Author: Monkey | Editor: Monkey

1. Bitcoin Market

From May 24 to May 30, 2025, the specific trends of Bitcoin are as follows:

May 24: Bitcoin exhibited a structural fluctuation with a decline followed by a rise. After opening, it quickly dipped to $108,650, followed by a brief rebound to $109,787. However, during the Asian trading session, the price weakened again, plummeting to the day's low of $107,028. Subsequently, the market began a corrective rebound, reaching $108,517, $107,615 (brief pullback), and $109,350. In the evening, the volatility gradually converged around $109,000.

May 25: Continuing the narrow range oscillation from the previous day, the intraday high was recorded at $109,016, followed by a noticeable quick drop to $107,378. After a brief rebound to $108,269, the price again retreated to $106,877, stabilizing slightly at the end of the day, rising to $107,650.

May 26: Bitcoin prices continued to show weakness, dipping to the weekly low of $106,725. However, market sentiment significantly shifted, with bulls pushing prices up sharply. Bitcoin quickly rose to $109,188, and despite a slight pullback, it soon attacked again, breaking through to $109,702. In the afternoon, the market continued to oscillate upward, peaking at $110,120, and closing around $109,740, ultimately reaching $110,117, forming a tentative breakout.

May 27: Bitcoin's overall trend showed a decline followed by a rise. After oscillating down to $108,977 in the morning, it gradually rose to $109,755 but then faced selling pressure, quickly falling back to $108,306. The market then entered a rhythm of oscillating upward, breaking through $109,242, $109,860, and $110,455, indicating a warming bullish sentiment. Just before the close, it briefly retreated to $109,415 but quickly resumed its upward trend, returning to $110,182.

May 28: Bitcoin continued the upward trend from the previous day, reaching a high of $110,410 during the day. At the $110,000 mark, it encountered significant resistance, leading to a technical pullback, gradually retreating to around $109,000 and maintaining a range-bound consolidation. Near the close, selling pressure intensified, causing Bitcoin's price to quickly drop to $107,221, showing clear signs of short-term pressure.

May 29: Bitcoin opened the day with an oscillating upward trend, with prices rising in a stepwise manner, breaking through $107,845, $108,446, and reaching an intraday high of $108,882. The market then faced pressure and fell into a downward channel, retreating to $105,712 by the end of the day, presenting an overall "high followed by a drop" pattern.

May 30: Bitcoin slightly rebounded to $106,434 in the morning, followed by a rapid decline, hitting a low of $104,802, and then quickly rebounding, showing some buying support. As of the time of writing, the current price is reported at $105,374, maintaining a range-bound oscillation.

Summary

This week, Bitcoin exhibited a downward consolidation trend within a wide range of fluctuations. From May 24 to 28, the price operated within the range of $107,000 to $110,500, repeatedly testing the $107,000 support level, indicating a certain level of buying support. However, starting from the evening of the 29th, the market initiated a new round of downward correction, with the $105,000 level becoming an important short-term support in the current phase.

Overall, the market has entered a relatively healthy technical consolidation phase, and it is expected to maintain a range-bound oscillation in the short term, building momentum for the next trend. Notably, the continuous inflow of ETF funds, spot market premiums, and low volatility are collectively constructing a more solid market bottom structure. Once the macroeconomic environment becomes clearer, market sentiment is likely to warm up, pushing Bitcoin to strengthen again, laying the foundation for a medium to long-term upward trend.

Bitcoin Price Trends (2025/05/24-2025/05/30)

2. Market Dynamics and Macroeconomic Background

Capital Flow

1. Continuous Net Outflow from Exchanges, Steady Inflow into Bitcoin
Under the dominance of spot trading, the net outflow from centralized exchanges continues to expand. According to Glassnode data, from May 25 to 28, centralized exchanges saw a cumulative net outflow of approximately 18,400 BTC, reflecting a trend of continuous accumulation by long-term holders and institutional funds.

• Coinbase Large Outflow: On May 26, Coinbase experienced a net outflow of 7,883 BTC in a single day, marking the third-largest single-day outflow in nearly a month, possibly related to institutional or ETF fund allocations.

• Binance Fund Outflow: On May 27, Binance saw a net outflow of 2,190 BTC (approximately $243 million), indicating that market sentiment became cautious as Bitcoin approached the critical resistance level of $114,000.

