Crypto Market Overview

BTC (-2.38% | Current Price: 101,550 USDT)
Yesterday, following a joint statement from China and the U.S. aimed at easing trade tensions, BTC surged to around $105,800 before retreating slightly to $102,000. It found short-term support at the lower band of the 4H Bollinger Bands but remains in a vacuum zone between the upper and middle bands on the 1D chart. Short-term price movement hinges on the release of U.S. April CPI data tonight. [1]

Yesterday, BTC ETFs saw a net inflow of $5.9 million. BlackRock’s IBIT led with a $70.2 million inflow, while most other ETFs had minor net outflows. [2]

ETH (-3.49% | Current Price: 2,425 USDT)
ETH followed the broader market in climbing yesterday, but faced dual resistance at the upper bands of the 4H and 1D Bollinger charts, encountering selling pressure around $2,600. It has since dropped to the midline of the 4H band and may continue downward in the short term. ETH’s market dominance remains around 9%, while the ETH/BTC pair has slightly declined. [3]

ETH ETFs experienced a total outflow of $17.6 million yesterday, with Grayscale’s ETHE seeing a $9.6 million outflow and Fidelity’s FETH seeing $8 million withdrawn. On May 12, Cointelegraph reported that BlackRock filed with the SEC to allow physical redemptions for its ETH ETF, enabling direct ETH buybacks for clients. [4]

Altcoins
Sectors such as Meme, AI, and RWA experienced widespread pullbacks, with the overall market undergoing a short-term correction. The Fear & Greed Index stands at 70, indicating the market remains in a state of greed. [5]

Macro
U.S. stock indices surged across the board yesterday. The S&P 500 rose 3.26% to 5,844.19 points; the Dow Jones gained 2.81% to 42,410.10 points; and the Nasdaq jumped 4.35% to 18,708.34 points. [6]

As of 12:00 AM (UTC+8) on May 13, spot gold was trading at $3,243.73 per ounce, up 0.49% on the day. [7]

Trending Tokens

HAEDAL – Haedal Protocol (+17.42%, Market Cap: $29.7M)
Haedal is a leading liquid staking protocol built on Sui, allowing users to stake SUI and Walrus tokens to earn consensus rewards while unlocking liquidity for DeFi participation. It aims to be the staking and yield platform of Sui, ensuring network security and driving decentralization. Supporting products such as Haedal Market Maker and haeVault capture on-chain value, boost returns, and enhance liquidity efficiency.

The recent surge in HAEDAL is primarily due to its first-mover advantage and innovation within the Sui ecosystem. First, with Sui’s liquid staking penetration at only 2%, Haedal has rapidly captured market leadership by surpassing $200 million in TVL. Second, its dynamic validator selection mechanism provides consistently higher-than-average APYs. Third, the HMM market-making module uses oracle pricing and real-time data to optimize DEX liquidity, leading to a sharp increase in volume and fee revenue.

Additionally, the HAEDAL token offers rich utility: locking it as veToken allows participation in HaeDAO governance and provides yield boosts and potential airdrop incentives. Finally, strong backing from prominent VCs like Hashed, Comma3 Ventures, and Animoca Brands reinforces the project’s credibility and access to capital.

Overall, Haedal stands out in Sui’s liquid staking sector with high growth potential, a differentiated architecture, and robust metrics—driving a significant price rally.

POLYX – Polymesh (+12.25%, Market Cap: $181M)
Polymesh is an institutional-grade permissioned blockchain designed for regulated assets such as security tokens. Launched in 2021 by the Polymath team, it tackles key issues like compliance, identity verification, privacy, and efficient settlement—accelerating the tokenization of real-world assets (RWA). Built on the Substrate framework, it supports customizable rules, on-chain governance, and secures consensus via Nominated Proof of Stake (NPoS).

RWA tokenization has emerged as a major 2025 narrative in crypto, with institutions like Goldman Sachs and BlackRock aggressively entering space. After the collapse of the Mantra protocol, Polymesh, as a compliance-focused RWA blockchain, attracted significant attention. With meme coin hype fading, capital is shifting toward fundamentally strong sectors like RWA, making POLYX—low-cap ($181M) but high-growth—attractive to both traders and investors.

Moreover, Polymesh’s compliance advantages, such as built-in KYC and regulatory-friendly architecture, enhance its appeal in tighter policy environments. Institutional participation expectations are lifting its valuation. That said, any cooling in RWA hype or unmet partnership milestones could trigger a correction. Still, POLYX remains in the early stages of RWA infrastructure development, with long-term upside.

