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Last week’s Bitcoin (BTC) rally validated traders who had argued for months that bearish sentiment was out of step with price action. Since early April, technical traders had called for a rally to $83,000. With short-selling in that zone absorbed and BTC up more than 20% since April, technical data points to a cooling-off period.
Beyond the sharp rally—and potential retests of former resistance as support—crypto also saw continued progress on regulation and mass adoption.
Crypto in America host Eleanor Terrett reported that the CLARITY Act markup in the Senate Banking Committee is expected to happen soon. Terrett said the language is “reportedly still being finalized,” with additional edits expected to reflect priorities from Democratic offices.
Terrett added that, based on her sources, the “overall vibes” after reviewing the bill and coordinating with other industry leaders are positive, though some bracketed sections are raising concerns that key provisions previously thought to be settled may be in flux.
The White House is reportedly aiming for CLARITY Act passage in the House by July 4. Speaking at Consensus Miami, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said passing the act on July 4 would be “a tremendous birthday present for America,” celebrating the country’s 250th.
Morgan Stanley rolled out crypto trading on E*Trade with a 50 basis point flat fee. Analysts noted the fee is lower than Schwab’s 75 bps fee on its competing product launched two weeks earlier.
Analysts are now predicting that Morgan Stanley’s entry could trigger “fee wars,” with brokerages lowering fees to attract capital. That dynamic could put pressure on centralized exchanges.
White House adviser Patrick Witt said a major announcement on the Strategic Bitcoin Reserve is expected “within weeks,” adding that “tremendous progress” has already been made.
Separately, Federal Reserve chair nominee Kevin Warsh is expected to receive formal Senate confirmation soon, with a full vote anticipated during the week of May 11. With Jerome Powell’s term set to expire on May 15, Warsh could be in the driver’s seat before the end of the month.
Strategy paused its weekly Bitcoin buys. Executive chairman Michael Saylor also suggested Strategy could sell some Bitcoin to provide a dividend to investors, saying it could “inoculate” the market against fears that Strategy selling might trigger a wider panic.
Spot Bitcoin ETF inflows continued to draw attention, with weekly net inflow surpassing $1 billion for the first time since January. The week began with a $630 million inflow, and by Thursday, data showed net inflows in the $1 billion to $1.7 billion range.
Spot Ether ETF flows were smaller than Bitcoin’s but remained positive. Ether ETFs opened the week with a $100 million net inflow, then ended the week flat after May 7 saw a $103.5 million outflow.
For Bitcoin, BlackRock’s IBIT and Fidelity’s FBTC continued to dominate inflows, with IBIT accounting for between 60% and 90% of daily flows.
Onchain data from Swissblock concluded that Bitcoin is in an “early expansion” phase where “selling pressure gets absorbed” and “ETF accumulation returns.” Swissblock said the rally off BTC’s $60,000 bottom and the recent multi-month highs near $83,000 reflect “a flow-driven breakout.”
The combination of strong ETF inflows, crypto exchange reserve outflows, and demand from known accumulator wallets is tightening available supply. At the same time, short squeezes in futures markets suggest buy demand is outpacing sellers, lifting the price cap across the market.
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