Stocks inched higher today, despite concerns over lower retail spending and escalating retail prices. U.S. stocks edged up on Thursday, May 15, even amid negative retail indicators. The Dow Jones was trading at 42,191, up 140 points or 0.33%. The S&P 500 rose 18.75 points, or 0.32%, to 5,911. Meanwhile, the tech-focused Nasdaq was nearly flat at 19,140 points, down just 8 points or 0.04%. You might also like: Dow, S&P 500, Nasdaq wobble as stocks rally cools Stocks were weighed by retail sales figures released on the same day. Notably, growth in retail sales slowed dramatically in April. Sales saw gains of just 0.1% compared to March’s upwardly revised 1.7%. This was despite the fact that consumers likely tried to spend ahead, on fears of post-tariff price hikes. Walmart warns about impending ‘double-digit’ price increases Adding to inflation concerns, Walmart CFO John David Rainey warned that the retail giant may be forced to implement double-digit price increases on some items. As a result, shares of Walmart—typically viewed as a defensive stock in inflationary environments, fell 1.05%. DOW Jones Industrial Average heat map | Source: TipRanks Among other major firms, UnitedHealthcare continued its decline, losing 13.74% after reports revealed a potential criminal investigation against the company for potential Medicare fraud. Notably, just a day before this revelation, the company’s CEO, Andrew Witty, abruptly stepped down from his position. One of the new entrants on the S&P 500, Coinbase, faced its own upheaval. The stock was down 6.58% after CEO Brian Armstrong revealed a $20 million ransom note against the exchange. Still, the likelier explanation for the stock drop in its stock price is a recent SEC investigation against it. You might also like: Coinbase stock jumps 8% as it becomes first crypto company to be included in S&P 500 The SEC probe is about whether the exchange reported accurate numbers when it claimed it had more than 100 million verified users. The figure is significant, as the exchange featured it in its 2021 IPO filing, directed at potential investors. You might also like: If the Fed prints more money, what’s at stake for Bitcoin?
FTX Recovery Trust, the entity overseeing the bankruptcy estate of the collapsed crypto exchange FTX Trading Ltd., said it will distribute more than $5 billion to creditors on 30 May 2025. The upcoming payout marks the second distribution under the company’s court-approved Chapter 11 Plan of Reorganization. Payments will be made to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes who have completed the required pre-distribution steps. The move is intended to advance restitution to thousands of customers and other creditors affected by FTX’s 2022 collapse. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
As Canada’s political landscape resets following a closely watched federal election, the country’s approach to cryptocurrency policy is at a critical juncture. As a Canadian, I’ve been closely following how the outcome of the 2025 election would dictate the country’s approach to crypto. With Pierre Poilievre’s defeat and Mark Carney retaining the title of Prime Minister, Canada now faces a pivotal moment in its digital asset policy. Poilievre had positioned himself as a defender of the crypto space, backing pro-crypto legislation and calling for the country to become a blockchain global hub. Carney, on the other hand, is the former head of both the Bank of Canada and the Bank of England so he is known for taking a more cautious outlook (perhaps even negative view) on crypto’s place in the economy. It’s clear that crypto took a backseat during this campaign. Poilievre, who once made a video with a restaurant owner while smoking shisha and discussing Bitcoin ( BTC ), barely mentioned the crypto industry during the campaign. Still, with the Conservatives winning their best result in over a decade implies crypto is not facing an imminent death in Canada. From what I’ve seen and read, the Carney administration is unlikely to introduce sweeping new crypto legislation but will instead double down on regulation through existing channels. When I spoke with regulatory lawyer and crypto expert Oliver Linch, he echoed that view. “We can anticipate a shift towards integrating crypto within existing financial regulatory frameworks, emphasising compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations,” he told me. In the full Q&A below, Linch offers a clear-eyed breakdown of what retail investors like me can expect under this new regime, everything from potential restrictions on altcoins and stablecoins to the broader implications for crypto exchanges operating in Canada. We also touch on the future of central bank digital currencies, crypto’s legal classification, and whether the industry is becoming a partisan dividing line. Read more: What does the new prime minister-designate of Canada, Mark Carney, think about crypto? crypto.news: Pierre