Key Highlights
- Bitcoin traded near $80,900 while the total crypto market cap held at $2.68 trillion with 24-hour volume at $87.45 billion.
- Bitcoin ETFs recorded $233.2 million in net outflows on May 12, the largest single-day redemption since early May, led by Fidelity’s FBTC and Ark’s ARKB.
- President Trump landed in China with Elon Musk, Jensen Huang, Tim Cook and Larry Fink for a high-stakes summit with Xi Jinping covering tariffs, semiconductors and the Middle East.
The crypto market held steady but cautious on Wednesday, May 13, with Bitcoin pinned below $81,000 and most majors trading in tight ranges as three macro catalysts converge this week: the Trump-Xi summit in Beijing, the CLARITY Act markup on May 14, and the Fed chair transition from Jerome Powell to Kevin Warsh on May 15.
CoinMarketCap showed the total crypto market cap near $2.68 trillion, down 1.51% over the last day. Total 24-hour volume fell to $87.45 billion, a 17.45% decrease. Bitcoin dominance ticked up to 60.23%, while Ethereum dominance sat near 10%, according to CoinGecko data. The slight uptick in BTC dominance confirms that capital continues to favor Bitcoin over higher-beta altcoin exposure during macro uncertainty.
| Market snapshot | Latest reading | Market read |
|---|---|---|
| Total crypto market cap | $2.68T | Flat from yesterday, still defensive |
| 24h crypto volume | $87.45B | Volume declining, not panic |
| Bitcoin dominance | 60.23% | Ticking higher, BTC still preferred |
| Ethereum dominance | ~10% | ETH not gaining ground |
| Bitcoin | ~$80,900 | Holding $80K, stuck below $81K |
| Ethereum | ~$2,300 | Slight bounce from $2,265 |
| Solana | ~$94.88 | Still below $100 |
| XRP | ~$1.44 | Flat near $1.40–$1.50 range |
Bitcoin was quoted near $80,900 as of mid-morning UTC, trading 0.5% higher since midnight, while Ethereum edged up to $2,300 after the Ethereum Foundation published a new “Clear Signing” standard aimed at stopping phishing-related transaction approvals.
Trump-Xi Summit: The Geopolitical Wildcard
The biggest macro event of the week is not a data print but a diplomatic flight. President Donald Trump landed in Beijing on May 13 for a summit with Chinese President Xi Jinping, his first visit to China since 2017. Trump brought a delegation of top U.S. executives including Tesla’s Elon Musk, Nvidia’s Jensen Huang (confirmed as a last-minute addition in Alaska), Apple’s Tim Cook, BlackRock’s Larry Fink, Goldman Sachs’ David Solomon and Mastercard’s Michael Miebach.
The summit is expected to cover tariffs on semiconductors and electronics (which peaked at 60% on Chinese goods in late 2025), rare earth supply chains, aviation deals, and the Middle East conflict. The U.S. State Department said China agrees on opposing Strait of Hormuz tolls. U.S. Treasury Secretary Scott Bessent began preparatory talks with Chinese officials in South Korea ahead of the summit, with meetings scheduled with Chinese Vice Premier He Lifeng.
| Summit detail | What it covers | Crypto relevance |
|---|---|---|
| Tariffs and semiconductors | 60% tariffs on Chinese goods, chip export controls | Easing could reduce mining equipment costs |
| Rare earth supply chains | Critical for tech and mining hardware | Supply stability benefits BTC miners |
| Middle East / Strait of Hormuz | Oil supply, energy inflation | Lower oil reduces CPI pressure on Fed |
| Trade framework deal | Framework agreement on electronics | Risk-on catalyst if positive |
For crypto, the summit matters because trade tension has been one of the persistent macro drags on risk appetite since late 2025. Any framework agreement — even a symbolic one — could improve sentiment and support risk assets. Bitwise strategist Juan Leon framed the stakes, noting that reduced tariff risks could unlock significant sidelined capital for crypto.
Bitcoin Price Today
Bitcoin is in the same technical position it has been in for four consecutive weeks: holding $80,000 but unable to break above $82,000. The 200-day simple moving average sits near $82,300, and BTC has been rejected at or near that level each time it has tested it.
