1. Market observation
Keywords: BTC, ETH, VIRTUAL
Long-term Japanese bond yields hit a new high, the macro environment is tight, and gold and Bitcoin show a safe-haven effect. Jeffrey Ding, chief analyst at HashKey, believes that the divergence of global central bank policies in 2025 (such as tightening in Japan and easing in the United States) and panic about the credit of US debt may intensify the transfer of capital from traditional assets to crypto assets. For example, the recent surge in the New Taiwan dollar is one of the manifestations in the current environment: that is, many investors in Taiwan, China, originally held a large number of US debt assets and made circular pledges, and the continued decline in US debt prices led to passive deleveraging, and panic forced their funds to return to Taiwan after selling, so the New Taiwan dollar soared in the short term. Therefore, investors should pay attention to the Federal Reserve's monetary policy signals (such as interest rate hikes or QE rhythm), US debt auction data (such as subscription multiples and tail spreads), and Bitcoin on-chain indicators (such as the number of active addresses and trading volume) to capture changes in capital flows and market sentiment. Although Bitcoin has historically been more volatile, its safe-haven role in a diversified investment portfolio is becoming increasingly significant, especially when the traditional financial system faces the dual challenges of credit and inflation.
The tariff war is on the rise again. In May 2025, the tariff negotiations between the EU and the US continued to be tense. At the beginning of the year, the Trump administration imposed tariffs of 20% to 50% on the EU, covering steel, aluminum, automobiles and other fields. The EU responded by imposing retaliatory tariffs on US goods. On May 23, Trump suggested that a 50% tariff be imposed directly on EU products from June 1, 2025. As soon as the remarks came out, Bitcoin had a slight correction. On May 26, Trump said that the EU requested to extend the window period for trade negotiations and had agreed to extend the deadline to July 9. After the news was announced, Bitcoin once rebounded to over $109,000.
2. Key data (as of 12:00 HKT on May 26)
(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
- Bitcoin: $109,677 (+17.41% YTD), daily spot volume $46.66 billion
- Ethereum: $2,560 (-23.43% YTD), with daily spot volume of $14.03 billion
- Fear of Greed Index: 73 (greed)
- Average GAS: BTC: 1 sat/vB ETH: 0.39 Gwei
- Market share: 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 gainers and losers: AI (+3.29%), SocialFi (-0.5%)
- 24-hour liquidation data: A total of 85,825 people were liquidated worldwide, with a total liquidation amount of US$202 million, including BTC liquidation of US$41 million, ETH liquidation of US$48 million, and SOL liquidation of US$7.66 million.
- BTC medium and long-term trend channel: upper channel line ($103016.97), lower channel line ($100977.03)
- ETH medium and long-term trend channel: upper channel line ($2389.95), lower channel line ($2342.62)
*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 23)
- Bitcoin ETF: +$211 million
- Ethereum ETF: +$58 million
4. Today’s Outlook
The 212th Ethereum ACDC meeting: Fusaka Devnet-0 will be launched on May 26
US stocks will be closed on May 26
The biggest gainers in the top 100 by market value today: HYPE up 11.1%, VIRTUAL up 9.1%, EOS up 7.5%, ZEC up 6.5%
5. Hot News
James Wynn, the whale, once again opened a long position in PEPE with 10x leverage
HYPE's market value surpasses SUI and ranks 13th in cryptocurrency market value
Coinbase-backed Base Network plans major upgrade to challenge Solana
US, EU tariff talks extended to July 9
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.
