Russia and China have nearly eliminated the U.S. dollar from their bilateral trade, conducting transactions in rubles and yuan as de-dollarization reshapes global economic power structures. Almost All Russian-Chinese Foreign Trade Operations Now in Rubles and Yuan Following a high-level meeting with Chinese President Xi Jinping on May 8 in Moscow, Russian President Vladimir Putin […]

Russia–China Foreign Trade Near Dollar-Free: Almost All in Rubles, Yuan

According to a recent CryptoQuant Quicktake post by contributor burakkemeci, 
Bitcoin (BTC) is beginning to show signs of a trend reversal after weeks of 
downward movement. Notably, BTC surged past $100,000 yesterday for the first 
time since February 3. Bitcoin On The Verge Of Trend Reversal? At the time of 
writing, Bitcoin is trading slightly above $100,000, approximately 5.2% below 
its all-time high (ATH) of $108,786, set earlier this year on January 20. The 
leading cryptocurrency has staged an impressive rebound of over 20% from its 
recent low of $74,508 recorded on April 6. Related Reading: Bitcoin ‘Apparent 
Demand’ Makes Sharp Rebound – Will BTC Breakout Soon? In their analysis, 
crypto analyst burakkemeci referred to the CryptoQuant Bull-Bear Market Cycle 
indicator, saying that it is flashing the early signs of a potential bullish 
trend reversal. The analyst noted: With Bitcoin surging back above $100K, the 
indicator has started flashing bullish signals again &#8211; for the first time in 
weeks. Although the signal is still weak (coefficient: 0.029), the mere 
appearance of a positive shift is encouraging. To explain, the CryptoQuant 
Bull-Bear Market Cycle indicator is an on-chain tool that tracks long-term and 
short-term market sentiment by comparing price momentum and investor behavior 
trends. It uses two key components &#8211; the 30-day and 365-day moving averages 
(MA) &#8211; to identify shifts between bull and bear cycles. Importantly, the 
analyst pointed out that the Bull-Bear 30-day MA has started to turn upward. 
If this metric crosses above the 365-day MA, historical trends suggest Bitcoin 
could enter a phase of parabolic price growth. Recent macroeconomic 
developments may further support the bullish narrative for Bitcoin. Julien 
Bittel, Head of Macro Research at Global Macro Investor, recently highlighted 
the relationship between the global M2 money supply and the price of BTC. 
Bittel shared a chart that overlays BTC’s price with the M2 money supply, 
adjusted with a 12-week lag. The data reveals a steep increase in global 
liquidity since early 2025, implying that BTC could follow this trend and 
continue rising in the months ahead. Warning Signs Still Linger For BTC 
Despite recent strength, not all signals are bullish. Analysts caution that 
the current rally has been accompanied by aggressive profit-taking, increasing 
the chances of a local top forming. Related Reading: Bitcoin Still Far From A 
True Supply Shock, Analyst Explains Further, recent analysis shows that BTC’s 
Demand Momentum is yet to come out of negative territory. The analyst noted 
that such market behavior is mostly prevalent during late-cycle distribution 
phases or macro-level consolidation periods. That said, Bitcoin’s Stochastic 
Relative Strength Index (RSI) is beginning to reflect renewed bullish 
momentum. At press time, BTC trades at $103,444, up 4% in the past 24 hours. 
Featured image created with Unsplash, charts from CryptoQuant, X, and 
TradingView.com

Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says

Sovereign Wealth Funds are already gaining exposure to Bitcoin, but 
significant allocations won&#8217;t happen until the United States establishes 
clearer regulations for the digital assets industry, says SkyBridge founder 
Anthony Scaramucci.
&#8220;I think they are buying it, I think they are buying it on the margin,&#8221; 
Scaramucci, former White House director of communications during US President 
Donald Trump&#8217;s first term, said on Anthony Pompliano&#8217;s podcast on May 8.
## Legislation will lead to &#8220;large blocks of buying&#8221;
&#8220;I don&#8217;t think it is going to be a gigantic groundswell of buying until we 
greenlight legislation in the United States,&#8221; he added. Scaramucci previously 
said in a February interview with the Financial Times that he expects the US 
government to propose crypto legislation in November.
SWFs are government-owned investment funds that manage national savings, often 
built from surplus revenues like oil profits or trade gains. Norway has the 
largest SWF in the world, with approximately $1.73 trillion in assets under 
management, followed by China with $1.33 trillion, according to data from 
Visual Capitalist.
Bitcoin&#8217;s (BTC) market cap is approximately $2.05 trillion, according to 
CoinMarketCap.
_Anthony Scaramucci spoke to Anthony Pompliano on his podcast on May 8. 
Source:__Anthony Pompliano_
Scaramucci said that if stablecoin regulation is passed, clear guidance is 
provided for traditional banks to custody of Bitcoin and other digital assets, 
and there&#8217;s progress on tokenizing stocks and bonds, a significant wave of 
buying from Sovereign Wealth Funds is likely to follow.
&#8220;Then I will tell you that there will be large blocks of buying, or people 
worth 10, 20, 30 trillion dollars, buying a half a billion dollars of Bitcoin, 
buying a billion of Bitcoin,&#8221; Scaramucci said.
_**Related:**__**Institutional investors continue to scoop up Bitcoin above 
$100K**_
&#8220;But if you wanna see a million dollar Bitcoin, that&#8217;s when someone at a 
sovereign says ok, this is part of the infrastructure of the world&#8217;s financial 
services architecture,&#8221; he added.
ARK Invest CEO Cathie Wood recently said that the chances of Bitcoin reaching 
a seven-figure price by 2030 have increased.
&#8220;We actually think the odds have gone up that our bull case will be the right 
number because of what is becoming the institutionalization of this new asset 
class,&#8221; Woods said in February.
_**Magazine:**__**Adam Back says Bitcoin price cycle &#8216; 10x bigger&#8217; but will 
still decisively break above $100K**_

