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Bitcoin Traders Eye New Highs by End of Summer; Ether Rises 3% on Treasury Optimism
Bitcoin BTC held steady near $109,000 early Wednesday as traders bet on fresh highs in the coming months, with ether ETH rising over 3% after renewed confidence in Ethereum’s long-term strategy and broader institutional activity.
U.S. equities surged following the Memorial Day weekend, led by a 2% gain in the Nasdaq, as investors shrugged off labor market concerns and drew optimism from softening trade tensions.
The rebound, aided by stabilizing Treasury yields and easing shipping disruptions between China and the U.S., has rekindled risk appetite across asset classes.
“Institutional investors are increasingly reallocating into crypto after volatility shook traditional safe havens,” said Kay Lu, CEO of HashKey Eco Labs. “Ethereum’s new treasury initiative—mirroring MicroStrategy’s BTC approach—shows that crypto is becoming a long-term reserve asset for the web3 ecosystem.”
Ethereum co-founder Joseph Lubin and development lab ConsenSys unveiled a $425 million ETH-based treasury reserve plan at publicly traded SharpLink, a move likened to Bitcoin-centric corporate strategies.
The company is raising roughly $425 million through a private investment in public equity (PIPE) offering. The proceeds will be used to buy ether, which will then serve as the primary treasury reserve asset.
The offering is expected to close on May 29th, according to the release. Lubin will become chairman of the board of directors upon the closing.
Meanwhile, bitcoin exchange-traded funds saw over $385 million in fresh inflows, signaling continued institutional demand.
Still, traders remain cautious ahead of the high-profile Bitcoin Conference, which kicks off in Las Vegas this week. Key speakers include JD Vance, Michael Saylor, and members of the Trump family, whose past appearances have stirred sharp market reactions.
“Front-end volatility remains elevated with BTC trading in a tight $107K to $110K range,” Singapore-based QCP Capital said in a market broadcast. “Last year’s Trump keynote in Nashville caused a spike in 1-day implied vol above 90, followed by a 30% BTC drop. That memory is still informing positioning.”
QCP added that perpetual futures open interest has eased, funding rates have normalized, and some prominent retail traders, including James Wynn, appear to be reducing exposure.
The defensive posturing suggests that, while new highs are expected this summer, traders are bracing for short-term volatility around political and macro headlines. Still, analysts remain broadly bullish.
“The structure underneath remains strong,” said Augustine Fan, head of insights at SignalPlus told CoinDesk in a Telegram message.
“Positive macro headwinds and better underlying structure paint an optimistic outlook with traders expecting prices to grind towards new highs by the summer,” Fan ended.
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 3264.85, up 2.0% (+63.87) since 4 p.m. ET on Wednesday.
Nineteen of 20 assets are trading higher.
Leaders: UNI (+6.2%) and NEAR (+5.7%).
Laggards: AAVE (+0.0%) and BTC (+1.2%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Programmable blockchain Solana is on course to flip its rival and leading smart contract blockchain Ethereum in terms of market capitalization, several observers have said it in recent months.
However, for now, Ethereum’s native token ether ETH seems to have an upper hand over Solana’s SOL SOL , according to technical analysis.
The SOL/ETH ratio has dived out of an upward sloping trendline connecting lows in September 2023, June 2024 and December 2024, per data source TradingView. In other words, tables have turned in ETH’s favor and the token could outperform SOL in the near-term.
Additionally, the weekly chart MACD histogram is printing red, indicating a strengthening of the downside momentum.
The immediate support is seen at 0.055 (the Feb. 25 low). The pair needs to move back above the Ichimoku cloud to negate the SOL bearish outlook.
XRP loses uptrend
Another coin showing a shift in market trend is XRP, the cryptocurrency designed for cross-border payments.
XRP has dived out of a bullish ascending channel, marking the recovery from the early April lows near $1.6.
The breakdown has exposed support at $2, which acted as floor several times early this year. Should the buyers fail to defend that, a deeper slide to $1.60 could be seen.
On the higher side, the recent high of $2.65 is the level to beat for the bulls.
Vaulta, formerly known as EOS Network, and its digital banking platform have teamed up with Fosun Wealth Holdings to bring blockchain infrastructure to Hong Kong’s financial sector, the companies said.
The partnership centers around “FinChain,” a virtual asset business launched by Fosun Wealth Holdings, which is part of the Fosun International conglomerate.
That conglomerate includes various businesses, including regional insurance and healthcare leaders in Europe, Asia, and the Americas.
Vaulta will supply its full BankingOS suite, while exSat, Vaulta’s digital banking platform, will serve as the on-chain banking layer for asset issuance, yield generation, and crypto payments, according to a press release shared with CoinDesk.
The deal allows Vaulta and exSat to tap into Fosun’s existing financial licenses and real-world asset (RWA) issuance capabilities, giving them a regulatory springboard to scale blockchain-native banking services.
For Zhao Chen, Director of Digital Assets at Fosun Wealth, the collaboration brings the necessary infrastructure to roll out next-gen financial products.
«Vaulta and exSat bring the product vision and digital banking capabilities we need to make FinChain a reality,» he said in the announcement.
The initiative is part of Vaulta’s broader rebrand and expansion into institutional-grade blockchain finance. The partnership is expected to lead to more collaborations focused on Web3 financial infrastructure across Asia and beyond.
CoinDesk 20 Performance Update: Uniswap (UNI) Gains 6.2%, Leading Index Higher
Solana’s 18 Month Long Bull Run Against Ether is Over; XRP Ends Mini-Uptrend
Vaulta, Fosun Team Up to Power Blockchain Infrastructure in Hong Kong
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