SnapShot 257

Hello SnapShotters,

May opened on a high note as BTC clocked its best monthly performance in 12 months at the end of April.*

BTC rebounded from last week’s $76,000 low to break the $80,000 resistance, a first in the past three months. Wall Street also had a jubilant week; the S&P 500 and Nasdaq 100 notched fresh records following an AI-driven earnings blitz from tech heavyweights like Apple and Oracle.

The institutional landscape saw a rare divergence this week. Strategy (MSTR) paused its BTC accumulation ahead of a Q1 earnings release that revealed a $12.5 billion loss. Meanwhile, BitMine completed its third straight weekly purchase of over 100,000 ETH. The firm now holds roughly 4.87 million ETH ($11.2 billion), representing more than 4% of the total supply.

Strive (ASST), a U.S. based investment management firm, bolstered its BTC treasury with a $33.9 million acquisition, bringing its total holdings to over 15,000 BTC.

On the regulatory front, the CLARITY Act found a path forward through a bipartisan compromise. By prohibiting stablecoin issuers from paying direct yield on reserves while preserving activity-based rewards, the Senate cleared a major hurdle for a Banking Committee markup. Let’s dive into the week’s top stories.

News Snaps

💳 Crypto Card Spending Up 500% as Visa Dominates
Monthly crypto card spending has jumped by 500% since late 2024, reaching approximately $600 million as stablecoins move from idle wallet balances into everyday global commerce. Visa processed about 90% of these on-chain transactions.

🇹🇼 Taiwan Proposes BTC Reserve from $602B FX Chest
A Taiwanese legislator formally petitioned the Premier and Central Bank Governor to allocate $2.5 billion of Taiwan’s foreign exchange (FX) reserves into Bitcoin. 

✨ Tether Gold Hits $3.3B as "Hard Assets" Trend
Tether’s tokenized gold product, XAUt, saw its market capitalization soar 36% to over $3.3 billion in Q1 as investors sought refuge in bullion-backed assets.

🇰🇷 Upbit Enters the Superchain with GIWA Chain
South Korea’s leading exchange, Upbit, is launching its own Ethereum Layer-2, GIWA
Chain, using the Optimism (OP) Stack.

☀️ Consensus 2026 Kicks Off in Miami
Day 1 highlights include takes on regulation and crypto tax reforms, while industry executives remarked that tokenization efficiency gains have become “too significant to ignore.” Day 2 focused on a concrete timeline for U.S. regulation, with White House advisor Patrick Witt calling for the CLARITY Act to reach the President's desk by July 4.

What’s Ahead

📅 May 11: The "Halvening" Anniversary 

Six years ago, Bitcoin’s third halving slashed miner rewards to 6.25 BTC, sparking a run to the then high of $69,000.

Number of the Week

Source: Reuters

Chart of the Week

The real-world asset (RWA) market grew by 431% since early 2025, with total value climbing from $5.8 billion to over $30.8 billion.

While tokenized U.S. Treasurys represent the lion's share at $15.1 billion, asset-backed credit is the surprise frontrunner for growth, jumping 29-fold to hit $2.5 billion. Combined with a 412% increase in tokenized commodities, the data signals a trend: major financial institutions like BlackRock and Fidelity are moving past the pilot phase to settle multi-billion dollar trades on 24/7 ledgers.

As of Apr 30, 2026

Sources: Rwa.xyz, Crypto.com Research

Research & Insights

Stablecoin Adoption vs Action

The latest DeFi & L1L2 Weekly brings a fascinating divergence: the stablecoin market is growing in size but slowing in velocity. 

Although total supply climbed to $323 billion alongside a rise in active addresses, actual transfer volume dropped 7% this past month. This "hold rather than spend" trend comes as Morgan Stanley enters the fray with its new Stablecoin Reserves Portfolio (MSNXX), a regulated money market fund that anchors issuer reserves in the U.S. financial system.

In decentralized finance, DeFi United released a technical roadmap to restore the rsETH backing following the Kelp bridge exploit. The plan involves controlled liquidations of over 107,000 rsETH to clear systemic bad debt.

If stablecoin supply continues to reach record highs while transaction volume shrinks, will these digital dollars become passive treasury assets rather than the revolutionary payment rails proponents envisioned?

Read the full DeFi & L1L2 Weekly report here.

Crypto Trivia

According to a 2026 market analysis, which mega-cap tech giant did Bitcoin beat to be a “safer bet” in terms of realized volatility?

A) Apple (AAPL)
B) Nvidia (NVDA)
C) Microsoft (MSFT)

Find the correct answer at the end of this newsletter.

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Security Tips

Fake HSBC Stablecoins Surface Following Hong Kong Licensing Push

A wave of fake HSBC-branded stablecoins emerged following the issuance of Hong Kong’s first stablecoin licenses, demonstrating how scammers are exploiting regulatory headlines to appear legitimate.

On April 28, the Hong Kong Monetary Authority (HKMA) warned that tokens using the tickers “HKDAP” and “HSBC” had appeared in the market, despite having no link to any licensed stablecoin issuer. The fake tokens emerged before real licensed products reached consumers, creating confusion in a market that is still adjusting to the new stablecoin regime. 

How to Keep Funds Safe:

• Do independent research on tokens, even if they appear to be issued by established companies or banks
• Verify stablecoin launches through official company or regulator channels
• Refrain from interacting with unsolicited tokens sent to digital wallets

Source: CryptoSlate

Crypto Trivia Answer

B) Nvidia (NVDA) ✅

In a historic statistical flip, Bitcoin’s realized volatility in 2025 and early 2026 dropped to record lows (around 2.2% daily). In contrast, Nvidia saw annualized swings exceeding 100% amid intense AI-driven speculation.

Source: RootData

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.