Bitcoin (BTC) rebounded from this week’s low, temporarily around $77,880 on May 21. The Chair of the U.S. Securities and Exchange Commission (SEC) is seeking public input on prediction-market ETFs. In its S-1 filing, SpaceX disclosed that it holds 18,712 BTC, currently worth approximately $1.45 billion.
Macro Events & Crypto Hot Spots
1、Bloomberg ETF analyst Eric Balchunas wrote on X that the Chair of the U.S. Securities and Exchange Commission (SEC) is seeking public input on prediction-market ETFs. The SEC is apparently weighing these products, hoping to gain more time and market feedback. Balchunas commented that prediction-market ETFs are a brand-new thing—similar to cryptocurrency—and the SEC wants to be fully prepared before opening the door.
2、According to The Block, according to SpaceX’s S-1 filing submitted to the U.S. Securities and Exchange Commission in preparation for going public, the company holds 18,712 BTC. The filing shows that as of December 31, the purchase cost for these bitcoins was $661 million, or about $35,000 per coin.
SpaceX began buying bitcoin in 2021, nearly coinciding with the well-known incident that same year when Tesla spent $1.5 billion to buy bitcoin. Since then, the company has reduced some of its holdings. According to an Arkham report, its holdings at one point last year fell to 6,095 BTC. On Wednesday, Arkham data showed SpaceX held about 8,280 BTC. If SpaceX’s holdings exceed 18k coins, it will become the seventh-largest bitcoin holder, ahead of Coinbase. Based on the current bitcoin price, the value of these holdings is over $1.45 billion.
News Updates
1、Y Combinator launches the “YC Crypto Deals” program, offering a suite of tools to support founders
2、The Map Protocol/Butter Network cross-chain bridge was attacked on Ethereum and BSC, with losses of about $110k
3、Among Strategy’s top 15 institutional shareholders, 13 added to holdings in Q1, with total holdings up 27%
4、OpenAI is reportedly set to secretly file for an IPO as early as this Friday, with a valuation already exceeding $850 billion
5、Crypto custody firm Copper is seeking to sell the company at an approximately $500 million valuation
6、The latest round of U.S. congressional crypto tax reform will instruct the IRS to review small-transaction tax-exemption carve-outs
7、An Anchorage-linked wallet buys another ~140k HYPE, worth $7.38 million
8、The SEC Chair of the U.S. is seeking public input on prediction-market ETFs
9、The FED seeks input on a “streamlined main account” framework, aiming to allow crypto firms to connect to its payment system
10、TAC: About 90% of stolen assets have been recovered; cross-chain bridge operations will resume after an audit is completed
Market Trend
1、Bitcoin latest news: <a data-currency='BTC' href='/trade/BTC_USDT'>$BTC rebounded from this week’s low, temporarily around $77,880. In the past 24 hours, $43.46 million was liquidated, with longs being the main liquidation;
2、U.S. stocks surged on May 20, with all three major indexes up more than 1%. Falling oil prices boosted market confidence. Investors are betting that the U.S. and Iran will reach an agreement, ending this war that has disrupted financial markets and intensified concerns about inflation. The Dow Jones Industrial Average rose 645.47 points, up 1.3%, reclaiming the 50k-point level to close at 50,009.35. The S&P 500 rose 79.36 points, up 1.1%, to 7,432.97. The Nasdaq rose 399.64 points, up 1.5%, to 26,270.36.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, using the current 78,018 USDT as the reference: if it drops to around $77,592, the cumulative long liquidation amount would exceed $252 million. If it rises to around $78,430, the cumulative short liquidation amount would exceed $115 million. The short-side liquidation amount is significantly lower than the long side. It is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations when market conditions change.
(Source: Coinglass)
4、In the past 24 hours, BTC spot inflows were $1.75 billion, outflows were $1.71 billion, for a net outflow of $40 million.
(Source: Coinglass)
5、In the past 24 hours, contract trading net outflows for $XAU, $TON, $BILL, $CHZ, $PAXG , and others led, presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “The market today is actually pretty clear. The main reason for the rise is the trend that the U.S. and Iran have indicated they can reach an agreement. But honestly, that optimism is coming from what the U.S. has said—in Iranian media, I haven’t seen related content, so it might just be a unilateral announcement of victory by the U.S. or Trump, and Iran is not cooperating at all.”
“Although the U.S. stock market is driving Bitcoin higher, and although WTI and Brent have indeed both moved downward, I haven’t seen any information from Iran about allowing the Strait of Hormuz to be opened. Instead, Iran is still laying out rules specifying how Iran will manage the Strait of Hormuz, which makes it hard for me to get happy in advance—because this kind of back-and-forth happens too many times.”
“Of course, there’s currently no better approach. As of now, when I short WTI, I’m already in profit on paper, and the liquidation price has always stayed above $120. The funding rate isn’t too high either, so I can hold on for two more days to see. And I still think that even if the Strait of Hormuz can’t be made fully clear/opened right now, it won’t be a long time.”
“The minutes from the Fed’s April meeting released today also illustrate this. Many Fed officials are now starting to consider whether they need to reconsider interest-rate hikes if inflation keeps rising. That’s the biggest difficulty for Trump. Once Voosh is in, don’t talk about rate cuts anymore. With oil prices this high, rate cuts aren’t possible—unless Trump can completely solve the Hormuz issue.”
“Also, the inflation rise triggered by the Strait of Hormuz isn’t just in the U.S.; most countries around the world are affected, including China. So pressure on Iran will be comprehensive. The longer the timeline, the worse it is for Iran.”
“Coming back to Bitcoin data, what I’ve consistently believed is that more investors are shifting to long-term holding. Right now, the main factor determining the $BTC price is short-term investors. And what drives short-term investors’ decisions is the U.S.’s macro, politics, and economy. Even though today’s meeting minutes are not great, as long as we can see the U.S. and Iran negotiating and we can see the Strait of Hormuz opened/cleared, none of this is a big deal.”
Outlook for Today
1、France May manufacturing PMI preliminary reading; prior value 52.8
2、Germany May manufacturing PMI preliminary reading; prior value 51.4
3、Eurozone May manufacturing PMI preliminary reading; prior value 52.2
4、UK May manufacturing PMI (preliminary); prior value 53.7
5、UK May CBI industrial orders expectations balance; prior value -38
6、U.S. weekly initial jobless claims, seasonally adjusted (thousand) (to 0516); prior value 211
