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BlockBeats reported on May 5 that, according to Coinglass data, after Bitcoin experienced a brief decline due to international tensions and then once again strongly surpassed the $80,000 mark, current mainstream CEX and DEX funding rates show the market has returned to a fully bearish stance. Specific funding rates are shown in the attached image. BlockBeats note: Funding rates are fees set by cryptocurrency trading platforms to maintain balance between contract prices and the underlying asset price, typically applied to perpetual contracts. It is a capital exchange mechanism between long and short traders; the trading platform does not charge this fee. The aim is to adjust the costs or earnings of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it represents the benchmark rate. When the funding rate is above 0.01%, it indicates the market is generally bullish. When the funding rate is below 0.005%, it indicates the market is generally bearish.

1. On Tuesday, the yen remained steady around 157.20, with the market staying alert for suspected intervention from Japanese authorities. Since last Thursday, the yen has repeatedly surged sharply, and data shows Japan has injected approximately $35 billion to support the exchange rate. Analysts believe that intervention is unlikely to reverse structural pressures, and the USD/JPY exchange rate may experience intense swings within the broad 155-160 range.2. The new round of attacks in the Gulf region poses a severe test for the fragile ceasefire between the US and Iran, boosting demand for safe-haven assets and strengthening the dollar. The US dollar index remained stable at 98.49, the euro fell to $1.1687, and the pound was reported at $1.3527. Analysts pointed out that the market has shifted toward seeking safety, but intense volatility associated with a comprehensive escalation has not yet appeared.3. The market is focusing on today’s interest rate decision from the Reserve Bank of Australia, with widespread expectations for a third consecutive rate hike to curb inflation. The Australian dollar remained steady near $0.7160, awaiting policy signals.4. Analysts state that the yen’s fate is closely tied to oil prices and the Middle East conflict. If oil prices remain high, the yen may face renewed pressure. Brent crude jumped 6% on Monday. The market is also watching whether the situation will further escalate, pushing up oil prices and weighing on risk assets.

On Tuesday, oil prices retreated. July Brent crude oil futures fell 0.2% to $113.76 per barrel, while US WTI crude oil dropped 1.74% from Monday’s settlement price to $104.63 per barrel. Previously, the US Navy escorted a Maersk car carrier flying the US flag through the Strait of Hormuz, alleviating market concerns about immediate supply disruptions.The chief market analyst at KCM Trade stated that the successful escort demonstrates that limited safe passage is possible under current conditions, helping to dispel the most extreme worries over supply disruptions. However, this appears more like an isolated case rather than a full reopening.However, on Monday, Iran launched attacks in the Gulf region as retaliation, with several merchant ships targeted, and a major oil port in the United Arab Emirates caught fire following the Iranian strike. This action marks the biggest escalation in the conflict since the ceasefire was announced four weeks ago.Goldman Sachs warns that global crude inventories are approaching an eight-year low, and supply constraints persist. As the world rapidly draws down commercial inventories, strategic reserves, and floating storage, potential supply shortages remain a strong driver supporting oil prices.Chevron’s chairman stated that, due to the closure of the Strait of Hormuz, the world will begin to experience physical crude oil shortages. Since the outbreak of war at the end of February, Iran has effectively blockaded the strait, causing a massive shock to the global energy supply.