1. Bitcoin Market

From May 24 to May 30, 2025, the specific movements of Bitcoin were as follows:

May 24: Bitcoin exhibited a structural pattern of initial decline followed by a rebound. After opening, it quickly dropped to $108,650, then briefly rebounded to $109,787. However, during the Asian session, the price weakened again and plunged sharply to the daily low of $107,028. Afterwards, the market initiated a corrective rebound, climbing to $108,517, $107,615 (a brief pullback), and $109,350, respectively. Evening volatility gradually narrowed around the $109,000 level.
May 25: The narrow-range oscillation from the previous day continued. The intraday high reached $109,016, followed by a clear, rapid decline to $107,378. After a short rebound to $108,269, the price fell again to $106,877, before stabilizing near the close and slightly rising to $107,650.
May 26: Bitcoin continued its prior weakness, hitting the weekly low of $106,725. However, market sentiment shifted significantly as bulls drove a strong price rally. Bitcoin quickly surged to $109,188, briefly pulled back, and then continued its upward push to break $109,702. The afternoon session saw continued upward oscillation, peaking at $110,120. The close hovered around $109,740, finally testing a breakout at $110,117.
May 27: Bitcoin’s overall movement was initially suppressed, then rebounded. Early trading saw a drop to $108,977, followed by a gradual rise to $109,755, but selling pressure caused a rapid fall to $108,306. Subsequently, the market entered an oscillating uptrend, breaking through $109,242, $109,860, and $110,455 successively, indicating a warming bullish sentiment. Near the close, there was a brief pullback to $109,415, but the price quickly resumed upward momentum to $110,182.
May 28: Bitcoin extended the previous day’s upward trend, reaching an intraday high of $110,410. At the $110,000 resistance level, notable selling emerged, triggering a technical pullback that gradually corrected to around $109,000 and then consolidated sideways. Near the close, selling intensified, causing a sharp drop to $107,221, showing clear short-term pressure.
May 29: Bitcoin started the day with an upward oscillation, rising stepwise to $107,845, $108,446, and the daily high of $108,882. Afterwards, market pressure returned, entering a downward channel. By the close, the price retreated to $105,712, presenting an overall “rise then fall” pattern for the day.
May 30: Bitcoin had a modest recovery in early trading to $106,434, followed by a rapid decline, hitting a low of $104,802, then quickly recovered, showing some buying support. As of the time of writing, the current price stands at approximately $105,374, maintaining a short-term sideways consolidation.

Summary

This week, Bitcoin generally exhibited a downward consolidation within a wide oscillation range. From May 24 to 28, the price moved between $107,000 and $110,500, repeatedly testing the $107,000 support level, demonstrating some buying support. However, starting the evening of May 29, the market entered a new round of downward correction, with the $105,000 level becoming a key short-term support zone.

Overall, the market has entered a relatively healthy technical consolidation phase and is expected to maintain a range-bound pattern in the short term to build momentum for the next trend. Notably, continuous inflows into ETFs, positive spot premiums, and low volatility collectively contribute to forming a firmer market bottom structure. Once the macroeconomic environment clarifies, market sentiment is expected to improve, potentially driving Bitcoin strength again and paving the way for a sustained medium-term to long-term uptrend..

Bitcoin Price Movement (2025/05/24–2025/05/30)

2.Market Dynamics and Macroeconomic Background

Capital Flows

1. Exchange Net Outflows Continue to Expand, Capital Steadily Flows into Bitcoin
Under the dominance of spot trading, net outflows from centralized exchanges have been steadily increasing. According to Glassnode data, from May 25 to 28, centralized exchanges recorded a cumulative net outflow of approximately 18,400 BTC, reflecting a continued accumulation trend by long-term holders and institutional funds.
Large Outflow from Coinbase: On May 26, Coinbase experienced a single-day net outflow of 7,883 BTC, the third-largest daily outflow in nearly a month, possibly related to institutional or ETF fund allocations.

Binance Capital Outflow: On May 27, Binance recorded a net outflow of 2,190 BTC (about $243 million), indicating cautious market sentiment as Bitcoin approached the key resistance level near $114,000.

Divergence of Funds Among Exchanges: Data on May 24 showed that Bitfinex, Binance, and Bitstamp collectively saw outflows close to 5,600 BTC, while Kraken recorded a net inflow of 1,810 BTC, reflecting liquidity divergence across different trading platforms.

