ETF Inflows and Telegram Fee Cut Lift Crypto Market
Crypto market cap rose 0.66% to $2.63 trillion as U.S. spot Bitcoin ETFs drew $573.28 million on May 1 and Toncoin jumped about 30% after fee cuts and Telegram validator support.
The total crypto market capitalization increased 0.66% to $2.63 trillion, adding about $17.14 billion since Sunday’s close. The market rose from a recent low of $2.48 trillion on April 29, with $2.64 trillion cited as immediate resistance and a defense band between $2.64 trillion and $2.58 trillion.
U.S. spot Bitcoin exchange-traded funds recorded inflows of $573.28 million on May 1, the largest single-day inflow since January. The fund flows coincided with renewed on-chain activity and higher prices in early May.
Bitcoin traded near $80,405 inside an ascending channel that has guided the rally since late March. The Chaikin Money Flow indicator was around 0.11 and trending upward. A daily close above $82,139 would open paths to resistance levels at about $83,846 and $86,277; supports sit near $78,320 and $74,906.
Toncoin led the top-100 gainers after Pavel Durov announced a sixfold reduction in transaction fees. Durov wrote, “Fees in TON have dropped 6× — to nearly zero.” He also said Telegram would replace the TON Foundation and become the network’s largest validator. Toncoin traded around $1.744 after the announcement, rising roughly 30% in 24 hours.
Chart patterns for Toncoin showed a cup-and-handle breakout on higher volume. Traders noted that Toncoin needs to clear $1.79 to extend gains toward a projected $1.94 target. Near-term supports are at $1.59 and $1.52.
Western Union launched a USDPT stablecoin on the Solana blockchain through Anchorage Digital Bank, linking its roughly 500,000-agent global network across about 200 countries to crypto rails. The issuance creates a large physical cash off-ramp outside existing major stablecoin issuers.
A market projection estimated adjusted stablecoin transaction volume could reach $719 trillion by 2035 from organic growth, and rise as high as $1.5 quadrillion if macro factors accelerate adoption. The projection also showed stablecoin payment volumes on pace to match Visa and Mastercard between 2031 and 2039.
Market participants cited a residual risk-on bid labeled Project Freedom and recent geopolitical developments as background factors for the rotation into crypto. An announcement on May 4 that U.S. vessels would be escorted through the Strait of Hormuz coincided with easing oil-supply concerns and renewed institutional allocations into the sector.
