HashKey Trading Moments: Trump’s policies repeatedly give rise to “TACO transactions”, SharpLink bets $425 million on Ethereum, can BTC break through the 114,000 resistance?

1. Market observation

Keywords: Virtuals, ETH, BTC

Recently, the global financial market has shown a unique fluctuation pattern under the influence of Trump's erratic policies. Wall Street has even created a new term for this - "TACO trading" (Trump Always Chickens Out), which was first coined by Robert Armstrong, a writer for the Financial Times, to describe the phenomenon that the market fell after Trump announced high tariffs and then rebounded due to his loosening of policies. Last Friday, Trump threatened to impose a 50% tariff on EU goods, causing the market to fall. However, just two days later, he said that he had a good call with the President of the European Commission and extended the deadline for the agreement to July 9, and the market quickly rebounded. Paul Donovan, an analyst at UBS Wealth Management, pointed out that this retracement has become the norm and investors should have rational expectations. Analysts generally believe that Trump's tariff threats are difficult to sustain because they are more damaging to the US economy. On Tuesday, the US stock market responded positively to the news, and the three major stock indexes rose collectively. Analysts warned not to believe Trump's tariff threats because the "TACO trading" model is frequently staged. The cryptocurrency field is also deeply affected by political games. The Economist pointed out that cryptocurrency has been alienated from technological idealism to a US political tool. In contrast, Jeffrey Ding, chief analyst at HashKey Group, believes that Hong Kong has found a "third way" between innovation and regulation through policies such as the Stablecoin Ordinance, establishing its image as a rule maker for the digital financial era.

The Bitcoin market shows mature characteristics dominated by institutions. Although the price is consolidating in the range of US$107,000 to US$110,000, listed companies have collectively increased their holdings of more than 8,800 BTC recently. Institutions such as BlackRock continue to be bullish at the Bitcoin 2025 Conference in Las Vegas. In addition, Trump not only supports the BITCOIN Act and promises to purchase 1 million BTC in five years, but his Trump Media Group also announced the launch of a $2.5 billion Bitcoin reserve plan. The Bitfinex Alpha report shows that BTC currently exhibits trading characteristics that are more closely related to global liquidity rather than relying on retail sentiment. BTC is currently entering a healthy consolidation phase. Analyst Willy Woo reminded that although the long-term structure is still bullish, the stagnation of network capital inflows and the high SOPR indicator suggest short-term correction risks, and US$114,000 has become a key resistance level. The Ethereum ecosystem is showing a strong rise. Trend Research has increased its ETH holdings to 133,600 through leveraged positions, with a market value of approximately US$358 million. It expressed its firm optimism about the prospects of Ethereum and its blue-chip ecological assets. At the same time, after SharpLink Gaming received $425 million in financing led by Consensys, it announced that it would use ETH as its main reserve asset, driving its stock price up nearly 500% in a single day. Although Standard Chartered Bank predicts that Solana may underperform Ethereum in the short term due to its over-reliance on Meme coin transactions, it recognizes its long-term potential in scenarios such as DePIN, and expects SOL to rise to $275 by the end of the year.

In the altcoin market, Arca Chief Investment Officer Jeff Dorman believes that the traditional "altcoin season" era is difficult to reproduce, and the next round of growth in the crypto market will be led by projects with solid fundamentals, good token economic design, and practical applications. Grayscale Fund has added an artificial intelligence crypto asset sector, and the market value of this sector has increased fourfold from 2023 to US$21 billion, covering 20 tokens such as TAO, NEAR, and RENDER. In terms of project dynamics, Virtuals' recent new issuance has driven ecological tokens such as LUNA and AIXBT to rise by more than 30%; Cetus and Sui Foundation launched a full asset recovery plan, and related tokens SUI and CETUS also rose this morning.

2. Key data (as of 12:00 HKT on May 28)

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

Bitcoin: $108,996 (+16.59% YTD), daily spot volume $34.83 billion
Ethereum: $2,642.39 (-20.89% YTD), with daily spot volume of $26.754 billion
Fear of Greed Index: 76 (Greed)
Average GAS: BTC: 1.1 sat/vB; ETH: 3.28 Gwei
Market share: BTC 63%, ETH 9.3%
Upbit 24-hour trading volume ranking: ETH, WCT, BTC, VIRTUAL, XRP
24-hour BTC long-short ratio: 1.0956
Sector gains and losses: Virtuals ecosystem rose 15.2%; Sui ecosystem rose 8.73%
24-hour liquidation data: A total of 78,069 people were liquidated worldwide, with a total liquidation amount of US$225 million, including BTC liquidation of US$50,693,100, ETH liquidation of US$78,527,400, and DOGE liquidation of US$5,608,000.
BTC medium and long-term trend channel: upper channel line ($107,871.96), lower channel line ($105,735.88)
ETH medium and long-term trend channel: upper channel line ($2561.30), lower channel line ($2510.59)

*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 27)

Bitcoin ETF: +$385 million (9th consecutive day of net inflows)
Ethereum ETF: +38.7741 million USD (7 consecutive days of net inflow)

4. Today’s Outlook

Lagrange Labs to Launch LA Token Airdrop Registration on May 28
Sophon to hold TGE on May 28, SOPH token economics revealed
Binance will support EOS token swap and rename to Vaulta (A) at 16:00 on May 28
The deadline for claiming MilkyWay’s first phase of airdrops is 18:00 on May 29th
OKX will delist some leveraged currency pairs and perpetual contracts from May 29 to June 2
Bio Protocol (BIO) will unlock approximately 339 million tokens at 8:00 on May 28, accounting for 20.22% of the current circulation and worth approximately US$28 million.
Number of initial jobless claims in the United States as of the week ending May 24 (10,000 people) (20:30, May 29)
Actual: To be announced / Previous value: 22.7 / Expected: 23

The biggest gainers in the top 500 by market capitalization today: Tellor (TRB) rose 34.80%, WalletConnect Token (WCT) rose 29.63%, Cetus (CETUS) rose 26.92%, aixbt (AIXBT) rose 21.20%, and SPX6900 (SPX) rose 18.18%.

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.