TRUMP – Official Trump (-9.69%, Market Cap: $2.507B)
TRUMP is a meme token launched on Solana by Donald J. Trump and affiliated companies in January 2025, marking his inauguration as the 47th U.S. President. The token has a total supply of 1 billion, with 20% (200M) in initial circulation and the remaining 80% held by Trump-affiliated entities to be gradually unlocked over three years.

On April 24, the official TRUMP website announced a dinner event for the top 220 wallet holders, triggering a surge in price, a classic “buy the rumor, sell the news” play. Once the event hype subsided, profit-taking followed.

On May 12, rumors emerged that Trump’s social platform Truth Social would launch a new meme token, prompting fears of a replacement or dilution of the current TRUMP token. This triggered mass sell-offs.

Although Truth Social officially denied the rumor on May 13 and TRUMP rebounded briefly, overall sentiment was already weakened. Coupled with broader market pullbacks, this intensified TRUMP’s downside pressure.

Alpha Insights

U.S. SEC Chair Paul Atkins Unveils New Crypto-Friendly Regulatory Vision
SEC Chair Paul Atkins stated on Monday that the current framework allowing brokers to act as custodians for digital assets may need to be scrapped and replaced. He is considering allowing hedge funds to self-custody crypto. Currently, only two U.S. entities hold a “Special Purpose Broker-Dealer” license.

Atkins emphasized that the lack of participation stems from restrictive policies set by the previous administration. He has directed SEC staff to explore a new regulatory approach, including revising custody rules to permit hedge funds, trading firms, and investment advisers to self-custody crypto.

Atkins’ stance marks a regulatory shift towards innovation, a major boost for Bitcoin and the broader crypto space. It could lower compliance costs, attract institutional capital, and boost market confidence. Allowing more entities to self-custody would ease custodial bottlenecks and promote long-term industry growth. [8]

Goldman Sachs Delays Fed Rate Cut Forecast, Lower U.S. Recession Odds
Following Monday’s China-U.S. joint statement to ease trade tensions, Wall Street analysts and interest rate traders reduced their Fed rate cut bets. They now expect two cuts in 2025, with the next window delayed significantly. Goldman Sachs has moved its forecast for the next cut from July to December.

Interest rate swaps now imply just 55 basis points of cuts in 2025, down from 75 bps last Friday. The first cut is now expected around September. As rate cut expectations are scaled back, the yield on 2-year Treasuries—sensitive to policy—rose 12 bps Monday, breaking back above 4%. \
Goldman’s forecast implies tighter monetary policy for longer—short-term bearish for risk assets like Bitcoin due to liquidity tightening. However, improved U.S.-China relations and stable long-term rates may support markets down the line. In short: short-term headwinds, but macro and inflation trends remain key for the mid-to-long term. [9]

Gate.io HODLer Airdrop

Token Sale Details

Subscription Project: aiSUI

Token Name: SUIAGENT

Deadline: May 14, 2025, 16:00 (UTC+8)

Participation: Hold at least 1 GT to claim for free

Personal Cap: 1,000 GT

Airdrop Total: 10,400,000 SUIAGENT

Project Overview
aiSUI is a groundbreaking AI dApp suite built on the Sui blockchain, enabling anyone to create, deploy, and monetize intelligent agents. By integrating advanced AI tools with blockchain infrastructure, aiSUI lowers the barrier for developers and businesses to enter the AI economy.
Users can create custom AI agents using a powerful no-code or low-code platform, instantly tokenize them, and deploy them on-chain or off-chain for utility.

Powered by the SUIAGENT token, aiSUI provides seamless monetization and integration for enterprises, developers, and communities. SUIAGENT serves both as the transaction layer for agent interactions and as a governance tool for the platform’s future. [10]


Reference：

1. Gate.io, https://www.gate.io/trade/BTC_USDT
2. Farside Investors, https://farside.co.uk/btc/
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. Farside Investors, https://farside.co.uk/eth/
5. CoinGecko, https://www.coingecko.com/categories
6. Investing, https://investing.com/indices/usa-indices
7. Investing, https://investing.com/currencies/xau-usd
8. The Block, https://www.theblock.co/post/353981/sec-chair-paul-atkins-unveils-his-vision-for-crypto-regulation-as-the-agency-charts-a-friendlier-approach-to-digital-assets?utm_source=twitter&utm_medium=social
9. Cls, https://www.cls.cn/detail/2028917
10. Gate, https://www.gate.io/zh/hodler-airdrop/2306?airdrop_name=SUIAGENT

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages arising from such decisions.