Crypto Daybook Americas: Bitcoin Eyes New High as MetaPlanet Mania Builds
Bitcoin’s bullish momentum continues, setting a record daily close at $106,830 on Tuesday and nearing its previous all-time high of $109,000. This surge significantly boosts bitcoin-leveraged equities, notably MetaPlanet (3350) in Japan, which has seen a 160% increase in 2025. MetaPlanet’s aggressive bitcoin accumulation, highlighted by metrics like Days to Cover mNAV, fuels investor enthusiasm despite being the most shorted stock in Japan (25% of outstanding shares).
Macroeconomic factors add complexity. Japanese bond yields are rising, reaching levels unseen since 2008, while U.K. inflation hit a 15-month high. Bitcoin’s price gains occur against a backdrop of rising global yields and persistent inflation, increasing market volatility.
Key events to watch include Bitcoin Pizza Day (May 22), a TRUMP token holders’ gala dinner (May 22), and the second round of FTX repayments (May 30). G7 finance ministers and central bank governors will meet in Banff, Alberta (May 22-24). Economic data releases include Mexico’s retail sales and GDP growth (May 21 & 22), Canada’s producer price inflation (May 22), and U.S. jobless claims (May 22).
In the token space, Arbitrum DAO is voting on launching “The Watchdog” bounty program and upgrading to ArbOS 40. Maple will unveil its next chapter (May 21), and Official Trump will announce its “next Era” (May 22). Significant token unlocks are scheduled for Optimism, Sui, ZetaChain, Ethena, and Aptos in June. Several conferences are ongoing, including Dutch Blockchain Week, Avalanche Summit London, and others.
Hailey Welch, previously associated with the failed HAWK memecoin, is distancing herself from the project, claiming lack of understanding and cooperation with authorities. CME BTC futures open interest is rising, surpassing $17 billion, while ETH open interest growth has stalled. Offshore perpetual funding rates remain bullish for BTC, while BCH and TON show a short bias. Options trading shows demand for calls, particularly $180K calls expiring in September.
Bitcoin’s price is currently down slightly, while Ethereum and the CoinDesk 20 are slightly up. Crypto equities show mixed performance, with Strategy (MSTR) showing slight gains and others exhibiting losses. Spot BTC and ETH ETF flows remain strong, indicating continued institutional interest. The rising Days to Cover mNAV metric is a new tool for evaluating bitcoin equities’ long-term value.
