May 22, 2025

Watch major assets track BTC’s all-time high

Mainstream data observations

BTC core liquidation positions:

Long positions at $107,730 with a liquidation amount of $2.419 billion.

Short positions at $112,773 with a liquidation amount of $702 million

The current BTC price: $111,404; the long position liquidation intensity is high and concentrated, with strong liquidation pressure around $109,000.

ETH core liquidation positions:

Long positions at $2,622.8 with a liquidation amount of $215 million.

Short positions at $2,650.7 with a liquidation amount of $140 million

The current Ethereum price: $2,638, and the short position liquidation intensity is high, with significant liquidation amounts, making this a key price point to monitor.

Total stablecoin market cap: $245.443 billion

Total market cap saw a slight increase today. USDT issued an additional 336.16M, and USDC issued 676.25M, with a 5.71% increase in issuance on Hyperliquid L1.

BTC market share: 64.23%

TOTAL 3 market cap: $909.05 billion

BTC market share has risen above 64% again and is currently fluctuating around this level. The TOTAL3 market cap saw a nearly $30 billion drop in the early morning of May 22 within one hour, but rebounded shortly afterward.

Current core miner shutdown price: $58,987

The current miner shutdown coin prices are below the current BTC price. The average shutdown price for mainstream mining rigs is $60,000, which can be observed as a key price point.

Bitcoin MVRV-Z score: 2.58

MVRV is the ratio of the minimum market value (current market cap) to realized value (the total value of all BTC at their last movement). The current Z-Score is between two point five and three, possibly approaching a local peak, but still far from the historically significant Z-Score of seven, which is related to major cycle tops.

Bitcoin BVIV score: 50

The BVIV score showed a rare change, rising quickly by 9.26% from around 46 to above 50 on May 21, then falling back to around 48 within three hours, and returning above 50 again in the last hour on the morning of May 22, indicating intense bullish and bearish competition. The Bitcoin market is undergoing a directional change.

[Market rating]

BTC reached a new all-time high, breaking through $111,000. Market share is still fluctuating around 64%, with market sentiment leaning bullish, but caution is needed for potential short-term correction risks. Moving forward, careful observation of market changes is recommended. The current bull/bear sentiment score is 80 (Cautiously Bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

Market overview

BTC has reached an all-time high of around 110,830, with its market dominance consistently around 64.2%. Close attention should be paid to the potential decrease in market dominance after BTC hits new highs, as well as the performance of major assets relative to the BTC exchange rate. BTC has already formed a three-wave pattern of upward movement, and it is unlikely to surpass the important resistance level of 117,000. However, there is currently a vacuum in the upper price levels, and continuous buying from both institutional investors off-chain and on-chain is expected to clear out the shorts before a proper correction takes place. The current liquidation volume is much smaller than that on May 8, and the difference in buying and selling pressure is not significant, indicating that both low- and mid-leverage longs and shorts have not been liquidated. A substantial increase in liquidation volume is needed to signal a change in the trend.

Macro overview

The GENIUS Act proposal passed with 69 votes and is now entering the amendment stage. The issuance of stablecoins and their flow onto the blockchain requires collateral, typically in the form of cash, short-term deposits, or short-term government bonds, which are high-quality liquid assets. This will create a huge demand for government bonds, leading to a decrease in bond yields and a reduction in US financing costs. The passage of stablecoin legislation will serve as a landmark demonstration effect, generating more revenue for the US economy.

Key events

According to Bitget market data, Bitcoin has broken through 110,000 USDT, with a total market capitalization reaching $2.16 trillion, setting a new all-time high.
Decentralized protocol Huma Protocol has announced its HUMA tokenomics, with 5% allocated for an initial airdrop.
Trump family crypto project World Liberty Financial (WLFI) has announced support for the BUILDon project and acquired a portion of the $B token.
Financial services firm Volatility Shares has launched the XRP Futures ETF "XRPI".
According to The Block, BlackRock's IBIT Bitcoin ETF has accumulated a net inflow of $8.9 billion in 2025, ranking fourth among global ETFs year-to-date.
Management firm Canary Capital has submitted an updated version of the S-1 application for a spot SOL ETF to the US SEC.
Sui blockchain has partnered with the RWA platform Open Market Group, and OMG will be launched on Sui.
Stablecoin issuer Circle has announced that the Circle Payments Network (CPN) mainnet has gone live.
According to Onchain Lens monitoring, USDT issuer Tether has issued another two billion USDT on the Tron network.
According to Cookie DAO’s announcement, its analysis platform v1.0 Alpha version and the “Cookie Snaps” function are now online, and users can earn points by publishing high-quality crypto content on X.
Solana ecosystem LST protocol Sanctum has announced the launch of its first batch of active staking rewards, distributing a total of 15 million CLOUD tokens.
Decentralized liquid staking protocol Lido has published the RFC draft of its V3 whitepaper, with plans for finalization before mid-summer 2025.
The 2025 Shanghai Blockchain International Week will be held on October 23.

