Chainlink Rewards, launching on May 8, incentivizes active participation in the Chainlink network.

Daily top performer — ICON Network (ICX)

The S&P 500 fell 0.64% on Monday as market sentiment weakened due to stalled trade talks and new tariff threats, with investors awaiting the Fed’s policy meeting and Powell’s remarks. Gold surged over 2% to $3,321 as a weaker USD and Fed rate hold expectations boosted demand, with traders eyeing resistance at $3,350 ahead of Powell’s upcoming comments. The Coindesk Indices, which tracks the broader crypto market, down 0.53%, with Bitcoin and Ether down 1.33% and 1.44%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ICX, which surged 21.4% after the announcement of its transformation into SODAX, a unified DeFi platform powered by Sonic and $SODA.

ICON Network (ICX), launched in 2017, connects diverse blockchain communities through smart contracts and Citizen nodes, aiming to improve interoperability across blockchains. It uses decentralized identifier (DID) technology to securely store user data, supporting decentralized finance and digital content distribution. 

, a unified DeFi platform with a new deflationary token ($SODA), optimized liquidity products, and a migration to the faster, low-cost Sonic EVM chain for scalability and sustainability.

Check out the latest prices, charts, and data of 

, launching on May 8, incentivizes active participation in the Chainlink network. The first phase, Season Genesis, offers 100M SXT tokens to eligible LINK Stakers. Future seasons will introduce a more advanced claiming system and additional rewards linked to various Chainlink Build projects. Stay cautious of phishing attempts, and only rely on official links provided at launch.

Yesterday, BTC spot ETFs saw total outflows of $105.7M, with $16.4M from GBTC and $89.3M from other ETFs.

, enabling users to verify their reserved Human ID as an on-chain proof of identity linked to their humanity. RWT will convert to Humanity Points (HP), claimable offchain with one click. Palm scanning via mobile will also be introduced to confirm user presence on the network.

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Chainlink rewards launches with 100M SXT token giveaway for LINK stakers

May 5, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — Robust economic data might support June rate cut

Things are becoming increasingly complicated for the Federal Reserve as it prepares for its upcoming meeting. With inflation in focus, officials are likely to maintain interest rates. Yet, concerns about an economic slowdown are growing, exacerbated by calls from President Trump for a rate cut.

Fed Chair Jerome Powell may find some reassurance in recent labor data, which reported a robust increase of 177,000 jobs in April 2025. This solid job market provides a rationale for the Fed to hold rates steady. Additionally, the Fed's preferred inflation measure indicates a slight easing of price pressures. However, rising tariffs on imports threaten to undermine this progress.

Uncertainty looms globally over major central banks, as the White House seeks trade deals that could significantly alter economic forecasts. Economists suggest Powell will emphasize the importance of price stability, especially as inflation expectations appear to be shifting.

Meanwhile, the European Central Bank continues to lower rates in anticipation of disinflation and weaker growth due to US tariffs, and the Bank of Canada has diverged from its usual practice of issuing a standard forecast, opting instead for two contrasting scenarios based on the tariff situation with the US.

Looking ahead, the US economic calendar is sparse, with upcoming data on service sector activity and jobless claims expected to provide insights into labor market trends. Globally, monetary policy decisions are anticipated in several countries, highlighting the widespread impact of trade tensions.

As central banks navigate these turbulent waters, the interplay of tariffs and inflation will be critical in shaping future economic policies.

Weekly crypto highlight — Strategy sees no pause in Bitcoin purchase

Michael Saylor's company, Strategy, has doubled its capital raising plan to $84 billion following a record $4.2 billion first-quarter loss. This loss was attributed to a new accounting rule mandating that the firm value its substantial Bitcoin holdings at market prices. On Thursday, Strategy registered to sell an additional $21 billion in common shares, having exhausted a previously authorized equity program.

