HashKey Trading Time: Bitcoin short-term correction and long-term bullish, institutions become the main buyers, FTX may release $5 billion in liquidity

1. Market Observation

Keywords: Labubu, ETH, BTC

This morning, the U.S. Court of Appeals temporarily suspended the previous ruling that halted Trump's tariff policy, restoring tariff implementation, with the decision delayed until at least June 9. Despite potential trade friction, the U.S. stock market remains strong, with the Nasdaq and S&P 500 rising 9.9% and 6.2% this month, respectively, marking their best monthly performance in a year and a half. Analysts suggest that if tariffs are suspended, the effective U.S. tariff rate could drop below 6%, potentially bringing stagflation risks. Meanwhile, Trump met with Federal Reserve Chairman Powell for the first time during his second term, urging rate cuts and claiming current policies put the U.S. economy at a disadvantage. Powell reiterated that monetary policy will be based on economic data and non-political analysis. The meeting did not address his position, with Powell's term set to expire in May 2026.

Bitcoin dropped below $105,000 this morning, with Bitcoin spot ETF experiencing a $359 million outflow after 10 consecutive days of net inflows, indicating a short-term market sentiment cooldown. However, long-term bullish sentiment remains strong, with Trump family members predicting Bitcoin could exceed $170,000 by the end of 2026. Strategy company founder Michael Saylor remains optimistic, believing companies incorporating Bitcoin into their balance sheets have a 90% success probability within 5 years. Tether CEO Paolo Ardoino disclosed 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, although the price has pulled back after reaching $2,788, Arthur Hayes expects it could reach a historical high of $4,000 to $5,000 this year. Standard Chartered's digital assets head Geoffrey Kendrick is even more optimistic, predicting a price of $4,000 by 2025 and $7,500 by 2029. Currently, Ethereum needs to rise 85% to surpass its 2021 high of $4,878.

Wall Street asset management giant BlackRock called for allocating 2% of investment portfolios to Bitcoin at the Bitcoin 2025 conference, sparking a new wave of institutional allocation. HashKey Group's chief analyst Jeffrey Ding believes that with institutional funds flowing in, Bitcoin is becoming an important allocation asset in global capital markets. Institutional positioning has precedents, such as Strategy company launching its "Bitcoin strategy" in 2020, now holding 580,000 Bitcoins with its stock price multiplying 12-fold in four years. This model has attracted institutional investors like Bank of America and Fidelity. In the Asian market, a renowned chess and card game company supported by HashKey Exchange has accumulated 1,110 Bitcoins and 14,855 Ethereums, with holdings profiting over $48 million and stock price rising 449% this year. Additionally, with the U.S. GENIUS Stablecoin Act passing and Hong Kong's Stablecoin Regulation Draft implemented, changing regulatory attitudes and compliance processes provide more convenience for institutional entry. Jeffrey believes institutional Bitcoin accumulation is not short-term speculation but a strategic decision based on multiple structural factors. Bitcoin's reduced correlation with traditional assets offers potential to optimize risk-return curves, and its digital gold characteristics serve as an important tool against inflation.

The Altcoin market has shown new hotspots and pullbacks, with Bubble Mart's Labubu plush toy going viral internationally, causing temporary sales stops in France, UK, and Japan, driving the Solana-based token's market cap to over $60 million with nearly 100% 24-hour growth. The Loud project based on Kaito's information tokenization protocol has seen surging interest, with its upcoming Initial Attention Offering (IAO) becoming a market focus. Moreover, FTX is expected to start debt repayment around May 30, potentially releasing about $5 billion in stablecoin liquidity back into the market, potentially resonating with Bitcoin ETF funds and providing new market liquidity support.

2. Key Data (as of May 30, 12:00 HKT)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)

• Bitcoin: $106,130 (YTD +18.39%), Daily spot trading volume $36.871 billion

• Ethereum: $2,635.64 (YTD -21.17%), Daily spot trading volume $21.445 billion

• Fear and Greed Index: 76 (Greed)

• Average Gas: BTC: 1.71 sat/vB ETH: 1.03 Gwei

• Market Dominance: BTC 63%, ETH 9.5%

• Upbit 24-hour Trading Volume Ranking: WCT, BTC, XRP, ETH, SNT

• 24-hour BTC Long/Short Ratio: 0.9531

• Sector Performance: L2 down 7.2%; Meme down 8.73%

• 24-hour Liquidation Data: 190,866 global liquidations, Total liquidation amount $656 million, BTC liquidations $208 million, ETH liquidations $108 million, SOL liquidations $30.91 million

• BTC Medium-Long Term Trend Channel: Upper line ($107,647.20), Lower line ($105,515.57)

• ETH Medium-Long Term Trend Channel: Upper line ($2,587.10), Lower line ($2,535.87)

*Note: When price is above upper and lower lines, it indicates a medium-long term bullish trend; conversely, a bearish trend. When price is within the range or repeatedly passes through the cost range, it indicates a bottoming or topping state.

5. Hot News

• James Wynn's Bitcoin Long Position Liquidated with a Position Worth $100 Million

• Michael Saylor: 90% Success Probability in 5 Years if Bitcoin is Included in Balance Sheet

• Arthur Hayes: Ethereum Expected to Reach $5,000 This Year, Setting a New Historical High

• Pantera Capital Discloses Investment in Stocks Adopting "Digital Asset Vault" Strategy

• US SEC Releases Policy Statement on PoS Network Staking Activities, Clarifying Three Types of Staking Activities Do Not Constitute Securities Issuance

• OpenSea Officially Launches Fully Upgraded OS2 Platform, Will Airdrop SEA Token

• Tether CEO: Company Holds Over 100,000 Bitcoins and 50 Tons of Gold

• Adam Back Predicts Bitcoin Will Reach $1 Million in 5 Years

• US Initial Jobless Claims for the Week Ending May 24th at 240,000, Expected 230,000

• SOL Strategies Spends $4.7 Million to Purchase 26,478 SOL, Now Completely Cleared Bitcoin Position

• Wunsch Predicts US Bitcoin Holders Will Double, Claims Still Holding a Considerable Amount of Bitcoin

• Trump's Son Predicts Bitcoin Price May Exceed $170,000 by the End of 2026

• FTX to Distribute Over $5 Billion in Stablecoins to Creditors This Friday

• BlackRock: Suggests Allocating 2% of Portfolio to Bitcoin

This article is supported by HashKey, HashKey is the largest licensed virtual asset exchange in Hong Kong and the most trusted crypto asset fiat gateway in Asia. Committed to defining new benchmarks for virtual asset exchanges in compliance, fund safety, and platform protection.