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Today's research report sharing!
On May 22, the price of Bitcoin broke $110,000, setting a new historical high, with a market capitalization exceeding $2.15 trillion. Technically, the daily chart shows a clear upward trend, with significantly increased trading volume and strong buying power. After breaking the psychological barrier of $110,000, the price retreated to around $109,000 for consolidation, indicating that the market needs time to digest the breakout. The number of active addresses on the blockchain remains above 790,000, reflecting an increase in trading activity.
On the funding side, institutional buying remains the core driving force. MicroStrategy increased its holdings by 7,390 Bitcoins at an average price of $103,498 from May 12 to 18, bringing its total holdings to 576,230 Bitcoins, with a cumulative investment return exceeding $20 billion. In addition, the open interest in Bitcoin futures reached a historical peak of $72 billion, dominated by CME and Binance, indicating deep institutional participation.
In terms of policy, expectations for an improved regulatory environment in the U.S. are rising. The progress of stablecoin legislation during the Trump administration provides positive support for the market. However, caution is needed regarding the risk of Federal Reserve policies, as Morgan Stanley predicts the annual inflation rate could rise to 3.0% to 3.5%, which may delay interest rate cuts and potentially trigger liquidity fluctuations.
Ethereum's price remains stable at $2,500, with a daily increase of 0.9%, but the increase is moderate compared to Bitcoin. Technically, the price is maintaining narrow consolidation, testing the upward trend line of a descending wedge, with the 4-hour chart showing solid support levels. The BlackRock BUIDL fund's asset size has reached $2.88 billion, with over 95% of the assets being Ethereum ecosystem assets, reflecting institutional confidence in the RWA field.
On the funding side, Ethereum spot ETFs have seen net inflows for three consecutive days, with a net inflow of $6.4889 million on May 20. The options market favors bullish positions, reflecting optimistic sentiment among professional investors. Daily active users on DEX surged to 64,000, with Uniswap's market share at 97%, indicating enhanced vitality in the DeFi ecosystem.
However, it should be noted that the funding rate for Ethereum perpetual contracts is close to zero, indicating that this round of price increase is mainly driven by spot trading, with lower leverage risk. The long-to-short ratio is at 2.12, with long positions accounting for 67.92%, showing stronger market sentiment than Bitcoin.
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