The Institute for Supply Management (ISM) reported on May 5 that the expansion of the U.S. service sector slowed for the second consecutive month in April. According to Jin10, this was influenced by the largest decline in new orders in three years and sustained cost pressures at levels seen since late 2022. The ISM Non-Manufacturing PMI fell from 54.0 in March to 53.6 in April, slightly below the expected 53.7. While the business activity index rose by 2 points to 55.9, other components showed weaker performance. The new orders index dropped from a three-year high of 60.6 in March to 53.5, marking a 7.1-point decrease, the largest since March 2023. Meanwhile, cost pressures remained unchanged, with the prices paid index holding steady at 70.7, a high not seen since October 2022. The ongoing conflict in Iran has not only driven up energy prices but also caused supply chain bottlenecks, extending delivery times for essential business materials. According to data from the American Automobile Association, motor fuel prices have reached their highest level since the summer of 2022. The ISM supplier deliveries index, which rises as delivery times lengthen, increased from 56.2 in March to 56.8, the highest since July 2022.

The Institute for Supply Management (ISM) reported that the U.S. non-manufacturing PMI for April was 53.6, slightly below the anticipated 53.7. According to Jin10, the previous month's PMI was recorded at 54, indicating a slight decline in the non-manufacturing sector's growth rate.

The U.S. March JOLTs job openings were reported at 6.866 million, surpassing the expected 6.835 million. According to Jin10, the previous figure was revised from 6.882 million to 6.922 million.

The U.S. reported annualized new home sales totaling 682,000 units in March, exceeding the anticipated 650,000 units. According to Jin10, this data reflects a stronger-than-expected performance in the housing market.

S&P Global Market Intelligence's Chief Business Economist, Chris Williamson, noted on May 5 that U.S. business activity has resumed growth after a slight decline in March. However, according to Jin10, the momentum has significantly slowed since the beginning of the year. Survey data indicates an annualized GDP growth rate of approximately 1%. Growth may weaken further as the services sector reports a decrease in new business inflows for the first time in two years, reflecting the increasing impact of the Middle East conflict on demand. The direct effects of the conflict are most evident in the services sector, where high prices have led to a decline in discretionary spending, such as vacations and entertainment. Additionally, high fuel costs and travel disruptions have suppressed transportation activities. The demand for financial services has also decreased, partly due to rising market uncertainty and expectations of higher inflation and interest rates affecting real estate and credit activities. Input cost inflation has risen further, with fuel prices increasing and prices for goods and services generally rising, alongside wage growth. These factors are expected to contribute to consumer inflation in the coming months.

Key Takeaways Digital asset investment products recorded $117.8 million in net inflows last week, extending the inflow streak to five consecutive weeks and $4.02 billion in cumulative flows -- the longest and largest inflow streak of 2026ETPs shed $619 million across Monday through Thursday before a single Friday session of $737 million inflows flipped the week positive -- one of the largest single-day inflow figures of the yearBitcoin products attracted $192.1 million in weekly inflows, lifting year-to-date flows to $4.2 billion, though significantly below the prior three weeks' average of nearly $1 billionEthereum reversed course with $81.6 million in outflows, snapping a three-week inflow streak that had averaged above $190 millionUS spot Bitcoin ETFs pulled in $532.21 million on Monday alone, led by BlackRock's IBIT at $335.49 million and Fidelity's FBTC at $184.57 millionTotal crypto ETP assets under management held steady at $155 billion despite the volatile weekly flow pattern Crypto exchange-traded products extended their inflow streak to five consecutive weeks last week, but the headline figure masks a volatile underlying pattern that offers as much caution as it does comfort. According to CoinShares' weekly report published Tuesday, digital asset investment products recorded $117.8 million in net inflows for the week -- a positive result that was entirely engineered by a single Friday session that attracted $737 million after four days of consecutive outflows totaling $619 million had left the week in deeply negative territory heading into the weekend. Friday Saved the Streak CoinShares head of research James Butterfill described the Friday inflow figure as one of the largest single-day inflows of 2026, attributing it to "a sharp improvement in risk appetite" that coincided with Bitcoin's recovery above $80,000. The reversal from a $619 million four-day outflow run to a $737 million single-session inflow underscores how binary current market sentiment is -- and how quickly flows can shift in response to geopolitical or macro catalysts. The five-week cumulative total now stands at $4.02 billion, surpassing the previous 2026 best of $2.9 billion recorded in March and marking the longest sustained inflow run of the year. Total ETP assets under management held steady at $155 billion despite the week's volatility. Bitcoin Leads but Participation Narrows Bitcoin products attracted $192.1 million in weekly inflows, lifting year-to-date flows to $4.2 billion. The figure is positive but represents a significant step-down from the prior three weeks' average of nearly $1 billion per week -- a deceleration that Butterfill flagged as a signal of softening sentiment through the working week before Friday's recovery. Short-Bitcoin products attracted modest inflows of $6 million, reflecting residual bearish positioning despite the price recovery. Butterfill identified the narrowing of participation as the week's clearest warning signal. "The narrowing in participation from nine assets to four this week is the clearest signal that sentiment softened through the working week before recovering on Friday," he wrote -- a comment that points to a market where conviction is concentrated rather than broad-based. Ethereum Snaps Its Inflow Streak Ethereum reversed sharply with $81.6 million in outflows, ending a three-week inflow streak that had averaged more than $190 million per week. The reversal is notable given Ethereum's strong April performance and suggests profit-taking or rotation away from ETH at current levels rather than a structural change in institutional demand. Regional Flows: US Participation Drops Sharply The regional breakdown revealed a significant pullback in US participation. American investors contributed just $47.5 million in net inflows last week -- a sharp drop from the $1.1 billion recorded the prior week, reflecting the midweek outflow pressure that dominated the first four days of the period. Germany added $43.8 million and Canada contributed $16 million, providing a modest offset from international markets. Monday's ETF Inflows Signal Recovery The flow picture has already improved materially at the start of this week. US spot Bitcoin ETFs attracted $532.21 million on Monday alone, led by BlackRock's IBIT with $335.49 million and Fidelity's FBTC with $184.57 million -- extending a three-day winning streak and coming as Bitcoin crossed back above $80,000 for the first time in more than three months. The Monday inflow follows a $490.63 million outflow stretch last week, reinforcing the pattern of sharp reversals that has defined ETP flows through the volatile April-May period.

