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Bitcoin's manic Monday 🎢
Bitcoin looked like it was headed for an all-time high at one point over the last 24 hours, and is currently just down 3% from the January peak.
James Rubin
May 19, 2025
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📝 What you need to know
Bitcoin was recently trading above $105,500, up slightly over the last day after a topsy-turvy stretch in which it seemed headed for a record high before retreating.
The largest cryptocurrency by market value topped $106,500 briefly during early Asia trading hours before losing steam, as nearly $700 million in crypto options positions were liquidated and investors weighed concerns about a U.S. budget deal that many analysts say will balloon the country’s deficit.
They also mulled the latest news involving Strategy, which added $765 million in Bitcoin to its coffers but also faces a class-action lawsuit from an investor alleging the company was misleading in statements about potential risks.
BTC has risen 24% over the past month. That surge has come amid President Trump’s rollback of his global trade war and last week’s encouraging inflation reports that have buoyed risk-on assets, although BTC has also acted increasingly as a safe-haven investment immune to macroeconomic uncertainties that have roiled wider markets.
Investors ploughed $557 million into Bitcoin funds last week to bring their year-to-date total to a hefty $7.2 billion, according to data provider CoinShares. Ethereum was also a winner, with funds tracking the second largest digital asset adding $205 million—a sign of the ongoing optimism about the potential benefits of the Pectra network upgrade.
📊 Myriad Market of the Day
From our partner
DeFi is heating up on Flare! In the space of two weeks, stablecoin TVL has surged from $5M to over $110M, while total DeFi TVL has doubled to $140M. The key catalyst? USD₮0 is now live on Flare — the omnichain version of Tether's USDT, backed 1:1 and built for seamless cross-chain movement.
With Kraken now supporting USD₮0, users can easily on-ramp, off-ramp, and earn top-tier APY on Flare.
💬 Quote of the Day
“This isn’t just a technical upgrade. To offer an ETH ETF that includes staking, fund managers need infrastructure that mirrors traditional finance with clear redemption timelines, reliable liquidity, and flexible control over assets.”
