According to DB News, the DOJ is cleared to sell 69,370 $BTC($6.58B) confiscated from Silk Road.

May 2nd — Cryptocurrency analyst Ali Martinez noted that as May gets underway, Bitcoin remains stuck in a narrow trading range, while an order cluster is forming near a key price level—potentially setting up a major liquidation zone. - **Upper Resistance**: $80,000. This level acts as a critical psychological and technical barrier, with a large pool of short-side liquidity sitting there. A break above it could trigger a short squeeze, sending prices quickly toward $84,000. - **Lower Support**: If $80k fails to break, the lower liquidity zone includes $75k, $73k, and $70k—these levels may catch any pullback. Notably, the market is currently in a tug-of-war between bulls and bears. A daily close above the $75k-$80k range could set the overall trend for the month.

Venture capital firm a16z has backed the U.S. Commodity Futures Trading Commission (CFTC) in pushing back against several states’ crackdowns on prediction markets. Last Friday, the firm submitted an 18-page comment letter to the CFTC, arguing state regulatory actions—including cease-and-desist orders and proposed bans—are creating “significant barriers to fair access” for users. In just the past month, the CFTC has sued Illinois, Arizona, Connecticut, New York, and Wisconsin, claiming those states are overstepping their authority by trying to regulate markets under federal oversight. a16z contends requiring trading platforms to block U.S. users based on their state of residence conflicts with CFTC rules on fair market access. “Forcing platforms to deny fair access to users in states seeking to license or ban certain event contracts could significantly reduce available liquidity,” the firm wrote. CFTC Chair Mike Selig argues prediction market event contracts qualify as swaps, p

On May 2nd, per Farside data, U.S. Bitcoin spot ETFs recorded a net inflow of $629.8 million yesterday—IBIT pulled in $284.4 million, while FBTC added $213.4 million. Ethereum ETFs posted a net inflow of $101.2 million, with FETH attracting $49.4 million and ETHA taking in $43.2 million.

On May 2nd, IKADO announced it has closed a $5 million financing round, led by 1A1Z Capital with participation from AC Capital, Mason Labs, and other institutions. The funds will go toward building out the platform’s infrastructure, upgrading its custody system, expanding into global markets, and developing systems for the purchase, custody, and authentication of physical trading cards. Per the company’s description, IKADO specializes in integrating Real World Assets (RWAs) with non-fungible tokens (NFTs). By mapping physical collectible trading cards 1:1 to the blockchain, the platform ties NFTs directly to tangible assets—enabling on-chain transactions and physical redemption options. These NFTs are issued in partnership with a top Japanese secondary trading card company, and all corresponding physical cards are held directly by IKADO to boost asset transparency and trustworthiness.

**May 2 Update: Bitcoin Climbs Back Above $78k, But Derivatives Skeptical of $84k Upside** Bitcoin climbed back above $78,000 on Tuesday as overall market risk sentiment improved—following the S&P 500’s fresh all-time high on Friday. Though BTC is up 15% in the past 30 days, the options market is pricing in only a 25% chance it hits $84,000 by month’s end. Derivatives traders remain skeptical of further upside, but institutional spot demand stays strong. For the BTC call option with a strike price of $84,000 expiring May 29, the cost is 0.0136 BTC (roughly $1,063). With 27 days left until expiry, this suggests a 25% chance BTC will rise 8% by the end of May. Put options have traded at a premium over the past month, signaling increased demand for downside protection. Weak demand for leveraged call positions is partly due to BTC’s 12% year-to-date (YTD) drop. While derivatives traders doubt BTC will hit $84,000, the U.S.-listed spot Bitcoin ETF tells a different story. It saw ne

May 2nd — Coinglass data shows Coinbase’s Bitcoin Premium Index flipped from negative to positive after four days, currently at 0.0037%. This signals a resurgence in U.S. market buying interest. BlockBeats Note: The Coinbase Bitcoin Premium Index tracks the gap between Bitcoin’s price on Coinbase (a leading U.S. exchange) and the global market average. It’s a key metric for monitoring U.S. capital inflows, institutional investor sentiment, and shifts in market mood. A positive premium (Coinbase price > global average) typically implies: strong U.S. buying demand, active inflows of institutional/compliant funds, ample USD liquidity, and predominantly bullish sentiment. A negative premium (Coinbase price < global average) often reflects: heavy U.S. selling pressure, reduced investor risk appetite, higher market risk aversion, or capital outflows.