Poilievre vowed to make Canada the “blockchain capital of the world” and even backed a pro-crypto law (Bill C-249) to encourage the sector. Now he’s been defeated, while Mark Carney, a former central banker at both Canada and England and noted crypto skeptic, retained the Prime Minister position although the Conservative party recorded its best performance in 14 years despite the election loss. Since the Liberals fell short of a majority, how will Carney balance Canada’s crypto policy? How might the regulatory stance change compared to the previous pro-crypto signals we saw under the Conservatives? Oliver Linch: Mark Carney’s return to Canadian leadership heralds a recalibration of the nation’s approach to digital assets. While his opponents at the recent elections, Pierre Poilievre, championed a laissez-faire ethos, Carney brings a central banker’s prudence, favouring systemic stability over unbridled innovation. He has acknowledged the promise of blockchain technology but remains wary of the speculative fervour surrounding cryptocurrencies like Bitcoin. Under his stewardship, we can anticipate a shift towards integrating crypto within existing financial regulatory frameworks, emphasising compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. This approach aims to mitigate risks associated with market manipulation and fraud. Moreover, Carney’s international experience suggests a propensity for collaboration with global regulators to establish harmonised standards, potentially imposing stricter regulations on private cryptocurrencies. The balance will likely involve supporting innovation while ensuring consumer protection and financial system integrity. CN: President Donald Trump openly courted crypto enthusiasts which proved to be a large enough voting block to have a notable impact on the election. Pierre Poilievre similarly tried to rally the crypto community in Canada, famously smoking shisha with a restaurant owner and talking about their use of Bitcoin on the campaign trail although this was three years ago. Yet his crypto-forward approach seemed to have lost momentum and crypto was nearly completely absent from the campaign. Why do you think that is? Did Poilievre fail to energize the base, or is the Canadian crypto voter pool simply too small to sway an election (given only about 10% of Canadians own crypto? Assuming he retains his status as Conservative leader, could he do more next election to harness crypto enthusiasm, akin to how Trump energized parts of his base in the U.S.? OL: Poilievre’s initial embrace of cryptocurrency resonated with a niche segment of the electorate, but as broader economic concerns took precedence, the crypto narrative lost its electoral potency. The volatility in crypto markets may have further eroded public confidence, rendering it a less viable campaign focal point. Moreover, Poilievre’s messaging may not have effectively connected crypto policy to everyday economic issues, failing to demonstrate tangible benefits for the average Canadian. In future campaigns, a more nuanced approach that articulates how crypto initiatives can enhance financial inclusion and economic resilience may better resonate with voters. CN: Do you foresee the Carney government introducing new crypto-specific legislation, or will they rely on regulators and existing laws to manage the sector? OL: Rather than introducing new legislation, the Carney government is likely to strengthen existing regulatory frameworks to encompass crypto activities. Emphasis will be placed on ensuring compliance with AML and KYC regulations to prevent market manipulation. Regulatory bodies may issue updated guidance to clarify expectations for crypto market participants. Any legislative changes would probably aim to align with international standards and best practices. CN: For everyday Canadian crypto holders, what changes might they see under the new regime? Should retail traders expect stricter rules on Canadian exchanges (for example, limits on accessing certain altcoins or stablecoins), more compliance hurdles when buying and selling crypto, or even new taxes and reporting requirements? In short, how might the experience of a small retail crypto investor in Canada change now that the government’s attitude has shifted? OL: Retail crypto investors in Canada may encounter increased scrutiny of their transactions, leading to more rigorous reporting requirements. Access to certain crypto assets and products may be restricted, especially those deemed high-risk or lacking transparency. Exchanges operating in Canada might face stricter operational standards, impacting user experience. Additionally, tax authorities may enhance efforts to ensure proper reporting and taxation of crypto-related income. CN: Liberals, and Mark Carney in particular, seem more interested in central bank digital currencies and have been skeptical of private stablecoins. What do you expect in terms of policy for stablecoins now? Does