Uniswap’s native token initially fell below the uptrend line as it didn’t hold momentum beyond the $6.00 support level.

The decline followed the formation of rising channels earlier in the day, but the structure collapsed under mass sales.

However, the failure has proven to be temporary. Uni quickly reversed the course, returning to $6.18, indicating that if support remains close to $6.05, it suggests that the uptrend is still unharmed.

Technical Analysis Highlights

• Uni formed a distinct ascending channel throughout most of the day, providing outstanding support at a level of $6.00 backed by above average volume.
• Uni temporarily fell below the uptrend line, resulting in a sharp reversal, leading to massive sales.
• Two important volume spikes have occurred. It exceeded 455,000 units at 01:38, and over 1.4 million units at 01:42.
• The token rebounded immediately after the failure, regaining the ground and pushing it back towards the $6.18 area.
• Initial resistance occurred at $6.19, which again appears within reach when bullish momentum returns.
• Price Action shows a substantial intraday range of 0.226 (3.78%), highlighting sustained volatility

External reference

Spot Bitcoin (BTC) exchange-traded funds (ETFs) traded in the US reached a new all-time high of $40.3 billion in lifetime flows on May 8, according to Bloomberg data.

Bloomberg senior ETF analyst Eric Balchunas said lifetime net flows are the most critical metric related to ETFs to watch. He explained that this metric is “very hard to grow” and represents the “pure truth.”

Balchunas assessed:

“Impressive they were able to make it to new high water mark so soon after the world was supposed to end. Byproduct of barely anyone leaving, left only a tiny hole to dig out of.”

After hitting its lowest year-to-date price of $74,441.20 on April 7, Bitcoin gradually recovered above $103,000 by May 8.

The ETF flows tracked BTC’s price performance, with nearly $4.8 billion in net flows added between April 7 and May 8, according to Farside Investors data. This number represents over 10% of their lifetime flows.

Notably, only eight out of 23 trading days since BTC started its upward trajectory registered outflows, totaling $1 billion.

IBIT dominates

BlackRock’s IBIT registered over $4.4 billion in net flows, nearly 92% of the period’s net flows. Balchunas highlighted on May 5 that this is due to a pattern called “beta with a side of Bitcoin,” favoring IBIT. On the same day, IBIT was the eighth-largest ETF by year-to-date flows.

As of May 8, IBIT had $44.3 billion in net flows, nearly four times that of Fidelity’s FBTC, the second-largest spot Bitcoin ETF by net flows.

FBTC registered the second-largest net flows since Bitcoin started its recovery, with $192.4 million added. Notably, this is just 4.4% of all the flows added to IBIT.

According to a recent Glassnode report, along with improving retail sentiment, the strong inflows seen since April 7 suggest stronger tailwinds supporting the Bitcoin market.

The new all-time high in lifetime flows of spot Bitcoin ETFs amid an uncertain market reiterates the surging demand from institutional and traditional investors.

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Bitcoin (BTC) remains in a technically critical zone controlled by short-term holders despite its recovery to nearly $98,000, which has eased financial stress across the network, according to a May 7 report by Glassnode.

The report highlighted recent market behavior pointing to improved capital inflows and investor sentiment. Additionally, it warned that the current price structure remains vulnerable if key support levels fail.

Bitcoin surged to $97,900 last week, marking its highest level over two months. The move temporarily alleviated underwater positions, with more than 3 million BTC returning to a profitable state after its correction to a low of roughly $74,000 in April. 

However, the market remains in a decision phase as it waits to see whether Bitcoin can consolidate above key cost-basis levels such as the 111-day moving average and the Short-Term Holder realized price.

The report noted that the recent rally has pushed Bitcoin’s realized cap to an all-time high of $889 billion, up 2.1% over the past month. Realized cap is a metric that measures cumulative capital inflows based on acquisition price, suggesting that more value is entering the network. 

Concurrently, realized profits have exceeded $1 billion per day, indicating strong demand capable of absorbing profit-taking activity from recent buyers.

According to CryptoSlate data, Bitcoin was trading at $96,844 as of press time, up 2.64% over the past 24 hours.

