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Bitcoin rips all time high, derivatives traders not euphoric: Deep dive

by admin May 22, 2025

Bitcoin rallied past its previous all-time high in the USD and USDT markets on Wednesday and extended gains on Thursday, climbing to a peak of $111,880. Bitcoin’s breakout failed to usher euphoria among traders and the reaction on derivatives traders was muted, relative to previous BTC price rallies.

Ethereum (ETH) struggles to attract institutional inflows even as ETH rallies alongside Bitcoin (BTC) in its price discovery. Altcoins in the top 50 cryptocurrencies ranked by market capitalization are in the green, rallying in the last 24 hours.

Bitcoin derivatives analysis

Analysts at 10xResearch and Amberdata are in agreement on the fact that spot market strength and not speculation, is driving gains in BTC. Bitcoin’s rally beyond $111,000 failed to kick in a euphoria among traders and the long/short ratio across top derivatives exchanges is above 1. While this indicates that traders are bullish on BTC and expect further gains, on previous instances like the 2017 and 2020 cycles, the ratio exceeded 2.

The 24-hour liquidation data shows $175 million in shorts liquidations and over $47 million in long positions were liquidated. Bearish traders are being punished for betting against Bitcoin price rally, but the key question is, how high will Bitcoin go?

Bitcoin derivatives data analysis | Source: Coinglass

Bitcoin futures open interest chart on Coinglass shows a massive spike in OI. Open derivatives contracts in Bitcoin crossed a total of $78 billion in OI on May 22. OI is climbing alongside Bitcoin price, signaling strength in the BTC uptrend. Traders are confident of further gains in Bitcoin price.

Bitcoin futures open interest | Source: Coinglass

Funding rate has been positive since May 8, consistency in the green bars in the funding rate chart below shows how derivatives traders are positioning themselves for further upside in Bitcoin. A positive funding rate fuels a bullish narrative for an asset, in the case of Bitcoin this supports a thesis of gains.

Bitcoin Funding Rate (USD-24h) | Source: Bitcoin Magazine Pro

Ethereum technical and derivatives analysis

Ethereum on-chain data shows a slight increase in OI, less than 7% in the last 24 hours. In the same timeframe, the long and short liquidations in Ethereum were nearly the same amount, above $60 million.

The long/short ratio across top derivatives exchanges is less than 1, even as options volume surged nearly 60%. There is no clear indication of a bullish or bearish bias among Ethereum’s derivatives traders.

Ethereum derivatives data analysis shows the largest altcoin lags behind relative to Bitcoin, in terms of interest and activity from derivatives traders.

Ethereum derivatives data analysis | Source: Coinglass

The open interest chart on Coinglass shows, even as ETH breaks past $2,600, the OI lags levels previously seen in January and February 2025. A successful implementation of the latest technical upgrade failed to fuel a bullish sentiment among traders and catalyze gains in the altcoin.

Ethereum futures open interest (USD) | Source: Coinglass

The ETH/USDT daily price chart shows ETH is currently trading 12% below its psychologically important target of $3,000. ETH has established support at $2,415, and further gains are likely as RSI slopes upwards and MACD flashes green histogram bars above the neutral line.

Ethereum’s target is the $4,578 level, as seen in the ETH/USDT price chart. The altcoin’s previous all-time high is the $4,878 level.

ETH/USDT daily price chart | Source: Crypto.news

Crypto trader sentiment and why euphoria is missing

The Fear and Greed Index Chart on CoinMarketCap shows that even as Bitcoin enters price discovery, the levels of “Greed” observed in November 2024 were the highest. Trader sentiment is not as euphoric as one might expect, at the time of writing it reads 73.

Extreme greed is typically correlated with cycle peaks or yearly tops. Above $110,000 Bitcoin is still lagging in terms of bullish sentiment among traders.

This may be a positive sign as it supports the thesis that the cycle top is still away and traders are likely waiting and watching for the next pullback and rally in BTC.

