Trading Desk Insights
Roughly $650 million in crypto derivatives were wiped out since late Sunday as BTC ripped through $107,000 around 8pm ET, only to retrace sharply back to $102,000—a 5% reversal that liquidated both longs and shorts in one swift move. This marked the first clean break above $105K since January, but like prior attempts, sellers were quick to fade the rally. Bitcoin dominance is ticking higher, keeping pressure on altcoins, especially with retail still on the sidelines. Thin volumes continue to undermine any meaningful upside for alts.
Options markets are leaning bullish, with heavy call open interest stacked above $100K—particularly at the $110K, $115K, and $120K strikes expiring May 30, when $8B in notional rolls off. Under the hood, on-chain data shows strong accumulation from all wallet cohorts—retail to whales—adding fuel to the bull case.
On the institutional side, MicroStrategy added 7,390 BTC for $765M at an average price of $103,498, bringing their total stash to 576,230 BTC (now worth around $59B). Meanwhile, Metaplanet is doubling down on the MSTR playbook, scooping up another 1,004 BTC for $104M, lifting its total holdings to 7,800 BTC valued over $806M.
Broad markets ended the week on a high as the White House secured a temporary tariff relief deal with China. But after the close, Moody’s downgraded the U.S. credit rating to Aa1 from Aaa, citing fiscal deterioration—putting it in line with other agencies. Bond yields jumped on the downgrade, as traders brace for further volatility amid Trump’s evolving tariff strategy. China responded sharply to new U.S. chip export controls, warning they undermine recent Geneva trade progress and demanding policy reversals.
The News Room
Ripple partners with major UAE banks to integrate XRP into payment infrastructure
Ripple has strengthened its presence in the Middle East by partnering with UAE-based Zand Bank and fintech firm Mamo. These collaborations aim to integrate Ripple's blockchain infrastructure into their payment systems, enhancing the speed, cost-efficiency, and transparency of cross-border transactions. This move follows Ripple's recent licensing approval from the Dubai Financial Services Authority, positioning the company to expand its blockchain-based payment solutions in the region.
Vitalik Buterin backs 36-day Ethereum node history limit so users can run personal nodes
Ethereum co-founder Vitalik Buterin has proposed limiting the historical data stored by Ethereum nodes to 36 days, as outlined in Ethereum Improvement Proposal 4444. This change is intended to make it easier for individuals to run personal nodes, thereby promoting decentralization and privacy within the network. To ensure that older blockchain data remains accessible, Buterin suggests implementing a distributed storage solution using erasure coding, which would fragment and distribute historical data across the network.
Central Bank of Russia rates Bitcoin the top global investment since 2022Crypto ETF inflows hit $7.5 billion as Bitcoin fatigues while Ethereum accelerates
Digital asset investment products have seen significant growth, with inflows reaching $785 million last week and a year-to-date total of $7.5 billion, surpassing the previous record of $7.2 billion set in early February. This surge is attributed to increased investor interest in Ethereum, which is accelerating, while Bitcoin shows signs of fatigue. The data indicates a shift in investor preference towards Ethereum-based products in the current market landscape.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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