Kazakhstan&#8217;s National Bank will begin licensing crypto exchange services that allow the conversion of crypto to fiat, establishing their legal status under new national rules. Kazakhstan plans to bring crypto exchange operators under formal regulation, with the National Bank tasked…

Kazakhstan to allow crypto exchanges to deal with fiat

**Key takeaways:**
 * Bitcoin&#8217;s rally to new price highs happened as funding rates and trading sentiment remained unusually subdued.
 * Rising stablecoin supply and global M2 growth indicate untapped liquidity and the potential for further price increases.
 * Long-term holders are not aggressively selling, reflecting their expectation for continued Bitcoin price appreciation.
Bitcoin (BTC) hit a new all-time high on May 21, with prices rising to 
$111,860 on Binance on May 22, but the markets lack the state of frenzy 
associated with new highs. Economist and crypto commentator Alex Kruger noted 
that &#8220;this is the least euphoric new all-time highs&#8221; for Bitcoin, after 
highlighting subdued funding rates for Bitcoin across crypto exchanges.
_Bitcoin price and aggregated funding rate. Source: Coinalyze_
The chart illustrates that the current BTC funding rate is significantly below 
previous market highs observed during March and November 2024. The funding 
rate was six times higher in Q1 and three times higher in Q4 last year.
These low rates indicate minimal speculative activity in the futures market, 
with the rally driven by spot buyers rather than leveraged traders, reducing 
the risk of over-leveraged corrections.
Such a scenario also indicates that Bitcoin might not have reached a state of 
euphoria yet.
The availability of untapped liquidity in the crypto ecosystem underscores the 
potential for further growth. Stablecoin market capitalization, often a 
leading indicator of incoming capital, has risen to 14% in 2025. Tether&#8217;s 
(USDT) market cap jumped to $152 billion from $139 billion in January, while 
Circle&#8217;s USDC supply has increased by 35% to $58 billion.
_Total stablecoin supply. Source: Token Terminal_
Stablecoins often act as a bridge for new capital entering the crypto market, 
and their growth suggests a substantial pool of liquidity that has yet to be 
fully deployed into Bitcoin and other crypto assets.
Additionally, global liquidity trends provide further tailwinds. The global M2 
money supply, which measures the total money in circulation across major 
economies, grew by 5% in Q1 2025, driven by monetary policy adjustments in the 
US, EU, and Japan.
Cointelegraph reported a strong correlation, exceeding 80%, between Bitcoin&#8217;s 
price and global liquidity, typically with a 60-day lag, pointing to further 
buying pressure in the coming months.
_Bitcoin price and Global M2 supply. Source: X.com_
 _**Related: These 4 memecoins can outperform Bitcoin this cycle**_
## &#8220;Muted&#8221; profit-taking reflects confidence in Bitcoin
Glassnode data adds another layer of insight into Bitcoin&#8217;s current market 
dynamics. Despite the new highs, profit-taking among Bitcoin holders remains 
restrained. The data analytics platform noted,
&gt; &#8220;When $BTC hit all-time high yesterday, total profit-taking volume was 
&gt; around $1.00B &#8211; less than half the amount realized when #BTC first crossed 
&gt; $100K last December, which hit $2.10B. Despite a higher price, profit 
&gt; realization was far more muted.&#8221;
This muted activity suggests that long-term holders are not rushing to cash 
out, which typically reflects confidence in further price appreciation.
_Bitcoin spent volume by age data. Source: X.com_
The lack of widespread participation indicates that Bitcoin&#8217;s rally is not a 
crowded trade, leaving room for new capital to enter the market. The 
restrained profit-taking, combined with low speculative activity in the 
futures market, paints a picture of a market far from overheated or 
&#8220;euphoria&#8221;.
_**Related: Bitcoin tops Amazon market cap on &#8216;Pizza Day&#8217; as price sets new 
highs**_
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 could go much higher due to lack of FOMO and futures market euphoria — Analysts

DeLorean launched an onchain reservation system and non-fungible token (NFT) 
marketplace for its upcoming electric vehicle launch, introducing a new 
blockchain-based approach for reserving and reselling cars.
According to DeLorean, its Build Slot NFT collection grants holders priority 
access to purchase DeLorean&#8217;s upcoming electric car, Alpha 5 EV. The model is 
the carmaker&#8217;s first vehicle in over 40 years, inspired by the iconic flux 
capacitor from the movie Back to the Future.
The company created an exclusive marketplace for its NFT holders, in which 
users can buy or trade the NFTs using the USDC (USDC) stablecoin on the Sui 
network and will be able to earn rewards.
DeLorean says that each vehicle&#8217;s history and performance data will be 
recorded onchain through the FLUX protocol, including key data such as battery 
health, maintenance records, accident history, and verified odometer readings.
This detailed data makes it easier for auto enthusiasts to bid on or resell 
vehicles in the secondary market, the company said.
_DeLorean NFT platform. Source: DeLorean_
&#8220;Since DeLorean&#8217;s emergence in the 1980s, the brand has stood as a symbol of 
vision, rebellion, and futuristic innovation,&#8221; according to Cameron Wynne, the 
chief brand officer at DeLorean. &#8220;By using blockchain technology, we&#8217;re 
setting a new standard for the automotive industry,&#8221; Wynne said.
The NFT-based reservation system and the tokenization of an electric vehicle 
signal DeLorean&#8217;s interest in digital assets. The company is also the first 
carmaker to introduce a utility token, the DeLorean ($DMC) token.
_DMC tokenomics. Source:__Deloreanlabs _
## **Luxury brands exploring blockchain, NFTs**
NFTs are becoming digital passports for luxury goods, linking to full 
lifecycle benefits such as reservation, maintenance, resale, and membership 
services.
By tokenizing luxury products using NFTs, brands can enhance their 
technological appeal while reinforcing a sense of scarcity and community 
value.
Global fashion brand Louis Vuitton ventured into NFTs in 2023, offering NFT 
holders exclusive access to certain products like a $6,400 digital mini trunk, 
a $9,000 bag and a varsity jacket worth around $8,400.
LVMH Group launched the blockchain-based AURA platform, where luxury items are 
represented as unique NFTs containing information such as the origin of raw 
materials, production date and maintenance history.
_**Magazine:**__**Pranksy: Inside the anonymous life of an NFT legend &#8212; NFT 
Collector**_

