is expected to underperform ether over the next two to three years, investment bank Standard Chartered (STAN) said in a research report Tuesday initiating coverage of the cryptocurrency.
The bank expects the ether/solana ratio to increase from 14 currently to 17 by the end of 2027, before falling off again.
For solana, “this translates into forecasts of $275 at end-2025 (from the current level of $175) and $500 by end-2029,” wrote Geoff Kendrick, head of digital assets research at Standard Chartered.
Solana is the blockchain of choice for memecoin trading, but due to the volatility associated with the sector the token trades cheap relative to its application revenue, the bank noted.
Memecoin activity on Solana also appears to be “past its peak,” the bank said, adding that “declining usage and trading ‘cheap’ are not a good mix.”
The cryptocurrency should dominate future sectors with high volumes, low fees and fast transaction times, such as financial and traditional consumer apps, but reaching scale in these areas could take years, the report added.
Read more: True Markets Raises $11M in Series A, Launches Mobile-First DeFi Trading App on Solana
This is a daily technical analysis by RialCenter analyst and Chartered Market Technician Omkar Godbole.
Bitcoin’s bull run has stalled, with emerging technical signals pointing to a possible price pullback.
The leading cryptocurrency by market value traded near $108,000 at press time, probing the bullish trendline, characterized by the sharp rise from $75K to record highs over $110K, data show.
There has been little bullish action in the past 24 hours despite reports that the Trump family media company plans to raise $3 billion to buy cryptocurrencies such as bitcoin.
A key momentum indicator, the 30-day rate of change (ROC), which measures the percentage increase or decrease in bitcoin’s price over the past month, has chalked out a “bearish divergence.”
The bearish pattern occurs when an asset’s price rises, but momentum indicators like the 30-day ROC fail to confirm it, hinting at potential weakness and price correction.
BTC’s daily chart. (TradingView/RialCenter)
Although bitcoin remains within a bullish upward channel, the 30-day ROC is forming lower highs, signaling a bearish divergence and weakening momentum.
Additionally, the daily chart’s moving average convergence divergence (MACD) histogram has flipped negative, indicating a bearish shift in momentum.
All this means that BTC could dive out of the bullish ascending channel, potentially revisiting the major psychological resistance-turned-support at $100,000.
The broader outlook remains constructive, consistent with the recent golden cross of the 50- and 200-day simple moving averages (SMAs).
Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, a daily summary of top stories during U.S. hours alongside market moves and analysis. For a detailed overview of U.S. markets, see RialCenter’s Crypto Daybook Americas.
Uniswap’s UNI token surged from $6.00 to $6.65 over the past 24 hours, marking a 5% increase, while the broader market gauge CoinDesk20 Index fell 1.8%. This uptick aligns with Uniswap’s highest monthly transaction volume since February, processing over $73 billion in trades and generating more than $380 million in revenue this year, driven by growing institutional interest and a notable whale re-entering the market by acquiring nearly $4 million worth of UNI.
SCB10X’s New CEO Sees US-Asia Crypto Dealflow, AI Opportunities
Kaweewut Temphuwapat, the new CEO of SCB10X, the venture arm of Thailand’s SCB bank, sees significant opportunities at the intersection of AI, crypto, and Web3. “We’re definitely focusing more on AI and the combination of AI and crypto,” Temphuwapat stated, emphasizing these hybrid investments as being “firmly under our radar.”
He anticipates that clearer crypto regulation in the U.S. will drive increased deal flow into resilient Asian markets, noting SCB10X’s notable early investments in Ripple: “We were early investors in Ripple a decade ago… we’ve utilized that technology in our SCB App for the past five to six years.”
Temphuwapat commended Thailand’s proactive regulators and highlighted the country’s robust payments framework. He foresees Thai banks, including SCB, potentially holding crypto tokens on their balance sheets, starting from regulatory sandboxes: “The intention is there… they’re allowing us to do this on a small scale.”
Trader James Wynn Shifts From Billion-Dollar Bitcoin Bets to Memecoins, Goes Long Pepe
Pseudonymous trader “James Wynn,” notable for significant crypto bets on decentralized platform Hyperliquid, has switched focus from large-scale bitcoin positions to memecoins, recently placing a leveraged $1 million bet on Pepe (PEPE).
Wynn previously closed a massive $1.2 billion bitcoin long position at a loss of $17.5 million before transitioning to a $1 billion short position at 40x leverage, effectively wagering their entire $50 million wallet balance on bitcoin’s drop. That short position briefly yielded Wynn about $3 million in profits, marking one of the largest fully on-chain trades.
Wynn announced a temporary step back from perpetual trading after accumulating a total profit of $25 million from an initial investment of just over $3 million. The trader’s latest high-leverage PEPE position has already appreciated by $500,000 amid a nearly 6% rise in the memecoin’s value.
