Weekly Crypto Update: May 5-11

📊Market Movements

- Bitcoin is up 10.4% over the last 7 days, currently at $104,300
- Ethereum is sitting at $2,550 with a 39% increase from the previous week
- Last week’s top 3 gainers were PI (+152%), WIF (+121%), and PEPE (+79%), while the top 3 losers were LEO (-8%), DEXE (-6%), and xAUt (-2%)
- The crypto market’s Fear & Greed Index is at 73 Greed today
- Crypto market capitalization is at $3.35 trillion, up 1.2% since yesterday
- Bitcoin's market cap dominance is currently at 61.8%, Ethereum at 9.2%, and other cryptocurrencies at 29.1%
- Stablecoins' market capitalization is down 0.01% in the last 7 days, currently at $242 billion, with USDT dominance at 61.99%
- NFT sales volume increased by 186% over the previous 7 days, while total sales decreased by 9%, with 124,029 sales

🛡️Crypto Security

- Ethereum’s network upgrade Pectra opened a dangerous attack vector that allows hackers to drain funds from wallets with just an off-chain signature
- Hackers drained over $2 million from Mobius Token (MBU) smart contracts on BNB Chain network
- 3 teenagers kidnapped a man at gunpoint, robbing $4 million worth of crypto and NFTs from him along with his passwords
- A moderator’s account on Ledger’s Discord was compromised, and a bot was used to share scam links and steal seed phrases
- Coinbase users are falling victim to social engineering scams through hackers posing as support staff, with $45 million stolen already
- Inferno Drainer malware has been used to target Discord users and steal almost $10 million from wallets in 6 months

🌐Blockchain Tech & Gaming

- Ethereum Foundation distributed over $32 million in grants in Q1 of 2025 to support its ecosystem, from educational grants and developer tools to zero-knowledge and execution layers
- Adidas is partnering with Sui network-based game Xociety to release NFT mystery boxes May 16-23 on Tradeport
- Pudgy Penguins’ game, Pengu Clash, was launched as early access on Telegram
- Arbitrum Gaming Ventures to invest $10 million in web3 games and infrastructure

📃Regulatory Developments

- Former UFC champion Conor McGregor proposes creating a national Bitcoin reserve for Ireland as part of his presidential campaign
- Germany seized $38M in crypto from the Bybit hack from eXch that was used to launder the stolen funds; this marks 3rd biggest crypto seizure by Germany’s BKA

🗞️Miscellaneous

- Bitcoin payments will be accepted at the Steak-n-Shake food chain starting May 16th
- Japan’s Metaplanet added another $129 million worth of Bitcoin to its treasury, now holding more $BTC than El Salvador
- Institutional investors have been continuing to buy Bitcoin above $100k with sustained interest and inflows to ETFs
- Saylor’s Strategy is accumulating Bitcoin faster than miner output, causing Bitcoin to have a -2.33% annual deflation rate, changing market dynamics
- Elizabeth Warren demands that the Senate ban big tech corporations from issuing stablecoins, as Meta has been looking into re-entering the stablecoin market

Have a successful week ahead! 🤝
- Swapin Team