Welcome to the US Cryptocurrency Morning Briefing. We'll briefly summarize today's key cryptocurrency developments.
While having coffee, let's compare Bitcoin (BTC)'s performance with the S&P 500. As traditional finance's influence grows, Bitcoin's dominance as an asset is increasing compared to traditional stocks.
Today's Cryptocurrency News: BTC/S&P 500 Ratio Reaches All-Time High
Matthew Sigel, the digital asset research head at Van Eck, emphasized that Bitcoin has historically outperformed the S&P 500.
Notably, the Bitcoin/S&P 500 ratio reached an all-time high of 17.725 on May 8th. This reflects the pioneering cryptocurrency's growing dominance over traditional stocks.
"All-Time High: Bitcoin/S&P 500 Ratio," Sigel wrote.
This milestone aligns with broader market trends, similar to recent US cryptocurrency news publications showing Bitcoin briefly surpassing Google in recent market capitalization indicators.
Bitcoin's surge occurred as institutional influence increased. Consequently, liquidity inflows prompted analysts to reconsider BTC cycle theory.
"It seems time to abandon the Bitcoin cycle theory... What matters more is how much new liquidity is coming from institutions and ETFs," Cryptoquant CEO Ki Young-ju said.
As traditional market uncertainty grows, Bitcoin is being perceived as a hedge against financial and US Treasury risks.
$3.5 Trillion Inflow into US Stocks, Corporate Bonds, and Treasury Funds
According to reports, there has been a cumulative inflow of $3.5 trillion into US stocks, corporate bonds, and Treasury funds since 2007. Notably, $2.5 trillion of this occurred after 2020.
[The rest of the translation follows the same professional and accurate approach]- Raul Pal predicts that Bitcoin dominance has reached its peak. This signals the beginning of the "Banana Zone," a potential parabolic altcoin rally stage.
- Strategys Bitcoin holdings increased by 50.1%. This is due to the recent purchase of 1,895 BTC for $180.3 million.
- As Bitcoin surpasses $100,000, the largest liquidation since 2021 occurred. There were $970 million in liquidations.
- Pi Network ranked 6th among top SNS apps in Finland. A major Pi ecosystem announcement is scheduled for May 14, and users are expecting a Binance listing.
- XRP surged 8% after Ripple's settlement with SEC. However, it may be difficult to break through the $2.38 resistance due to increased short-term holder profits.
- MARA Holdings recorded a 30% sales growth compared to the previous year. Cleanspark's Q1 2025 revenue increased by 62.5%, while Hut 8's revenue decreased by 58.1%.
- Cardano's price surged by 10%. According to on-chain data, 74.14% of ADA supply is in profit. This indicates increasing accumulation.
- Say Labs proposes SIP-3 to convert Say Network to an EVM-only model. This removes CosmWasm and native Cosmos support.
Cryptocurrency Stock Market Overview
| Company | Closed on May 8 | Pre-market Overview |
| Strategy (MSTR) | $414.38 | $423.18 (+2.12%) |
| Coinbase Global (COIN) | $206.50 | $203.30 (-1.55%) |
| Galaxy Digital Holdings (GLXY.TO) | $27.67 | $28.90 (+4.45%) |
| MARA Holdings (MARA) | $14.29 | $14.01 (-1.95%) |
| Riot Platform (RIOT) | $8.44 | $7.48 (-3.73%) |
| Core Scientific (CORZ) | $9.45 | $9.51 (+0.63%) |
