- Sebastjan Bele
- Updated: May 22, 2025
- Reading time: 6 min
BTC ATH, $1B Bet on Hyperliquid, and a Bitcoin Pizza Day Anniversary
What a week. Bitcoin printed a new all-time high at $111K, coming just shy of $112K, as institutional momentum continues to build. Adding to the moment, today marks the anniversary of Bitcoin Pizza Day — when two pizzas were famously purchased for 10,000 BTC. At current prices, that meal would now be worth over $1.1 billion.
Elsewhere, a data breach at Coinbase has sparked concerns after hackers reportedly accessed user data, including home addresses. On-chain, Hyperliquid recorded a massive $1.1B BTC long opened at 40x leverage, a sign of just how aggressive some traders are getting in this bull environment.
But not all headlines are bullish — crypto-targeted attacks are on the rise, with another American tourist claiming $123K in BTC and XRP was stolen in London using the infamous “Devil’s Breath” scam. On the upside, Ethereum DEX activity surged 73% this month, indicating renewed DeFi interest and growing altcoin participation.
News
- Bitcoin jumps above $110,000 as institutional focus deepens
- Spot Bitcoin ETFs attract $609 million in net inflows
- Ethereum DEX trader activity surges 73% this month, led by Uniswap’s continued dominance
- Coinbase reveals 69,461 users affected in December 2024 data heist
- Safemoon CEO found guilty of fraud
- Bitcoin Pizza Day is now a $1.1B celebration
- Reps. Emmer and Torres reintroduce bill to clarify rules for non-custodial crypto service providers
- “Hawk Tuah Girl” says FBI and SEC cleared her in memecoin fiasco
- Kraken expands derivatives trading to EU with Cypriot license acquisition
- Hyperliquid sees $1.1B Bitcoin long bet opened at 40x leverage
Table of Contents
Markets
Best Performers
This week’s top gainer is SPX6900, up 25.86%, as the memecoin inspired by Murad’s iconic chart picks up serious steam. Hyperliquid (HYPE) continues its upward momentum with a 26.71% weekly gain, driven by rising traction of its native DEX. Pendle also had a strong showing, rising 20.76%, while Curve DAO Token (CRV) followed with 17.11%. Rounding out the top 5 is Fartcoin, up 18.00%, proving its staying power in current market conditions.
Chain Volumes
In weekly DEX volume by chain, only three chains showed positive growth:BSC surged with an impressive +85.66%, Polygon followed at +18.18%, and Hyperliquid managed a modest +2.74%. Meanwhile, major players like Ethereum (-18.99%), Solana (-16.41%), and Arbitrum (-13.93%) saw significant declines, suggesting a selective shift in on-chain trading activity.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = $4.54billion
Total Assets Under Management (AUM) = $124.06 billion
US Ethereum Spot ETFs
Current weekly inflows = -$220 million
Total Assets Under Management (AUM) = $9.75 billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
Our scenario of a strong breakout above $105K and new all-time highs played out exactly as expected. Bitcoin is now in price discovery mode, having breached resistance with momentum. On any pullback, we may see a retest of the previous range high around $105K.
Traditional markets were mixed: S&P500 fell 0.85%, NASDAQ dropped 1.10%, while Gold climbed 4%, showing continued interest in hard assets.
The total crypto market cap now stands at $3.5 trillion, up 6.38% from $3.29 trillion week-over-week, with Bitcoin dominance at 62.8%.
What’s Next?
With institutions steadily entering the space, M2 money supply increasing, and over 116,000 BTC leaving exchanges in the past 30 days, the on-chain and liquidity signals for crypto remain strongly bullish.
However, macro headwinds can’t be ignored. The U.S. fiscal outlook triggered another selloff in long-dated government debt, with 30-year yields climbing back above 5% — a worrying signal that also pressured equities. Similar moves are being seen globally, with Japan and Germany’s 30-year bond yields hitting record highs. In this environment, it’s hard to believe the Fed will cut interest rates anytime soon.
We’re in a “funny” situation — crypto fundamentals look bullish, but the broader economy feels fragile. A clear divergence that could either fuel crypto’s safe-haven narrative or spark volatility if macro stress escalates.
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.
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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.
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