Bitcoin (BTC) is marginally down during the ongoing session but has sustained its position above $103,000 despite selling pressure. The flagship cryptocurrency registered a notable increase on Wednesday after experiencing volatility on Tuesday to settle above $104,000.
Despite selling pressure, BTC is inching towards the crucial $105,000 level. A break above this level could push it towards its all-time high.
Tether Purchases $459M Bitcoin For Twenty One Capital
Tether, the issuer of the USDT stablecoin, has purchased 4,812 Bitcoin for $458.7 million for Twenty One Capital, a Bitcoin investment firm backed by the issuer. The firm is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners. A filing with the Securities and Exchange Commission by Cantor Equity Partners disclosed the Bitcoin was transferred to an escrow wallet on May 9. The latest purchase brings Twenty One Capital’s total Bitcoin holdings to 36,312 BTC, with Cantor Equity Partners holding 31,500 BTC on behalf of the firm. The firm will trade under the ticker XXI after the SPAC merger is complete.
Twenty One Capital’s CEO, Jack Mallers, stated the firm started the approval process for the merger. However, he did not give an official estimate of when the process will be completed. The firm is the third-largest corporate holder of Bitcoin, behind only Strategy and Bitcoin mining firm MARA Holdings. Strategy holds 568,840 BTC, while MARA holds 48,237 BTC. Twenty One Capital aims to reach 42,000 Bitcoin by the time it launches.
Is Bitcoin Dominance Giving Way To Altcoin Season?
Tracy Jin, COO of MEXC, believes several signs indicate the potential resurgence of altcoin season, highlighting falling Bitcoin dominance and Ethereum’s resurgence. Bitcoin dominance has registered a notable dip in recent weeks after gaining substantial momentum in late 2024. Bitcoin’s share of the total crypto market dipped to 61.3%, down from 65% last week. Jin believes this is one of several early indicators of an impending altcoin season. Traders are also cycling out of stablecoins, while individual altcoins have registered a jump in investor interest.
“Bitcoin dominance just took a noticeable dip — from 65% down to 62% — while the altcoin market cap jumped $300 billion in a matter of weeks. That kind of shift doesn’t happen without reason. The usual early signals are flashing: declining USDT dominance, improving price structure on altcoin charts, and rising interest in sector leaders like Monero, Sui, and Bittensor.”
Ethereum (ETH)’s recent surge also suggests growing investor interest in altcoins. The world’s second-largest cryptocurrency jumped 10% on May 13 and has risen over 40% in seven days, surging past $2,000 and $2,500 to current levels.
“Ethereum’s performance is another signal pointing to the potential start of altseason. While large short positions among ETH traders and persistent bearish sentiment previously indicated a continuation of the downtrend, a surge in risk appetite has renewed interest in ETH and smaller altcoins.”
Vinanz Secures $4M For US Bitcoin Push
Vinanz, a Bitcoin-focused firm listed on the London Stock Exchange, has secured a $4 million investment from an undisclosed global asset manager to finance its push into the US and pursue a potential Nasdaq listing. The investment was secured through the US investment bank Dominari Securities, which has been working with Vinanz since April. According to a regulatory filing, the investment is structured into two tranches. The first tranche, valued at $2 million, will be used to support Vinanz in growing its Bitcoin reserves. The second $2 million tranche will be released when certain conditions are met.
A spokesperson for the company said the investment will help position the firm in growing its Bitcoin holdings in preparation for a potential Nasdaq dual listing.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to hold above $103,000 despite selling pressure as it consolidates and tests the $105,000 level. The flagship cryptocurrency has traded between $100,000 and $105,000 since last week’s stunning rally, which saw the price surge past $100,000 and settle at $103,096 on Thursday. The rally was largely driven by the US-UK trade deal, which was announced on Thursday. Markets saw renewed momentum on Saturday after positive trade talks between the US and China boosted investor sentiment.
BTC has struggled to overcome the resistance at $105,000, declining nearly 1% on Sunday and facing volatility on Monday as buyers struggled to overcome selling pressure at higher levels. Meanwhile, the CBOE Volatility Index dropped to its 30-year average of 20, down from a peak of 60 in early 2025. The decline came after successful US-China trade talks, after which both countries agreed to a 90-day pause and reduce tariffs by 115%. The agreement fueled risk-on sentiment as investors pivoted to high-risk assets like Bitcoin. Bitcoin Network Economist Timothy Peterson stated,
“$VIX dropped substantially yesterday on news of a potential China trade deal. It is now at 'normal' levels. This will be a 'risk on' environment for the foreseeable future.”
Meanwhile, CryptoQuant revealed that the Bitcoin Bull Score Index reached its highest reading in 2025, rising from 20 to 80, a level historically associated with price increases.
BTC traded in bearish territory the previous weekend, dropping 0.98% on Saturday and 1.66% on Sunday to settle at $94,390. The price recovered on Monday, rising 0.41% and settling at $94,773. Bullish sentiment intensified on Tuesday as the price registered an increase of 2.19% to cross $96,000 and settle at $96,845. A marginal rise on Wednesday saw BTC cross $97,000 and settle at $97,013. Bullish sentiment intensified on Thursday after President Trump announced the US-UK trade deal. As a result, BTC surged over 6% to cross $100,000 and settle at $103,096.
Source: TradingView
Despite the positive sentiment, the rally lost momentum on Friday, registering a marginal decline and settling at $102,851. BTC recovered on Saturday, rising almost 2% to cross $104,000 and settle at $104,617. Price action turned bearish on Sunday after BTC failed to cross $105,000. As a result, the price dropped 0.78% to $103,804. BTC faced volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC dropped 1.04% to $102,729, but not before falling to an intraday low of $100,694. The price recovered on Tuesday, rising 1.35% to $104,120. The current session sees BTC marginally down as buyers and sellers struggle to establish control. Sellers will look to drive the price below $100,000, while buyers will attempt to regain momentum and drive toward $105,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