the Carney government seem likely to accelerate work on a digital Canadian dollar as an alternative? OL: The Carney government is expected to prioritise the development of a central bank digital currency (CBDC) to offer a secure digital payment option. This is disappointing. When I first described CBDC as ‘at best pointless and at worst nefarious’ this was a fringe view, much maligned by traditional and central bankers seeking to get in on the digital assets game. That view has, pleasingly, become increasingly mainstream, but it seems that still not everyone is convinced. Private stablecoins could face heightened regulatory requirements to ensure they meet standards for stability and transparency. Public consultations will likely follow, and these are the best opportunity to explain why pursuing a digital Canadian dollar ought not to be a priority of the new government. CN: Poilievre had floated the idea of reclassifying crypto assets from securities to commodities so that crypto use and development would face fewer hurdles. Now that the Liberals are in charge, is that reform completely off the table? How significant is it for the industry if crypto in Canada continues to be treated as securities by default – does it make launching new tokens or DeFi projects prohibitively difficult under existing law? And do you see any scenario where this classification issue gets revisited despite Poilievre’s defeat? OL: While not entirely off the table, reclassification efforts may face significant hurdles under the current administration. In reality, classification issues are unlikely to produce long-term stable results for the regulation of these assets. The unsatisfying debate, for example in the US, demonstrates that trying to view assets through the lens of traditional financial products is unlikely to be successful. The reality is that many digital assets have features that resemble both securities and commodities, but the better analysis is that they are their own product, and ought to be regulated as such. Maintaining the classification of certain crypto assets as securities ensures they are subject to established investor protection laws, which is understandably attractive to someone with Carney’s professional background. In any event, any reconsideration of classifications would likely involve extensive analysis and stakeholder consultation, and is unlikely to be a priority of the new government. CN: Simple question to wrap this interview up: Has cryptocurrency become a partisan issue in Canada? OL: Simple answer: no. Obviously, in an election cycle, everything becomes as politicised. We certainly saw that in the US election, and the reality is that it was only really a talking point for the Conservatives in the Canadian election. But to view digital assets as a party political issue going forward is naive. Across the world we are seeing politicians from all geological backgrounds embracing digital assets as a way to modernise economies, expand opportunities, and democratise the financial sector more broadly. It may not win elections, but the new government will likely be interested in the opportunities crypto can bring for financial inclusion. Crypto has increasingly become a topic of political debate in Canada, with differing views on its role in the economy. Despite political differences, there is a shared interest in ensuring financial system integrity and consumer protection. The challenge lies in balancing innovation with responsible oversight, transcending partisan lines.
Sonic Labs announced the end of its relationship with Wintermute. The platform is searching for a new market maker that can reflect the growth of on-chain activity and DeFi. Sonic Labs, formerly Fantom, announced the end of its relationship with Wintermute. The platform will seek a new market maker that will go beyond centralized exchanges and reflect Sonic’s record on-chain activity. The announcement arrived after the price of the native S token slid from $0.61 down to $0.53 on selling pressure. The Sonic Labs team explained that the selling happened after Wintermute was informed that the five-year relationship with the project would end. One of the reasons for Wintermute selling was to cover a liquidity loan from Sonic Labs. 24 hours ago, we informed @wintermute_t that we will not be renewing our MM contract. We have been using WM exclusively for 5 years of service. We have engaged with other MM firms who are willing to provide MM++, they get involved in our DeFi ecosystem, engage with applications… — assistant.sonic (@SonicAssistant) May 15, 2025 The sales were tracked to the wallets of Wintermute as the market maker divested 3M S, shifting holdings down to 10M tokens. After the sale, Wintermute holds $5.9M of S based on current prices. The team’s explanation was met with some skepticism, as the exact terms of the token loan were unknown, as well as the need for Wintermute to sell the token and crash the price. The Sonic