• Divergence in Fund Flows Between Exchanges: Data from May 24 showed that Bitfinex, Binance, and Bitstamp collectively saw an outflow of nearly 5,600 BTC, while Kraken recorded a net inflow of 1,810 BTC, reflecting a liquidity divergence among different trading platforms.

Overall, the trend of net outflow from exchanges is becoming increasingly evident, with funds more inclined to "exit exchanges and shift towards long-term holding or alternative tools," while also reflecting some funds moving towards ETFs and other channels.

2. Strong Daily Average Capital Inflow, Approaching Last Bull Market Peak
According to CryptoQuant analyst AxelAdlerJr, the current daily average new capital inflow into the Bitcoin market is approximately $1.8 billion, nearing the level of the bull market peak in November 2021 (when Bitcoin price was around $64,000).

Key peak capital inflow levels: At $73,000, peak inflow reached $3.6 billion; at $92,000, peak inflow soared to $4.5 billion.

This data indicates that despite prices continuously reaching new highs, the market still maintains strong capital supply and active entry willingness, providing solid support for Bitcoin's subsequent trends.

3. Leverage Speculation and Whale Dynamics: High-Risk Operations Trigger Short-Term Volatility, Options Market Tends Towards Rationality
Recently, the market has shown polarized leverage behavior: some whales have adopted high-leverage aggressive operations, leading to sharp volatility and significant risks; while the overall market leverage level remains moderate, with investors relying more on options for risk hedging, indicating a more rational structure.

• Whale James Wynn Case
  Between May 24 and 25, his long and short positions fluctuated significantly, with the position amount dropping from $1.2 billion to $1 billion in a short time, ultimately incurring losses of tens of millions of dollars over two days. Starting from May 27, he re-entered long positions, holding $500 to $600 million on the 28th, and maintained leverage positions by selling PEPE coins to add margin.
  From May 29 to 30, during Bitcoin's pullback, his 40x leveraged long positions were on the verge of liquidation, and after stop-loss reductions, his position dropped from $760 million to $177 million, with a total of 949 BTC liquidated, resulting in losses exceeding $99 million. Currently, the margin is insufficient to maintain the original position. The market has seen reverse-following addresses targeting his strategy, with floating profits exceeding $5.6 million, indicating that some investors are using the volatility of large holders for contrarian operations.

• Overall Leverage Level Tends Towards Caution
  As of May 29, the open interest of BTC futures on mainstream platforms has decreased by 10%-15% from the December 2023 peak, with Binance's open interest dropping from $13.7 billion to $12.5 billion. The current market is primarily driven by spot buying, with reduced speculative leverage components.

• Rapid Expansion of the Options Market
  Glassnode data shows that the open interest of Bitcoin options has reached $46.2 billion, setting a new historical high, increasing by $25.8 billion from the low point, outpacing the futures market, reflecting a growing demand for advanced hedging tools and a maturing market structure.

4. Spot Bitcoin ETF: Continuous Inflow, Inflow Scale Hits Historical High

Daily ETF inflow/outflow details for the week:

• May 27: +$385.4 million net inflow

• May 28: +$432.7 million net inflow

• May 29: -$471.9 million net outflow


ETF inflow/outflow data image

Despite a slight net outflow over the weekend, the overall capital momentum remains strong.

• Weekly Trading Volume Hits New High: As of the week ending May 24, the total trading volume of spot ETFs reached $25 billion, with a net inflow of $2.75 billion, marking the second-highest single-week inflow record since its launch in 2024.

• Monthly Net Inflow Sets Record: The cumulative net inflow in May reached $3.294 billion, the highest level since 2025.

• In the past five weeks, U.S. Bitcoin ETFs (represented by BlackRock's IBIT) have accumulated over $9 billion, while gold ETFs have seen outflows exceeding $2.8 billion, highlighting Bitcoin's role as a substitute for traditional safe-haven assets.

Amid changes in the global risk-averse landscape and increasing uncertainty regarding the U.S. fiscal outlook, Bitcoin's position as a store of value continues to rise. Continuous capital injection has compressed the circulating Bitcoin supply on exchanges, laying a solid foundation for medium to long-term price structure.