Hot projects

Token		Description	Market Cap（$
	SOLSAN Hot meme	SOLSAN is a Waifu-style image. "Waifu" is a loanword derived from the English word "wife," with a Japanese pronunciation (ワイフ). It originated in Japanese anime culture, particularly in the otaku communities of the 2000s, to express deep affection or "loyalty" toward a fictional female character.	5.7 million
	COLLAT RWA track	COLLAT is the native token of the Collaterize platform. Collaterize is a blockchain project focused on the tokenization of real-world assets (RWA). It aims to transform physical assets into digital assets through blockchain technology, enhancing their liquidity and accessibility.	66.5 million
	MOMO Hot meme	The image of MOMO originated from Chinese social media (such as Douban and Xiaohongshu), where a pink dinosaur avatar became popular. It symbolizes a "secret handshake"-like community connection, with the narrative stemming from the iconic memecoin "Bonk" within the Solana ecosystem.	4.6 million

Exchange updates

Bitget Wallet has undergone a brand upgrade, unveiling its new vision, "Crypto for Everyone," while Bitget Onchain has launched RIPVC, hoodrat, NO, and EVIE.
Binance has added Haedal Protocol (HAEDAL) on Earn, Buy Crypto, Convert, and Margin, launched AWE/USDT perpetual contracts with up to 25x leverage, and introduced the TOKYO GAMES TOKEN (TGT) on Binance Alpha, with 199 Alpha points required to claim the TGT token airdrop. Additionally, Binance.US has launched Turbo (TURBO), while Binance Wallet has announced its next TGE project, ALLO (RWA), and Binance Alpha has launched BUILDon (B).
Hyperliquid has hit record highs with total open interest reaching $8.9 billion, setting a new historical high.
According to Onchain Lens monitoring, a whale account has spent $4 million to purchase TRUMP and FARTCOIN.

Industry landscape

The US "GENIUS Act" for stablecoins has passed the vote and entered the revision process.
Worldcoin's parent company, World, has raised a $135 million funding round, participated in by a16z and Bain Capital Crypto, to fund network expansion.
AI infrastructure startup OpenAI has secured $11.6 billion in new funding commitments, expanding a site that is core to increasing the ChatGPT maker’s long-term computing capabilities.
According to The Block, South Korea's Financial Services Commission (FSC) will allow non-profit organizations and virtual asset exchanges to sell their crypto holdings starting in June.
Hong Kong Legislative Council member Wu Jietzhuang tweeted that the Hong Kong Legislative Council has passed the "Stablecoin Bill" in its third reading, allowing applications for the compliant issuance of stablecoins to begin by the end of 2025.
Dutch investment company Theta Capital has completed $175 million for crypto fund investments.

Emerging projects

Token	DIS	B	IBRL
Description	With the concept of a distributed AI supercomputer at its core, it integrates idle GPU resources to build a decentralized AI infrastructure. After transforming from OasisAI, the narrative strengthens the combination of distributed computing and AI model invocation.	The core narrative focuses on building USD1 stablecoin application scenarios on the BNB Chain, combined with the endorsement event involving Trump-associated organizations, enhancing the propagation momentum. This creates the image of a "pragmatic infrastructure builder" to counter purely meme-based projects.	IBRL is an experimental token issued by Ellipsis Labs to test its anti-sniping token distribution platform, Gavel. The core narrative centers on the on-chain fair distribution mechanism, backed by the credibility of the Paradigm-invested team. The combination of "test token + top-tier VC" creates a dual tension of technical credibility and meme propagation.
Price	$0.03740	$0.14277	$0.039045
Market Cap（$)	37.4 million	142.77 million	39.04 million
Token Holders	5,373	14,236	6,374

