But do not mistake this as the nadir of BONK’s descent. Despite a singular bullish candle burning in the mausoleum, spectral bearish omens gather, intent on dragging our pooch a tad lower. Happily, at least one thing unites traders: existential dread.
The “Threat” of Foreign Films
“Look!” the townsfolk (well, traders) cried, gesturing at numbers flickering in their grim candle-lit ledgers—open interest fell by 1.92%, while the trading volume leapt 35% to a chaotic $3.28 billion. The market’s activity, much like Pierre Bezukhov at his first ball, seemed frantic and a touch confused, but unmistakably drawn to the darker end of the spectrum.
After an unsuccessful attempt to storm the $98,000 fortress, Bitcoin did what all valiant heroes do—trip over its shoelaces and tumble gracelessly below $96,500 and $95,500, scattering support levels like lost socks.
The world applauds as Bitcoin brushes against $97,000, yet the old soul itself barely stirs. Its on-chain life, if it may be called life at all, is meager at best.
French police rescued the unfortunate father of a cryptocurrency millionaire on Saturday night in Essonne, a Parisian suburb that is now accepting nominations for Most Unwanted Place to Send Your Dad. The whole affair had all the trimmings of a James Bond audition, with the daggers-and-dram antics intended to force the son—himself a flash crypto kingpin—into parting with a whopping pile of dosh.
So, on the Gregorian Sunday of May 4, Bitcoin elegantly pirouetted 0.7% downwards and landed below $96,000, which—let’s be honest—is statistically almost *somewhere.* It was the second day in a row BTC indulged in gravity, after snorting up to a 70-day high and spooking some institutional investors out of their Friday afternoon naps. And yes, according to our friends at Coingecko, this matters, as long as you’re willing to forget everything that happened on Thursday.
In more entertaining news, the biggest memecoin on the block saw a bit of whale activity. That’s right, a whopping 100 million DOGE tokens, worth a delightful $17.5 million, got gobbled up by the deep-pocketed sea creatures of crypto. 🐋💰
The atmosphere improved, if only as much as one might cheer up after their mother-in-law leaves town, when the SEC decided to clutch its lawsuits a little less tightly. Meanwhile, titans such as Binance and MGX clinked imaginary champagne over a $2 billion deal (which probably consisted mostly of zeroes and caffeine). Far away, Metaplanet in Japan plotted to lure Bitcoin into their nets; truly, a fisherman’s patience with a banker’s ambition.
Don’t worry, folks, SUI isn’t going anywhere (yet). The broader outlook still looks as sunny as a summer day, with on-chain metrics and market indicators giving the thumbs up. This little dip might just be a cool-down before the next big jump — after all, even rockets need to stop for a little fuel, right?