Bitcoin short-term pullback but long-term bullish, institutions become the main buying force

Market Observation

Recently, the US stock market has performed strongly, with the Nasdaq index and the S&P 500 index rising 9.9% and 6.2% respectively this month, achieving the best monthly performance in nearly a year and a half. However, potential trade frictions still exist, as the US appeals court has suspended the ruling that previously halted Trump's tariff policy, with the implementation of tariffs delayed at least until June 9.

The price of Bitcoin fell below $105,000 this morning, with $359 million flowing out of spot ETFs, indicating a cooling of short-term market sentiment. However, the long-term bullish sentiment remains strong, with predictions suggesting that the price of Bitcoin could break $170,000 by the end of 2026. Michael Saylor, the founder of a certain company, holds an optimistic view, believing that companies incorporating Bitcoin into their balance sheets have a 90% success rate within five years. The CEO of a stablecoin issuer revealed that the company currently holds over 100,000 Bitcoins (worth over $10 billion) and more than 50 tons of gold, further strengthening institutional confidence in Bitcoin.

Regarding Ethereum, despite a recent pullback in prices, Arthur Hayes expects it could reach a historical high of $4,000 to $5,000 within this year. A digital asset manager from a certain bank is even more optimistic, predicting the price will reach $4,000 in 2025 and rise to $7,500 by 2029. Currently, Ethereum needs to rise 85% to break through the historical high of $4,878 from 2021.

Institutional investors are becoming an important force in the Bitcoin market. An asset management giant has called for allocating 2% of its portfolio to Bitcoin, triggering a new wave of institutional allocation enthusiasm. Some analysts believe that as institutional funds flow in, Bitcoin is becoming an important asset in the global capital market. There have been precedents for institutional layouts, such as a certain company that started its "Bitcoin Strategy" as early as 2020, and its holdings have now reached 580,000 coins, with its stock price increasing 12 times in four years. This model has attracted multiple financial institutions to indirectly bet on Bitcoin. In the Asian market, a well-known company in Hong Kong has accumulated a large amount of Bitcoin and Ethereum, with its holdings generating profits exceeding $48 million, and its stock price has risen by 449% this year.

The altcoin market has recently seen new hotspots. A certain brand of plush toys has become a hit in the international market, driving the market value of related tokens to surpass $60 million. Additionally, a tokenization protocol project has surged in popularity, with its upcoming Initial Attention Offering becoming the focus of market attention. On the other hand, a certain trading platform is expected to begin the debt repayment process around May 30, which could release about $5 billion in stablecoin liquidity back into the market, providing new liquidity support for the market.

Key Data (As of May 30, 12:00)

• Bitcoin: $106,130 (year-to-date +18.39%), daily trading volume $36.871 billion
• Ethereum: $2,635.64 (Year-to-date -21.17%), Daily trading volume $21.445 billion
• Fear and Greed Index: 76 (Greed)
• Average GAS: BTC 1.71 sat/vB, ETH 1.03 Gwei
• Market Share: BTC 63%, ETH 9.5%
• 24-hour BTC Long/Short Ratio: 0.9531
• Sector rise and fall: L2 down 7.2%; Meme down 8.73%
• 24-hour liquidation data: 190,866 people globally were liquidated, with a total amount of $656 million.

ETF Flows (as of May 29)

• Bitcoin ETF: -$359 million (10-day consecutive net inflow ends)
• Ethereum ETF: +$91.9299 million (net inflow for 9 consecutive days)

Today's Outlook

• The trading platform Alpha will launch a new project.
• A certain platform will distribute over $5 billion in stablecoins to creditors on May 30.
• Multiple projects will unlock tokens in the near future, including Renzo, Kamino, Optimism, Sui, ZetaChain, and dydx.

Hot News

• A certain investor's Bitcoin long position was liquidated, worth 100 million US dollars.
• Michael Saylor stated that the probability of successfully incorporating Bitcoin into the balance sheet over 5 years is 90%.
• Arthur Hayes predicts that Ethereum may rise to $5000 this year.
• An institution disclosed its investment in stocks adopting the "digital asset treasury" strategy.
• The US regulatory agency released a policy statement regarding staking activities on PoS networks.
• A certain NFT platform has released a comprehensive upgraded version and will airdrop tokens.
• The CEO of a certain company revealed that he holds over 100,000 Bitcoins and 50 tons of gold.
• Adam Back predicts Bitcoin will reach 1 million dollars within 5 years.
• An institution spent $4.7 million to purchase 26,478 SOL, liquidating all Bitcoin holdings.
• There are predictions that Bitcoin holders in the United States will double.
• A certain asset management giant suggests allocating 2% of the investment portfolio to Bitcoin.