community speculated that the partnership was ended on bad terms, leading to the selling pressure. There are also suggestions Wintermute may actually have to re-buy S tokens to return the loan in kind. Wintermute has not given the rationale for depositing the tokens to exchanges. The end of the Wintermute contract is also expected to lead to more volatility for the native S token. The asset mostly trades on Binance and Bybit, where market makers often boost volumes and help generate demand for the asset. Sonic grows a decentralized ecosystem Sonic has grown its decentralized ecosystem and seeks market makers to support teams, apps, and liquidity events. The chain recently posted a record in its total value locked at over $1B, becoming one of the fastest-growing chains in 2025. The Sonic ecosystem includes a native version of Aave lending, the Shadow DEX, as well as a version of the Pendle yield protocol. Sonic was mostly supplied by the Ethereum ecosystem, with $2.3B in inflows and $555M in net inflows. Sonic remains connected to the L1 ecosystem with constant bridging and active turnover. The chain also has small inflows from Base and Solana. Sonic grew its total value locked above $1M and now seeks market makers capable of operating on DEX. | Source: DeFi Llama In the past months, Sonic also saw constantly expanding transactions, active wallets, and fees. However, Sonic still produces under $15K in daily fees , lagging behind more established networks. The chain carries more than $484M in bridged USDC, supporting between $100M and $150M in daily DEX activity. The Shadow exchange carries over $55M of the daily DEX activity, trading some of the most prominent tokens in the Sonic ecosystem. The chain regularly carries over 50K daily active users, rivaling similar networks. Sonic also retains a large social media community, aiming to build an ecosystem similar to Solana based on cheap transactions and available liquidity. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
As the crypto market enters a critical mid-year phase, analysts are pointing to three standout altcoins poised to outperform the pack, Dogecoin (DOGE), Cardano (ADA), and rising star Mutuum Finance (MUTM) . While legacy assets are regaining steam, it’s Mutuum Finance that has analysts buzzing, thanks to its low entry price and aggressive growth forecasts that hint at multi-X returns by Q3. Currently priced at just $0.025, MUTM is attracting investors seeking low-risk, high-reward opportunities in the DeFi market. Over $8.1 million has been raised in its presale, indicating strong investor confidence. The project is in phase 4 of its presale which has already sold over 70% and attracted more than 9800 unique holders. Dogecoin and Cardano Poised for Strong Performance in Mid-2025 Approaching mid-2025, Cardano (ADA) and Dogecoin (DOGE) both continue to exhibit promising signs of development, attracting investors and analysts alike. Motivated by rekindled interests, Dogecoin is likely to exchange in May and June of 2025 at $0.37 as its mean price hovers around $0.34 to $0.35. The steady improvement proves a potential for gradual appreciations, maybe if market excitement continues to increase. Cardano, on the other hand, is returning in the wake of its sustained improvement and increasing adoption. ADA price predictions indicate a rise to $0.85 in May with an average of $0.76, and a lesser range of $0.64 to $0.74 in June with an average of approximately $0.70. These are conservative projections, considering ADA continues to gain more traction in the markets. Even though both DOGE and ADA are signaling possible growth in the coming few months, new tokens like Mutuum Finance (MUTM) are equally drawing investors seeking high-growth assets in the crypto market. Presale Gaining Momentum: Mutuum Finance Leads the Charge Mutuum Finance presale is far more than 70% through Phase 4, and the momentum is intensifying. Those quick on the uptake can lock in a 20% profit when the next price tier comes into play. With demand comes increased anticipation of even more dramatic profits at launch. With sound tokenomics and practical DeFi applications, MUTM is shaping up fast to be a breakout player in the 2025 altcoin conversation. Revolutionary Buy-and-Distribute Model Contributes to Long-Term Value Unlike the majority of speculation tokens, Mutuum Finance has a Buy-and-Distribute mechanism attached. This model purchases tokens on the market at regular intervals and sends them to MUTM stakers, and hence creating a sustainable, supply-reducing, and encouraging long-term participation. It’s a tactical architecture that enables price appreciation and long-term participation. mtToken System Unlocks Passive Yield With Full Liquidity Another such innovation is mtToken functionality in Mutuum Finance, where assets such as ETH and DAI can be used to earn yield without having to lock them up. Unlike staking, customers remain able to use their assets in full and