Crypto Daybook Americas: Pepe Signals Altcoin Frenzy As Rampant Ether Outpaces Bitcoin

As the Crypto Rally Gathers Pace, Ether Has Widened Itad Over Bitcoin in Terms of Volatility Expectations, Signaling Relating Greater Action Not Just in the Second-Largest Crygest Digital Asset Market As A Whole.

Deribit’s Ether Implied Valativity Index (Eth DVOL), Whosh Represents The 30-Day Experted Price Turbulance Steady Near Multimonth Lows AUND 45%, accounting to Data Source Tradingview.

The Divergence Has Widened the Spread Between the Two To 27%, the Mist in at at Least Two Years. Clearly, Traders Are Anticipating Greater Volatility in Eth and the Broader Altcoin Market.

According to some Observers, Eth Has Turned Deflationary Because The pectra Upgrade Implemented This Week Has Booted On-Chain Activity And Led To Over 38.000 ETH BURNED Over Some Market Participants Are Buying Higher Strike Eth Calls on Deribit in Anticipation of Continued Price Gains.

We Could Be on the Verge of An Altcoin Season, as the BTC Dominance Rate Looks to End Its Five-Month-Long Uptrend. (Check Out Technical Analysis).

In Key News, American Fast-Fod-Fod Chain Steak ‘n Shake Said Thursday It Will Begin Accepting Btc as a Payment Mode at All US Locations Starting May 16, Allowing Its 100 Mililion Customers to Shop. digital-asset token.

T-Rex, The Web3 Consumer Entertainment Platform, Which Is Backed by Portal Ventures, North Island Ventures, Framework Ventures and Arbitrum Gaming Ventures, Raissed $ 17 Million Inf.

Finally, Just In Case You Missed It, Cryptocurrency Exchange Coinbase Agreed to Buy The World’s Largest Crypto Options Exchange, Deribit, For $ 2.9 Billion in Cash An Ann. M&A Deal. Deribit Controls Over 80% of the Activity, Meaning Coinbase Will Be ABLE TO OFFER A Full Suite of Spot and Derivative Products, Boosting Liquidity on the Platform. Stay Alert!

What to Watch

• Crypto:
  • May 12, 1 PM-5: 30 PM: A US SEC Crypto Task Force Roundtable On “Tokenization: Moving Assets Onchain: Where Tradfi and Defi Meet” Will Be Held at the Sec.
  • May 13: The Singapore High Court Holds a Hearing to Determin Whethzher Zettai, The Parent Company of Wazirx, Can Proceeded with Restarting The India-Based Crypto Exchange and Comperationsat.
  • May 14: NEO (NEO) MAINNET WILL Undergo a Hard fork Network Upgrade (Version 3.8.0) AT BLOCK HEGHT 7,300,000.
  • May 14: Expectioned Launch Date for Vaneck Onchain Economy Etf (Ticker: Node).
  • May 16, 9:30 AM: Galaxy Digital Inc.’s Class A Shares Are Set to Begin Trading on the Nasdaq Under the Ticker Symbol Glxy.
• Macro
  • May 9, 8 AM: The Brazilian Institute of Geography and Statistics (IBGE) Release April Consumer Price Inflation Data.
    • Inflation Rate Mom Prev. 0.56%
    • Inflation Rate Yoy Prev. 5.48%
  • May 9, 8:30 AM: Statistics Canada Releases April Employment Data.
    • UNEMPLYMENT RATE EST. 6.8% Vs. Prev. 6.7%
    • Employment Change Est. 2.5k Vs. Prev. -32.6k
  • May 9-12: Chinese Vice Premier He Lifeng Will Hold Trade Talks with US Treasury Secretary Scott Bessent Durying His Visit to Switzerland.
• Earnings (Estimates Based On Factor Data)
  • May 9: Terawulf (Wulf), Pre-Market
  • May 12: Exodus Movement (Exod), Post-Market
  • May 13: Semler Scientific (SMLR), Post-Market
  • May 14: Bitfarms (Bitf), Pre-Market
  • May 14: Iren (Iren), Post-Market
  • May 15: Bit Digital (BTBT), Post-Market
  • May 15: Bitdeer Technologies Group (BTDR), Pre-Market
  • May 15: Kulr Technology Group (Kulr), Post-Market

TKEN EVENTS

• Governance Votes & Calls
  • A Sei Network Developer Propeding Ending Support for Cosmos to Simplify the Blockchain and Align More Closely with Ethereum to redeCele Complexity and Infrastructure.
  • May 15, 10 Am: Moca Network to Host A Discord Town Help Session Discussing Network Updates.
• Unlocks
  • May 9: Movement (Move) to Unlock 2.04% Of ITS Circulating Supple Worth $ 8.08 Million.
  • May 11: Solayer (Layer) To Unlock 12.87% of It Circulating Supple Worth $ 35.66 Million.
  • May 12: Aptos (Apt) To Unlock 1.82% of It Circulating Supple Worth $ 57.45 Million.
  • May 13: Whitebit Coin (WBT) to Unlock 27.41% of Its Circulating Supple Worth $ 1.14 Billion.
  • May 15: Starknet (Strk) to Unlock 4.09% of It Circulating Supple Worth $ 17.7 Million.
• TKEN LAUNCHES
  • May 9: Okx lists Jito with Jitosol/USDT PAIR.
  • May 9: Bitmart Lists Minutes Network Token with Mntx/USDT PAIR.
  • May 16: Galxe (Gal), Litentry (Lit), Mines of Dalarnia (Dar), Orion Protocol (Orn), and Parsiq (Prq) to Be Delisted from Coinbase.

