On Tuesday, the U.S. released data showing that the PPI annual rate in April was 2.2%, in line with expectations of 2.2% and higher than the previous value of 2.1%; the PPI monthly rate in April was 0.5%, higher than the expected value of 0.30% and higher than the previous value of 0.20%. Powell said: PPI data is actually quite mixed, and substantial progress has been made on the inflation issue, and the goal will be achieved. The European Central Bank believes that inflation in Europe may not be as persistent as in the United States, and the first two 50 basis point interest rate cuts "are almost a no-brainer."

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A U.S. court has ruled that Coinbase cannot force the U.S. Securities and Exchange Commission (SEC) to make new rules. Earlier, Coinbase said in its opening statement submitted to the Third Circuit Court of Appeals that the appellate court should instruct the U.S. Securities and Exchange Commission to begin a rule-making process. The Hong Kong Securities and Exchange Commission emphasized that in the operation of ETF products, every link in the entire virtual asset ecosystem, including fund companies, custodians, asset trading platforms, participating brokers, etc., must be licensed or approved institutions, and must strictly comply with asset custody, liquidity, valuation, information disclosure, investor education and other requirements. The deadline for the U.S. Securities and Exchange Commission (SEC) to approve or reject the ETH spot ETF is only nine days away. Bloomberg ETF analyst Eric Balchunas said he does not expect the ETF to be approved before the end of 2025. The on-chain prediction market Polymarket believes that there is a 14% chance that the U.S. SEC will approve the ETF before May 31. OpenAI launched a new large language model GPT-4o, which is an updated version of the GPT-4 model that is better at processing text and audio and supports 50 languages. CoinShares weekly report shows that digital asset investment products had inflows for the first time in five weeks last week, totaling $130 million. ETP trading volume continued to decline, with weekly trading volume of $8 billion, compared with an average trading volume of $17 billion in April. On May 14, Hong Kong stock market data showed that by the close, the turnover of 6 Hong Kong virtual asset ETFs exceeded HK$17.28 million. The Swiss canton of Zug issued a statement that it will provide 39.35 million Swiss francs within five years to establish a blockchain research institution, aiming to make Zug an international center for blockchain research. IntoTheBlock data shows that 5.1 million BTC addresses (approximately 10% of the total addresses) purchased BTC between the current price and the historical high of $72,500.

Analysts at brokerage firm Bernstein expect BTC to remain range-bound ($50,000 to $60,000) and break upward, continuing its upward adoption trajectory as BTC ETFs see allocations from RIAs, wealth platforms and other institutional funds. Trader Rekt Capital said that the BTC market cycle chart has been updated, and the "danger zone" when the asset corrects after the halving event has ended. BTC is reaccumulating a good rebound from the low support level of the range. In previous market cycles, the "danger zone" period before and after the halving has appeared, that is, the asset retreated on both sides of the halving event. Reddit shows that MtGox's Kraken BTC and BCH payment API interface shows that payment is being prepared, and the update date is May 13. On Tuesday, the PPI price index released by the United States showed that the annual rate of PPI in April was 2.2%, in line with the expected value of 2.2%, higher than the previous value of 2.1%; the monthly rate of PPI in April was 0.5%, higher than the expected value of 0.30%, and higher than the previous value of 0.20%. The monthly rate of PPI rose. Powell said: "PPI data is actually quite mixed. It is expected that the inflation rate will fall month-on-month. Substantial progress has been made on the inflation issue and the target will be achieved in the end. The lag time between the decline in market interest rates and its performance is longer than the Fed expected. I do not think that the next move may be to raise interest rates. There is no expectation that the inflation road will be smooth. We must wait patiently for monetary policy to play a role." Market interpretation said that tomorrow's CPI data will be consistent with expectations, and Powell seems to agree with this. ECB Governing Council member Knott said: Europe's inflation may not be as persistent as that of the United States. It will be appropriate to gradually lift some restrictions. June may be a good time for the first interest rate cut. There is increasing confidence that inflation will tend to the target. ECB Governing Council member Wensch: It is wrong to wait until everything is clear before starting to cut interest rates. That would be too late. The first two 50 basis point interest rate cuts "are almost a no-brainer." Gold prices rose nearly 1% to $2,359 per ounce, the Nasdaq index rose 0.5%, and the big cake continued to fall sideways. The US dollar index DXY fell below 105, hitting a new low since May 6, down 0.2%.

Financial markets expect the Fed to begin its easing cycle in September, and some economists believe that the first rate cut may be in July. The consumer price index (CPI) to be released on Wednesday night may provide new clues to the timing of the long-awaited rate cut. Regarding the question of holding stocks or holding US dollars, the Bank of America Global Fund Manager Survey showed that cash levels fell from 4.2% to a three-year low of 4.0%, and stock allocations were the highest since January 2022. Goldman Sachs said: "In the next few months, we will see the European Central Bank and the Bank of England cut interest rates earlier, and the magnitude may be larger than the Federal Reserve. The fundamental background of stock prices remains "very good", optimistic about the future stock market, confident that inflation will fall, and the current upside risks look greater than the downside risks. Long-term bullish on the stock market". BlackRock is approaching becoming the world's largest BTC fund. Since its launch four months ago, BlackRock's spot BTC ETF has obtained $16.7 billion in assets, only less than $1 billion behind Grayscale. Rob Goldstein, BlackRock's chief operating officer, said that it aims to bring BlackRock's institutional quality to the BTC ETF fund. According to the SEC documents, Bank of Montreal, Canada and UBS, the largest bank in Switzerland, both hold BlackRock's spot BTCETF IBIT. On May 13, Grayscale GBTC outflow was zero, and the US BTCETF had a net inflow of $66 million. The CPI price index at 20:30 on Wednesday night is the focus. The US CPI inflation has exceeded expectations for four consecutive times. The latest expected value is 3.4%, and the previous value is 3.5%. The bear market needs to be endured, and the bull market also has a stage of endurance. When the Fed can't hold on, it is the so-called "victory" of the US financial market. The Fed's 5.5% high interest rate cannot be maintained for a long time. It is sooner or later and destined to happen to cut interest rates and release water. It will be postponed from March to May, then postponed to June, and then postponed to July or September. It will eventually land. Time will pass quickly and market sentiment will turn positive. The old man has endured the market turn many times, and is currently waiting for the Fed to turn when it can't hold on. #BTC走势分析 #ETH