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On May 10, CryptoQuant analyst Darkfost posted on the X platform that the total Bitcoin network hash rate has fallen below the annual average level, a situation not seen since 2021. This change does not pose a significant risk to the Bitcoin network itself; however, since the winter storm in the U.S. earlier this year, the total network hash rate has consistently remained below 1 ZH/s. This reflects an intensifying competition among miners, with some mining companies possibly opting to shut down operations or adjust their business models to enhance profitability. Recent business adjustments by Bitfarms serve as an example.

[CryptoQuant Analyst: Bitcoin Hash Rate Falls Below Annual Average, Competition Among Miners Intensifies]On May 10, CryptoQuant analyst Darkfost posted on the X platform that the total Bitcoin network hash rate has fallen below the annual average level, a situation not seen since 2021. This change does not pose a significant risk to the Bitcoin network itself; however, since the winter storm in the U.S. earlier this year, the total network hash rate has consistently remained below 1 ZH/s. This reflects an intensifying competition among miners, with some mining companies possibly opting to shut down operations or adjust their business models to enhance profitability. Recent business adjustments by Bitfarms serve as an example.

CryptoQuant Analyst: Bitcoin Hash Rate Falls Below Annual Average, Competition Among Miners Intensifies

On May 10, Bitcoin's price showed an upward trend after a relatively stable weekend, avoiding a drop back below $80,000. However, after rising close to $83,000 midweek, it failed to hold that level, leading traders to believe Bitcoin needs to retest its support levels—something they are now reaffirming. Notably, the 'bull market support band'—two moving averages located below $80,000—has drawn attention. Analyst Cryptic Trades stated, 'On lower time frames, after being rejected at the resistance zone on higher time frames, I believe the most likely outcome is a short-term pullback to the bull market support band, which has been a strong reversal area for the past few months.' He added, 'As long as the price remains above this support band and the broader higher time frame support area (around $75,000), I still believe the most likely outcome is further upward movement.' Trader Daan Crypto Trades agreed, referring to the initial breakout below the support band as an 'unclear breakout.' Regarding inflation, trader Killa warned that BTC's strong price could face headwinds ahead of the upcoming U.S. inflation data next week. The April Consumer Price Index (CPI) will be released on Tuesday, expected to reflect the ongoing impact of the U.S.-Iran war and rising oil prices on the economy. Killa wrote on X, 'It has been priced in.' He added, 'BTC has risen after the last two CPI releases. However, if we reference the CPI price trends of 2025, we might see major players starting to reduce risk exposure before the event.' Additional support levels to watch include those near the bull market support band; if breached, $74,000 will become a focal target.

[Analyst: Bitcoin's Decline Not Over, Will Test $75,000 Support Level]On May 10, Bitcoin's price showed an upward trend after a relatively stable weekend, avoiding a drop back below $80,000. However, after rising close to $83,000 midweek, it failed to hold that level, leading traders to believe Bitcoin needs to retest its support levels—something they are now reaffirming. Notably, the 'bull market support band'—two moving averages located below $80,000—has drawn attention. Analyst Cryptic Trades stated, 'On lower time frames, after being rejected at the resistance zone on higher time frames, I believe the most likely outcome is a short-term pullback to the bull market support band, which has been a strong reversal area for the past few months.' He added, 'As long as the price remains above this support band and the broader higher time frame support area (around $75,000), I still believe the most likely outcome is further upward movement.' Trader Daan Crypto Trades agreed, referring to the initial breakout below the support band as an 'unclear breakout.' Regarding inflation, trader Killa warned that BTC's strong price could face headwinds ahead of the upcoming U.S. inflation data next week. The April Consumer Price Index (CPI) will be released on Tuesday, expected to reflect the ongoing impact of the U.S.-Iran war and rising oil prices on the economy. Killa wrote on X, 'It has been priced in.' He added, 'BTC has risen after the last two CPI releases. However, if we reference the CPI price trends of 2025, we might see major players starting to reduce risk exposure before the event.' Additional support levels to watch include those near the bull market support band; if breached, $74,000 will become a focal target.

