Golier _ SR Crypto Research

🔥Big Tech lấn sân stablecoin: Cuộc chơi bước vào giai đoạn quyết liệt

Trước làn sóng điều chỉnh pháp lý mạnh mẽ tại Mỹ, các ông lớn công nghệ như Apple, Google, X và Airbnb đang âm thầm chuẩn bị bước vào cuộc chơi stablecoin ứng dụng thực tiễn đầu tiên của ngành crypto.

Google đã thử nghiệm thanh toán stablecoin, Airbnb đàm phán với Worldpay để giảm chi phí thẻ tín dụng, còn X dưới tay Elon Musk muốn biến ứng dụng X Money thành nền tảng chuyển tiền 24/7. Mỗi cái tên một chiến lược, nhưng đều hướng đến mục tiêu chung: thanh toán xuyên biên giới rẻ hơn, nhanh hơn, thông minh hơn.

Từ đầu năm 2024, vốn hóa stablecoin đã tăng vọt 90%, chạm mốc gần 250 tỷ USD một chỉ dấu cho thấy thị trường không còn là sân chơi của dân đầu cơ, mà đang trở thành hạ tầng thanh toán tương lai. Cùng lúc, các gã khổng lồ tài chính như Mastercard, Visa, Stripe cũng ráo riết thâu tóm, bắt tay với các công ty crypto để không bị bỏ lại phía sau.

Tuy nhiên, con đường hợp pháp hóa stablecoin không dễ dàng. Đạo luật GENIUS dự luật được kỳ vọng sẽ thiết lập hành lang pháp lý cho stablecoin tại Mỹ đang vấp phải tranh cãi dữ dội. Đảng Cộng hòa lo ngại stablecoin của Big Tech sẽ đe dọa vị thế đồng USD, trong khi Đảng Dân chủ muốn chặn đứng tham vọng phát hành tiền số riêng của các tập đoàn công nghệ.

Nếu được thông qua, GENIUS Act có thể định hình lại toàn bộ hệ sinh thái thanh toán kỹ thuật số tại Mỹ nơi stablecoin không chỉ là tài sản đầu cơ, mà là công cụ chiến lược trong tay cả Phố Wall lẫn Thung lũng Silicon.

🔥U.S. President Donald Trump and billionaire Elon Musk, two of the most powerful people in the world, have hit a rough patch.

It all started on May 30, when Trump was still praising Elon Musk, calling him an outstanding figure. But just a few days later, Musk unexpectedly publicly criticized a law that Trump supported, cutting subsidies to Elon, whom Elon called "utterly disgusting." This is seen as the first attack on the relationship between the two.

Trump expressed his disappointment with Musk, believing that without Musk, he could have won Pennsylvania in the election. He also hinted that their friendship might be over: "I don't know if we still have a good relationship."

Not stopping there, Trump continued to attack with subtly threatening tweets, then stated that Musk made him feel "ick" – an expression meaning disgusted or repulsed. This was a personal attack.

Elon Musk was not silent either. He fired back that he was not being pushed out but was the one who "resigned," showing his initiative to withdraw from the relationship with Trump. After that, Musk also launched a tweet described as a "big bomb," implying shock and severely damaging Trump's image.

Elon Musk warned that President Trump's tariffs could lead to a recession by the end of 2025 and hinted that Trump’s name was in the Epstein files.

President Trump stated that he did not care about Elon turning his back and insisted that the new spending bill would cut $1.6 trillion and reduce taxes to record lows, helping to put America back on the path to greatness.

🔥Latest Alpha point update.

After detecting a large number of farms using tricks to farm points by creating their own tokens on BSC, adding liquidity, and then continuously swapping through alpha tokens to create a huge volume, easily earning points without much trading fees. Binance has updated that from June 6, the volume calculation will only apply when swapping alpha tokens using listed alpha coins or using listed tokens on Binance spot (usdt, usdc, bnb..) to swap for alpha.