Overall, the trend of net outflows from exchanges is becoming increasingly evident, with funds tending to "exit exchanges and shift to long-term holding or alternative allocation tools," also reflecting partial fund migration to ETFs and other channels.

2. Strong Daily Capital Inflows Near Previous Bull Market Peaks

According to CryptoQuant analyst AxelAdlerJr, the current daily net new capital inflow in the Bitcoin market is about $1.8 billion, approaching the levels seen at the November 2021 bull market peak (when Bitcoin price was about $64,000).
Capital Inflow Scale at Key Peaks: At $73,000, peak inflows reached $3.6 billion; at $92,000, peak inflows soared to $4.5 billion.
This data indicates that despite continuous new price highs, the market maintains strong capital supply and active entry willingness, providing solid support for Bitcoin’s subsequent trend.
3. Leverage Speculation and Whale Dynamics: High-Risk Operations Trigger

Short-Term Volatility, Options Market Turns Rational
Recently, the market shows polarized leverage behavior: some whales adopt aggressive high-leverage strategies, causing intense volatility and large risks; meanwhile, overall market leverage remains moderate, with investors relying more on options for risk hedging, leading to a more rational market structure.
Whale James Wynn Case
Between May 24 and 25, his long and short positions fluctuated sharply, with holdings dropping from $1.2 billion to $1 billion in the short term, resulting in multimillion-dollar losses within two days. From May 27, he reloaded long positions, holding $500–600 million on May 28, and maintained leverage by selling PEPE tokens to add margin.
From May 29 to 30, during Bitcoin’s pullback, his 40x leveraged long position was close to liquidation; after stop-loss reductions, his position shrank from $760 million to $177 million, with a total liquidation of 949 BTC and losses exceeding $99 million. Currently, his margin is insufficient to maintain the original position. The market saw reverse copy-trade addresses targeting his strategy, with unrealized profits over $5.6 million, indicating some investors exploit large whale volatility for contrarian moves.
Overall Leverage Levels Trend Toward Caution
As of May 29, open interest in BTC futures on major platforms fell 10%-15% from the December 2023 peak, with Binance’s open interest declining from $13.7 billion to $12.5 billion. The current market is mainly driven by spot buying, with reduced leverage speculation.
Options Market Rapid Expansion
Glassnode data shows Bitcoin options open interest reached $46.2 billion, a record high, up $25.8 billion from lows, surpassing futures market growth, reflecting increased investor demand for advanced hedging tools and a more mature and rational market structure.

4. Spot Bitcoin ETFs: Continuous Capital Inflows Reach Record Highs

Daily ETF Capital Inflow/Outflow Details This Week:
May 27: +$385.4 million net inflow
May 28: +$432.7 million net inflow
May 29: -$471.9 million net outflow

ETF Inflow/Outflow Data Chart

Despite slight net outflows over the weekend, overall capital momentum remains strong.
Weekly Trading Volume Hits New High: As of the week ending May 24, total spot ETF trading volume reached $25 billion, with net inflows of $2.75 billion, the second-highest single-week inflow record since listing in 2024.

Monthly Net Inflows Hit Record High: May cumulative net inflows totaled $3.294 billion, the highest level since 2025 began.

In the past five weeks, U.S. Bitcoin ETFs (represented by BlackRock’s IBIT) attracted over $9 billion, while gold ETFs saw outflows exceeding $2.8 billion, highlighting Bitcoin’s substitution effect against traditional safe-haven assets.
Against the backdrop of changing global risk landscapes and increasing uncertainty over U.S. fiscal prospects, Bitcoin’s status as a value storage tool continues to rise. Sustained capital injections compress the supply of Bitcoin available on exchanges, laying a solid foundation for mid- to long-term price structure.