Carmaker DeLorean tokenizes EV reservations on Sui

Dogecoin continues to climb amid rising network activity and overall growth in 
the crypto market.

Dogecoin price climbs 6% amid surge in network activity and bullish market

Crypto analyst Kevin (@Kev_Capital_TA) reaffirmed his bullish outlook for 
Dogecoin, stating in a live stream that a surge to $1 is “absolutely” possible 
this cycle—provided a critical set of macro and market conditions fall into 
place. Kevin, a rising voice in crypto technical analysis, outlined his thesis 
in detail, highlighting Dogecoin’s resilience against Bitcoin and its 
technical structure as key signals of strength. “We were accumulating a spot 
position in the Patreon at 14 cents. I think the average is 15—right at 15 
cents even,” he said. “Congratulations if you got into that play with me. 
Looking really, really nice.” The $1 Dogecoin Dream He pointed to Dogecoin’s 
breakout from an inverse head-and-shoulders pattern and its current 
consolidation within a potential bull flag as technical proof that momentum is 
building—if Bitcoin cooperates. “If Bitcoin continues to break higher, then 
this will break higher,” Kev noted. “If Bitcoin fails, then this will not 
break higher. It will fail.” That correlation underpins Kev’s broader 
framework for altcoin evaluation, which puts Bitcoin’s macro structure and 
USDT dominance at the center of any serious analysis. “You don&#8217;t really want 
to be doing too much individual TA on altcoins when Bitcoin dominance is at 
64%. You&#8217;re not going to get very accurate TA,” he said. Still, Dogecoin 
stands apart from the altcoin pack. Kev showed Doge/BTC strength as a key 
differentiator: “Doge versus BTC is holding up much better than a lot of other 
altcoins. Litecoin versus Bitcoin? Dying. UNI, AVAX, DOT, LINK—all dying. Doge 
is still holding up. That&#8217;s why I own it. That’s my baby right there.” As for 
the $1 price target, Kev didn’t mince words, but made it clear it’s not just 
about charts. “It actually would be pretty shocking if it didn’t hit a 
dollar—again, contingent on Bitcoin heading higher,” he said. “But you need a 
sustained bull run. You need good monetary policy. You need a good 
macroeconomic environment.” Kev criticized the simplistic analysis plaguing 
the crypto space, pushing back on the idea that Dogecoin will moon just 
because “this happened last cycle.” Instead, he emphasized the importance of 
understanding economic conditions, inflation trends, Federal Reserve policy, 
and liquidity access. “We’re coming out of a macro environment the likes we’ve 
never seen before,” he said, referencing the Fed’s historic post-COVID 
tightening cycle and the uncertainty introduced by new US trade tariffs. 
“Dogecoin can hit a dollar. However, would I say that we have the exact 
environment we want to say that’s a highly probable scenario? I’d say we’re 
getting there—but we need more.” He also downplayed the idea that a potential 
Dogecoin ETF approval would be a decisive catalyst, unless it happens during a 
full-blown bull market. “If it happens and everything’s quiet… it probably 
won’t do its thing,” he warned. “Crypto’s about timing.” In closing, Kev 
reiterated the disciplined mindset he teaches his community. “Don’t just pull 
up an altcoin chart and say, ‘Well, this bull flag says we’re going to 32 
cents,’” he said. “Watch Bitcoin. Watch USDT dominance. Then look at your 
pairing charts. Only then should you touch the Doge/USD chart.” With a deeply 
technical roadmap, macroeconomic awareness, and a data-driven approach, Kev 
made one thing clear: Dogecoin’s path to $1 isn’t hopium—it’s a real 
possibility, if the market allows it. At press time, DOGE traded at $0.241. 
Featured image created with DALL.E, chart from TradingView.com

Dogecoin To $1 Is ‘Absolutely’ On The Table This Cycle, Says Analyst

Bitcoin&#8217;s complicated decimals might soon be history if a new plan to redefine 
the base unit as the real &#8220;Bitcoin&#8221; gets adopted. Bitcoin (BTC) has always had 
a little quirk that confuses even longtime users: the way it&#8217;s measured. 
Officially,…