Crypto Market Digest: ETH Under Pressure (2026-05-11)

Whale Garrett Jin deposited nearly 578,000 ETH to Binance in four days, with a loss of approximately $1.30B.

On May 11, according to Lookonchain monitoring, “insider whale 1011” agent Garrett Jin deposited his remaining 225,627 ETH (US$528.19 million) into Binance. Within just four days, he deposited all 577,896 ETH (US$1.35 billion) into Binance.

Most of these ETH were converted from BTC eight months ago, when the ETH price was $4,591; the position is now down by approximately $1.3 billion.

[PANews]

Opinion: The AI Agent economy will run on a crypto track, with stablecoins and on-chain payments becoming core infrastructure.

On May 10, according to CoinDesk, Google Cloud and PayPal executives stated at the Consensus Miami conference that with the arrival of the AI Agent commercial era, crypto payments and stablecoins will become the core infrastructure of the next-generation internet economy.

Google Cloud Web3 strategy head Richard Widmann pointed out that AI Agents cannot open bank accounts like humans within the existing financial system. However, cryptocurrencies naturally possess “machine-readable payment interface” characteristics, making them more suitable as the underlying settlement tools for AI automated trading and payment systems.

[PANews]

Strategy CEO clarifies Bitcoin selling conditions: Bitcoin will only be sold when it benefits shareholders.

Strategy CEO Phong Le confirmed that the company will sell Bitcoin only under specific conditions. Previously, Executive Chairman Michael Saylor hinted at the possibility of selling Bitcoin to pay dividends, causing MSTR’s stock price to drop 4%.

Le stated that the sale decision is primarily tied to Series A perpetual preferred shares Stretch (STRC, with a dividend rate of 11.5%). The company will proceed with Bitcoin sales only when doing so is more beneficial to shareholders than issuing new shares to pay dividends—the specific trigger conditions being: (1) the stock price falling below book value, or (2) the mNAV dropping below approximately $1.22. The second condition relates to tax management, including realizing deferred gains or capturing tax losses. Le emphasized that the company’s leverage ratio stands at roughly 10%–15%, with a magnification factor of about 35%, indicating its financial position remains under control.

Strategy currently holds 818,334 BTC, with an average acquisition cost of approximately $75,537, making it the world’s largest publicly traded company holder of Bitcoin. Le noted that Bitcoin’s daily trading volume exceeds $60 billion, while the company’s annual dividend payout amounts to only around $1.5 billion—liquidity is therefore not a concern—and added, “I believe in mathematics, not ideology.”

[ChainCatcher]

Analysis: Bitcoin’s rebound has not confirmed the start of a bull market; on-chain structure still lacks bottom signals.

Crypto analyst Axel Adler Jr. posted that although Bitcoin rebounded after falling from about $125,000.00 to $60,000.00, the current trend is still a “repair after the fall” and has not yet confirmed that it has entered a new round of bull market cycle.

He pointed out that, based on on-chain data, several key indicators have not yet entered the range corresponding to the historical bear market bottom, including the “percentage of supply in loss” and 90-day UTXO-related indicators still do not show a sufficient cyclical bottom structure. At the same time, “Long-Term Holder Realized Supply (LTH Realized Supply)” has not shown the typical accumulation pattern at the end of the bear market, indicating that the market has not yet entered a deep reallocation phase.

In addition, the spot selling pressure indicator also does not show an obvious “capitulation sell-off”, which means that a typical full market clearing has not occurred in this round of decline. Axel Adler Jr. believes that before the on-chain structure, spot demand and supply pressure are not improved simultaneously, the current rise is more likely to be a technical rebound rather than a trend reversal.

On the macro level, he pointed out that the global risk environment is still tight. The conflict between the United States and Iran has led to Brent crude oil approaching $100.00/barrel, and inflationary pressures have risen again; consumer confidence and financial health indices have weakened, indicating that the demand side is under pressure. At the same time, U.S. Treasury yields remain high, and real interest rates and inflation expectations have risen simultaneously, further suppressing the valuation of risk assets.

He also mentioned that the U.S. Federal Reserve leadership is about to enter a potential replacement stage, but the interest rate market is no longer pricing in rapid interest rate cuts, and even began to factor in the probability of interest rate hikes, and market expectations have clearly shifted to “higher interest rates for longer.” In an environment of high oil prices, high interest rates and uncertain monetary policy, overall financial conditions remain tight.

Axel Adler Jr. said that the current market needs to wait for a clearer on-chain bottom structure and demand-side recovery signals, and before that, he remains cautious about the market.

[Odaily]

Digital Asset raises $300 million at a $2.00B valuation, led by a16z crypto

On May 11, Bloomberg reported that blockchain infrastructure company Digital Asset is raising approximately $300 million at a valuation of about $2 billion, with investors including a16z crypto.

According to insiders, a16z crypto, one of the prominent venture capital firms in the crypto industry, is leading this funding round. The deal is expected to close in the coming weeks, though the final financing scale may still change.

