Circle is exploring potential acquisitions, primarily by Coinbase, according to Fortune. Circle Internet Financial, the issuer of USDC (USDC), is moving forward with its planned initial public offering. But behind the scenes, the stablecoin firm has engaged in informal sale…

Circle considering sale to Coinbase or Ripple amid IPO: report

JPMorgan, the largest U.S. bank, is preparing to provide its clients with 
direct access to bitcoin, signaling a major move toward broader institutional 
adoption of the cryptocurrency. Wall Street Giant Opens Bitcoin Gateway: 
JPMorgan Greenlights Bitcoin Access JPMorgan Chase CEO Jamie Dimon said on 
Monday during the bank’s annual investor day that clients will soon […]

JPMorgan Will Allow Clients to Buy Bitcoin, CEO Jamie Dimon Confirms

Unlike previous market rallies, the latest rebound in Bitcoin (BTC) &#8211; pushing 
it from a potential cycle low of $74,508 on April 6 to slightly above $100,000 
at the time of writing &#8211; is characterized by healthier price movement. Current 
Bitcoin Rally Not Showing Signs Of Overheating According to a recent 
CryptoQuant Quicktakes post by contributor avocado_onchain, last year’s BTC 
bull cycle &#8211; which saw the leading cryptocurrency create and break multiple 
all-time highs (ATHs) &#8211; was accompanied by sharp spikes in Binance market buy 
volume and funding rates. Related Reading: Bitcoin Stochastic RSI Signals 
Brewing Bullish Momentum – ATH Incoming? Notably, a sudden increase in funding 
rates was twice followed by a sharp price pullback due to overheating. In this 
context, overheating refers to excessive bullish leverage in futures markets 
that drives up the cost of long positions, signalling overly aggressive 
sentiment that often precedes a market correction. The following chart 
illustrates these corrections triggered by excessive leverage in BTC futures. 
Specifically, boxes 1 and 2 show sharp rises in Binance funding rates, 
initially accompanied by price increases, then extended periods of correction. 
However, the current rally appears different. According to avocado_onchain, 
Bitcoin’s ongoing rebound is occurring without an overheated funding rate. In 
fact, Binance market buy volume is trending downward &#8211; as shown in box 3 of 
the chart &#8211; which contrasts with previous bull cycles. The analyst argues that 
these are signs of a healthier rally, as earlier bull runs were marked by 
overheated funding rates and abrupt corrections, which weakened investor 
sentiment. In contrast, the current rally has maintained relatively stable 
funding rates, suggesting more cautious and sustainable market behavior. 
Despite short-term price fluctuations, market buy volume has shown a steady 
upward trend since 2023, as marked by the yellow arrow in the chart. The 
analyst notes: This indicates that buying sentiment remains favorable for 
further upside, suggesting that it’s not yet time to consider an exit. We 
can’t predict exactly when Bitcoin will break its previous high, but current 
on-chain and market data signals remain very constructive. Other Indicators 
Point Toward New ATH Besides the stable funding rates and encouraging market 
buy volumes, BTC is also showing several other positive signs pointing toward 
a new ATH for the flagship digital asset in the near future. Related Reading: 
Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says 
For example, on-chain data shows that long-term holders are not selling, even 
as BTC trades near its previous ATH of $108,786, recorded in January. This 
behavior suggests that these investors anticipate further upside. That said, 
analysts caution against overly optimistic expectations, noting that Bitcoin 
may still be far from experiencing a true supply shock. At press time, BTC is 
trading at $102,393, down 1.4% in the past 24 hours. Featured image from 
Unsplash, charts from CryptoQuant and TradingView.com

Bitcoin Rebound Signals Healthier Bull Market Without Overheating, Analyst Says

XRP just hit the big leagues as CME Group launches regulated futures, 
unlocking a powerful gateway for institutional capital to flood into the XRP 
ecosystem. XRP Futures Go Live—Is This the Institutional On-Ramp Bulls Waited 
for? Chicago-based CME Group officially introduced XRP and Micro XRP futures 
to its crypto derivatives lineup on May 19, confirming […]

