Crypto Daybook Americas: Bitcoin Market Cap Tops $ 2.2t As Derivatives, Sentiment Signal More Upside

Bitcoin

is climbing up the Asset Ranks. The Rally this Week Took It to New Highs Has Lieded ITS Market Capitalization to $ 2.2 Trillion for the First Time.

IT’s already Overtaken Amazon (Amzn) and Google (Goog) To Become The World’s Fifth-Largest Asset and Now Sits Begind iPhone Maker Apple (Appl), Software Developer Microsoft (MSFT) WHICH Are Valused at Over $ 3 Trillion. Way AHEAD IS HARD-TO-PRODUCE, Store-of-Value Gold at An Estimated $ 22 Trillion.

Bitcoin’s No. 5 Ranking Reflects Its Growing Status Among Traditional and Institutional Investors and Comes As Market Sentiment Turns Decisively Bullish, With Strong Buying Accusion All Investor COMSTOR and the BTC Price Holding Steady Armund the $ 110,000 Level with Minimal PullBacks.

As the end-of-May options expiry Approaches Next Friday, The Options Market Reveals Significant Activity, with The Bulk of Call –or Bullish-Options Positioned at the $ 110.000 Stri. $ 96,000. Looking Into June, There’s A Clustering of High-Strike Call Options AT $ 200,000 and Even $ 300,000. That’s a solid sign of Traders Betting on Continued Upward Momentum.

Despite Bitcoin’s Strength, Strategy (Mstr), The Largest Corporate Holder of Bitcoin, Has Lagged in Share Price Performance Relative to Its Peers. The Company Recently Announced A $ 2.1 Billion At-the-Market Offering of Its New Perpetual Preferred Stock, Strf, Intended to Fund Addrational Bitcoin Acquisitions.

Meanwhile, Blackrock’s Ishares Bitcoin Trust (IBIT) Continues to Dominate the Institutional Market, Pulling in $ 877 Million in Inflows on Thursday Alone and Bringing ITHING NET. Accorging to Farside Data.

On the Macroeconomic Front, The Largest Cryptocurrency is Showing Clear Divergence from Traditional Equities, Rising 5% Over The Past Five Days While 1%. This Uncorrelated Performance is Reinforcing Bitcoin’s Appeal As a Macro Hedge. Investors Are Now Closely Watching for Federal Reserve Chair Jerome Powell’s Speech on Sunday, Who’s Could Prove Pivotal In Shaping Next Week’s Market Tradery. Stay Alert!

What to Watch

• Crypto
  • May 30: The Second Round of FTX Repayments Starts.
  • May 31 (TBC): Mezo Mainnet Launch.
  • June 6, 1-5 PM: US Sec Crypto Task Force Roundtable On “Defi and The American Spirit”
• Macro
  • May 23, 8:30 AM: Statistics Canada Releases (Final) March Retail Sales Data.
    • Retail Sales Mom Est. 0.7% Vs. Prev. -0.4%
    • Retail Sales yoy prev. 4.7%
  • May 23, 10 AM: The US Census Bureau Releases April New Single-Family Homes Data.
    • New Home Sales Est. 0.692m Vs. Prev. 0.724m
    • New Home Sales Mom Prev. 7.4%
• Earnings (Estimates Based On Factor Data)
  • May 28: NVIDIA (NVDA), Post-Market, $ 0.88

TKEN EVENTS

• Governance Votes & Calls
  • Arbitrum Dao is voteing on launching “the watchdog,” A 400,000-Arb Bounty Program to Reward Community Sleuths for Uncovering Misse deployed. Voting Ends May 23.
  • Lido Dao Is Voting on Adapting Dual Governance (LIP-28), A Protocol Upgrade That Inserts A Dynamic Timelock Between Dao Decisions and Execution SOPOSCROSCRO of TVL or Fully Block and “Rage-Quit” at 10%. Voting Ends May 28.
  • Arbitrum Dao is voteing on a constituration aip to upgrade arbitrum one and arbitrum nova to arbos 40 “Callisto,” Bringing at Line with Ethereum’s May 7 Pecto Upgrade. The Proposal Schedules Activation for June 17. Voting Ends on May 29.
  • June 10: Ether.fi to Host and Analyst Call Followed by a Q&A SESSION.
• Unlocks
  • May 31: Optimism (OP) to Unlock 1.89% of It Circulating Supple Worth $ 25.64 Million.
  • June 1: Sui (Sui) to Unlock 1.32% of It Circulating Supple Worth $ 170.26 Million.
  • June 1: Zetachain (Zeta) to Unlock 5.34% of It Circulating Supple Worth $ 12.43 Million.
  • June 12: Ethena (ENA) to Unlock 0.7% Of ITS Circulating Supple Worth $ 17.32 Million.
  • JUNE 12: APTOS (APT) TO UNLOCK 1.79% OF ITS Circulating Supple Worth $ 66.5 Million.
• TKEN LAUNCHES
  • May 23: Soon (Soon) to be listed on kucoin, bitget, bingx, lbank, mexc, phemex and others.
  • June 1: Staking Rewards for Staking ERC-20 OM ON MANTRA FINANCE END.
  • June 16: Advised Deadline to Unostake as Part of Lido on Polygon’s Sunsetting Process Ends.