Digital Asset’s blockchain has already been adopted by several large banks and trading firms.

[TechFlow]

Analysis: ETH/BTC continues to weaken, breaking below key moving averages. Analysts warn there may still be 40% downside.

Over the past year, ETH/BTC has declined more than 35%, with market structure continuing to weaken and raising concerns about further downside risk. Analysis indicates that ETH/BTC remains suppressed by a multi-year downward trendline—a structural resistance that has repeatedly capped rallies since 2022 and coincided with near 70% corrections during the 2024–2025 market cycle.

Currently, ETH/BTC rebounded again in August 2025 to the confluence zone of the 0.382 Fibonacci retracement level and the 50-month moving average, only to face rejection and break below the 20-month moving average support—indicating persistent selling pressure. Technical models suggest that if weakness continues, the next key support level may target approximately 0.0176 BTC, representing roughly 40% further downside from current levels and approaching the 2020 cycle low region.

On-chain data shows ETH reserves on Binance continue rising, reaching ~3.62 million ETH by May—accounting for ~24.6% of total exchange-held ETH—suggesting increasing potential sell-side pressure. In contrast, Bitcoin exchange reserves continue declining, reflecting tighter BTC liquidity and stronger holding conviction.

Analysts argue this divergence reinforces ETH’s relative weakness in the market structure. Meanwhile, at the narrative level, the “ultra-sound money” thesis surrounding ETH has cooled, while Bitcoin continues benefiting from institutional allocation and corporate treasury demand—placing ETH under pressure on both capital flows and narrative fronts.

[Cointelegraph]

Iran’s response to the US proposal focuses on “ending the war and maritime security”

May 10th, according to Xinhua News Agency, Iran’s response to the US proposal to end the war focuses on ending the war and maritime security in the Persian Gulf and the Strait of Hormuz.

The Islamic Republic News Agency (IRNA) quoted a source on the 10th as saying that Iran has formally submitted its response to the latest US plan to end the war to the Pakistani mediator. The current stage of negotiations will focus entirely on stopping hostilities in the region.

Pakistani Foreign Ministry sources confirmed on the 10th that after receiving Iran’s response that day, Pakistan had forwarded it to the United States.

[PANews]

A certain Bitcoin OG address, dormant for 12 years, transferred 500 BTC, making a profit of $40.17M.

On May 11, according to Lookonchain monitoring, a Bitcoin OG address (starting with 1KAA8G) that had been inactive for over 12 years transferred out 500 BTC (USD 40.62 million) 4 hours ago.

When this address received the 500 BTC 12 years ago, the BTC price was approximately USD 914; it is now up by USD 40.17 million, representing an 88x ROI.

[PANews]

Microsoft Security Team: Fake macOS Troubleshooting Posts Install Cryptocurrency Wallet Stealers

On May 11, news emerged that Microsoft’s security research team discovered attackers have been luring users into running malicious terminal commands since late 2025 by publishing fake macOS troubleshooting guides—thereby stealing cryptocurrency wallets, iCloud data, and passwords saved in browsers.

These fake guides were posted on platforms such as Medium, Craft, and Squarespace, targeting common user issues like freeing up disk space or fixing system errors. Users are tricked into copying and pasting malicious commands into the Terminal, which then automatically downloads and executes malware.

This social engineering technique, dubbed “ClickFix,” bypasses macOS’s Gatekeeper security mechanism because victims voluntarily execute the commands.

[PANews]

Aramco CEO: Global oil supply to decrease by approximately 1 billion barrels over two months

On May 10, according to JINSHI News, Amin Nasser, President and CEO of Saudi Aramco, stated that global oil supply has decreased by approximately 1 billion barrels over the past two months.

Nasser said in a media interview on the same day that even if energy flows return to normal, it will take some time for the entire system to revert to normal operations.

Saudi Aramco stated that the East-West Pipeline is a critical supply artery, helping to mitigate global energy shocks and providing a degree of assurance to customers affected by shipping restrictions in the Strait of Hormuz.

[PANews]

Iran’s response to the U.S. proposal to end the war has been conveyed through Pakistan.

Iran’s response to the U.S. proposal to end the war has been delivered through Pakistan.

[Odaily Planet Daily News]

Trump: I didn’t say that hostile actions against Iran are over

May 10th news, according to Jinshi reports, US President Trump stated that we are monitoring the enriched uranium buried under the rubble in Iran, and the US Space Force will take over the relevant mission.

If anyone approaches the enriched uranium buried under the rubble in Iran, we will know and will blow it up. I didn’t say that hostile actions against Iran are over, but I said they were defeated.

[PANews]

An address dormant for over 12 years has been activated, transferring all 500 BTC.

According to Lookonchain, a Bitcoin OG (1KAA8G) transferred 500 BTC, worth $40.62 million, 4 hours ago.

This address executed the transfer after remaining inactive for over 12 years; it originally received the aforementioned BTC 12 years ago when the BTC price was approximately $914.