still earn passive income, a revolution for DeFi users who seek rewards along with usability. Its borrowing side is just as robust with collateralized loans of USDT through easy-to-grasp ratios. A lender could, for example, take out stablecoins of $5,000 for $7,000 worth of ETH collateral, both of which would be returned through open on-chain smart contracts. Dogecoin (DOGE), Cardano (ADA), and Mutuum Finance (MUTM) are all positioned to shine through May and June, but only one offers true breakout potential. While DOGE eyes $0.37 and ADA targets $0.85, MUTM is still priced at just $0.025 with over $8.1 million raised and 70% of Phase 4 sold out. Investors jumping in now could lock in a 20% gain in Phase 5 and a projected 140% ROI at launch. Don’t wait, get in before Phase 4 closes. For more information about Mutuum Finance (MUTM) visit the links below: Website: https://www.mutuum.finance/ Linktree: https://linktr.ee/mutuumfinance
Bitcoin has traded sideways for most of the week, with price action stuck between $100,700 support and $104,700 resistance. The lack of volume and tight-range behavior suggests a breakout is still pending. Bitcoin ( BTC ) has experienced unusually slow price movement this week, consolidating between clearly defined support and resistance levels. Traders have been closely monitoring the $100,700 and $104,700 levels, which now serve as the lower and upper bounds of the current trading range. Despite repeated tests of both levels, BTC has failed to make a decisive move outside the zone, indicating that the market remains in a phase of accumulation or indecision. Key technical points Defined Trading Range: Price is oscillating between $100,700 support and $104,700 resistance Major Resistance: $104,700 acts as confluence resistance (value area high + range high) Lack of Volume: Low participation is suppressing any potential breakout BTCUSDT (1H) Chart, Source: TradingView BTC has been rotating cleanly between support at $100,700 and resistance at $104,700, creating a well-defined range that traders are actively respecting. Both the range low and high have held firm during recent tests, confirming this zone as the dominant short-term structure. The resistance at $104,700 is particularly significant, as it represents not only the local range high but also aligns with the Value Area High and Point of Control from the current volume profile, reinforcing its role as a strong barrier. You might also like: Why is crypto down today? 3 coins to avoid market downturn XRP, DOGE and TRON From a volume perspective, Bitcoin is currently lacking momentum. The volume profile has been steadily declining, contributing to sluggish price action and repeated failed breakout attempts. Without a notable increase in buying or selling pressure, BTC is unlikely to break convincingly from the current range. This aligns with the pattern of multiple candle closes within the zone, a clear sign of market indecision and a lack of conviction from both bulls and bears. The current structure favors a rotational strategy, where traders capitalize on bounces between support and resistance. However, this setup will eventually give way to a breakout once either side gains directional control. When that moment arrives, strong volume inflow will be essential to validate the move and avoid a fakeout. What to expect in the coming price action Unless Bitcoin breaks above $104,700 or below $100,700 with a clear spike in volume, price action is likely to remain slow and range-bound. A breakout supported by strong volume could open the door to the next leg higher, potentially targeting $107,000–$110,000. Until then, continued sideways movement and clean rejections between support and resistance should be expected. Read more: Unlocking the $10t housing gap: How T-RIZE is solving the G20’s real estate crisis
Monero, the leading privacy-focused cryptocurrency, surged to its highest level in four years as demand rose. Monero ( XMR ) jumped to $350, bringing its year-to-date gains to 75% and pushing its market cap above $6.3 billion. It has rallied over 155% in the past 12 months, making it one of the top-performing large-cap cryptocurrencies. The surge has occurred despite the fact that major crypto exchanges like Binance, Coinbase, OKX, and Crypto.com do not currently list the token. These platforms delisted Monero due to its strong privacy features, which raised potential legal risks. These legal concerns intensified after U.S. authorities sanctioned Tornado Cash and arrested its founder, alleging the protocol facilitated illicit transactions and money laundering involving over $7 billion. You might also like: 4 catalysts that could revive Pi Network after $13b market cap crash Monero’s price started rising after the US scrapped its sanctions against Tornado Cash after a court order. The rally is likely because traders anticipate some exchanges relisting it this year. In addition to the ruling, the Trump administration is