On May 22, the U.S. House Rules Committee gave the green light to a pivotal tax cut proposal championed by former President Donald Trump. This crucial advancement sets the stage
On May 22, market watchers noted a significant action by a prominent whale trader, tracked by the on-chain data analyst @ai_9684xtpa. This trader, who had previously capitalized on the market
The post Pi Network Soars 10% As Bitcoin Climbs Above $110000; What’s Next For Pi? appeared first on Coinpedia Fintech News The crypto market continues to move upward, with Bitcoin recently crossing $110,000, getting closer to the $111,000 mark. According to experts, if this momentum continues, Bitcoin could soon target $115,000 to $116,000. However, like always, some ups and downs are expected along the way. Market data confirms that the trend is still bullish. Many who predicted a market crash have gone silent, as current charts and on-chain data show a different picture. While Bitcoin leads the way, several altcoins have also posted gains. Dogecoin rose by 7%, while other major altcoins gained between 2-4%. Pi Coin Eyes $1 One standout is Pi Network’s coin, which jumped 10%, reaching a high of $0.86 before settling around $0.84. The next target for Pi is to cross the $1 mark, a level many supporters are eagerly watching. However, for Pi Coin to hit $1, it should first cross the important resistance level at $0.94. Even though more Pi coins are being unlocked, the price is still rising. This could be because of various factors: First, a $100 million fund was launched to support Pi projects. Second, many people are choosing to hold their Pi instead of selling. What’s Next For Crypto Market? Experts believe that once Pi Network secures listings on major exchanges, it could see a big rise in price and popularity. On the other hand, Bitcoin is still looking strong on the charts, with indicators like RSI and MACD showing positive momentum. Although Bitcoin has entered the overbought zone, it hasn’t reached extreme levels yet, meaning there’s still room for growth. If Bitcoin slows down after a while, altcoins like Ethereum, Solana, and XRP might see stronger price movements next. Whales are actively buying more Bitcoin, a good sign for the market’s health.
Summary BITW offers investors exposure to 10 cryptocurrencies in a simple 'diversified' fund. The fund has a large allocation to Bitcoin, which could hurt returns if a true 'altseason' were to manifest. At 2.5%, the fund has a high expense ratio and doesn't stake any of the PoS assets under management, producing an opportunity cost relative to holding the assets directly. The top 4 assets make up over 97% of the fund's capital; none of those 4 assets are 'cheap' in my view. At a 14% discount to NAV, BITW could serve as a potential arbitrage trade if/when more spot ETFs cover the crypto market in the US. I've covered the Bitwise 10 Crypto Index Fund ETF (BITW) for Seeking Alpha four times going back to 2023. My general thinking on the fund can be summed up in this way; I like it slightly better than its closest peer, the Grayscale Digital Large Cap Fund ETF (GDLC) because of a broader offering of assets, but I don't think it's the best way to play a rally in the altcoin market at this juncture. While the fund can occasionally serve as an interesting arbitrage opportunity when it trades a steep discount to net asset value, there are disadvantages with both the fund and its construction. In this update, we'll briefly review some of the pros and cons to holding BITW shares, as well as assess how I view the current valuation setup for the fund's top 4 holdings. Pros and Cons of BITW For speculators who want simple exposure to the digital assets in a single ticker, BITW works fine. As I see it, these are the top advantages of BITW over something like GDLC: BITW GDLC AUM $1.44b $775m NAV Per Share $70.90 $48.81 Market Price $60.83 $42.40 Discount to NAV 14.2% 13.1% BTC Weighting 78.0% 79.5% Fund Holdings 10 5 Sources: Grayscale and Bitwise as of May 20th Closing Prices Not only does BITW have a slightly bigger discount to NAV at 14.2% currently, but the fund also offers exposure to more assets than GDLC and has slightly less reliance on BTC for fund performance. With roughly double the AUM than that of GDLC, BITW has strong liquidity and gets a 'B+' liquidity grade from Seeking Alpha. As I see it, there are three important disadvantages to holding a fund like BITW over alternatives; expense ratio, asset weighting, and opportunity cost. At a 2.5% expense ratio, BITW is way too expensive for what is essentially a passively managed fund that is nearly 80% Bitcoin ( BTC-USD ). Bitcoin Dominance 5/21/25 (CoinGlass) Bitcoin's dominance of the $2.06 trillion digital asset market is 61.5% per CoinGlass data. While this is obviously a large share of the crypto market, BITW and GDLC are both closer to 80% BTC. To be sure, the overwhelming majority of the assets in the cryptocurrency market are entirely uninvestable. Thus, over-weight BTC makes sense. But there are assets held within BITW that I do think could be long-term successes and even potentially outperform BTC over the next 10 to 20 years. In that regard, choosing BITW over something like a self-directed crypto-IRA might not make sense for long-term investors who have a willingness to open such an account - and there are several