The signs are all there that the dollar is migrating on-chain, and the institutions that don’t adapt will be left behind

The dollar is no longer issued, it’s minted by the internet | Opinion

Bitcoin futures open interest has climbed to fresh record highs this week. 
Traders have piled into contracts betting on rising prices. Open interest 
topped $80 billion on May 23, up roughly 30% since the start of the month. 
That shows more money is riding on Bitcoin’s next moves than ever before. 
Related Reading: Bitcoin’s $10K Rhythm: Steady Climb Signals Strong Push To 
$115K Rising Futures Interest According to CoinGlass, more than $80 billion of 
Bitcoin futures contracts remain open. That’s the largest total on record. 
Traders have boosted positions by about 30% since May 1. Many are using 
borrowed funds to bet on higher prices. Big moves in either direction could 
trigger forced sales if the market flips. ETF Inflows Provide Support Based on 
reports, spot Bitcoin ETFs have attracted over $2.5 billion in inflows this 
week. Those are real coins moving into vaults. Institutions aren’t just 
trading on paper—they’re buying actual Bitcoin. Those flows help steady the 
market when risky bets start to wobble. They add a layer of demand that didn’t 
exist in past rallies. Option Bets Cluster At High Strikes Bitcoin options 
open interest is also at eye-catching levels. On Deribit, traders have piled 
in more than $1.5 billion of bets at the $110,000 and $120,000 strike prices. 
There’s over $1 billion at $115,000, $125,000 and $130,000 strikes too. That 
shows people are thinking the price could keep climbing well above six 
figures. But it also means there’s a lot of money riding on a narrow band of 
outcomes. Expiry Risk Looms Over Market Nearly $2.76 billion of Bitcoin 
contracts are set to expire today, May 23. Based on reports from Deribit, the 
put/call ratio stands at 1.2, meaning there are slightly more bets on a price 
drop than on a rise. The so-called max pain level sits near $103,000—the point 
where the largest number of options will finish worthless. If price drifts 
toward that level, it could trigger squeezes or sudden moves as traders 
scramble. Related Reading: Bitcoin Goes Corporate In Indonesia With $100 
Million Treasury Shift Bitcoin Price Nears $112K Bitcoin’s spot price climbed 
to around $111,150 in late trading, reaching as high as $111,999 earlier in 
the day. That’s a new high, but it came in a steadier climb than past 
breakouts. Many point to easing trade tensions between the US and China. 
Others highlight Moody’s downgrade of US sovereign debt as driving interest in 
alternative stores of value. That mix of drivers has helped carry prices 
higher without the typical fireworks. Looking ahead, traders will watch 
whether ETF demand can keep counterbalancing the risks from crowded futures 
and options markets. A small pullback could spark a wave of liquidations that 
sends prices tumbling fast. But continued big inflows into ETFs could give 
longer legs to this rally. Either way, volatility looks set to stay high in 
the weeks to come. Featured image from Unsplash, chart from TradingView

Traders Pile In: Bitcoin Open Interest Hits All-Time High As Price Nears $112K

Trump has escalated the U.S. trade war with new threats to both Apple and the 
EU.

Dow Jones down 200 points as Trump threatens Apple, EU with new tariffs

**Key takeaways:**
 * Bitcoin&#8217;s performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption.
 * A 50% rise in hashrate and a 63% jump in Realized Cap highlight investors&#8217; confidence in Bitcoin.
A recent report from Fidelity Digital Assets explored how the current Bitcoin 
market cycle reflects a shift toward a maturing market where the rate of 
adoption deepens and expands.
At block height 892,500&#8211;marking 25% progress into the current halving epoch&#8211; 
Bitcoin traded between $82,500 and $85,000, representing a 31% increase from 
its value on April 19, 2024, when the fourth halving reduced block rewards to 
3.125 BTC.
_Bitcoin: halving cycles compared. Source:__Fidelity Digital Assets_
Fidelity&#8217;s senior research analyst Daniel Gray emphasized Bitcoin&#8217;s network 
resilience, noting a 50% surge in hashrate since the halving. This increase 
signals strong miner commitment despite reduced rewards. Unlike previous 
cycles marked by post-halving rallies, the 2024-2025 phase has been 
characterized by steadier, more measured growth.
The Puell Multiple&#8211;an indicator of miner revenue relative to Bitcoin&#8217;s price 
&#8211;has stabilized, suggesting that the market is adjusting to lower issuance 
without significant volatility. The report explains,
&gt; &#8220;Bitcoin&#8217;s more muted returns likely reflect a market that is digesting 
&gt; several extrinsic tailwinds and headwinds, which have inevitably caused some 
&gt; uncertainty.&#8221;
Historically, this mid-epoch phase has coincided with new all-time highs&#8211;an 
event that occurred this week. Fidelity noted that this growth could extend 
into Q2 2025, potentially redefining Bitcoin&#8217;s position as a credible asset 
class in modern portfolios.
Bitcoin&#8217;s Realized Cap is a significant indicator of this evolution, which 
measures cumulative net capital inflows. Since the 2024 halving, the Realized 
Cap metric has surged 63%, climbing to $915 billion from $561 billion, 
underscoring the scale of capital entering the market.
_Bitcoin realized cap milestones. Source: Glassnode_
This trend fits within Bitcoin&#8217;s long-term trajectory, where Realized Cap has 
risen with each halving, indicating a maturing asset with substantial growth 
progression.
## **Key drivers behind this Bitcoin bull market**
The current bull market cycle is also distinguished by record-breaking levels 
of institutional investor and corporate-level participation. The approval of 
spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024 has 
ushered in $134 billion in inflows, while monthly trading volumes on platforms 
like Binance soared past $1 trillion in March 2024&#8211;a massive leap from just 
$11 billion in January 2018.
Public companies&#8217; strategic accumulation of Bitcoin, most notably Strategy, 
now holding 576,230 BTC, also sets a new industry blueprint. Firms like 
Metaplanet Inc., Bitcoin Group SE, and Semler Scientific have since followed 
suit, validating Bitcoin&#8217;s role as a corporate treasury asset this cycle.
Thus, Gray asserts that Bitcoin&#8217;s fundamentals and global recognition are 
&#8220;stronger than ever,&#8221; signaling a cycle of growth, institutional anchoring, 
and market resilience.
_**Related: Bitcoin&#8217;s new all-time high has traders asking: Is BTC price 
overheating at $111K?**_
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’s bull market will ‘redefine’ BTC’s role in modern portfolios — Fidelity research

Bitcoin recently experienced a pullback into a key support zone near $106,133, 
but price action remains bullish. Market structure suggests a continuation 
toward $125,400 if support holds firm. Despite a short-term dip in Bitcoin’s 
(BTC) price, the larger technical picture…

Bitcoin price dips into support – bullish market structure signals push toward $125K

The cryptocurrency pulled back in early morning trading on Friday after 
hitting a new all-time high on Thursday afternoon. BTC Dips Below $109K as 
Trump’s 50% EU Tariff Sparks Market Jitters The so-called “Trump effect” was 
on full display Friday morning when President Donald Trump announced a 50% 
tariff on all European Union (EU) goods […]