5. Miner Behavior Analysis: Slight Profit-Taking, Overall Still Optimistic

As Bitcoin prices rise, the number of miners transferring to exchanges has increased from an average of 25 BTC per day to 50 BTC, still far below the peak level of 100 BTC/day during the bull market. This indicates that some miners are choosing to cash out small amounts of profit, but overall, they still tend to hold long-term, reflecting an optimistic attitude towards future market conditions. There is currently no concentrated selling pressure from miners, and the short-term impact on market selling pressure is limited.

Technical Indicator Analysis

1. Relative Strength Index (RSI 14)

According to Investing.com data, as of May 30, the 14-day Relative Strength Index (RSI) for Bitcoin (BTC) is 40.883.

This value is near the 40 range, indicating a weak area (common reference range is 30-70), suggesting that short-term market momentum is weakening, with sellers slightly in the lead. The RSI value has not reached the oversold zone (below 30), indicating that the market has not entered extreme panic but is in a cautious wait-and-see phase. If the RSI continues to decline and falls below 30, it may trigger a technical rebound; if it can regain above 50, it is expected to regain upward momentum.

2. Moving Average (MA) Analysis

5-day Moving Average (MA5): $107,738.88

20-day Moving Average (MA20): $104,405.74

50-day Moving Average (MA50): $94,115.63

100-day Moving Average (MA100): $93,961.22

200-day Moving Average (MA200): $86,160.28

Current Market Price: $106,022.15

MA5, MA20, MA50, MA100, MA200 data image

The current price is slightly below MA5, indicating significant short-term pressure, and the market is in a short-term adjustment phase. However, the price remains above MA20 and MA50, maintaining a healthy upward channel in the medium-term trend structure. Meanwhile, MA100 and MA200 show a sustained upward trend, forming a solid long-term support area, indicating that the long-term bull market trend still has continuity.

3. Key Support and Resistance Levels

Support Levels: Bitcoin's current short-term support is mainly concentrated at three key technical levels: $107,000, $108,000, and $105,000, forming an effective support band. $107,000: After multiple tests on May 24, 26, and 29, rebounds occurred, indicating strong buying support at this level; $108,000: The price retreated to this level on May 27 and stabilized, further confirming its effectiveness; $105,000: The price quickly rebounded after dropping to this level on May 30, indicating it is a strong short-term support in the current phase; if broken, it may trigger a new round of downward movement.

Resistance Levels: Short-term resistance is concentrated at $106,500, with the key mid-term resistance at $110,500. $106,500: The price faced resistance when rebounding to this level on May 30, indicating limited short-term rebound momentum; $110,500: The price failed to break through this level during attempts on May 26 and 28, validating it as a mid-term resistance level. If it can effectively break through and stabilize above this level, it may open up new upward space, challenging higher target levels.

Currently, Bitcoin is in a structure of strong short-term support and mid-term pressure, with a high probability of short-term oscillation. Attention should be paid to the effectiveness of the $105,000 support and whether the $110,500 area can be broken, as these are key technical signals for judging market direction.

Market Sentiment Analysis

1. Slightly Optimistic but Tending Towards Rationality: Market Sentiment Returns from Extreme Greed to Stability

Currently, Bitcoin is in a high-level oscillation consolidation cycle. Although the price has temporarily retreated to the $105,000 area, it remains above technical support, indicating ongoing market resilience. From the candlestick structure and trading characteristics, although bears continue to exert pressure, bulls have not completely exited, with key support levels being effectively defended multiple times, reflecting that the market has not entered a systemic downturn phase. Investor sentiment is also transitioning from a previously "extremely optimistic" state to a "cautiously optimistic" state, entering a typical technical consolidation range.

Notably, on-chain data shows that during the recent price pullback, long-term investors' holding confidence has increased rather than decreased. According to CoinTelegraph citing CryptoQuant analysis, around May 26, a large number of high-leverage short-term traders faced liquidation, while long-term holders seized the opportunity to increase their positions, pushing Bitcoin's realized market value above $28 billion, reaching a new high since April. This behavior of "weak hands exiting, strong hands taking over" indicates that Bitcoin's market structure is concentrating on medium to long-term bullish funds, which will help build a more solid chip foundation for the future.

At the same time, some short-term funds chose to cash out as prices failed to effectively break through $110,000, further exacerbating short-term volatility and consolidation demand. However, from a sentiment perspective, mainstream investors have not shown obvious panic, and the overall market continues to operate under optimistic expectations.