providers. Another potential issue with BITW is the opportunity cost of holding stake-able assets dormant in a fund that isn't generating yield. Ethereum ( ETH-USD ) and Solana ( SOL-USD ) collectively make up nearly 15% of BITW positioning. Each of those assets are stake-able for yield and provide investors a positive real yield after token emissions inflation. It is anticipated that staking could soon be permitted in US-based crypto ETFs under the current administration. If such products enter the market, BITW could theoretically trade at a deeper discount to NAV. Top Holdings Valuation Assessment The fund always has 10 assets under management, though those assets with smaller allocations do often change. As of May 20th, BITW asset weightings are as follows: BITW Holdings 5/20/25 (Bitwise) I've already mentioned the large weighting to BTC. From there, ETH commands 11%, XRP ( XRP-USD ) claims 5%, and SOL comes in at 3.2%. With less than 2% combined allocation to the bottom five assets in the fund, I'm not going to spend much time on those networks. However, the top 4 coins in the fund do have a meaningful allocation and represent more than 97% of BITW. We'll take a look at network valuation metrics for those funds and examine what, if any, alternatives there may be for investors who want larger exposure to those assets than what is currently provided by Bitwise. We already know BITW trades at a discount to the fund's liquidation value. But what about the assets themselves? Can we justify such coin prices based on fundamental usage? I've covered Bitcoin's valuation in prior SA pieces. My personal view is that the NVT ratio is a decent way to assess BTC valuation because it utilizes the coin's market cap as well as the dollar-denominated value transferred over the network. BTC Price vs 30 Day Average NVT ( Coin Metrics ) The multi-year trend in BTC's 30-Day average NVT ratio is admittedly not a great one. What this shows is that over the longer term, as BTC's price moves higher, the NVT ratio generally does as well. That said, at 186 currently, the NVT ratio is well-off highs from last summer. I would personally like to see this ratio come down even further. But what I find to be a positive sign currently is the price rise in BTC near the end of last year was accompanied by a deep drop in NVT ratio. This would indicate that the coin price wasn't outgrowing the transferred value. In my view, NVT is good for networks that intend to be 'payment chains.' Because of this, we could choose to view XRP through this lens as well: BTC vs XRP NVT Ratio ( Coin Metrics ) Believe it or not, XRP was actually cheaper than BTC based purely on NVT ratio for most of the last two and half years. While the 220 ratio reading for XRP currently is back ahead of BTC, the long-term trend for XRP's NVT valuation has been quite opposite that of BTC. I'm not arguing either of these coins are 'cheap' based on this metric - quite the opposite, actually. But I think these can be helpful in showing long-term price vs usage trends. For the smart contract chains, fees are a meaningful part of the underlying economics of the networks. There, I like to look at price to fees ratios of the chains: Weekly Circulating P/F Ratios (Token Terminal) Token Terminal's data shows Ethereum is trading at over 760x fees. Based on this metric, Ethereum is now valued more richly than NEAR Protocol ( NEAR-USD ). Solana, which has been cheaper than Ethereum on a circulating P/F multiple since October, is also seeing the ratio generally moving in the wrong direction. At 136x fees currently, Solana has seen significant multiple expansion since February. What Alternatives to BITW Are There? I've already mentioned that investors who have a willingness to open self-direct crypto IRAs can certainly do that. In those types of accounts, there are typically no storage fees, but transaction fees can be high for those who are active traders. There are usually dozens of trade-able digital assets, and it would be quite easy to overweight most of the top 'altcoins' in the market if one were so inclined. However, not everyone wants to open an additional account due to either the inconvenience or the potential personal data security concern - each of which are justifiable in my view. Can BITW's current digital asset exposure be mimicked by purchases of single-asset products that are already available in the market? Possibly. Asset Spot ETF? Closed-End Fund? Leveraged Fund? Bitcoin Yes Yes Yes Ethereum Yes No Yes XRP No No Yes Solana No Yes No Cardano ( ADA-USD ) No No No Sui ( SUI-USD ) No No No ChainLink ( LINK-USD ) No Yes No Avalanche ( AVAX-USD ) No No No Litecoin ( LTC-USD ) No Yes No Polkadot ( DOT-USD ) No Yes No Source: Author's compiled data, funds must be secondary market trade-able not only available through private placement As far as I can tell, only three of the assets in BITW are lacking direct exposure through some combination of spot ETFs, closed-end funds, or leveraged funds. Collectively, those three assets make up less than 2% of BITW. So it is theoretically possible to self-direct exposure to the majority of the assets in BITU through a standard brokerage account utilizing the single-asset products that are already available in the market. Closing Thoughts For those who want a simple way to get exposure to some of the top assets in the