Coinbase expanded its global footprint in the crypto derivatives market with the acquisition of Deribit but the company&#8217;s Q1 report prompted a Wall Street analyst to revise his target lower. In a note to clients on Friday, H.C. Wainwright analyst…

Coinbase stock target cut after weak Q1 performance, Deribit deal praised: analyst

Bitcoin was back in the news this week after surging past $104,000 before 
retracting a bit. The rally, which started around May 7, propelled the world&#8217;s 
largest cryptocurrency from $93,000 to as much as $104,000 by May 9. Related 
Reading: Binance Buzz: Pi Coin Wallet Activity Triggers Listing Rumors After 
retreating 4% in the following 24 hours, Bitcoin still maintained a weekly 
gain of around 6%. That short-term action is now driving larger predictions, 
including one that forecasts Bitcoin will increase another 10 times in value. 
Another 10x Jump &#8216;Inevitable,&#8217; Expert Says Muneeb Ali, the brains behind the 
Bitcoin Layer 2 solution Starks, thinks the next giant leap is imminent. In 
his opinion, Bitcoin has already taken three distinct steps in its price 
trajectory: from $100 to $1,000, then to $10,000, and then to over $100,000. 
i’ve seen bitcoin go: &#8211; from $100 to $1,000. &#8211; from $1,000 to $10,000. &#8211; from 
$10,000 to $100,000. one more 10x to $1,000,000 is inevitable. — muneeb.btc 
(@muneeb) May 8, 2025 Ali pointed out how each move took more time but 
followed a familiar pattern. In 2013, Bitcoin climbed from $100 to $1,000 in 
four months. Four years later, in 2017, it reached $10,000. By December 2024, 
it had crossed the $100,000 mark. Based on that path, Ali said another 10x 
jump to $1 million isn’t just likely — it’s &#8220;inevitable&#8221;. However, he didn’t 
explain what would actually drive that kind of rise. New Projection Sees $116K 
Next Month The latest Bitcoin price forecast by CoinCodex has the price 
increasing by 13% and hitting $116,600 on June 8, 2025. Technical analysis 
indicates a positive trend, with 20 of the past 30 days (67%) closing in the 
positive. During the same timeframe, Bitcoin recorded 6.50% price volatility. 
Source: Alternative.me The Fear &amp; Greed Index is currently at 73, which is 
Greed. Though this prediction is not quite hinting at reaching $1 million yet, 
it validates the notion that there is still space for Bitcoin to rise in the 
near future. Related Reading: Tether’s $1 Billion Mint Powers Tron — Is A 
Breakout Brewing? A US Government Buy-In Could Speed Things Up Zack Shapiro, a 
Bitcoin Policy Institute lawyer, also thinks that Bitcoin has a lot of 
potential — and quick. He studied a bill called the Bitcoin Act, which was 
reintroduced last March. The bill proposes the US government to purchase 1 
million BTC within five years. That represents 5% of the total supply. If 
passed, the bill would fund the acquisition using profits from gold 
revaluation. Shapiro indicated that a plan like that would fuel demand so high 
it drives Bitcoin to $1 million earlier than anticipated. That&#8217;s provided that 
the bill gains momentum and secures the financing it requires. Featured image 
from Gemini Imagen, chart from TradingView

Tech Expert Predicts $1 Million Bitcoin — ‘Only One More 10x Left’