Fortune reported Bitcoin was priced at $80,304.05 at 9:15 a.m. ET, down $556.92 from the prior morning. CoinDesk noted BTC was trading 0.5% higher since midnight UTC at $80,900, with the broader CoinDesk 20 Index up 1.3%.
| Bitcoin level | Price zone | Market signal |
|---|---|---|
| Immediate support | $80,000 | Must hold to avoid deeper selling |
| Next support | $78,300–$79,000 | Breakdown zone if $80K fails |
| First resistance | $82,000–$82,300 | 200-day SMA ceiling, tested 4 times |
| Next resistance | $85,000 | Upside target if $82.3K clears |
The CME FedWatch Tool now shows markets pricing in rate hikes as a possibility for 2026, with Bank of America pushing its first rate cut forecast to the second half of 2027. Energy prices drove the CPI headline, rising 3.8% in April and making up more than 40% of the monthly increase, with oil up nearly 18% year-over-year as the U.S.-Iran conflict keeps the Strait of Hormuz constrained. That higher-for-longer rate environment does not kill Bitcoin, but it removes the easy-money tailwind and gives sellers at $82,000 a fundamental reason to hold their ground.
Ethereum Price Today
Ethereum traded slightly better than yesterday, edging up to $2,300 from the $2,265 level where it closed on May 12. The bounce came alongside the Ethereum Foundation’s announcement of a new “Clear Signing” standard designed to prevent users from unknowingly approving malicious crypto transactions — a response to billions in cumulative losses from phishing attacks and wallet drains.
| Ethereum level | Price zone | Market signal |
|---|---|---|
| Immediate support | $2,250 | First line of defense |
| Next support | $2,200 | Deeper correction level |
| First resistance | $2,300 | Must reclaim and hold |
| Next resistance | $2,340–$2,400 | Short-term momentum trigger |
CoinDesk derivatives data showed open interest in ether futures topped 15 million ETH, nearing last July’s record of 15.30 million, with Bollinger Bands tightening — a setup that typically precedes a volatility breakout in either direction.
ETF Flow Reading: BTC Bleeds $233M, Morgan Stanley Stands Alone
Bitcoin ETF flows flipped sharply negative on May 12. According to Farside Investors data cited by BitcoinWorld, U.S. spot Bitcoin ETFs recorded approximately $233.2 million in net outflows, reversing the brief $11.6 million inflow from May 11 and marking the largest single-day redemption since early May.
| Fund | May 12 net flow | Key detail |
|---|---|---|
| Fidelity FBTC | -$86.1M | Led all outflows |
| Ark Invest ARKB | -$85.1M | Second-largest redemption |
| BlackRock IBIT | -$32.9M | Even the market leader saw outflows |
| Bitwise BITB | -$17.5M | Broad-based selling |
| Grayscale GBTC | -$17.6M | Legacy fund still bleeding |
| Morgan Stanley MSBT | +$6.0M | Only fund with net inflows |
| Total | -$233.2M | Largest outflow day since early May |
Morgan Stanley’s MSBT continues its remarkable zero-outflow-day streak. The fund has not recorded a single day of net redemptions since its April 8 launch. With a 0.14% annual sponsor fee — the lowest among all U.S. spot Bitcoin ETFs — MSBT has quietly accumulated over $194 million in cumulative net inflows.
Flow read: The outflow pattern shows institutional investors reacting to the hot CPI print and the rising rate-hike narrative. The fact that MSBT remained positive while every other fund bled suggests that Morgan Stanley’s self-directed wealth management clients are taking a longer-term view. But the broader tape is cautious.
| Date | Spot Bitcoin ETF net flow | Market read |
|---|---|---|
| May 8, 2026 | -$145.7M | Outflow pressure |
| May 11, 2026 | +$11.6M | Brief recovery |
| May 12, 2026 | -$233.2M | Sharp reversal, CPI-driven |
Ethereum ETF flow data for May 12 was still pending at time of writing, though the prior session on May 11 had shown $17 million in net outflows. Jane Street’s latest 13-F filing, reported on May 13, showed the trading giant cut its IBIT position by 71% and its Strategy (MSTR) stake by 78% in Q1, while adding roughly $82 million in Ethereum ETF exposure across BlackRock’s ETHA and Fidelity’s FETH — a clear institutional rotation from BTC to ETH at the fund level.
