🚀Quick overview of key points

Bitcoin reached a high of ≈$110,000 under the triple catalysis of "Fed's rate cut bet + whales adding positions + policy warming wind"; Ethereum's volatility intensified due to the game with "Hyperliquid short whales" due to the imminent implementation of EIP-4844; BNB market focus returned to quarterly destruction and on-chain application expansion; Solana rewarded all priority fees to validators through upgrades, and on-chain activity and DePIN narratives heated up rapidly; meme coins such as PEPE and WIF became "popularity thermometers" driven by social media popularity and capital flows. Overall, the increase in the β value of risky assets and the network effect (Metcalfe's law) accelerated the amplification of the market, but high volatility also reminded the importance of position management. 🪙🔥

1. Macro Pulse and Sentiment Index

  • Funding side: The rising expectations of a US interest rate cut in June brought about a "rush" in global liquidity, with Wall Street VIX falling below 12, and growth stocks and crypto assets being sought after.

  • Sentiment: Gemini reported that the global crypto holding rate in 2025 has increased from 18% in 2024 to 24%, indicating that user penetration continues to rise.

  • Technical aspects：The daily RSI of BTC, ETH, and SOL are around 58/55/60 respectively, and the momentum remains neutral to bullish.

Trader's perspective: Under the new mechanism of extending the perpetual contract funding rate to 5 days, the long and short long and short funding costs tend to be balanced, which helps to continue the volatile upward rhythm.

2. Bitcoin: The “Matthew Effect” of the Leader

  • Michael Saylor's Strategy purchased another 4,000 BTC, and its total holdings now account for 2.7% of the entire network, igniting the "leader faith".

  • As of early Asian trading on May 28, BTC was trading at ≈$109,000, with a 24-hour turnover of $23.68 billion.

  • Multiple catalysts: 1) The Federal Reserve turns dovish this year; 2) The Trump administration’s clear crypto-friendly stance; 3) The demonstration effect of “hoarding coins” by leading institutions.

Economic connection: Bitcoin network value (NV) grows with the square of the number of addresses, in line with Metcalfe’s Law. When the number of active addresses on the chain reaches a new high, the valuation elasticity is amplified.

3. Ethereum: Short Game

  • A single short position of ETH worth $120 million appeared on the Hyperliquid platform, triggering a public opinion showdown between "Giant Whales Short vs. Upgrade Long".

4. BNB: Destruction Mechanism + Ecological Flywheel

  • Binance announced a destruction plan, with a cumulative repurchase and destruction of more than 82 million BNB; analysts expect that if the burn rate is maintained, it will form a substantial hedge against token inflation.

  • DeFi TVL on BNB Chain increased by 11% month-on-month, thanks to the entry of new Launchpool and RWA projects.

Economic connection: fixed supply reduction + continued application expansion = scarcity premium, which is mapped to the asset pricing model as "circulation shock" multiplied by the increase in "use value".

5. Solana: Performance Upgrade and DePIN Cyclone

  • The SIMD-0096 upgrade allocates 100% of the priority fees to validators, incentivizing higher stakes and node numbers, and reaching a new high in TPS peak.

  • With the surge in TVL of DePIN projects such as Helium and Render, SOL's increase this month is ≈ 18%, and its β value leads the mainstream chains.

6. Meme Coin: Emotion Amplifier

Risk warning: Meme assets are often characterized by "high volatility and low flow". After the peak trading volume drops sharply, the retracement is often ≥ 50%. It is safer to use 1-3% of funds as a "emotional hedge" position.

VII. Investment Logic and Risk List

  1. Beta rises: Against the backdrop of global interest rate cut expectations and “US dollar credit balance sheet expansion”, the systemic beta of high-risk assets rises, short-term returns > risk-free interest rate compensation, but tail risks are simultaneously amplified.

  2. On-chain data: Pay attention to "fundamentals-on-chain indicators" such as BTC/ETH active addresses, Solomon network fees, BNB destruction rate, and use NVT and ETH-Supply in Profit to detect bubbles.

  3. Regulatory variables: If the US stablecoin bill is promoted, it will strengthen the "compliance flow" entry, but it may also increase the compliance costs of exchanges (Bloomberg).

  4. Geopolitics and black swans: The situation in the Middle East and cross-border exchange controls will trigger risk aversion or selling; the serial liquidation of highly leveraged derivatives is the biggest short-term threat.

Conclusion

The market is like the waves, emotions are the sails, and fundamentals are the hull - only by mastering the wind direction and strengthening the keel can we sail to the ideal shore. Please rationally assess your own risk tolerance and manage your positions and emotions well. 🌊⛵️


📢 Follow this account to get in-depth analysis and trading experience of the crypto market as soon as possible!

🔍 This article does not constitute investment advice. The market is risky and you should be cautious when entering the market.