Bitcoin experiences a short-term adjustment but is bullish in the long term, institutional investment becomes a driving force in the market, and FTX is about to release $5 billion in Liquidity.

! HashKey Trading Moment: Bitcoin Short-term Pullback Long-term Bullish, Institutions Become the Main Buyer, FTX May Release $5 Billion in Liquidity

Market Observation

Keywords: Labubu, ETH, BTC

This morning, the U.S. Court of Appeals suspended Trump's tariff policy and resumed tariffs until at least June 9. U.S. equities have been strong despite potential trade frictions, with the Nasdaq and S&P 500 up 9.9% and 6.2%, respectively, up 9.9% for the month, their best monthly performance in nearly a year and a half. The analysis points out that if the tariffs are suspended, the effective tariff rate of the United States may fall below 6%, potentially triggering the risk of stagflation. At the same time, Trump held a meeting with Fed Chairman Jerome Powell, urging a reduction in interest rates, arguing that the current policy puts the US economy at a disadvantage. Powell reiterated that monetary policy will be based on economic data and non-political analysis, and that his term will expire in May 2026.

Bitcoin fell below $105,000 this morning, with a $359 million outflow from a Bitcoin spot ETF after 10 consecutive days of net inflows, indicating a cooling of short-term market sentiment. However, long-term bullish sentiment remains strong, with members of the Trump family expecting that the price of bitcoin could exceed $170,000 by the end of 2026. Michael Saylor is optimistic, believing that businesses that put Bitcoin on their balance sheets have a 90% chance of success within 5 years. Paolo Ardoino, CEO of stablecoin issuer Tether, revealed that the company currently holds more than 100,000 bitcoins (worth more than $10 billion) and more than 50 tons of gold, further strengthening institutional confidence in bitcoin. Although the price of Ethereum has recently retreated after $2,788, Arthur Hayes expects it to hit an all-time high of $4,000 to $5,000 this year, and a bank's head of digital assets predicts that the price will reach $4,000 in 2025 and rise to $7,500 in 2029. Currently, Ethereum needs to rise 85% to break above its all-time high of $4,878 in 2021.

Wall Street asset management giants called for 2% of their portfolios to be allocated to bitcoin at the Bitcoin 2025 conference, triggering a new round of institutional allocation. An analyst believes that with the influx of institutional funds, Bitcoin is becoming an important allocation asset in the global capital market. For example, a company launched the "Bitcoin Strategy" as early as 2020, and its current position has reached 580,000, and its stock price has increased 12 times in four years. Its model has attracted a number of financial institution investors to bet indirectly on Bitcoin. In the Asian market, a well-known Hong Kong chess and card game company, with the support of the trading platform, has purchased a total of 1,110 bitcoins and 14,855 Ethereum, with a profit of more than 48 million US dollars, and the stock price has risen by 449% during the year. In addition, with the passage of the GENIUS Stablecoin Act in the United States and the implementation of the Stablecoin Bill in Hong Kong, the regulatory attitude change and compliance process have provided more convenience for institutions to enter the market. The analysis points out that institutional coin tuning is not a short-term speculative behavior, but a strategic decision based on multiple structural factors. Bitcoin has a reduced correlation with traditional assets, has the potential to optimize the risk-return curve, and its digital gold characteristics have become an important tool in the fight against inflation.

The altcoin market has recently shown new hot spots and adjustments, and the Bubble Mart Labubu plush toy has become popular in the international market, and many countries have stopped selling for a time, driving the market value of the eponymous token on the Solana chain to exceed $60 million, nearly doubling in 24 hours. Kaito-based information tokenization protocol project Loud has surged in popularity, and its upcoming IAO (Initial Attention Offering) has become the focus of the market. In addition, FTX is expected to start the debt repayment process around May 30, which may release about $5 billion of stablecoins to flow back into the market, potentially resonating with Bitcoin ETF funds and providing new liquidity support for the market.

Key Data (as of May 30, 12:00 HKT)

• Bitcoin: $106,130 (Year-to-date +18.39%), Daily spot trading volume $36.871 billion

• Ethereum: $2,635.64 (Year-to-date -21.17%), Daily Spot Trading Volume $21.445 billion

• Fear and Greed Index: 76 (Greed)

• Average GAS: BTC: 1.71 sat/vB ETH: 1.03 Gwei

• Market Share: BTC 63%, ETH 9.5%

• Trading platform 24-hour trading volume ranking: WCT, Bitcoin, XRP, ETH, SNT

• 24-hour BTC Long/Short Ratio: 0.9531

• Sector Rise and Fall: L2 down 7.2%; Meme down 8.73%

• 24-hour liquidation data: A total of 190,866 people were liquidated globally, with a total liquidation amount of 656 million USD, including 208 million USD in BTC liquidations, 108 million USD in ETH liquidations, and 30.91 million USD in SOL liquidations.