The address currently holds an unrealized profit of $40.17 million, with an ROI of 88x.

[Odaily]

Account with over $1.30M in losses purchased a total of $300,000 on the NBA Playoffs Western Conference Semifinals G4 Spurs point spread, defeating the Timberwolves.

Odaily Seer’s prophet channel monitoring shows that in the Polymarket “NBA Playoffs Western Conference Semifinals G4 Spurs vs. Timberwolves” prediction event, an account with a loss of over $1.30M (address: 0x492442eab586f242b53bda933fd5de859c8a3782) purchased $190,000.00 worth of Spurs -5.5 to win against the Timberwolves, with an average opening price of 49¢ and a floating profit of $1,900.00; purchased $110,000.00 worth of Spurs -4.5 to win against the Timberwolves, with an average opening price of 53¢ and a floating profit of $1,000.00.

The NBA Playoffs Western Conference Semifinals G4 Spurs vs. Timberwolves will begin at 7:30 AM Beijing time today. The series score is 2:1, with the Spurs temporarily leading. The Spurs’ starting lineup for this game is Champagnie, Vassell, Wembanyama, Fox, and Kaskel; the Timberwolves’ starting lineup is McDaniels, Randle, Gobert, Edwards, and Dosunmu.

Odaily Seer’s prophet channel continues to focus on the prediction market, seeing changes before pricing.

[Odaily Seer]

Analysis: Stablecoin regulation is clear, but infrastructure and privacy remain major obstacles

May 10th news, according to Coindesk, executives from crypto companies MoonPay, Ripple, and Paxos recently pointed out that regulatory clarity is driving the accelerated adoption of stablecoins by institutions, but infrastructure, privacy protection, and real-world application are still the core challenges facing the industry.

Ripple’s Senior Vice President of Stablecoins, Jack McDonald, stated that institutional clients are more concerned with regulatory compliance, custody security, and trusted counterparties than simply the market capitalization of stablecoins. He said that Ripple values the practical utility of stablecoins in scenarios such as payments, corporate cash flow, and capital market collateral.

[PANews]

Analysis: Bitcoin May Retrace Below $80,000 Again, $74,000 Becomes Key Defense Line

Bitcoin oscillated above the $80,000 level over the weekend; the market has not yet seen a further sharp correction, but market analysts believe the short-term adjustment is not yet over.

Cryptic Trades notes that current low-timeframe price action indicates Bitcoin is more likely to retest the “Bull Market Support Band” after encountering resistance near key high-timeframe resistance levels—namely, the zone defined by two critical moving averages below the $80,000 level. As long as BTC holds this support band and the higher-timeframe support zone near $75,000, the bias remains bullish.

Additionally, some market analysts point out that Bitcoin’s prior breakout above the Bull Market Support Band was “not clear-cut,” and the market needs to sustainably hold above the $80,000 lower region for one to two weeks to confirm a strengthening trend.

[Odaily]

Data: Three major DeFi applications returned nearly $100.00M in revenue to token holders in 30 days

According to DefiLlama data, Hyperliquid, EdgeX, and Pump.fun, three relatively active DeFi applications, have collectively distributed $96.30 million in revenue to token holders in the past 30 days.

Among them, Hyperliquid leads with $50.95 million, with all revenue directly returned to holders and zero incentive expenditure; Pump.fun returned $22.09 million to holders from a total revenue of $38.81 million; EdgeX distributed $23.26 million from $8.26 million in protocol revenue, indicating that it may have used reserves or other sources of income.

In terms of annualized data, Hyperliquid’s revenue in the past year reached $946.00 million, Pump.fun was $481.00 million, and EdgeX was $236.00 million. This trend reflects that the crypto community is shifting from focusing on trading volume to actual revenue.

Yearn.Finance founder Andre Cronje pointed out that DeFi in 2026 is no longer just a speculative venue, but is becoming the back-end infrastructure of the on-chain economy, with the stablecoin market reaching $320.00 billion, decentralized exchanges with monthly spot trading volume exceeding $160.00 billion, and perpetual contract DEX with monthly trading volume reaching $540.00 billion.

[ChainCatcher]

ETH/BTC extended its weak structure after falling more than 35%, and analysts warn of a potential further decline of 40%.

May 10th news, over the past year, ETH/BTC has cumulatively fallen by more than 35%, and the market structure continues to weaken, raising concerns about further downside risks.

Analysis points out that the ETH/BTC trend is still suppressed by the multi-year downward trend line. This structure has repeatedly restricted rebounds since 2022 and was accompanied by a nearly 70% correction in the 2024–2025 market.

Currently, ETH/BTC rebounded again to the resonance area of the 0.382 Fibonacci retracement and the 50-month moving average in August 2025, but was rejected and fell below the 20-month moving average support, indicating that selling pressure continues to dominate.

Technical models show that if the weakness continues, the next key support level may point to approximately 0.0176 BTC, which is still about 40% lower than the current level, and close to the 2020 cycle low area.

[Cointelegraph]