also highly supportive of the industry. Monero also rallied recently after it was used to launder stolen Bitcoins worth over $330 million. Hackers prefer Monero because its technology uses ring signatures, stealth addresses, and ring confidential transactions. In ring signatures, transactions are grouped with other potential senders, making it hard for a transaction to be tracked. In stealth addresses, it generates a unique one-term address for every transaction, and in ring confidential transactions, it hides the transaction amount. XMR price technical analysis Monero price chart | Source: crypto.news The daily chart shows that XMR has been in a strong uptrend in recent months. It has moved above all major moving averages, while the Average Directional Index (ADX) has surged to 65.75—a sign of strengthening trend momentum. However, the Relative Strength Index and Stochastic Oscillator have moved to the extreme overbought level. As a result, while the bullish trend may continue, there is a risk of a short-term pullback—potentially toward the psychological level of $300. A drop below that level could open the door to further downside toward $240, which marked resistance in January and February. Alternatively, if the uptrend holds, Monero could extend its rally toward the next key psychological level at $400. You might also like: Here’s why the ETHFI price has gone parabolic
FTX Trading Ltd. and the FTX Recovery Trust announced today that distributions under the FTX Chapter 11 Plan of Reorganization will resume on May 30, 2025. The forthcoming round, known as the Second Distribution, will be made to eligible creditors in the Convenience and Non-Convenience Classes who have completed all required steps, including KYC verification, tax form submission, and onboarding with one of FTX’s designated Distribution Service Providers—BitGo or Kraken. Details of the Second Distribution According to FTX, eligible creditors should expect to receive funds from their chosen service provider within one to three business days following May 30. (2/3) Eligible creditors should expect to receive funds from their selected distribution service provider within 1 to 3 business days from May 30, 2025. Additional details are available in FTX’s press release here: https://t.co/g8BX2KfbOu — FTX (@FTX_Official) May 15, 2025 The process marks the first non-convenience class distribution under the plan and is guided by the waterfall structure defined in the reorganization blueprint. Specifically, Dotcom Customer Entitlement Claims (Class 5A) will receive a 72% distribution, U.S. Customer Entitlement Claims (Class 5B) will receive a 54% distribution, General Unsecured Claims (Class 6A) and Digital Asset Loan Claims (Class 6B) will both receive 61%, and Convenience Claims (Class 7) will be paid out at 120%. Plan Administrator John J. Ray III noted, “These first non-convenience class distributions are an important milestone for FTX.” “The scope and magnitude of the FTX creditor base make this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals,” he added. Key Requirements and Next Steps FTX has also reiterated that customers must complete several steps before becoming eligible for any current or future distributions. This includes logging into the FTX Customer Portal, completing KYC procedures, submitting necessary tax documentation, and onboarding with either BitGo or Kraken. Customers who have opted for these service providers have effectively chosen to forgo direct cash distributions from FTX and instead receive payment through their selected provider. Any inquiries regarding fund availability should be directed to the provider’s customer support team. As the process unfolds, FTX said it will continue to announce future record and payment dates. For transferred claims, only the transferee officially listed on the claims register will receive distributions, provided the 21-day notice period has passed without objection. FTX Executives Sentenced: Where Are They Now? FTX, once a dominant force in the crypto exchange space, collapsed in November 2022 after facing a severe liquidity crisis. Within days, the company filed for bankruptcy, and its CEO, Sam Bankman-Fried (SBF), stepped down. He was later convicted and sentenced to 25 years in prison . Among those affected was investor Kavuri, who claimed to have endured two years of financial distress after losing over $2 million in FTX’s downfall. Legal proceedings against four other former FTX and Alameda Research executives wrapped up by the end of 2024. This led to Caroline Ellison and Ryan Salame receiving prison sentences , while Nishad Singh and Gary Wang were given time served . FTX’s restructuring plan, approved in October 2024 , prioritized repayments to users with claims under $50,000. Around 98% of affected users will receive 119% of their declared funds. The post FTX to Deliver Up to 120% Creditor Payout in May 30 Second Distribution Wave appeared first on Cryptonews .
