1.Bitcoin Market
During the period from May 17 to May 23, 2025, Bitcoin’s specific price movements were as follows:
May 17:On this day, Bitcoin showed an overall downward trend. The opening price was $104,359. During intraday trading, it oscillated downward, breaking below the key support level of $103,000 and dipping to a low of $102,803. It then quickly rebounded to $103,638 and consolidated sideways around this level for a period. Afterwards, it fell again to $102,797 before entering a mild upward oscillation channel.
May 18:Continuing the slight rebound trend from the previous trading day, Bitcoin steadily rose, climbing stepwise from around $103,000 to $103,630. It then experienced a rapid surge, reaching a high of $104,052. After brief consolidation, it surged strongly again, with the intraday high hitting $105,517, showing a clear strengthening of bullish market sentiment.
May 19:Bitcoin continued its upward push, peaking at $105,827—nearing the $106,000 round-number resistance, but failed to break through effectively. It then encountered a sharp correction, dipping to a low of $103,793. Subsequently, it rebounded quickly and at one point surged to $106,847, but the rally was short-lived. Prices then plunged sharply to a low of $102,372. After a brief rebound to $103,306, it declined again, reaching a low of $102,179, where the downward momentum paused. Towards the close, the market rebounded rapidly, and Bitcoin closed at $104,772.
May 20:Building on the rebound momentum from the previous day’s close, Bitcoin continued rising to $105,532. It then entered a range-bound climbing phase, gradually rising to $106,793, indicating strong upward momentum. Afterwards, the price entered a correction phase, showing narrow oscillating declines to a low of $104,479. At the close, it rallied again, finishing at $105,357.
May 21:Bitcoin extended the previous day’s upward trend, with prices continuing to oscillate upward. It first broke the $106,000 level, reaching $106,357, then continued to climb, breaking through $107,000 and consolidating near this level. It further rose to $107,955 before retreating to $106,169. At the close, the price surged quickly and ultimately rose to $108,975.
May 22:Bitcoin maintained the previous trading day’s upward momentum, climbing to $109,485. It then sharply corrected, falling to a low of $106,599. Bulls regained control afterward, pushing prices higher again. It rebounded to $108,682, briefly oscillated, then resumed its ascent, successfully breaking the key psychological level of $110,000. The intraday high reached $111,746, setting a new stage high. Toward the close, it pulled back slightly to $110,402 but stabilized above $110,000, demonstrating strong support. The overall price hovered near $111,100, with market sentiment remaining bullish.
May 23:Early in the session, Bitcoin rose slightly to $111,881, then pulled back mildly to $110,828. Bulls quickly bought back the dip, pushing prices up again to $111,764. At the time of writing, Bitcoin is temporarily quoted at $111,262, maintaining above $111,000.
Summary
This week, Bitcoin exhibited an overall oscillating upward trend, successfully breaking through multiple key resistance levels with strong momentum. From May 21 to 22, the market experienced consecutive strong rallies, with prices breaking through two major psychological thresholds at $110,000 and $111,000. The highest point reached was $111,881, a new stage high with significant gains. From the market structure perspective, bulls gradually took control, with prices undergoing several pullbacks during the rise but quickly stabilizing, indicating solid buying support below. Bitcoin’s strong performance this week reflects both technical and sentiment alignment, with a healthy overall structure. If prices can sustain above $110,000 going forward, further upward potential may open up. In the short term, attention should be paid to possible local profit-taking pressures causing adjustments, but the overall bullish trend remains intact. Any pullbacks could present good opportunities for re-entry.
Bitcoin Price Trend (2025/05/17–2025/05/23)
2.Market Dynamics and Macroeconomic Background
Capital Flows
1.On-Chain Activity Increase, Supply Structure Tightening
As of May 19, the 7-day average on-chain Bitcoin transaction fee rose to $2.40, up nearly $1 from early May, reaching a new high for 2025. This phenomenon is generally seen as a direct reflection of increased on-chain transaction demand, indicating a significant recovery in market activity.
At the same time, according to Glassnode data, the amount of illiquid supply (long-term BTC holders) has reached a historical peak, reflecting a marked increase in “coin-locking sentiment” among holders. Bitcoin’s market cap dominance has also rebounded, indicating that the current market structure adjustment is driven more by liquidity changes rather than a “substitute bull market” flowing into altcoins.
