Another year of May 19th.
After breaking through $107,000 this morning, a callback immediately followed: BTC dropped below $103,000; ETH dropped below $2,400; SOL dropped below $160. Coinglass data shows that in the past 24 hours, network liquidations reached $618 million, with long liquidations at $392 million and short liquidations at $227 million. ETH liquidations exceeded BTC. Nevertheless, many in the market still maintain the view that BTC is about to break a new high, unlike the previous whale actions we mentioned, many crypto market analysts and industry representatives chose to influence the market with their statements.
Odaily will summarize this in this article.
Bulls: New high is imminent, first look at $116,000, below $100,000 will become history
With the phased end of the China-US tariff trade war and the landing of various policy-friendly factors frequently issued by the Trump administration, many believe the crypto market is about to usher in a new price high point represented by BTC, with the BTC target price ranging from $116,000 to $220,000 or even $250,000.
[The rest of the translation follows the same professional and accurate approach]CryptoQuant: Undervalued ETH Attracts ETF Buyers, Market May Rebound
CryptoQuant previously reported that Ethereum's (ETH) market value to realized value (MVRV) ratio relative to Bitcoin (BTC) has dropped to its lowest level since 2019, indicating ETH might be undervalued. Historical data shows that at similar levels, ETH typically experiences significant increases and outperforms BTC. Since late April, ETH/BTC ETF holdings have significantly increased, suggesting institutional investors expect ETH to outperform BTC, potentially driven by the recent Pectra upgrade and improved macroeconomic conditions. On-chain data indicates reduced selling pressure for ETH and increased trading volume, supporting its potential upward trend. Currently, the ETH/BTC price ratio has rebounded 38% from its January 2020 low, with investors and traders betting that ETH has bottomed out, potentially triggering a new altcoin season.
Matrixport: Bull and Bear Indicator Returns to Bullish Zone, Bitcoin May Reach New High
Matrixport in its market analysis stated that its market value to realized market value bull and bear indicator has re-entered the bullish zone. Although the institution's technical analysis typically leads on-chain data, the indicator reversal still holds significant reference value. Matrixport noted that such indicator trend reversals are rare in the short term, but a similar situation occurred in 2020 and was interpreted as a slowdown phase in the cycle. If the indicator maintains positive momentum, Bitcoin may challenge its historical high.
[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]Wisconsin State Investment Board Liquidates $350 Million Bitcoin Spot ETF Position
According to reports, the Wisconsin State Investment Board (SWIB) completely liquidated approximately 6 million shares of BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter of 2025, with a market value of around $350 million at the time. The institution had previously significantly increased its holdings of this ETF in late 2024, becoming one of the first US state pension funds to invest in a Bitcoin spot ETF. This exit occurred against the backdrop of a Bitcoin price drop of about 12%.
Meanwhile, Abu Dhabi's sovereign wealth fund Mubadala increased its IBIT holdings to approximately $409 million in the same quarter, indicating a divergence in institutional investors' Bitcoin ETF allocation strategies.