Analyst: Bitcoin's Decline Not Over, Will Test $75,000 Support Level

On May 10, Bitcoin mining company DMG Blockchain announced the establishment of a new subsidiary, DMG Infrastructure, aimed at future operations in artificial intelligence/high-performance computing (AIHPC) business. The company plans to transition its data centers towards AI/HPC. Additionally, it disclosed that in April, it mined a total of 21 BTC, down from 23 BTC in March. As of the end of April, it held 389 BTC, a decrease of 9 BTC from the previous month, with a current hash rate of 1.54 EH/s, down from 1.63 EH/s in March.

[Bitcoin Mining Company DMG Blockchain Transitions to AI/HPC Infrastructure and Establishes Subsidiary]On May 10, Bitcoin mining company DMG Blockchain announced the establishment of a new subsidiary, DMG Infrastructure, aimed at future operations in artificial intelligence/high-performance computing (AIHPC) business. The company plans to transition its data centers towards AI/HPC. Additionally, it disclosed that in April, it mined a total of 21 BTC, down from 23 BTC in March. As of the end of April, it held 389 BTC, a decrease of 9 BTC from the previous month, with a current hash rate of 1.54 EH/s, down from 1.63 EH/s in March.

Bitcoin Mining Company DMG Blockchain Transitions to AI/HPC Infrastructure and Establishes Subsidiary

On May 10, Onchain Lens reported that a whale exchanged 40 BTC for 1,384.6 ETH through THORChain, valued at $3.23 million, and subsequently transferred these funds via Tornado Cash.

[Whale Exchanges 40 BTC for 1,384.6 ETH]On May 10, Onchain Lens reported that a whale exchanged 40 BTC for 1,384.6 ETH through THORChain, valued at $3.23 million, and subsequently transferred these funds via Tornado Cash.

Whale Exchanges 40 BTC for 1,384.6 ETH

On May 10, Amin Nasser, President and CEO of Saudi Arabian Oil Company (Saudi Aramco), stated that the global oil supply has decreased by approximately 1 billion barrels over the past two months. In a media interview on the same day, Nasser mentioned that even if energy flows return to normal, the entire system will require some time to return to a state of normalcy. Saudi Aramco indicated that the East-West oil pipeline is a crucial supply artery that helps alleviate global energy shocks and provides certain assurances to customers affected by shipping restrictions in the Strait of Hormuz.

[Saudi Aramco CEO: Global Oil Supply Decreased by Approximately 1 Billion Barrels in Two Months]On May 10, Amin Nasser, President and CEO of Saudi Arabian Oil Company (Saudi Aramco), stated that the global oil supply has decreased by approximately 1 billion barrels over the past two months. In a media interview on the same day, Nasser mentioned that even if energy flows return to normal, the entire system will require some time to return to a state of normalcy. Saudi Aramco indicated that the East-West oil pipeline is a crucial supply artery that helps alleviate global energy shocks and provides certain assurances to customers affected by shipping restrictions in the Strait of Hormuz.

Saudi Aramco CEO: Global Oil Supply Decreased by Approximately 1 Billion Barrels in Two Months

On May 10, President Trump stated: I did not say that hostile actions against Iran have ended, but I did say they have been defeated. (Jinshi)

[Trump: I Did Not Say Hostile Actions Against Iran Have Ended]On May 10, President Trump stated: I did not say that hostile actions against Iran have ended, but I did say they have been defeated. (Jinshi)

Trump: I Did Not Say Hostile Actions Against Iran Have Ended

On May 10, Goldman Sachs postponed its forecasts for the next two Federal Reserve rate cuts to December 2026 and March 2027. The report indicated that the transmission of energy costs could keep core Personal Consumption Expenditures (PCE) inflation around 3% for the entirety of 2026, above the Fed's 2% target. Previously, the International Monetary Fund (IMF) also predicted that core PCE would not return to 2% until early 2027. Goldman Sachs' U.S. economists believe that a cooling in monthly data and a weakening labor market must occur before rate cuts can happen. The Federal Reserve maintained the federal funds rate at 3.50% to 3.75% on April 29, with four dissenting votes, the highest number since 1992. According to CME FedWatch data, the market sees a 93.4% probability that rates will remain unchanged at the June 17 meeting. Lindsay Rosner from Goldman Sachs Asset Management previously stated that hawkish sentiment may prevail at the June FOMC meeting. For the cryptocurrency market, the delay in rate cuts tightens liquidity flowing into risk assets, and the strengthening dollar tends to suppress the valuation of crypto assets.

