On a macro level, CoinShares' latest weekly report shows that the investment boom in digital assets continues to ferment. In the past week, related investment products welcomed approximately $3.3 billion in inflows, marking the sixth consecutive week of positive inflows, bringing the total net inflow over the past six weeks to $10.5 billion. Since the beginning of the year, the cumulative net inflow has reached a new high of $10.8 billion.
The total assets under management (AuM) recently reached a peak of $187.5 billion, with Bitcoin undoubtedly becoming the biggest winner, attracting as much as $2.9 billion in a single week, accounting for one-fourth of the total inflow this year. Ethereum also performed well, recording an inflow of $326 million, hitting a new high for the past 15 weeks, and its price has risen for the fifth consecutive week, showing that market confidence is continuing to recover. In contrast, XRP, which had recorded net inflows for 80 consecutive weeks, faced a withdrawal of $37.2 million this week, marking its largest weekly net outflow in history.
In terms of institutional actions, Strategy continues to increase its Bitcoin holdings. This month, it purchased 4,020 BTC with approximately $427.1 million, at an average cost of about $106,237. As of May 25, 2025, the institution has accumulated a total of 580,250 BTC, with a total investment of around $40.61 billion and an average purchase cost of $69,979. Currently, it has achieved about a 16.8% return year-to-date.
From on-chain and platform data, market volatility has significantly increased. According to Coinglass statistics, if Bitcoin's price breaks above $111,000, it will trigger short liquidation pressure of up to $1.135 billion on mainstream centralized exchanges; if the price falls below $109,000, it will trigger a liquidation risk of about $243 million for long positions.
Although the U.S. market is temporarily closed due to holidays, the market has not shown signs of being quiet. Trump has once again become the focus. In the early morning, he announced a postponement of the tariff deadline for the EU and revealed that the EU had actively requested to resume negotiations. This move boosted market confidence, with U.S. stock futures and Bitcoin both strengthening, pushing BTC back up to around $110,000.
That evening, Trump's media company announced plans to raise $3 billion for investments in the cryptocurrency-related field. It should be noted that this funding does not come from the company's own assets but will be obtained through market financing. However, within an hour of this announcement, the price of Bitcoin suddenly weakened, briefly dropping below $109,000, indicating that market sentiment remains sensitive and players are heavily in a wait-and-see mode.
Currently, the tariff risks that the market was previously concerned about have been temporarily alleviated. Although negotiations between China and Europe remain slow, it is unlikely that new substantive negative news will emerge in the short term. For crypto assets, the short-term trend will still depend on the market's reaction to U.S. data, especially the upcoming PCE inflation data this week. Although its importance is not high, if the result is below expectations, it may further stabilize player sentiment.
Overall, the current support range for Bitcoin is between $93,000 and $98,000, indicating that the bottom remains resilient, while the support range of $100,000 to $105,000 is relatively weak, mainly due to strong short-term speculative sentiment in the market. The increase in turnover rate indicates that a large number of short-term positions are being converted, and the market has not formed a unified direction yet, but the overall sentiment is somewhat neutral to strong. It is expected that Bitcoin will maintain a fluctuating upward trend in the short term.
