ARK Invest recently sold off nearly $43.8 million worth of shares of Coinbase (COIN) on Monday. This move comes after similar sales last week, totaling 270,984 COIN shares sold off over...
Read moreARK Invest recently sold off nearly $43.8 million worth of shares of Coinbase (COIN) on Monday. This move comes after similar sales last week, totaling 270,984 COIN shares sold off over the last three trading days, valued at around $95 million based on Monday’s closing price of $350.49.
Coinbase shares hit a record high of over $380 on June 26, prompting the sales from ARK. The investment managing firm led by Cathie Wood has a target weighing strategy in its ETFs, where no individual holding can exceed 10% of its total value. This strategy results in ARK selling off shares of certain stocks when their prices rise and buying them back when they fall.
ARK holds COIN in three of its ETFs: Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF). This trend of buying and selling based on price movements is a common strategy for ARK Invest.
Tags:AIAmazonAmericabitcoinbtcCEOChinaCircleCoinbaseCryptoETHEUFinancegoldIncomeJapanlibraMicrostrategymileiS&P 500StocksStrategyTelegramTradingTrumpTrump MediaUS
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Read moreWelcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
Michael Saylor’s company, MicroStrategy (MSTR), once again increased its significant bitcoin holdings last week by acquiring an additional 1,045 BTC for $110.2 million. The average purchase price for this latest investment...
Read moreMichael Saylor’s company, MicroStrategy (MSTR), once again increased its significant bitcoin holdings last week by acquiring an additional 1,045 BTC for $110.2 million. The average purchase price for this latest investment was $105,426 each, bringing the average purchase price for the company’s total 582,000 coin holdings to $70,086 each. With bitcoin trading around $107,500 on Monday morning, MSTR’s holdings are now valued at approximately $62.5 billion.
The funding for last week’s bitcoin purchases was sourced from the at-the-market sales of MSTR’s STRK and STRF preferred stocks, as stated in an SEC filing. As a result, MSTR’s stock is up by 2% in premarket trading as bitcoin prices have risen from Friday’s closing levels in the $105,000 range.
Circle (CRCL) made its highly anticipated debut on the New York Stock Exchange (NYSE) on Thursday, with shares opening at $69 and surging to over $100 at one point, marking a...
Read moreCircle (CRCL) made its highly anticipated debut on the New York Stock Exchange (NYSE) on Thursday, with shares opening at $69 and surging to over $100 at one point, marking a more than 200% increase from the $31 price set the night before.
In its initial public offering, Circle sold approximately 34 million shares, raising $1.1 billion and achieving a valuation of $6.9 billion. This listing comes after previous attempts by the company, including a failed SPAC deal in 2021.
Ark Investment Management, led by Cathie Wood, expressed interest in purchasing up to $150 million worth of Circle shares, while BlackRock also plans to acquire 10% of the shares, as reported by SEC filings and Bloomberg.
Drawing comparisons to Coinbase’s volatile IPO on Nasdaq in 2021, where shares initially traded as high as $430 before dropping to $200 a month later, Circle’s debut was closely watched by investors. Despite this, other crypto-related stocks like Coinbase and MicroStrategy (MSTR) were trading lower on Thursday, along with bitcoin (BTC). Circle’s shares have since stabilized around $80 to $83 per share.
The IPO event occurred amidst a macroeconomic environment filled with uncertainty, with many companies reporting weak outlooks for the next quarter. However, Circle’s core business of issuing the USDC stablecoin has seen increased demand in 2025, partly due to progress in U.S. regulation surrounding stablecoins. Policymakers have been signaling closer steps towards establishing clearer rules, which could help promote and expand the use of stablecoins in mainstream finance.
A recent report by Deutsche Bank predicted that stablecoins are on the brink of becoming mainstream, citing their growing role in digital payments, cross-border settlements, and treasury management, while also reinforcing the dominance of the U.S. dollar globally. Circle’s IPO reflects investor confidence in this shift, betting not just on a crypto company but on stablecoins becoming integral financial infrastructure.
The debut of Circle’s shares on the NYSE signals a significant milestone for the company and the broader crypto industry, showcasing the potential for stablecoins to revolutionize the financial landscape.