2. Key Sentiment Indicator (Fear and Greed Index)

The Fear and Greed Index is an important indicator for measuring market sentiment. As of May 30, the index reported 61, indicating a "greed" area, showing that investor sentiment remains relatively optimistic. The daily index has remained in the range of 61 to 69 this week: from May 24 to 29, it was 67, 67, 69, 68, 68, and 65, showing a slight decline from last week but still at a high level, indicating that market risk appetite remains strong and has not shifted to defensive positioning.

Current market sentiment is gradually cooling from overheating, showing characteristics of rational optimism. Despite Bitcoin experiencing short-term oscillation pullbacks, investors have not panicked and sold off, with the greed index remaining in a relatively high range, indicating that the market still holds positive expectations for the future. The continuous accumulation behavior of long-term holders highlights their recognition of the current price level, while the gradual exit of short-term speculators alleviates the pressure of floating chips, aiding in market sentiment repair. Overall, Bitcoin is currently in a phase of emotional adjustment and chip restructuring, with investor confidence still present and market expectations remaining positive.

Fear and Greed Index data image

Macroeconomic Background

Trump Media Technology Group Plans to Invest $3 Billion in Cryptocurrency

On May 26, 2025, Trump’s "Trump Media and Technology Group (TMTG)" announced plans to raise approximately $3 billion, intending to invest most of the funds in Bitcoin and other cryptocurrency assets. The financing methods include issuing $2 billion in new stock and $1 billion in convertible bonds. This move is interpreted as the Trump camp continuing to strengthen its focus on the digital asset market, further solidifying its "crypto-friendly" image. This news helps boost market confidence in the long-term value of crypto assets.

Additionally, on May 28, 2025, Trump’s sons Eric and Donald Trump Jr. announced at a Bitcoin conference that after facing obstacles in financing from traditional banks, they turned to the cryptocurrency sector and launched a cryptocurrency mining business.

U.S. Labor Department Revokes Restrictions on Cryptocurrency Investments in 401(k) Plans

On May 27, 2025, the U.S. Labor Department under the Trump administration officially revoked the "extremely cautious" regulatory guidance from the Biden administration regarding investments in cryptocurrencies within 401(k) retirement accounts. This policy shift means that U.S. employers will face fewer legal obstacles in offering options for Bitcoin and other crypto assets in retirement plans, likely leading to a significant influx of compliant funds into Bitcoin, constituting a long-term positive for the asset.

Trump Administration Delays High Tariffs on the EU

On May 25, 2025, the Trump administration decided to postpone the planned 50% tariffs on EU goods originally set for early June, in order to allow more time for trade negotiations between the U.S. and Europe. This move was interpreted by the market as a signal to ease trade tensions, leading to a rise in European stock markets, a strengthening of the dollar, and an increase in market risk appetite.

U.S. Court Halts "Liberation Day" Tariff Policy

On May 28, 2025, the U.S. International Trade Court ruled that the Trump administration's "Liberation Day" tariff plan, initiated in early May under the International Emergency Economic Powers Act (IEEPA), was an overreach and declared it invalid. The plan was intended to impose high tariffs on major trading countries (especially China). Following the ruling, major U.S. stock index futures surged, with Dow futures rising by 550 points. This news alleviated market concerns about macroeconomic uncertainty, indirectly benefiting the performance of risk assets, including Bitcoin.

Vice President JD Vance Delivers Supportive Speech for Cryptocurrency at Bitcoin Conference

On May 28, 2025, at the Bitcoin 2025 conference held in Las Vegas, U.S. Vice President JD Vance stated that the Trump administration would continue to support cryptocurrency policies, emphasizing that cryptocurrencies are tools to combat inflation and poor policies. He also called for the establishment of a regulatory framework for stablecoins through the GENIUS Act.

Major U.S. Banks Consider Entering the Cryptocurrency Sector

On May 28, 2025, Reuters reported that major U.S. banks are internally discussing expanding their involvement in cryptocurrencies, considering gradual entry into the sector through pilot projects, partnerships, or limited cryptocurrency trading. This trend indicates that traditional financial institutions are becoming more accepting of cryptocurrencies with the support of regulatory agencies.