Please note that this update applies to wallets only, while the Alpha purchase option on the Binance app remains unchanged.

#alphapointupdate

🔥Recently, some news outlets (such as Financial Express and Hindustan Times) reported that China has banned individuals from owning Bitcoin, causing panic among many and potentially impacting the price of Bitcoin. However, there has been no official announcement from Chinese authorities regarding this.

The source of the information, said to be from Binance, is actually just a post on the Binance Square open forum, not an official report from Binance. Agencies such as the People's Bank of China, the Prosecutor's Office, or national financial committees have not issued any new statements.

China has a history of imposing many restrictions on Bitcoin (such as banning mining and banning exchanges), but Chinese law still recognizes individual ownership of Bitcoin as a type of asset. The restrictions primarily target the use of Bitcoin as currency or to bypass capital controls.

In summary:
• There is no new ban from China.
• Recent rumors have no official basis.
• Misunderstanding information can distort the market.
• Caution is needed with unverified news when making decisions related to Bitcoin.

🔥A wallet named Trump is causing controversy as it is heavily promoted, but Donald Trump Jr. and Eric Trump both deny any involvement, stating that the Trump family is not participating in this project. They announced that they will launch their own official wallet through World Liberty Financial.

The wallet is promoted on trumpwallet.com, promising a TRUMP token reward worth 1 million USD and supporting various cryptocurrencies. The Magic Eden exchange is suspected to be involved due to its appearance on the website, although its role is unclear.

The price of the TRUMP token initially surged but plummeted after the Trump family denied any association. The project is currently suspected to be a scam or impersonation.

🔥Tether has just announced the launch of XAUt0, an omnichain gold stablecoin on the TON platform, in collaboration with the TON Foundation. This token is built according to the Omnichain Fungible Token standard of LayerZero, allowing movement between blockchains without the need for bridge mechanisms or token wrapping.

XAUt0 is an extended version of XAUt, which currently is the largest gold stablecoin by market capitalization (over 832 million USD according to CoinGecko), surpassing its closest competitor Paxos Gold (PAXG) at 811 million USD. However, XAUt currently operates only on Ethereum, while XAUt0 expands cross-chain interaction capabilities.

According to Tether's Q1 2025 audit report, each XAUt and XAUt0 token is backed by real physical gold, with over 7.7 tons of gold stored in a secure vault in Switzerland. Each token is equivalent to 1 international troy ounce of gold.

The launch of XAUt0 recalls the omnichain version of the USDT0 stablecoin issued by Tether earlier, which is widely used in the Optimism Superchain ecosystem. At the same time, Tether's primary USDt stablecoin has also been deployed on the TON blockchain since April 2024.

In the context of global economic instability and escalating global trade wars, gold prices have surged from about 977 USD/ounce to 3,304 USD within a year (an increase of 29.5%). Top gold ETFs have also reported a rise of over 25% since the beginning of the year.

XAUt0 is expected to compete directly with gold ETFs by combining the stability of physical gold with the convenience and scalability of blockchain technology. This is a strategic move for Tether to strengthen its position in the market of digital assets backed by tangible assets.

🔥On May 31, the Bitcoin network reached a record high of 943 exahashes per second (EH/s), just 57 EH/s away from the threshold of 1 zettahash per second (ZH/s). This is a remarkable leap, as the hashrate increased by an additional 14 EH/s within just 22 days compared to the previous peak (929 EH/s).

This computational power is distributed globally and operates continuously 24/7, making the Bitcoin network one of the most powerful computing systems in the world, although it cannot be directly compared to supercomputers due to differences in algorithmic nature. While supercomputers are measured in FLOPS (floating-point operations per second), Bitcoin uses integer calculations, so there is no common standard for comparison.

Notably, this increase occurs against the backdrop of declining miner revenue, dropping from $56.99 to $52.47 per petahash per second since May 29, a decrease of nearly 8%. Although profit margins are shrinking, especially following the fourth halving last April, miners continue to invest in additional hashing power, reflecting their confidence in long-term potential and technology optimization.

