1. Three States Pass Cryptocurrency Legislation, Boosting Market Confidence

On Wednesday, New Hampshire passed a bill allowing the state to create a strategic Bitcoin reserve. A day later, Arizona also passed legislation supporting cryptocurrency reserves. With the November elections approaching, the momentum at the state level reflects political leaders' increasing focus on digital asset policies. Recent optimistic remarks from President Trump regarding the upcoming US-China trade negotiations have also eased market anxieties. These comments resonate with the new trade agreement signed between the US and the UK, which will eliminate reciprocal tariffs and reduce tariffs on US goods, further boosting confidence in the stock and cryptocurrency markets. Analysts state that the recent trend marks a decisive break from the sluggish price behavior that plagued altcoins in March and April. "Traders believe the crypto industry may have finally found a second spring as a hedge against market uncertainty," said Nick Ruck, director of LVRG Research, in a Telegram chat. "Investors are changing their views on cryptocurrencies as altcoins have shaken off negative trends and gained buying pressure due to a resurgence in risk appetite," Ruck added. Ethereum's 30% rise this week is also attributed to increased institutional interest and momentum from the Pectra upgrade, which introduces long-awaited execution layer reforms aimed at improving efficiency and scalability. "This upgrade provides Ethereum with much-needed reforms to solidify its position as the leading chain amid intensifying competition," said Mei from BTSE. "Given that Ethereum's price is still far below its historical highs, we may see significant upside potential in the coming weeks and months, especially as macro concerns ease and institutions become more willing to allocate to cryptocurrencies and crypto ETFs." Nevertheless, traders are closely monitoring the US-China trade negotiations this weekend. The talks will begin later Saturday in Switzerland, and any signs of a deadlock or escalating tensions could undermine the current upward momentum. -Original

2. BTC Digital Acquires Land for Mining Facility

NASDAQ-listed Bitcoin mining company BTC Digital announced the acquisition of 62 acres of land in Vienna, Dooly County, Georgia, for $2.1 million, including its related plants and facilities. The company also plans to invest an additional $5 million to develop an energy-efficient cryptocurrency mining facility that will house approximately 6,000 mining machines to support cryptocurrency mining and improve deployment and maintenance efficiency. -Original

3. Three Teenagers Charged with Cryptocurrency Kidnapping

Three teenagers have been charged with armed kidnapping of a man, taking him to a remote desert area an hour's drive from Las Vegas and stealing $4 million in cryptocurrency and NFTs. A preliminary hearing is scheduled for June. Records show that 16-year-old Belal Ashraf and Austin Fletcher from Pasco County, Florida, along with a third teenager, face charges including robbery, kidnapping, and extortion, with a juvenile court judge previously ruling that Belal Ashraf and Austin Fletcher are to be treated as adults. "On-chain detective" ZachXBT stated that he had previously helped the victim freeze over $200,000 in cryptocurrency. -Original

4. Lido Proposal Empowers stETH Holders

The proposal was made at a time when ETH surged 30% following the Pectra upgrade, drawing attention to Ethereum's native protocol. -Original

5. OKX Options Open Interest Increase Indicates Market Activity Boost

The current total open interest for OKX BTC options contracts is 29,533.3 BTC, with a 5.69% increase over the past 24 hours, indicating heightened activity in the options trading market. Data for reference only. Interpretation: Open interest refers to the total number of unexercised options contracts in the market, reflecting current market views and expectations regarding the future price movements of a particular underlying asset. Data for reference only. -Original

6. TRUMP Volume Soars, Increasing Market Activity

The trading volume of Binance TRUMP/USDT surged 22 times within 10 minutes, with nearly $236 million traded in the last 24 hours, up 2.10%. A surge in volume generally indicates increased market trading activity or large fund transactions, potentially triggered by significant market changes or news announcements. -Original

7. ETH Market Cap Share Rises to 9.07%

ETH is on the rise, with a trading volume of $61.5 billion in the past 24 hours and a circulating market cap of $301.4 billion, with its market cap share increasing by 3.54%. Data for reference only. -Original

8. BTC Major Funds Flow Out, Short-Term Shorting Trend Evident

In the past 12 hours, large transaction data shows a net outflow of $5.74 million from major funds, with total sales reaching $23.32 million, significantly higher than the $17.57 million in purchases, indicating a shorting trend. Notably, at 01:05, there was a large market sell order of up to $2.32 million, directly suppressing the price, indicating heavy short-term selling pressure from major funds. Technically, after the KDJ death cross, the indicators continue to diverge, with increased downward momentum, while a bearish engulfing pattern appeared at the 22:00 cycle, further confirming the signal of major funds exiting. Unlock large transaction indicators by becoming a member to accurately track major fund movements and grasp market turning points in advance! Data sourced from PRO members [BTC/USDT Binance 2-hour] K-line, for reference only, not constituting any investment advice. -Original

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