Bitcoin closed at $96,572, up 2.8% from the previous week, while Ethereum finished at $1,841, up 4.0%.

In the first week of May 2025, the virtual asset market continued its upward trend despite poor economic indicators from the United States, rendering interest rate cut expectations. Bitcoin closed at $96,572, up 2.8% from the previous week, while Ethereum finished at $1,841, up 4.0%.

This week, the market showed signs of economic slowdown as the U.S. GDP for the first quarter recorded a 0.3% contraction, along with employment indicators such as ADP private payrolls and JOLTs job openings falling short of expectations. However, the interpretation that these poor economic indicators actually increased the likelihood of interest rate cuts spread, leading to a reversal in the risk asset market.

The stock market, including the S&P 500 and Nasdaq, also rebounded on expectations of interest rate cuts, and the virtual asset market showed synchronized movements. In particular, on the 28th, a net inflow of about $600 million in Bitcoin spot ETFs occurred, providing strong momentum from a supply and demand perspective.

◇ Strategy achieves 13.7% BTC revenue... presents a new paradigm for corporations' asset management

Strategy, one of the publicly listed companies with the largest Bitcoin holdings (formerly MicroStrategy), recorded a 13.7% revenue from Bitcoin this year. This represents an evaluation gain of approximately $5.8 billion, equivalent to around 61,000 BTC. Strategy has raised its annual revenue target from the previous 15% to 25% through an official announcement and increased its annual Bitcoin revenue target to $15 billion.

Before this earnings announcement, MicroStrategy disclosed that it had purchased about 6,556 BTC from April 14 to 20. The total purchase amount was $555.8 million, with an average purchase price of approximately $84,785. Consequently, the cumulative holdings amount to 538,000 BTC, with an overall acquisition cost of about $67,766. The funding for the purchase was secured through the issuance of common stock and STRK preferred shares.

It is rare for corporations to consistently purchase Bitcoin and operate it as a core asset on their balance sheets. This signals that Strategy is shifting Bitcoin from being a mere alternative asset to a central element of corporate asset management. Such a strategy may indicate a new direction for corporate financial strategies in the future. Additionally, at this point of expanding ETF and institutional demand, Strategy's active buying is expected to play a positive role in terms of stability and liquidity in the market.

◇ SEC again postpones approval of XRP and DOGE spot ETFs… waiting for a decision by the end of the year

The U.S. Securities and Exchange Commission (SEC) postponed its decisions on approving the Ripple (XRP) and Dogecoin (DOGE) spot ETFs that Franklin Templeton and Bitwise applied for, respectively, to June 17 and 15. The SEC stated that it needs time to review the proposed rule changes, but experts predict additional postponements similar to those during the Bitcoin ETF discussions until the fourth quarter of this year.

This postponement is significant as it is one of the first major judgments by the new SEC Chair, Paul Atkins. ChairAtkins has been stressing the need for a "clear regulatory framework" and has dropped hints at a pro-crypto stance, with the market expecting a gradual easing of the environment for altcoin ETF reviews. Although the approval timeline has been delayed, the expansion of spot ETFs could be a critical factor in the institutional influx and entry into the regulated market, rendering attention to the direction of the XRP ETF.

"This week's market showed a typical liquidity trend where 'bad news works as good news,' interpreting the slowdown in real indicators as a justification for interest rate cuts," said Hwang Hyo-jun, a researcher at Jangle. However, he added that whether the expectations for interest rate cuts will be maintained depends on the CPI and FOMC results to be announced next week, which will be key variables determining the future direction.

☞ CrossAngle is providing essential operating solutions and trust-based community building services based on on-chain data for companies and foundations adopting Web3. It also operates the crypto data intelligence platform Jangle, and the Jangle research team is making content to highlight trends in the virtual asset investment industry using global virtual asset information and data.