The steady growth of the hashrate indicates a larger trend: mining technology is becoming increasingly efficient, while also reflecting the determination of miners to maintain and expand the Bitcoin network despite short-term price and profit volatility.

🔥Hyperliquid is currently leading the decentralized perpetual trading market (DeFi perp), accounting for 80% of the market share in this sector. Since November 2024, the platform's market share has more than doubled, indicating a trend of more and more traders moving away from centralized exchanges in search of decentralized solutions with benefits such as: self-custody of assets, no KYC required, and reduced counterparty risk.

However, compared to the entire perpetual trading market, Hyperliquid still has a lot of room for growth. In the most recent month, the platform processed $165 billion in trades, which is only about 9% compared to Binance's $1.7 trillion.

Another notable point is that Hyperliquid has not raised funds from venture capital (VC) firms, but has developed independently from the beginning. This results in their token having a more balanced distribution model, reducing concerns about VCs dumping after token unlock.

The rapid development of Hyperliquid is not only a sign of personal success but also indicates that the derivatives infrastructure in DeFi is maturing, ready to compete both in liquidity and user experience with centralized exchanges. As regulatory scrutiny of centralized exchanges becomes stricter, platforms like Hyperliquid may attract more new users.

The Trump family intensifies support for Bitcoin, making crypto a central part of their political-business strategy

At the Bitcoin 2025 conference held in Las Vegas, Eric Trump and Donald Trump Jr. appeared to praise cryptocurrency and criticize the traditional financial system. They argued that being 'debanked' and denied banking services is the reason their family has turned to support crypto.

The two brothers urged the audience to 'buy Bitcoin' and introduced the decentralized financial platform World Liberty Fi backed by the Trump family. Eric Trump even stated, 'I want to see a few big banks go extinct because they deserve it.'

This event takes place in the context of the second Trump administration clearly showing a pro-crypto stance:
• Signing multiple decrees supporting Bitcoin
• Banning the issuance of CBDCs
• Protecting miners' rights
• Easing regulations on crypto exchanges like Kraken and Coinbase

In addition to policy, the Trump family is also directly involved in this sector:
• Launching Trump-branded NFTs and meme coins
• Attending exclusive events for $Trump investors
• Investing in Bitcoin ETFs and the American Bitcoin mining project, soon to be listed
• Raising $2.5 billion for crypto activities

However, they also face criticism over conflicts of interest, as they leverage their political position to profit from a market they are actively promoting. An independent report shows that crypto currently accounts for up to 40% of the Trump family's net worth, with an increase in value of about $2.9 billion recently.

Sharplink Gaming has just announced a plan to raise 425 million USD through a private placement to purchase Ethereum (ETH) as reserve assets, led by Consensys. After the issuance ends, Consensys CEO Joseph Lubin will join the Sharplink Board of Directors as Chairman. This is part of a trend of businesses shifting to using digital assets like ETH, BTC, and SOL in their financial strategy.

In addition to Sharplink, many other companies such as BioNexus Gene Lab and BTCS have also adopted similar strategies. This large-scale purchase of ETH is expected to provide additional growth momentum for this currency as the market focuses on the performance of digital assets in corporate treasury.

Trump Media denies rumors of raising $3 billion to buy crypto

Trump Media and Technology Group (TMTG), the company behind former U.S. President Donald Trump's social media platform Truth Social, has denied information from the Financial Times that they are planning to raise $3 billion to buy Bitcoin and other cryptocurrencies. The Financial Times report cited six sources, stating that TMTG would raise $2 billion through stock issuance and $1 billion through convertible bonds. However, Trump Media called the writers 'foolish' and completely denied this plan.

If true, this plan would align Trump Media with companies like Strategy and Metaplanet – businesses that have invested in Bitcoin as a hedge against inflation. This could also lead to increased scrutiny of the Trump family's cryptocurrency business, especially given that Trump has previously launched meme coins like TRUMP and MELANIA, decentralized finance platforms, NFTs, and stablecoins.