Fear and Greed Index chart | Source: CMC

How high can Bitcoin go?

Bitcoin’s target is the $122,000 level that coincides with the 127.2% Fibonacci retracement of its 50% rally from April 7 low to May 22 peak. BTC is currently less than 10% away from its target and technical indicators on the daily price chart support likelihood of further gains.

RSI is sloping upwards and crossed into the “overvalued” zone and MACD flashes consecutive green histogram bars. If Bitcoin tests resistance at $122,000 and breaks past this level, the next target at $127,352 comes into play.

The $127,352 target is the 141.4% Fibonacci retracement level for Bitcoin in its ongoing upward trend. While analysts at Bernstein pushed their target for Bitcoin to $200,000 in 2025, it is likely that BTC crosses the $127,000 level before June 2025, based on its gains since April 2025.

BTC/USDT daily price chart | Source: Crypto.news

Shubh Varma, the CEO of Hyblock Capital told Crypto.news that from a technical perspective, he sees the most reliable support zone between $101,000 and $102,500. Exchanges like Binance and Bybit have seen “heavy open interest entries that trap shorts and attract fresh longs,” in this zone.

Bitcoin pushed above resistance between the $105,000 and $106,000 level early on Thursday. It remains to be seen how long Bitcoin holds above the FVGs on the daily timeframe.

Bitfinex analysts told Crypto.news in a written note that the team is watching minor liquidity walls between $114,000 and $118,000 and the $123,000 to $125,000 zone is where large options open interest is building. These are key areas of interest for traders to watch in the coming weeks of May 2025.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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May 22, 2025 0 comments

Dow Jones, Nasdaq, S&P 500 down, retailers are split on tariff impact

GameFi Guides

Dow Jones seesaws, ends flat as Bitcoin hits new all-time high

by admin May 22, 2025

U.S. stocks ended mixed Thursday as markets digested the House’s narrow approval of President Trump’s massive tax-and-spending package.

The S&P 500 dipped 0.04%, the Dow Jones Industrial Average was flat, and the Nasdaq Composite rose 0.28%.

The legislation—projected by the Congressional Budget Office to add nearly $4 trillion to the federal deficit—includes sweeping tax cuts and increased military spending.

It passed the House by a single vote after last-minute revisions, including expanded deductions for state and local taxes, aimed at swaying conservative lawmakers. The bill now heads to the Senate.

Another spike in Treasury yields tempered investor sentiment. The 30-year bond briefly rose above 5.16%—its highest level since 2023—before easing.

The benchmark 10-year yield also pulled back slightly to 4.55%.

Analysts said weak demand at Wednesday’s 20-year bond auction fueled the earlier sell-off in Treasurys, while concerns about debt sustainability persist.

“Short term, the tax bill is good for the economy,” said Argent Capital’s Jed Ellerbroek. “But in the longer term, it adds to the deficit, and that’s bad for markets.”

Bitcoin keeps hitting all-time highs

Bitcoin (BTC) extended its massive rally, trading above $111,000, amid optimism over Senate progress on stablecoin regulation and anticipation surrounding a Trump donor event attended by major crypto holders.

Bitcoin’s rally sparked limited excitement among derivatives traders compared to past bull runs. Analysts noted that spot market demand, not speculation, drove the gains, with long/short ratios and liquidations indicating moderate bullish sentiment.

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May 22, 2025 0 comments

NFT Gaming

Bitcoin Approaches Golden Cross With ATH In Sight – How High Can BTC Go?

by admin May 22, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) is nearing a bullish Golden Cross formation on the weekly chart, as the largest cryptocurrency by market cap trades just shy of its all-time high (ATH) of $108,786. With a new ATH seemingly within reach, several crypto analysts are weighing in on how high the ongoing rally could propel BTC.

