Weekly Recap｜Tether Reports $1.04B Net Profit in Q1, South Korea Prepares for Crypto Taxation in 202
2026.05.06
Weekly Overview (Apr 27 – May 3)
Last week, the crypto market experienced a strong institution-driven rally. Fueled by significant inflows into U.S. spot Bitcoin ETFs, daily inflows reached a recent peak on May 2. Bitcoin surged past the $80,000 mark, boosting overall market confidence. From a technical perspective, the weekly MACD formed a bullish crossover below the zero line, signaling further upside potential.
The key focus this week is Bitcoin’s strong rebound above $80,000, marking its highest level since January, driven by easing geopolitical tensions and renewed bullish sentiment. Meanwhile, regulatory developments remain in focus, including Hong Kong’s first batch of stablecoin licenses and the potential passage of a U.S. crypto market structure bill.
This report provides a concise recap of last week’s key developments in the crypto industry and a preview of the major trends and events to watch in the coming week.
Market Pulse
- U.S. SEC proposal to shift corporate reporting from quarterly to semi-annual has passed White House review.
- The Bank of England is considering shelving its digital pound initiative in favor of monitoring private tokenization developments.
- Bitwise announced the closure and liquidation of its BTOP and BWEB crypto ETFs.
- Bitcoin mining difficulty decreased by 2.3% to 132.47T.
- Tether reported holding approximately $7 billion in Bitcoin and $20 billion in physical gold, with Q1 net profit reaching $1.04 billion.
Funding & M&A
A total of 17 funding rounds were recorded last week, raising over $170 million, mainly across DeFi and AI sectors:
Fence raised $20 million, led by Galaxy Digital.
Solana ecosystem multisig protocol Squads raised $18 million in equity funding, led by Solana Ventures.
Stablecoin financial services platform UnblockPay raised $4.5 million in seed funding, led by Prelude.
Crypto exchange service firm Fun raised $72 million in Series A.
Tether led a $14 million Series A investment in Belo to expand stablecoin payments in Latin America.
Blockworks completed an extended Series A round at a $192 million valuation.
Policy & Compliance
- Brazil’s central bank banned the use of stablecoins and crypto for cross-border settlements.
- The U.S. CFTC Chair stated that federal authority will limit state-level interference in prediction markets.
- The U.S. Senate passed a resolution banning senators from trading in prediction markets.
- The UK FCA released new rules and guidance on fund tokenization.
- The U.S. SEC approved increasing the position limit for Nasdaq ISE IBIT options from 250,000 to 1,000,000 contracts.
- South Korea’s National Tax Service has begun preparations for implementing crypto taxation starting January next year.
- The Canadian federal government plans to ban crypto ATMs to combat fraud.
Echobit Highlights
Echobit continued its April campaign series, steadily enhancing platform activity and user engagement.
Echobit continued Trade & Get Rewards Vol. 4, incentivizing trading participation.
Echobit Futures Trading Carnival remains ongoing, improving user trading experience.
Echobit launched the May Futures Trading Competition, introducing a new round of trading incentives.
Echobit Weekly Hot Topic continues to drive community discussions.
Echobit Thursday Frenzy remains active, boosting weekly engagement.
Echobit Roll The Dice campaign launched, adding interactive entertainment elements.
Echobit partnered with Galxe to launch a points leaderboard competition.
Echobit launched the Guess The Chart activity to enhance market engagement.
Echobit Alliance Battle continues, strengthening competitive community dynamics.
Echobit Cypher Squad Giveaway remains ongoing, encouraging participation and sharing.
Echobit Labs continues publishing industry insights, reinforcing thought leadership.
Echobit released its April 2026 Monthly Report, summarizing platform growth and operations.
Next Week Preview (May 4 – May 10)
Bloomberg ETF analysts expect prediction market ETFs to launch during the week of May 5.
Strategy will release its Q1 earnings and host an earnings call on May 5.
The U.S. will publish April ADP employment data.
Trump-backed Bitcoin mining firm American Bitcoin will release its Q1 earnings on May 6.
GraniteShares will launch 8 crypto leveraged ETFs on May 7.
Metaplanet opposed the Tokyo Stock Exchange’s proposal to exclude Bitcoin treasury companies from its index.
Echobit will continue tracking global crypto developments — focusing on market movements, regulatory trends, and funding opportunities — helping you stay ahead in every market cycle.