⚠️Crypto Chain Hourly Summary:

Reporting Period: 16:00 - 17:00
🔥 Mainstream CEX and DEX funding rates indicate high market bearish sentiment
On May 3rd, according to Coinglass data, Bitcoin surged then pulled back and fluctuated, with mainstream CEX and DEX funding rates showing persistent high bearish sentiment. Funding rates are used to keep perpetual contract prices aligned with spot prices; when above 0.01%, it indicates bullishness; below 0.005%, it indicates bearishness. Currently, the rate is below 0.005%, indicating a generally bearish market.
🔥 New York State fines Uphold $5 million for promoting fraudulent crypto investment products
New York Attorney General Letitia James announced that cryptocurrency platform Uphold has agreed to pay over $5 million in fines for promoting the fraudulent investment product CredEarn. Between January 2019 and October 2020, Uphold promoted CredEarn as a safe savings product but failed to disclose that its funds were actually used to extend high-risk loans to low-income video game players.
🔥 Iranian official: No negotiations without Supreme Leader’s approval
On May 3rd, Iranian Parliament National Security and Foreign Policy Committee member Mojtaba Zarei disclosed details of the Islamabad talks, stating that negotiations are based on the Supreme Leader’s approval and must be within his framework. When the U.S. side wanted to discuss nuclear technology, they were told that the Supreme Leader had prohibited discussions of technical details, and future decisions would be made by the Leader. The head of Iran’s Atomic Energy Organization was barred from the negotiation team.
🔥 Iranian Foreign Minister calls Japan and Italy, promotes ceasefire and regional stability
According to the Islamic Republic News Agency (IRNA) on May 3rd, Iranian Foreign Minister Abdollahian spoke separately with Japanese Foreign Minister Mogi Toshiaki and Italian Foreign Minister Antonio Tajani, outlining Iran’s diplomatic efforts to end U.S.-Israeli aggression and calling for responsible international action. During the calls, Abdollahian discussed bilateral relations, regional tensions, and Iran’s de-escalation measures with Mogi; with Tajani, he focused on recent regional developments, ceasefire efforts, and diplomatic initiatives. Additionally, Abdollahian expressed regret over some European countries’ repeated false statements on Iran’s nuclear issue, reaffirming Iran’s nuclear program is entirely peaceful, and urged those countries to condemn U.S.-Israeli aggression and hold them accountable for violations of international humanitarian law.
🔥 Opinion: Even if the CLARITY Act does not pass, the U.S. crypto industry remains unaffected long-term
Chris Perkins, CEO of 250 Digital Asset Management, stated that even if the U.S. Congress does not pass the CLARITY Act, the long-term development of the crypto industry will not be impacted. He pointed out that SEC Chair Paul Atkins and CFTC Chair Michael Selig are pushing for regulatory frameworks to bring certainty to the market. Perkins noted that during former SEC Chair Gary Gensler’s tenure, securities classification often meant a “death sentence” for projects, but attitudes have shifted now. However, he also emphasized that formal legislation would make future regulatory frameworks harder to overturn. Recently, market expectations for the bill’s passage have increased, with Coinbase Chief Legal Officer Faryar Shirzad calling for “completing CLARITY legislation,” and Senator Bernie Moreno expecting the bill to be finalized by the end of May.
🔥 Stablecoin payment platform UnblockPay completes $4.5 million seed round, led by Prelude
Stablecoin-native banking and payment platform UnblockPay announced the completion of a $4.5 million seed round, led by Prelude, with participation from Plug and Play, Wintermute, Reverie, Signature Ventures, Triaxis Capital, Crescera Capital, and others. Founded in 2025, UnblockPay provides infrastructure for cross-border stablecoin payments and foreign exchange settlements for enterprises, supporting seamless conversion between fiat and stablecoins like USDC and USDT, covering markets in Latin America, the U.S., and Europe. The company stated that in its first year, it processed over 300 million Brazilian reais (about $53 million) in transactions.
🔥 Morgan Stanley’s address increased holdings by 286.693 BTC yesterday, totaling 2,620 BTC
According to on-chain data, Morgan Stanley’s address added 286.693 BTC in two transactions yesterday, funded from Coinbase Prime address, bringing the total holdings to 2,620 BTC. Previously, on April 24th, its asset management division MSIM launched a stablecoin reserve portfolio fund (MSNXX), designed specifically for stablecoin issuers.
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