Analysis suggests that the continuous decline in exchange inventories combined with rising long-term on-chain holdings could lead to structural supply shortages, building a solid fundamental base for Bitcoin’s medium-to-long-term price appreciation.
2.Ongoing Outflows from Exchanges, Institutions Increasing Bullish Positions
According to Coinglass data, centralized exchanges (CEX) have seen a net outflow of 20,174.48 BTC in the past seven days, showing a persistent capital outflow trend. The largest outflows were from Coinbase Pro (17,454.12 BTC), Binance (1,782.57 BTC), and OKX (1,147.04 BTC), while only Bitfinex recorded a net inflow of 942.69 BTC.
Funds moving from exchanges to off-chain wallets or addresses often indicate holders’ preference for medium-to-long-term holding, thus reducing the supply of market-available assets and supporting spot prices.
On the institutional side, per K33 Research, following Bitcoin’s breakthrough above the $100,000 mark, CME yields have continued rising, and open interest (OI) in futures contracts has significantly increased, signaling active institutional positioning for bullish bets.
On May 20, total Bitcoin futures open interest reached a record high of $72 billion, an 8% week-over-week increase. Among these, CME led with $16.9 billion, followed by Binance at $12 billion. Notably, major short position liquidations were concentrated in the $107,000–$108,000 range, with a total liquidation scale of $1.2 billion, reflecting significant pressure on shorts.
3.Whale Activity: Intense Two-Way Flows, High-Leverage Bulls Dominate
Whale address movements remain a key market indicator. This week, on-chain data shows:
- Several whales are using 40x leverage on the Hyperliquid platform to take long positions in BTC, with total bullish positions exceeding $1.1 billion, reflecting strong market expectations for short-to-medium-term upside but also signaling risks from high leverage.
- Whale James Wynn increased holdings to 10,200 BTC (worth $1.12 billion), with unrealized profits exceeding $25 million. Entry price averaged around $108,065. He previously faced a $17 million unrealized loss but has since partially reduced positions to lock in profits.
- Another whale injected $14 million USDC on the 22nd, opening a 40x leveraged long position of 900 BTC.
- Meanwhile, short-side players like Abraxas Capital are also using 10x leverage on BTC, ETH, and SOL, but some high-win-rate shorts have been consecutively liquidated, incurring losses of $5.56 million.
Total futures open interest across the network exceeded $80 billion, setting a new record, with CME and Binance as the largest and second largest markets, respectively.
4.Bitcoin ETF Capital Flows
Bitcoin spot ETFs experienced strong inflows during the first three trading days this week, totaling over $1.603 billion:
- May 19 : +$667.4 million
- May 20 : +$329.2 million
- May 21 : +$607.1 million
- May 22 : +$57.6 million
ETF Inflow/Outflow Data Chart
On-chain analytics platform Santiment states that since mid-April 2024, Bitcoin spot ETFs have continuously attracted large capital inflows. As of May 20, 2025, net inflows over the past five weeks have reached $6.63 billion, constituting a strong medium-term bullish signal. The institution points out that historical data shows such sustained net inflows often foreshadow medium-term upward momentum for Bitcoin’s price.
Over a longer timeframe, Bitcoin spot ETFs still show a clear trend of capital attraction. Short-term attention should be paid to the risk of adjustments caused by high-level oscillations and profit-taking, but the overall capital flow structure continues to support Bitcoin’s medium-term upward logic. Should ETF funds return to strong net inflow channels, they will further strengthen market upside expectations.
Currently, the Bitcoin market is in a resonance phase characterized by “increased on-chain activity + reduced liquidity supply + institutional accumulation + high-leverage long positions + sustained ETF capital inflows.” Short-term volatility risks triggered by high leverage need attention, but the medium-to-long-term bullish logic remains clear, supported by fundamentals and capital flows, maintaining a strong market structure.
Technical Indicator Analysis
1.Relative Strength Index (RSI 14)
According to data from Investing.com, as of May 23, 2025, Bitcoin’s (BTC) 14-day Relative Strength Index (RSI) stands at 58.672. This value is in the neutral-to-strong zone, indicating that market momentum is generally stable and has not yet entered overbought (>70) or oversold (<30) conditions. The current RSI reflects a cautiously optimistic market sentiment, with bullish momentum being slightly dominant, but no clear short-term top signals have appeared.
