Crypto Market Overview
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BTC (-0.55% | Price: $81,118.9): Over the past 24 hours, BTC initially surged to $82,472 before pulling back to a low of $79,737, with overall price action still reflecting relatively weak consolidation within a high-level trading range. On the macro side, U.S. April CPI data released on May 12 rose 0.6% MoM and 3.8% YoY, both exceeding market expectations. This continues to leave markets oscillating between expectations for looser liquidity conditions and concerns that sticky inflation may suppress risk asset valuations, making BTC more likely to remain range-bound in the short term. Following the previous rapid rally, capital has begun searching for a new equilibrium. Technically, BTC has formed a converging triangle pattern on the daily chart. While moving averages remain in a bullish alignment, upward momentum has weakened, and the MACD is showing signs of bearish divergence at elevated levels, suggesting a potential directional move ahead. In terms of open interest (OI), the recent sideways consolidation at high levels has been accompanied by a gradual decline in OI, indicating partial profit-taking by long positions and a reduction in overall leverage. However, continued institutional inflows and steady ETF-related buying continue to provide strong downside support, limiting BTC’s correction risk.
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ETH (-1.53% | Price: $2,294.6): ETH underperformed BTC over the past 24 hours, retreating from around $2,382 to $2,256 before staging a modest rebound into the close, though it still remained near the lower half of the daily trading range. Technically, MA and EMA structures continue to lean bearish, with spot price remaining below the EMA20, EMA50, and SMA50, indicating that the short-term trend has yet to reverse. MACD remains below the zero line and, while downside momentum has not accelerated significantly, current price action resembles a weak post-death-cross recovery. RSI sits near 31, approaching oversold territory. Bollinger Bands positioning also places ETH closer to the lower band than the upper band, while trading volume remains roughly around average levels without a clear high-volume reversal signal. On the daily timeframe, ETH has formed a bullish continuation candlestick structure, while short-term moving averages continue trending upward, reflecting relatively strong bullish intent. Nevertheless, ETH still faces major overhead resistance levels, and a breakout would require stronger volume confirmation. Overall, current price action still points to weak short-term consolidation, with rebounds appearing more corrective than trend-reversing.
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Altcoins: Today, 35.7% of tokens across the market posted gains, while 64.3% declined, reflecting a market structure in which losers significantly outnumbered gainers. The Fear & Greed Index stood at 50, remaining in “Neutral” territory. More specifically, over 50% of tokens recorded declines within the 0–5% range, suggesting that amid prevailing cautious sentiment, capital has generally shifted toward defensive positioning and the market currently lacks sustained bullish momentum.
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Macro: On May 12, the S&P 500 fell 0.16% to 7,400.96, while the Dow Jones Industrial Average rose 0.11% to 49,760.56. The NASDAQ Composite declined 0.71% to 26,088.20. As of 01:00 AM (UTC) on May 13, spot gold was trading at approximately $4,723.50 per ounce, down 0.12% over the past 24 hours.
Trending Tokens
BNKR BankrCoin (+36.42%, Circulating Market Cap: $44.2 Million)
According to Gate market data, BNKR is currently trading at $0.0004356, up 36.42% over the past 24 hours. BNKR is the official token of Bankr, an advanced AI agent focused on simplifying digital asset trading workflows. It is also the first AI agent launched on the Farcaster platform, enabling users to directly purchase cryptocurrencies within social applications.
On May 13, Bankr officially launched the BNKR FOMO Feed App. The application uses backend AI agents to continuously scan the latest 10 token launches on Clanker and Doppler, automatically updating every 15 minutes. It also includes a built-in one-click “ape” feature that pre-fills purchases with 0.001 ETH, and is now available through the Bankr Apps panel.
SAGA Saga (+29.57%, Circulating Market Cap: $13.3 Million)
According to Gate market data, SAGA is currently trading at $0.035102, up 29.57% over the past 24 hours. SAGA is the native token of the Saga protocol, a Layer 1 network that allows developers to automatically launch parallelized, interoperable dedicated chains (“Chainlets”) compatible with different virtual machines, providing effectively unlimited scalability for applications, particularly Web3 gaming.
As an infrastructure project focused on delivering dedicated blockspace for developers, Saga’s recent outperformance has largely been driven by its unique “chain-launching-chains” narrative. As Web3 gaming and high-frequency applications demand increasingly higher underlying performance, the market has begun assigning valuation premiums to projects capable of offering scalable infrastructure solutions. Recent price appreciation appears to be driven more by speculative positioning around future ecosystem expansion than by immediate fundamental developments.
