Brent Crude Oil briefly drops below $98, Piercing Through Two Whale Entities' $3 million Long Positions

South Korea is set to implement cryptocurrency taxation in January next year, the government announced on May 7. The National Tax Service (NTS) is currently drafting related guidelines, which are expected to be released soon and proceed to legislative public notice. Jang Hwa-ha, head of the Income Tax Division at South Korea’s Ministry of Economy and Finance, stated that the NTS has held multiple operational consultations with five major crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. Per current income tax regulations, starting Jan. 1 next year, income from crypto transfers or loans will be categorized as “other income.” A combined tax rate of 22% (20% income tax plus 2% local income tax) will apply to earnings exceeding 2.5 million South Korean won. The policy is projected to affect roughly 13.26 million investors.

On May 7, CryptoQuant data shows Bitcoin is currently holding above $80,000, but three groups of long-term holders with positions above current levels are creating key resistance. - 3-6 month realized price: $88,880 (first sell wall) - 12-18 month realized price: $93,450 (second barrier) - 6-12 month realized price: $111,850 (heaviest chip concentration, 29% above current levels) Analysis notes Bitcoin will confirm a bottom only if it breaks above $88,880 and holds that level. This would put the most recent group of long-term holders back in profit and remove the first layer of selling pressure.

On May 7, Tom Lee told CNBC in an interview that despite the U.S. stock market hitting record highs, valuations of leading stocks—especially in the AI and semiconductor sectors—remain reasonable. Lee noted the forward P/E ratio for top semiconductor and tech stocks is around 22x, well below the historical peaks of the past 20 years. With explosive growth still fueling demand in related industries, he sees "upside potential" and predicts the S&P 500 could rise to 7700 or higher by year-end.

May 7 — Huobi HTX has launched four USDT-margined perpetual contracts, per an official announcement. The new listings are AMD/USDT, USAR/USDT, BILL/USDT, and IO/USDT. AMD/USDT and USAR/USDT offer up to 10x leverage, while BILL/USDT and IO/USDT support up to 20x leverage.

**Huobi HTX Announces Strategic Upgrade for Brand IP Firey** On May 7, Huobi HTX announced its brand IP Firey has undergone a strategic upgrade—one that breaks the mold of traditional mascots. The move marks Firey’s official shift from a “visual symbol” to an “emotional totem”: it now acts as the emotional link between global users and Huobi HTX’s digital brand avatar, fostering deeper resonance and value exchange with the community. Firey’s evolution also reflects Huobi HTX’s ongoing push to enhance user services. Beyond crypto’s rational, transactional space, the platform is dedicated to offering global users warmer companionship and a top-tier service experience. Additionally, Firey (HTX’s IP) recently launched multiple reward campaigns on X. Users can win a chartered flight to Firey’s birthday fantasy amusement park, with more exclusive perks up for grabs at the birthday bash.

May 7 — According to the Coinbob Popular Address Monitor (via https://t.me/Coinbob_track_CN), Hyperliquid’s renowned trader “Loracle” has amassed over $35.4 million in profits over the past six months since launching his first trade in August 2023. From yesterday through today, driven by a drop in crude oil prices alongside gains in BTC and major popular altcoins, his long and short positions both performed well, resulting in a daily profit of almost $9.8 million. During today’s portfolio rebalancing, the trader closed a Brent crude short position at $98, locking in roughly $990,000 in profits. He still holds a $13.7 million Brent crude short position, with ~$1.67 million in unrealized profits, and remains bearish on the commodity. His other key positions include: $26 million in BTC longs, $18.9 million in ZEC longs, $10 million in TON longs; and a $39 million HYPE short. Total account holdings currently stand at $112 million, with aggregate unrealized profits of ~$8.7 million