5. Miner Behavior Analysis: Slight Profit-Taking, Overall Still Optimistic

With rising Bitcoin prices, miner transfers to exchanges increased from an average of 25 BTC per day to 50 BTC per day, still far below the bull market peak of 100 BTC/day. This indicates some miners opting for small-scale profit-taking, but the majority remain long-term holders, reflecting optimistic outlooks on future trends. Miners currently face no concentrated selling pressure, exerting limited short-term sell-side impact on the market.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to data from Investing.com, as of May 30, Bitcoin’s (BTC) 14-day Relative Strength Index (RSI) is 40.883.
This value is near the 40 range, considered a weak zone (common reference range is 30–70), indicating a short-term weakening of market momentum with sellers holding a slight advantage. The RSI has not reached the oversold zone (below 30), showing the market has not yet entered extreme panic but remains in a cautious wait-and-see phase. If the RSI continues to decline and falls below 30, it could trigger a technical rebound; if it recovers above 50, upward momentum may resume.

2. Moving Average (MA) Analysis

5-day Moving Average (MA5): $107,738.88
20-day Moving Average (MA20): $104,405.74
50-day Moving Average (MA50): $94,115.63
100-day Moving Average (MA100): $93,961.22
200-day Moving Average (MA200): $86,160.28
Current Market Price: $106,022.15

MA5, MA20, MA50, MA100, MA200 Data Chart

The current price is slightly below the MA5, indicating short-term pressure and that the market is in a short-term correction phase. However, the price remains above the MA20 and MA50, maintaining a healthy mid-term upward trend channel. Meanwhile, the MA100 and MA200 are steadily rising, forming a solid long-term support zone, suggesting the long-term bullish trend continues.

3. Key Support and Resistance Levels

Support levels: Bitcoin’s short-term support is mainly concentrated at $107,000, $108,000, and $105,000, forming an effective support band.

• $107,000: Multiple tests on May 24, 26, and 29 all resulted in rebounds, indicating strong buying support at this level.
• $108,000: The price pulled back to this level on May 27 and stabilized, further confirming its effectiveness.
• $105,000: On May 30, the price dropped to this level then quickly rebounded, marking it as a strong short-term support. A break below this could trigger a new round of downside exploration.

Resistance levels: Short-term resistance is concentrated at $106,500, with a key mid-term resistance at $110,500.

• $106,500: The rebound on May 30 was capped at this level, indicating limited short-term rebound momentum.
• $110,500: Attempts to break this level on May 26 and 28 failed, confirming it as a mid-term resistance. If the price can break and hold above this level, it could open a new upward phase targeting higher price levels.

Currently, Bitcoin is in a structure with strong short-term support but mid-term suppression, making short-term oscillations likely. Going forward, attention should focus on the effectiveness of the $105,000 support and whether the $110,500 resistance can be breached, as these are key technical signals to determine the market direction.

Market Sentiment Analysis

1. Somewhat Optimistic but Becoming More Rational: Market Sentiment Returns from Extreme Greed to Stability

Currently, Bitcoin is in a consolidation phase with high-level oscillations. Although the price has pulled back short-term to the $105,000 region, it remains above key technical support, indicating ongoing market resilience. From the candlestick patterns and volume characteristics, bears continue to apply pressure, but bulls have not fully exited. Multiple effective defenses at key support levels reflect that the market has not yet entered a systemic downturn. Investor sentiment has transitioned from prior “extreme optimism” to a more “cautiously optimistic” state, entering a typical technical consolidation range.
Notably, on-chain data shows that during the short-term price pullback, long-term investors’ confidence has not weakened but rather increased. According to CryptoQuant analysis cited by CoinTelegraph, around May 26, a large number of highly leveraged short-term traders were liquidated, while long-term holders took the opportunity to accumulate, driving Bitcoin’s realized market value above $28 billion—a new high since April. This “weak hands out, strong hands in” behavior indicates that Bitcoin’s market structure is concentrating more medium- to long-term bullish capital, helping to build a stronger base of holdings for the future.
Meanwhile, some short-term funds chose to take profits as the price failed to break through $110,000 decisively, which also increased short-term volatility and consolidation demand. However, sentiment-wise, mainstream investors did not show significant panic, and the overall market still operates under optimistic expectations.

