The market cap is at $2.65T and BTC is holding near $80K this morning after April PPI came in well above forecasts, raising the odds of a rate hike before year-end. The macro pressure is real. But so is everything else happening today. Two of the biggest names in AI just invalidated tokens claiming to represent their equity. A new Fed chair with crypto holdings on record just got confirmed. And Charles Schwab opened direct crypto trading to millions of clients. A lot is moving at once. Let’s dive in.
Anthropic and OpenAI Say These Crypto Tokens Are Invalid
Tokens claiming indirect exposure to Anthropic and OpenAI dropped sharply after both companies said the backing structures violate share-transfer rules. Anthropic warned the tokens may have no value. Available liquidity is a fraction of what investors hold, meaning large positions may not be exitable at current prices. What did Anthropic say happens to share transfers made through these vehicles? Read more.
Bitcoin Just Had Its Biggest Conviction Buying Surge Since 2020
Long-term Bitcoin holders have accumulated nearly 4 million BTC since end of 2025, the fastest two-quarter build-up in conviction buying since the COVID-19 crash. At current prices, that supply is worth around $320 billion. These buyers accumulate and hold regardless of price swings, with minimal trading activity in between. How does Bitfinex define a Bitcoin conviction buyer? Read more. Read more.
Bitcoin Dropped This Morning on Inflation Data
April producer prices came in well above forecasts this morning, lifting the odds of a Fed rate hike by year-end to roughly 30%. BTC slipped to $79,500 shortly after the data landed. Analysts say a confirmed break below $80,000 would likely trigger a retest of $78,000. What price level do analysts say confirms a deeper pullback is underway? Read more.
Schwab Just Opened Crypto Trading to Millions of Clients
Charles Schwab launched direct spot Bitcoin and Ethereum trading for retail clients today, letting users buy crypto inside a standard brokerage account. Schwab serves 39.1 million active brokerage accounts and manages over $11 trillion in assets. The service charges 75 basis points per transaction. Which US states are currently excluded from Schwab’s crypto trading service? Read more.
The New Fed Chair Has Crypto on His Record
The US Senate confirmed Kevin Warsh as the next Federal Reserve chair on May 13, succeeding Jerome Powell whose term ends May 16. Warsh’s confirmation record includes disclosed crypto holdings. Powell has indicated he plans to remain on the Fed’s board of governors until 2028. What crypto assets does Kevin Warsh hold on his disclosure record? Read more.
How does rising inflation data typically affect Bitcoin’s short-term price action?
TLDR: Hotter‑than‑expected inflation usually pushes Bitcoin down in the short term because markets price in higher rates and lower liquidity, and Bitcoin trades like a high‑beta risk asset.
- Markets trade the inflation surprise versus expectations, not just the level, so “hot” prints quickly shift rate‑cut or hike expectations.
- On release, equities, yields, the dollar, and Bitcoin move together: higher inflation → higher yields and stronger dollar → short‑term downside in BTC.
- Over months and years, Bitcoin’s inflation‑hedge narrative is weaker than its risk‑asset behavior, which has recently tracked equities more than gold.
Disclaimer: This alpha is provided by CryptoMx. CryptoMx can make mistakes—please DYOR. Not financial advice.
