**DETAILED ANALYSIS REPORT ON CRYPTO MARKET & BTC (22/05/2025)**

SUMMARY OF OVERALL ANALYSIS and BTC 22/05/25

I. On-chain & Cash Flow

1. Miners’ Position Index (MPI)

* MPI is currently fluctuating around the **+1÷+2** mark, much lower than the peak of 10 (May 2023).

* Miners are depositing BTC to exchanges but very modestly compared to the 4–6 range at the end of 2023.

* **Conclusion**: Miners are not in a hurry to sell significantly, supply due to electricity (cost) is being absorbed well.

2. Stablecoin Supply Ratio (SSR)

* SSR (the ratio of stablecoin capital to BTC capital on exchanges) has increased from ~12 to ~18 (EMA7 is also trending upwards).

* Stablecoin capital is at a high level, with the potential to trigger strong buying flows when traders pour money into BTC.

* **Conclusion**: Excess cash from stablecoins is still accumulating — THERE IS A LOT OF CASH.

3. Exchange Whale Ratio

* The whale flow ratio (total inflow/outflow of whales) is around 0.4–0.5, lower than the average threshold of ~0.6 during the bull phase.

* Whales have not suddenly withdrawn/ dumped in large quantities.

* **Conclusion**: Whales are holding “high positions” — there has not yet been a strong sell-off confirming a market peak.

4. Hyperliquid Whale Tracker

* Total whale positions are $6.7 billion, with a distribution of **Long 50.2% / Short 49.8%**.

* Unrealized PnL: Long +$210 million, Short −$176 million.

* **Conclusion**: Long whales are in profit, the motivation to take profits is not too strong; Short whales still have the motivation to cover.

5. Funding Rate

* The positive funding rate fluctuates +0.01% every 8 hours (long pays short).

* Prolonged positive funding can cause Longs to incur excess fees, potentially leading to short-term adjustments.

* **Warning**: If funding continuously exceeds +0.02%, the risk of a pullback increases significantly.

### 6. Liquidation Heatmap (Binance BTC/USDT)

* The largest accumulated liquidation level is around **110–112 k**, this area will create a “cleaning” of longs when the price retests.

*** STILL HOLDING 20% USDC***