The crypto landscape is evolving rapidly, with major network upgrades, institutional movements, and regulatory developments shaping the market. As Ethereum prepares for its highly anticipated Pectra upgrade on May 7, investors and developers alike are watching closely. Meanwhile, Wall Street firm Bernstein forecasts that corporations could purchase an additional $330 billion worth of Bitcoin by 2029, signaling growing confidence in digital assets as a long-term treasury reserve.
This article breaks down the latest developments across regulation, market sentiment, project updates, and on-chain data, offering a comprehensive view of where the industry stands today.
Ethereum Pectra Upgrade: What You Need to Know
The Ethereum Pectra upgrade is scheduled to go live on May 7 at 03:05 AM PT (18:05 Beijing time). As a critical network enhancement, Pectra aims to improve scalability, security, and user experience—particularly for stakers and decentralized applications.
Coinbase has announced it will temporarily suspend Ethereum deposits and withdrawals from 17:50 to 18:45 Beijing time to ensure a smooth transition. While new staking requests will be paused during this window, existing staked positions will remain unaffected.
👉 Discover how network upgrades like Pectra are shaping the future of decentralized finance.
This upgrade includes key features such as:
- EIP-7702: Enhances account abstraction capabilities, allowing smart contract wallets to act more like EOAs (externally owned accounts) when needed.
- Improved validator efficiency and reduced downtime risks.
- Better gas optimization for Layer 2 rollups interacting with Ethereum’s mainnet.
Developers emphasize that Pectra represents another step toward Ethereum’s long-term vision of becoming a scalable, secure, and sustainable platform for global applications.
Regulatory Developments: U.S. Moves Toward Clarity
Regulatory momentum continues in the United States, with lawmakers pushing for clearer digital asset frameworks.
House Releases Draft of Digital Asset Market Structure Act of 2025
The U.S. House Financial Services Committee has released a discussion draft of the Digital Asset Market Structure Act of 2025, co-sponsored by Representatives French Hill, G.T. Thompson, Bryan Steil, and Dusty Johnson. The bill proposes:
- A unified regulatory framework defining digital commodities, stablecoins, self-custody rights, and DeFi protocols.
- Clear jurisdictional roles between the SEC and CFTC.
- Registration requirements for exchanges, brokers, and custodians.
The goal? To protect consumers, encourage innovation, and solidify U.S. leadership in the global crypto economy. While still in the consultation phase, the draft marks a significant step toward regulatory clarity.
Florida Withdraws Strategic Bitcoin Reserve Bill
In contrast, Florida has withdrawn its proposal—House Bill 487 and Senate Bill 550—that would have allowed up to 10% of public funds to be invested in Bitcoin. The bills were indefinitely postponed on May 3, effectively ending Florida’s attempt to join the growing list of states exploring sovereign crypto holdings.
This follows similar failures in South Dakota and Montana. Only Arizona currently has active legislation under review.
Market Insights: Bitcoin Faces Key Resistance at $99,900
Despite recent gains, Bitcoin remains under pressure near critical resistance levels.
Glassnode: $99,900 Could Trigger Major Selling
According to Glassnode, Bitcoin may face strong sell-side pressure around $99,900. This price point corresponds to approximately 350% unrealized profit for long-term holders—historically a threshold where large-scale distribution begins.
Additionally, wallets that bought BTC between $95,000 and $98,000 earlier this year may take profits if prices return to that range. If Bitcoin fails to break above $99,900 decisively, a pullback could follow.
However, a sustained breakout could open the path toward $100,000+**, potentially surpassing the January 2025 high of **$109,000.
CZ Bullish on BTC: Predicts $500K–$1M This Cycle
Binance founder CZ (Changpeng Zhao) recently shared his outlook in an interview, expressing optimism about Bitcoin’s trajectory. He predicts BTC could reach $500,000 to $1 million in this market cycle.
CZ emphasized his belief in blockchain’s convergence with AI and scientific research, rather than short-term trends like memecoins. He also noted that while he no longer plans to lead a major exchange or launch a new project, he remains active as a mentor to founders.
Project Updates: MYX Finance Airdrop Live, Treasure Chain Shutdown
MYX Finance Launches Airdrop: 14.7% Supply Allocated
MYX Finance has opened its airdrop claim page, distributing 14.7% of total token supply to early supporters. The first phase allocates 6.7% (67 million MYX) on BNB Chain, with 30% released immediately and the remainder linearly vested over five months.
Users must claim their tokens within 90 days of each release; unclaimed tokens will be returned to the treasury.
👉 Explore how early participation in emerging DeFi projects can yield long-term rewards.
Treasure Chain to Shut Down on May 30
Treasure Chain will officially cease operations on May 30 following community approval of TIP-52. Users are urged to migrate assets—including ETH, MAGIC, SMOL, and Beacon WOP NFTs—to Ethereum or Arbitrum before the deadline.
All bridge functions have been disabled, and MAGIC-ETH liquidity has moved to Uniswap on Ethereum mainnet.
On-Chain Data: Whale Movements and Institutional Flows
BlackRock Adds 41,452 BTC in Two Weeks
BlackRock’s IBIT ETF has acquired over 41,452 BTC (~$3.92 billion)** in just two weeks. Its total holdings now stand at **614,639 BTC**, valued at approximately **$58 billion.
This aggressive accumulation underscores institutional confidence in Bitcoin as a long-term store of value.
Bitcoin ETFs See $425M Net Inflows for Third Straight Day
On May 5 (ET), spot Bitcoin ETFs recorded $425 million in net inflows**, marking three consecutive days of positive flows. IBIT led with **$531 million inflow, while Fidelity’s FBTC saw a $57.8 million outflow.
Total ETF assets now exceed $110 billion, representing 5.91% of Bitcoin’s total market cap.
3,422 Dormant BTC Moved After 12 Years
A wallet dormant since 2012—originally linked to the defunct BTC-e exchange—transferred 3,422 BTC ($324 million)**. Purchased at ~$13.50 each, these coins have appreciated over 7,000x**.
Such movements often signal shifting market dynamics and can influence short-term volatility.
FAQs
When is the Ethereum Pectra upgrade happening?
The Pectra upgrade is scheduled for May 7 at 18:05 Beijing time (03:05 AM PT). It includes improvements to account abstraction and validator performance.
How much Bitcoin do corporations already own?
Publicly listed companies currently hold around 720,000 BTC, roughly 2.4% of total supply, according to Bernstein.
Will Bitcoin hit $1 million this cycle?
While speculative, CZ forecasts a potential range of $500K–$1M, supported by growing institutional adoption and macroeconomic tailwinds.
What happens if I don’t claim my MYX airdrop?
Unclaimed tokens will be forfeited back to the project treasury after 90 days from each release date.
Why did Florida abandon its Bitcoin reserve plan?
The legislation failed to pass before the legislative session ended. Concerns over fiscal risk and political opposition contributed to its withdrawal.
Is Tether’s USDT issuance inflationary?
Not necessarily. The recent $1 billion USDT mint on Tron was part of an authorized reserve replenishment and does not indicate immediate circulation into the market.
Final Thoughts: A Maturing Ecosystem
From protocol upgrades to corporate treasuries adopting Bitcoin, the digital asset space is transitioning from speculative frenzy to structural maturity. With clearer regulations emerging and foundational technologies advancing, the ecosystem is better positioned than ever for sustainable growth.
👉 Stay ahead of the curve—learn how next-gen blockchain innovations are redefining finance.
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