- Sebastjan Bele
- Updated: May 29, 2025
- Reading time: 6 min
BlackRock Bets on Circle, Trump Tariffs Blocked, GameStop Buys Bitcoin
Bitcoin is currently trading at $108K, slightly down from last week’s all-time highs, while Ethereum has finally awakened, now trading at $2,720. In a major move, BlackRock announced plans to acquire 10% of Circle’s IPO shares, signaling continued institutional interest in crypto infrastructure.
On the policy front, a U.S. court has blocked most of Trump’s tariffs, ruling that the president overstepped his authority — a decision that could reshape trade dynamics. Meanwhile, GameStop shocked markets by adding 4,710 BTCto its balance sheet, further fueling the corporate Bitcoin narrative.
And remember the Hyperliquid whale from last week? He managed to erase nearly all of his gains in what appears to be a textbook overleveraged unwind.
News:
Table of Contents
Best Performers
This week’s best performer was SPX6900, continuing its impressive run with a +27.17% gain. (What if Murad was right?) Zcash (ZEC) followed with +25.87%, benefitting from renewed interest in privacy-focused assets. Quant (QNT) posted a strong +17.75%, while Virtuals Protocol and Injective rounded out the top five, rising 15.64% and 12.10%, respectively.
Sector Performance
Sector performance this week paints an interesting picture. DeFi stands out as the only sector ending in positive territory, outperforming the broader market and signaling renewed investor interest. Meanwhile, the AI sector appears to be turning up, hinting at a potential recovery after a rough stretch. In contrast, L1s, L2s, Gaming, and Meme sectors all remained in the red, reflecting cautious sentiment and limited rotation into more speculative corners of the market. If DeFi strength persists and AI momentum builds, we could see a shift in capital allocation going into June.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = $9.86billion
Total Assets Under Management (AUM) = $133.92 billion*
US Ethereum Spot ETFs
Current weekly inflows = $430 million
Total Assets Under Management (AUM) = $10.18 billion*
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
BTC is currently trading at $108K and appears to have entered a phase of consolidation. A retest of the $105K level — previously the range high — remains a valid scenario in the short term.
Since last week:
- Gold is down 0.62%
- S&P 500 is up 0.55%
- NASDAQ gained just over 1%
The New York session is yet to open, and with the U.S. court blocking major portions of Trump’s tariffs, there’s potential for a TradFi pump as risk-on sentiment builds.
The total crypto market cap now stands at $3.44 trillion, down approximately 1.71% from $3.5 trillion week-over-week, while Bitcoin dominance holds steady at 62.8%.
What’s Next?
All eyes are on Friday’s $10 billion Bitcoin options expiry on Deribit at 08:00 UTC, which could trigger volatility. The $95,000–$105,000 range holds high delta exposure, making it a key battleground for traders managing directional risk. Interestingly, despite recent all-time highs, Deribit’s DVOL index shows little fear of heightened volatility, signaling a relatively calm market heading into expiry.
On-chain data reflects continued institutional accumulation, with Bitwise Europe highlighting steady long-term buying. However, retail trading remains muted, a notable contrast from prior cycle tops. Meanwhile, $8.5 billion in BTC shorts are at risk of liquidation if Bitcoin hits $115,000, setting the stage for a potential squeeze. Also noteworthy: whales withdrew 9,000 BTC from Coinbase — the largest outflow in over two weeks — hinting at a strong HODL sentiment rather than profit-taking.
On the macro side, the U.S. court’s move to block most of Trump’s tariffs sparked a broad market rally. Global equities and the dollar surged, while yields on 10-year and 30-year U.S. Treasuries slid below 4.5% and 5.0%, respectively. Meanwhile, Japan’s 30-year bond yield hit a record 3.185%, intensifying concerns over its 250% debt-to-GDP ratio. As sovereign debt risks grow, institutions appear to be rotating into Bitcoin as a hedge — reinforcing its role as a long-term safe haven in uncertain times.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
In the meantime, follow us on X (Twitter) and LinkedIn for real-time updates and more!
Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
