1. Market Observation
Keywords: BTC, ETH, VIRTUAL
Long-term Japanese bond yields hit a new high, with a tight macro environment, gold and Bitcoin showing a safe-haven role. HashKey Chief Analyst Jeffrey Ding believes that the global central bank policy divergence in 2025 (such as Japan tightening and the US easing) and panic about US debt credit may accelerate capital migration from traditional assets to crypto assets. For example, the recent sharp rise of the New Taiwan dollar is a performance under the current environment: many investors in Taiwan originally held large amounts of US debt assets and conducted circular pledges, but the continuous decline in US debt prices led to passive deleveraging, and panic emotions forced their funds to return to Taiwan after selling, thus causing a short-term surge in the New Taiwan dollar. Therefore, investors should pay attention to the Federal Reserve's monetary policy signals (such as interest rate hikes or QE pace), US debt auction data (such as subscription multiples and tail differences), and Bitcoin on-chain indicators (such as active addresses and transaction volume) to capture capital flows and market sentiment changes. Although Bitcoin has historically been highly volatile, its safe-haven role in a diversified investment portfolio has become increasingly significant, especially when the traditional financial system faces dual challenges of credit and inflation.
The trade war is rising again. In May 2025, tariff negotiations between the EU and the US remain tense. The Trump administration imposed 20% to 50% tariffs on the EU at the beginning of the year, covering multiple fields such as steel, aluminum, and automobiles, and the EU responded with retaliatory tariffs on US goods. On May 23, Trump suggested directly imposing a 50% tariff on EU products starting from June 1. Following this statement, Bitcoin experienced a slight pullback. On May 26, Trump stated that the EU's request to extend the trade negotiation window has been agreed, with the deadline extended to July 9, and after this news was announced, Bitcoin briefly rose and broke through $109,000.
2. Key Data (as of May 26, 12:00 HKT)
(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
- Bitcoin: $109,677 (YTD +17.41%), daily spot trading volume $46.66 billion
- Ethereum: $2,560 (YTD -23.43%), daily spot trading volume $14.03 billion
- Fear and Greed Index: 73 (Greed)
- Average Gas: BTC: 1 sat/vB ETH: 0.39 Gwei
- Market Dominance: BTC 63.3%, ETH 9.0%
- Upbit 24-hour trading volume ranking: XRP, BTC, AERGO, NXPC, WCT
- 24-hour BTC long/short ratio: 0.9782
- Sector performance: AI (+3.29%), SocialFi (-0.5%)
- 24-hour liquidation data: 85,825 people globally liquidated, total liquidation amount $202 million, with BTC liquidation $41 million, ETH liquidation $48 million, SOL liquidation $7.66 million
- BTC medium and long-term trend channel: Upper line ($103,016.97), Lower line ($100,977.03)
- ETH medium and long-term trend channel: Upper line ($2,389.95), Lower line ($2,342.62)
*Note: When the price is above the upper and lower lines, it indicates a medium and long-term bullish trend, and vice versa. When the price is within the range or repeatedly passes through the cost range in the short term, it is in a bottom or top formation state.
3. ETF Flows (as of May 23)
- Bitcoin ETF: +$211 million
- Ethereum ETF: +$58 million
4. Today's Outlook
212th Ethereum ACDC Meeting: Fusaka Devnet-0 will go online on May 26
US stocks will be closed for one day on May 26
Today's top 100 market cap gainers: HYPE up 11.1%, VIRTUAL up 9.1%, EOS up 7.5%, ZEC up 6.5%
5. Hot News
Whale James Wynn again opens PEPE long position with 10x leverage
HYPE market cap surpasses SUI, ranking 13th in cryptocurrency market cap
Inferno Drainer uses Ethereum's EIP-7702 for a new type of attack, causing a single loss of $150,000
Coinbase-backed Base network plans major upgrade to challenge Solana
US-EU tariff negotiation deadline extended to July 9
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. Committed to defining new benchmarks for virtual asset exchanges in compliance, fund security, and platform protection.