Tags:AIbitcoinbtcChinaCoinbaseCryptoDonald TrumpgoldmemecoinMicrostrategyS&P 500solanaStocksStrategyTradingTrumpUS
The markets turned red on Friday as renewed tariff concerns weighed on investor sentiment. Bitcoin BTC dropped by 2.1% in the last 24 hours, trading slightly above $104,000 after hitting a...
Read moreThe markets turned red on Friday as renewed tariff concerns weighed on investor sentiment. Bitcoin BTC dropped by 2.1% in the last 24 hours, trading slightly above $104,000 after hitting a low of $103,900. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, also fell by 4.2%.
Smart contract platforms like solana SOL, sui SUI, and avalanche AVAX experienced significant losses, dropping by 6.3%, 7.8%, and 7.3% respectively. Crypto stocks were not immune to the downturn, with Bitdeer (BTDR) falling by 8.3% and companies like MicroStrategy (MSTR) and Coinbase (COIN) also registering losses.
The negative sentiment extended beyond the crypto market, with the S&P 500 and Nasdaq down by 1% and 1.5% respectively, while gold prices also dipped by 0.7%.
The market downturn was attributed to escalating U.S.-China trade tensions following recent accusations made by President Donald Trump regarding China’s alleged violation of a tariff truce. Treasury Secretary Scott Bessent mentioned that talks with Chinese representatives had stalled, leading to further uncertainty.
In response, China called on the U.S. to correct its actions and cease discriminatory restrictions. The brewing trade tensions between the two countries have contributed to the recent market volatility, undoing some of the gains made earlier in the month.
The cooling off period between the U.S. and China in May had supported risk assets, including Bitcoin, which had reached new record highs. However, the re-escalation of trade tensions threatens to erode some of those gains.
For more insights, you can read about how Bitcoin whales appear to be signaling a market top as BTC prices consolidate.
Tags:AIAmericaAppleBinanceBlackrockCryptoEUEuropeFinancegoldRobinhoodS&P 500solanaStocksTeslaTradingUS
Kraken is set to introduce tokenized shares of popular U.S. stocks such as Nvidia, Apple, and Tesla, as well as over 50 other stocks and exchange-traded funds (ETFs), according to a...
Read moreKraken is set to introduce tokenized shares of popular U.S. stocks such as Nvidia, Apple, and Tesla, as well as over 50 other stocks and exchange-traded funds (ETFs), according to a report by the Wall Street Journal.
These tokenized assets, named “xStocks,” will be built on the Solana SOL blockchain and will be open for trading 24/7 to investors globally. Some of the ETFs included in this offering are the SPDR S&P 500 ETF (SPY) and the SPDR Gold Shares (GLD).
Backed Finance will hold the real shares representing the stocks, allowing investors to redeem them at a 1:1 ratio for their cash value.
In April, Kraken initially unveiled over 11,000 U.S.-listed stocks and ETFs for trading in 10 states through its subsidiary Kraken Securities. This recent expansion now includes tokenized versions of more than 50 stocks and ETFs available to customers outside of the U.S., starting with regions like Europe, Latin America, Africa, and Asia.
Kraken’s move places it in direct competition with platforms like Robinhood (HOOD) and makes it the first exchange to successfully offer tokenized shares of major U.S. stocks. Binance previously attempted to launch tokenized U.S. stocks in 2021 but eventually abandoned the plans due to regulatory uncertainty.
A spokesperson from Kraken mentioned to the Wall Street Journal that the exchange is actively collaborating with regulators to ensure the legal offering of xStocks in each jurisdiction, taking into account the varying regulatory landscapes.
Tokenization, the process of converting real-world assets into blockchain tokens, has gained popularity in the crypto sphere. Companies like Ondo Finance, BlackRock, and Franklin Templeton have been early adopters of tokenization, contributing to the overall tokenization market reaching a market cap of $65 billion as of May.
Tags:ADAAIAmericaBinancebitcoinbtcCanadaCoinbaseCryptoDonald TrumpdubaiETHEUFinancegoldGovernmentHealthIranJapanminerMoving AverageS&P 500StocksStrategyTradingtrillionTrumpUSWashington
By Francisco Rodrigues (All times ET unless indicated otherwise) Bitcoin BTC surpassed Wednesday’s record to reach an all-time high of $111,875 in the early hours of Thursday, as traditional financial markets...