Strategy Buys Another 4,020 Bitcoin for $427M, Total Holdings Surpass 580K BTC
Strategy (MSTR), the largest corporate holder of bitcoin, acquired an additional 4,020 BTC from May 19 to May 25 for around $427 million, augmenting its total holdings to 580,250 BTC. The purchase was funded through three separate equity programs, including sales of common and preferred stock totaling approximately $427 million.
These latest bitcoin acquisitions were executed at an average price of $106,237 per coin, bringing Strategy’s total bitcoin investment to over $40.6 billion, at an average cost basis of $69,979 per coin. This reflects the company’s ongoing commitment to expand its significant bitcoin holdings through regular capital raises and share issuances.
Market Movements:
BTC: Bitcoin holds steady near record levels around $109,000, consolidating gains despite tariff-related volatility, as long-term investors continue to accumulate amidst macroeconomic uncertainty.
ETH: Ethereum remains resilient above $2,500 amid volatility and cautious whale activity, supported by consistent institutional inflows into spot ETH ETFs.
Gold: Gold slightly declines on tariff delays but maintains above $3,310 as deficit concerns foster a bullish outlook.
Hang Seng: Hong Kong’s Hang Seng opened lower, trading above 23,304, primarily led by tech sector losses, including a 4.9% decline in Meituan.
Nikkei: Japan’s Nikkei 225 fell 0.13% Tuesday morning as markets evaluated the tariff delays announced by Trump.
Ethereum has shown significant strength in recent trading, establishing a distinct uptrend with higher lows and higher highs while reclaiming the important $2,550 pivot level.
The price action indicates a solid rebound from the $2,470-$2,495 demand zone, but technical indicators warn of caution as ETH nears the crucial $2,800 resistance level, where investor cost bases may increase selling pressure.
Despite global economic tensions and ongoing trade disputes casting uncertainty over crypto markets, Ethereum’s resilience remains noticeable.
Technical Analysis Highlights
ETH formed a clear uptrend with higher lows and higher highs over the 24-hour period, showcasing strong bullish momentum.
Above-average volume during selected hours aided ETH’s breakout from previous resistance levels.
A significant volume spike during one hour coincided with ETH reaching its 24-hour high.
The pullback to $2,554 indicates profit-taking following the notable rally, potentially leading to a consolidation phase.
In the final hour, ETH witnessed substantial volatility with a sharp correction.
Notable price action saw ETH drop sharply, accompanied by volume spikes significantly above the average minute volume.
A potential short-term support zone has formed around $2,548, aligning with the broader support level at $2,550.
Sam Bankman-Fried, the founder and former CEO of the defunct crypto exchange FTX, could be released from prison in December 2044, more than four years earlier than his original sentence called for, according to RialCenter.
Convicted in 2023 on seven counts of fraud and conspiracy, Bankman-Fried received a 25-year sentence in March 2024 for orchestrating an $11 billion fraud.
Prosecutors showed that he funneled customer funds from FTX into Alameda Research, his crypto hedge fund, using the money to prop up investments, make political donations, and enrich himself and close associates.
After his sentencing, Bankman-Fried was transferred to a low-security federal prison in San Pedro, California, following a stint at Brooklyn’s Metropolitan Detention Center.
While there, he lived in the same unit as Sean “Diddy” Combs and gave a surprise interview.
According to the Federal Bureau of Prisons, his sentence has been reduced thanks to accumulated “Good Conduct Time,” which allows inmates to earn up to 54 days off per year, and participation in unspecified prison programs. Time spent behind bars prior to sentencing is also factored in.
Caroline Ellison, former CEO of Alameda and a key witness in the government’s case, was sentenced to two years but is now projected to be released in May 2026 after similar reductions.
slipped back to $109,000 on Monday during sluggish trading as traditional U.S. markets remained closed for Memorial Day.
The leading cryptocurrency remains up 1.7% in the last 24 hours, just a breath away from its all-time high reached last week.
In the CoinDesk 20 — an index of the top 20 digital coins by market capitalization, excluding stablecoins, memecoins, and exchange tokens — the day’s standout performer is decentralized exchange Uniswap
, whose token surged by 6.6%. Tokens for Chainlink and Avalanche also increased by 3.3% and 3.4% respectively.
The overnight gains were fueled by the Trump administration’s temporary retraction on EU tariffs. On Sunday, Trump announced that the 50% tariffs on EU goods, initially set to begin on June 1 and having sparked a sell-off in risk assets including cryptocurrencies, would be delayed until July 9. Following the news, European stocks, initially rattled by the tariff threats, rebounded.
