Gate Daily Report (May 6): Strategy Q1 loss of 12.5 billion; the CFTC plans to introduce protections for non-custodial software developers

Bitcoin (BTC) continues the rebound trend since the start of the week, temporarily around $81,240 as of May 6. The U.S. Commodity Futures Trading Commission (CFTC) is seeking to further implement protective measures for non-custodial software developers. Strategy suggests it may sell Bitcoin to cover dividend obligations; its Q1 net loss was $12.54 billion.

Macro Events & Crypto Market Highlights

1、According to The Block, CFTC Chair Michael Selig said the CFTC is considering rulemaking to strengthen its protective stance toward non-custodial software developers. In March this year, the CFTC issued a no-action letter to crypto wallet Phantom, stating it would not take enforcement action for failing to register as a broker, and clarified that qualified self-custody wallet software developers do not need to register as brokers.

Selig said the CFTC is seeking to formally incorporate this stance into rulemaking. In addition, Selig reiterated that prediction markets fall under the CFTC’s exclusive jurisdiction and that it will continue to prosecute states that violate federal jurisdiction. The CFTC previously sued Wisconsin, Illinois, Arizona, Connecticut, and New York.

2、According to CoinDesk, Strategy disclosed a net loss of $12.54 billion in its Q1 2026 earnings report, holding 818.3k BTC at an average cost of $75,537. Michael Saylor, executive chairman, said on the earnings call that the company may sell part of its Bitcoin holdings to meet dividend obligations, and said, “We may sell some bitcoin to pay dividends, to signal this to the market.”

Strategy’s annual dividend and debt interest obligations are about $1.5 billion, based on its cash reserves providing roughly 18 months of dividend coverage. Saylor described the model as “buying bitcoin with credit, letting it appreciate, and then selling bitcoin to pay dividends.” After the news was released, Strategy’s stock fell more than 4% in after-hours trading.

News Roundup

1、Ekubo: Ekubo Swap routing contracts on the EVM chain suffered a security incident; it recommends revoking relevant address approvals

2、A whale that recorded a $55 million loss in 2024 sues Coinbase, alleging it refused to return stolen funds

3、Solana co-founder: The Solana network “Alpenglow” upgrade could go live as early as next quarter

4、A certain whale/institution received a total of 1.22 million HYPE over the past three weeks, about $52.28 million

5、Solana and Google Cloud partner to launch AI agent stablecoin payment service Pay.sh

6、French chipmaker Sequans sold 1,025 BTC in Q1; its holdings were cut in half compared with the end of last year

7、Drift released a user recovery plan targeting the $295 million North Korean hacker attack

8、“Hyperliquid’s biggest long-time leader” goes long again on 99k ETH; it is up by $9 million

9、U.S. CFTC is seeking to further implement protective measures for non-custodial software developers

10、Strategy suggests it may sell Bitcoin to meet dividend obligations; its Q1 net loss was $12.54 billion

Market Performance

1、Bitcoin latest update: $BTC continues the rebound trend since the start of the week, temporarily around $81,240. Over the past 24 hours, $164 million has been liquidated, with long liquidations leading;

2、All four major U.S. stock indexes closed higher on April 5. The S&P 500, the Nasdaq Index, and the Philadelphia Semiconductor Index all hit record closing highs, boosted by Intel, memory stocks, and other AI-related equities. Meanwhile, the U.S.-Iran ceasefire agreement was maintained, and investors focused on strong quarterly earnings. The Dow Jones Industrial Average closed up 356.35 points, a rise of 0.73%, at 49,298.25. The S&P 500 rose 58.47 points, up 0.81%, to 7,259.22. The Nasdaq rose 258.33 points, up 1.03%, to 25,326.13.

（Source: Bitcoin Counter Flow）

3、In the Gate BTC/USDT liquidation map, using the current 81,285.01 USDT as the reference: if it drops to around $78,900, the cumulative long liquidation amount exceeds $17 million. If it rises to around $83,625, the cumulative short liquidation amount exceeds $15 million. The short liquidation amount is lower than the long side. It is advised to manage leverage levels reasonably and avoid triggering large-scale liquidations as the market moves.

（Source: Coinglass）

4、Over the past 24 hours, BTC spot inflows were $2.27 billion, outflows were $2.12 billion, and net outflows were $150 million.

（Source: Coinglass）

5、Over the past 24 hours, net outflows led in contracts such as $XAU, $DOT, $RAVE, $BSB, $PAXG , presenting trading opportunities.

Selected Views from X KOLs

Phyrex Ni（@Phyrex_Ni）：「Every day watching this bit of stuff between the U.S. and Iran really tires my mind and body. This is political tug-of-war. And it’s also my fault—I’ve been bad at political science since middle school. But as I said, even though yesterday the U.S. hit seven fast boats in Iran, and Iran only issued condemnation without escalating the fires against the U.S., it looks like both sides are indeed avoiding a return to full-scale war. But that also makes the negotiations between the U.S. and Iran extremely difficult.」

「So next, oil price fluctuations caused by the Strait of Hormuz could become even more frequent, and that’s not good for either side. The U.S.’s continued blockade has seriously harmed Iran’s finances, and WTI’s rise is also pushing up U.S. oil prices. The market worries about rising inflation, worries about a higher probability of an economic recession—and it’s also a pain for Trump, who desperately wants rate cuts.」

「So I feel there’s a possibility: could Trump and Iran, right now, make the Strait of Hormuz passable first, and then deal with the nuclear issue afterward? But if Iran doesn’t control the Strait of Hormuz, it loses one of its aces—then the confidence in talking with the U.S. may not be strong enough. But if this continues, Iran’s economy will fall into trouble. Remember, most areas in Iran are still in a state of being offline.」

「Going back to Bitcoin data, right now it is still moving up following U.S. stocks. The positioning structure is also very normal. Even though the turnover rate starts rising as soon as it reaches weekdays, that’s normal too. Just looking at $BTC indicators, you can’t really see much risk. My personal view is that Bitcoin follows U.S. stocks, follows the U.S. economy and the macro rhythm—this is the big direction for now.」

Outlook for Today

1、Eurozone March Producer Price Index (year-over-year), prior value was -3.0%

2、U.S. April ADP employment change (thousands), prior value was 62.0

3、U.S. EIA crude oil inventory change last week (ten thousand barrels) (through 0501), prior value was -623.4

4、St. Louis Fed President Musalem speaks on the economic outlook and monetary policy

5、Japan Constitution Memorial Day substitute holiday; market closed