Read moreBy Francisco Rodrigues (All times ET unless indicated otherwise)
Bitcoin BTC surpassed Wednesday’s record to reach an all-time high of $111,875 in the early hours of Thursday, as traditional financial markets contended with rising bond yields and renewed concerns over ballooning U.S. debt.
The largest cryptocurrency has gained around 3.8% in the last 24 hours while the broader CoinDesk 20 CD20 index rose 4.74%, continuing a trend of strength driven by mounting institutional demand and growing interest in crypto exposure.
The rally is unfolding against a backdrop of higher yields on U.S. and Japanese government bonds. The 10-year U.S. Treasury yield rose to 4.6%, while the 30-year topped 5%, driven by concerns over President Donald Trump’s tax bill that analysts estimate could add as much as $5 trillion to the country’s debt, according to Reuters.
In Japan, yields on 30- and 40-year government bonds also hit record highs. The country’s debt-to-GDP ratio stands at 234%, QCP Capital said, and growing scrutiny coupled with weak demand for long-dated JGBs sent yields soaring.
That matters because higher yields — and thus higher returns — on investments that are considered relatively safe tend to lower the appeal of riskier assets like stocks, not to mention cryptocurrencies. While BTC, with its history of trading as a risky asset, hasn’t shown much sign of ebbing demand, it raises the question of how long the rally can continue.
Still, traders have been building large long positions in BTC options, with the most open interest now concentrated at the $110,000, $120,000 and even $300,000 calls for contracts expiring in late June in a sign of continuing bullish conviction.
U.S.-traded spot bitcoin exchange-traded funds have also been seeing significant demand. Total net inflows hit $1.6 billion over the week, and $4.24 billion so far in May, SoSoValue data shows. The inflows, coupled with bitcoin’s price rise, have seen the ETFs’ total net assets hit a record $129 billion.
There are, however, some muted signs of bearish activity.
“The largest block flow this week continues to be ETH December call spreads, while overnight BTC butterfly positions hint that some traders are positioning for consolidation around current levels,” Wintermute OTC trader Jake O. said.
Note, he’s talking about consolidation, not declines. And traditional participants may even be too bearish. While the U.S. endured a recent credit downgrade, markets are now pricing in a 6-level cut all the way down to BBB+.
On top of that, per Jake O., a recent equities market sell-off may not be a result of repositioning given higher bond yields, but rather profit-taking after nine consecutive positive sessions. Stay alert!
What to Watch
Crypto
May 22: Bitcoin Pizza Day.
May 22: Top 220 TRUMP token holders will attend a gala dinner hosted by the U.S. president at the Trump National Golf Club in Washington.
May 30: The second round of FTX repayments starts.
May 31 (TBC): Mezo mainnet launch.
Macro
Day 3 of 3: Canadian Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem will co-host the three-day meeting of G7 finance ministers and central bank governors in Banff, Alberta.
May 22, 8 a.m.: Mexico’s National Institute of Statistics and Geography releases (final) Q1 GDP growth data.
May 22, 8:30 a.m.: Statistics Canada releases April producer price inflation data.
May 22, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended May 17.
May 23, 8:30 a.m.: Statistics Canada releases (Final) March retail sales data.
May 23, 10 a.m.: The U.S. Census Bureau releases April new single-family homes data.
Earnings (Estimates based on FactSet data)
May 28: NVIDIA (NVDA), post-market, $0.88
Token Events
Governance votes & calls
Arbitrum DAO is voting on launching “The Watchdog,” a 400,000-ARB bounty program to reward community sleuths for uncovering misuse of the hundreds of millions in grants, incentives and service budgets the DAO has deployed. Voting ends May 23.
Lido DAO is voting on adopting Dual Governance (LIP-28), a protocol upgrade that inserts a dynamic timelock between DAO decisions and execution so stETH holders can escrow tokens to pause proposals at 1% of TVL or fully block and “rage-quit” at 10%. Voting ends May 28.
Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 “Callisto,” bringing them in line with Ethereum’s May 7 Pectra upgrade. The proposal schedules activation for June 17, and voting ends on May 29.
May 22: Official Trump to announce its “next Era” on the day of the dinner for its largest holders.
June 10: Ether.fi to host an analyst call followed by a Q&A session.
Unlocks
May 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $24.67 million.
June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $182.58 million.
June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $11.99 million.
June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $16.78 million.
June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $61.86 million.
Token Launches
June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end.
June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.
Conferences
Day 3 of 7: Dutch Blockchain Week (Amsterdam)
Day 3 of 3: Avalanche Summit London
Day 3 of 3: Seamless Middle East Fintech 2025 (Dubai)
Day 2 of 2: Crypto Expo Dubai
Day 2 of 2: Cryptoverse Conference (Warsaw)
May 27-29: Bitcoin 2025 (Las Vegas)
May 27-30: Web Summit Vancouver
May 29: Stablecon (New York)
May 29-30: Litecoin Summit 2025 (Las Vegas)
May 29-June 1: Balkans Crypto 2025 (Tirana, Albania)
June 2-7: SXSW London
June 15-17: G7 2025 Summit (Kananaskis, Alberta, Canada)
June 19-21: BTC Prague 2025
Token Talk
By Shaurya Malwa
The HYPE token is in focus after a billion-dollar bitcoin trade boosted Hyperliquid’s fundamentals.
Pseudonymous trader James Wynn opened a $1.1 billion long on BTC using 40x leverage via Hyperliquid in one of the largest on-chain DEX trades ever recorded.
The position, tied to wallet “0x507,” was entered when BTC was priced at $108K and now sits on over $40 million in unrealized profit.
Wynn booked partial profits early Thursday by closing 540 BTC (~$60 million), to net $1.5 million.
His prior exits were followed by BTC declines, so traders are watching closely.
Hyperliquid runs on its custom L1, HyperEVM, using the HyperBFT consensus (200K+ TPS) with CEX-level features like real-time order books and deep liquidity — no KYC required.
The platform’s permissionless design and lightning-fast execution are increasingly drawing capital from centralized venues to DeFi , and this trade could set a precedent for whale activity.
HYPE jumped 15% in the past 24 hours on renewed attention and usage-driven speculation.
Derivatives Positioning
Analyzing the liquidations heatmap of the BTC-USDT pair on Binance, the largest liquidations cluster around $108.5K and $106.9K with liquidations worth $143 million and $112.5 million, respectively.
Meanwhile, the options market swells post-breakout, with open interest on Deribit climbing above $34 billion, just shy of the all-time high of $35.9 billion set in December. The bulk of this positioning is centered on the 30 May expiry, which now holds over $9 billion in notional value to become a key date for potential volatility.
Bullish sentiment is clearly in control, with traders aggressively targeting upside via calls. Strikes at $100K, $120K and $150K have attracted particularly large open interest, reflecting growing conviction in a continued rally.
Put/call ratios underscore this shift in sentiment — the 24-hour volume ratio has dropped to 0.49, while the open interest ratio sits at 0.60, indicating a meaningful tilt toward bullish exposure following BTC’s move above $110K.
Near-term options activity is also picking up, with weekly and monthly contracts seeing notable inflows. Traders appear to be positioning for further momentum or short-term price swings in the wake of the breakout.
