1. Market observation
Keywords: BTC, ETH, SUI
BTC continued to rise and broke through $110,000 in one fell swoop, setting a new historical high. Jeffrey Ding, chief analyst of HashKey Group, believes that there are three main reasons for this phenomenon:
1. Macro policy dividend: trade easing improves market risk appetite. The easing of Sino-US trade relations is an important macro background that drives the rise of Bitcoin. Trump announced "historic cooperation with major powers" in early May and formally signed the Sino-US tariff agreement on May 12, reducing mutual tariffs from a maximum of 84% to 10%. This unexpected policy breakthrough has significantly improved the uncertainty of the global economy and boosted market confidence in risky assets. As a high-risk and high-return asset, Bitcoin has ushered in further favor of capital against the backdrop of easing macro risk sentiment.
2. Policy catalyst: the advancement of the US GENIUS Stablecoin Act. The US Senate voted 66:32 to advance the procedural motion of the GENIUS Stablecoin Act, providing a federal regulatory framework for US dollar stablecoins. The passage of the bill will enable traditional banks to obtain new liquidity through stablecoin issuance, achieve interoperability with DeFi protocols, and build an "on-chain-off-chain" liquidity bridge. This not only releases huge capital momentum, but also injects strong policy confidence into the crypto asset market.
At the same time, Hong Kong also passed the Stablecoin Bill in the third reading, which is expected to take effect within the year. Hong Kong has become one of the first regions in the world to complete stablecoin legislation, further promoting the compliance development of the global stablecoin market. These policy dividends have opened up new growth space for Bitcoin and other crypto assets.
3. Supply tightening: On-chain data reinforces the logic of scarcity. The scarcity of Bitcoin has been amplified again in this round of price increases. According to Glassnode data, the holdings of long-term Bitcoin holders increased to 13.76 million, accounting for 65.6% of the total circulation, setting a new high. At the same time, the Bitcoin reserves of centralized exchanges have dropped sharply, with only 2.437 million left as of May 20, the lowest level since 2018. This means that the number of Bitcoins available for trading in the market is rapidly decreasing, and the mismatch between supply and demand has significantly strengthened the momentum for price increases.
With the compliance of stablecoins, more "quasi-dollar" funds will be attracted to enter the market, giving core assets such as Bitcoin and Ethereum stronger risk aversion and value storage attributes. With the gradual inflow of these funds, Bitcoin and Ethereum are expected to usher in a 20%-50% increase in valuation in the next 6-12 months. At the same time, the maturity of compliance channels will provide a bridge for long-term capital such as pension funds and mutual funds to enter the crypto market, greatly enhance the stability of market demand, and effectively reduce structural risks. The interaction between policy dividends and market consensus is opening up new growth space for Bitcoin and crypto assets.
2. Key data (as of 12:00 HKT on May 23)
(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
- Bitcoin: $111,159 (+19% YTD), daily spot volume $64.76 billion
- Ethereum: $2,721 (-18% YTD), with daily spot volume of $28.99 billion
- Greed Index: 78 (extremely greedy)
- Average GAS: BTC: 2 sat/vB ETH: 1.67 Gwei
- Market share: BTC 62.5%, ETH 9.3%
- Upbit 24-hour trading volume ranking: BTC, XRP, ETH, SUI, DOGE
- 24-hour BTC long-short ratio: 1.0068
- Sector gains and losses: AI (+8.28%), CeFi (+2.06%)
- 24-hour liquidation data: A total of 105,819 people were liquidated worldwide, with a total liquidation amount of US$248 million, including BTC liquidation of US$63 million, ETH liquidation of US$41 million, and SUI liquidation of US$11.98 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 22)
- Bitcoin ETF: +$934 million
- Ethereum ETF: +$110 million
4. Today’s Outlook
Binance will list SOON tokens and start airdrops on May 23
Binance: The 70th project listed on Launchpool is Huma Finance (HUMA)
SOON releases new token economic model, Simpfor.fun V2 trading platform launched
Kraken announces xStock tokenization on Solana
The biggest gainers among the top 100,500 stocks by market capitalization today: WLD up 24.7%, WIF up 16.9%, JUP up 15.7%, FORM up 13.4%
5. Hot News
Robinhood launches MOODENG and MEW
Trump says US will continue to dominate crypto space
US CFTC Commissioner: Cryptocurrency perpetual futures contracts can be traded in the United States
Upbit will list KERNEL in BTC and USDT markets
Farcaster announces support for Solana ecosystem, opens cross-chain functionality
US Senators Plan to Amend GENIUS Act to Limit Presidential Stablecoin Conflicts of Interest
Wall Street Journal: Several large U.S. banks discuss jointly issuing stablecoins
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.
