1. Market Observation
Keywords: BTC, ETH, SUI
BTC continues to rise and has broken through $111,000, creating a new historical high. For this phenomenon, Jeffrey Ding, Chief Analyst at HashKey Group, believes there are three main reasons:
1. Macro Policy Dividends: Trade easing enhances market risk appetite. The easing of China-US trade relations is an important macro background driving Bitcoin's rise. Trump announced "historic cooperation with major powers" in early May and formally signed the China-US tariff agreement on May 12, reducing mutual tariffs from a maximum of 84% to 10%. This unexpected policy breakthrough significantly improved global economic uncertainty and boosted market confidence in risk assets. As a high-risk, high-return asset, Bitcoin has gained further capital favor against the backdrop of easing macro risk sentiment.
2. Policy Catalyst: Advancement of the US GENIUS Stablecoin Act. The US Senate advanced the procedural motion of the GENIUS Stablecoin Act with a 66:32 vote, providing a federal regulatory framework for US dollar stablecoins. The bill's passage will enable traditional banks to obtain new liquidity through stablecoin issuance and achieve interoperability with DeFi protocols, building a "on-chain to off-chain" liquidity bridge. This not only releases massive funding momentum but also injects strong policy confidence into the crypto asset market.
Meanwhile, Hong Kong has also passed the Stablecoin Regulation Bill in three readings, expected to take effect this year. Hong Kong becomes one of the first regions globally to complete stablecoin legislation, further promoting the compliance development of the global stablecoin market. These policy dividends open up entirely new growth spaces for Bitcoin and other crypto assets.
3. Supply Tightening: On-chain data consolidates scarcity logic. Bitcoin's scarcity is once again amplified in this round of rise. According to Glassnode data, long-term Bitcoin holders' holdings have increased to 13.76 million coins, accounting for 65.6% of the total circulation, reaching a new high. Simultaneously, Bitcoin reserves on centralized exchanges have significantly dropped, remaining only 2.437 million coins as of May 20, the lowest level since 2018. This means the tradable Bitcoin supply in the market is rapidly decreasing, and the supply-demand mismatch significantly strengthens the price's upward momentum.
As stablecoins become compliant, they will attract more "quasi-dollar" funds, giving Bitcoin and Ethereum stronger hedging and value storage attributes. As these funds gradually flow in, Bitcoin and Ethereum are expected to see a 20%-50% valuation increase in the next 6-12 months. Meanwhile, the maturity of compliant channels will provide pension funds and mutual funds with a bridge to enter the crypto market, significantly enhancing market demand stability and effectively reducing structural risks. The interaction between policy dividends and market consensus is opening up new growth spaces for Bitcoin and crypto assets.
2. Key Data (as of May 23, 12:00 HKT)
(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
- Bitcoin: $111,159 (YTD +19%), Daily spot trading volume $64.76 billion
- Ethereum: $2,721 (YTD -18%), Daily spot trading volume $28.99 billion
- Fear and Greed Index: 78 (Extreme Greed)
- Average Gas: BTC: 2 sat/vB ETH: 1.67 Gwei
- Market Capitalization: BTC 62.5%, ETH 9.3%
- Upbit 24-hour Trading Volume Ranking: BTC, XRP, ETH, SUI, DOGE
- 24-hour BTC Long/Short Ratio: 1.0068
- Sector Performance: AI (+8.28%), CeFi (+2.06%)
- 24-hour Liquidation Data: Globally 105,819 people liquidated, Total liquidation amount $248 million, BTC liquidation $63 million, ETH liquidation $41 million, SUI liquidation $11.98 million
- BTC Medium-Long Term Trend Channel: Upper line ($103,016.97), Lower line ($100,977.03)
- ETH Medium-Long Term Trend Channel: Upper line ($2,389.95), Lower line ($2,342.62)
*Note: When price is above upper and lower lines, it indicates a medium-long term bullish trend; conversely, it indicates a bearish trend. When price is within the range or repeatedly passes through the cost range, it represents a bottoming or topping state.
3. ETF Flows (as of May 22)
- Bitcoin ETF: +$934 million
- Ethereum ETF: +$110 million
4. Today's Outlook
[Links to various news articles about crypto projects and platforms]
Today's Top 100 Market Cap Gainers: WLD +24.7%, WIF +16.9%, JUP +15.7%, FORM +13.4%
5. Hot News
[Links to various crypto-related news articles]
This article is supported by HashKey, HashKey is the largest licensed virtual asset exchange in Hong Kong and the most trusted crypto asset fiat gateway in Asia. It is committed to defining new benchmarks for virtual asset exchanges in compliance, fund safety, and platform protection.