Latest Developments in Exchange Regulation

On May 30, 2025, the U.S. Securities and Exchange Commission (SEC) voluntarily withdrew its lawsuit against Binance, indicating a shift in regulatory policy and boosting market confidence. On the same day, the Thai Securities and Exchange Commission announced that it would ban five unlicensed cryptocurrency trading platforms—Bybit, 1000X, CoinEx, OKX, and XT.COM—starting June 28, 2025, to protect investor rights and prevent money laundering risks. The Thai Ministry of Digital Economy and Society will be responsible for enforcing the relevant bans, reminding users to properly handle related assets in advance.

3. Hash Rate Changes

From May 24 to May 30, 2025, the Bitcoin network hash rate exhibited fluctuations, with specific details as follows:

On May 24, the Bitcoin network hash rate initially declined from 941.28 EH/s, falling to 880.07 EH/s and then to 811.35 EH/s, reaching a low of 787.37 EH/s in the evening. Subsequently, the hash rate rebounded sharply, breaking through previous highs, peaking at 1061.34 EH/s, indicating that miners were bringing hash power back online or adjusting their deployments. On May 25, the hash rate continued its strength, climbing to 1067.75 EH/s, but gradually declined in the latter half of the day, falling back to 890.50 EH/s by the end of the day, reflecting that some hash power may have temporarily exited after high loads. On May 26, the hash rate quickly dropped to 821.22 EH/s, slightly rebounding to 895.33 EH/s before further declining to 807.03 EH/s. Entering the evening, the hash rate rebounded significantly, reaching a high of 989.19 EH/s, ending the day at 934.75 EH/s. The overall volatility was significant, indicating that hash power supply was disturbed by multiple external factors, including power stability and mining farm scheduling. On May 27, the hash rate quickly rose from 913.89 EH/s to an intraday high of 1024.41 EH/s, reflecting that some high-performance hash nodes were concentrated in access. However, it gradually weakened thereafter, first retreating to 964.52 EH/s, and then significantly declining in the afternoon and evening, ultimately dropping to 818.40 EH/s. On May 28, the Bitcoin network hash rate briefly dipped to 762.76 EH/s, showing a short-term pullback in hash power. However, it quickly rebounded, demonstrating strong network recovery capability, climbing to 847.22 EH/s, 956.93 EH/s, and peaking at 995.74 EH/s, indicating a warming of miner activity and strong recovery of overall network hash power. On May 29, the Bitcoin network hash rate experienced fluctuations, first dropping from 994.19 EH/s to 921.20 EH/s, then rebounding to 1028.37 EH/s, before falling to 896.67 EH/s, and ending at 1021.12 EH/s. On May 30, as of the time of writing, the hash rate stabilized around 1000 EH/s, slightly down from the previous day.

Overall, despite significant short-term fluctuations, the Bitcoin network's overall hash power remains at a high level, reflecting miners' flexible responses to the current market environment and the network's resilience. In the future, as power supply conditions and market prices become clearer, the hash rate is expected to stabilize and gradually rise.

Bitcoin Network Hash Rate Data

4. Mining Revenue

According to YCharts data, the daily total revenue of Bitcoin miners (including block rewards and transaction fees) for this week is as follows: May 24: $48.28 million; May 25: $55.81 million; May 26: $52.92 million; May 27: $49.49 million; May 28: $56.30 million; May 29: $53.95 million. Overall, the average daily total revenue for miners this week has roughly maintained in the range of $48 million to $56 million, showing relatively stable high-level oscillation trends in mining revenue during this cycle.

From the perspective of output value per unit hash power, as of May 30, the Bitcoin network's hash price (Hashprice) is $55.43 per PH/s per day, positioned in the upper-middle range for this month.

In the past seven days, the Bitcoin hash price (Hashprice) showed a trend of rising first and then falling: on May 26, it briefly retreated to $55.74 per PH/s per day, then rose to this week's high of $57.66 per PH/s per day on May 28, before gradually falling back to $55.14 per PH/s per day on May 30. Overall, despite the network difficulty remaining high, transaction fee income has increased this week, while the exit of some temporary hash power has reduced network competition, helping maintain a relatively strong Hashprice this week, performing better than mid-May levels. From a monthly trend perspective, the current Hashprice remains at a relatively high level for the past month, reflecting that the current Bitcoin mining network still possesses certain revenue resilience in a high-difficulty environment.

