Crypto Daybook Americas: Bitcoin Market Cap Tops $2.2T as Derivatives, Sentiment Signal More Upside
Bitcoin’s market capitalization surpasses $2.2 trillion, propelling it to the fifth-largest asset globally, ahead of Amazon and Google. This surge follows a week of record highs, driven by bullish market sentiment and strong buying across all investor groups. The price hovers around $110,000 with minimal pullbacks. Options market activity shows significant bullish bets, with call options concentrated at $110,000 and higher strike prices suggesting potential upward momentum exceeding $200,000 and even $300,000 in June.
Despite Bitcoin’s strength, MicroStrategy (MSTR), a major Bitcoin holder, has underperformed peers. Their recent announcement of a $2.1 billion preferred stock offering aims to fund further Bitcoin acquisitions. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) dominates the institutional market, attracting $877 million in inflows on Thursday alone, totaling $47.6 billion in net inflows.
Bitcoin’s performance diverges from traditional equities, rising 5% in five days while the S&P 500 dipped over 1%, highlighting its appeal as a macro hedge. Federal Reserve Chair Jerome Powell’s speech on Sunday is anticipated to significantly influence market direction next week.
Key upcoming events include FTX repayments (May 30th), Mezo mainnet launch (May 31st), and a U.S. SEC Crypto Task Force Roundtable on DeFi (June 6th). Several governance votes and token unlocks are scheduled throughout May and June. Numerous conferences, including Dutch Blockchain Week and Bitcoin 2025, are also on the horizon.
Hyperliquid’s engagement with the CFTC regarding 24/7 crypto trading underscores growing maturity in the DeFi sector. Despite Bitcoin’s price, low perpetual funding rates suggest the market isn’t overheated. CME futures open interest remains below November levels, indicating relatively restrained institutional leverage. Data shows a dramatic drop in Bitcoin held on exchange wallets since Donald Trump’s inauguration, correlating with increased demand and price rises.
