Crypto Market Overview

• BTC (+1.91% | Current price: 103,556 USDT): Yesterday, the U.S. April YoY unadjusted CPI rose 2.3%, below market expectations. BTC briefly dipped before rebounding, reaching $105,000 before a slight pullback. Notably, BTC has recorded 8 consecutive hourly red candles since 4:00 AM today.
  BTC ETF net outflows totaled $91.3 million yesterday, all from Fidelity’s FBTC, with no flows in other ETFs.

• ETH (+9.06% | Current price: 2,640 USDT): ETH saw significant volatility yesterday, with a 13% daily range. After briefly touching $2,700, it pulled back. ETH/BTC exchange rate broke above 0.0255, achieving a weekly breakout.
  ETH ETFs had a net inflow of $13.3 million, led by Grayscale’s mini trust ($7.36M), VanEck ETHV ($2.95M), and Franklin’s EZET ($3.06M).

• Altcoins: Meme, AI Agent, and Solana ecosystem tokens rallied across the board. PEOPLE, BOME, and SATS led the gains. The Fear and Greed Index sits at 74, marking the 6th consecutive day in “Greed” territory.

• Macro: U.S. Equities were mixed yesterday—Dow fell 0.64% due to healthcare stocks, while Nasdaq and S&P 500 rose 1.61% and 0.72% respectively, driven by tech and chip stocks. The VIX dropped to 18.2, signaling rising risk appetite.
  As of May 14, 12:00 AM (UTC+8), spot gold trades at $3,229.25/oz, down 0.68% on the day.

Trending Tokens

PEOPLE - ConstitutionDAO (+58.85%, Circulating Market Cap: $181M)

ConstitutionDAO, launched in 2021, is a decentralized autonomous organization that attempted to crowdfund ETH to bid on an original U.S. Constitution copy, raising $47M from over 10,000 contributors. Though the bid failed, it became a landmark DAO event exploring blockchain’s role in cultural assets and governance.

PEOPLE is its governance token, distributed through ETH donations. Although users could refund after the project ended, many chose to hold it for its commemorative value. Over time, PEOPLE evolved into a symbol of decentralized collaboration and a Meme token in Web3 culture.

In 2021, PEOPLE reached a historical high of $0.205 and remains over 80% below that. Its recent rally is driven by the overall altcoin market recovery and its unique historical symbolism, attracting short-term speculative capital. Despite lacking real utility, it offers trading opportunities during Web3 cultural upswings. Future performance depends heavily on market sentiment and narratives—suitable for sentiment-based, small-position trading.

SATS - SATS Ordinals (+48.31%, Circulating Market Cap: $2.507B)

SATS Ordinals is a Meme project based on Bitcoin’s Ordinals protocol, aiming to tokenize the smallest unit of BTC, “satoshis,” while imbuing them with cultural and market value. Using Ordinals and BRC-20 standards, it gives unique and tradable properties to SATS inscribed on-chain, promoting memefication and diversification in the BTC ecosystem.

SATS isn’t a traditional utility token but a symbolic asset for broader BTC participation. Circulating since 2023 amid the Ordinals boom, it experienced both surges and corrections. Recently, as BTC crossed $100,000 again, SATS rebounded, showing continued speculative interest.

Its future hinges on Bitcoin ecosystem developments, Ordinals adoption, and market sentiment. While it lacks inherent utility, SATS may retain speculative value as an early Meme asset.

PI - Pi Network (+20.72%, Circulating Market Cap: $9B)

Launched in 2019, Pi Network seeks to bring blockchain to the masses through a low-energy, mobile-friendly mining platform. Its unique consensus mechanism and mobile mining model significantly lowered the entry barrier, attracting tens of millions globally.

On February 20, 2025, Pi Network launched its mainnet, marking a new operational phase. As the ecosystem matures, PI coins are gaining real-world use and market value, driving a positive growth loop.

After hitting a high of $3 in late February, PI retraced to a bottom near $0.55. With crypto markets recovering, PI has rebounded over 100% from its lows. Currently, only 7.11% of PI’s total supply is circulating, implying a fully diluted market cap of $125.79B.

Alpha Insights

Trump Turns Bullish Again; Crypto Rallies from Lows

Last night, Trump stated “the stock market will go up significantly” and again pressured the Fed to cut rates. U.S. Equities closed mixed—Dow fell 0.6%, S&P 500 rose 0.7%, Nasdaq jumped 1.6%; Tesla up 5%, Nvidia up 5.6%, Apple up 1%.