Market Movements
BTC is up 1.19% from 4 p.m. ET Wednesday at $110,690.36 (24hrs: +4.05%)
ETH is up 6.19% at $2,662.72 (24hrs: +5.23%)
CoinDesk 20 is up 3.64% at 3,348.63 (24hrs: +4.88%)
Ether CESR Composite Staking Rate is unchanged at 3.03%
BTC funding rate is at 0.03% (10.95% annualized) on Binance
DXY is up 0.25% at 99.81
Gold is down 0.26% at $3,305.6/oz
Silver is down 0.83% at $33.17/oz
Nikkei 225 closed -0.84% at 36,985.87
Hang Seng closed -1.19% at 23,544.31
FTSE is down 0.68% at 8,726.62
Euro Stoxx 50 is down 0.96% at 5,402.31
DJIA closed on Wednesday -0.91% at 41,860.44
S&P 500 closed -1.61% at 5,844.61
Nasdaq closed -1.41% at 18,872.64
S&P/TSX Composite Index closed -0.83% at 25,839.17
S&P 40 Latin America closed -1.31% at 2,597.38
U.S. 10-year Treasury rate is down 2 bps at 4.58%
E-mini S&P 500 futures are unchanged at 5,865.50
E-mini Nasdaq-100 futures are up 0.15% at 21,188.50
E-mini Dow Jones Industrial Average Index futures are down 0.17% at 41,875.00
Bitcoin Stats:
BTC Dominance: 63.90 (-0.62%)
Ethereum to bitcoin ratio: 0.02409 (3.52%)
Hashrate (seven-day moving average): 875 EH/s
Hashprice (spot): $58.24
Total Fees: 7.89 BTC / $847,124
CME Futures Open Interest: 160,740 BTC
BTC priced in gold: 33.4 oz
BTC vs gold market cap: 9.47%
Technical Analysis
Bitcoin reached a new all-time high of $111,875 this morning, breaking decisively above the previous peak just above $109,000 set in January.
With a confirmed close above that level and no sign of a swing failure pattern, the bias remains firmly tilted toward continued upside. In the near term, BTC may encounter resistance around the $112,000–$113,000 range, aligning with a trendline drawn from the prior highs in December and January.
However, last week’s consolidation above $100,000 — and the successful reclaim of the previous all-time high — suggest this area is now acting as short-term support.
A pullback below $100,000, especially into the weekly order block, would likely represent a healthy correction within the broader uptrend and could offer a compelling reentry opportunity if further downside is seen.
Crypto Equities
Strategy (MSTR): closed on Wednesday at $402.69 (-3.41%), up 1.73% at $409.67 in pre-market
Coinbase Global (COIN): closed at $258.99 (-0.91%), up 2.78% at $266.20
Galaxy Digital Holdings (GLXY): closed at C$31 (+1.57%)
MARA Holdings (MARA): closed at $15.84 (-2.16%), up 4.42% at $16.54
Riot Platforms (RIOT): closed at $8.84 (-1.01%), up 3.39% at $9.14
Core Scientific (CORZ): closed at $10.78 (-1.28%), up 1.48% at $10.94
CleanSpark (CLSK): closed at $10.11 (+4.23%), up 4.65% at $10.58
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $17.75 (-1.33%)
Semler Scientific (SMLR): closed at $44.89 (+7.19%), up 6.01% at $47.59
Exodus Movement (EXOD): closed at $32.76 (-5.07%), unchanged in pre-market
ETF Flows
Spot BTC ETFs:
Daily net flow: $607.1 million
Cumulative net flows: $43.35 billion
Total BTC holdings ~ 1.19 million
Spot ETH ETFs
Daily net flow: $0.6 million
Cumulative net flows: $2.61 billion
Total ETH holdings ~ 3.49 million
Source: Farside Investors
Overnight Flows
Chart of the Day
Top 20 digital assets’ prices and volumes
Chart of the day
Bitcoin adoption
By Johnathan Stevens Bitcoin (BTC) continues to be on an upward trend, with the largest cryptocurrency reaching a record-high daily close at $106,830. This momentum has led to speculation around bitcoin-leveraged...
Read moreBy Johnathan Stevens
Bitcoin (BTC) continues to be on an upward trend, with the largest cryptocurrency reaching a record-high daily close at $106,830. This momentum has led to speculation around bitcoin-leveraged stocks, such as Japan’s MetaPlanet (3350), which has seen a 160% surge in 2025.
MetaPlanet’s aggressive accumulation of bitcoin has fueled investor frenzy, making it the most shorted stock in Japan with 25% of outstanding shares held short. It has repeatedly hit Japan’s daily limit-up threshold, causing a slow-motion short squeeze.
Amidst this, global yields are rising, with Japanese bond yields spiking and U.K. inflation hitting a 15-month high. With bitcoin approaching new highs amidst these economic conditions, markets are experiencing increased volatility.