Golden Cross Incoming For Bitcoin As It Flirts With ATH

In a recent post on X, crypto analyst Titan of Crypto shared the following weekly chart highlighting that BTC is on the verge of forming another Golden Cross. The last time BTC experienced this technical pattern was in October 2024, which preceded a historic rally that saw the asset hit multiple new ATHs over the following months.

Source: Titan of Crypto on X

For the uninitiated, a Golden Cross occurs when Bitcoin’s short-term moving average (MA) – typically the 50-day – crosses above its long-term MA – usually the 200-day – signalling a potential shift to a sustained bullish trend. This pattern is widely viewed by traders as a strong indicator of upward momentum.

Bitcoin’s current bullish trajectory has caught the attention of multiple analysts, many of whom are now forecasting further upside. For example, Master of Crypto predicts a rally to $116,000 as BTC breaks out from a bullish pennant formation.

Similarly, crypto analyst CryptoGoos shared the following weekly Bitcoin chart showing BTC breaking out of a price range, while the Moving Average Convergence Divergence (MACD) undergoes a bullish crossover.

Source: CryptoGoos on X

As seen in previous cycles, similar MACD crossovers were followed by significant price increases. If the pattern holds, BTC could be on the path to a new ATH.

To explain, an MACD bullish crossover happens when the MACD line – blue line – crosses above the signal line – orange line – indicating a potential shift from bearish to bullish momentum. Traders often see this as a sign that upward price movement may follow.

Is A Short Squeeze Incoming?

In a separate post, prominent analyst Ted Pillows pointed out that BTC’s long/short ratio is currently skewed toward shorts, based on data from major crypto exchanges. Ted suggested that such a setup could trigger a short squeeze, potentially accelerating BTC’s climb to new highs.

Source: Ted on X

Meanwhile, crypto analyst Jelle remarked that BTC is facing just “one last hurdle” before it rallies toward $140,000. Their outlook aligns with another forecast predicting a near-term high of $120,000.

Adding to the bullish sentiment, BTC continues to flow out of exchanges at a notable pace. Over 100,000 BTC have been withdrawn within the past three weeks, signalling that investors may be positioning for further upside. At press time, BTC trades at $107,031, up 2.5% in the past 24 hours.

BTC trades at $107,031 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, charts from X and TradingView.com

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May 22, 2025 0 comments

Crypto Trends

Bitcoin Sets New High Above $111K, 15 Years After Developer Paid 10,000 BTC for Two Pizzas

by admin May 22, 2025

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

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May 22, 2025 0 comments

NFT Gaming

Why did Bitcoin just hit an all-time high?

by admin May 22, 2025

Bitcoin surged past $110,000 on Wednesday evening, setting a new all-time high as crypto rallied hard.

The previous peak for Bitcoin (BTC), reached during President Donald Trump’s inauguration in January, was surpassed in late morning trading, according to crypto.news data. The buying momentum sustained after U.S. equity markets closed with the largest cryptocurrency by market cap pushing above $110,000.

Bitcoin has gained more than 4.5% in the past 24 hours and over 23% in the last month, reflecting a sharp reversal from April’s downturn.

U.S. equities

The rally mirrors the broader recovery in U.S. equities, despite Wednesday’s sell-off on Wall Street. Since late April, the S&P 500 has climbed 15%, while the Nasdaq is up more than 21%. Analysts attribute the bounce to growing optimism that President Trump’s trade policies may be less aggressive than initially feared.

After introducing steep tariffs in early April—including a blanket 10% import tax and additional penalties for Chinese goods—the White House signaled a partial retreat.

A 90-day pause on the most severe measures was announced last week by Treasury Secretary Scott Bessent following negotiations with Chinese officials.

Bitcoin initially fell to a two-month low of $76,000 shortly after Trump unveiled the tariffs, reflecting market fears over a broader global slowdown.

Despite Bitcoin’s reputation as a hedge against traditional financial assets, it often trades in tandem with risk-on equities, especially tech stocks.

What’s going on with Bitcoin?