2.Moving Averages (MA) and MACD Combined Analysis
5-day Moving Average (MA5): $108,603.74
20-day Moving Average (MA20): $101,508.08
50-day Moving Average (MA50): $91,807.00
200-day Moving Average (MA200): $85,002.91
Current Market Price: $111,237
From the arrangement of moving averages, both short-term and long-term averages form a typical bullish alignment (Golden Cross), where MA5 > MA20 > MA50 > MA200, indicating that the market is in an upward trend and that overall technical structure is healthy.
The current price is above all major moving averages, notably significantly higher than MA20 and MA50, showing strong short-term buying power. Additionally, the price continues to operate above MA5, indicating that bulls dominate intraday or short-term fluctuations. If the price can maintain above MA5 and MA20, the short-term trend is likely to continue.
3.Key Support and Resistance Levels
Support levels: The main short-term support zones for Bitcoin are at $106,000, $108,000, and $110,500, forming important technical support bands. If the price pulls back and touches these zones, it is expected to trigger some bullish buying interest, which may then initiate a technical rebound. These areas also represent key trading zones from previous consolidation phases and have strong absorption capacity.
Resistance levels: Initial resistance lies in the $120,000 to $140,000 range, especially the $120,000 mark, which is a critical psychological dividing line for market sentiment. If Bitcoin’s price can remain stably above $111,000, it may form an effective breakout structure, opening further upward space and providing a technical foundation for challenging previous highs.
The market is currently in a phase of strong structural momentum; although upward movement is accompanied by some fluctuations and adjustments, the overall trend remains bullishly dominated. The stability of the support zones and the ability to break through key resistance will be the core observation points for upcoming market trends. If volume expands and confirms a breakout above $120,000, a new trend-driven rally could start, further strengthening the bullish structure.
Meanwhile, caution is warranted regarding potential profit-taking in high price areas and concentrated selling pressure from institutional funds, especially if a valid breakout fails to materialize, which could trigger short-term technical pullbacks. Therefore, it is recommended that investors, while following the trend, dynamically assess risks by combining volume, volatility, and other indicators to manage high-level risks and position sizing effectively.
Market Sentiment Analysis
1.Sentiment Remains High, Investor Risk Appetite Strengthens
Driven by Bitcoin’s continuous breakthrough of new stage highs, market sentiment has generally remained at elevated levels this week. The technical outlook continues its strong structure, combined with a relatively stable macro environment, injecting upward momentum into the market and further boosting investors’ risk appetite. Bullish expectations dominate, with sentiment indicators consistently in the “Greed” zone, reflecting investors’ positive outlook on the short-term trend and strong buying willingness in the market.
However, while sentiment remains elevated, hidden concerns exist. Overheated sentiment often means the market pays less attention to potential correction risks. If sudden negative news or capital fluctuations occur in the short term, it may exacerbate price retracements and amplify market volatility. Investors, while operating with the trend, should remain cautious of potential pullbacks triggered by excessive optimism.
2.Key Sentiment Indicator (Fear & Greed Index)
According to CoinMarketCap data, as of May 23, the Fear & Greed Index stands at 76, within the “Greed” zone, indicating that market sentiment is clearly optimistic and investor risk appetite is at a relatively high level. This week’s sentiment index readings were: May 17: 68 (Greed); May 18: 66 (Greed); May 19: 71 (Greed); May 20: 68 (Greed); May 21: 69 (Greed); May 22: 73 (Greed). The index fluctuated between 66 and 76 throughout the week, consistently remaining in the “Greed” zone, indicating that market sentiment remained strong and investors generally expected further price gains, with strong buying interest. High-level sideways movement in sentiment typically represents a stage where high expectations coexist with high risks.
However, based on historical experience, when the Fear & Greed Index remains above 70 for a prolonged period, it often suggests that market sentiment is nearing saturation, with the possibility of short-term corrections or consolidation. At such times, some investors may choose to take profits, triggering phased pullbacks.
In summary, current market sentiment is positive but somewhat overheated. It is recommended that investors maintain a bullish mindset while reasonably controlling position sizes by combining technical indicators and fundamental data, and remain vigilant about volatility risks triggered by external news or capital shifts in the short term.
Fear & Greed Index Data Image
Macroeconomic Background
Global Bond Market Volatility Intensifies, Driving Increased Bitcoin Demand as a Safe Haven
This week, the global bond market experienced significant volatility, with long-term government bond yields in major economies rising sharply, sparking concerns over the sustainability of government debt. The U.S. 30-year Treasury yield broke above 5%, reaching its highest level since 2023, driven by factors such as expanding fiscal deficits, credit rating downgrades, and increased fiscal policy uncertainty.