2. Key Sentiment Indicator (Fear & Greed Index)

The Fear & Greed Index is an important metric to gauge market sentiment. As of May 30, the index stood at 61, positioned within the “Greed” zone, indicating that investor sentiment remains relatively optimistic. The daily index during the week remained between 61 and 69: from May 24 to 29, values were 67, 67, 69, 68, 68, and 65, respectively. Although slightly lower than the previous week, it stayed at a high level, showing that market risk appetite remains strong and has not shifted toward defensive positioning.
Currently, market sentiment is gradually cooling from an overheated state, showing signs of rational optimism. Despite Bitcoin experiencing a short-term volatile pullback, investors have not panicked or sold off aggressively. The greed index remains in a relatively high range, reflecting continued positive expectations for the market outlook. The ongoing accumulation by long-term holders highlights their approval of current price levels, while the gradual exit of short-term speculators alleviates floating supply pressure, aiding sentiment recovery. Overall, Bitcoin is currently in a phase of sentiment adjustment and position restructuring, with investor confidence still intact and market expectations remaining positive.

Fear & Greed Index Data Chart

Macroeconomic Background

Trump Media & Technology Group Plans to Invest $3 Billion in Cryptocurrency
On May 26, 2025, Trump’s “Trump Media & Technology Group (TMTG)” announced plans to raise approximately $3 billion, intending to invest the majority of the funds in Bitcoin and other cryptocurrency assets. The financing will include issuing $2 billion in new shares and $1 billion in convertible bonds. This move is interpreted as the Trump camp’s continued emphasis on the digital asset market, further solidifying its “crypto-friendly” image. The news helps boost market confidence in the long-term value of crypto assets.
Additionally, on May 28, 2025, Eric Trump and Donald Trump Jr. announced at the Bitcoin Conference that, after facing difficulties securing financing from traditional banks, they are turning to the crypto sector by launching a cryptocurrency mining business.

U.S. Department of Labor Removes Restrictions on Cryptocurrency Investments in 401(k) Plans
On May 27, 2025, under the Trump administration, the U.S. Department of Labor officially revoked the Biden-era “extremely cautious” regulatory guidance on investing in cryptocurrencies within 401(k) retirement accounts. This policy change means U.S. employers will face fewer legal obstacles in offering Bitcoin and other crypto asset options in retirement plans, which is expected to drive significant compliant capital inflows and represents a medium- to long-term positive for Bitcoin.

Trump Administration Delays Imposing High Tariffs on the European Union
On May 25, 2025, the Trump administration postponed the planned imposition of a 50% tariff on EU goods originally scheduled for early June. The delay aims to allow more time for trade negotiations between the U.S. and Europe. This move was interpreted by the market as a signal of easing trade tensions, resulting in gains in European stock markets, a stronger U.S. dollar, and increased market risk appetite.

U.S. Court Halts “Freedom Day” Tariff Policy
On May 28, 2025, the U.S. International Trade Court ruled that the “Freedom Day” tariff plan, launched by the Trump administration in early May under the International Emergency Economic Powers Act (IEEPA), was an overreach and declared it invalid. The plan originally aimed to impose high tariffs as punishment on major trading partners, especially China. Following the ruling, major U.S. stock index futures surged sharply, with Dow futures rising 550 points. This news eased market concerns about macro uncertainty and indirectly benefited risk assets, including Bitcoin.

Vice President JD Vance Delivers Pro-Cryptocurrency Speech at Bitcoin Conference
On May 28, 2025, at the Bitcoin 2025 Conference held in Las Vegas, U.S. Vice President JD Vance stated that the Trump administration will continue supporting cryptocurrency policies, emphasizing crypto as a tool to combat inflation and poor policies. He also called for establishing a regulatory framework for stablecoins through the “GENIUS Act.”

Major U.S. Banks Consider Entering the Cryptocurrency Space
On May 28, 2025, according to Reuters, major U.S. banks are internally discussing expanding their participation in the cryptocurrency sector, considering gradual entry through pilot programs, partnerships, or limited crypto trading. This trend indicates increasing acceptance of cryptocurrencies by traditional financial institutions, supported by regulatory agencies.

Latest Updates on Exchange Regulation
On May 30, 2025, the U.S. Securities and Exchange Commission (SEC) proactively withdrew its lawsuit against Binance, signaling a shift in regulatory policy and boosting market confidence. On the same day, the Thailand Securities and Exchange Commission announced it will ban five unlicensed cryptocurrency exchanges — Bybit, 1000X, CoinEx, OKX, and XT.COM — starting June 28, 2025, to protect investors and prevent money laundering risks. The Ministry of Digital Economy and Society of Thailand will be responsible for enforcing these bans and reminding users to properly manage their assets in advance.