Hashprice Data

5. Energy Costs and Mining Efficiency

According to CloverPool data, as of May 30, 2025, the total hash power of the Bitcoin network is 925.74 EH/s, and the current network mining difficulty is 121.66 T. The next difficulty adjustment is expected to occur on May 31, with an anticipated increase of 3.87%, raising the difficulty to 126.36 T. This trend indicates that although Bitcoin prices have recently been in a high-level oscillation phase, the overall network hash power continues to grow, reflecting that miners still possess strong profit potential, with more miners continuously bringing equipment online to participate in mining. This trend typically represents market optimism regarding Bitcoin prices in the medium to long term, and the energy supply and hardware efficiency of the mining industry are steadily improving, supporting the continuous rise in hash power.

From the perspective of mining costs, according to the latest model calculations from MacroMicro, as of May 28, 2025, the unit production cost of Bitcoin is approximately $91,321.19, while the spot price during the same period is $107,802.32, resulting in a mining cost-to-price ratio of 0.85. Currently, Bitcoin mining activities are generally in a profitable range, with miners earning about 18.08% profit margin per Bitcoin. Although this ratio is not in an extremely low range (for example, below 0.6 typically indicates miners are highly profitable, possibly accompanied by stronger hash power growth and increased selling pressure), it still indicates that the current market has not entered a high-pressure reshuffling phase.

In summary, Bitcoin mining is currently in a phase of "high profitability + high competition." As the June difficulty adjustment approaches and summer peak electricity usage begins in many regions, the marginal costs of some high-energy-consuming mining farms will be further compressed, potentially triggering a new round of hash power optimization and equipment replacement. Meanwhile, the Bitcoin mining industry structure will further concentrate on miners with large-scale operational capabilities, low electricity price resources, and efficient mining machine configurations, with industry concentration expected to continue to rise.

Bitcoin Mining Difficulty Data

6. Policy and Regulatory News

IMF: "Will Continue Efforts" to Ensure El Salvador Does Not Increase Bitcoin Holdings

On May 28, the International Monetary Fund (IMF) stated on Tuesday that it "will continue efforts" to ensure that the total amount of Bitcoin held by the El Salvador government remains unchanged. In March, El Salvador reached a $3.5 billion loan agreement with the IMF, one of the conditions being to "prohibit the public sector from voluntarily accumulating Bitcoin," while Bitcoin was stripped of its legal tender status, and merchants were no longer required to accept it. However, El Salvador's Bitcoin holdings increased from 6,101.15 BTC to 6,189.18 BTC, valued at approximately $678 million. President Bukele stated, "We will not stop. If we did not stop when the whole world rejected us and most 'Bitcoiners' abandoned us, we will not stop now or in the future." Although El Salvador's increase in Bitcoin holdings seems to violate the loan agreement, the IMF report still considers the overall execution of the loan plan to be "performing well," with key fiscal and reserve targets achieved.

Texas Bitcoin Reserve Bill Coordination Committee Submits Final Report, Awaiting Vote in Both Houses

According to Bitcoin Laws, on May 27, the Texas Senate did not accept the House's amendments to the Bitcoin Reserve Bill SB21, leading to the establishment of a coordination committee composed of members from both houses for negotiation. Subsequently, on May 28, it was reported that the coordination committee had reached an agreement on the bill's content and submitted a final report, which is now awaiting final voting approval from the Texas House and Senate before being submitted to the governor's office for signing. The bill aims to promote Texas's inclusion of Bitcoin in its state financial reserves.

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Pakistan Plans to Establish Strategic Bitcoin Reserves

On May 29, a cryptocurrency advisor to the Pakistani government announced that the country would launch a strategic Bitcoin reserve. Bilal Bin Saqib, the newly appointed Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, stated at the Bitcoin 2025 conference in Las Vegas that the Pakistani government is planning to establish its own strategic Bitcoin reserves.

An official added, "We were inspired by the (U.S. government)." Earlier this year, President Donald Trump signed an executive order paving the way for the establishment of a strategic Bitcoin reserve in the U.S. He added, "We will hold these Bitcoins and never sell them."

Panama Considers Establishing Strategic Bitcoin Reserves and Accepting Bitcoin Payments

On May 30, Panama is considering establishing strategic Bitcoin reserves and possibly accepting Bitcoin payments, including for fees through the Panama Canal.

Previously, Panama passed a bill allowing the use of Bitcoin for tax payments, parking fines, licenses, and other fees.

