U.S. Federal Reserve changes, inflation and earnings data dominate the week’s calendar as markets weigh on bitcoin. a newfound strength in the face of a full macro list.
“The market is entering a phase where liquidity is becoming more selective 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 builds confidence in the broader digital asset market, particularly among institutional allocators who were previously on the sidelines.”
This week we will see inflation data coupled with profits from many crypto companies.
“In the short term, markets will still be influenced by macroeconomic 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 is starting to prioritize “real infrastructure, sustainable return models and platforms with real risk management behind them rather than just short-term narratives.”
This change will also focus on infrastructure. Azul, an upgrade to the Base blockchain, is set to go live on mainnet, Ronin is set to return to Ethereum, and several DAOs are voting on proposals related to treasury, recovery, and MEV as the ecosystem recovers from the biggest feat of the year so far.
What to watch
(All times ET)
- Cryptocurrency
- May 11: The US Senate is expected to hold a procedural vote on Kevin Warsh’s nomination to the Federal Reserve.
- May 13: Base Azul is expected to go live on mainnet.
- May 14: U.S. Senate Banking Committee markup 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 term on the board of directors continues until January 31, 2028.
- Macro
- May 12, 1:00 a.m.: final inflation rate in Germany for April year-on-year, est. 2.9% (previous 2.8%); MoM is. 0.5% (previous 1.2%)
- May 12, 5:30 a.m.: India’s one-year inflation rate for April, estimated at 3.8% (previously 3.4%); MoM (previous 0.26%)
- May 12, 7:30 a.m.: U.S. MoM core CPI for April est. 0.4% (previous 0.2%); Over one year (previously 2.6%)
- May 12, 7:30 a.m.: US MoM CPI for April est. 0.6% (previous 0.9%); Over one year (previously 3.3%)
- May 13, 7:30 a.m.: US PPI MoM for April est. 0.4% (previous 0.5%); Over one year (previous 4.0%)
- May 13, 7:30 a.m.: US PPI base MoM for April (previous 0.1%); Over one year (previously 3.8%)
- May 14, 1:00 a.m.: Growth rate of British GDP Q1 Prel. QoQ (previous 0.1%); Over one year (previous 1.0%)
- May 14, 7:30 a.m.: U.S. retail sales moM for April (previous 1.7%)
- May 14, 7:30 a.m.: First unemployment claims in the United States for the period ending May 9 (previous 200,000)
- (Previous 11)
- May 15, 8:15 a.m.: US industrial production rate for April (previous -0.5%)
- May 17, 9:00 p.m.: Chinese industrial production year-on-year for April (previous 5.7%); Retail sales over one year (previously 1.7%); Investment in fixed assets since the start of the year (1.7% previously); Unemployment rate (previous 5.4%)
- Earnings (Estimates based on FactSet data where available)
- May 11: MARA Holdings (MARA), post-market, – $0.45
- May 11: CleanSpark (CLSK), post-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), post-market, -$0.01
- May 12: TON Strategy Company (TONX), pre-market, -$1.42
- May 13: Bitgo Holdings (BTGO), post-market, -$0.01
- May 14: Bull (BLSH), pre-market, $0.16
- May 14: Rumble (RUM), post-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
- Votes and calls on governance
- 1inch DAO votes to allocate $155,000 USDC to its 2026 Public Policy and Regulatory Advocacy Program, funding trade group memberships and direct engagement with U.S. lawmakers. Voting closes on May 11.
- Compound DAO votes to contribute approximately 1,860 ETH to the DeFi United rsETH recovery effort. Funds will come exclusively from the attacker’s recovered position on Compound rather than the broader treasury, ensuring that the DAO does not profit from the exploit. Voting closes on May 11.
- Balancer DAO votes to distribute a one-time airdrop of 500,000 USDC to veBAL holders as compensation for discontinued incentives, replacing a scheduled payment over six months. Voting closes on May 12.
- GnosisDAO votes to allow holders to burn GNO for a pro-rata share of liquid Treasury assets and a synthetic debt token for illiquid investments. Voting closes on May 12.
- QuickSwap DAO votes to integrate the MEV-X Homelander plugin to capture overdue MEV from its liquidity pools and redistribute the profits to the protocol and its liquidity providers. Voting closes on May 12.
- ShapeShift DAO votes to formalize its role as a Treasury signatory as a $1,000 per month paid position at FOX and update the selection committee rules for appointing signatories privately. Voting closes on May 13.
- Decentraland DAO votes to remove catalyst node peer.kyllian.me following its owner’s removal from the Security Advisory Board. Voting closes on May 14.
- Unlocks
- May 12: Avalanche (AVAX) will release 0.31% of its circulating supply worth $16.55 million.
- May 15: Connex (CONX) will unlock 1.49% of its circulating supply worth $17.99 million.
- May 16: Arbitrum (ARB) will release 1.71% of its circulating supply worth $13.23 million.
- Token Launches
- May 11-17: First full week of revised tokenomics from Pump.fun.
- May 12: Ronin officially returns to Ethereum.