3. Hashrate Changes

During the period from May 24 to May 30, 2025, the Bitcoin network hashrate exhibited fluctuations, detailed as follows:

On May 24, the Bitcoin network hashrate showed an initial decline followed by a rebound, starting from 941.28 EH/s and continuously dropping to 880.07 EH/s, then to 811.35 EH/s, reaching the daily low of 787.37 EH/s in the evening. Subsequently, the hashrate quickly rebounded, surpassing the previous high and peaking at 1061.34 EH/s, indicating miners bringing hashrate back online or adjusting deployments.
On May 25, the hashrate remained strong, climbing to 1067.75 EH/s, but gradually declined in the latter half of the day, falling to 890.50 EH/s by day’s end, reflecting some miners temporarily exiting after heavy load.
On May 26, the hashrate sharply dropped early to 821.22 EH/s, slightly rose to 895.33 EH/s, then further declined to 807.03 EH/s. In the evening, a significant rebound occurred, peaking at 989.19 EH/s before falling to 934.75 EH/s at day’s close. The overall volatility was considerable, indicating that the hashrate supply was affected by multiple external factors, including power stability and mining farm scheduling.
On May 27, the hashrate quickly rose from 913.89 EH/s to an intraday high of 1024.41 EH/s, reflecting concentrated access of some high-performance hashrate nodes. However, it weakened gradually thereafter, falling first to 964.52 EH/s, then dropping sharply in the afternoon and evening to end at 818.40 EH/s.
On May 28, the total Bitcoin network hashrate briefly dipped to 762.76 EH/s during the day, showing a short-term pullback. It then rapidly rebounded, demonstrating strong network recovery, climbing successively to 847.22 EH/s, 956.93 EH/s, and reaching an intraday high of 995.74 EH/s, indicating a warming up of miner activity and overall strong hashrate recovery.
On May 29, the Bitcoin network hashrate fluctuated, initially falling from 994.19 EH/s to 921.20 EH/s, rebounding to 1028.37 EH/s, then dropping to 896.67 EH/s, and rising again to 1021.12 EH/s by day’s end.
On May 30, at the time of writing, the hashrate stabilized around 1000 EH/s, slightly lower than the previous day.

Overall, despite significant short-term fluctuations, the Bitcoin network’s overall hashrate remains at a high level, reflecting miners’ flexible response to the current market environment and the network’s strong resilience. Going forward, as power supply conditions and market prices become clearer, the hashrate is expected to stabilize and gradually increase.

Bitcoin Network Hashrate Data

4. Mining Revenue

According to data from YCharts, the total daily revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows:
May 24: $48.28 million;May 25: $55.81 million;May 26: $52.92 million;May 27: $49.49 million;May 28: $56.30 million;May 29: $53.95 million.

Overall, the miners’ daily total revenue this week roughly remained within the range of $48 million to $56 million, with relatively small fluctuations, showing a relatively stable high-level oscillation trend in mining income during this period.

From the perspective of output value per unit of hashrate, as of May 30, the Bitcoin network’s hashprice stood at $55.43 per PH/s per day, located in the mid-to-upper range for this month.

Looking at the trend over the past 7 days, the Bitcoin hashprice exhibited a rise followed by a decline: on May 26 it briefly dropped to $55.74/PH/s/day, then rose to a weekly high of $57.66/PH/s/day on May 28, and gradually fell to $55.14/PH/s/day by May 30. Overall, although the network difficulty remained high, transaction fee revenue increased this week, and the temporary exit of some hashrate reduced network competition, helping to keep the hashprice relatively strong during the week, outperforming mid-May levels.

From the monthly trend perspective, the current hashprice remains at a relatively high level for the past month, reflecting that the Bitcoin mining network still maintains certain revenue resilience under the high difficulty environment.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to data from CloverPool, as of the time of writing on May 30, the total Bitcoin network hashrate was 925.74 EH/s, with the current network mining difficulty at 121.66 T. The next difficulty adjustment is expected on May 31, with a projected increase of 3.87%, raising the difficulty to 126.36 T. This trend indicates that despite Bitcoin’s recent price oscillating at a high level, the total network hashrate continues to grow, reflecting miners’ strong overall profitability momentum and continued deployment of mining equipment. This trend generally represents the market’s optimistic medium- to long-term expectations for Bitcoin’s price, and that the mining industry’s energy supply and hardware efficiency are steadily improving, supporting ongoing hashrate growth.

