Hyperliquid data suggests potential for ENA, WLD
Mainstream data observations
BTC core liquidation positions:
Long positions at $107,730 with a liquidation amount of $1.009 billion.
Short positions at $112,567 with a liquidation amount of $1.241 billion
The current BTC price is $111,052, with both long and short position liquidation pressures being high, and the forces are balanced. Significant liquidation pressure is found around $112,600 for short positions.
ETH core liquidation positions:
Long positions at $2,619.2 with a liquidation amount of $952 million.
Short positions at $2,753.6 with a liquidation amount of $140 million
The current Ethereum price is $2,711.1, with high liquidation intensity for long positions and large liquidation amounts. The price point around $2,600 should be closely watched.
Total stablecoin market cap: $245.944 billion
The total market cap saw a slight increase on May 23. USDT issued an additional 321.54M, with a 0.14% increase on Tron and a 0.35% increase on Ethereum.
BTC market share: 63.61%
TOTAL3 market cap: $938.6 billion
BTC’s market share saw a decline on May 23, fluctuating below 64%. The TOTAL3 market cap increased by $29.3 billion on May 23, with attention focused on ETH price movements.
Current core miner shutdown price: $58,987
Current miner shutdown coin prices are below the current BTC price. The average shutdown price for mainstream mining rigs is around $60,000, which can be observed as a key price point.
Bitcoin MVRV-Z score: 2.69
MVRV is the ratio of the minimum market value (current market cap) to realized value (total value of all BTC at their last movement). The current Bitcoin MVRV-Z score is in the neutral to high range, and caution is advised for potential short-term BTC top risks.
Bitcoin BVIV score: 50.17
The BVIV score increased to a peak of 51.81 on May 22 before falling back. The current data has returned to the level seen over the past two days.
[Market rating]
BTC is currently fluctuating below $112,000, with a slight drop in market share to 63.61%. Market sentiment is high, with ETH breaking above $2,700. The next key point to watch is ETH's price movement. The current bull/bear sentiment score is 90 (Bullish).[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]
Market overview
BTC continues to experience strong buying momentum, with ETF inflows of $667 million in a single day, pushing it back into the $106,000-$109,000 range. Addresses holding more than 100 BTC have been increasing by an average of 1,236 BTC daily for the past five days. The ongoing on-chain buying and increasing institutional demand have led to sustained BTC inflows, with the contract holdings on exchanges rising rapidly, totaling over $74.5 billion. Since May 19, the liquidation amount has been relatively low, indicating that the likelihood of a trend reversal is increasing. Currently, BTC’s market dominance is 64.07%, showing a slight decline overall.
Macro overview
Japan’s 30-year government bond yield has surged to over 3.1%, and as one of the largest holders of US government bonds, Japan's bond yield increase may reduce demand for US debt from Japanese investors. This capital outflow could lead to a decrease in demand for the US dollar. In the short term, the dollar may weaken, especially against the backdrop of recent US credit rating downgrades and increasing trade war concerns. US 30-year government bond yields have soared to 4.995%, and 10-year bond yields have risen to 4.5%. Gold has fluctuated back to $3,300 per ounce, and the US dollar index has dropped to around 99.2. The rise in US bond yields will limit the scope for rate cuts. The probability of a 25 basis point rate cut in September has risen to 51%, with expectations for rate cuts starting in September and a higher likelihood of two rate cuts in 2025.
Key events
- Decentralized social protocol Farcaster has announced that it has added support for Solana.
- According to on-chain analyst Yu Jin's monitoring, Hyperliquid's top four whales, including James Wynn, collectively hold $1.188 billion in BTC long positions.
- According to Cointelegraph, US Senate Minority Leaders Schumer, Warren, and Merkley are planning to propose amendments to the GENIUS Act, limiting the Trump family’s profits from stablecoins.
- According to The Wall Street Journal, several major US banks, including JPMorgan, Bank of America, and Citigroup, are exploring the possibility of teaming up to issue a joint stablecoin.
- SocialFi platform Believe will suspend the automatic token issuance feature of Launchcoin, switching to manual reviews and adding a verified label due to the recent surge in non-authentic projects.
- Crypto exchange Kraken is planning to launch tokenized versions of more than 50 stocks and exchange-traded funds, including stocks such as Apple and Tesla.
- Sonic Labs has announced a partnership with the cryptocurrency trading company GSR, which will act as a market maker for the S token, providing liquidity support.
- Decentralized crypto platform Cetus is suspected of being hacked, with CETUS dropping over 23.1% in the past 24 hours.
- According to ABC News, US cryptocurrency-related stocks collectively rose in pre-market trading after Bitcoin surpassed $110,000 to hit a new record high.
Hot projects
Exchange updates
- Binance has listed World Liberty Financial USD (USD1), launched Allo (RWA) with a market value of $14.65 million, and announced that Binance Wallet's RWA TGE event faced delays due to issues from the project team, while Binance Launchpool will list Huma Finance (HUMA) on May 26. Additionally, Binance Alpha has launched a trading competition with rewards for BANK, AGT, REX, PUFFER, and FHE, alongside offering participation in Allo (RWA) TGE with a threshold of 195 Alpha points.
- Bybit will launch Puffverse Token (PFVS) on May 27.
- Bitget Wallet has released its product roadmap after a brand upgrade, focusing on transactions, financial management, payment, and exploration, while partnering with fintech company Superstate to create RWA investment opportunities, launching a second round of on-chain points challenge, and listing memecoins including B, TGT, and KLED on Bitget Onchain.
Industry landscape
- Stablecoin company Plasma has received strategic investment from Founders Fund.
- Cross-border stablecoin payment infrastructure company OpenFX has completed a $23 million funding round, led by Accel.
Emerging projects
Hyperliquid smart money tracking
The market remains bullish overall, but from the ROE trends of BTC and PEPE, there are signs of profit-taking, suggesting the market is entering a consolidation phase.
Funds are rotating into mid-market cap themes like ENA and WLD, indicating that investors are looking for the next strong sector.
Short positions are nearly cleared, and the market lacks the momentum for a sharp downturn, but risks of high-level volatility remain, requiring position management.
Summary: Monitor changes in ENA and WLD positions, as they may signal the start of the next major upward phase.
Although BTC and PEPE have high ROE, momentum is weakening; the market will possibly avoid chasing highs until stabilization is confirmed.
Observe if new major accounts are entering meme or AI-related tokens, or if large holders shift to short positions.
Other opportunities
On-chain DeFi mining yield products:
Risk: Users should exercise caution when investing and conduct their own research.
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