Article source: HashKey Trading Moments
1. Market Observation
Keywords: Virtuals, ETH, BTC
Recently, the global financial market has shown a unique volatility pattern under Trump's erratic policies, leading Wall Street to even coin a new term - 'TACO trading' (Trump Always Chickens Out). This term was coined by Financial Times writer Robert Armstrong to describe the phenomenon of the market falling after Trump's announcement of high tariffs, followed by a rebound when he eases his policies. Last Friday, Trump threatened to impose a 50% tariff on EU goods, causing the market to drop. However, just two days later, he stated that his conversation with the President of the European Commission went well and extended the agreement deadline to July 9, causing the market to quickly recover. UBS Wealth Management analyst Paul Donovan pointed out that such pullbacks have become the norm, and investors should rationally expect them. Analysts generally believe that Trump's tariff threats are unsustainable due to their significant damage to the U.S. economy. On Tuesday, the U.S. stock market reacted positively to this news, with all three major indices rising. Analysts remind not to take Trump's tariff threats at face value, as the 'TACO trading' pattern frequently occurs. The cryptocurrency sector is also heavily impacted by political maneuvering, with The Economist noting that cryptocurrencies have been transformed from technological idealism into a tool of U.S. politics. In contrast, HashKey Group's Chief Analyst Jeffrey Ding believes that Hong Kong is finding a 'third way' between innovation and regulation through policies like the Stablecoin Regulation, establishing itself as a rule maker in the digital finance era.
The Bitcoin market exhibits mature characteristics dominated by institutions. Although the price is consolidating in the range of $107,000 to $110,000, publicly listed companies have collectively increased their holdings by over 8,800 BTC recently, with institutions like BlackRock continuing to be bullish at the Bitcoin 2025 conference in Las Vegas. Additionally, Trump not only supports the (BITCOIN Act) committing to purchase 1 million BTC over five years, but his Trump Media Group also announced the initiation of a $2.5 billion Bitcoin reserve plan. The Bitfinex Alpha report indicates that BTC currently shows trading characteristics more closely related to global liquidity rather than relying on retail sentiment, and BTC is entering a healthy consolidation phase. Analyst Willy Woo cautions that while the long-term structure remains bullish, stagnant network capital inflows and a high SOPR indicator suggest short-term correction risks, with $114,000 becoming a key resistance level. The Ethereum ecosystem is showing strong ascendance, with Trend Research leveraging up to increase its ETH holdings to 133,600, valued at approximately $358 million, expressing firm optimism about the prospects for Ethereum and its blue-chip ecosystem assets. Meanwhile, SharpLink Gaming, after securing $425 million in financing led by Consensys, announced that it will use ETH as its primary reserve asset, driving its stock price to surge nearly 500% in a single day. Although Standard Chartered predicts that Solana may underperform Ethereum in the short term due to its excessive reliance on meme coin trading, it acknowledges its long-term potential in scenarios like DePIN, expecting SOL to rise to $275 by the end of the year.
In the altcoin market, Arca's Chief Investment Officer Jeff Dorman believes that the traditional 'altcoin season' is unlikely to reappear, and the next round of growth in the crypto market will be led by projects with solid fundamentals, well-designed token economics, and practical applications. Grayscale has added an artificial intelligence crypto asset sector, which has grown fourfold in market value compared to 2023, reaching $21 billion, covering 20 tokens including TAO, NEAR, and RENDER. In project dynamics, Virtuals' recent IPO has driven ecosystem tokens like LUNA and AIXBT up over 30%; Cetus has initiated a complete asset recovery plan in conjunction with the Sui Foundation, and the related tokens SUI and CETUS have also risen this morning.