Some of Bitcoin’s momentum appears driven by crypto-native catalysts. Enclave Markets CEO Phil Wirtjes said the rally was “likely aided by policy advancements,” particularly bipartisan progress on stablecoin legislation.

A draft bill that would establish clearer rules for USD-backed digital tokens has gained traction in the Senate.

Institutional demand has also picked up. Spot Bitcoin ETFs attracted $329 million in inflows over the last 24 hours.

Bitcoin’s latest rally raises questions about how much of its performance is driven by macro versus crypto-native factors.

While regulatory clarity and ETF inflows are key tailwinds, the correlation with stocks suggests that investor appetite for risk remains a dominant force in both arenas.

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May 22, 2025 0 comments

Crypto Trends

Australian regulator asks High Court to allow appeal in Block Earner case

by admin May 22, 2025

Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product.

The Australian Securities and Investment Commission said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and clarify the circumstances when an interest-earning product and the conversion of assets from one form to another are regulated.

“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the watchdog said.

“This clarification is important as it applies to all financial products and services whether they involve crypto-assets or not.”

On April 22, Federal Court Justices David O’Callaghan, Wendy Abraham and Catherine Button found that Block Earner’s crypto-linked fixed-yield earning product is not a financial product, a managed investment scheme or a derivative under the Corporations Act.

ASIC said the court will consider its application. Special leave is required in an appeal to the High Court, and it’s only granted in cases where it would answer significant legal questions or matters of public interest.

A Block Earner spokesperson told Cointelegraph the matter has now escalated to a “broader legal question” around the definition of a financial product, which extends “well beyond Block Earner, and the crypto sector.”

“We believe the Full Federal Court’s April ruling was a strong and well-reasoned decision that upheld the integrity of our operations,” the spokesperson said. “We remain confident in the soundness of that judgment and will respond to ASIC’s application through the appropriate legal channels.”

Legal saga ongoing since 2022

ASIC first launched legal proceedings against Block Earner in November 2022, arguing the company needed a financial services license to offer its yield product, which was available from March 17, 2022, until the company shut it down on Nov. 16, 2022.

Related: Australia outlines crypto regulation plan, promises action on debanking

ASIC was arguing Block Earner needed a financial services license to offer its crypto-linked fixed-yield earning product. Source: ASIC

In February 2024, an Australian court initially ruled the fintech firm would need a financial services license to operate its crypto yield-bearing products.

Another June 2024 ruling in Australia’s Federal Court released Block Earner from any financial penalties because it had “acted honestly” and pursued its legal opinions before launching the products, which ASIC appealed.

Block Earner appealed the Federal Court’s decision that it needed a financial services license on July 9, 2024.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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May 22, 2025 0 comments

Crypto Trends

BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next

by admin May 21, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Wednesday, the market’s leading cryptocurrency, Bitcoin (BTC), surged by more than 3% to a new all-time high (ATH), fueled by the market’s strong buying pressure experienced over the last month.

According to Coin Metrics data, the Bitcoin price climbed beyond the $109,000 level, reaching an astonishing $109,500 record. This milestone not only marks a substantial rebound, but it also exceeds BTC’s prior high in January.

Bitcoin’s Record High Result Of Favorable Macro Factors

The recent price increase can be attributed to several converging factors, particularly easing regulatory pressures in the United States. With key crypto legislation poised for passage in the US Senate, the environment appears increasingly supportive under pro-crypto President Donald Trump.

Alongside these political developments, favorable macroeconomic conditions, including softer inflation numbers and a de-escalation of tensions in the US-China trade war has created a conducive atmosphere for Bitcoin’s rise.

Antoni Trenchev, co-founder of the crypto exchange Nexo, commented, “Bitcoin’s new high has been concocted by an array of favorable ingredients in the macro cauldron.”

“It’s possible a three-month window has opened for risk assets to thrive as a broader agreement between the US and China is thrashed out,” Trenchev added in a recent interview with CNBC.

Could BTC Reach $120,000?

