#May CPI Incoming#
This Wednesday, the U.S. will release May CPI data — a key test for rate cut expectations. Cleveland Fed forecasts 2.4% YoY CPI (up from 2.3%), with core CPI flat.
💬 If inflation beats expectations, will the Fed still cut in June? Will you stay on the sidelines or take early action?
#Tech Giants Eye Stablecoins#
Apple, Google, Airbnb, and X are in talks to integrate stablecoins into their payment systems, aiming to cut fees and streamline global payments. Following Circle’s IPO surge, stablecoins are quickly gaining traction across tech and finance.
💬 Could stablecoins be
Bitcoin remains in the 110,000 Dollar range, indicating that the retail investor's lagging signal suggests sustainability.
In the cryptocurrency market, Bitcoin (BTC) is trading in the high price range at 1BTC = 111,575 dollars, with a 0.94% increase compared to the previous day.
The trading volume has also surged, with the spot trading volume reaching $150 billion in two days. The futures trading volume exceeded $203 billion, both reaching unprecedented high levels in the past few months.
The background of the rise is said to be the expectation of favorable macroeconomic indicators and the increasing demand for Bitcoin as a hedge against the decline of the US dollar. Amid the sluggish stock and bond markets, there is also a view that the backdrop for the buying of Bitcoin is the recent downgrade of US Treasury ratings by the rating agency Moody's.
Experts analyzed that "amid rising concerns over the depreciation of the US dollar, an increasing number of investors are positioning Bitcoin as a hedging tool against the US dollar, in other words, as a backup plan."
The influx of funds is not limited to investment funds. The purchase of Bitcoin by publicly traded companies is also accelerating. According to data from Bitcoin Treasuries, the amount of Bitcoin held by publicly traded companies has increased by 31% this year, reaching approximately $349 billion. This accounts for 15% of all circulating Bitcoin.
This movement, in addition to the traditional "flight to gold during risk aversion," is bringing significant changes to the portfolio strategies of institutional investors and corporate finance officers due to the declining reliability of U.S. Treasuries, with Bitcoin establishing its role as digital gold as an alternative to traditional safe assets.
suggests that individual investors are lagging behind
Bitcoin has reached an all-time high, and it has become clear from multiple market indicators that the current upward phase has a different nature compared to the speculative bubbles of 2017 and 2021.
According to data from CryptoQuant, when Bitcoin peaked in March and December 2024, the funding rate had risen sharply. This indicates excessive long positions and market overheating, serving as a precursor to the subsequent sharp price correction.
However, as of May 2025, despite the increase in long positions, the funding rate remains significantly lower than during past peak periods.
Nick, the CEO and co-founder of the Coin Bureau, analyzed, "Compared to last March and December, the fundraising rate is much lower than it was then. This means that the recent rise is due to spot factors, and the sense of overheating is much less. A sharp decline is unlikely."
Another characteristic of the recent rise in Bitcoin is that the participation of individual investors is limited.
In past bull markets, the price of Bitcoin peaked, and public interest surged, reflected in an increase in social engagement metrics. However, currently, Bitcoin-related social metrics are at historically low levels.
Specifically, Google searches for "Bitcoin" in May 2025 have barely increased compared to past peaks. This indicates that retail investors have not yet entered the market on a large scale.
Furthermore, according to CryptoQuant data, the number of wallet addresses held by small investors, referred to as "shrimps," who own less than 1 BTC has decreased to its lowest level since 2021.
The stagnation of such retail activities is rather perceived as a positive sign for the market. This suggests that the current price increase is not caused by FOMO (fear of missing out), which could trigger a bubble or a crash.
Instead, organic demand from long-term investors and institutional investors is seen as playing an important role. This structure has attracted attention from experts as an indication of more sustainable market development.
ETF approval decision has been postponed.
On May 22, the U.S. Securities and Exchange Commission (SEC) announced that it would postpone its decision on the approval of multiple virtual currency spot ETFs (exchange-traded funds).
Regarding the XRP ETF and Litecoin ETF, which initially had a deadline of May 26, the SEC has not made a decision and has instead initiated a process to accept public comments. The next response deadline has been set for August 24.
Expert James Seyfarth pointed out that the SEC may continue to delay its decision on cryptocurrency ETFs until the fourth quarter of this year. He predicts that "even if there is an early approval, it will be realistically in early fourth quarter, or more realistically from late June to early July."
HYPE soaring
The native token HYPE of the decentralized exchange Hyperliquid surged by 24.5% compared to the previous day (an increase of 82% compared to the previous month) and is approaching its all-time high.
The profitability of the Hyperliquid platform is also outstanding, with fee income reaching $56 million over the past month. It has reached 9th place in the profitability ranking among cryptocurrency protocols.
On the other hand, technical indicators suggest the possibility of short-term volatility expansion due to the overbought level of RSI and the sharp decline of BBTrend (Bollinger Band Trend).
Bitcoin (BTC) news and price
BTC Exchange Comparison | Fees, Spreads, Accumulation, Lending Coins
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You can find the list of market reports published in the past here.