Meanwhile, Japan’s 30-year government bond yield surged to 3.15%, the highest level since the bond’s introduction in 1999. This trend reflects investor concerns about Japan’s fiscal condition, especially amid slowing economic growth and rising social welfare expenditures.
These global bond market fluctuations have prompted investors to seek alternative assets. Bitcoin, due to its decentralized nature and limited supply, is increasingly viewed as a tool to hedge risks in traditional financial markets, leading to a rise in demand.
Slight Discount on USDT Trading in China Reflects Tight Market Liquidity
Recent reports indicate that USDT (Tether) trading prices in the Chinese market have exhibited a slight discount of approximately 0.4%. This may reflect cautious investor sentiment or expectations of upcoming regulatory changes. Nevertheless, Bitcoin prices remain strong, demonstrating its demand support on a global scale.
Key Progress in U.S. Stablecoin Regulatory Legislation Boosts Market Sentiment
On May 19, 2025, the U.S. Senate passed a procedural vote on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) with 66 votes in favor and 32 against, marking a crucial step forward in the legislative proDcess.
The Act aims to establish a federal regulatory framework for stablecoins, requiring issuers to obtain licenses and maintain reserves backed 1:1 with U.S. dollars or highly liquid assets. It also mandates monthly audits and public disclosures to enhance market transparency and consumer protection.
Although the legislation faced resistance during the process—particularly from some Democratic senators concerned about potential conflicts of interest involving former President Trump and his family in the cryptocurrency sector—after modifications to the bill’s content, some Democrats shifted to support it, enabling progress in the Senate.
The advancement of this Act is regarded as a significant milestone for cryptocurrency regulation in the U.S., boosting market confidence in stablecoins and digital assets such as Bitcoin.
3. Hashrate Changes
BetweenMay 17 and May 23, 2025, the Bitcoin network hashrate exhibited fluctuations as detailed below:
May 17: The hashrate showed a sustained upward trend, starting from755.43 EH/s, rising sequentially to835.29 EH/sand898.54 EH/s. Although it briefly pulled back to809.55 EH/s, it quickly rebounded and closed at881.75 EH/s.
May 18: The upward momentum continued; the hashrate first fell to821.59 EH/s, then strongly rebounded, reaching a high of939.43 EH/s. Despite a mid-session pullback to851.09 EH/s, it climbed again toward the end of the session, reaching1,003.34 EH/s.
May 19: The hashrate mostly remained in a high-level oscillation range between950 EH/sand1000 EH/s, before sharply dropping to829.12 EH/sand consolidating near that level.
May 20: After a slight morning rebound to843.81 EH/s, the hashrate declined again to797.39 EH/s, followed by a strong rebound reaching an intraday high of963.28 EH/s, and ended with a slight pullback near894.52 EH/s.
May 21: The hashrate rose to938.29 EH/sin early trading but then sharply dropped to the day’s low of800.64 EH/s. After the downward pressure eased, it gradually recovered, climbing to887.73 EH/sby the evening.
May 22: The hashrate continued its upward trend, maintaining an overall upward momentum.
Weekly Overview:
Overall, the Bitcoin network hashrate fluctuated within the800–1000 EH/srange throughout the week. Despite rapid midweek fluctuations, overall volatility remained contained, reflecting that the computing power market has entered a relatively stable phase.
The current rebound in hashrate is closely related to the staged stabilization of Bitcoin’s price, especially after the price returned above$110,000, improving mining profit expectations and encouraging miners to reactivate some of their computing resources.
Bitcoin Network Hashrate Data
4. Mining Revenue
According to data from YCharts, the daily total revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows:May 17: $46.84 million;May 18: $53.32 million;May 19: $46.63 million;May 20: $50.27 million;May 21: $49.85 million;May 22: $52.85 million.Overall, the miners’ average daily total revenue this week remained roughly within the$46 million to $53 millionrange, indicating steady performance. This trend reflects that, amid Bitcoin’s price stabilization and phased increase, transaction fees and block rewards continue to strongly support miners’ revenue.
From the perspective of output value per unit of computing power, the Bitcoin network’s currenthashpricehas rebounded to$58.80 per PH/s per day, reaching a new phase high. This upward trend indicates a clear improvement in miners’ profitability under the current market environment, mainly driven by the combined effects of rising Bitcoin prices and network difficulty adjustments.
