Bitcoin Breaks $10,400

On May 10th, according to Coinglass data, the volatility of Bitcoin has been on a two-day consecutive decline and is currently at 2.02%, falling to levels that were last seen at the end of February this year. High Bitcoin volatility is typically associated with speculative trading and the FOMO sentiment of retail investors. A decrease in volatility may suggest a reduction in short-term speculators, with the market entering a consolidation phase or a "cooling-off period." Additionally, Bitcoin price volatility is often related to macroeconomic events such as inflation expectations, interest rate changes, or geopolitical risks. When these external factors stabilize, the volatility of Bitcoin may also decrease.

On May 10th, based on TradingView data, the Bitcoin Dominance (BTC.D) has seen a 2.5% decrease in the past two days and is currently at 63.46%. The highest point observed two days ago was 65.48%. A high Bitcoin dominance rate implies the tranquility of the altcoin market but also suggests that a market rebound is imminent. According to previous historical data, when Bitcoin dominance surged above 60% in November of last year, altcoins initiated a small bull market. In both 2019 and 2021, Bitcoin's market dominance reached above 70%, followed by a general upward trend.

On May 10th, as monitored by OnchainLens, a whale address withdrew the remaining 7,665 ETH (equivalent to USD 18.3 million) from StakeStone and transferred it to Binance, resulting in a loss of USD 8.84 million. Four months ago, this whale address withdrew 15,332.7 ETH (worth USD 51.7 million) from Binance. Additionally, the whale also withdrew 2.17 million ENA (amounting to USD 821,000) and transferred it to Binance. Address: 0x8f9F8FA50bB7d63Cff00714F7129c6C1F85f55A0.

May 10th. On the morning of May 10th in local time, the high-level economic and trade dialogue between China and the US started in Geneva, Switzerland. He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, serving as the Chinese lead on China-US economic and trade issues, held talks with the American lead, US Treasury Secretary Yellen, on that very day. (FX678)

On May 10th, based on Coinglass data, the current funding rates of mainstream CEX and DEX suggest a market bias towards long trades. The specific funding rates for mainstream coins are presented in the attached image. BlockBeats Note: The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price. It is usually applicable to perpetual contracts and is a fund exchange mechanism between long and short traders. The trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it represents the benchmark rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market. When the funding rate is less than 0.005%, it indicates a generally bearish market.