Global markets rallied on Monday, with the S&P 500 surging 3.26%, the Nasdaq jumping 4.35%, and the Dow rising 2.81%, as the US and China agreed to slash tariffs, easing trade tensions. The deal, which reduces duties for the next 90 days, sparked optimism among investors, with equities, the dollar, and oil advancing. The move is seen as a significant step towards de-escalating the trade war, although uncertainty remains. Meanwhile, the US budget deficit was aided by record tariff receipts of $16.3 billion in April, and the Treasury chief viewed the trade pact as progress in the US's "strategic" decoupling from China.
In crypto, the global crypto market cap decreased 1.5% over the past day to $3.28tn. The total crypto market 24h volume increased 44% to $180bn. Bitcoin is down 1.77% in the past 24h, currently trading around $102.6k, while Ether is down 3.3% in the past 24h, trading around $2,460.
In the past 24 hours, crypto liquidations increased over 65% and totaled $614.93m, with 81% of them long positions.
According to data from SoSo Value, US Bitcoin spot ETFs recorded a modest net inflow of $5.10 million on May 12, 2025, marking a significant cooldown after last Friday’s $334.58 million surge. The inflow was entirely driven by BlackRock’s IBIT, which added $69.41 million, while several major ETFs logged outflows: Grayscale’s GBTC (-$32.93m), Fidelity’s FBTC (-$11.11m), Bitwise’s BITB (-$17.73m), and Invesco’s BTCO (-$2.54m). The pullback signals investor caution after weeks of heavy inflows.
US spot Ether ETFs posted a net outflow of $17.59 million on May 12, 2025, resuming their losing streak after Friday’s brief recovery. The withdrawals were driven by Grayscale’s ETHE (–$9.61m) and Fidelity’s FETH (–$7.98m), while all other funds saw no net flows. The outflow follows a net weekly withdrawal of $38.15 million last week, keeping pressure on inflows despite the asset’s ongoing rally.
Backpack, a crypto exchange, is allowing former FTX EU customers to reclaim their funds through its platform, subject to KYC verification, after acquiring the defunct exchange's European arm in January 2024 amidst a dispute with the FTX estate over ownership rights.
The Bank for International Settlements reported that approximately $600 billion in cross-border cryptocurrency payments were made in the second quarter of 2024, primarily driven by speculative investment and global funding conditions, according to their recent study on the global flow of crypto assets.
Goldman Sachs-backed cryptocurrency custody firm Bitgo has secured a MiCA license from Germany's financial regulator, allowing it to provide digital asset services to crypto-native firms and traditional finance institutions across the European Union.
Rohun Vora, the creator of the DeGods NFT collection, has stepped down as CEO after a three-year tenure and introduced new leaders, amid increased sales and speculation about his departure, which he attributes to a lack of wrongdoing.
Nakamoto Holdings, founded by Trump's crypto adviser David Bailey, has merged with KindlyMD to build a Bitcoin treasury and create a global network of Bitcoin treasury companies, aiming to accelerate Bitcoin adoption and integrate it into global capital markets.
Michael Saylor's company Strategy purchased 13,390 Bitcoin for $1.34 billion between May 5 and May 11, increasing its total Bitcoin holdings to 568,840 BTC.
Cryptocurrency investment products attracted $882 million in inflows last week, bringing the total year-to-date inflows to $6.7 billion, driven primarily by global crypto exchange-traded products, which have accounted for 93% of total inflows so far this year.
PumpDotFun has launched a new creator rewards program which allows eligible token creators to earn 0.05% of trading volume on PumpSwap, with potential payouts reaching $7.3 million based on April’s $14.6 billion volume.
Aave hit a record $40.3bn in deposits, while Morpho surpassed $1bn on Coinbase’s Base network.
Tether’s USDT reached a new by surpassing a $150 billion market cap, reflecting rising stablecoin adoption, with the current total stablecoin market cap currently at $242.817bn.
