Crypto News Today (May 1): Bitcoin Opens May With a Pump, LUNC Surges Another 10%, April Hacks Hit Record $651M

Bitcoin started May on a positive note, jumping 2% to trade above $77,000. This marks two consecutive green months for BTC, bringing some relief to the market after a choppy April. While most altcoins followed the move, one token continued its independent rally: Terra Classic (LUNC) pumped another 10% today.

As we covered in our previous LUNC price analysis, the token pumped 70% last week on the back of aggressive token burns. The momentum has carried into May.

LUNC Pumps Another 10% – Binance Burn Scheduled for May 1

LUNC is up another 10% today, building on last week's 70% rally. The immediate catalyst is the scheduled Binance LUNC burn on May 1. Community reports indicate that April trading volume was elevated, so the burn amount is expected to be "high." This follows 630 million LUNC burned on‑chain over the prior three days.

The burn mechanism directly reduces LUNC's 6.46 trillion token supply, addressing a key inflationary overhang. Fewer tokens in circulation, with steady or rising demand, pushes price up. The market is betting that May's burn will be significant, and traders are front‑running the event.

Bitcoin News – Bhutan Sells BTC, ETFs Turn Positive

Bhutan Government Continues to Sell Bitcoin. About $287 million worth of BTC has reportedly moved out of Bhutan's Royal Government wallet in the last 20 hours. Arkham estimates that at the current pace, the country could exhaust its Bitcoin holdings by October 2026. The selling adds some overhang, but the market has absorbed it so far.

Bitcoin ETFs Turn Positive - On April 30 (ET), Bitcoin spot ETFs recorded a total net inflow of $14.76 million, marking the first net inflow after three consecutive days of outflows.

Source: X/@WuBlockchain

Ethereum spot ETFs, however, saw a total net outflow of $23.64 million, extending their outflow streak to four consecutive days.

"Sell in May and Go Away" – Does It Apply to Bitcoin?
Historically, May ranks as the 6th best month in average return and 3rd best month in median return for Bitcoin.

While there have been sell-offs (notably in 2021), there is no clear seasonality to support the saying for Bitcoin. What is true is that starting in May and going into summer generally brings lower volatility and quieter price action.

Related BTC news: What Bitcoin Price Action to Expect Next as CLARITY Act Stalls

Other Crypto News Today

April Crypto Hacks Hit Record High. According to DefiLlama, April saw the highest number of crypto hacking incidents on record.

CertiK Alert reported confirmed losses from exploits totaled about $651 million in April, including around $3.5 million attributed to phishing.

Source: DefiLlama

Excluding the February 2025 Bybit incident, April recorded the highest losses since March 2022, when losses reached about $715 million.

Solana DeFi Protocol Carrot Shuts Down - Following the Drift exploit, Solana DeFi protocol Carrot is shutting down.

Users have until May 14 to withdraw from Boost, Turbo, and CRT before deleveraging begins.

The US Senate unanimously passed S. Res. 708, banning senators from prediction market trading effective immediately.

The goal is to prevent insider trading.

Dogecoin whale wallets reached an all-time high of 108.52 billion DOGE, worth $11.6 billion, as whale activity surged to a 6-month high.

As we reported in our recent Dogecoin price pump analysis, the token pumped 10% on high open interest.

Overall, Bitcoin opened May with a 2% pump to $77K, offering relief after months of chop.

LUNC added another 10% as strong momentum continued, while $651M in hack losses sets a grim record and Dogecoin whales are accumulating heavily. May is off to a mixed start.

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