Global cryptocurrency market total market cap: $2.68 trillion, 24h up 1.7%, total trading volume $78 billion
- Bitcoin (BTC): $77,974.51, 24h +1.58%, market cap $1.56 trillion, dominance 58.3%
- Ethereum (ETH): $2,143, 24h +1.48%, market cap $258 billion, dominance 9.64%
- Mainstream coin performance: SOL (+1.84%), XRP (+0.51%), DOGE (+0.34%)
- Market sentiment: Significant divergence between bulls and bears, overall in a consolidation recovery phase

Today's key news
1. Key point for the CLARITY Act in the U.S. (Today)
- Event: The U.S. House of Representatives originally planned to vote on the CLARITY Act today, which will clarify the regulatory framework for cryptocurrencies, distinguishing between securities and commodities

- Positive: If it passes smoothly, it will eliminate regulatory uncertainty and attract more institutional funds into the market, benefiting compliant avenues and overall market valuation in the long run
- Risk: If delayed or revised, it may trigger short-term market volatility; previously, a "sell on news" phenomenon occurred after positive developments

2. Continued large outflows from Bitcoin ETFs
- Event: From May 18-19, the U.S. Bitcoin spot ETF had a net outflow of $200-648 million in a single day, with a weekly total of nearly $1-1.2 billion, with BlackRock IBIT leading the outflow
- This is a major reason for Bitcoin’s drop from above $80,000 to the $76,000-$78,000 range, as institutional redemption pressure is evident

3. MicroStrategy (MSTR) becomes the largest buyer in the market
- Event: MicroStrategy has accumulated 171,238 Bitcoins so far this year, exceeding the approximately 62,000 Bitcoins newly produced by global miners in the same period
- Amid ETF fund outflows, MicroStrategy has become a major support force for Bitcoin prices, accounting for about 12% of trading in the past three weeks

4. Re-evaluation of crypto mining companies' AI transformation value
- Event: IREN's stock surged 16% on the day of the earnings report, and shares of mining companies like CleanSpark and Riot Platforms rose collectively
- The market is starting to reprice mining companies from "mining firms" to "power and computing infrastructure providers for AI," as the 27GW planning power capacity controlled by mining companies has become a scarce asset amid tight connection conditions in the U.S. power grid

5. Macroeconomic factors suppressing risk appetite
- Event: Stalemate in U.S.-Iran peace negotiations + global bond selloff, with a shift in Federal Reserve rate expectations (increased likelihood of rate hikes)
- Investors are temporarily avoiding high-growth assets, and short-term holders (STH) sold over 10,000 BTC in loss zones

BTC
Key levels:
- Resistance: 78000-78400 (first resistance), 79000 (core resistance)
- Support: 76500-77000 (first support), 75500 (strong support)
Operation suggestions:
- Focus on shorts: Enter short positions in batches near 78000, target 76500-75500, stop loss above 78600
- Minor longs as a supplement: Light positions for long in the 76500-77000 range, target 77500-78500, stop loss below 76000

ETH
Key levels:
- Resistance: 2150-2170 (first resistance), 2220-2250 (strong resistance zone)
- Support: 2080-2100 (first support), 2000 (strong support)
Operation suggestions:
- Focus on shorts: Open short positions near 2150, target 2080-2000, stop loss above 2190
- Minor longs as a supplement: Light positions for long in the 2090-2110 range, target 2170-2220, stop loss below 2070
- Note: ETH's movement is significantly correlated with BTC's, and its rebound strength is weaker than BTC's, prioritize trading in the direction of BTC

1. Today's CLARITY Act voting result may trigger significant market volatility, it is recommended to reduce positions before the result is announced
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