Author: Gabby

Bitcoin’s price tumbled under the $80,000 mark on Thursday, coinciding with a significant shift in spot Bitcoin ETF flows that ended a five-day streak of robust inflows. Data from SoSoValue revealed that U.S.-listed spot Bitcoin ETFs experienced net outflows totaling $277.5 million, marking the first daily outflow in May after nearly $1.7 billion in cumulative inflows over the previous five sessions.

The price of BTC touched an intraday low of $79,250 before recovering slightly, currently hovering near $80,000. This volatility followed a period of stability above $82,000 just a day earlier. The outflows were led by major players: Fidelity’s Wise Origin Bitcoin Fund saw $129 million exit, while BlackRock’s iShares Bitcoin Trust recorded $98 million in redemptions, according to Farside data. This reversal highlights how quickly investor sentiment can change when price momentum stalls.

Not all funds suffered withdrawals. Morgan Stanley’s Bitcoin Trust ETF (MSBT) continued to attract capital, adding $7.3 million on the same day and maintaining a streak without a single daily outflow since its launch on April 8, 2026. The fund has now amassed 2,920 BTC, valued at approximately $232.6 million. Grayscale’s Bitcoin Mini Trust was the only other Bitcoin-focused ETF to report positive inflows.

The broader crypto market also felt pressure. Spot Ethereum ETFs recorded $104 million in net outflows on May 7, with none of the ten Ethereum-based products seeing inflows, as per SoSoValue data. This downturn occurred amid the launch of 21Shares’ TCAN, the first U.S. ETF tied to Canton Coin, listed on Nasdaq with a 0.50% gross expense ratio.

Despite April’s strong finish with $2.44 billion in net spot Bitcoin ETF inflows, the latest outflows underscore the fragile nature of demand. The Crypto Fear & Greed Index slipped back into “Fear” territory at 38, after briefly touching “Neutral” levels. While Bitcoin remains higher over the past 30 days, profit-taking and risk aversion have clearly re-emerged, reminding investors that ETF flows are closely tied to price action and broader market sentiment.

Cloudflare shocked investors by announcing a major workforce reduction just after posting better-than-expected quarterly results. Shares plunged roughly 18% in after-hours trading as the market reacted to the company’s plan to eliminate over 1,100 positions, representing about one-fifth of its global staff. This move is part of a strategic shift toward what executives call an ‘agentic AI-first operating model.’ While the layoffs stirred unease, the company’s financial performance itself was solid: first-quarter revenue reached $640 million, a 34% year-over-year increase and above the $622 million analysts had predicted. Adjusted earnings per share came in at $0.25, also topping forecasts.

CEO Matthew Prince revealed that internal AI usage at Cloudflare skyrocketed more than 600% over the past three months, with thousands of AI agent workflows now integrated into daily operations. Management emphasized that this restructuring is a long-term operational evolution rather than simple cost-cutting. However, the market remained cautious, especially after softer revenue guidance for the current quarter. The company forecast second-quarter revenue between $664 million and $665 million, slightly below analyst expectations.

The layoffs are part of a broader trend across the tech industry as companies realign their operations around artificial intelligence and automation. Amazon has trimmed roles in cloud computing, devices, and media while boosting spending on generative AI infrastructure. Microsoft has reduced positions in several divisions while redirecting billions toward AI data centers and products tied to OpenAI technology. Meta and Coinbase have also announced workforce reductions in recent months, emphasizing efficiency and AI-focused restructuring. Industry data shows more than 93,000 technology jobs have been cut globally so far in 2026, with automation and AI adoption increasingly influencing hiring decisions.

Despite the sell-off, Cloudflare maintained its full-year outlook. The company reaffirmed projected 2026 revenue between $2.805 billion and $2.813 billion and forecast earnings per share of $1.19 to $1.20. Management believes expanding AI integration across operations will improve efficiency and accelerate product delivery. The market reaction, however, underscored lingering uncertainty about aggressive AI-driven restructuring strategies in the tech sector.

The digital asset PROS experienced a significant price increase of 47.8% to reach $0.9457, driven by new listings on major South Korean exchanges Upbit and Bithumb. This move expanded access for Korean traders to the Pharos network token.

Upbit announced it would support PROS trading against the Korean won, Bitcoin, and Tether starting May 8 at 8:30 PM local time, with deposits and withdrawals opening within 90 minutes after the notice. The exchange emphasized that users must use the Pharos network for deposits to avoid delays.

According to CoinGecko, the 24-hour trading volume for PROS soared 209.6% to $28.7 million, bringing its market capitalization to approximately $127.5 million and ranking it at number 255 on the platform. The token also posted a 45.7% gain over the past week, outperforming the broader crypto market.

In addition to Upbit, Bithumb also listed PROS in its Korean won market on the same day, providing another avenue for local investors. Following the listing, Upbit implemented standard controls, including a five-minute restriction on buy orders at the start of trading and a temporary ban on sell orders priced more than 10% below the previous closing price. Limit orders were the only option for about two hours to ensure orderly trading as liquidity developed.

Pharos is a blockchain platform compatible with the Ethereum Virtual Machine (EVM), utilizing an asynchronous BFT-based proof-of-stake consensus. It employs parallel processing to support Web3 applications and real-world asset tokenization. A report by Messari highlights its modular Layer 1 architecture, targeting 30,000 transactions per second and sub-second block times, while integrating both EVM and WebAssembly runtimes.

This listing comes amid heightened activity on Upbit, which recently added B3 and Dogwifhat to its markets. However, experts caution that while new listings can attract rapid retail interest, they may also lead to volatile short-term price movements. South Korea’s crypto environment is also facing stricter anti-money laundering regulations, which could increase reporting burdens for exchanges.