Overview
- President Donald Trump said early Wednesday he would briefly pause Project Freedom, the U.S. Navy operation escorting ships through the Strait of Hormuz, citing “great progress” toward a deal with Iran, and oil prices fell as Asian stocks jumped to records.
- Bitcoin rose back above $81,000 to a three‑month high and then stalled near $82,000, with traders pointing to a well‑watched resistance band around $82,000–$84,000 that could cap gains in the near term.
- Fresh money into U.S. spot Bitcoin ETFs underpinned the move, with about $630 million of net inflows on May 1 and $532 million on May 4, and cumulative inflows since the 2024 launch now reported above $58 billion.
- Large holders added to positions while on‑chain activity stayed light, and a wave of forced buying cleared roughly $225 million to $300 million of short bets as the price popped back over $80,000.
- Broader markets showed easing tension as Brent crude slipped near $108, yet macro cross‑currents persist with major banks scrapping 2026 Fed rate‑cut calls, a stronger yen hinting at Tokyo support, and U.S. jobs data reinforcing the higher‑for‑longer rates risk.