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BTC continues to consolidate in a narrow band between $93K and $96K, lacking directional momentum as markets wait for a macro catalyst. ETH is treading water near $1,800 and SOL is holding steady at $145. Altcoins are starting to fade — many tagged local highs last week and are now rolling over. Memecoins are falling out of favor, with capital rotating toward names with better fundamentals and tokenomics like SUI and TAO. Crypto flows remain muted and broader risk markets appear largely indifferent to tariff headlines, leaving the space in a holding pattern. A dovish Fed pivot or a shift in trade sentiment could be the trigger for the next leg higher. In the meantime, U.S. spot BTC ETFs have quietly posted three consecutive days of net inflows totaling $1.5B — a constructive signal under the surface.
The Fed is expected to hold rates steady this Wednesday, but all eyes will be on Powell’s tone and forward guidance. Trade tensions continue to cast a shadow. Fresh supply chain data shows the impact of Trump-era tariffs rippling through U.S. ports, with agriculture hit hardest as global manufacturers pull back. Paul Tudor Jones added to the caution, warning that equities could set new lows even if tariffs are reduced to 50%, calling it the largest tax hike since the 1960s.
The News Room
State of Florida withdraws Bitcoin reserve bills amid growing countrywide setbacks
Florida has officially withdrawn its proposed Bitcoin reserve bills—House Bill 487 and Senate Bill 550—marking a significant setback in state-level crypto adoption efforts. These bills aimed to authorize the state to invest up to 10% of certain public funds into Bitcoin. Despite initial bipartisan support, both bills were indefinitely postponed and withdrawn from consideration on May 3, failing to advance beyond the committee stage. This move aligns Florida with at least eight other states, including Arizona, Montana, and Pennsylvania, that have recently abandoned similar initiatives. While the legislative session has been extended until June 6 for budget discussions, insiders suggest that crypto-related proposals may still resurface during these negotiations. Nonetheless, the broader trend indicates growing caution among U.S. states regarding the integration of digital assets into public financial strategies.
XRP trading volume steady at $3.2B in Q1, but XRPL activity contracts sharply
In Q1 2025, XRP's average daily trading volume remained robust at approximately $3.2 billion, positioning it just behind Bitcoin and Ethereum in terms of liquidity. This stability in trading activity occurred despite a notable 37% decline in on-chain transactions on the XRP Ledger (XRPL), which totaled 105.5 million for the quarter. Additionally, new wallet creations dropped by 40% to 423,727. The decrease in on-chain activity is attributed to broader market slowdowns and profit-taking behaviors following XRP's price surge to a multi-year high of $3.40 in early February, before settling at $2.09 by the end of March. Despite these on-chain contractions, XRP's trading volume resilience underscores sustained institutional and retail interest, particularly in stablecoin pairs like USDT. Furthermore, Ripple's USD stablecoin, RLUSD, achieved a market cap exceeding $90 million, with over $300 million in cumulative decentralized trading volume, indicating continued engagement in XRP's ecosystem
President Trump confirms May 22 gala dinner for top TRUMP holders
President Donald Trump has confirmed a gala dinner on May 22 at Trump National Golf Club in Washington, D.C., exclusively for the top 220 holders of his TRUMP memecoin. Eligibility is determined by a leaderboard tracking time-weighted average balances from April 23 to May 12. The top 25 wallets will receive VIP access, including a photo opportunity with Trump and a guided tour. All attendees will also receive a commemorative NFT minted on Solana. Participants must cover their own travel and lodging expenses, and eligibility excludes nationals from OFAC-sanctioned jurisdictions.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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