XinGPT Research 520 Daily Report

Reasons for Bitcoin's New High:

Macroeconomic Environment: The most intense period of tariff disputes has passed, and Trump may further release favorable policies to alleviate domestic pressure.

Before the June FOMC meeting, there are no new macroeconomic negatives; due to destocking, the probability of May's CPI being affected by tariffs may not be as high as expected.

Policy Aspect: The Stablecoin Bill (GENIUS Act) has currently passed a procedural vote in the Senate (66-32) and is expected to be completed by May 19, 2025, with a full vote in the Senate expected today (May 20, 2025) or shortly thereafter. Research indicates that this bill may pass the Senate within this week, but further confirmation is needed. If the GENIUS Act passes, it is expected to accelerate the global adoption of stablecoins, particularly dollar-backed stablecoins (such as USDT, USDC), and will facilitate smoother channels for stablecoin deposits to purchase cryptocurrencies, paving the way for incremental funds in the crypto space.

Capital Aspect:

MicroStrategy has continuously purchased in May, and more listed companies are adding Bitcoin to their asset allocation, such as Metaplanet;

Since mid-April, Bitcoin ETFs have seen continuous net inflows.

BTC remains at a high level with relatively low fees, indicating that this wave of increase is healthy, driven by real capital from outside the crypto space.

Technical Aspect:

U.S. stocks are down, but Bitcoin and gold are resilient; gold is down, but Bitcoin is even more resilient.