[Goldman Sachs Delays Fed Rate Cut Expectations to December 2026 Due to Inflation Pressures]On May 10, Goldman Sachs postponed its forecasts for the next two Federal Reserve rate cuts to December 2026 and March 2027. The report indicated that the transmission of energy costs could keep core Personal Consumption Expenditures (PCE) inflation around 3% for the entirety of 2026, above the Fed's 2% target. Previously, the International Monetary Fund (IMF) also predicted that core PCE would not return to 2% until early 2027. Goldman Sachs' U.S. economists believe that a cooling in monthly data and a weakening labor market must occur before rate cuts can happen. The Federal Reserve maintained the federal funds rate at 3.50% to 3.75% on April 29, with four dissenting votes, the highest number since 1992. According to CME FedWatch data, the market sees a 93.4% probability that rates will remain unchanged at the June 17 meeting. Lindsay Rosner from Goldman Sachs Asset Management previously stated that hawkish sentiment may prevail at the June FOMC meeting. For the cryptocurrency market, the delay in rate cuts tightens liquidity flowing into risk assets, and the strengthening dollar tends to suppress the valuation of crypto assets.

Goldman Sachs Delays Fed Rate Cut Expectations to December 2026 Due to Inflation Pressures

On May 10, Pakistani diplomatic sources stated that they conveyed Iran's response to the United States shortly after receiving it. According to a previous report by the Islamic Republic News Agency (IRNA), Iran's response to the U.S. proposal to end the war was relayed through Pakistan. The proposed plan indicates that the current phase of negotiations will focus on ending the war.

[Pakistan Communicates Iran's Response to the U.S.]On May 10, Pakistani diplomatic sources stated that they conveyed Iran's response to the United States shortly after receiving it. According to a previous report by the Islamic Republic News Agency (IRNA), Iran's response to the U.S. proposal to end the war was relayed through Pakistan. The proposed plan indicates that the current phase of negotiations will focus on ending the war.

Pakistan Communicates Iran's Response to the U.S.

On May 10, Amin Nasser, President and CEO of Saudi Aramco, stated that the global oil supply has decreased by approximately 1 billion barrels over the past two months. In an interview with the media on the same day, Nasser mentioned that even if energy flows return to normal, it will take some time for the entire system to stabilize. Saudi Aramco noted that the East-West oil pipeline is an important supply artery that helps alleviate global energy shocks and provides some assurance to customers affected by shipping restrictions in the Strait of Hormuz.

[Saudi Aramco CEO: Global Oil Supply Decreased by Approximately 1 Billion Barrels in Two Months]On May 10, Amin Nasser, President and CEO of Saudi Aramco, stated that the global oil supply has decreased by approximately 1 billion barrels over the past two months. In an interview with the media on the same day, Nasser mentioned that even if energy flows return to normal, it will take some time for the entire system to stabilize. Saudi Aramco noted that the East-West oil pipeline is an important supply artery that helps alleviate global energy shocks and provides some assurance to customers affected by shipping restrictions in the Strait of Hormuz.

On April 8, local time, the Israel Defense Forces shelled the southern Lebanese town of Barachit. This attack reportedly occurred following a statement from the office of Israeli Prime Minister Netanyahu. The statement indicated that Israel supports a two-week ceasefire between the United States and Iran, but the ceasefire does not include Lebanon. (CCTV News)

[IDF Shells Southern Lebanese Town]On April 8, local time, the Israel Defense Forces shelled the southern Lebanese town of Barachit. This attack reportedly occurred following a statement from the office of Israeli Prime Minister Netanyahu. The statement indicated that Israel supports a two-week ceasefire between the United States and Iran, but the ceasefire does not include Lebanon. (CCTV News)

IDF Shells Southern Lebanese Town

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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