Short-term holders key as ETF demand recovers

While the number of coins held at a loss has dropped to 1.9 million BTC, recent buyers still represent the bulk of those holdings. Glassnode reported that short-term holders (STHs) concentrate 83% of coins in unrealized loss, many of whom entered the market above $96,000. 

These investors were previously under elevated stress, with unrealized losses breaching alarming levels earlier this year. That stress has since subsided, with the STH unrealized loss metric reverting to neutral territory, suggesting that most of these addresses are closer to breakeven.

This transition has also influenced spending behavior, with STHs increasingly realizing gains rather than losses. According to the report, this shift may mark a pivot point, indicating that the cohort is regaining confidence and selectively de-risking.

Investor activity has also picked up broadly. Combined realized profit and loss volumes have reached $1 billion per day, a level only exceeded during 15% of trading sessions in this cycle. 

The uptick indicates renewed market engagement, but the report cautioned that much of this behavior may still be reactive to short-term price moves rather than driven by long-term conviction.

Institutional interest, which had waned during recent months, appears to be rebounding. US spot Bitcoin exchange-traded funds (ETFs) have absorbed over $4.6 billion in inflows across the last two weeks, offsetting the 70,000 BTC in net outflows recorded during the previous drawdown. 

Total assets under management within US ETFs now stand at 1.171 million BTC, just 11,000 BTC short of the all-time high earlier this year. 

According to the report, the recovery in ETF demand is a constructive signal that institutional allocators are starting to rotate capital into Bitcoin again after a period of caution. The inflows coincide with the broader uptick in market liquidity and capital deployment observed on-chain.

Volatility potentially underpriced

Despite the rally and renewed capital movement, volatility expectations in derivatives markets are declining. One-week and one-month at-the-money implied volatility are now at their lowest since July 2024, with longer-dated contracts showing similar compression. 

Implied volatility premiums on contracts expiring in May through March 2026 have all trended downward, with even long-term options pricing in relatively low expectations for price swings.

The report viewed this subdued volatility regime as a potential counter-indicator, especially given the market’s proximity to dense cost-basis clusters between $94,000 and $96,000. The Realized Supply Density metric, which measures the acquisition volume of BTC near the current price, has increased meaningfully. 

This concentration implies that even small price fluctuations could have amplified effects on investor behavior, particularly among those who bought during the December–February consolidation range.

While the recent rally has improved network-wide profitability and market structure, Bitcoin’s position near critical support and resistance levels means further gains are not guaranteed. It will test the current market strength if BTC fails to hold above its short-term cost basis and moving averages.

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The price of TON has surged more than 20% over the last 24 hours to now trade above $3.45 and have a $8.14 billion market capitalization after French authorities returned Telegram founder Pavel Durov’s passport.

The move restores Durov’s ability to travel freely and marks the end of a situation that had drawn concerns from privacy and free speech advocates. Durov, who co-founded Telegram, a messaging platform with nearly a billion users, has long been an outspoken advocate for privacy and secure communication.

Read more: TON Down 14% as Telegram CEO Pavel Durov Arrested in France

The TON Foundation, which supports the Telegram Open Network (TON), celebrated the moment on social media. “As part of the decentralized TON community, we have stood in solidarity with Pavel, supporting his unwavering dedication to defending the right to free speech and privacy online.“

TON has also benefited from new features introduced to the Wallet app on Telegram, which include multiple assets, a yield program, an updated user interface, and more.

Read more: Telegram’s Pivot to TON Payments for Ads Boosts Toncoin

Bitcoin’s price recovered by 101% to trade at $94,003 on March 2, climbing out of the technical bear market, according to CryptoSlate data. Altcoins have also recorded massive gains on Sunday, with XRP up over 37% to $2.94108 over the past 24 hours.

Ethereum (ETH) climbed over 13% to $2,504.08 over the past 24 hours while Solana bagged gains of more than 23%.

February dip pushed Bitcoin into technical bear market

February was the worst month for Bitcoin (BTC) since June 2022. The price of the largest cryptocurrency fell by over 17% last month, from over $101,000 to around $84,350, according to CryptoSlate data.