Key takeaways: Bitcoin's 36% rebound from $74,500 runs into resistance at $106,000. Bid-side liquidity is staking up on the downside near $93,000. Bitcoin ( BTC ) price has rebounded by 36% from its April 9, five-month low at $74,500. However, its failure to decisively break above $106,000 has sparked concerns about whether a sharp correction is possible in the coming days. BTC/USD daily price chart. Source: Cointelegraph/ TradingView Over 97% of Bitcoin’s holders are now in profit Bitcoin’s recent break above $105,000 saw its price rise above the short-term holder realized price as this cohort of traders flipped some of their unrealized losses into profit. Data from CryptoQuant reveals that less than 2.8% of Bitcoin investors were still in a position of loss when the price hovered around $102,000 on May 15, subsequently accounting for 97% of the supply in profit. Bitcoin: Percentage of supply in profit/loss. Source: CryptoQuant The percentage supply in profit and loss evaluates the sum of unspent transaction outputs (UTXO) that are in profit or not by comparing the price when they were last moved and the current price. If Bitcoin continues to rise from the current levels, more investors will remain in profit. A high number of holders in profit is often seen as a sign of an overheated market , which typically precedes or coincides with price corrections. As a result of this onchain signal, Bitcoin’s price may see pullbacks over the coming days as investors choose to book profits. Bitcoin open interest remains high Open interest (OI) on Bitcoin derivatives hit a near record high of $67.5 billion on May 14, as BTC came close to overcoming the resistance at the $106,000 level. “Bitcoin is starting to look pretty exhausted here, open interest caught up to the approximate levels of prior all-time high,” said pseudonymous trader Adam in a May 15 post on X, adding: “I think the move from 80,000 was significant enough not to see new lows, but this is not the place where I would open fresh longs.” Exchange BTC futures open interest Source: CoinGlass Additionally, Bitcoin CME futures OI also hit a 90-day high of 146,950 BTC on May 13, worth approximately $16.5 billion at the time, as per CryptoQuant data. Bitcoin CME futures national OI. Source: CryptoQuant At the time of publication, CME had the lion’s share of the OI with 22.9%, followed by Binance with 17.4%, then Bybit with 10%. With the current strong demand for BTC futures contracts , investors are contemplating the possibility of a pullback similar to the one that occurred in late January, when BTC prices dropped almost 16% within seven days, setting a swing low at $91,530. Related: Bitcoin to $1M by 2028 as Hayes tells Europe to ’get your money out’ Bitcoin price runs into resistance at $106,000 From a technical perspective, Bitcoin's latest rally was curtailed by a supply congestion zone between $106,000 and the $109,000 all-time high . When the price was rejected from this level on Jan. 31, it recorded a 27% loss to $78,000, suggesting that the bears are aggressively defending this zone. Bitcoin bulls were required to produce a decisive daily candlestick close above this area to sustain the recovery. BTC/USD daily chart. Source: Cointelegraph/ TradingView Failure to flip $106,000 into support could cause the price to drop lower, with the accompanying long position liquidations pulling the price toward the year open at $93,000. Data from CoinGlass showed a wall of ask orders building up above $106,000, reinforcing the importance of this resistance area. Bitcoin liquidation heatmap. Source: CoinGlass This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Addentax, a China-based textile and apparel company, has announced that it is in talks to purchase approximately 8,000 Bitcoin and various mainstream cryptocurrencies, including Official Trump (TRUMP). It was stated that the company plans to make these purchases by issuing shares worth $800 million. According to a press release by the company, Addentax aims to acquire assets from several prominent cryptocurrency holders with deep knowledge and strong connections in crypto assets. The company said that this move is a core part of its crypto asset investment and long-term holding strategy. Related News: BREAKING: While the SEC Dropped Its Case Against Coinbase, a New Investigation Hits the Headlines - Here Are the Details While no final agreement has been reached yet, company officials also see the process as an opportunity to bring influential figures in the cryptocurrency world into the company’s shareholders and strengthen the company’s digital asset portfolio. Addentax CEO Hong Zhida made the following statement on the subject: “This initiative supports our company’s broader blockchain strategy. The potential acquisition of digital assets like Bitcoin and the involvement of strategic investors experienced in the crypto ecosystem will contribute to our long-term goals. We believe that certain digital assets can be a stable element of the company’s long-term assets, given their liquidity and increasing institutional interest in recent years.” *This is not investment advice. Continue Reading: Chinese Giant Company Announces Plans to Purchase Large Amounts of Bitcoin and TRUMP – Here Are the Details