News

BlockBeats reported on May 10 that CryptoQuant analyst Axel Adler Jr published a post expressing caution regarding the recent price trend of Bitcoin, stating that the current price rise is a corrective rebound following a steep drop, rather than the confirmed start of a new bull market. He pointed out that after BTC dropped from $125,000 to $60,000, the market has seen some recovery, but multiple on-chain indicators have not reached the historical bear market bottom ranges. For instance, Long-Term Holders (LTH) positions have yet to demonstrate a typical bottom accumulation pattern, and the market has not gone through a complete spot sell-off and panic-clearing phase. On the macro side, Axel Adler Jr believes the market is also under pressure. Citing data, he noted that the US Consumer Confidence Index has dipped to a historic low of 48.2, while Brent crude oil remains near $100, heightening inflation concerns. Additionally, the 10-year US Treasury yield has risen above 4.5%, putting further pressure on risk assets. He stated that the current interest rate market is no longer betting on a rapid rate cut by the Federal Reserve, and has even started pricing in future rate hikes. Against this backdrop, he believes BTC still lacks sufficient confirmation of on-chain structure, stable spot demand, and a release of supply-side pressures, so he maintains a cautious stance.

Jinse Finance reported that on May 10, CryptoQuant analyst Darkfost posted on X stating that Bitcoin's total network hashrate has fallen below its annual average level. The last time this occurred was in 2021. While this change does not pose a significant risk to the Bitcoin network itself, the overall hashrate has remained below 1 ZH/s since the winter storms in the US earlier this year, indicating that competition among miners is intensifying. Some mining companies may have chosen to shut down their machines or adjust their business models to improve profitability, as evidenced by Bitfarms’ recent business adjustments.

BlockBeats News, May 10th, Michael Saylor stated in an interview that one of the trends he is currently most bullish on is the integration of BTC with the DeFi ecosystem. He mentioned that yield-bearing tokens based on STRC have recently seen rapid growth, with some protocol TVL expanding at a rate of "adding $1 million per hour." Saylor noted that DeFi protocols are already offering 8% to 11% yield products based on STRC, and further amplifying the yield through 3x to 5x leverage. He expects the yield token market to develop into a new industry worth billions of dollars in the coming months. Furthermore, he revealed that the current Sharpe ratio of STRC has reached 2.5, which he claimed is higher than most traditional credit products, stocks, and hedge fund strategies. Saylor said: "When you have high Sharpe ratio assets and tokenize them with leverage, it will create a whole new digital financial structure."