Looking ahead, crypto analyst Doctor Profit—known for accurately predicting Bitcoin’s previous drop to $77,000 and subsequent recovery above $100,000—has set new targets for the cryptocurrency.

In a recent social media post on X (formerly Twitter), the analyst suggested that BTC could reach between $117,000 and $120,000, which would represent an additional 10% increase. This potential rise could signal a new price discovery phase for the token, a first in several months.

The 1D chart shows BTC’s price reaching a new record high on Wednesday. Source: BTCUSDT on TradingView.com

At the time of writing, BTC attempts to consolidate above $109,000, with the aim to convert this floor into the new support for the rest of the new uptrend.

Featured image from DALL-E, chart from TradingView.com

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May 21, 2025 0 comments

GameFi Guides

Can Monero’s XMR price surge 40% and revisit all-time high?

by admin May 21, 2025

Monero price continues to chart its own path this month as demand for the biggest privacy coin rises.

Monero (XMR) has rallied for seven consecutive weeks as Bitcoin (BTC) and other altcoins stalled. It jumped to a high of $367.67 this week, its highest level since May 17, up by 265% from its lowest level in 2024.

Monero gained momentum following the Tornado Cash (TORN) court ruling and the eventual lifting of U.S. government sanctions, which drove investors back to privacy coins.

One hope is that centralized exchanges that previously delisted it, like Binance and Coinbase, will relist it this year. Additionally, the Donald Trump administration is composed of pro-crypto officials, including Paul Atkins, the head of the SEC.

Monero’s surge continues this week even as the hash rate crashed to its lowest point since May 13. It dropped from a record high of 5.64 GH/s last week to 4.51 GH/s. Hash rate refers to the computational power used by a network to process and validate transactions. A falling hash rate indicates reduced mining activity in the network.

XMR price technical analysis

XMR price chart | Source: crypto.news

The weekly chart shows that the XMR price has been in a strong bullish trend over the past few weeks. This rebound followed a prolonged period in which the coin remained between the support and resistance levels at $134.42 and $186.18 for over two years.

This consolidation was likely part of the accumulation phase of the Wyckoff Theory. It has now moved into the markup phase, which is characterized by higher demand than supply.

Monero has moved above all moving averages. Additionally, the Average Directional Index has risen to 25, a sign that the trend is strengthening. The Relative Strength Index and the Stochastic Oscillator have both reached overbought territory.

Therefore, the coin will likely keep soaring as bulls target the all-time high of $515, which is about 40% above the current level. An alternative scenario is that it drops to retest the support at $200 before resuming the uptrend.

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May 21, 2025 0 comments

NFT Gaming

Bitcoin Blasts to New All-Time High Price Above $109,000

by admin May 21, 2025

In brief

Bitcoin’s reached a previous high of $108,786 in late January, per CoinGecko.
BTC’s price dipped below $75,000 in early April as U.S. President Donald Trump ratcheted up his global trade war.
The largest crypto by market value has benefited from more favorable macroeconomic conditions of late.

Bitcoin soared to a new record price above $109,000 on Wednesday morning, pushed by tailwinds that have sent cryptocurrencies and other risk-on assets higher over the past two months.

The largest crypto by market capitalization was recently trading at $109,378 at crypto exchange Coinbase, up 4.5% over the past 24 hours. According to Coinbase, BTC topped out at $109,500 before cooling. Bitcoin is now up nearly 25% over the last month.

“Bitcoin is pushing toward new highs with strong tailwinds behind it—from steady ETF inflows to a broader shift in political tone,” Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote to Decrypt ahead of the milestone. “We’re seeing growing institutional interest and renewed risk appetite across the board.”

He added optimistically: “This doesn’t feel like a short-term squeeze—it’s a more sustained bid that reflects a structural shift in how investors are viewing Bitcoin. It’s moving from a speculative trade to a strategic allocation, increasingly seen as a macro asset with long-term relevance, not just a bet on tech or hype cycles.”