Additionally, the company has increased its planned debt purchase program from $21 billion to $42 billion, with $14.6 billion remaining. This shift reflects a growing awareness among corporate Bitcoin buyers of the unrealized earnings fluctuations that can occur, such as in Strategy's dramatic quarterly loss. The company holds approximately $53 billion in Bitcoin.

Prior to this accounting change, Strategy classified its Bitcoin as intangible assets, which limited its ability to recognize gains unless the assets were sold. This resulted in permanent markdowns whenever Bitcoin prices fell.

Over the past five years, Saylor has transformed Strategy, formerly known as MicroStrategy Inc., into the largest leveraged Bitcoin proxy globally. However, revenue from its software division fell 3.6% to $111.1 million in the first quarter of 2025.

Saylor's advocacy has significantly contributed to Bitcoin’s mainstream acceptance, inspiring numerous companies to follow suit by purchasing Bitcoin for their balance sheets. Analysts suggest that as more firms adopt this strategy, demand for Bitcoin will rise, potentially benefiting Strategy further.

Despite the stock's remarkable 3,000% increase since Saylor began buying Bitcoin in 2020, concerns remain about the sustainability of this approach. New competitors are emerging, including well-funded entities like Twenty One Capital Inc., increasing the pressure on Strategy. Nonetheless, Saylor shows no signs of slowing down, and is continuing to expand Bitcoin acquisitions aggressively.

Advanced

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Weekly Institutional Insights: Robust US economic data sends stocks higher; Strategy sees no pause in Bitcoin purchase

The US dollar is facing its biggest test in years. Since President Trump returned to office, markets have struggled. 

Introduction: The Trump effect and market breakdown

The US dollar is facing its biggest test in years. Since President Trump returned to office, markets have struggled. The S&P 500 recorded its worst start under a new president since 1928. At the same time, the US dollar is falling — not just against one or two currencies, but broadly.

Normally, when stock markets fall, the dollar gains as a “safe-haven” asset. But this time is different, as both stocks and the dollar are dropping, which is rare and worrying. Investors are leaving the dollar and moving into alternatives like the euro (EUR), Japanese yen (JPY), gold and Bitcoin (BTC).

Example of negative S&P 500-Dollar correlation. S&P 500 dropped while the Dollar rose — July to October 2023 correction period. 

A perfect storm: Tariffs, isolation and the Federal Reserve

One of the biggest reasons for the dollar's current weakness is fear. Trump’s aggressive trade stance is isolating the US economy, and investors are worried about new tariffs and the long-term damage to global trade relationships.

If Europe decides to deepen trade ties with China instead of the US, the dollar’s position as the global reserve currency could face a real threat. On top of that, Trump has been attacking Federal Reserve Chairman Jerome Powell, calling him a “loser” and pushing for lower interest rates. These comments hurt confidence in the independence of the Fed — a cornerstone of US financial stability.

, it could signal a more cooperative approach and help stabilize investor confidence, offering much-needed support for the dollar.

China, trade and the mechanism behind the dollar decline

For decades, China and other countries have exported goods to the United States, earning US dollars. These dollars were often reinvested in US assets such as Treasury bonds, helping support the dollar’s strength. But tariffs are upending this entire system.

When Trump’s tariffs were activated, Chinese goods became more expensive in the US This meant that China sells less, earns less profit and has fewer dollars to reinvest. Demand for the dollar falls — and so does its value.

In other words, more tariffs are actually 

 for the dollar. The same goes for other export-heavy countries, such as Japan or Germany. If they see reduced access to US markets, they hold fewer dollars and invest less in US assets.

This shift in global capital flows is a major reason why the dollar is falling, and why it could fall further — unless, of course, a 

, which could help bring global flows back toward the dollar.

Technical environment: Oversold — or more pain to come?

There are two key ways to track the dollar in financial markets:

The DXY is currently down 8.3% in 2025, sitting at around 99.5 — its lowest level since April 2022. Meanwhile, EUR/USD is trading at around 1.134,after hitting 1.157 on April 21 — its highest level since the start of the Russia-Ukraine war in early 2022.