2. Key Data (As of May 28, 12:00 HKT)
(Data source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)
Bitcoin: $108,996 (YTD +16.59%), daily spot trading volume $34.83 billion
Ethereum: $2,642.39 (YTD -20.89%), daily spot trading volume $26.754 billion
Fear and Greed Index: 76 (Greed)
Average GAS: BTC: 1.1 sat/vB; ETH: 3.28 Gwei
Market share: BTC 63%, ETH 9.3%
Upbit 24-hour trading volume rankings: ETH, WCT, BTC, VIRTUAL, XRP
24-hour BTC long-short ratio: 1.0956
Sector performance: Virtuals ecosystem up 15.2%; Sui ecosystem up 8.73%
24-hour liquidation data: A total of 78,069 people were liquidated globally, with a total liquidation amount of $225 million, including $50.6931 million in BTC liquidations, $78.5274 million in ETH liquidations, and $5.608 million in DOGE liquidations
BTC medium to long-term trend channel: upper bound (107,871.96 USD), lower bound (105,735.88 USD)
ETH medium to long-term trend channel: upper bound (2,561.30 USD), lower bound (2,510.59 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 fluctuates within the range or repeatedly passes through the cost range in the short term, it indicates a bottoming or topping state.
3. ETF Flows (As of May 27)
Bitcoin ETF: + $385 million (9 days of net inflow)
Ethereum ETF: + $38.7741 million (7 days of net inflow)
4. Today's Outlook
Lagrange Labs will start LA token airdrop registration on May 28
Sophon will conduct TGE on May 28, and has now announced SOPH token economics
Binance will support EOS token replacement and rename it to Vaulta (A) on May 28 at 16:00
The airdrop claim deadline for MilkyWay Phase 1 is May 29 at 18:00
OKX will delist some leveraged and perpetual contracts from May 29 to June 2
Bio Protocol (BIO) will unlock approximately 339 million tokens on May 28 at 8:00, accounting for 20.22% of the current circulation, valued at approximately $28 million
U.S. initial jobless claims for the week ending May 24 (10,000) (May 29 at 20:30)
Actual: To be announced / Previous: 22.7 / Expected: 23
Today's top 500 market cap increases: Tellor (TRB) up 34.80%, WalletConnect Token (WCT) up 29.63%, Cetus (CETUS) up 26.92%, aixbt (AIXBT) up 21.20%, SPX6900 (SPX) up 18.18%.
5. Hot News
Moonshot Launches The Trenches ($Trenches)
WalletConnect's associated address transferred 2.5 million WCT to Binance, worth $2.34 million
BlackRock: Suggests allocating 2% of investment portfolios to Bitcoin
Grayscale has established the 'AI Crypto Sector' as the sixth major cryptocurrency classification standard
Metaplanet announces the issuance of $50 million in interest-free ordinary bonds for increasing BTC holdings
3iQ's Canadian Solana staking ETF has reached $186 million in AUM within a month of listing
Two new wallets withdrew 4,838 ETH from Kraken four hours ago, worth $12.86 million
U.S. Senator Lummis: Trump supports a bill to purchase 1 million BTC
Trend Research has leveraged up its ETH holdings to 133,600, with a total market value of $358 million
MetaMask now natively supports the Solana network, with mobile support set to launch in a few weeks
SharpLink announces $425 million in private financing, including Ethereum in its treasury strategy
Cobie launches the ICO platform Sonar, Plasma raises $50 million with a valuation of $500 million
Cantor launches a $2 billion Bitcoin collateralized credit program, initially supporting FalconX and Maple
Trump Media announces a Bitcoin treasury plan worth approximately $2.5 billion
Circle applies for a listing on the NYSE, with the stock code 'CRCL'
Standard Chartered predicts Solana will rise to $500 by 2029, though short-term performance may lag behind Ethereum
Willy Woo: Bitcoin faces bearish reversal risks in the short term, caution is needed against speculative overheating
This article is supported by HashKey, the largest licensed virtual asset exchange in Hong Kong, and the most trusted fiat gateway for crypto assets in Asia. It aims to set a new benchmark for virtual asset exchanges in terms of compliance, capital safety, and platform assurance.