Key events to watch in the coming days include Bitcoin Pizza Day on May 22 and the launch of FTX repayments on May 30. Additionally, macroeconomic events such as the G7 finance ministers and central bank governors meeting in Banff, Alberta, require close attention.
As the market continues to evolve, it is essential to stay informed and alert. Stay tuned for more updates and developments in the crypto and macroeconomic space.
Johnathan Stevens
The Parrot Press
Bitcoin experienced a breakout earlier this week, causing traders to set their sights on the $100,000 level in the coming days. However, this euphoric trade may be short-lived as May’s seasonality...
Read moreBitcoin experienced a breakout earlier this week, causing traders to set their sights on the $100,000 level in the coming days. However, this euphoric trade may be short-lived as May’s seasonality approaches.
Jeff Mei, COO at BTSE, mentioned that historically, the next few months have been weak for financial markets, with many investors following the “Sell in May and Walk Away” adage. Despite this trend, Mei noted that Bitcoin has been performing well, reaching $97K and other growth stocks making a comeback in recent weeks. While weak GDP numbers from the US may pose some risk, Mei mentioned that rate cuts could potentially lead to a rebound.
The “Sell in May and go away” saying is a common seasonal strategy in traditional financial markets. It suggests that investors should sell their holdings at the start of May and return around November to capitalize on underperforming summer markets.
Historically, US stock markets have shown weaker performance from May through October compared to November through April. This trend has become a rule-of-thumb for some investors. Bitcoin also shows recurring seasonal patterns, influenced by macro cycles, institutional flows, and retail sentiment.
While past performance doesn’t guarantee future outcomes, data shows that May months with negative returns for Bitcoin are often followed by more declines in June. This suggests that crypto markets may react to macro and seasonal sentiment similar to equities, especially with more institutional capital entering the space.
Traders may exercise caution based on historical price seasonality and fading momentum after strong Q1 rallies. Altcoins, especially meme coins, may be vulnerable to pullbacks due to recent hype-driven rallies and speculative flows.
Vugar Usi Zade, COO at crypto exchange Bitget, mentioned that since 1950, the S&P 500 has delivered an average gain of just 1.8% from May through October. Meanwhile, Bitcoin’s average Q2 returns stand at 26%, but with a median of only 7.5%, indicating outlier-driven performance and recurring volatility.
As Q3 approaches, the average return for Bitcoin drops to 6%, with a slightly negative median. Zade highlighted that caution is advised heading into May, as historical data shows that Q4 tends to be Bitcoin’s strongest seasonal period.
In conclusion, while cryptocurrency markets are not bound by traditional Wall Street calendars, market psychology still responds to narratives. The “Sell in May” strategy could potentially become a self-fulfilling prophecy if technical indicators weaken and sentiment shifts.
VanEck recently obtained approval from the U.S. Securities and Exchange Commission (SEC) to launch an actively-managed exchange-traded fund (ETF) that will track digital asset stocks. The VanEck Onchain Economy ETF (NODE)...
Read moreVanEck recently obtained approval from the U.S. Securities and Exchange Commission (SEC) to launch an actively-managed exchange-traded fund (ETF) that will track digital asset stocks.
The VanEck Onchain Economy ETF (NODE) is set to hold between 30-60 stocks, with a management fee of 0.69%, according to Matthew Sigel, VanEck’s head of digital asset research. The included stocks will cover a range of sectors including crypto exchanges, miners, data centers, energy infrastructure, semiconductors, hardware, TradFi rails, consumer/gaming, asset managers, and “balance sheet HOLDERS.” Additionally, up to 25% of NODE’s exposure will be in crypto exchange-traded products (ETPs).
Sigel stated, “The global economy is shifting to a digital foundation. NODE offers active equity exposure to the real businesses building that future.”
The ETF is scheduled to start trading on May 14th and will utilize an offshore subsidiary in the Cayman Islands to indirectly access products like commodity futures, swaps, and pooled investment vehicles while adhering to U.S. federal tax regulations.
With an increasing number of crypto-related stocks hitting the market and various companies exploring going public this year, there is a growing demand among investors for exposure to crypto-related stocks. A survey conducted among financial advisors at an ETF conference in March revealed that crypto equity ETFs are a top interest for investment.
