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Market Wrap: Bitcoin Whipsaws on Fake News, Investors Flow Into Solana Funds
Bitcoin traded in a choppy range on a fake press release about a Walmart partnership with Litecoin.
Updated May 11, 2023, 5:20 p.m. Published Sep 13, 2021, 8:44 p.m.
Bitcoin traded with great volatility around $44,000 on Monday as some traders were duped by a fake news release stating that Walmart is partnering with . The cryptocurrency is roughly flat over the past 24 hours after Walmart stated that it “had no knowledge of the press release issued by GlobeNewswire, and it is incorrect.”
Also on Monday, business software company MicroStrategy announced that it bought an additional 5,050 BTC. The company now holds 114,042 BTC, which were acquired for a total of $3.16 billion and at an average price of $27,713 per bitcoin, reports CoinDesk’s Tanzeel Akhtar.
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On the regulatory front, stablecoins are under increasing pressure as U.S. officials discuss launching a formal review into whether tether and other stablecoins threaten financial stability, according to Bloomberg. President Biden’s working group plans to issue stablecoin recommendations by December.
On Sunday, Cardano, an open-source public blockchain, issued a network upgrade dubbed Alonzo. The update is a key part of the Goguen era, which focuses primarily on building smart contract capabilities, reports CoinDesk’s Sebastian Sinclair. Cardano’s ADA token is down about 10% over the past 24 hours.
Latest Prices
- Bitcoin , $44,905, -2.7%
- Ether , $3,272, -4.7%
- S&P 500: +0.2%
- Gold: $1,793 +0.4%
- 10-year Treasury yield closed at 1.326%
Bitcoin long-term accumulation
Long-term bitcoin holders appear to be unshaken by the sell-off last week. Blockchain data shows a large accumulation of BTC occurred just between the $29,000 and $50,000 price levels. Buyers can either book a profit at current prices or defend support around the bottom of the two-month price range.
Crypto research firm Glassnode defines long-term holders as high-conviction buyers with BTC aged around 155 days.
“We can also see that LTH (long-term holders) owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off,” Glassnode wrote in a blog post.
The firm also noted that peaks in LTH supply typically coincide with the late stage of a bear market. It is possible that investors accumulated positions after the May sell-off, although buying momentum has weakened over the past month.
Meanwhile, blockchain data also shows short-term bitcoin holders selling at a loss (below their cost basis). Some analysts believe that is a bullish sign.
“When short-term (holders) are in disbelief and unloading their bags, that’s an indication of a start to the next bull run,” CryptoQuant wrote in a blog post.
Solana funds outshined bitcoin last week
Crypto funds focused on Solana’s SOL token garnered almost $50 million of inflows last week, while bitcoin funds brought in a “paltry” $200,000.
Overall, crypto funds brought in $57 million of new money in the seven days through Friday, the fourth straight week of inflows, according to a report Monday by the digital-asset manager CoinShares.
Altcoin roundup
- Arbitrum vaults onto layer 2 leaderboard. The so-called layer 2 scaling product that works alongside the Ethereum blockchain to accelerate transactions, has seen a nearly 10-fold rise since Friday in the total value locked in decentralized finance (DeFi) projects. The project currently holds $2.23 billion in assets in various DeFi projects, up from $238 million on Friday, reports CoinDesk’s Omkar Godbole.
- Solana’s trading volume surged over the past month. The cryptocurrency rose 42%, compared with a 9% decline in bitcoin over the same period. “There’s been a lot more interest institutionally,” Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, said during an interview with Bloomberg. Solana is “one of the only blockchains that has a compelling long-term road map” that will be eventually able to support industrial uses of crypto, he added.
Relevant News
- MicroStrategy Buys 5,050 More Bitcoins
- Fintech Platform MoneyLion to Enable Bitcoin, Ethereum Purchases Within App
- Interactive Brokers Launches Crypto Trading Through Paxos
- Fintech Platform MoneyLion to Enable Bitcoin, Ethereum Purchases Within App
Other markets
Most digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
Notable losers:
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Yang perlu diketahui:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
Yang perlu diketahui:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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