In early April, Trump’s tariff comments triggered a stock drop, but after his April 9 post saying “now is a good time to buy,” the S&P 500 rebounded 14% in a month. That same day, he paused tariff hikes. Last Friday, Trump again encouraged buying, followed by U.S.-China tariff rollbacks, further boosting markets.

This optimism spilled into crypto—BTC and ETH surged due to improving macro outlook, rising liquidity expectations, and increased risk appetite. Trump’s dovish stance strengthened expectations for easier monetary policy, benefiting crypto as a liquidity-sensitive, tech-like asset. \
History shows Trump’s optimistic signals often drive crypto prices, emphasizing his influence on market sentiment. This BTC and ETH rally reflects macro shifts and market repricing.

BTC Illiquid Supply Hits 14M, Returns to All-Time High

According to Cointelegraph citing Glassnode, around 14 million BTC is now classified as “illiquid supply,” held in wallets with little selling history. This suggests a shift towards strong hands, especially amid recent price rallies.

On-chain data shows whales are still accumulating while retail shows signs of panic selling. In the past 30 days, illiquid supply rose by 180K BTC—the biggest increase since Dec 2022. The key whale cohort (holding 10–10,000 BTC) added over 83K BTC, signaling redistribution from weak to strong holders.

Strengthening supply-demand dynamics support a bullish midterm outlook. Rising illiquid supply and whale control often occur in mid-to-late bull cycles, like in 2017 and 2020–2021. Currently, no clear signs of a bubble exist. If macro conditions remain stable, BTC could gradually challenge ATHs and even reach $150K.

LetsBonk 24-Hour Launches Near Pumpfun; Multiple Tokens Break $1M Market Cap

On April 26, Solana-based Meme coin, BONK, launched its own LaunchPad—LetsBonk.fun. Within 24 hours, the platform had 800K visits, $300M in trading volume, and 2,700 token creations. Over 70 tokens successfully launched, while the “Let’s BONK” token hit $30M market cap within 6 hours.

As of May 14, LetsBonk.fun has created 45,980 tokens, with 760 launched. 12 tokens have surpassed the $1M market cap.

• 1M-10M club includes IKUN, Petunia, LetsBONK, BONKAI, NEXUS, DOOM, FLOPPY, CHACHA, Dazhuang, Glonk
• 10M tokens: Hosico ($27.5M), USELESS ($15.3M)

LetsBonk.fun’s explosive growth and rising token caps significantly raised BONK’s visibility and built a new gateway for Meme ecosystems. The combined effect of ecosystem expansion, user activity, and platform momentum provides mid- to long-term support for BONK, elevating it from a single Meme coin to a leading Meme platform.

Gate.io HODLer Airdrop

Subscription Details

• Project: Nexpace
• Token Name: NXPC
• Subscription Deadline: May 15, 2025, 10:00 (UTC+8)
• Participation: Free for GT holders (≥1 GT)
• Individual Cap: 5,000 GT
• Airdrop Amount: 300,000 NXPC
• Unlock: 100% unlocked
• Trading Starts: May 15, 2025, 14:00 (UTC+8)

Project Intro

NXPC is the core digital asset of MapleStory Universe, issued by Nexpace with a max supply of 1B. It powers rewards, NFT trading, and gas payments, bridging in-game and external economies for players and creators.

NXPC uses a self-adjusting supply model to balance market dynamics—“fission” for NFT-driven issuance and “fusion” to reduce overheated circulation, mitigating inflation and speculation. It also empowers players with creation rights, breaking traditional content monopolies.

The entire MapleStory Universe runs on the Henesys L1 high-performance chain, natively connected to Avalanche C-Chain. Designed for gaming economies, it supports efficient trading and cross-ecosystem interoperability. As the platform token, NXPC is expected to grow with ecosystem expansion.


Reference：

• Gate.io, https://www.gate.io/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate.io, https://www.gate.io/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• Cointelegraph, https://cointelegraph.com/news/bitcoin-illiquid-supply-14m-btc-hodlers-bull-market-record
• Dune, https://dune.com/adam_tehc/memecoin-wars
• Gate, https://www.gate.io/zh/hodler-airdrop/2307?airdrop_name=NXPC

Gate Research Institute
Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages arising from such decisions.