Kevin Warsh Confirmed to Fed Board: Chair Vote Next
The U.S. Senate voted 51-45 on Tuesday to confirm Kevin Warsh to the Federal Reserve Board of Governors, with Senator John Fetterman (D-PA) the only Democrat to cross party lines. The Senate also cleared a procedural hurdle for a separate vote on his nomination to serve as Fed Chair, replacing Jerome Powell when his term ends on May 15.
| Warsh timeline | Detail | Crypto relevance |
|---|---|---|
| May 12: Board confirmed | 51-45 Senate vote | Warsh now on Fed Board |
| This week: Chair vote | Separate Senate confirmation | Could be confirmed before Powell exits |
| May 15: Powell term ends | Last day as Fed Chair | Transition to Warsh if confirmed |
| June: First FOMC as Chair | Warsh’s first rate decision | Markets watching for tone on inflation |
Warsh’s financial disclosures revealed over $100 million in crypto-related investments across more than 20 blockchain entities, including stakes in Bitwise Asset Management, dYdX, Compound, Solana, Polymarket, Polychain Capital and Bitcoin Lightning startup Flashnet, making him the most crypto-exposed Fed Chair nominee in history. He has publicly called Bitcoin “a sustainable store of value, like gold” and stated during his April 21 confirmation hearing that digital assets are “already part of the fabric of our financial services industry.”
Charles Schwab Launches Spot Crypto Trading
Charles Schwab, the brokerage giant managing approximately $12 trillion in client assets, began the U.S. rollout of its spot cryptocurrency trading service on Tuesday. An initial group of retail clients can now trade Bitcoin and Ether on the Schwab Crypto platform, the company announced on X.
The launch had been telegraphed since July 2025, when CEO Rick Wurster said the company planned to introduce crypto trading in the first half of 2026. The ability to directly trade the largest crypto assets through a company with Schwab’s scale and client base could be a meaningful adoption milestone.
CLARITY Act Markup: May 14 Is the Day
The Senate Banking Committee is scheduled to meet in executive session on May 14 to consider H.R. 3633, the Digital Asset Market Clarity Act of 2025. CoinDesk reported the markup follows months of talks over regulatory jurisdiction, consumer protections, developer protections and stablecoin rewards, with crypto firms backing a stablecoin yield compromise.
Galaxy Digital estimates the odds of the CLARITY Act becoming law in 2026 at roughly 50-50, while Polymarket prices a 2026 signing at approximately 47%, down from 82% in February. Two remaining hurdles: the law enforcement provision and Senator Tillis’ ethics clause on White House crypto dealings.
Tokenized Treasuries Hit Record $15.35 Billion
While spot crypto treads water, tokenized U.S. Treasuries are booming. CoinDesk’s Daybook newsletter reported that tokenized Treasuries hit a record $15.35 billion in total value locked, topping the previous mid-April peak of $15.10 billion.
The surge reflects traders seeking yield outside spot crypto as rate-hike expectations rise. With 3.8% annualized CPI and markets now pricing in the possibility of rate increases, tokenized Treasuries offer an on-chain yield product that benefits from exactly the macro environment that is pressuring BTC.
Altcoins Today: INJ Surges 24%, Polkadot and TRUMP Gain
The altcoin tape was mixed, with gains concentrated in larger tokens while the broader CoinDesk 80 (CD80) was little changed. CoinDesk reported Injective’s INJ token surged as much as 24%, the most since February 19, alongside 5% gains in Polkadot’s DOT and the TRUMP memecoin. BNB futures open interest rose to 6.15 million tokens, up over 5% in 24 hours, signaling fresh capital inflows.
