First Market Update｜The US Non-Farm Payroll Report will be released tonight, and Strategy may increase its holdings by another $21 billion in BTC.

Daily Summary: Strategy may increase BTC holdings by $21 billion, Tether's quarterly profit exceeds $1 billion.

According to data from Farside Investors, a total of $422 million flowed into Bitcoin spot ETFs in the United States yesterday. Among them, BlackRock's IBIT saw an inflow of $351 million, Fidelity's FBTC had an inflow of $29.5 million, ARKB experienced an outflow of $87 million, while other ETFs mainly saw small inflows. Since February of this year, BTC ETFs had shown a one-sided net outflow trend, but a reversal trend has emerged since last week, with market sentiment being optimistic. Yesterday, the overall trading volume of ETH ETFs was small, with a total inflow of $6.5 million.

Strategy plans to raise $21 billion to purchase Bitcoin

According to Coindesk, Strategy (MSTR) reported a loss of $16.49 per share for the first quarter of 2025, due to a significant decline in Bitcoin prices over the first three months of this year, resulting in a $5.9 billion impairment of its Bitcoin assets. The company announced a new $21 billion public market common stock issuance plan and has raised its BTC yield target from 15% to 25%, and its BTC dollar revenue target from $10 billion to $15 billion. As of April, the company holds a total of 553,555 Bitcoins, with a purchase cost of $37.9 billion, averaging $68,459 per coin. Strategy stated: "Our capital market strategy continues to grow Bitcoin holdings while delivering exceptional value to shareholders."

Tether Q1 Report: Holds nearly $120 billion in US Treasuries, confirms quarterly operating profit exceeding $1 billion

Tether International today released its first quarter report for 2025, which was completed by BDO, one of the top five independent accounting firms in the world. The report confirms the accuracy of Tether's financial data and reserve report (FFRR), and provides a transparent breakdown of the assets backing fiat-pegged stablecoins as of March 31, 2025.

The report states that Tether's total exposure to US Treasury bonds (including indirect holdings through money market funds and reverse repurchase agreements) has reached a historical high of nearly $120 billion. This milestone not only confirms its conservative reserve management strategy but also highlights Tether's significant role as a major distributor of dollar liquidity.

Tether's Q1 traditional investment portfolio generated over $1 billion in operating profit, mainly due to the robust performance of its US Treasury holdings, while gold investments nearly completely offset the volatility impact of the crypto market. Additionally, the circulation of USDT increased by approximately $7 billion in the first quarter.

Current mainstream CEX and DEX funding rates show a continuation of market differentiation, with neutrality and bearish sentiment coexisting

According to Coinglass data, the funding rates of mainstream CEX and DEX show that the market continues to differentiate, with both neutral and bearish sentiments coexisting. The specific funding rates of mainstream cryptocurrencies are shown in the attached image.

Funding rates are the rates set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price, typically applicable to perpetual contracts. It is a mechanism for capital exchange between long and short traders, and the trading platform does not charge this fee, which 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 indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it represents a generally bearish market.

Market Analysis: AI agent sector surges, BOOP achieves a market cap of 500 million USD in two hours.

market hotspots

The AI agent sector, including AIXBT, AVAAI, AI16Z, etc., has risen significantly. Since mid-April, the overall performance of the AI agent sector has clearly outperformed the market, with multiple tokens rising over 200% from their lows. The AI agent remains the most favored track for market funds.

The Solana chain meme coin BOOP was launched last night and reached a market cap of $500 million within two hours of its launch; the BOOP token is the platform token of the meme coin launch platform boop.fun on Solana, founded by NFT whale and crypto KOL Dingaling. Unlike Pump.fun, boop.fun shares transaction fees with BOOP token holders.

Market Trend

BTC is experiencing oscillating growth, with BTC ETF seeing a return of significant net inflows, leading to optimistic market sentiment for future capital; today's AHR999 index is 0.95, indicating that the current price is still suitable for long-term investors to dollar-cost average.

ETH follows the market fluctuations without showing independent trends, and the ETH/BTC exchange rate has remained around 0.019 since mid-April.

Altcoins are generally rising, but the upward trend is relatively scattered, with AI agents and meme coins performing well.

Macroeconomic News: The three major U.S. stock indices closed higher, with non-farm payroll data to be released tonight.

The three major U.S. stock indices closed higher, with the S&P 500 index up 0.63% at 5604.14 points; the Dow Jones index up 0.21% at 40752.96 points; and the Nasdaq index up 1.52% at 17710.74 points. In terms of U.S. Treasury bonds, the benchmark 10-year Treasury yield is 4.25%, while the 2-year Treasury yield, which is most sensitive to Federal Reserve policy rates, is 3.70%.

Former U.S. Treasury Secretary Yellen warned that the likelihood of a U.S. economic recession has significantly increased. According to a May 1 report by the British Financial Times cited by CCTV News, former Treasury Secretary Yellen stated that the U.S. government's tariff policy will have an "extremely adverse" impact on the U.S., affecting both American consumers and businesses negatively. As a result of the tariff policy, the "possibility of an economic recession in the U.S. has significantly increased."

The last important data of this week - the U.S. non-farm payroll report will be released tonight at 20:30, providing the latest clues about the labor market. The market generally expects Federal Reserve Chairman Powell to hold steady at next week's interest rate meeting, as inflation remains above the 2% target, and President Trump's tariff measures are putting price pressure.

Author: Icing T., Gate.io researcher *This article only represents the author's views and does not constitute any trading advice. Investment carries risks, and decisions should be made with caution. *The content of this article is original and the copyright belongs to Gate.io. If reprinted, please indicate the author and source; otherwise, legal responsibility will be pursued.