From the perspective of mining costs, according to the latest model calculations from MacroMicro, as of May 28, 2025, the unit production cost of Bitcoin was approximately $91,321.19, while the spot price at the same time was $107,802.32, corresponding to a mining cost-to-price ratio of 0.85. Currently, Bitcoin mining activities are overall profitable, with miners earning an average profit margin of about 18.08% per Bitcoin. Although this ratio is not in an extremely low range (for example, below 0.6 typically indicates miners are highly profitable, often accompanied by stronger hashrate growth and increased selling pressure), it still shows that the market has not entered a high-pressure reshuffle period.

In summary, Bitcoin mining is currently in a stage of “high profitability + high competition.” With the June difficulty adjustment approaching and summer electricity demand peaks in many regions worldwide, the marginal costs for some high-energy-consumption mining farms will be further compressed, potentially triggering a new wave of hashrate optimization and equipment replacement. Meanwhile, the Bitcoin mining industry landscape is expected to further consolidate around leading miners with large-scale operational capabilities, low electricity costs, and efficient mining machine configurations, with industry concentration likely to continue rising.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

IMF: Will “Continue Efforts” to Ensure El Salvador Does Not Increase Bitcoin Holdings
On May 28, the International Monetary Fund (IMF) stated on Tuesday that it “will continue efforts” to ensure that the total amount of Bitcoin held by the El Salvador government remains unchanged. In March, El Salvador reached a $3.5 billion loan agreement with the IMF, one of the conditions of which was to “prohibit the public sector from voluntarily accumulating Bitcoin,” while Bitcoin’s status as legal tender was revoked, and merchants were no longer forced to accept it. However, El Salvador’s Bitcoin holdings increased from 6,101.15 to 6,189.18 BTC, valued at approximately $678 million. President Bukele said: “We will not stop. If we didn’t stop when the whole world rejected us and most of the ‘Bitcoin people’ abandoned us, we will not stop now or in the future.” Although El Salvador’s Bitcoin accumulation appears to violate the loan agreement, the IMF report still considers the overall implementation of the loan program “performed well,” with key fiscal and reserve targets achieved.

Texas Bitcoin Reserve Act Coordination Committee Submits Final Report, Awaiting Both Chambers’ Vote
According to Bitcoin Laws, on May 27, the Texas Senate rejected the House’s amendments to the Bitcoin Reserve Act SB21. The disagreement led the state legislature to establish a coordination committee composed of members from both chambers to negotiate. On May 28, it was reported that the committee reached consensus on the bill content and submitted the final report, now awaiting final approval votes from both the Texas House and Senate, after which it will be sent to the governor’s office for signature. The bill aims to promote the inclusion of Bitcoin in Texas state financial reserves.

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Pakistan Plans to Establish Strategic Bitcoin Reserve
On May 29, a cryptocurrency advisor to the Pakistan government announced on Wednesday that the country will launch a strategic Bitcoin reserve. Bilal Bin Saqib, the newly appointed Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, stated at the Bitcoin 2025 conference held in Las Vegas that the Pakistan government is planning to establish its own strategic Bitcoin reserve.
An official added: “We were inspired by (the U.S. government).” Earlier this year, President Donald Trump signed an executive order paving the way for the U.S. to establish a strategic Bitcoin reserve. He added: “We will hold these Bitcoins and never sell them.”

Panama Considering Establishing Strategic Bitcoin Reserve and Accepting Bitcoin Payments
On May 30, it was reported that Panama is considering establishing a strategic Bitcoin reserve and possibly accepting Bitcoin payments, including fees, through the Panama Canal.
Previously, Panama passed a law allowing Bitcoin to be used for paying taxes, parking fines, permits, and other fees.

7. Mining News

Russia’s Bitcoin mining industry ranks first globally in growth rate and second in mining volume
On May 24, it was reported that Russia’s Bitcoin mining industry currently holds the world’s top growth rate and ranks second in mining volume. Russia’s largest Bitcoin mining companies, BitRiver and Intelion, control over 50% of the country’s market share. Together, these two companies generated $200 million in revenue during the 2024 fiscal year.

