Changes in the US Federal Reserve, inflation data and earnings dominate this week’s calendar as markets weigh bitcoins newfound strength against a packed macroshale.
“The market is entering a phase where liquidity is becoming more selective rather than purely speculative,” Jake Seltzer, CEO of Quantix Finance, told CoinDesk in an emailed statement. “Bitcoin continuing to strengthen at these levels is important because it strengthens confidence across the broader digital asset market, particularly among institutional allocators who previously sat on the sidelines.”
This week will see inflation data combined with earnings from many crypto companies.
“In the near term, markets will still be driven by macro conditions, ETF flows and global liquidity, so volatility is expected,” Seltzer said. “But structurally, the industry feels much healthier than previous cycles.”
Seltzer said capital has begun to favor “real infrastructure, sustainable return models and platforms with actual risk management behind them rather than short-term narratives alone.”
That shift will also focus on infrastructure. Azul, an upgrade to the Base blockchain, is expected to go live on the mainnet, Ronin is set to move back to Ethereum, and more DAOs are voting on treasury, recovery, and MEV-related proposals as the ecosystem recovers from its biggest exploit of the year to date.
What to see
(All times ET)
- Crypto
- May 11: The US Senate is expected to hold a procedural vote on Kevin Warsh’s Federal Reserve nomination package.
- May 13: Base Azul is expected to go live on the mainnet.
- May 14: Markup by the US Senate Banking Committee is planned for the Digital Asset Market Clarity Act of 2025.
- May 15: Jerome Powell’s term as chairman of the Federal Reserve officially ends; his directorship will continue until January 31, 2028.
- Macro
- May 12 at 01:00: Germany’s inflation rate final for April y-o-y estimated 2.9% (Prev 2.8%); MoM estimated 0.5% (Previous 1.2%)
- May 12 at 05.30: India Inflation Rate YoY for April Estimated 3.8% (Prev 3.4%); MoM (Previous 0.26%)
- May 12 at 07.30: US core CPI MoM for April estimated 0.4% (prev 0.2%); YoY (Previous 2.6%)
- May 12 at 07:30: US CPI MoM for April estimated 0.6% (Prev 0.9%); Year on year (previously 3.3%)
- 13 May at 07.30: US PPI MoM for April estimated 0.4% (Prev 0.5%); YoY (Previous 4.0%)
- 13 May at 07:30: US Core PPI MoM for April (prev 0.1%); YoY (Previous 3.8%)
- 14 May at 01:00: UK GDP growth rate Q1 Prel. QoQ (previously 0.1%); YoY (Prev 1.0%)
- 14 May at 07.30: MoM for US retail sales for April (prev 1.7%)
- 14 May at 7.30am: Initial US jobless claims for the period ending May 9 (previous 200,000)
- (Previous 11)
- 15 May at 08.15: MoM for US industrial production for April (previous -0.5%)
- 17 May at 21:00: China’s industrial production y/y for April (prev 5.7%); Retail Sales YoY (previously 1.7%); Investment in fixed assets YYT YYYY (previously 1.7%); Unemployment rate (previously 5.4%)
- Earnings (Estimated based on FactSet data where available)
- May 11: MARA Holdings (MARA), post-market, -$0.45
- May 11: CleanSpark (CLSK), after market, -$0.23
- May 11: Circle Internet Group (CRCL), pre-market, $0.17
- May 11: Exodus Movement (EXOD), post-market, $0.01
- May 11: Bakkt (BKKT), post-market, -$0.10
- May 11: Sharplink (SBT), pre-market, $0.01
- May 12: EToro Group (ETOR), pre-market, $0.69
- May 12: Coincheck Group (CNCK), after market, -$0.01
- May 12: TON Strategy Company (TONX), premarket, -$1.42
- May 13: Bitgo Holdings (BTGO), after market, -$0.01
- May 14: Bullish (BLSH), pre-market, $0.16
- May 14: Rumble (RUM), after market, -$0.09
- May 14: Gemini Space Station (GEMI), post-market, -$1.13
- May 14: Bitdeer Technologies (BTDR), pre-market, -$0.33
- May 14: Applied Materials (AMAT), post-market, $2.66
Token Events
- Governance votes and calls
- 1inch DAO votes to allocate $155,000 USDC to its 2026 program for public policy and legislation, trade group membership funding, and direct engagement from US lawmakers. Voting ends May 11.
- Compound DAO votes to contribute around 1,860 ETH to the DeFi United rsETH recovery effort. The funds will be drawn solely from the attacker’s reclaimed position on Compound rather than the wider treasury, ensuring that the DAO does not profit from the exploitation. Voting ends May 11.
- Balancer DAO votes to distribute a one-time distribution of 500,000 USDC to veBAL holders as compensation for discontinued incentives, replacing a planned six-month payout. Voting ends May 12.
- GnosisDAO votes to let holders burn GNO for a pro-rata share of the treasury’s liquid assets and a synthetic claim token for illiquid investments. Voting ends May 12.
- The QuickSwap DAO votes to integrate the MEV-X Homelander plugin to capture backflowing MEV from its liquidity pools and redistribute the profits back to the protocol and its liquidity providers. Voting ends May 12.
- ShapeShift DAO votes to formalize its Treasury Signer role as a $1,000 per month paid position at FOX and update the Selection Committee’s rules for appointing private signers. Voting ends May 13.
- Decentraland DAO votes to remove peer.kyllian.me catalyst node following owner’s removal from Security Advisory Board. Voting ends May 14.
- Unlocks
- May 12: Avalanche (AVAX) to unlock 0.31% of its circulating supply, worth $16.55 million.
- May 15: Connex (CONX) unlocks 1.49% of its circulating supply, worth $17.99 million.
- May 16: Arbitrum (ARB) unlocks 1.71% of its circulating supply, worth $13.23 million.
- The token is launched
- 11.-17. May: First full week of Pump.fun’s revised tokenomics.
- May 12: Ronin officially moves back to Ethereum.