7. Mining News

Russia's Bitcoin Mining Industry Growth Rate Ranks First Globally, Mining Volume Ranks Second

On May 24, it was reported that Russia's Bitcoin mining industry currently has the highest growth rate in the world and ranks second in mining volume. Russia's largest Bitcoin mining companies, BitRiver and Intelion, control over 50% of the market share in the country, generating $200 million in revenue in the 2024 fiscal year.

Pakistan Appoints Cryptocurrency Advisor, Plans to Allocate 2,000 MW of Power for Bitcoin Mining
On May 25, it was reported that the Pakistani government has allocated 2,000 MW of power capacity for its first-phase plan to promote Bitcoin mining and AI data centers. This plan is led by the Pakistan Cryptocurrency Committee and aims to monetize the country's surplus energy, transform coal-fired power plants operating at only 15% capacity (such as Sahiwal, China Hub, and Qasim Port), and create high-tech jobs.

On May 27, it was reported that the Pakistani government appointed Bilal Bin Saqib as the Special Assistant to the Prime Minister on Blockchain and Cryptocurrency, who is also the chief advisor and CEO of the Pakistan Cryptocurrency Committee. This move signifies that Pakistan is accelerating its efforts to build a crypto-friendly economy, attracting global investor attention.

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8. Bitcoin News

Global Corporate and National Bitcoin Holdings (Weekly Statistics)

1. DDC Enterprise: DDC Enterprise (NYSE: DDC) announced on May 24 that it has completed the acquisition of its first batch of 21 Bitcoins as part of its Bitcoin reserve strategy, valued at approximately $2.28 million. The company exchanged 254,333 shares of common stock for Bitcoin and expects to complete the purchase of the remaining 79 Bitcoins in the coming days, targeting a total holding of 100 BTC.

2. Semler Scientific: On May 24, Nasdaq-listed medical technology company Semler Scientific announced that it has purchased an additional $50 million worth of Bitcoin, bringing its total Bitcoin holdings to 4,264 BTC, valued at approximately $466 million at the time.

3. Monochrome ETF: Australia's Monochrome spot Bitcoin ETF (IBTC) officially disclosed that as of May 29, its Bitcoin holdings have increased to 666 BTC, up by 116 BTC from the previous period. Based on the current coin price, the holding market value has reached approximately AUD 111 million.

4. El Salvador: According to data from May 26 and 27, the El Salvador government increased its Bitcoin holdings by 7 BTC over the past week and added another 1 BTC on May 27. The total holding now stands at 6,189.18 BTC, valued at approximately $667 million.

5. Captor Capital: On May 28, Canadian investment company Captor Capital announced the launch of its Bitcoin treasury strategy and completed its first BTC purchase worth $500,000, while raising up to $10 million from European investors through the issuance of convertible bonds.

6. KindlyMD: On May 28, Nasdaq-listed company KindlyMD made its first purchase of 21 Bitcoins, valued at approximately $2.3 million, with an average price of $109,027 per coin, funded by the exercise of warrants. The company is currently advancing a merger with the Trump-associated Bitcoin company Nakamoto, expected to complete in the third quarter of 2025.

In 2025, Corporate Bitcoin Purchases Total 205,507 BTC, Exceeding New Supply by Three Times

On May 24, it was reported that according to asset management company Bitwise, corporate Bitcoin purchases in 2025 have already exceeded three times the new Bitcoin supply, with companies accumulating a total of 205,507 BTC this year, compared to 64,556 BTC in new supply. This only includes purchases disclosed by publicly traded companies and does not account for private companies.

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Trump Media Technology Group (DJT.O) Announces $2.5 Billion Bitcoin Fundraising Deal

On May 27, it was reported that Trump Media Technology Group (DJT.O) announced a $2.5 billion Bitcoin fundraising deal, planning to use the raised funds to establish a Bitcoin reserve.

Standard Chartered Predicts Bitcoin Will Outperform Ethereum and Solana in 2025

On May 27, it was reported that Standard Chartered's recent report predicts that Bitcoin will reach a significant milestone by the end of 2025, outperforming Ethereum and Solana. The study, published on May 27, provides a comprehensive price forecast for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) over the next five years. The analysis focuses on expected price trends and relative valuations from 2025 to 2029. The study predicts that by the end of 2025, BTC's price will reach $200,000, rising to $300,000 in 2026, $400,000 in 2027, and peaking at $500,000 by 2028. It is expected that the $500,000 level will remain stable by 2029.