Conferences

• Day 4 of 7: Dutch Blockchain Week (Amsterdam)
• May 27-29: Bitcoin 2025 (Las Vegas)
• May 27-30: Web Summit Vancouver
• May 29: Stablecon (New York)
• May 29-30: Litecoin Summit 2025 (Las Vegas)
• May 29-June 1: Balkans Crypto 2025 (Tirana, Albania)
• June 2-7: SXSW London
• June 15-17: G7 2025 Summit (Kanananaskis, Alberta, Canada)
• June 19-21: BTC PRARAGUE 2025
• June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
• June 26-27: Istanbul Blockchain Week

Token TalkBy shaurya malwa

• Hype Surged 15% After Hyperliquid Labs SAID IT SUBMITTED Two Comment Letters to the CFTC on Regulating Perpetual Swaps and 24/7 Crypto Trading.
• The Team Urged US Regulators to Embrace Defi Principles to Build Safer, More Efficient Financial Markets, Highlighting Hyperliquid as a Working Example.
• The Communication Marks A Rare Instance of Direct Engagemen Between a defi-Native Protocol and A Major US Regulator, Signling Growing Maturity in the Sector.
• Hyperliquid Framed ITS High-Speed, Permissionless Trading Infrastructure As a Model That Could Outperform Traditional Finance Standards.
• It Whales Like Pseudonymous “James Wynn” Plating Billion-Dollar Trades on the Platform, Regulatory Recognition May Add Legitimacy and Fuel Further Upside for Hype.

Derivatives Positioning

• Despite Bitcoin Hitting $ 110,000, Perpetual Funding Rates Remain Low at 0.005%. They Were at 0.04% in November, Indicating the Market Isn’t Overheated.
• Open Interest in Cme Futures have risen 30k BTC Since April,. That’s Still 40k BTC Below November Levels, Reflection Relating Resstrained Institutional Leverage.

Market Movements:

• BTC IS UP 0.22% FROM 4 PM ET Thursday AT $ 111,330.90 (24Hrs: +0.33%)
• ETH IS UP 1.67% AT $ 2.685.47 (24hrs: +0.53%)
• Coindesk 20 IS Up 3.64% AT 3.393.60 (24Hrs: +1.12%)
• Ether Cesr Composite Staking Rate Is Unchanged AT 3.03%
• BTC FUNDING RATE IS AT 0.03% (10.95% Annualized) On Binance

• DXY IS DOWN 0.61% AT 99.36
• GOLD IS UP 1.13% AT $ 3,329.50/OZ
• Silver is up 0.77% AT $ 33.30/Oz
• Nikkei 225 Closed +0.47% AT 37,160.47
• Hang Seng Closed +0.24% AT 23,601.26
• Ftse is up 0.12% AT 8,750.11
• Euro Stoxx 50 is Down 0.16% AT 5.415.57
• Djia Closed On Thursday UnChanged AT 41,859.09
• S&P 500 CLOSED UNCHANGED AT 5,842.01
• NASDAQ CLOSED +0.28% AT 18,925.74
• S&P/Tsx Composite Index Closed UnChanged AT 25,854.00
• S&P 40 Latin American Closed +0.3% AT 2.589.68
• US 10-YEAR Treasury Rate is Down 1 BPS at 4.53%
• E-mini S&P 500 Futures Are UnChanged AT 5.852.50
• E-mini NASDAQ-100 Futures are Unchanged AT 21,159.75
• E-mini Dow Jones Industrial Average Index Futures Are Down 0.11% AT 41,877.00

Bitcoin Stats:

• BTC Dominance: 63.70 (-0.48%)
• Ethereum to Bitcoin Ratio: 0.02410 (1.05%)
• Hashrate (Seven-Day Moving AVERAGE): 882 eh/s
• HashPrice (Spot): $ 58.14
• Total Fees: 7.92 BTC / $ 837,314
• CME FUTures Open Interest: 17,579 BTC
• BTC PRICED IN GOLD: 33.6 OZ
• BTC VS Gold Market Cap: 9.51%

Technical AnalysisMSTR/IBIT (TradingView)

• The Relative Performance of Strategy (Mstr) Against Blackrock’s ishares Bitcoin Trust (IBIT) Shows an Ascending Channel Formation.
• The Price Action From Mid-March to May Is Confined with Welhin a Well-Defined Ascending Channel, Indicating A SHORT-TRIM BULLISH Trend Despite Strategy’s Recent PullBack.
• The Latest Candles Suggest a Drop Town of the Lower Boundary of the Channel, Which Could Act As A Support Level AULOUND The $ 6.10– $ 6.20 Range.
• That Marks a potential decision point for either a rebound or breakdown.

Crypto equities

• Strategy (Mstr): Closed On Thursday at $ 399.46 (-0.8%), Up 0.1% AT $ 399.86 In Pre-Market
• Coinbase Global (Coin): CLOSED AT $ 271.95 (+5%), UnChanded In Pre-Market
• Galaxy Digital Holdings (GLXY): CLOSED AT C $ 33.84 (+9.16%)
• MARA HOLDINGS (MARA): CLOSED AT $ 15.65 (-1.2%), Up 0.32% AT $ 15.70
• Riot Platforms (RIOT): CLOSED AT $ 8.94 (+1.13%), Up 0.22% AT $ 8.96
• Core Scientific (Corz): CLOSED AT $ 10.83 (+0.46%), Down 0.37% AT $ 10.79
• Cleanspark (CLSK): CLOSED AT $ 9.87 (-2.37%), Up 0.41% AT $ 9.91
• Coinshares Valkyrie Bitcoin Mines ETF (WGMI): Closed AT $ 18.11 (+2.03%)
• Semler Scientific (SMLR): CLOSED AT $ 44.93 (+0.09%), UP 1.71% AT $ 45.70
• Exodus Movement (Exod): Closed At $ 35.38 (+8%)

ETF FlowsSPOT BTC ETFS:

• Daily Net Flow: $ 934.8 Million
• Cumulative Net Flows: $ 44.29 Billion
• Total BTC Holdings ~ 1.19 Million

Spot eth etfs

• Daily Net Flow: $ 110.5 Million
• Cumulative Net Flows: $ 2.72 Billion
• Total Eth Holdings ~ 3.5 Million

Source: Farside Investors

Overnight FlowsChart of the day

• This Chart from Coinglass Shows That Bitcoin Held on Wallets Linked to Cryptocurrency Exchanges On-Chain Has Droped Dramatically Donald Trump’s Inauguration.
• That drop reflects how demand has picked up post after he campaigned on a pro-Crypto Platform. As Supple was was squeezed, prices rose.

While You Were Sleeping

• Us, Iran Yo Hold Nuclear Talks Amid Clashing Red Lines (Reuters): As a Fifth Round of Diplomacy Begins in Rome, Iran Rejected Us Demands to Haltnon if israel attaclear sites.
• Us, China Hold First Call Since Geneva Meeting, Signaling Progress in Trade Talks (CNBC): Chinese Vice Foreign Minister ma zhaoxu and US deputy sec. Durying the Call, Thought Neither Side ConfirMed Whther Tariffs Came Up.
• Bitcoin Enters Strongest Accuumulation Phase Since January as BTC Price Passes $ 110k (Coindesk): Glassnode Data Shows All Wallet Cohorts Arets Pots. Beyond $ 200k in June.
• Big Banks Explore Venturing Into Crypto World Together with Joint Stablecoin (The Wall Street Journal) Bank-Pereted Platforms Zelle and the Clearing House.
• Justin sun defens t Rump After Presidential Dinner, Says ‘Memecoins Have Merit’ (Coindesk): Sun Called The Event, ATEned by Top Holders of the Official Trump Memecoin to buy Political Favor.
• China 50-YEAR BOND YIELDS Rise in Auction, FIRST TIME SINCE 2022 (Bloomberg): Weaker Demand at Friday’s Auction Lifted the Yield to 2.1% from 1.91% in Feru. Stimulus redCed safe-haven buying.

In the Ether