XRP Explodes Into Institutional Trading With CME’s Futures Launch

**Key takeaways:**
 * Bitcoin&#8217;s Sharpe ratio converges with gold&#8217;s, indicating similar risk-adjusted returns, supporting its store-of-value role.
 * Gold outperformed Bitcoin in Q1 2025 with a 30.33% price gain versus Bitcoin&#8217;s 3.84%, driven by economic uncertainty.
 * Bitcoin ETF inflows are recovering, and analysts predict BTC could reach $110,000-$444,000 in 2025.
Bitcoin&#8217;s (BTC) price is holding above $100,000, leading Fidelity Director of 
Global Macro, Jurrien Timmer to say the crypto asset could reclaim its 
position as a leading store-of-value contender.
Timmer&#8217;s recent analysis highlights a convergence in the Sharpe ratios of 
Bitcoin and gold, suggesting that the two assets are increasingly comparable 
in risk-adjusted returns. The Sharpe ratio measures the rate of return an 
investment provides for the risk taken, by comparing its performance to a 
risk-free benchmark relative to its volatility.
The chart below, tracking weekly data between 2018 and May 2025, shows 
Bitcoin&#8217;s returns (1x) catching up to gold&#8217;s (4x), with gold at $22.48 and 
Bitcoin at $15.95 in relative performance terms.
_Gold vs Bitcoin Sharpe ratio. Source: X.com_
From an allocation standpoint, Timmer recommended a 4:1 gold-to-Bitcoin ratio 
for a store-of-value hedge, highlighting an intriguing observation. Timmer 
said,
&gt; &#8220;I continue to be fascinated by the fact that the most negatively correlated 
&gt; asset to Bitcoin is gold. For two players on the same store-of-value team, 
&gt; it&#8217;s not what I would expect to see. Bitcoin&#8217;s risk-reward ratio has 
&gt; continued to impress. There is no other asset quite like it!&#8221;
While Bitcoin&#8217;s SoV credential improves above $100,000, Ecoinometrics, a 
Bitcoin-focused macroeconomic newsletter, pointed out that it was not smooth 
sailing in Q1 2025.
In 2024, Bitcoin spot exchange-traded traded-funds (ETFs) saw a staggering $35 
billion net inflows, purchasing 500,000 BTC and driving a 120% return. 
However, 2025 started on a different note. The first four months saw Bitcoin 
ETF flows drop to less than a third compared to 2024, while gold ETFs 
attracted more capital.
The newsletter noted that this shift could be attributed to Q1 uncertainty 
surrounding Federal Reserve policy, trade policy, and the US economy. 
Ecoinometrics stated,
&gt; &#8220;Between two hard assets, gold and Bitcoin, it&#8217;s easy to see why capital 
&gt; went to the one seen as a haven.&#8221;
_Bitcoin vs gold ETF netflows comparison. Source: X.com_
Gold, with a 30.33% price gain in 2025 compared to Bitcoin&#8217;s 3.84%, benefited 
from its stability during economic unease. Additionally, the analysis added 
that Bitcoin performed better as a &#8220;high-beta growth asset,&#8221; thriving in 
rising liquidity and fiat debasement environments.
Recent developments signal a shift: US trade policy clarity, a softer Federal 
Reserve stance, and easing financial conditions have spurred steady inflows 
into Bitcoin ETFs.
_**Related: Bitcoin bull flag and standard profit taking hint at eventual 
rally to new BTC price highs**_
## Bitcoin is on track for new highs in 2025
A higher Sharpe ratio is a positive metric for Bitcoin, significantly 
increasing the probability of reaching new all-time highs above $110,000 in 
May. According to Bitcoin Suisse, a crypto custody firm, BTC&#8217;s high Sharpe 
ratio has allowed the asset to thrive in risk-on and risk-off environments 
since the US presidential election.
_Bitcoin price performance in risk-on, risk-off. Source: Bitcoin Suisse_
With more than 88% of its supply in profit, BTC currently behaves as a high- 
conviction bet, where the likelihood of an &#8220;acceleration phase&#8221; moving 
forward. Bitcoin Suisse head of research Dominic Weibei said,
&gt; &#8220;In this environment, Bitcoin has emerged as the Swiss army knife asset. 
&gt; Whether equities rally or bonds crumble, BTC trades on its supply-demand 
&gt; fundamentals, delivering a win-win profile that traditional assets simply 
&gt; can&#8217;t offer.&#8221;
Similarly, Cointelegraph reported that Bitcoin has a &#8220;decent chance&#8221; of 
reaching $250,000 or more in 2025, driven by its interplay with gold, 
according to a gold-based forecast. The report uses a scenario-based framework 
rooted in its gold model to project Bitcoin&#8217;s potential revaluation as a non- 
sovereign hard asset.
If Bitcoin&#8217;s network value, measured in gold, follows a power curve, and gold 
maintains its current value, analysts suggest it could hit $444,000 in 2025. 
However, a more conservative estimate by Bitcoin analyst Apsk32 points to a 
&#8220;reasonable&#8221; target of $220,000 for the year.
_**Related: Altcoins are on the verge of &#8216;most powerful rally&#8217; since 2017 &#8212; 
Analyst**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec

The US Department of Justice (DOJ) has initiated an investigation into a 
significant security breach at Coinbase, the largest US-based cryptocurrency 
exchange. According to sources familiar with the matter cited by Bloomberg, 
the DOJ&#8217;s criminal division in Washington is examining the circumstances 
surrounding the breach, which has raised serious concerns about cybersecurity 
within the crypto sector. Coinbase Collaborates With DOJ Amid Major Data 
Breach Coinbase disclosed that the breach involved criminal actors bribing 
employees and contractors in India to gain access to sensitive client data. 
Paul Grewal, Chief Legal Officer of Coinbase, stated: We have notified and are 
working with the DOJ and other US and international law enforcement agencies 
and welcome law enforcement&#8217;s pursuit of criminal charges against these bad 
actors. Related Reading: Dogecoin On The Edge: Major Breakout Or Breakdown 
Imminent? Importantly, the exchange&#8217;s CLO clarified that while Coinbase itself 
is not under investigation, the DOJ is focused on the criminals involved in 
the breach. The incident first came to light when Coinbase received an email 
from an unidentified threat actor on May 11, claiming to possess information 
about certain customer accounts alongside internal documents. The company 
anticipates losses ranging from $180 million to $400 million due to the 
cyberattack. $20 Million Reward Fund After Rejecting Ransom While the 
attackers managed to steal some data, including names, addresses, and email 
addresses, the exchange confirmed that login credentials and passwords were 
not compromised. In a statement on May 15, Coinbase reassured its users via 
social media platform X (formerly Twitter) that it would not succumb to the 
attackers&#8217; demands. The criminals had requested a ransom of $20 million. 
Related Reading: Pundit Says XRP Price Will Stabilize At $1,000 And Become 
‘Very Expensive’ Instead of paying the ransom, Coinbase announced the 
establishment of a $20 million reward fund aimed at encouraging information 
leading to the arrest and conviction of those responsible for the attack. At 
the close of trading on Monday, the company’s stock (COIN) was trading at 
$263. Featured image from DALL-E, chart from TradingView.com