As the Federal Reserve&#8217;s Federal Open Market Committee convenes tomorrow, the crypto market appears to be at a crossroads, with investors keenly awaiting signals that could influence digital asset valuations. Currently, the consensus among analysts suggests a high probability that…

Federal Reserve meeting looms: Will Powell’s tone push Bitcoin higher?

Digital asset manager Bitwise has filed to list a spot Near exchange-traded 
fund with the US Securities and Exchange Commission, adding to a growing list 
of altcoins currently vying to win regulatory approval.
The Bitwise Near (NEAR) ETF will track the price movements of the NEAR token, 
minus expenses, through a traditional brokerage, Bitwise&#8217;s May 6 registration 
statement shows.
Bitwise named Coinbase Custody as the proposed custodian of the Bitwise NEAR 
ETF. The management fee, ticker and stock exchange it seeks to list on weren&#8217;t 
named yet.
_Source:__Cointelegraph_
Bitwise must also file a 19b-4 filing with the SEC to kickstart the 
regulator&#8217;s approval process for the fund. The crypto native asset manager 
indicated it would make such a filing when it registered a trust linked to the 
NEAR ETF in Delaware on April 28.
## NEAR joins a pile of spot crypto ETFs on the SEC&#8217;s desk
The SEC now has at least a dozen spot crypto ETFs to review in 2025, including 
applications for Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), XRP (XRP), 
Cardano (ADA), Hedera (HBAR), Polkadot (DOT), Chainlink (LINK), Avalanche 
(AVAX), Aptos (APT) and Sui (SUI).
Bitwise already has applications out for a spot DOGE, SOL, and XRP ETFs, and 
also has an approved spot Bitcoin (BTC) and Ether (ETH) ETF, which are listed 
on the NYSE Arca and have attracted a combined $2.35 billion in net inflows 
since launching last year.
NEAR &#8212; the token powering the layer-1 Near blockchain &#8212; is the 44th largest 
cryptocurrency by market cap at $2.73 billion, CoinGecko data shows.
The Near blockchain was once touted as an Ethereum killer and is considered by 
its proponents as a solution to the &#8220;blockchain trilemma&#8221; &#8212; the challenge of 
achieving all three critical aspects of blockchain performance: security, 
scalability and decentralization.
_**Related:**__**Ethereum &#8216;s era of crypto dominance is over &#8212; LONGITUDE 
panel**_
Through Nightshade sharding, Near can process up to 100,000 transactions per 
second and is secured by 265 active validators, Nearblocks.io data shows.
_Source:__Justin Bons_
The Near ecosystem shifted from decentralized finance to AI infrastructure in 
2024, unveiling plans to build the world&#8217;s largest open-source large language 
model.
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Bitwise throws NEAR ETF in race for SEC approval with S-1 filing