The price of Bitcoin dipped as low as $78,867 on Feb 28.This was Bitcoin’s biggest monthly dip since June 2022, when BTC price fell by around 40% amid a string of crypto company bankruptcies in the aftermath of the Terra-LUNA collapse.

February’s price fall also pushed Bitcoin into a technical bear market (when the price of an asset declines by over 20%). Earlier today, BTC price was down by over 21% from its all-time high of $109,021.48 set on Jan. 20, the day of U.S. President Donald Trump’s inauguration.

While cryptocurrency had a strong start to the month, the Bitcoin fear and greed index still points to fear, indicating that the market enthusiasm triggered by Trump’s presidential election win in November 2024 has faded.

Why Bitcoin saw the worst month since June 2022?

Throughout his re-election campaign, Trump made bold promises to the crypto community. Trump promised to make the U.S. a Bitcoin mining superpower, add to the country’s BTC stockpile, create a strategic Bitcoin reserve, and replace anti-crypto leadership of federal agencies. Trump also gained the backing of major crypto companies and CEOs, who donated heavily to his campaign.

A day before Trump’s inauguration, Binance CEO Richard Teng told Bloomberg that Trump could usher in a “golden age” for crypto.

However, market sentiments have tempered since then. Bitcoin’s price decline in February is linked to the volatility in the larger financial markets, amid looming fears of a trade war. Stocks on Wall Street have tumbled and the U.S. dollar weakened last month.

As recently as this week, Trump threatened to impose new tariffs on imports from Canada, Mexico, and China. Trump’s aggressive trade efforts have set investors on edge as they scramble to move away from riskier assets, Susannah Streeter, head of money and markets at investment firm Hargreaves Lansdown, told The Guardian.

The crypto community is also jittery as it awaits a clear crypto regulatory framework from the Trump administration. Streeter added:

“Without any firm moves from Trump to show his support for the crypto sector, nervousness looks set to continue.”

Echoing the sentiment, Gabe Selby, head of research at CF Benchmarks, told Reuters:

“The initial excitement surrounding the Trump administration’s perceived pro-crypto stance appears to be in a phase of recalibration. For sentiment to shift decisively, a clearer regulatory framework or a major catalyst—such as further ETF approvals—seems necessary.”

Furthermore, Matt Simpson, senior market analyst at City Index told Reuters that inflationary pressures are increasing while growth prospects are fading. Amid the circumstances and Trump’s preoccupation with “anything except deregulating crypto,” Bitcoin traders “are not happy.”

Additionally, the massive hack of Bybit that led to the loss of around $1.5 billion worth of assets has also hurt industry sentiment.

Most of Trump’s promises to crypto are yet to be fulfilled

Trump has kept his word to the crypto community to a certain extent by nominating crypto-friendly individuals to run federal agencies like the U.S. Securities and Exchange Commission (SEC), which has yielded favorable results.

Earlier this week, the SEC announced that it is dropping its enforcement action against Coinbase. The crypto exchange was being accused of violating securities laws by offering unregistered securities.

The former chief of the SEC, Gary Gensler, who was known for his anti-crypto stance, resigned on Jan. 20.

Earlier today, a post on social media platform Truth Social surfaced in which president Trump said that his executive order on digital assets will direct the Presidential Working Group to create a strategic crypto reserve. He said that Bitcoin and Ethereum (ETH) will be at the “heart of the Reserve,” along with XRP, Solana (SOL), and Cardano (ADA).

However, pro-crypto changes have not yet manifested in several aspects of the crypto industry. For instance, speaking at ETHDenver, Custodia Bank CEO Caitlyn Long said that “nothing” has really changed when it comes to the crypto debanking issue. She noted:

“… [while the] perception is that there has been a loosening, none of the federal banking agencies have actually overturned any of the anti-crypto guidance.”

Despite the current decline and less-than-ideal market sentiment, Standard Chartered analyst Geoff Kendrick remains bullish. Kendrick believes that Bitcoin could still hit $500,000 before the conclusion of Trump’s second administration.

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