cryptocurrency market, BITW will work perfectly fine. Potential investors should keep in mind that there are downsides to getting exposure in this way. In my view, the expense ratio is too high, 78% exposure to BTC defeats the purpose of a 'diversified' fund, and there is an opportunity cost to holding stake-able assets in a fund that doesn't stake them for yield. That said, at a 14% discount to NAV, BITW is somewhat interesting as a potential arbitrage trade should be more of these assets get spot ETFs in the US. While I don't personally hold this fund at this time, it's one of which I've held in the past and would consider holding again if the discount gets to parity with the non-BTC asset allocation of the fund. That said, the discount arbitrage can close simultaneously to a drop in share price. That's a major risk to consider. I would argue that none of the assets in BITW could realistically be considered 'cheap' based on network usage levels.
Bitcoin has reached an unprecedented milestone, surpassing the $110,000 mark, igniting renewed interest in the cryptocurrency market. The surge follows a recent rally, marking a significant recovery from previous market
Bitcoin has topped $110,000 for the first time in a recent rally that has seen it gain 3% over the past day to break through past price highs from earlier this year. Bitcoin ( BTC ) hit a new all-time high of $110,788.98 on Coinbase late on May 21, just before 11:30 pm UTC, according to TradingView. Bitcoin has gained around 3% over the last 24 hours, surpassing its all-time high of $109,458 that it hit earlier in the day, which was the first time it traded above its previously long-held Jan. 20 peak. The world’s largest cryptocurrency has now gained 17.5% so far this year and is up 47% since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets. Bitcoin’s new peak comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21. The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day. Bitcoin’s weekly chart shows it has climbed out of a slump earlier this year. Source: TradingView Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoin’s new high “reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles.” “Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has shifted decisively, reflecting institutional-style allocations,” she added. According to Google Trends, searches for Bitcoin have been trending down since November and are at lows typical of crypto bear markets, indicating a low retail interest in the cryptocurrency. Meanwhile, the Crypto Fear & Greed Index, which tracks market sentiment, was at a score of 72 out of 100 on May 22, indicating “greed.” The index is down from its 2025 high of 84 on Jan. 22, which came two days after Trump’s inauguration. Related: How high can Bitcoin price go? Edward Carroll, head of global markets and corporate finance at MHC Digital Group, told Cointelegraph in a note that growing demand driving the price higher in the medium-term could push Bitcoin to at least $160,000 by the fourth quarter of this year and $1 million by 2030. Trader’s leveraged Bitcoin bet tops $1.1B Meanwhile, leverage trader James Wynn’s Bitcoin long position on the crypto platform Hyperliquidity has become the largest onchain margin trade when it exceeded $1.1 billion amid Bitcoin’s price peak. The entry point for the 40x leveraged position was $108,065 and it has an unrealized profit of $20 million. It will be liquidated if Bitcoin’s price falls to $103,800. Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
Bitcoin price started a fresh increase and traded to a new all-time high above the $109,000 zone. BTC is now consolidating and might aim for an increase toward $112,000 Bitcoin started a fresh upward move from the $106,000 zone. The price is trading above $107,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $110,850 resistance. Bitcoin Price Sets New ATH Bitcoin price started a fresh increase from the $104,200 support zone . BTC formed a base and was able to clear the $106,000 resistance zone. The bulls pushed the price above $107,500. The bulls even pumped the price above the $109,000 resistance zone. The price traded to a new all-time high near $110,698 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high. Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average . There is also a key bullish trend line forming with support at $107,800 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $110,850 level. The first key resistance is near the $112,000 level. The next key resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,800 resistance level. Any more gains might send the price toward the $115,000 level. Are Dips Limited In BTC? If Bitcoin fails to rise above the $112,000 resistance zone, it could start another correction. Immediate support on the downside is near the $109,000 level. The first major support is near the $107,500 level, the trend line, and the 50% Fib retracement level of the upward move from the $104,270 swing low to the $110,698 high. The next support is now near the $106,500 zone. Any more losses might send the price toward the $105,000 support in the near term. The main support sits at $104,200, below which BTC might gain bearish momentum. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $109,000, followed by $107,500. Major Resistance Levels – $110,850 and $112,000.