Technically, the dollar appears to be oversold. The 

 (RSI) is at 38, which is close to the “oversold” threshold of 30. Earlier in April it hit 25, which often signals a short-term rebound. The 

 indicator also shows early signs of positive momentum, as the 12-day moving average has crossed above the 26-day. If DXY can remain above 100 for a few days, it could help to build a stronger rally.

On the other hand, EUR/USD shows signs of being slightly overbought. The RSI is at around 60 (with 70 being the usual “overbought” threshold), and the MACD suggests downside risk is building. A drop below 1.13 in EUR/USD could push the dollar back up slightly. However, without fundamental support, any rebound may be short-lived.

Key events to watch: Tariff deadline and Fed cuts

Two major forces will shape the dollar in the weeks ahead:

Trump signing a tariff agreement with China

 before the July deadline — could help reverse the current negative trend and provide a short-term boost for the US dollar.

The US dollar is under pressure from all sides: politics, trade, interest rates and technical factors. Meanwhile, the rare combination of falling stocks and a falling dollar signals that global investors are losing confidence in their outlook on the US. The core of the problem is Trump’s aggressive trade policy and its impact on China — a longtime buyer of US assets.

As the 90-day tariff delay nears its end and the Fed prepares to lower interest rates, the dollar could face another sharp leg down. However, 

if a tariff deal is reached between the US and China

, the dollar could regain strength, as investor sentiment improves and capital flows return.

Technical indicators also suggest that the Dollar may be slightly oversold. RSI and MACD readings point to a possible short-term bounce if conditions improve.

In the meantime, traders and investors should watch the 100 level on the DXY and the 1.13 line on EUR/USD. These will be key markers for where the dollar is heading next.

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Bybit x FxStreet Report: USD is oversold as the result of technical indicators and EUR hype

Bybit showcased its innovative crypto solutions at Web Summit Rio 2025, emphasizing its role in integrating crypto into traditional payments. 

Daily top performer — Zebec Network (ZBCN)

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ZBCN, which surged 19.5% after Zebec Network joined the Circle Alliance, aiming to make USDC the default stablecoin for real-world payments.

Zebec Network (ZBCN), founded in 2021, is a Solana-based DeFi protocol enabling real-time payroll and payments, with products like Zebec Card, Safes, and Web3 Banking, all governed by ZBC token holders. 

, with Circle Ventures being an early backer. USDC powers Zebec's products, including Zebec Cards and payroll services. With Circle holding a significant amount of ZBCN, Zebec aims to establish USDC as the default stablecoin for real-world payments.

 its innovative crypto solutions at Web Summit Rio 2025, emphasizing its role in integrating crypto into traditional payments. The exchange launched Bybit Pay in Brazil, offering a seamless crypto-to-fiat experience with features like QR code payments, multi-currency support, and secure blockchain transactions. Bybit also highlighted its strategic partnerships, including with Tomorrowland Brasil, and introduced its rewarding Bybit Card. The event showcased Bybit’s commitment to empowering the LATAM crypto community and making crypto accessible in everyday life.

BTC spot ETFs saw $1.8B net inflows last week, driven by $1.86B into non-GBTC ETFs despite a $58.7M GBTC outflow. Since inception, total net inflows stand at $40.2B.

GiveRep is experiencing heavy traffic, causing site loading issues, but the team is actively working on 

 V1 soon. In the meantime, users can continue earning rewards as all tweets about GiveRep are still being indexed. A confirmed ATTN token airdrop will reward those who rank higher on the leaderboard, so continued engagement is encouraged.

Bybit showcases crypto payment solutions at Web Summit Rio 2025 with Bybit Pay launch in Brazil

Indicators

Trading

Weighted moving average (WMA) is a technical analysis tool that is exceptionally sensitive to short-term market fluctuations as it prioritizes recent data points.