Additionally, Trump is reportedly said to have transferred most of his shares in TMTG into a trust managed by his son – Donald Trump Jr. – Some Democratic lawmakers are expressing concerns about potential conflicts of interest if Trump continues to engage in politics while having financial ties to the cryptocurrency sector.

🔥Bitcoin is facing a severe supply crisis, as demand from institutional investors surges far beyond the mining rate. While miners create only about 450 Bitcoins each day, the company Strategy alone has purchased an average of over 2,000 Bitcoins per day. The actual gap between supply and demand is even larger, as more and more financial institutions jump into the race to accumulate Bitcoin.

According to forecasts from the UTXO analysis team, institutions will invest $130 billion in Bitcoin in 2025 and increase to $300 billion in 2026, raising the total amount of BTC held by institutions to about 4.2 million BTC, equivalent to 20% of the total supply (not including the amount of Bitcoin permanently lost).

Additionally, centralized exchanges (cex) are running low on Bitcoin reserves. As of May 2025, the amount of BTC on exchanges has fallen to its lowest level since 2018, and more than 2/3 of Bitcoin wallets have been 'frozen' (no transactions) since the beginning of the year. Liquidity is increasingly declining as companies and governments have no intention of selling.

According to Michael Saylor, Chairman of Strategy, the company will not sell any BTC. This, along with the actions of other institutions, is causing the circulating supply of Bitcoin to shrink rapidly. The CEO of CryptoQuant stated that the annual deflation rate of BTC has reached -2.23%, and the amount of BTC that institutions purchased in the first quarter has exceeded the total mining output for the entire year of 2025.

Bitcoin could shift from a speculative asset to a strategic reserve asset, alongside the development of decentralized financial platforms based on Bitcoin (BTCFi). If legislation in the U.S. such as the Bitcoin Reserve Act and the Genius Act is passed, the wave of buying from the state and institutions will become even stronger.

🔥Tesla currently holds about 11,900 Bitcoin, valued at approximately 1.25 billion USD, and has not made any further selling moves since its first large purchase at the beginning of 2021. The company stores this amount of Bitcoin through Coinbase Prime Custody, showing that they still believe in the long-term value of this cryptocurrency despite short-term market fluctuations.

Previously, Tesla spent 1.5 billion USD to buy BTC, then sold about 1.2 billion USD, but still retained a large portion. Currently, many other large companies are also actively buying Bitcoin on a large scale. Notably, Michael Saylor's Strategy Inc. currently holds over 576,000 BTC (worth over 62 billion USD), while a Japanese technology company with the code 3350.T owns 7,800 BTC and plans to increase it to 10,000 BTC.

Not only businesses, but some states in the US are also preparing to enter the cryptocurrency market. New Hampshire has passed a law allowing some state funds to invest up to 5% in Bitcoin and other major digital assets. Texas has also approved a bill to establish the Strategic Bitcoin Reserve Fund, which is awaiting the Governor's signature. Arizona has allowed unclaimed assets to be invested in crypto.

Although the amount of BTC that Tesla currently holds has decreased significantly from its peak (43,200 BTC), the company's persistence in not selling for a long time, amidst many institutional entities and state governments in the US entering the market, shows that confidence in Bitcoin remains strong in the major financial community. This could be a sign of a new chapter in the acceptance and use of Bitcoin on a larger scale, both in the private sector and public governance in the US.

🔥Most whales sold Trump after the special evening party at Trump National Golf Club

Although the investors were invited to attend due to their high ranking on the Get Trump Memes leaderboard, on-chain data shows that only 8 out of the top 25 VIP wallets still held tokens the next day.