Token	MAMO	KLED	APEX
Description	Mamo is your personal finance companion, designed to help you quietly grow your funds in the background. No spreadsheets, no pressure—just smart strategies, automated and explained in simple language. You control everything, and Mamo does the work.	The narrative revolves around a technical failure incident on an AI data trading platform. The core narrative stems from the @believeapp platform, where a robot error led to confusion with dual contract addresses, triggering a community trust crisis after founder @pasternak urgently corrected the issue. The incident is a combination of the typical "contract address rug pull" panic and the contradiction of centralized platforms in the cryptocurrency field.	An AI-based early cancer detection project utilizes a medical imaging dataset with millions of images to achieve high-precision diagnoses, blending medical technology with blockchain transparency narratives. The core meme is "AI saves lives," and the cultural attribute focuses on medical technology innovation.
Price	$0.01584	$0.004460	$0.002875
Market Cap（$)	15.84 million	4.46 million	2.87 million
Token Holders	732	2,001	2,351

Hyperliquid Smart Money tracking

Short positions are worsening: Accounts like 0xf4…d1d show significant ROE deterioration across almost all positions. HYPE's short positions have an ROE below -100%, and ZK has shifted from profit to large losses, indicating a poor timing for short entries. If no stop-loss is set, pressure will continue.

Main long positions are holding but slightly reduced: PEPE's position was reduced, yet ROE increased, showing continued optimism in the meme sector. BTC positions have expanded, but ROE remains stable, suggesting a potential consolidation phase.

Capital rotation to new targets (ENA): Smart money has been adding to ENA, quickly pushing ROE to 63%, which can be closely monitored.

Overall risk has increased, with short-term volatility: ROE for positions is fluctuating more sharply, indicating that market capitalization is lacking a unified direction.

Summary:

The market will possibly short tokens like ZK, with key observation on whether any liquidation signals emerge.

Watch PEPE/BTC to see if they are nearing a consolidation phase for potential re-entry.

Monitor new funds flowing into ENA and SOL, as they may lead to rotation opportunities.

Manage position sizes carefully and be aware of the risk of rapid reversals.

Address	Trading pair	Token quantity	Unrealized PnL	Last seven days PnL&Unrealized profit and loss
0xf4…d1d	HYPE	-3,992.59	-31,446.42 (-107.08%)	-12,696/ 125,963
	VIRTUAL	-41,460	-42,495.71 (-522.14%)
	WLD	-60,000.6	158,565.92 (684.07%)
	USUAL	-149,972.7	2,945.96 (64.18%)
	ZK	-180,000	-13,365.36 (-258.61%)
	XRP	-5,000	-1,262.5 (-234.18%)
	ENA	-30,000	-1,540.39 (-115.33%)
	BTC	-0.1128	-2,508.11 (-1,003.89%)
0xc7…5bc	SOL	+1,417.07	664.55 (2.69%)	23,913/ 24,779
0xc7…5bc	ENA	+1,000,792	24,128.76 (63%)	23,913/ 24,779
0x50…db6	BTC	+10,200	27,993,055.22 (101.58%)	34,607,280/ 33,856,190
0x50…db6	PEPE	+1,289,022,497	6,876,577.56 (621.67%)	34,607,280/ 33,856,190
0x32…812	SOL	+8,677.82	521,850.83 (210.54%)	-364,735/ -34,919
	TURBO	+89,792,772	-46,928.26 (-42.71%)
	Launchcoin	+6,608,713	-46,928.26 (-42.71%)

Other opportunities

On-chain DeFi mining yield products:

Project Name	Pendle（Blockchain：Ethereum） ←→ Token：wcgUSD
Project Details	wcgUSD: wcgUSD is an interest-bearing stablecoin issued by Cygnus. Its returns mainly come from short-term US Treasury bonds and the issuance of Cygnus tokens.
Participation Method	Through the Zap-in feature on the Pendle platform, you can inject or deposit using wcgUSD, and withdrawals are unaffected.
Project Information	Pendle: Pendle is a yield protocol built on the Ethereum blockchain that allows users to earn yield by locking up assets. Cygnus: Cygnus is a Web3 Instagram application layer and modular real yield layer.
Earnings Details	Token: wcgUSD Annualized interest rate: 7.89% (Subject to change, base yield rate and PT yield rate will scale proportionally according to the pool's underlying assets and PT)
Product Data	Token: wcgUSD Product participation deadline: June 26, 2025 Total token deposits: $73.95M Liquidity: $19.42M

Risk: Users should exercise caution when investing and conduct their research.

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