Intel's stock price increased by 11.16%, reaching $106.47 per share, according to Odaily. The company's total market capitalization now stands at $535.1 billion, with a year-to-date increase of nearly 190%.

Bitcoin mining company IREN has signed a definitive agreement to acquire cloud infrastructure service provider Mirantis for approximately $625 million, paid in IREN common stock. According to Foresight News, this acquisition aims to enhance IREN's capabilities in deploying, managing, and operating AI cloud services. Following the completion of the acquisition, Mirantis will continue to serve its existing customers as an independent subsidiary while fully supporting IREN's AI cloud initiatives. The transaction is subject to customary regulatory approvals and other conditions.

Nvidia's stock closed at $198.48 on May 4, approximately 8% below its recent high of $216.87 on April 27. According to NS3.AI, the 20-day Exponential Moving Average (EMA) at $198.20 serves as a crucial support level as the company approaches its earnings report on May 20. This pullback aligns with a bull flag pattern, suggesting that the uptrend from late March to April remains intact unless the support level is breached.

Semiconductors, essential components in technologies ranging from artificial intelligence to smartphones, are at the center of a global manufacturing shift. Bloomberg posted on X that as supply chain vulnerabilities become more apparent, particularly with the heavy reliance on Taiwan, nations worldwide are investing billions to establish domestic chip production capabilities. This strategic move aims to mitigate risks and ensure a stable supply of these critical components. The push for localized manufacturing reflects growing concerns over geopolitical tensions and the potential for disruptions in the semiconductor supply chain. Countries are prioritizing the development of their own chipmaking industries to reduce dependency on external sources and enhance technological sovereignty.

记得我10年前去台北拜访金融机构时，他们都在叹苦经：2016年1季度台湾省GDP同比下跌0.89%，且已经是连续三个季度下跌，而他们的薪水已经很多年没有上涨了。

5 月 4 日庭审：自打脸的炸弹，照见整个 AI 时代

西联汇款已正式进军稳定币领域，在Solana上推出了与美元挂钩的USDPT，此举标志着该公司正从传统的汇款渠道向基于区块链的结算体系进行重大转型。

BitMine已连续三周购入超过10万枚ETH，使其总持仓量突破518万枚ETH。该公司表示，由于通证化、人工智能应用以及质押收益的增长，以太坊的需求正在上升。

朝鲜被指控策划了2026年全球超过75%的加密货币犯罪，区块链分析公司TRM Labs估计，仅在过去四个月里，被盗资金就可能高达5.77亿美元。

Polygon 推出了基于零知识证明的隐私稳定币支付功能，该功能在执行合规检查的同时，还能隐藏交易细节。用户可为监管机构生成审计文件，旨在为机构用户提供兼具隐私保护与监管合规的链上支付服务。

Tether，这个以稳定币著称的加密金融巨头，正在将触角伸向比特币挖矿领域。

CLARITY Act立法进展对稳定币发行商和交易平台产生了直接影响，Circle股价盘中大涨近20%，USDC交易活跃度显著增加。

就在唐纳德·特朗普公布“自由行动”计划数小时后，比特币价格飙升至8万美元以上，触及80,529美元的四个月高点。该计划是一项美国海军行动，旨在在与伊朗紧张局势不断升级之际，护送货船通过具有战略要地意义的霍尔木兹海峡。

PWL Capital 投资组合经理兼首席投资官 Ben Felix 是一位以实证为基础的投资专家，将学术金融研究转化为普通人都能理解的实用决策。