Weekly Market Summary

This week in the crypto world definitely felt like a roller coaster, with heartbeat racing. At the beginning of the week, everyone was still hovering around $78,000, with the fear index lingering around 40, and no one expected how quickly the market would turn around later.

By midweek, the market suddenly entered a "violent mode," with BTC breaking through the resistance at $78,500, reaching above $80,450. This surge was actually somewhat "fake," mainly caused by short squeeze liquidations and a frenzy of expectations around Palantir's earnings report and AI concepts, rather than a large influx of spot buying.

But this excitement didn't last long, and by the weekend, it was clear that prices couldn't go higher. Although the price still barely held around $80,255, ETF funds had shifted from continuous gains to a net outflow of $277 million, which is a typical "price stabilization with volume shrinking" pattern—veterans are already starting to withdraw.

This week's big events in the circle are also quite interesting: Western Union and Shinhan Card are making moves on Solana, Morgan Stanley is testing trading pilots, and traditional giants are entering the scene rapidly. The most intense competition is among mining companies, like IREN, which is investing billions of dollars to buy NVIDIA GPUs to switch to AI computing power. Even Coinbase's layoffs are blamed on AI efficiency gains, showing that "the end of the crypto world is AI" is not just talk.

However, right now, everyone still feels uncertain. The Federal Reserve is sticking to high interest rates without easing, and macro-level risks are still hanging over the market. In the coming days, everyone needs to keep a close eye on the support level between $79,200 and $79,500. If it breaks, we might revisit the deep pit at $76,000. The most critical factor is the CPI data on May 12, which will determine the market's fate.

Overall, this week is a typical stockpile game—looking lively on paper, but the buying volume is actually weak. The advice remains the same: watch more, act less, lock in profits, and wait for the CPI data on the 12th to clarify the direction before making moves.
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