HashKey Trading Time: Bitcoin short-term correction and long-term bullish, institutions become the main buyers, FTX may release $5 billion in liquidity

1. Market observation

Keywords: Labubu, ETH, BTC

This morning, the U.S. Court of Appeals suspended its previous ruling to stop Trump's tariff policy and resumed the implementation of tariffs, with the ruling postponed until at least June 9. Despite potential trade frictions, the U.S. stock market has remained strong, with the Nasdaq and S&P 500 rising 9.9% and 6.2% this month, respectively, marking their best monthly performance in nearly a year and a half. Analysts say that if tariffs are stopped, the effective U.S. tariff rate may fall below 6%, which could bring about stagflation risks. At the same time, Trump held his first meeting with Federal Reserve Chairman Powell in his second term, urging him to lower interest rates, saying that current policies put the U.S. economy at a disadvantage. Powell reiterated that monetary policy will be based on economic data and non-political analysis. The meeting did not involve his position, and Powell's term will expire in May 2026.

Bitcoin fell below $105,000 this morning, and the Bitcoin spot ETF saw an outflow of $359 million after 10 consecutive days of net inflows, indicating that short-term market sentiment has cooled. However, long-term bullish sentiment remains strong, and members of the Trump family predict that the price of Bitcoin may exceed $170,000 by the end of 2026. Michael Saylor, founder of Strategy, is also optimistic, believing that companies that include Bitcoin in their balance sheets have a 90% chance of success within five years. Paolo Ardoino, CEO of stablecoin issuer Tether, even disclosed 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. As for Ethereum, although the recent price has fallen after $2,788, Arthur Hayes expects it to hit a record high of $4,000 to $5,000 this year, while Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, is more optimistic, predicting that the price will reach $4,000 in 2025 and rise to $7,500 in 2029. Currently, Ethereum needs to rise 85% to break through its 2021 all-time high of $4,878.

At the Bitcoin 2025 Conference, Wall Street asset management giant BlackRock called for 2% of its portfolio to be allocated to Bitcoin, triggering a new round of institutional allocation boom. Jeffrey Ding, chief analyst at HashKey Group, believes that with the influx of institutional funds, Bitcoin is becoming an important asset allocation in the global capital market. There are precedents for institutional layout. For example, Strategy launched the "Bitcoin Strategy" as early as 2020. Its current holdings have reached 580,000, and its stock price has doubled 12 times in four years. Its model has attracted institutional investors such as Bank of America and Fidelity to indirectly bet on Bitcoin. In the Asian market, a well-known Hong Kong chess and card game company, with the support of HashKey Exchange, has purchased a total of 1,110 Bitcoins and 14,855 Ethereums, with a profit of more than US$48 million and a stock price increase of 449% this year. In addition, with the passage of the US "GENIUS Stablecoin Act" and the implementation of the Hong Kong "Stablecoin Bill", the change in regulatory attitude and the compliance process have provided more convenience for institutional entry. Jeffrey believes that institutional hoarding is not a short-term speculative behavior, but a strategic decision based on multiple structural factors. Bitcoin has a lower correlation with traditional assets and has the potential to optimize the risk-return curve. Its digital gold characteristics have also become an important tool to combat inflation.

The altcoin market has also recently shown new hot spots and callbacks. Pop Mart's Labubu plush toys have become popular in the international market. France, the United Kingdom, and Japan once stopped selling them, driving the market value of the token of the same name on the Solana chain to exceed US$60 million, and the increase was nearly doubled in 24 hours. Loud, an information tokenization protocol project based on Kaito, has surged in popularity, and its upcoming IAO (initial attention offering) has become the focus of market attention. In addition, FTX is expected to start the debt repayment process around May 30, which may release about US$5 billion in stablecoin liquidity to flow back into the market, forming a potential resonance with Bitcoin ETF funds, and bringing new liquidity support to the market.

2. Key data (as of 12:00 HKT on May 30)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)

Bitcoin: $106,130 (+18.39% YTD), daily spot volume $36.871 billion
Ethereum: $2,635.64 (-21.17% YTD), with daily spot volume of $21.445 billion
Fear of Greed Index: 76 (Greed)
Average GAS: BTC: 1.71 sat/vB ETH: 1.03 Gwei
Market share: BTC 63%, ETH 9.5%
Upbit 24-hour trading volume ranking: WCT, BTC, XRP, ETH, SNT
24-hour BTC long-short ratio: 0.9531
Sector gains and losses: L2 fell 7.2%; Meme fell 8.73%
24-hour liquidation data: A total of 190,866 people were liquidated worldwide, with a total liquidation amount of US$656 million, including BTC liquidation of US$208 million, ETH liquidation of US$108 million, and SOL liquidation of US$30.91 million
BTC medium- and long-term trend channel: upper channel line ($107,647.20), lower channel line ($105,515.57)
ETH medium and long-term trend channel: upper channel line ($2587.10), lower channel line ($2535.87)

*Note: When the price is higher than the upper and lower edges, it is a medium- to long-term bullish trend; otherwise, it is a bearish trend. When the price passes through the cost range repeatedly within the range or in the short term, it is a bottoming or topping state.

3. ETF flows (as of May 29)

Bitcoin ETF: -$359 million (10 consecutive days of net inflows ended)
Ethereum ETF: +91.9299 million USD (9 consecutive days of net inflow)

4. Today’s Outlook

Binance Alpha to List Assisterr AI (ASRR)
Reminder: FTX will distribute more than $5 billion in stablecoins to creditors on May 30
Treasure Chain will be officially shut down on May 30th. Users need to migrate their assets as soon as possible.
Renzo (REZ) will unlock approximately 423 million tokens at 7 pm on May 30, accounting for 16.10% of the current circulation and worth approximately US$5.7 million.
Kamino (KMNO) will unlock approximately 229 million tokens at 8 pm on May 30, accounting for 14.97% of the current circulation and worth approximately $15.1 million.
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 am on May 31, accounting for 1.83% of the current circulation, worth approximately $22.7 million.
Sui (SUI) will unlock approximately 44 million tokens at 8 am on June 1, accounting for 1.32% of the current circulation, worth approximately $154 million
ZetaChain (ZETA) will unlock approximately 44.26 million tokens at 8:00 am on June 1, accounting for 5.34% of the current circulation and worth approximately $10.9 million.
DYDX (DYDX) will unlock approximately 8.33 million tokens at 8:00 am on June 1, accounting for 1.07% of the current circulation and worth approximately $5 million.

The biggest gains in the top 500 by market value today: Pocket Network (POKT) rose 263.72%, WhiteRock (WHITE) rose 69.49%, Tellor (TRB) rose 35.21%, Gearbox Protocol (GEAR) rose 28.16%, and Safe (SAFE) rose 28.03%.

5. Hot News

This article is supported by HashKey , the largest licensed virtual asset exchange in Hong Kong and the most trusted crypto asset fiat currency portal in Asia. HashKey is committed to defining new benchmarks for virtual asset exchanges in terms of compliance, fund security, and platform security.