Crypto Daybook Americas: All Signs Point Up as Bitcoin Hits Record High
Bitcoin surged to a record high of $111,875, exceeding Wednesday’s peak, fueled by institutional demand and increased crypto exposure. This rally occurred despite rising U.S. and Japanese government bond yields, driven by concerns over President Trump’s tax bill and Japan’s high debt-to-GDP ratio. While higher yields typically reduce the appeal of riskier assets, Bitcoin’s demand remains strong. Large long positions in BTC options, concentrated at $110,000, $120,000, and even $300,000, signal bullish conviction. U.S.-traded spot Bitcoin ETFs also saw significant inflows, reaching a record $129 billion in net assets.
However, some bearish signals exist. Overnight BTC butterfly positions suggest traders anticipate consolidation around current levels. Despite a recent U.S. credit downgrade, markets are pricing in a less severe cut. A recent equities sell-off might be profit-taking, not repositioning due to higher bond yields.
Key upcoming events include Bitcoin Pizza Day (May 22), a gala dinner for top TRUMP token holders (May 22), and the second round of FTX repayments (May 30). Macroeconomic data releases include Mexico’s Q1 GDP growth, Canadian producer price inflation, and U.S. unemployment insurance data. Several governance votes are underway for Arbitrum DAO and Lido DAO. Significant token unlocks are scheduled for Optimism (May 31), Sui (June 1), ZetaChain (June 1), Ethena (June 12), and Aptos (June 12).
A $1.1 billion Bitcoin long trade using Hyperliquid fueled HYPE token’s 15% jump. Binance saw large BTC-USDT liquidations around $108.5K and $106.9K. Deribit’s Bitcoin options open interest climbed above $34 billion, with bullish sentiment dominating. BTC’s price is up 1.19% from Wednesday, while ETH is up 6.19%, and the CoinDesk 20 index is up 3.64%. Crypto equities like MARA Holdings showed pre-market gains. Spot BTC ETFs saw a daily net flow of $607.1 million, and spot ETH ETFs saw $0.6 million. Bitcoin’s technical analysis suggests continued upside, with potential resistance around $112,000–$113,000. A pullback below $100,000 could provide a reentry opportunity.