The latest updates from COINOTAG indicate a **notable incident** involving a significant **theft** from Coinbase users. According to **Chainalysis**, a hacker has been actively maneuvering **9,080.7 ETH** via the **THORChain**
Hong Kong just turbocharged its digital finance ambitions, locking in a game-changing stablecoin law that mandates licenses, enforces full compliance, and ignites the city’s crypto leadership. Hong Kong Enacts Licensing Law for Stablecoin Issuers, Ushering in New Era for Crypto Assets The Hong Kong Monetary Authority (HKMA) announced on May 21 that the Legislative Council
Summary I am upgrading BTC-USD to a 'strong buy' as Bitcoin decisively broke all-time highs, overcoming bearish technical signals and strong resistance. Bullish momentum is reinforced by weakness in the U.S. Dollar Index and limited upside in the S&P 500, favoring capital rotation into cryptocurrencies. Potential risks include a bearish Deep Crab pattern and political uncertainty around the U.S. strategic cryptocurrency reserve, but these are not my base case. I will reconsider my outlook if Bitcoin falls below $106,140, but current sentiment and technicals support further upside in the near term. When I last covered Bitcoin USD ( BTC-USD ) on March 2nd, 2025, with my article “Bitcoin: I Was Wrong”, cryptocurrency prices were beginning to lose some of the luster that was present following President Donald Trump’s public comments suggesting that he intended to become the world’s first cryptocurrency President . Of course, these were not just words, there were real actions supporting the bullish long-term cryptocurrency outlook in the United States . Of course, these are deeply positive scenarios for anyone holding large-cap cryptocurrencies, and BTC-USD prices have responded in kind. Since my last analysis was developed, BTC-USD has actually gained by more than +13% even while the S&P 500 has encountered losses of -1.81%. But the story is a bit more complicated than that because bitcoin prices have actually been on a bit more of a roller coaster ride than those somewhat subtle gains might imply. Given bitcoin’s ability to recover losses and form a base at elevated levels, I am raising my rating outlook to a “strong buy” while this newest rally is still in its earliest stages. Bitcoin: Substantial Two-Way Reversals (Income Generator via TradingView ) First, let’s quickly define the most recent “rally” because there are definitely elements of the bitcoin trend that seem to contradict this outwardly bullish assertion. As we can see in the chart above, BTC-USD actually continued to drop (by about -22%) after my prior pessimistic article was published. As a result, I suppose that you could say I was “right” about being “wrong” but market prices quickly reversed into the positive direction after falling below $75,000. This reversal is essentially the main reason I will have to eat some crow with my analysis update today because the bullish trend wave was forceful enough to generate gains of nearly 48% and break above an all-time high resistance level in the process. Bitcoin: Significance of Recent Breakout (Income Generator via TradingView ) When discussing these events with my own trading group, I described the price action of the last few days as being a textbook example of a consolidation zone. Whenever you are dealing with the test of an all-time high (especially when dealing with a high-volume and highly volatile trading asset), the general expectation is that selling pressure is likely to start building as prices continue moving upward. Unfortunately, this can occur either as short-sellers begin to emerge near a critical resistance zone or as bullish cryptocurrency investors start to take profits on prior successful trades. Bitcoin prices, however, really did not experience very much of this type of price action. Almost like a snake hiding in the grass and waiting to strike its prey, BTC-USD prices hovered just below the triple-top resistance region near $107,355 (as well as the +2 standard deviation on the shorter-term time frames). When we did not see any significant pullback from the $107,355 level, I immediately flipped bullish because there were two different negative technical signals (bearish triple-top resistance pattern and the movement of prices into the +2 standard deviation) and neither of them were having much of an effect. Bullish volumes were also rising quite sharply right into this resistance level, and all of this essentially provided a perfect storm of bullish elements that allowed buyers to overcome sellers and print a new record high. Bitcoin: Comparative Trends in U.S. Dollar Index (Income Generator via TradingView ) In order to get a better sense of where cryptocurrency trends are actually headed next, I think it might be important to assess relative performances in peripheral asset classes. As the world’s reserve currency , trends in