Coinbase has launched 24/7 Bitcoin and Ethereum futures trading for U.S. users through its CFTC-regulated arm, Coinbase Derivatives, marking a first in the regulated U.S. derivatives market. Starting May 9, traders can now access crypto futures around the clock, including…

Coinbase to launch 24/7 Bitcoin and Ethereum futures trading in U.S.

**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.

BlackRock expands quantum risk disclosure in amended Bitcoin ETF filing

Bitcoin has surged to $104,300, confirming the uptrend and reinforcing the 
bullish outlook that many analysts projected for 2025. This move places BTC 
deep into range-highs territory, with the next major challenge now clearly in 
sight: the all-time high at $109,000. The market’s strength comes on the back 
of strong technical performance and increasingly optimistic sentiment, as BTC 
continues to lead the crypto rally and altcoins follow suit. Related Reading: 
Cardano Approaches Critical Resistance – Break Above Could Trigger Move To 
$0.80 On-chain data from CryptoQuant adds further weight to the bullish 
narrative. One standout metric highlights the growing confidence among large 
holders: the absolute difference between the Realized Price of new whales and 
old whales now stands at $59.7K. Specifically, new whales have entered the 
market at an average price of $91.9K, while old whales&#8217; basis remains at 
$32.2K. This translates to a 185% relative spread to the long-term holder 
(LTH) basis—a massive divergence. This wide gap signals that a new wave of 
high-conviction buyers is entering the market at significantly elevated 
prices. Unlike the cautious whale accumulation during previous cycle lows, 
this phase reflects strong belief in continued upside, even at premium levels. 
It’s a clear sign that institutional FOMO may be kicking in. Bitcoin Faces 
Resistance At $104K As Whale Activity Signals Growing FOMO Bitcoin is 
currently encountering resistance around the $104,000 mark—a level that may 
take time to break as it represents a critical barrier before entering price 
discovery above the all-time high near $109,000. The recent rally has shown 
remarkable strength, but as BTC consolidates just below its ATH, some selling 
pressure is expected. A successful breakout could lead to a swift surge beyond 
$109K; however, failure to do so may result in short-term consolidation or 
retracement. Top analyst Axel Adler shared key on-chain insights on X that 
highlight the evolving psychology of Bitcoin&#8217;s largest holders. According to 
Adler, the absolute difference between the Realized Price of new whales 
($91.9K) and old whales ($32.2K) is $59.7K, representing a 185% relative 
spread to the long-term holder (LTH) basis. This sharp divergence reveals that 
new “whales” are entering the market at nearly three times the price of early 
entrants. In comparison, the same spread in November 2022 was only 62%, 
indicating more cautious accumulation near the market bottom. The current 
surge to 185% reflects rising confidence and FOMO, with large buyers willing 
to accumulate even at elevated prices. For context, during the 2021 cycle peak 
at $63K, the spread widened to 437%. Related Reading: Ethereum ‘Extremely 
Undervalued Against BTC’ – Supply Pressure May Delay Recovery This trend 
suggests that the market is entering a more aggressive accumulation phase, 
where belief in higher prices is driving demand despite the premium. If bulls 
manage to absorb the resistance around $104K, it could mark the start of a 
parabolic move—fueled not just by momentum, but by conviction from both retail 
and institutional players betting on a new Bitcoin all-time high. BTC Price 
Analysis: Key Levels To Watch Bitcoin is trading around $103,000 after 
reaching a high of $104,300 earlier today. The 4-hour chart shows BTC facing 
resistance at the $103,600 level, which aligns with a key supply zone from 
late December 2024 and early January 2025. This area acted as a previous 
rejection point during the last major rally and is now being tested again as 
potential resistance. BTC’s recent surge from the $87K–$90K consolidation zone 
has been aggressive, breaking above both the 200 EMA and 200 SMA (currently at 
$91,806 and $89,400, respectively) with strong volume. This confirms bullish 
strength and trend continuation, suggesting that buyers are still in control. 
However, the current range between $103K and $104K is historically 
significant, and bulls may need to absorb selling pressure before attempting a 
move toward the all-time high near $109K. Related Reading: XRP Bulls Expect A 
Breakout As Price Compresses Between Key Levels – Details If BTC consolidates 
above $100K and holds this level as new support, it would strengthen the case 
for continued upside. On the flip side, failure to break above $103,600 
cleanly could lead to a short-term pullback. Market structure remains bullish 
overall, but this resistance zone will be critical in determining whether 
Bitcoin enters price discovery or pauses for accumulation. Featured image from 
Dall-E, chart from TradingView