Pakistan appoints crypto advisor and plans to allocate 2000 MW of power for Bitcoin mining
On May 25, it was announced that the Pakistani government, as part of the first phase of its plan to promote Bitcoin mining and AI data center development, has allocated 2000 megawatts of installed power capacity to support these industries. This plan is led by the Pakistan Cryptocurrency Commission, aiming to monetize the country’s surplus energy and renovate coal-fired power plants operating at only 15% capacity (such as Sahiwal, China Hub, and Port Qasim), while creating high-tech employment opportunities.
On May 27, the Pakistani government appointed Bilal Bin Saqib as the Prime Minister’s Special Assistant on Blockchain and Cryptocurrency. He also serves as the Chief Advisor and CEO of the Pakistan Cryptocurrency Commission. This move signals Pakistan’s accelerated efforts to build itself as a crypto-friendly economy and attract global investor attention.

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8. Bitcoin News

Global Corporate and National Bitcoin Holdings (This Week’s Statistics)

1. DDC Enterprise: On May 24, DDC Enterprise (NYSE: DDC) announced the completion of its initial purchase of 21 bitcoins as part of its Bitcoin reserve strategy, valued at approximately $2.28 million. The company exchanged 254,333 common shares for Bitcoin and expects to complete the remaining purchase of 79 bitcoins in the coming days, targeting a total holding of 100 BTC.

2. Semler Scientific: On May 24, Nasdaq-listed medical technology company Semler Scientific announced another Bitcoin purchase worth $50 million. The company’s total Bitcoin holdings now stand at 4,264 BTC, with a total value of approximately $466 million at current prices.

3. Monochrome ETF: The Australian Monochrome Spot Bitcoin ETF (IBTC) officially disclosed that as of May 29, its Bitcoin holdings increased to 666 BTC, up 116 BTC from the previous period. At current prices, the holdings are valued at approximately AUD 111 million.

4. El Salvador: According to data from May 26 and May 27, the government of El Salvador increased its Bitcoin holdings by 7 BTC over the past week and purchased 1 more BTC on May 27. The current total holding is 6,189.18 BTC, with a total value of approximately $667 million.

5. Captor Capital: On May 28, Canadian investment firm Captor Capital announced the launch of a Bitcoin treasury strategy and completed its first Bitcoin purchase worth $500,000. The company is also raising funds from European investors through convertible bonds, with a fundraising cap of up to $10 million.

6. KindlyMD: On May 28, Nasdaq-listed KindlyMD made its first Bitcoin purchase of 21 BTC, valued at approximately $2.3 million, with an average price of $109,027 per coin. The funds were sourced from exercised warrants. The company is currently progressing with a merger involving Nakamoto, a Bitcoin company associated with Trump, expected to complete delivery in Q3 2025.

In 2025, corporate Bitcoin purchases reached 205,507 BTC, exceeding new supply by 3 times
On May 24, according to asset management company Bitwise, corporate Bitcoin purchases in 2025 have already surpassed three times the amount of new Bitcoin supply. Corporations increased their holdings by 205,507 BTC during the year, while the new Bitcoin supply amounted to 64,556 BTC. This figure includes only purchases disclosed by publicly listed companies and excludes private firms.

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Trump Media & Technology Group (DJT.O) announces approximately $2.5 billion Bitcoin funding deal
On May 27, Trump Media & Technology Group (DJT.O) announced a Bitcoin funding deal worth approximately $2.5 billion, with plans to use the raised funds to establish a Bitcoin reserve.

Standard Chartered predicts Bitcoin will outperform Ethereum and Solana in 2025
On May 27, Standard Chartered released a report forecasting that Bitcoin will reach significant milestones by the end of 2025, outperforming Ethereum and Solana. The study, published on May 27, provides a comprehensive five-year price forecast for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The analysis focuses on expected price trends and relative valuations from 2025 to 2029. It predicts that by the end of 2025, BTC’s price will reach $200,000, rising to $300,000 in 2026, $400,000 in 2027, and peaking at $500,000 in 2028. The $500,000 level is expected to remain stable through 2029.