On-chain data shows the Bitcoin network activity has recently declined into 
the bear market zone. Here&#8217;s what this could mean for the asset. CryptoQuant&#8217;s 
Bitcoin Network Activity Index Is Flashing A Bear Market Signal As pointed out 
by an analyst in a CryptoQuant Quicktake post, the Bitcoin Network Activity 
Index has recently been inside the bear phase. The &#8220;Network Activity Index&#8221; 
here refers to an indicator from CryptoQuant that essentially tracks the 
amount of activity that the BTC network is witnessing. Related Reading: 
Bitcoin In The Middle Of A Decision Point, Analyst Says—Here’s Why The metric 
uses the data of different activity-related indicators like the transaction 
count and daily active addresses in order to determine the situation on the 
blockchain. Here is the chart shared by the quant that shows the trend in the 
index and its various moving averages (MAs) over the cryptocurrency&#8217;s history: 
As displayed in the above graph, the Bitcoin Network Activity Index reached a 
peak last year, but since December, the metric has been sharply moving down, 
implying the demand for using the network has been waning. Generally, a surge 
in user activity is what provides the fuel that any move in the asset&#8217;s price 
needs to be sustainable, so an increase in the Network Activity Index may be 
considered constructive, while a decrease a bad sign. Recently, the trend in 
the network activity has developed in such a manner that the index has entered 
into what&#8217;s considered as a &#8220;bear phase.&#8221; From the chart, it&#8217;s visible that 
this red signal has maintained even after the latest recovery rally. The 
signal has historically come alongside bear markets for Bitcoin (arriving 
before the price low is in), but there was one notable exception: the second 
half of the bull run in 2021. The Network Activity Index signaled a bear phase 
during this rally, which suggests that, from the perspective of chain usage, 
this run was always unlikely to last. This may be one of the reasons why the 
price couldn&#8217;t reach a much higher top than the May 2021 one during this bull 
run. Nonetheless, Bitcoin was still able to witness a notable period of 
bullish momentum back then despite the Network Activity Index signal. Thus, 
while the latest red signal from the metric can indicate the presence of a 
bear market, it could also just be a signal for a buying opportunity. Related 
Reading: Bitcoin Recovery Fueled By Almost $19 Billion In Crypto Inflows, Data 
Shows In some other news, the combined market cap of the stablecoins has just 
reached a new all-time high (ATH), as the market intelligence platform 
IntoTheBlock has shared in an X post. The capital stored in the form of 
stablecoins may find its way into other cryptocurrencies like Bitcoin, so a 
rise in their market cap might be looked at as a bullish sign for the sector 
as a whole. BTC Price At the time of writing, Bitcoin is trading around 
$93,800, down around 1% in the last week. Featured image from Dall-E, 
IntoTheBlock.com, CryptoQuant.com, chart from TradingView.com

Bitcoin Network Activity In Bear Market Zone—Warning Or Opportunity?

SOL Strategies has acquired 122,524 SOL following a $20 million funding round, 
reinforcing its commitment to Solana infrastructure growth and hinting at 
ambitions for a future Nasdaq uplisting. Potential Nasdaq Uplisting Could be 
on the Cards for SOL Strategies SOL Strategies Inc., a Canadian firm focused 
on advancing the Solana blockchain ecosystem, has made a […]

SOL Strategies Deploys $20 Million Funding Round to Buy 122,524 SOL

Ethereum is under pressure after failing to break above the $1,874 high set on 
May 1st, a level that now acts as stiff resistance. As the broader crypto 
market begins to heat up, Ethereum remains stuck in a tight range, lacking the 
momentum to confirm a breakout. Currently trading just above $1,800, ETH sits 
at a critical level where bulls must step in to defend the structure and push 
the price higher. Related Reading: Avalanche Bounces Off Key Price Level: Top 
Indicator Flashes A Buy Signal Despite several attempts, Ethereum has been 
unable to establish a clear direction, and market participants are growing 
cautious. The asset is still down over 55% from its December highs, reflecting 
a prolonged period of weakness relative to other major cryptocurrencies. 
Without a strong push through resistance, Ethereum risks falling further 
behind. Top crypto investor Michael Van de Poppe recently shared a technical 
analysis suggesting that Ethereum is still in an accumulation phase. According 
to Van de Poppe, ETH shows signs of strength and accumulation against BTC in 
the background, but needs confirmation through a decisive breakout above 
current levels. Until then, Ethereum remains range-bound and vulnerable to 
volatility. With market sentiment shifting and major moves looming, the coming 
days will be crucial for ETH’s short-term outlook. Ethereum Accumulation: 
ETH/BTC Chart Hints At Imminent Move Ethereum continues to struggle below the 
$2,000 mark, failing to reclaim key resistance levels despite broader market 
activity heating up. While ETH/USD remains directionless and still trades over 
55% below its December highs, a closer look at the ETH/BTC chart reveals 
something more constructive brewing beneath the surface. Van de Poppe recently 
shared an analysis highlighting a clear accumulation structure forming in the 
ETH/BTC pair. After months of consistent downside, the chart shows Ethereum 
breaking out of a falling wedge and consolidating in a tight range just below 
critical resistance at 0.0195 BTC. According to Van de Poppe, this is a 
classic accumulation pattern, signaling that Ethereum may be preparing for a 
significant breakout relative to Bitcoin. The chart also highlights a key 
demand zone around 0.0184 BTC—an area ETH has repeatedly held. As long as this 
level holds, Van de Poppe believes Ethereum could continue to grind higher and 
eventually take out liquidity above resistance. A successful breakout could 
mark the start of Ethereum outperforming Bitcoin, a trend often seen during 
the altcoin expansion phase of a bull market. However, risks remain. The 
broader market is still heavily influenced by macroeconomic uncertainty, 
particularly surrounding U.S.-China tensions. For now, Ethereum’s upside case 
depends on holding current support and clearing the 0.0195 BTC resistance. If 
successful, this accumulation may become the base for a strong rally. Related 
Reading: Ethereum Breaks Massive Downtrend Price Structure – Momentum Shift? 
ETH Price Consolidates In A Tight Range Ethereum is currently trading at 
$1,795.79 after a slight rejection from the $1,874 local high reached on May 
1st. The daily chart shows ETH consolidating in a tight range following its 
rebound from April’s lows near $1,500. However, despite this stabilization, 
ETH remains well below both the 200-day simple moving average (SMA) at 
$2,709.54 and the 200-day exponential moving average (EMA) at 
$2,437.55—indicating that the broader trend is still bearish. While bulls have 
managed to prevent further downside, Ethereum has yet to break out of its 
long-term downtrend. The failure to reclaim $2,000 as support continues to cap 
bullish momentum, and volume has remained modest during recent price action, 
showing a lack of conviction from both buyers and sellers. The structure 
currently favors accumulation, but ETH must decisively clear the $1,875–$2,000 
resistance area to shift sentiment and validate a trend reversal. If it fails 
to do so, the risk of a renewed pullback toward the $1,650–$1,700 support zone 
increases. Related Reading: Cardano Consolidates In Symmetrical Triangle – 
Analyst Sets Bull/Bear Price Targets Overall, Ethereum is at a pivotal stage. 
The longer it consolidates below major moving averages, the more likely the 
market remains cautious. A breakout above $2,000 could trigger renewed upside 
and signal broader market strength. Featured image from Dall-E, chart from 
TradingView