ConferencesCoindesk’s Consensus is Taking Place in Toronto on May 14-16. Use Code Daybook and SAVE 15% ON PASSES.

• Day 3 of 3: Salt’s Bermuda Digital Finance Forum 2025 (Hamilton, Bermuda)
• Day 1 of 2: Stanford Blockchain Governance Summit (San Francisco)
• May 11-17: Canada Crypto Week (Toronto)
• May 12-13: Dubai Fintech Summit
• May 12-13: Filecoin (Fil) Developer Summit (Toronto)
• May 12-13: Latest in Defi Research (Tldr) Conference (New York)
• May 12-14: Aci’s 9th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems (New York)
• May 13: Blockchain Futurist Conference (Toronto)
• May 13: EthWomen (Toronto)
• May 14-16: Coindesk’s Consensus 2025 (Toronto)

Token TalkBy shaurya malwa

• Pepe is up more than 40% in the past 24 hours, OutperForforming most Major Major Tokens As Traders Continue to Treat Itat as a High-Beta Eth Play-A Special VEHICLE VEHICLE TO (ETHICLE.
• The memecoin have become a proxy for ethh upside since early 2024 because the pepe price tends to react strongly to ethno narratives such Cryptocurrency.
• Trading Volumes for Pepe Surged Past $ 3.5 Billion in The Past 24 Hours, Several Times More than Wednesday’s $ 500 Million.
• This Marks One of the Token’s Strongest Weeks in the Past Year and Signals A Return of Risk Appetite in the Memoein Space.
• Derivatives Data Shows Rising Open Interest and Funding Rates for Pepe Futures, Suggesting A Wave of Leverage-Fueled Bets Are Targeting The Frog-Temed Token in the Hep.
• Meanwhile, Solana-Based Hippo Token Moodng Rallied Over 150%. The Project, Known for Its Absurdist Branding Based on a Viral Thai Hippo, Is Popular Among Asian Trader Circles.
• Cat-themed Mog Also Posted Double-Digit Gains, But Pepe Remains the MOST LIQUID AND VISIBLE MEMECOIN IN THE CURRENT Eth-Beta Trade.

Derivatives Positioning

• BTC and ETH Annualized Futures Basis on the CME HAS SURPRISINGLY HELD STEADY NEAR 7% Despite The Price Rallies. That could be a sign of market maturity as Cash and Carry Arbitrage Narrows Price Discrepancies.
• On Off-Shore Exchanges, Perpetual Funding Rates for BTC, Eth and Mosst Major Tokens Are Hovering Between Annualized 10% and 14%, Reflection A Bullish Bias.
• In the options Market, BTC and ETH Risk Reversals Show Call Bias. Block Flows Featured a Short Position in the $ 95k Put Expiring on May 15 And Calendar Spreads in May and June Expiries.

Market Movements

• BTC IS UP 1.19% FROM 4 PM ET Thursday AT $ 102.725.44 (24Hrs: +2.92%)
• ETH IS UP 9.9% AT $ 2,328.10 (24hrs: +20.03%)
• Coindesk 20 IS UP 4.59% AT 3,116.42 (24hrs: +8.86%)
• Ether Cesr Composite Staking Rate is up 15 BPS at 3.04%
• BTC FUNDING RATE IS AT 0.01% (10.95% Annualized) On Binance

CD20 May 9 2025 (Coindesk)

• DXY IS DOWN 0.26% AT 100.38
• GOLD IS UP 0.67% AT $ 3.325.99/OZ
• Silver is up 0.45% AT $ 32.60/Oz
• Nikkei 225 Closed +1.56% AT 37,503.33
• Hang Seng Closed +0.4% AT 22,867.74
• Ftse is up 0.48% AT 8,572.92
• Euro Stoxx 50 IS Up 0.38% AT 5.308.85
• Djia Closed On Thursday +0.62% AT 41,368.45
• S&P 500 CLOSED +0.58% AT 5.663.94
• NASDAQ CLOSED +1.07% AT 17,928.14
• S&P/Tsx Composite Index Closed +0.37% AT 25,254.06
• S&P 40 Latin American Closed +1.8% AT 2.5557.27
• US 10-YEAR Treasury Rate is Unchanged AT 4.38%
• E-mini S&P 500 Futures Are Up 0.11% AT 5.690.75
• E-mini NASDAQ-100 Futures Are Up 0.23% AT 20,193.50
• E-mini Dow Jones Industrial AVERAGE INDEX FUTures Are UNCHANGED AT 41,445.00

