Gate.io Blog Daily News | BTC Continues to Fluctuate, LAYER Fell More Than 44% in 24 Hours

Daily News | BTC Continues to Fluctuate, LAYER Fell More Than 44% in 24 Hours

07 May 11:05

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## Crypto Daily Digest: New Hampshire approved Bitcoin reserve law, Forbes said Wall Street is preparing for a big rise in Bitcoin
According to Farside Investors data, the total outflow of US <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs yesterday was $122 million. Among them, ARKB had an outflow of $16.1 million, and Grayscale GBTC had a net outflow of $89.9 million. Yesterday, the total outflow of ETH ETFs was $17.9 million, of which Fidelity FETH had a net outflow of $17.9 million. BlackRock has not updated the inflow and outflow data yet.

### New Hampshire approved strategic bitcoin reserve bill

Crypto journalist Eleanor Terrett revealed that New Hampshire became the first U.S. state to approve a strategic <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) reserve law, authorizing state treasurers to purchase the world’s largest digital asset directly or through exchange-traded products (ETPs).

### Forbes: Wall Street prepares for a big <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rally

According to Forbes, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> prices have rebounded to around $95,000 after falling to an April low of $75,000. Trump's crypto chief David Sacks surprised traders with a rare <a href="/price-prediction/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price prediction</a>. Now, as Bitcoin rushes towards what BlackRock calls the "geopolitical fragmentation super force," a leak shows that Wall Street firms are quietly betting on a Trump-driven <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> rally.

A trading group at Tower Research Capital has "increased capital allocations to crypto trading books" and upgraded its <a href="/price" target="_blank" class="blog_inner_link">crypto market</a>-making infrastructure, sources said. Wall Street is quietly increasing its support for Bitcoin and cryptocurrencies as the Trump administration stakes to open up Bitcoin trading and <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> access, remove Biden-era restrictions, and accelerate legislation that will reshape the financial system.

### Opinion: Bitcoin's short-term upward momentum may be weakening

A recent analysis report indicated that over the past month, Bitcoin has risen by 25% driven by continued inflows of ETF funds and institutional spot buying. However, some emerging signals - such as the decline in exchange premiums and weak funding rates - indicate that the momentum of this wave of increases may be weakening. While options skews suggest Bitcoin still has some upside potential, macro pressures are building: the Fed remains neutral (with an upcoming meeting), volatility is slowly picking up, and tariff-related uncertainty remains. The market is currently showing signs of potential consolidation around $95,000, with traders awaiting new catalysts.

## Market Trends: BTC continues to fluctuate, LAYER fell more than 44% in 24 hours
### Market Hotspots
FIDA fell more than 10% in a short period of time. The news may be affected by the news that "<a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem domain name service sns.sol announced that it will launch a new token SNS;

LAYER fell more than 44% in 24 hours. In fact, from February 18 to May 5, LAYER soared 460%, becoming one of the best performing Altcoins this year, until the sudden plunge interrupted the momentum. What is worrying is that the upcoming major unlocking on May 11 may further push down the price if market sentiment cannot recover.

### Mainstream Coins
BTC continues to fluctuate, jumping back and forth around the $95,000 mark, but judging from the options skew, Bitcoin still has some room for upside;

ETH's potential is obviously insufficient, and it fluctuates around the $1,800 mark following the market;

Altcoins generally rose, but the growth was weak, and the gains of popular sectors such as AI and RWA were less than 2%.

## Macro News: Tariff concerns rekindled, US stocks fell for two consecutive days
Market concerns about tariffs have rekindled. President Trump and Treasury Secretary Bensont have delivered speeches on trade protocols, which failed to provide a clear direction for the market, and investor sentiment has become cautious. U.S. stocks fell for the second consecutive trading day on Tuesday. As of the close of the day, the Dow Jones Industrial Average fell 0.95%; the S&P 500 fell 0.77%; and the Nasdaq Composite fell 0.87% to 17,689.66 points.

The Federal Reserve began a two-day policy meeting on Tuesday. Several officials have previously said that they will closely monitor the lagged impact of tariffs on economic data before deciding on the policy path. Several officials, including Chairman Powell, have emphasized that the Fed will remain "patient." The market generally expects that the interest rate will remain unchanged at this meeting. According to data from the London Stock Exchange Group (LSEG), investors are currently betting that the probability of a rate cut of at least 25 basis points at the July meeting is close to 80%.

<div class="blog-details-info">
<div>Author:**Orisi T.**, Gate.io Researcher
<div>Translator :Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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