Looking back over the past six months, hashprice has closely tracked Bitcoin’s price movements. On December 12, 2024, hashprice once peaked at$64.21 per PH/s per day, then gradually declined due to price adjustments and increased total network hashrate, reaching a cyclical low of$39.83 per PH/s per dayon April 7, 2025. However, with Bitcoin’s price re-entering an upward channel since the beginning of Q2, hashprice has steadily recovered from its low, currently rebounding by approximately47.6%, reflecting an overall upward trend in mining revenue.
In summary, Bitcoin mining revenue has continuously improved in the current cycle. If Bitcoin’s price maintains its strong performance and network hashrate growth slows down, hashprice is expected to rise further, and the mining economic model is likely to evolve toward a healthier and more sustainable direction.
Hashprice Data
5. Energy Costs and Mining Efficiency
According to data from Cloverpool, the Bitcoin mining difficulty adjustment occurred at block height 897,120 (Beijing time: May 17, 22:01:56), with mining difficulty increasing by 2.13% to 121.66 T. As of the writing on May 23, 2025, the total network hashrate stands at 874.08 EH/s, while the current network mining difficulty remains at 121.66 T. The next difficulty adjustment is expected on May 31, with a predicted decrease of approximately 1.01%, which would lower the difficulty to 120.42 T. This trend indicates that after noticeable fluctuations in network hashrate over the past week, some low-efficiency miners or higher-cost nodes have been squeezed out of the market, reinforcing expectations for a downward adjustment in average difficulty. This change will help improve unit revenue for leading mining companies and efficient hashrate equipment, further optimizing the mining industry structure.
From the perspective of mining costs, based on the latest MacroMicro model estimates, as of May 21, 2025, the unit production cost for Bitcoin mining is approximately $90,186.25, while the spot price at the same time is $109,678.08, corresponding to aMining Cost-to-Price Ratioof0.82. This ratio has declined further, showing that the overall profitability of current mining activities continues to improve, especially for miners using high-energy-efficiency machines and low electricity cost resources, thereby expanding their profit margins.
In summary, Bitcoin mining currently exhibits structural optimization driven by the combined effects of energy costs, network difficulty, and spot prices. On one hand, the concentration of computing power continues to increase, reinforcing a “winner-takes-more” pattern in mining. On the other hand, the expectation of difficulty reduction combined with the recovery in cost-to-profit ratios will provide breathing space for second- and third-tier mining farms and may trigger a new cycle of mining machine upgrades and deployments.
Bitcoin Mining Difficulty Data
6. Policy and Regulatory News
Australian Judge Rules Bitcoin as Currency, Not Asset, Potentially Exempting Capital Gains Tax
On May 19, according to Bitcoin News, an Australian judge ruled that Bitcoin is classified as a form of currency rather than a capital asset. The ruling could exempt Bitcoin transactions from capital gains tax obligations. If upheld, it may result in tax refunds of up to $1 billion and fundamentally change how the Australian Taxation Office currently taxes cryptocurrencies.
Texas Passes Bitcoin Reserve Investment Bill, Awaiting Governor’s Approval
On May 21, Texas passed theStrategic Bitcoin Reserve and Investment Act, allowing the state to invest in Bitcoin (BTC). The bill has passed its second reading and is now awaiting the governor’s signature to become law.
Related Image
Russian Ministry of Justice Drafts Bill Classifying Bitcoin and Cryptocurrencies as Seizable Property
On May 21, according to Bitcoin Magazine, the Russian Ministry of Justice drafted a bill classifying Bitcoin and cryptocurrencies as property subject to legal seizure.
7. Mining News
JPMorgan: Bitcoin Network Hashrate Slightly Increased in the First Two Weeks of May
On May 19, JPMorgan stated in a research report released on Friday that the Bitcoin network hashrate rose 2% in the first two weeks of May, averaging 885 EH/s. As Bitcoin’s price rose, miners’ gross margins expanded month-over-month, improving mining economics and boosting miner profitability. The hashprice, which measures daily mining profitability, increased 13% compared to April, a development described as "encouraging." Analysts noted that during the first half of May, miners earned approximately $50,100 in daily block rewards per EH/s, up 13% month-over-month and 3% year-over-year. Additionally, publicly listed US mining companies maintained their share of network hashrate at approximately 30.5%, up 1.1% from April. The total market value of the 13 US-listed Bitcoin mining stocks tracked by the bank rose 24% this month, reaching $4.6 billion, with Bitdeer gaining 43%, while Greenidge declined by 5%.