Bitcoin Stats

• BTC Dominance: 63.94 (-0.80%)
• Ethereum to Bitcoin Ratio: 0.2282 (6.79%)
• Hashrate (Seven-Day Moving Average): 925 eh/s
• HashPrice (Spot): $ 55.50
• Total Fees: 6.54 BTC / $ 655,033
• CME FUTures Open Interest: 149,545 BTC
• BTC PRICED IN GOLD: 31.3 oz
• BTC VS Gold Market Cap: 8.86%

Technical AnalysisBTC’s Dominance Rate. (TradingView/Coindesk)

• BTC’s Dominance Rate, or The Largest Cryptocurrency’s Share of the Crypto Market, Might Soon Drop Below a Trendline, Characterizing Btc OutperFornce Relativ to the.
• The Breakdown Will Likely Mean The onset of the Altcoin Season.

Crypto equities

• Strategy (Mstr): Closed On Thursday at $ 414.38 (+5.58%), Up 1.75% AT $ 421.65 in Pre-Market
• Coinbase Global (Coin): CLOSED AT $ 206.5 (+5.06%), Down 1.33% AT $ 203.76
• Galaxy Digital Holdings (GLXY): CLOSED AT $ 27.67 (+4.45%)
• MARA HOLDINGS (MARA): CLOSED AT $ 14.29 (+7.2%), Down 1.33% AT $ 14.10
• Riot Platforms (RIOT): CLOSED AT $ 8.44 (+7.65%), UP 1.42% AT $ 8.56
• Core Scientific (Corz): CLOSED AT $ 9.45 (+6.18%), UP 2.54% AT $ 9.69
• Cleanspark (CLSK): CLOSED AT $ 8.68 (+8.09%), Down 1.73% AT $ 8.53
• Coinshares Valkyrie Bitcoin Mines ETF (WGMI): Closed AT $ 15.53 (+6.44%)
• Semler Scientific (SMLR): CLOSED AT $ 35.24 (+6.63%), UP 1.87% AT $ 35.90
• Exodus Movement (Exod): Closed At $ 42.49 (+6.2%), UnCCAGED IN PRO-MARKET

ETF FlowsSPOT BTC ETFS:

• Daily Net Flows: $ 117.4 Million
• Cumulative Net Flows: $ 40.81 Billion
• Total BTC Holdings ~ 1.17 Million

Spot eth etfs

• Daily Net Flows: -$ 16.1 Million
• Cumulative Net Flows: $ 2.47 Billion
• Total Eth Holdings ~ 3.45 Million

Source: Farside Investors

Overnight FlowsOvernight Flows, May 9 2025 (Coindesk)

Chart of the dayThe Move Index. (TradingView/Coindesk)

• The MOVE INDEX, WHICH MEASures the Expectioned Volatility in the US Treasury Market that Underpins Global Finance, Has Nearly Reversed the Late March to Early April Spike.
• The DECLINE SUPPORTS INCREASED RISK-Taking in Financial Markets, Including Cryptocurrencies.

While You Were Sleeping

• Danger Grows As India and Pakistan Appear to Escalate Military Clash (The New York Times): India SAID IT INTERCEPTED DRONE AND MISTACS ON ITS MILITARY SITES AND STRUREES PAKISTANIES. Pakistan Said It Downed Over Two Dozen Indian Drones.
• Bitcoin Sees Surge in Institutional Confidence, Deribit-Listed BTC Options Market Reveals (Coindesk) Expect A Rally to Potentally Extend Into September.
• Metaplanet Plans A Further $ 21M Bond Sale to Buy More Btc (Coindesk): The Tokyo-Based Company’s Directors Agreed to Issue the Zero-Conupons Bonds to Evo Fund, Marking.
• Florida Pharma Will Use Xrp for Real-Time Payments in $ 50m Finance Deal (Coindesk) Suppliers and Manupacturars, with Blockchain Records Supporting Compliance, Rebate Tracking and Auditability.
• Poland to Open Way for French Nuclear Shield Talks With a Treaty (Bloomberg): Polish Prime Minister Donald Tusk and French President Emmanuit Macron Macron Willet of Armed Conflict.
• China’s Exports to US PLUNGE, IN SIGN OF BITE from TRUMP TARIFFS (The Wall Street Journal) by more than 10%.

In the EtherITE MAY 9 2025 (Scott Bessent/X)

ITE MAY 9 2025 (RYAN RASMUSEN/X)

ITE MAY 9 2025 (Bitcoin for Corporations/X)

ITE MAY 9 2025 (BO HINES/X)

ITE MAY 9 2025 (SANTIMENT/X)