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U.S. Senator Lummis: Trump and U.S. Military Leaders Support Establishing Bitcoin Strategic Reserves

On May 28, at the "Bitcoin 2025" conference held in Las Vegas, U.S. Senator Cynthia Lummis from Wyoming stated that Trump supports her proposed Bitcoin bill and has established a dedicated team in the White House to study digital asset policies, covering stablecoins, market structure, and Bitcoin strategic reserves. The draft bill suggests that the U.S. government purchase up to 1 million Bitcoins to establish strategic reserves. Lummis also revealed that senior military officials in the U.S. "strongly support" this plan, believing it will enhance national economic resilience and security.

Trump Administration Official States "Bitcoin is the Gold Standard," Clearly Indicating No Plans to Sell Government-Held Bitcoin

On May 28, at the ongoing "Bitcoin 2025" conference, Trump's executive director stated, "Bitcoin is the gold standard," emphasizing, "We will not sell any Bitcoin that the U.S. government may hold."

BlackRock Executive: Bitcoin's Upside Potential Far Exceeds Gold

On May 28, at the "Bitcoin 2025" conference, a managing director at BlackRock stated, "Bitcoin's upside potential far exceeds that of gold."

U.S. Vice President Vance Predicts Bitcoin Holders in the U.S. Will Double, Promises to Develop a Friendly Regulatory Framework

On May 29, U.S. Vice President Vance stated that approximately 50 million Americans hold Bitcoin, and he believes this number will soon increase to 100 million.

Vice President Vance welcomed the mainstream entry of cryptocurrencies into the U.S. economy, pledging to establish "supportive innovation" rules for digital assets, and praised the cryptocurrency billionaires who supported Trump’s presidential campaign last year. On Wednesday, Vance spoke to thousands of Bitcoin investors dressed in orange uniforms in Las Vegas, praising the rise of cryptocurrencies and predicting that the number of Americans holding Bitcoin will soon double. "This is a movement—I'm proud to stand with you today," Vance said on a stage named after Bitcoin's anonymous creator, Satoshi Nakamoto. "We want our fellow Americans to know that cryptocurrencies and digital assets, especially Bitcoin, are part of the mainstream economy and will continue to exist." Vance stated that the Trump administration will quickly develop a regulatory framework for tokens pegged to the dollar. The next priority will be to create a "transparent and tailored digital asset regulatory framework—a framework that supports innovation and fully integrates cryptocurrencies into the mainstream economy."

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Trump's Son: Bitcoin Could Break $170,000 by the End of 2026

On May 29, Donald Trump Jr. and Eric Trump predicted at the Bitcoin 2025 conference that Bitcoin's price could break $170,000 by the end of 2026. Eric revealed that MicroStrategy founder Michael Saylor had suggested the Trump family mortgage Mar-a-Lago to invest in Bitcoin and guided them in establishing a cryptocurrency reserve strategy.

The Trump family has recently ventured into the crypto space with several business initiatives: the parent company of Truth Social plans to raise $2.5 billion to establish a Bitcoin reserve; the joint venture American Bitcoin aims to go public via SPAC; and the World Liberty project has launched a stablecoin, USD1.

Michael Saylor Outlines "21 Ways to Wealth" Principles at Bitcoin 2025 Conference

On May 30, Michael Saylor, founder of Strategy, delivered a keynote speech at the Bitcoin 2025 conference in Las Vegas, poetically praising Bitcoin and outlining what he calls the "21 ways to wealth" principles to the audience and attendees.

Michael Saylor stated, "Satoshi ignited a fire in cyberspace. The timid will flee from it, the ignorant will dance around it, while the loyal will add fuel to the fire, embracing dreams of a better world, basking in the warmth of the network's light. Many people feel fear when they see Bitcoin. They will never touch it, never benefit from it, and will ultimately be left behind by the times. But those who truly understand it will add fuel to the fire. Buying Bitcoin is adding fuel to the fire."

Michael Saylor urged, "Take your fiat currency and exchange it for Bitcoin. Take your long-term capital and exchange it for Bitcoin. Sell your bonds and exchange them for Bitcoin. Sell your poor-quality stocks, sell your poor-quality real estate, and buy Bitcoin." This is the third way to wealth: courage. In addition to courage, Michael Saylor also advised the audience to have confidence in Bitcoin's potential.