Many wallets transferred tokens to centralized exchanges like Binance and Coinbase, possibly to cash out. The average value of the TRUMP tokens held by VIPs has sharply decreased from $4.78 million at the time of the snapshot on May 12 to $2.11 million. This decline is even more pronounced as the majority of the current value comes from the top two wallets, including Justin Sun's wallet, which still holds nearly 1.4 million TRUMP worth approximately $18.8 million.

The fact that many sold off immediately after qualifying for the event suggests that their investment motive may have simply been to gain access to President Trump, which has drawn severe criticism from the public and political circles. Some Democratic lawmakers have even called for an ethics investigation and proposed legislation to prevent the President from profiting from cryptocurrency. The party also faced protests due to concerns about foreign influence and corruption in the crypto industry.

Additionally, those who sold tokens early missed the opportunity to receive the limited edition “diamond hand” NFT reward only available to those who maintained their ranking on the leaderboard until the time of the party.

Currently, the price of the TRUMP token has dropped over 14% just one day after the event, and is down by as much as 82% compared to the peak in January.

💥Bitcoin has reached a record price of nearly 112,000 USD, driving trading volume in both the spot and futures markets to surge.

Specifically, the spot trading volume in the last two days has reached 150 billion USD, the highest level in nearly two months. At the same time, the trading volume of Bitcoin futures on Wednesday reached 203 billion USD, the third-highest since the beginning of 2025. This growth indicates a strong investment demand from the market, as investors increasingly trust Bitcoin's role as an inflation hedge and a store of value, especially in the context of the USD facing the risk of depreciation.

Notably, the inflow of funds into Bitcoin spot ETFs in the US has also been very strong, with over 1.6 billion USD in just the first few days of the week, although this figure has not yet been included in CoinGlass statistics.

Not just Bitcoin, major altcoins have also surged in the overall market recovery. Ethereum has increased by 56% over the past 30 days and is now above 2,600 USD.

The market recovery is taking place against a backdrop of many positive macroeconomic signs, such as former President Trump easing global trade tensions and newly released inflation indices being stable. Additionally, listed companies like Strategy continue to buy large amounts of Bitcoin, reinforcing the positive sentiment among investors.

💥Bitcoin has set a new record by surpassing the threshold of 110,000 USD, marking the highest price ever, amidst significant negative fluctuations in the traditional financial markets. While the Dow Jones index fell by 0.86%, the S&P 500 decreased by 0.30%, and the yield on 30-year US government bonds exceeded 5% due to concerns over the massive public debt, Bitcoin quietly made a spectacular breakout.

One of the main reasons putting pressure on the traditional market is the political controversy in the US surrounding the proposed 4–5 trillion USD tax cut bill by former President Donald Trump. According to the US Congressional Budget Office, if passed, this bill could add an additional 3.8 trillion USD to the national debt, which is approaching 37 trillion USD.

In this context, investors are turning to Bitcoin as a value store. Bitcoin's market capitalization reached 2.12 trillion USD, accounting for 64.15% of the total cryptocurrency market share, while pulling the entire crypto market up by 3.96%, reaching a total value of 3.44 trillion USD.

The trading volume of Bitcoin in the past 24 hours surged to 66.92 billion USD, and Bitcoin futures also recorded an increase of 11.18%, reaching 79.84 billion USD. This indicates that the sentiment among derivative investors remains very optimistic, expecting the upward trend to continue.

Data from Coinglass also shows that many short investors have been liquidated en masse, with a total amount swept up to 14.23 million USD, while long positions were only liquidated for about 785,000 USD, clearly reflecting the market trend leaning towards bullish speculation.

🔥The open interest of Bitcoin futures contracts has reached a record high of 72 billion USD, indicating an increase in leverage usage by institutional investors. Among them, the CME exchange dominates with 16.9 billion USD, followed by Binance with 12 billion USD. The 8% increase in just one week reflects market sentiment expecting BTC to soon break out to new high prices.

Notably, there are up to 1.2 billion USD in short positions 'stuck' around the price range of 107,000–108,000 USD. If BTC breaks through this threshold, these positions could be liquidated en masse, creating a domino effect that drives the price up sharply. Although BTC has not yet breached this resistance level, pressure from high-leverage positions is increasing the potential for a price explosion.