the U.S. Dollar are often best assessed using the U.S. Dollar Index, and we can see some interesting developments for the greenback when looking at the daily timeframe. Specifically, we can see that the U.S. Dollar Index recently invalidated prior trend momentum readings in the Relative Strength Index ((RSI)) near the beginning of this month. However, upside follow-through has been lacking, with the RSI breaking back below the daily exponential moving average (EMA). In the chart above, this activity is shown with the purple line in the indicator panel falling under the yellow exponential moving average. Importantly, share prices themselves are also trading back below all four major exponential moving averages (20-day, 50-day, 100-day, and 200-day periods) and this gives us a bearish confluence of events that seems to contradict the negative momentum break that was experienced earlier this month. As a result, our next downside price target for the U.S. Dollar Index is not seen until 97.921 (April 21st, 2025 lows). Overall, I expect this to have a positive BTC-USD impact in terms of price action - at least until major support in the U.S. Dollar Index is retested (and confirmed to hold). Bitcoin: Comparative Trends in S&P 500 (Income Generator via TradingView ) Another major peripheral asset that cryptocurrency trades should be watching would be the S&P 500 itself. At this stage, it is probably becoming irritating for many investors to listen to stock pundits talk about the potential for cryptocurrencies to become safe-haven assets . But if this characterization is actually an accurate characterization of the market majority, it might be reasonable to suggest that declining momentum in the S&P 500 could actually become beneficial for bitcoin investors. Based on the chart above, bullish BTC-USD arguments can be made right now, due to the fact that the S&P 500 has already failed at resistance following the sizable rallies that emerged after the crash into $4,835.04 in early April. Of course, the May 19th price highs at $5,968.61 rests less than 3% below the S&P 500’s all-time high of $6,147.43. For all of these reasons, I think it is very difficult to make the argument that the S&P 500 has a great deal of upside potential when the benchmark has already recovered most of the losses that have been experienced since January 31st, 2025. Bitcoin: Potential Bearish Signals (Income Generator via TradingView ) If we do believe that the potential for upside is limited in both the U.S. Dollar Index and S&P 500, where would we then expect investors to start flocking next? Small-cap stocks might be one possibility, perhaps treasuries might be another (especially given the long-term complexities of the current market environment). However, if broader selling pressure in DXY and the major U.S. stock benchmarks is not far away, bullish cryptocurrency investors really needed to see a break of important resistance levels in BTC-USD. This week, this did occur as the time-tested flagship cryptocurrency broke through prior all-time highs, but I will also mention potential risks to the positive outlook. In the chart above, we can see that even though historical resistance zones have been invalidated, cryptocurrency prices are still trading outside the +2 standard deviation and a bearish harmonic pattern has developed after the rally from just above $102,105 on May 19th. Specifically, this is a bearish Deep Crab pattern, and it is large enough to suggest that BTC-USD prices could fall back below $100,500 if the pattern reaches a full point of completion (which does not occur in a large majority of instances). We must also be aware of the fact that there has been a great deal of criticism with respect to the viability of President Donald Trump’s strategic cryptocurrency reserve, so much so that a BBC News article actually used the term “ pig in lipstick ” to describe Trump’s plans for a cryptocurrency future. Of course, if these criticisms turn out to be accurate, I think we might see the U.S. government reconsider efforts to operate the strategic cryptocurrency reserve under the next administration. Unfortunately, any financial news headlines centered in this direction would likely be accepted unfavorably by the cryptocurrency market, and I think that this is the type of event that could lead to the next crypto winter (if these types of events actually materialize). Of course, there are a lot of unknowns here and that negative scenario is not my base case right now. Ultimately, I think that the recent breaks of important resistance levels suggests that market sentiment is actually quite healthy and that the influence of short-sellers is diminishing in size. For all of these reasons, I am upgrading my BTC-USD outlook to a “strong buy” rating and I will reconsider my outlook if we see bitcoin fall below $106,140 (near-term pivot lows recorded during the May 21st trading session).