• BTC Medium to Long-Term Trend Channel: Upper line of the channel (107647.20 USD), lower line of the channel (105515.57 USD)

• ETH Medium to Long-term Trend Channel: Upper channel line (2587.10 USD), lower channel line (2535.87 USD)

Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or repeatedly fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

! HashKey Trading Moment: Bitcoin Short-term Pullback Long-term Bullish, Institutions Become the Main Buyer, FTX May Release $5 Billion in Liquidity

ETF Liquidity (as of May 29)

• Bitcoin ETF: -$359 million (ending a consecutive 10-day net inflow)

• Ethereum ETF: +$91,929,900 (net inflow for 9 consecutive days)

Today's Outlook

• A trading platform will launch Assisterr AI (ASRR)

• Reminder: FTX will issue over $5 billion in stablecoins to creditors on May 30.

• Treasure Chain will officially shut down on May 30th, users need to migrate their assets as soon as possible.

• Renzo (REZ) will unlock approximately 423 million tokens on May 30 at 7 PM, accounting for 16.10% of the current circulating supply, valued at around 5.7 million USD.

• Kamino (KMNO) will unlock approximately 229 million tokens on May 30 at 8 PM, accounting for 14.97% of the current circulation, valued at about 15.1 million USD.

• Optimism (OP) will unlock approximately 31.34 million tokens on May 31 at 8 AM, accounting for 1.83% of the current circulating supply, valued at about 22.7 million USD.

• Sui (SUI) will unlock approximately 44 million tokens on June 1st at 8 AM, accounting for 1.32% of the current circulating supply, worth about $154 million.

• ZetaChain (ZETA) will unlock approximately 44.26 million tokens on June 1 at 8 AM, accounting for 5.34% of the current circulating supply, worth about 10.9 million USD.

• dydx (DYDX) will unlock approximately 8.33 million tokens on June 1st at 8 AM, accounting for 1.07% of the current circulation, worth about 5 million USD.

Top 500 Market Cap Largest Rise Today: Pocket Network (POKT) rose 263.72%, WhiteRock (WHITE) rose 69.49%, Tellor (TRB) rose 35.21%, Gearbox Protocol (GEAR) rose 28.16%, Safe (SAFE) rose 28.03%.

Hot News

• James Wynn's Bitcoin long position was liquidated, resulting in a loss of $100 million in value.

• Michael Saylor stated: If Bitcoin is included in the balance sheet, the success probability in 5 years can reach 90%.

• Arthur Hayes predicts: Ethereum is expected to rise to $5000 this year, setting a new all-time high.

• Pantera Capital disclosed its investment in stocks adopting the "digital asset vault" strategy.

• The US SEC has released a policy statement regarding staking activities on PoS networks, clarifying that three types of staking activities do not constitute a securities issuance.

• OpenSea officially launches the fully upgraded OS2 platform, airdropping SEA tokens.

• Tether CEO stated: The company currently holds over 100,000 Bitcoins and 50 tons of gold.

• Adam Back boldly predicts: Bitcoin will reach 1 million dollars within 5 years

• The number of initial jobless claims in the U.S. for the week ending May 24 reached 240,000, expected to be 230,000.

• SOL Strategies invested $4.7 million to purchase 26,478 SOL, while having liquidated all Bitcoin holdings.

• Wans expects the number of Bitcoin holders in the United States to double, and states that he still holds a considerable amount of Bitcoin.

• Trump's son predicts that the price of Bitcoin is expected to break 170,000 USD by the end of 2026.

• FTX plans to distribute over $5 billion in stablecoins to creditors this Friday.

• Large asset management companies suggest allocating 2% of investment portfolios to Bitcoin.

In the current market environment, although Bitcoin is facing short-term fluctuations, its long-term development prospects are still widely optimistic. Institutional investors continue to increase their allocations, the regulatory environment is gradually clarifying, and the crypto asset market is expected to welcome a new round of growth. Investors should closely monitor the impact of FTX creditor fund releases on market liquidity, as well as changes in ETF fund flows.