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 that allow traders to understand trends and shifts in the market. They assist in identifying potential price movements, indicating both upward and downward directions, and highlighting potential points of reversal or stabilization. Among the various types of moving average indicators, weighted moving average (WMA) is particularly useful because it pays extra attention to recent prices and doesn't treat all prices the same. This helps traders better comprehend market dynamics and make informed decisions regarding buying or selling.

Weighted moving average (WMA) is a technical analysis tool used by traders to analyze trend direction and identify potential areas of price support and upward rallies, or to pinpoint instances where prices may be elevated and trending downward. 

WMA falls under the broader category of moving averages, which are some of the most popular tools used by crypto traders for understanding market trends and potential price reversals. Unlike a 

 (SMA), which gives equal weighting to all data points within a specified time frame, a weighted moving average assigns different weights to past data points. 

Weighted moving average is versatile, and can be applied to any crypto chart on any chart time frame. Generally, most traders apply the moving average to hourly, daily or weekly charts to determine trend direction. Regardless of the time frame, this weighting factor allows a WMA to react more sensitively to recent prices, making it a valuable tool for traders trying to catch early trend reversals.

How to Calculate Weighted Moving Average (WMA)

Calculating a WMA involves a multi-step process that assigns a weighting factor to different data points, based on their chronological order. This process allows the weighted average to give more importance to recent prices while still considering the historical data set. Follow the steps below to compute a WMA:

1. Determine the Moving Average Time Frame

: Choose a specific time frame for your moving average. This could be any period, such as 10 days, 20 days or any other time frame that aligns with your trading strategy. In the following example, we’ll use a 5-period WMA.

: Assign weights to each data point within the chosen time frame. The corresponding weighting factor typically decreases as you move further back in time, and the weighting scheme is to list the number of periods and add them together. For a 5-period WMA, the total weight is 15.

The latest data point is assigned the highest weight at 5/15, followed by the second most recent data point with a weight of 4/15. Subsequent data points receive progressively diminishing weights.

: Multiply each price data point by its corresponding weighting factor. For instance, if you’re calculating a 5-day WMA for 

 (BTC), which had the following closing prices, here’s how the weighting is 

: Add up the total weighted values calculated in the previous step to get the sum of the weighted values that make up the weighted moving average.

WMA = $1,594.13 + $3,025.40 + $4,550.00 + $6,627.73 + $8,549.67

As new data becomes available, repeat the above steps for the new data set to calculate the WMA for the next period. Then, update the weighted values and their sum accordingly.

Fortunately, most trading platforms and charting software offer built-in tools for calculating WMAs, so traders don't always have to perform these calculations manually. However, it’s important to understand how the calculation works so you can better comprehend why it’s useful for you.

One reason why moving averages are so popular is that they’re versatile and easy to use. Below are two strategies that traders might employ when trading the WMA.

1. Trend Filter in Multiple Time Frame Analysis

 is a method for using different chart time frames to spot trading opportunities. 

As an example, determine the direction of the trend on the daily or 4-hour chart time frame. Apply the 200 WMA and observe where the current price is. If it’s above the moving average, look only for buy signals, and if it’s below the moving average, then look only for sell signals.

2. Use the Weighted Average as Dynamic Stop Loss

Given the WMA’s greater emphasis on near-term pricing, some traders employ it as a stop loss in momentum trades. For example, if the 10-day weighted moving average crosses above the 50-day moving average, a trader may decide to buy 

 (XRP) in anticipation that the trend will sustain a strong upward trajectory. Rather than establishing a take-profit limit order, the trader will dynamically monitor the market by utilizing the 50-day WMA as a 

If prices touch and breach the 50-day WMA, then the trade would be closed. The advantage to this strategy is that if the trend continues without hitting the stop loss, the 50-day moving average will eventually ascend beyond the entry price, effectively securing a profitable trade.