Part of the momentum comes from fiscal instability in the US, with concerns about how the government will balance economic growth and spending cuts, amid deep divisions among the parties. The yield on 20-year government bonds has risen to nearly 5%, reflecting weak demand for long-term debt, forcing the Fed to potentially intervene, leading to a weaker USD and increasing demand for hedge assets like Bitcoin.

While gold remains a safe haven, the 24% increase since the beginning of the year and its enormous market cap (22 trillion USD) make it less attractive to some investors. In contrast, Bitcoin, with a market cap of 2.1 trillion USD, is attracting new capital flows, especially with signals that some countries like the US may be considering moving a portion of their gold reserves into Bitcoin. If only 5% of global gold reserves were converted to BTC, the market could see an inflow of 105 billion USD equivalent to 1 million BTC at a price of 105,000 USD.

💥The decentralized lending protocol Aave has recently recorded strong growth in TVL, reaching approximately 30 billion USD, a 50% increase from the year's low of 20 billion USD. This is a positive sign, reaffirming Aave's leading position on Ethereum and bolstering confidence in the DeFi ecosystem after a period of stagnation.

Currently, Aave is generating over 1 million USD in fees daily, indicating that the platform not only attracts deposit flows but is also actively used for lending activities. Additionally, the outstanding loans on Aave have reached around 10 billion USD, equivalent to 33% of TVL, a ratio considered healthy that ensures attractive yields while maintaining liquidity.

This recovery is occurring alongside the stabilization of Ethereum's price and a more favorable market environment, encouraging investors to reinvest previously 'frozen' assets into yield-generating strategies. This is seen as the beginning of a new growth cycle for DeFi, with Aave as the pioneering name.

🔥In May 2025, the average transaction fee on the Bitcoin network has risen to its highest level since the beginning of the year, reaching $2.40, an increase of about $1 compared to the beginning of the month.

The rise in transaction fees indicates that the demand for transaction processing space on the Bitcoin blockchain is increasing. However, there is a paradox that despite the increase in fees, the average number of transactions per day has significantly decreased from a peak of 507,000 transactions on April 22 to around 330,000 transactions, down by as much as 35%.

Additionally, data from Glassnode shows that the amount of illiquid Bitcoin, meaning BTC held long-term in wallets with no trading activity, is at a record high. This means that the actual supply circulating in the market is limited, making prices potentially rise sharply if there is a surge in demand.

Furthermore, Bitcoin's dominance is recovering after a recent decline. This indicates that the adjustment of BTC in the past two weeks may primarily be due to low liquidity issues.

💥Sonic ends partnership with MM Wintermute and unusual movements of whale wallets

Token S is facing strong selling pressure after the company ended its 5-year partnership with the market-making firm Wintermute. Just 24 hours after the announcement on May 15, Wintermute sold off over 1.5 million tokens, following a previous sale worth approximately $857,000. Experts believe this move is an inevitable result of Sonic not renewing the exclusive market-making contract, aiming to shift strategy towards decentralized finance (DeFi) integration.

However, what worries the investor community more is that whale wallets are also taking similar actions. Among them, the wallet associated with FalconX, a digital asset brokerage, has transferred 2.3 million out of a total of 3 million newly received token S to the Binance exchange, coinciding with Wintermute's sell-off. This coincidence raises suspicions about potential organized capital withdrawal.

According to the tracking tool Intel Scout, many other whale wallets have exhibited similar behavior, causing market panic. While some suggest that FalconX may be employing a high-sell low-buy strategy, the reality shows that recent transactions have all been executed at a loss, eliminating the possibility of short-term profit-taking.

All these developments have led to a decline in the price of token S. The community is concerned that this is a sign of greater instability in the Sonic ecosystem and could lead to a wave of sell-offs if no positive signals emerge in the near future.