The global financial market is volatile, Bitcoin maintains a high position.

Market Observation

Long-term Japanese bond yields have reached new highs, and the macro environment is tightening, with gold and Bitcoin exhibiting safe-haven properties. Some analysts believe that the differentiation of global central bank policies and concerns over the credit of U.S. Treasuries in 2025 may accelerate the shift of capital from traditional assets to crypto assets. For example, the recent significant appreciation of the New Taiwan Dollar is a typical manifestation of the current environment: Taiwanese investors originally held a large amount of U.S. Treasury assets and engaged in circular pledging, but the continuous decline in U.S. Treasury prices led to passive deleveraging, and panic forced capital to flow back to Taiwan after selling, causing the New Taiwan Dollar to appreciate rapidly in the short term. Therefore, investors should closely monitor the Federal Reserve's monetary policy signals, U.S. Treasury auction data, and Bitcoin on-chain indicators to grasp changes in capital flows and market sentiment. Although Bitcoin has historically been highly volatile, its role as a safe haven in diversified investment portfolios is becoming increasingly prominent, especially in the face of dual challenges of credit and inflation in the traditional financial system.

The tariff dispute has resurfaced. In May 2025, the situation of tariff negotiations between Europe and the United States remains tense. At the beginning of the year, the U.S. government imposed tariffs of 20% to 50% on various products from the European Union, to which the EU responded by imposing retaliatory tariffs on U.S. goods. On May 23, the U.S. proposed to directly impose a 50% tariff on EU products starting June 1, causing Bitcoin to experience a slight pullback. On May 26, the U.S. stated that it had agreed to extend the negotiation deadline to July 9, and after this announcement, Bitcoin briefly rebounded to surpass $109,000.

Key Data (as of May 26, 12:00 HKT)

• Bitcoin: $109,677 (Year-to-date +17.41%), Daily spot trading volume $46.66 billion
• Ethereum: $2560 (Year-to-date -23.43%), Daily spot trading volume is $14.03 billion
• Fear and Greed Index: 73 (Greed)
• Average GAS: BTC: 1 sat/vB ETH: 0.39 Gwei
• Market share: BTC 63.3%, ETH 9.0%
• 24-hour BTC long-short ratio: 0.9782
• Sector Changes: AI (+3.29%), SocialFi (-0.5%)
• 24-hour liquidation data: A total of 85,825 people were liquidated globally, with a total liquidation amount of 202 million USD, including 41 million USD in BTC liquidations, 48 million USD in ETH liquidations, and 7.66 million USD in SOL liquidations.
• BTC medium to long-term trend channel: upper line (103016.97 USD), lower line (100977.03 USD)
• ETH medium to long-term trend channel: upper line (2389.95 USD), lower line (2342.62 USD)

Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

ETF Flows (As of May 23)

• Bitcoin ETF: +$211 million
• Ethereum ETF: +0.58 million USD

Today's Outlook

• The 212th Ethereum ACDC Conference: Fusaka Devnet-0 will go live on May 26.
• US stock market will be closed for one day on May 26.
• A well-known public chain announced a hard fork: block time will be shortened to 0.75 seconds, and the testnet will upgrade first on May 26.
• Initia has released a proposal for inflation correction and staking exit subsidies, aiming to significantly reduce the inflation rate to an annualized 1.25%.
• Today's top 100 market cap biggest gainers: HYPE up 11.1%, VIRTUAL up 9.1%, EOS up 7.5%, ZEC up 6.5%

Hot News

• Renowned investor James Wynn has once again opened a PEPE long position with 10x leverage.
• HYPE's market value surpasses SUI, ranking 13th in cryptocurrency market value.
• Inferno Drainer utilizes Ethereum's EIP-7702 to implement a new type of attack, resulting in a single loss of $150,000.
• A cryptocurrency exchange platform supported by the Base network plans to undergo a major upgrade to challenge Solana.
• The Dubai Land Department collaborates with the tokenization platform Ctrl Alt to launch a real estate tokenization project.
• The deadline for tariff negotiations between the United States and the European Union has been extended to July 9.