Top Gainers
| Top movers | Price | 24h move | Key detail |
|---|---|---|---|
| Telcoin (TEL) | — | +37.30% | Top gainer per CoinCodex |
| Injective (INJ) | — | +24% | Biggest move since Feb. 19 |
| Polkadot (DOT) | — | +5% | Polkadot ecosystem strength |
| TRUMP | — | +5% | Memecoin bid ahead of summit |
| BNB | ~$659 | +2.5% | OI rising, healthy funding rates |
Top Losers
| Top losers | Price | 24h move | Key detail |
|---|---|---|---|
| Aerodrome Finance | — | -10.59% | Top loser per CoinCodex |
| Cardano (ADA) | ~$0.27 | -2.71% | Weak altcoin tape continues |
CoinDesk derivatives data showed most tokens except BNB, XRP and TRX had negative 24-hour cumulative volume deltas (CVDs), meaning sellers were dominant via market orders — a sign of lingering caution beneath the surface even as select tokens rallied.
Crypto Stocks Today
Crypto equities were the weakest part of the tape on May 12, with CoinDesk’s live markets coverage noting that Coinbase and Circle both dropped more than 6%, while Strategy and Bitmine slid nearly 7%. Data center and AI infrastructure-linked names — many of them former Bitcoin miners — led declines, with CleanSpark, Keel Infrastructure and MARA among the hardest hit.
| Crypto stock | May 12 move | Market read |
|---|---|---|
| Coinbase (COIN) | -6%+ | Exchange stock under CPI pressure |
| Circle (CRCL) | -6%+ | Stablecoin issuer weakness |
| Strategy (MSTR) | ~-7% | BTC proxy weaker than spot BTC |
| Bitmine (BMNR) | ~-7% | ETH treasury firm hit |
| MARA Holdings (MARA) | Heavy decline | Miner/AI infra selling continues |
| CleanSpark (CLSK) | Heavy decline | Miner underperformance persists |
On the equity news side, Jane Street’s 13-F filing showed the trading giant increased its Riot Platforms stake to 7.4 million shares from 5 million, grew its Coinbase position to 888,000 shares, and expanded Galaxy Digital holdings to 1.5 million shares from just 17,000 — a signal that at least one major institutional player is repositioning within crypto equities rather than exiting.
Meanwhile, the tech-heavy Nasdaq fell over 2% on May 12, on track for its worst session since late March. The S&P 500 was 1% lower. WTI crude oil futures bounced back above $100, adding further commodity-led inflation pressure.
JPMorgan Files for Tokenized Fund
JPMorgan filed to launch a new tokenized money market fund, the latest sign that Wall Street is accelerating efforts to move traditional assets onto blockchain rails. The filing follows BlackRock’s similar move just days ago, intensifying the tokenization race among the world’s largest financial institutions.
Levels to Watch
| Asset | Support | Resistance | Trigger |
|---|---|---|---|
| Bitcoin | $80,000 / $78,300 | $82,300 / $85,000 | 200-day SMA reclaim resets momentum |
| Ethereum | $2,250 / $2,200 | $2,300 / $2,400 | Needs $2.3K hold for relief |
| XRP | $1.40 / $1.38 | $1.50 / $1.55 | $1.50 remains breakout ceiling |
| Solana | $90 / $92 | $98 / $100 | $100 reclaim needed for strength |
Market Outlook
The crypto market is sitting at a macro crossroads. Three events in the next 48 hours — the Trump-Xi summit outcome, the CLARITY Act markup on May 14, and the Warsh Fed Chair confirmation vote — each carry enough weight to move Bitcoin 3–5% on their own. Stacked the wrong way, they compound. Stacked the right way, they could push BTC through the $82,300 resistance that has capped every rally this month.
The base case remains range-bound between $80,000 and $82,300 until one of these catalysts resolves. A positive trade signal from Beijing, a clean CLARITY Act markup, and a smooth Warsh transition could push BTC toward $85,000. A hawkish Warsh tone, stalled markup and continued ETF outflows would likely lose $80,000 and expose $78,000–$79,000.
The PPI report, due later today, is the next immediate data point. If it confirms the inflationary trend from yesterday’s CPI, the rate-hike narrative strengthens further, which is a headwind for all risk assets including crypto.
Also Read: Pro-Crypto Kevin Warsh Secures Seat on Federal Reserve Board