SD Stader Labs (+54.99%, Circulating Market Cap: $16.6 Million)
According to Gate market data, SD is currently trading at $0.2342, up 54.99% over the past 24 hours. SD is the native token of Stader Labs, a multi-chain liquid staking platform that allows users to stake assets and receive liquid staking derivatives such as ETHx while continuing to participate in DeFi ecosystems for additional yield generation.
Against a broader backdrop of cautious market sentiment, capital has increasingly gravitated toward assets backed by relatively predictable yield and underlying collateral support. As a major participant in the liquid staking derivatives (LSD) sector, Stader Labs continues to offer staking yields that remain attractive during volatile market conditions. The token’s recent strong rally may also be related to strategic institutional accumulation and the introduction of new ecosystem assets.
Alpha Insights
Fed Confirms Warsh as Governor, Fed Chair Confirmation Could Come as Early as Wednesday
On May 13, the U.S. Senate officially confirmed Kevin Warsh as a Federal Reserve governor with a 51–45 vote on May 12, granting him a 14-year term. Warsh will replace Adriana Milan, whose term has expired. The Senate has also initiated the confirmation process for Warsh to simultaneously serve as Fed Chair for a four-year term and has already held a cloture vote, starting the countdown toward final approval, which could come as early as Wednesday local time. Current Fed Chair Jerome Powell’s term is set to expire on Friday. According to PolyBeats monitoring data, prediction market Polymarket currently assigns a 99.6% probability that Warsh will officially be confirmed as Fed Chair before May 15.
Warsh’s confirmation suggests the Fed may be entering a new phase of policy transition. Markets generally view him as more hawkish and reform-oriented than Powell, while also favoring a faster balance sheet restructuring process and broader monetary policy reforms. In the short term, investors are closely watching whether the next Fed leadership team will weaken forward guidance and accelerate the pace of rate cuts. Volatility across risk assets could increase further, while crypto markets may also react to changing expectations surrounding macro liquidity conditions.
Aave: First Phase of rsETH Recovery Plan Completed, Attacker’s rsETH on Arbitrum Burned
On May 13, Aave announced that the first phase of the rsETH technical recovery plan has been completed, including the destruction of the attacker’s rsETH holdings on Arbitrum. Over the coming days, the LayerZero OFT adapter will gradually be replenished and rsETH operations will progressively resume.
Kelp DAO stated that over the next two weeks, 117,132 rsETH will gradually be transferred from the Aave Recovery Guardian and Kelp Recovery Safe into the LayerZero OFT adapter on Ethereum mainnet. The project emphasized that rsETH on both Ethereum mainnet and Layer 2 networks remains fully backed at all times. Following the first withdrawal batch into the LayerZero OFT adapter, Kelp expects to lift the temporary pause within approximately 24 hours. All rsETH functions — including deposits, redemptions, bridging, and claims — are expected to fully resume once contracts are unpaused.
The coordinated recovery efforts by Aave and Kelp DAO indicate that the previous liquidity shock event is gradually entering the repair phase. With the attacker-held rsETH now destroyed and LayerZero OFT functionality being restored, market concerns regarding rsETH solvency and peg stability may begin to ease. If deposits, withdrawals, and bridging operations recover smoothly, liquidity conditions across the Aave lending market could gradually improve, although user risk appetite is still expected to remain cautious in the near term.
Sei Shuts Down Inbound IBC Transfers as Network Gradually Transitions to Pure EVM Architecture
On May 13, Sei Network announced that, following a community proposal, the network has officially disabled inbound IBC asset transfers. The team also warned users still holding IBC assets on Sei to bridge those assets out as soon as possible, as outbound IBC transfers are also expected to be phased out in the future. Sei Labs explained that the previously released Sei v6.4 upgrade in April already introduced mechanisms to gradually disable IBC asset transfers. Some wallets holding relevant assets had previously received airdrop notifications reminding users to bridge or swap their assets before Sei fully transitions to an EVM-only architecture.
Sei’s decision to disable inbound IBC transfers marks a further strategic shift away from the broader Cosmos ecosystem and toward a fully EVM-focused architecture. The move could help reduce the maintenance burden and technical complexity associated with supporting multiple ecosystems while strengthening Sei’s appeal to Ethereum developers and liquidity providers. However, the gradual removal of IBC functionality also weakens Sei’s integration with native Cosmos ecosystems, potentially creating migration pressure for users and protocols that rely on IBC liquidity. Over the longer term, Sei appears to be positioning itself as a more specialized high-performance EVM chain competing within the next generation of Layer 1 and parallel execution ecosystems.
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