**Key takeaways:**
 * ETH price rallied by 22% on May 8, but demand for spot ETH ETFs and derivatives remains muted. 
 * President Trump&#8217;s reversal on certain altcoins aligns with ETH&#8217;s renewed outlook. 
Ether (ETH) posted an impressive 29% gain between May 8 and May 9, likely 
marking the end of a 10-week bear market that bottomed out at $1,385 on April 
9. This sharp move triggered the liquidation of over $400 million in short 
(sell) ETH futures positions, suggesting that whales and market makers were 
caught off guard.
Despite the surge, traders have maintained a neutral stance in ETH 
derivatives. Whether this apparent lack of conviction reflects a genuine trend 
reversal or merely precedes another test of the $2,000 level remains to be 
seen.
_Ether 3-month futures annualized premium. Source: laevitas.ch_
The ETH futures premium has yet to exceed the 5% threshold typically 
associated with a neutral market, indicating that demand for leveraged bullish 
positions remains notably limited. ETH&#8217;s continued underperformance&#8211;trailing 
the altcoin market capitalization by 17% in 2025&#8211;helps explain the prevailing 
lack of investor confidence.
Some analysts interpret this as an opening for further short covering, while 
others contend that Ethereum&#8217;s core fundamentals have yet to improve 
meaningfully.
## Ethereum maintains leadership in decentralization and TVL
Irrespective of Ether&#8217;s price action, recent network upgrades have notably 
enhanced layer-2 scalability. More importantly, they have helped solidify 
Ethereum&#8217;s position as the leading platform in terms of decentralization and 
security. This is reflected in Ethereum&#8217;s total value locked (TVL), which 
stands at $64 billion. For comparison, the three largest direct competitors&#8211; 
Solana, BNB Chain, and Tron&#8211;collectively hold a total value locked (TVL) of 
$22.3 billion.
The limited demand for spot Ether exchange-traded funds (ETFs) has emerged as 
a key warning sign. Even Ether&#8217;s strongest single-day price performance in 
four years failed to prevent a third consecutive day of net outflows, 
according to data from Farside Investors. On May 8 alone, US-listed Ether spot 
ETFs experienced net outflows totaling $16 million.
_Ether US-listed spot ETFs&#8217; daily net flows, USD million. Source: Farside 
Investors_
The muted enthusiasm following Ether&#8217;s recent bullish momentum can be partly 
attributed to the sharp 85% drop in Ethereum network fees from January to 
April. Reduced network activity lowers overall demand for ETH and negatively 
affects net staking yields, as the protocol&#8217;s burn mechanism relies on 
competition for data processing.
ETH options markets also offer insight into whether whales and market makers 
anticipate further downside risks.
_Deribit 30-day ETH options delta skew (put-call). Source: Laevitas.ch_
Currently, put (sell) options are trading at similar levels to equivalent call 
(buy) options, indicating a neutral sentiment. This outcome is somewhat 
discouraging for Ether bulls. Nevertheless, Ether could regain market 
attention after US President Donald Trump reversed his position following 
earlier public endorsements of competing altcoins.
_**Related:**__**Ether clocks &#8216;insane&#8217; 20% candle post Pectra &#8212; A turning 
point?**_
According to a Politico report published on May 8, President Trump felt he had 
been &#8220;used&#8221; and had severed ties with the lobbyist who reportedly proposed the 
idea of a strategic crypto reserve. While Trump&#8217;s social media post on March 2 
specifically mentioned Solana (SOL), Cardano (ADA), and XRP, the subsequent 
March 6 &#8220;Digital Asset Stockpile&#8221; Executive Order struck a much more reserved 
tone.
Despite the evident apathy in both the Ether derivatives market and spot ETF 
flows, a rally toward the $2,700 level remains plausible&#8211;especially if 
investor sentiment shifts in response to the failed lobbying efforts 
undertaken by some of Ethereum&#8217;s competitors.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Ethereum price greenlit for further upside after surprise 29% ETH rally

WSJ reports that China is eyeing potential assistance in cracking down on the 
fentanyl trade in North America as a possible pretext for starting China-U.S. 
trade negotiations. Fentanyl overdoses take the lives of dozens of thousands 
of people in the…

China may help the US fight the deadly fentanyl epidemic to get a seat at the trade negotiation table

Explosive institutional demand and surging ETF inflows have shattered legacy 
market models, triggering a dramatic reversal from a top analyst and setting 
the stage for bitcoin’s next breakout. Massive Institutional Demand Forces Top 
Analyst to Flip on Bitcoin Bull Cycle Bitcoin’s resilience in recent weeks has 
prompted a sharp change in outlook from one of […]

Bitcoin Bull Cycle Isn’t Over—Top Analyst Sees Institutional Tsunami

BlackRock&#8217;s expanded quantum risk disclosure highlights the urgent need for 
quantum-resistant solutions to safeguard digital assets&#8217; security.
The post BlackRock expands quantum risk disclosure in amended Bitcoin ETF 
filing appeared first on Crypto Briefing.