Bitcoin Miners’ April Sell-Off Volume Hits 115% of Production, a New High Since 2022
On May 22, according to the latest report from TheMinerMag, despite Bitcoin reaching a new all-time high this week, miners were reportedly “forced to sell a record amount of BTC reserves last month.” Public miners sold “115% of their Bitcoin production in April,” marking the highest proportion since the end of the 2022 bear market.
Related Image
8. Bitcoin-Related News
Global Corporations and Countries’ Bitcoin Holdings (This Week’s Statistics)
- El Salvador
El Salvador increased its Bitcoin holdings by 8 BTC in the past 7 days. As of May 23, 2025, its total Bitcoin holdings reached 6,185.18 BTC, valued at approximately $690 million. Over the past 30 days, El Salvador has accumulated an additional 31 BTC. - BlackRock IBIT ETF
As of May 16, 2025, IBIT’s holdings reached 659,762.52 BTC, accounting for over 3% of the total Bitcoin supply, with a total market value exceeding $65.9 billion. - UK Listed Company Vinanz
On May 19, 2025, the company made its first purchase of 16.9 BTC at an average price of $103,341, incorporating Bitcoin into its balance sheet as a core strategic asset. - Strategy
Between May 12 and 18, 2025, Strategy made a large purchase of 7,390 BTC at an average price of $103,498, investing approximately $765 million. - Smarter Web Company
As of May 20, 2025, the company increased its holdings by 16.42 BTC at an average price of $104,202, bringing the total to 35.62 BTC as part of its long-term investment portfolio. - Susquehanna Hedge Fund
As of May 20, 2025, Susquehanna added $291 million in Bitcoin ETF positions, mainly allocated to BlackRock IBIT, expanding its total holdings to $1.3 billion, demonstrating a long-term optimistic view on compliant crypto assets. - KULR Tech
As of May 21, 2025, the company increased its Bitcoin holdings to 800.3 BTC, currently valued at approximately $78 million, achieving a return of 220.2%, and converted 90% of its cash into Bitcoin as an aggressive financial strategy. - Australia Monochrome IBTC ETF
As of May 20, 2025, Monochrome’s spot Bitcoin ETF holdings grew to 498 BTC, with a market value of about $81.75 million, reflecting continued investor confidence in Bitcoin ETF allocations. - Basel Medical
On May 22, 2025, Singapore-based orthopedics medical group Basel Medical, listed on Nasdaq, announced an agreement with Bitcoin holders’ alliance to purchase up to 10,000 BTC (currently valued at about $1 billion) via additional common stock issuance. The company stated the strategy aims to diversify capital reserves while supporting its expansion plans in the Asia-Pacific medical market. - Genius Group
On May 22, AI company Genius Group announced an additional purchase of 24.5 BTC, raising total holdings to 85.5 BTC. The purchase totaled $8.5 million at an average price of $99,700 per BTC. This increase boosted the company’s Bitcoin holdings by about 40%. - Jiuzi Holdings
Chinese new energy vehicle retailer Jiuzi Holdings (Nasdaq: JZXN) announced on May 22 plans to acquire 1,000 BTC over the next 12 months through both cash and equity financing. JZXN currently has an extensive sales network in China’s third- and fourth-tier cities and cooperates with more than 20 new energy vehicle and battery manufacturers. - The Blockchain Group
On May 23, The Blockchain Group, Europe’s first Bitcoin-focused asset management company, announced a purchase of 227 BTC worth €21.2 million, increasing total holdings to 847 BTC. This highlights the gradual acceptance and allocation willingness of European capital markets toward Bitcoin.
Grayscale Research Director: Bullish on Bitcoin from a Macro Perspective
On May 18, news reported that Bitcoin’s dominance in the cryptocurrency market has recently declined. Analysts point out that this does not mean a “altseason” is imminent. Grayscale Research Director Zach Pandl stated that Bitcoin’s dominance may rise when the market focuses on macroeconomic instability and risks facing the US dollar; while Bitcoin’s dominance may fall when the market focuses on various blockchain technology applications and innovations in the crypto space. Zach Pandl added that from a macro perspective, he is bullish on Bitcoin; and from the perspective of technological development and user adoption, he is also optimistic about altcoins.