Bitcoin won’t see ‘gigantic’ SWF buying until laws greenlit — Scaramucci

Crypto adoption is about to hit escape velocity as Meta, Stripe, and Ramp 
embrace stablecoins, setting the stage for a $10 trillion surge in digital 
asset integration, experts say. Stablecoins Hit Mainstream—Crypto Adoption 
Reaching Escape Velocity The accelerating shift toward stablecoin adoption 
reached a new milestone this week as Meta, Stripe, and Ramp each revealed […]

Crypto’s $10T Surge Begins—Mainstream Stablecoins Trigger Escape Velocity

Bitcoin has revisited the $100,000 mark for the first time in months, gaining 
nearly 5% in the past week. As of the time of writing, BTC is trading at 
$102,922, up 3.5% on the day and just 5.2% shy of its all-time high of 
$109,000 recorded in January. The latest push above this critical 
psychological threshold marks a renewed phase of bullish market behavior, 
following weeks of range-bound trading between $93,000 and $98,000. Related 
Reading: Massive Buy Pressure Hits Binance as Bitcoin Reclaims $100,000 Short 
Liquidation Clusters Ignite Rally According to insights shared by CryptoQuant 
contributor Amr Taha, the recent rally has been driven in part by a sequence 
of short liquidation events on Binance. These events not only removed downward 
pressure from the market but also flipped the derivatives funding market, 
signaling a possible change in trader sentiment. Taha explained that a large 
cluster of short positions had accumulated in recent days, creating conditions 
ripe for a squeeze. Taha noted that the first key liquidation occurred at the 
$97,000 level, where a large number of short positions were wiped out, 
totaling approximately $360 million. Traders had positioned themselves for a 
local top, but instead, BTC broke through this zone, triggering a cascade of 
short covers and forced liquidations. This resulted in a rapid price 
acceleration as sellers were pushed to close their positions. Shortly after 
this surge, the price consolidated below the $101,000 mark, where another 
dense cluster of short interest had formed. This acted as a magnet for a 
second liquidation wave. When BTC breached $101,000, nearly $240 million in 
shorts were liquidated, contributing to a breakout that pushed the price 
toward $104,000. Data from liquidation heatmaps highlighted both $97,000 and 
$101,000 as high-liquidity targets, reinforcing the narrative that these were 
calculated liquidation sweeps. Bitcoin Funding Rate Shift Signals Bullish 
Sentiment The impact of these events extended beyond spot price movement. Taha 
pointed to Binance’s funding rate chart, showing that prior to the liquidation 
events, the funding rate was negative, a reflection of bearish bias among 
traders who were paying to maintain short positions. Following the twin 
liquidation waves, the funding rate flipped to +0.01%, a key signal that 
demand for long exposure was increasing. This transition from negative to 
positive funding is often interpreted as a shift in market structure, from 
bear-dominated to bull-dominated sentiment. It suggests that many traders now 
expect further upside, at least in the near term. Related Reading: Trump’s $6 
Billion Trade Deal With The UK Pushes Bitcoin Past $100,000 Additionally, the 
rapid adjustment in funding rates highlights the impact that derivative market 
positioning can have on spot price behavior, especially during periods of thin 
liquidity or elevated leverage. Featured image created with DALL-E, Chart from 
TradingView

Bitcoin Reaches $103K as Funding Rate Turns Positive Post-Liquidations

Russia and China have nearly eliminated the U.S. dollar from their bilateral 
trade, conducting transactions in rubles and yuan as de-dollarization reshapes 
global economic power structures. Almost All Russian-Chinese Foreign Trade 
Operations Now in Rubles and Yuan Following a high-level meeting with Chinese 
President Xi Jinping on May 8 in Moscow, Russian President Vladimir Putin […]