The latest gains come as investors buoyed by U.S. President Donald Trump’s recent retreat from his global trade war and encouraging inflation reports earlier this month have plowed back into risk-on assets. Bitcoin has also benefited as investors have viewed it more as a hedge against macroeconomic uncertainties that have threatened to undermine the value of the U.S. dollar.

Bitcoin roared to its previous record of $108,786 (according to CoinGecko) in early April amid market optimism that newly elected U.S. President Donald Trump’s would fulfill his promises to support the industry. But it plunged below $75,000 as investors grew skittish about his global trade war and other economic policies that many analysts believed would raise prices and slow the global economy.

The trend began to reverse shortly after encouraging readings on inflation and Trump’s partial retreats from tariffs on its most important trading partners. Bitcoin and other coins’ gains have accelerated over the past month, along with major equity indexes.

Ethereum and Solana are showing similar gains to Bitcoin on the day, both up around 4%, while Dogecoin is outpacing Bitcoin with a 6% bump and Cardano is up 5% as well.

Bitcoin’s record-breaking surge this week comes amid rising demand for Bitcoin ETFs, with nearly $1 billion worth of inflows into such funds already this week after two trading days, per data from Farside Investors, while publicly traded firms like Strategy and Metaplanet continue to acquire the leading cryptocurrency for their corporate treasuries.

Editor’s note: This story was updated after publication with additional details.

Edited by Andrew Hayward

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May 21, 2025 0 comments

GameFi Guides

ASIC Seeks High Court Ruling on Crypto Yield Products After Block Earner Win

by admin May 21, 2025

In brief

Australia’s corporate regulator is seeking High Court approval to appeal a ruling that favoured crypto firm Block Earner over the classification of digital asset yield products.
ASIC is asking the court to clarify whether interest-earning and asset conversion crypto products fall under the Corporations Act as financial products.
The appeal follows a Federal Court decision that found Block Earner’s fixed-yield product did not constitute a financial product under current law.

Australia’s corporate regulator is seeking special leave from the High Court to appeal a ruling in favour of crypto firm Block Earner, intensifying a legal dispute over the status of digital asset yield products.

The Australian Securities and Investments Commission, or ASIC, is asking the High Court to clarify how interest-earning and asset conversion products should be treated under the Corporations Act.

“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the agency said in a statement. “This clarification is important as it applies to all financial products and services, whether they involve crypto-assets or not.”

Special leave is required to appeal to the High Court of Australia. The court grants it only in cases involving significant legal questions or matters of public interest. Appeals are not heard automatically, and ASIC, in this case, must first obtain the court’s permission.

In April, a decision by the Full Federal Court overturned earlier findings against Block Earner, which ASIC argues had offered a fixed-yield crypto product called “Earner” without a financial services licence.

The Full Court found the offering did not constitute a financial product under existing law, a blow to ASIC’s efforts to bring crypto services under the same framework as traditional finance.

The case was brought to the court following an earlier Federal Court ruling in February 2024, which found that Block Earner had engaged in unlicensed conduct when offering the Earner product between March and November 2022.

However, the Court dismissed ASIC’s claims against Block Earner’s variable-yield product, “Access,” and in June relieved the company of penalties.

That decision was then appealed by ASIC and counter-appealed by Block Earner, culminating in the Full Federal Court’s ruling in April 2025.

Block Earner, the trading name of Web3 Ventures Pty Ltd, has since shuttered the product and has stated it has no plans to relaunch it.

The company argues that its offering simply allowed customers to loan crypto under fixed terms and receive interest, without pooling funds or exposing users to business risk.

“From the outset, we sought to ensure that our modern product suite could fit into a less-modern regulatory environment,” Charlie Karaboga, CEO and co-founder of Block Earner, said in April.

The High Court has not yet set a date to consider ASIC’s application.

Decrypt has approached Block Earner for comment.

Edited by Sebastian Sinclair

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May 21, 2025 0 comments