Author ofRich Dad Poor Dad: Bitcoin Expected to Reach $250,000 This Year
On May 18, Robert Kiyosaki, author ofRich Dad Poor Dad, posted that the values of Bitcoin, gold, and silver will continue to rise. He is buying more Bitcoin and expects Bitcoin to reach $250,000 this year, advising to “buy more, don’t sell.”
Related Images
Tim Draper: I Have Been Continuously Buying More Bitcoin
On May 18, Tim Draper, early investor in Tesla and Skype, said in an interview, “I have been continuously buying more Bitcoin.”
In July 2014, Tim Draper purchased approximately 29,656 Bitcoins at about $19 million through an auction held by the U.S. Marshals Service, with an average price of about $640 per Bitcoin. These Bitcoins were seized by the U.S. government during the Silk Road law enforcement operation. Tim Draper has repeatedly expressed optimism about Bitcoin’s future potential, believing Bitcoin can provide liquidity and protection against currency devaluation for emerging markets.
21Shares: Bitcoin Has More Room to Rise This Year
On May 20, despite Bitcoin’s price hovering slightly below the historic high reached in January this year, digital asset ETF issuer 21Shares believes Bitcoin still has greater upside potential this year. Matt Mena, research strategist at 21Shares, wrote in a report released Monday: “Bitcoin is on the verge of a breakout.” He believes the current Bitcoin rally is not driven by retail frenzy, but by multiple structural forces acting together, including institutional capital inflows, historic supply tightening, and improvements in the macroeconomic environment. These factors suggest Bitcoin will follow a more enduring and mature path to challenge new all-time highs.
The amount of Bitcoin continuously absorbed by spot Bitcoin ETFs exceeds daily mining output, further tightening supply. Meanwhile, major institutions, companies like Strategy, and newcomers such as Twenty One Capital are steadily accumulating Bitcoin, and some countries have begun exploring the establishment of strategic reserves. Mena predicts that the combined effect of these factors could push Bitcoin up to $138,500 this year.
CryptoQuant: Bitcoin Rebound Is Healthy, Bull Market Trend Established
On May 20, CryptoQuant analyst @avocado_onchain reported that Bitcoin’s recent rebound occurred without signs of overheating, which is regarded as a clear signal of a healthy bull market. The analysis shows market buying sentiment remains strong, favorable for further price increases, indicating that it is not yet the time to consider exiting the market.
Related Images
Standard Chartered: SEC Data Supports Bitcoin Reaching $500,000 by 2028
On May 20, Geoff Kendrick of Standard Chartered said that recent US Securities and Exchange Commission (SEC) 13F filings support expectations that Bitcoin could rise to $500,000 by the end of 2028. Although direct holdings in Bitcoin ETFs declined in the first quarter, government institutions increased their stakes in Strategy (formerly MicroStrategy), which is viewed as an alternative investment vehicle for Bitcoin. This may reflect institutional efforts to gain Bitcoin exposure despite regulatory constraints.
German Government Sold 49,858 Bitcoins from June 19 to July 12, 2024, Losing $2.46 Billion in Profit
On May 21, according to Lookonchain monitoring, the German government sold 49,858 Bitcoins at an average price of $57,600 (worth $2.87 billion) during June 19 to July 12, 2024. Currently, these 49,858 Bitcoins are worth $5.33 billion, meaning the German government missed out on $2.46 billion in profits.
Trump Posts to Celebrate Bitcoin’s All-Time High
On May 22, Trump posted on Truth Social: “BITCOIN ALL TIME HIGHS, ENJOY!!” to celebrate Bitcoin’s new all-time high. Previously, Bitcoin prices on Coinbase had reached historic highs.
U.S. Senator Lummis: Four-Fifths of Americans Would Convert U.S. Gold Reserves into Bitcoin
On May 22, according to Cointelegraph, U.S. Senator Cynthia Lummis released an infographic showing that four-fifths of Americans are willing to convert the U.S. gold reserves into Bitcoin. She said: “This is what I have been saying all along — Americans are ready to upgrade our reserves.”
Related Images
Bitcoin Market Cap Surpasses $2.2 Trillion for the First Time
On May 22, as Bitcoin surpassed $111,000 to hit new highs, its market capitalization exceeded $2.2 trillion for the first time. Data from Coingecko shows Bitcoin’s current market cap reached $2,209,135,944,248, a historic high, with a 24-hour trading volume of $71,685,796,851.
