sells another 100k HYPE; total sold now 200k
5、Vitalik was subjected to an MEV sandwich attack in a recent small token trade
6、Amazon, together with Coinbase and Stripe, launches AI agent payment infrastructure
7、Zhao Changpeng proposes restarting Binance.US so U.S. users can access global crypto liquidity
8、ENS team deposits 1.46 million ENS into Coinbase, worth $9.32 million
9、Donald Jr. Trump denies rumors that World Liberty Financial is about to fall apart
10、The U.S. government deposits UNI, CRO, and LINK into Coinbase Prime totaling about $350,000 in value
Market Trend
1、Latest Bitcoin news: $BTC gives back this week’s gains, temporarily around $79,731. In the past 24 hours, $94.60 million was liquidated; the main liquidation was on long positions;
2、U.S. stock S&P 500 index fell on May 7. Intel and other chip stocks rose first and then pulled back. The U.S. is waiting to respond to Iran’s proposal to restart the Strait of Hormuz and end hostilities. At the same time, investors are digesting densely released earnings reports. The Dow Jones Industrial Average fell 0.63% to 49,596.97. The S&P 500 index fell 0.38% to 7,337.11. The Nasdaq index fell 0.13% to 25,806.20.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, using the current 79,764.80 USDT as reference: if it drops to around 79,019, the total liquidation amount for long positions exceeds $282 million. If it rises to around 81,839, the total liquidation amount for short positions exceeds $537 million. The short-side liquidation amount is significantly higher than the long-side; it is suggested to manage leverage levels reasonably to avoid triggering large-scale liquidations during market moves.
(Source: Coinglass)
4、In the past 24 hours, BTC spot inflows were $1.91 billion, outflows were $2.18 billion, net outflows were $270 million.
(Source: Coinglass)
5、In the past 24 hours, net outflows for contract trading led with $ZEC, $LAB, $CL, $M, $XAU and others, presenting trading opportunities.
Selected Viewpoints from X KOLs
Phyrex Ni (@Phyrex_Ni): “At the close today, I estimate WTI’s price will probably go back to around $96. I really don’t know how long the U.S. and Iran’s back-and-forth will keep going. Even Iran itself has been saying it today: once the war and the blockade end, oil prices will definitely come down. This was originally something Trump said, but clearly this is using the Strait of Hormuz as a coercive tactic. Iran has made it very obvious: if you don’t agree with me, I’ll blockade Hormuz—drag it out, back and forth between us.”
“Although I’ve already made money shorting WTI, this funding rate has already deducted 14% of my principal. It’s like you clearly know that continuing to short still has a lot of profit potential, but you need to wait—yet the funding rate keeps cutting into you, and it really hurts. I estimate that if Binance doesn’t change the weekend funding rate by this weekend, I’ll likely exit first. We’ll see what happens next Monday.”
“I think going short WTI is definitely the correct choice. Beyond that, it’s about looking at the spread between WTI and Brent. Normally the spread should be around $5. If the spread widens, I’ll consider going short Brent. Either way, at this price level, shorting oil is no problem. With high oil prices, it’s not just the U.S.—more and more countries can’t hold out anymore. And a blockade of ports is also unacceptable for Iran.”
“The biggest issue right now is just who can hold out harder. Both sides are hardliners, and it’s about who backs down first. But the domestic economic situation will definitely make both sides retreat at least half a step when they move forward another step.”
“Going back to the Bitcoin data: as the U.S. and Iran keep tugging at each other, U.S. stocks have shown small pullbacks. So it’s also normal that $BTC ’s price is oscillating downward somewhat. Currently it’s still around $80,000. Just like it has been said in recent days, the BTC now is no different from three months ago—what changes is only the international situation. It’s pretty tragic, but that’s the reality right now.”
Outlook for Today
1、Germany March seasonally adjusted trade balance (billion euros); prior value was 20.4
2、U.S. April unemployment rate; prior value was 4.3%
3、U.S. April seasonally adjusted nonfarm payroll employment change (thousands); prior value was 178
4、U.S. May University of Michigan consumer sentiment index initial reading; prior value was 49.8
