Daily Market Report – May 6, 2025
The cryptocurrency market remained relatively stable over the past 24 hours. Bitcoin (BTC) posted a slight gain of 0.05%, trading at $94,205.82, while Ethereum (ETH) edged up 0.29% to $1,801.60. BTC’s price ranged between $93,613.66 and $95,199.01, while ETH fluctuated between $1,792.83 and $1,833.06. Futures liquidations totaled $100.94 million, and market sentiment stayed steady in “Greed” territory with a Fear & Greed Index reading of 50. The global long/short ratio for BTC remained balanced, with 50.52% of positions long, and ETH followed suit at 50.14% long, indicating a cautious yet optimistic outlook from traders.
Top-performing altcoins included JU, surging 51.31%, followed by PARTI up 18.67% and SHELL gaining 13.56%, reflecting strong momentum in select tokens. The total cross-chain total value locked (TVL) reached $100.947 billion, with notable growth from Base chain, which rose 6.4% over the past week. On-chain sentiment stayed bullish, with GORK retreating to $52.7 million after avatar-related hype, while HOUSE maintained $63.5 million in value and TRENCHER rebounded to $8 million. Even second-tier altcoins posted solid gains.
In notable developments, 3,422 BTC mined in 2012 were moved, now worth approximately $324 million — stirring speculation about whale repositioning. Meanwhile, a leadership shake-up at the IRS crypto division saw veteran Trish Turner appointed to head the Digital Assets Office. OpenAI confirmed it will drop its gold-driven restructuring strategy and remain under nonprofit control, though this may impact future funding. Coinbase added gold-backed token PAXG to its listing roadmap, and the U.S. SEC announced it will host its fourth Crypto Roundtable on May 12, with participation from the SEC Chair and Nasdaq representatives.
Michael Crag