Ethereum Consolidates As Accumulation Trend Develops – New Bullish Phase Ahead?

The US Commodity Futures Trading Commission (CFTC) is seeking permission from 
the court to drop an appeal against prediction market Kalshi. The move could 
allow the platform to offer political event contracts to users without 
contest.
In a May 5 filing in the US Court of Appeals for the District of Columbia 
Circuit, lawyers for the CFTC filed an unopposed motion for voluntary 
dismissal, suggesting an agreement with Kalshi. The motion, subject to 
approval by the court, could end the CFTC&#8217;s appeal against a federal court 
ruling that the financial regulator could not bar Kalshi from listing 
political event contracts, i.e., bets on elections.
_Motion to dismiss appeal filed by the CFTC on May 5. Source:__Courtlistener_
Kalshi stipulated in a joint filing that the company would &#8220;bear its own 
costs, court fees and attorney fees incurred&#8221; if the court granted the CFTC&#8217;s 
motion to dismiss. The platform said that &#8220;election markets are here to stay&#8221; 
in a May 6 X post following the filing.
The betting platform initially filed a lawsuit against the CFTC in 2023 in 
response to the regulator ordering Kalshi to stop offering political event 
contracts. The company won in the lower court, prompting the appeal by the 
CFTC in September 2024.
## Motion to drop the appeal after the change in administration?
The case was handled mainly before the US election and the appointment of 
acting CFTC chair Caroline Pham under President Donald Trump. CFTC 
Commissioner Summer Mersinger, nominated by former President Joe Biden, 
reportedly echoed Kalshi&#8217;s sentiment in February, claiming that election 
prediction markets were &#8220;here to stay.&#8221;
_**Related:**__**Kalshi accepts Bitcoin deposits in bid to woo crypto-native 
users**_
Launched in 2021, Kalshi became popular among many crypto users in part due to 
bets related to the 2024 US election. Though the CFTC argued in its appeal 
that betting on the elections could result in &#8220;spectacular manipulation&#8221; of 
markets and harm to the public interest, the regulator under Pham and Trump 
appeared to have reversed its position with the motion to dismiss.
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