Three Macro Risks Pressure Bitcoin Amid Regulatory Progress; MOVE Index Surges 14.7%

According to ChainCatcher and crypto analyst Omkar Godbole, macroeconomic headwinds are currently weighing on risk appetite despite regulatory advances. Last Friday (May 16), the U.S. Treasury market volatility index (MOVE) surged 14.7% to 79.87—its highest level since April 7. Meanwhile, the U.S. dollar-to-yen exchange rate approached 159, nearing the 160 level at which Japan’s central bank may intervene. Rising Treasury volatility and potential yen carry-trade unwinds could trigger deleveraging across global financial markets. Additionally, WTI and Brent crude have both surpassed $100 per barrel, with IEA officials warning that global commercial crude inventory is declining rapidly due to regional conflicts and could be depleted within weeks.

The macroeconomic pressure is temporarily overshadowing the positive impact of the Clarity Act’s passage through the U.S. Senate Banking Committee last week. In a separate development, cross-chain bridge attacks have proliferated this year, with hackers stealing approximately $328 million across eight major incidents, underscoring persistent infrastructure security risks in the industry.