: WMAs are particularly effective at capturing short-term price movements due to their emphasis on recent data. Traders specializing in short-term trading strategies find the weighted moving average helpful in identifying quick changes in market sentiment, as well as trend direction changes.

: Since a WMA reacts swiftly to recent prices, it can provide timely signals about support and resistance areas. This can help traders enter or exit positions at opportune moments, thereby maximizing profits and minimizing losses.

: Traders can adjust the time frame for a WMA, tailoring their analysis to suit different trading styles and strategies. This flexibility allows traders to adapt the weighted moving average to various market conditions and time horizons.

: While the sensitivity of the WMA is an advantage in capturing short-term trends, it can also lead to increased noise and false signals. Traders need to be cautious and use additional indicators or tools to confirm signals generated by WMAs.

: Despite their emphasis on recent data, WMAs may still lag behind exceptionally rapid price movements, potentially causing traders to miss out on certain opportunities.

: If market conditions change from quiet to volatile, the WMA will become less effective. Market turbulence often results in less significant movements of the average price, consequently increasing the likelihood of false signals.

The weighted moving average is an extremely versatile tool that offers traders sensitivity to short-term price movements and timely reversal signals in a smooth and predictable market. Its customizable time frames can be adjusted to suit different trading styles, although traders should be aware of potential noise and false signals.

Weighted Moving Average (WMA) vs. Simple Moving Average (SMA)

Weighted moving average (WMA) and simple moving average (SMA) are both commonly used technical indicators in trading and chart analysis, each with its own unique characteristics and applications. Understanding the difference between these moving averages is crucial so you can determine when it's best to utilize one or the other.

A weighted moving average assigns varying weights to different data points within a selected time frame. This weighting scheme gives more importance to recent price movements, making it more responsive to short-term changes in market sentiment. Traders focusing on short-term trading strategies often favor WMAs for their ability to capture rapid price fluctuations and provide timely signals for potential trend reversals.

Since WMAs are calculated by multiplying each data point by a predetermined weight and summing up the weighted values, they offer a balance between smoothing out noise and reacting quickly to price movements.

On the other hand, a simple moving average calculates the average price movement over a specified number of periods, giving equal weight to all data points. SMA is known for its ease of calculation. It provides a smoother representation of price trends as compared to WMAs, as it considers a broader range of historical data.

An SMA is particularly useful for identifying long-term trends and providing a more stable view of the market. Traders who adopt longer time frames and investment horizons often find the simple moving average beneficial for trend-following strategies.

The most significant difference between WMA and SMA lies in their weighting schemes , since WMA assigns varying weights to data points while SMA treats all data points equally.

While a WMA is more sensitive to recent price movements, the simple moving average lags. Therefore, SMA offers a smoother representation of longer trends and is often preferred for longer-term analysis.

Weighted Moving Average (WMA) vs. Exponential Moving Average (EMA)

 are similar technical indicators that essentially achieve similar objectives.

Both of these types of moving averages apply varying weights to each data set, making them more sensitive to recent price action. At a high level, traders who use one could also be interested in using the other. However, WMA and EMA assign weights to recent data points in slightly different manners.

In conclusion, the choice between weighted moving average (WMA), simple moving average (SMA) and exponential moving average (EMA) depends upon a trader's preferred time frame, trading style and strategy. By understanding the strengths and weaknesses of the different indicators, a trader can effectively integrate them into their trading toolbox to enhance their decision-making process.

The weighted moving average (WMA) is a valuable technical indicator for determining trend direction and deciphering potential reversals in crypto. Its distinctive weighting scheme emphasizes recent price data, empowering traders to capture rapid shifts in market sentiment and make well-timed trading choices. 

By integrating the WMA into their analytical toolkits and aligning it with other technical indicators, traders can navigate the dynamic cryptocurrency landscape with heightened precision and confidence, ultimately enhancing their trading outcomes.

Weighted Moving Average (WMA): What It Is and How to Use It

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