1. Market Watch
Keywords: BTC, ETH, VIRTUAL
Long-term Japanese government bond yields reach new highs, with a tightening macro environment; gold and Bitcoin show safe-haven effects. HashKey's chief analyst Jeffrey Ding believes that the divergence in global central bank policies (e.g., Japan tightening, US easing) and panic over US bond credit may exacerbate capital flows from traditional assets to crypto assets. For example, the recent surge of the New Taiwan Dollar is one manifestation of the current environment: many investors in Taiwan originally held large amounts of US bond assets and engaged in cyclical pledging, but the continuous decline in US bond prices led to passive deleveraging, while panic forced their funds to return to Taiwan after selling, resulting in a short-term surge in the New Taiwan Dollar. Therefore, investors should pay attention to signals from the Federal Reserve's monetary policy (such as interest rate hikes or QE pace), US bond auction data (such as subscription multiples and tail spreads), and Bitcoin on-chain indicators (such as active addresses and trading volume) to capture capital flows and changes in market sentiment. Despite Bitcoin's historically high volatility, its safe-haven role in diversified investment portfolios is becoming increasingly significant, especially when the traditional financial system faces dual challenges of credit and inflation.
The tariff war is back, with tensions continuing in EU-US tariff negotiations into May 2025. The Trump administration imposed tariffs of 20% to 50% on the EU at the beginning of the year, covering multiple sectors such as steel, aluminum, and automobiles. In response, the EU imposed retaliatory tariffs on US goods. On May 23, Trump suggested imposing a direct 50% tariff on EU products starting June 1, 2025. Following this statement, Bitcoin saw a slight pullback. On May 26, Trump announced that the EU requested to extend the trade negotiation window and agreed to extend the deadline to July 9. After this news was released, Bitcoin temporarily rebounded to surpass $109,000.
2. Key Data (as of May 26, 12:00 HKT)
(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
Bitcoin: $109,677 (up 17.41% year-to-date), daily spot trading volume $46.66 billion
Ethereum: $2,560 (down 23.43% year-to-date), daily spot trading volume $14.03 billion
Fear & Greed Index: 73 (Greed)
Average GAS: BTC: 1 sat/vB ETH: 0.39 Gwei
Market Share: BTC 63.3%, ETH 9.0%
Upbit 24-hour trading volume ranking: XRP, BTC, AERGO, NXPC, WCT
24-hour BTC long-short ratio: 0.9782
Sector performance: AI (+3.29%), SocialFi (-0.5%)
24-hour liquidation data: 85,825 people liquidated globally, total liquidation amount $202 million, with BTC liquidations at $41 million, ETH liquidations at $48 million, SOL liquidations at $7.66 million
BTC medium to long-term trend channel: upper bound (103,016.97 USD), lower bound (100,977.03 USD)
ETH medium to long-term trend channel: upper bound (2,389.95 USD), lower bound (2,342.62 USD)
*Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates short-term through the cost range, it indicates a bottoming or topping state.
3. ETF Flows (as of May 23)
Bitcoin ETF: +$211 million
Ethereum ETF: +$58 million
4. Today's Outlook
212th Ethereum ACDC meeting: Fusaka Devnet-0 will launch on May 26
US stock market will be closed for one day on May 26
BNB Chain announces Maxwell hard fork: BSC block time will be shortened to 0.75 seconds, testnet will upgrade first on May 26
Initia releases proposal for inflation adjustment and staking withdrawal subsidy, planning to significantly reduce the inflation rate to an annualized 1.25%
Today's top 100 market cap gainers: HYPE up 11.1%, VIRTUAL up 9.1%, EOS up 7.5%, ZEC up 6.5%
5. Hot News
Whale James Wynn opens a PEPE long position again with 10x leverage
HYPE's market cap surpasses SUI, ranking 13th in cryptocurrency market cap
Inferno Drainer implements a new type of attack using Ethereum's EIP-7702, causing a loss of $150,000 in a single case
Coinbase-supported Base network plans significant upgrades to challenge Solana
Dubai Land Department partners with tokenization platform Ctrl Alt to launch real estate tokenization project
US and EU tariff negotiation deadline extended to July 9
This article is supported by HashKey, the largest licensed virtual asset exchange in Hong Kong, and a trusted fiat gateway for crypto assets in Asia. It aims to set new benchmarks for virtual asset exchanges in terms of compliance, fund security, and platform assurance.
