Matrixport Market Observation: Macroeconomic stabilization and continued inflow of traditional funds have contributed to

Last week (May 12-May 19), BTC broke through $107,000 in the short term driven by multiple factors, setting a new high since May. After soaring above $100,000 the previous week, BTC prices fluctuated sideways at high levels from May 12 to May 17, until they quickly rose after 20:00 on May 18, breaking through the strong resistance level of $104,000 to $105,000 in the previous consolidation phase, and reaching a high of $107,108.62 in the early morning of May 19, setting the highest weekly closing price ever. Subsequently, BTC prices once pulled back to around $105,000 and received support. The current price is $105,460, with a maximum volatility of 6.34% during the week.

ETH price moves in the opposite direction to BTC, fluctuating and pulling back after reaching a high. Affected by the recovery of US CPI data in April, ETH rose rapidly after 20:00 on the 13th, reaching a high of $2,738.5 in the short term, and then entered a technical correction in the following days, and fluctuated widely in the range of $2,400 ~ $2,600. On the 19th, ETH dropped below $2,400 twice but rebounded quickly. The current price is stable around $2,550, with a maximum volatility of 15.16% during the week (data source: Binance spot, May 20, 14:50).

As of the close of May 19, the three major stock indexes opened low and ended high, turning positive during the session. The U.S. Treasury yields rose and fell during the session, with prices reversing in a V shape. The U.S. dollar weakened, falling by more than 0.7%, approaching the psychological mark of 100 integer points.

市場 Interpretation

ETF inflows and institutional trading activity push BTC above $107,000

Recently, the Bitcoin spot ETF listed in the United States has continued to receive capital inflows, with a net inflow of more than $5.6 billion since April and a cumulative net inflow of more than $41 billion since 2024. The inflow of funds directly pushed up the price of BTC, which broke through $107,000 on the evening of May 18 and the early morning of May 19, setting a new high in May.

Data shows that there have been many large BTC transfers on the chain recently, and the short positions of leveraged funds have decreased, indicating that the capital inflow is more from institutional bullish allocations rather than arbitrage transactions. The net outflow of BTC from exchanges has increased, and the market selling pressure has eased. The sentiment index has risen from neutral to greedy, and the short-term market may remain volatile and strong.

Gold price pulls back, safe-haven funds divert to BTC

Since April 2025, the trend of gold and BTC has diverged. From the beginning of the year to early May, gold rose by nearly 30% cumulatively. However, since late April, affected by the strengthening of the US dollar, the tight policy of the Federal Reserve and the progress of Sino-US trade, the price of gold has fallen from the high of $3,394/ounce in mid-May to $3,127/ounce, a cumulative decline of about 8%.

At the capital level, the inflow of funds into gold ETFs has slowed down, and even outflows occurred in mid-May. In contrast, the BTC spot ETF attracted significant funds in a single day, indicating that institutional risk aversion allocations have begun to tilt towards 加密貨幣 assets. The high volatility of the US dollar index and the tight interest rates have suppressed gold, while BTC has gained more recognition for its digital risk aversion attribute due to policy support and capital inflows.

U.S. inflation data for April showed mixed results, and the probability of a rate cut by the Federal Reserve in June rose to 91.4%

The US CPI rose 0.3% month-on-month in April, and the core CPI also rose 0.3%, which was basically in line with expectations. The market reacted mildly to the short-term data.

At the same time, PPI unexpectedly fell by 0.5% month-on-month, the largest drop in five years, reflecting the pressure on corporate profits and the absorption of some tariff costs by companies themselves. Overall, inflation transmission is not sufficient, pushing the markets expectation that the Fed will keep interest rates unchanged in June to 91.4%.

Market Hotspots

The U.S. Senate advances the stablecoin regulation bill, and industry regulation enters a new stage

On May 20, 2025, the U.S. Senate passed the procedural motion of the GENIUS Act with 66 votes in favor and 32 votes against, marking a key step in the regulation of stablecoins in the United States. The bill intends to establish a federal regulatory framework, clarify the issuer, reserve requirements and compliance standards, and fill the regulatory gap.

Total RWA value exceeds $22.6 billion, with the United States leading global tokenization innovation

As of May 20, the total value of RWA reached $22.6 billion, a 30-day increase of 5.85%, with more than 101,854 holders. Wall Street institutions such as BlackRock and Goldman Sachs actively promote asset on-chain, and US policies also strengthen support, promoting the continued expansion of the tokenized ecosystem.

Hong Kong Securities and Futures Commission releases regulatory framework for pledge services to strengthen compliance signals

The Hong Kong Securities and Futures Commission has issued a circular to clarify the regulatory requirements for virtual asset trading platforms to provide pledge services. This measure provides a clear compliance path for the market, which is expected to enhance trust and promote the healthy development of Hong Kongs virtual asset ecosystem.

The Labubu craze has driven the market value of MEME coin LABUBU to soar

Labubus popularity has spread to the crypto market. The market value of the MEME coin LABUBU has soared from hundreds of thousands of dollars to $18 million in a week, and the 24-hour trading volume has reached $9.5 million. Labubu has been very popular in Thailand before. This round of popularity, coupled with the resonance of trendy toys and market sentiment, has led to a significant increase in capital attention.

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This article is sourced from the internet: Matrixport Market Observation: Macroeconomic stabilization and continued inflow of traditional funds have contributed to the current round of BTC price increases

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