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U.S. Senator Lummis: Trump and U.S. Military Leadership Support Establishing a Bitcoin Strategic Reserve
On May 28, 2025, at the "Bitcoin 2025" conference held in Las Vegas, U.S. Senator Cynthia Lummis of Wyoming stated that Trump supports the Bitcoin bill she proposed, and that a dedicated team has been established at the White House to study digital asset policies, covering stablecoins, market structure, and a Bitcoin strategic reserve. The bill draft proposes that the U.S. government purchase up to one million bitcoins to establish a strategic reserve. Lummis also revealed that senior U.S. military officials “strongly support” this plan, believing it will enhance national economic resilience and security.

Trump Administration Official: “Bitcoin is the Gold Standard,” Clearly States Government Will Not Sell Any Held Bitcoin
On May 28, at the ongoing "Bitcoin 2025" conference, Trump’s chief of staff stated: “Bitcoin is the gold standard.” He emphasized, “We will not sell any Bitcoin that the U.S. government might hold.”

BlackRock Executive: Bitcoin’s Upside Potential Far Exceeds Gold
On May 28, at the "Bitcoin 2025" conference, a BlackRock managing director stated, “Bitcoin’s upside potential far exceeds that of gold.”

U.S. Vice President Pence Predicts U.S. Bitcoin Holders Will Double, Promises to Develop a Friendly Regulatory Framework
On May 29, U.S. Vice President Pence said approximately 50 million Americans currently hold Bitcoin, and he believes this number will soon increase to 100 million.
Vice President Pence welcomed the mainstream entry of cryptocurrency into the U.S. economy, vowing to create “innovation-supportive” rules for digital assets, and praised cryptocurrency billionaires who supported Trump’s presidential campaign last year. On Wednesday, speaking to thousands of Bitcoin investors dressed in orange uniforms in Las Vegas, Pence praised the rise of cryptocurrencies and predicted the number of Americans holding Bitcoin would soon double.
“This is a movement — I’m proud to stand with you today,” Pence said on a stage named after Bitcoin’s anonymous developer, Satoshi Nakamoto. “We want our fellow Americans to know that cryptocurrencies and digital assets, especially Bitcoin, are part of the mainstream economy and will continue to be,” Pence stated that The Trump administration will quickly develop a dollar-pegged token regulatory framework. The next priority will be to create a “transparent and tailored digital asset regulatory framework — one that supports innovation and fully integrates cryptocurrency into the mainstream economy.”

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Donald Trump Jr.: Bitcoin Could Surpass $170,000 by the End of 2026
On May 29, at the Bitcoin 2025 conference, Donald Trump’s eldest son, Donald Trump Jr., and second son, Eric Trump, predicted that Bitcoin’s price could break $170,000 by the end of 2026. Eric revealed that MicroStrategy founder Michael Saylor once advised the Trump family to mortgage their Mar-a-Lago estate to invest in Bitcoin and guided them in establishing a crypto asset reserve strategy.
The Trump family has recently entered multiple crypto-related ventures: the parent company of Truth Social plans to raise $2.5 billion to build a Bitcoin reserve; joint mining company American Bitcoin intends to go public via a SPAC; the World Liberty project launched the stablecoin USD1.

Michael Saylor Outlines “21 Ways to Get Rich” at Bitcoin 2025 Conference
On May 30, Michael Saylor, founder of Strategy, delivered a keynote speech at the Bitcoin 2025 conference held in Las Vegas, poetically praising Bitcoin and explaining to the audience and attendees his so-called guiding principles called the “21 Ways to Get Rich.”
Michael Saylor stated, “Satoshi Nakamoto ignited a fire in cyberspace. The timid will run away from it, the ignorant will dance around it, while the loyal will add fuel to the fire, embracing the dream of a better world, basking in the warmth of the network’s light. Many people are afraid when they see Bitcoin. They will never touch it, never benefit from it, and will ultimately be left behind by the times. But those who truly understand it will add fuel to the fire. Buying Bitcoin is adding fuel to the fire.”
Michael Saylor further said, “Take out your fiat currency and convert it to Bitcoin. Take your long-term capital and convert it to Bitcoin. Sell your bonds and convert them to Bitcoin. Sell your poor-quality stocks, sell your poor-quality real estate, buy Bitcoin.” This is the third way to get rich: courage. Besides courage, Michael Saylor also advised the audience to be confident in Bitcoin’s potential.