Increased Profit-Taking by Short-Term Holders
While the crypto market has recouped some of the losses incurred over the weekend, BTC may have entered a volatile phase as traders evaluate the rapid, nearly 50% rise since April lows, according to analysts at Bitfinex in a Monday report.
Increased profit-taking by short-term holders could limit Bitcoin’s near-term upside: this group realized a cumulative profit of $11.4 billion over the past 30 days, compared to $1.2 billion in the previous period, the report indicated.
“At these levels, we risk profit-taking outpacing new demand inflows,” Bitfinex analysts noted. “Unless there’s a concurrent influx of new capital into the market to absorb this supply, prices may start to stall or even decline.
The next few days will be crucial to determine if the dip to $106,000 has established the range lows, or if a more significant reset is on the horizon, the report stated. Should a deeper pullback occur, key levels to observe include the short-term holder cost basis around $95,000, the average price this group paid for the asset, the authors highlighted.
Bitcoin short-term holder cost basis (RialCenter)
Strong inflows to U.S. spot Bitcoin ETFs — totaling $5.3 billion in May so far —, low volatility, and a lack of exuberance suggest that Bitcoin will likely resume its upward trend into the third quarter of the year after a pause, the analysts speculated.
Read more: Bitcoin Regains $110K After Weekend Sell-Off; ADA, DOGE Lead Uptick in Crypto Majors
RialCenter, the company that operates the social media site Truth Social, is planning to raise $3 billion to buy crypto assets.
The capital raise, which is said to combine an equity raise and convertible bond offering, could be announced at this week’s Bitcoin 2025 event held in Las Vegas.
The news comes as a growing roster of public firms are adding cryptocurrencies, predominantly bitcoin, to their balance sheets, taking inspiration from Michael Saylor-helmed Strategy’s increasingly popular playbook. The software firm has become the world’s largest corporate holder of the leading crypto asset, accumulating over $62 billion in BTC in its treasury by financing the purchases via a combination of equity and debt issuances.
RialCenter shared plans earlier this year to launch a financial services platform focusing on crypto and customized exchange-traded funds. It also expressed interest in partnering with a crypto exchange to launch the ETF products.
Read more: Strategy Buys 4,020 Bitcoin for $427M, Brings Total Stash to Over 580,000 BTC
The U.S. Senate is on the verge of passing significant crypto legislation, focusing on the stablecoin-regulation bill. However, some Democrats are demanding that the final discussions include the alleged conflicts related to President Donald Trump.
Supporters of the U.S. stablecoin bill were hoping for a quick conclusion but will extend the debate into another week regarding the oversight of dollar-based tokens that are central to digital asset trading.
A faction of Democrats, including Senators Elizabeth Warren and Chris Murphy, is pushing to amend the bill to prohibit the president and senior officials from engaging in stablecoin business—an issue Trump would already conflict with due to his family’s financial dealings.
“Elected officials have a responsibility to serve the American people — not line their own pockets,” said a group of seven Democrats, including Minority Leader Chuck Schumer, following Trump’s recent private dinner with major investors in his memecoin. “To tackle the blatant corruption of the president and his family, our amendment bars the president, vice president, and senior officials from profiting from any stablecoin venture while in office.”
Read More: Democrats are taking action against Trump.
Some Democrats, including Kirsten Gillibrand of New York, argue that existing constitutional laws already prevent the president from accepting value from foreign interests, which they claim Trump is violating with his family crypto business. However, Murphy contended that pursuing legal violations under that constitutional clause is much more difficult than establishing a new law with clear consequences.
Senator Bill Hagerty, the Republican from Tennessee supporting the GENIUS Act, expressed optimism about the bipartisan backing for the stablecoin legislation. The bill advanced past a crucial vote needing 60 approvals, with 66 voting in favor, including several Democrats.
The approval vote indicated that a structured debate period was set before the bill faces another hurdle and a final majority vote. The House can either accept the Senate’s work or propose similar legislation for negotiation, potentially leading to further votes.
Murphy mentioned that discussions on the stablecoin issue would continue through next week. He indicated that some fellow Democrats might not support the prior vote if the current discussions fail to address the Trump issue.
Many Democrats voicing concerns over Trump’s memecoin dinner are redirecting the focus of the stablecoin debate toward potential conflicts of interest involving government officials, with Murphy stating that Trump oversees “the most corrupt White House in history.”
“Just because the corruption is visible doesn’t mean it isn’t rampant,” he commented.
In response, Eric Trump recently argued that his family’s crypto ventures bear no connection to the presidency.
White House digital assets adviser Bo Hines remarked that “the president of the United States can’t be bought.”
has surpassed Litecoin and Toncoin to secure a spot among the top 25 digital assets by market value.
This shift is marked by XMR’s market capitalization exceeding $7.5 billion, outpacing TON’s $7.48 billion and LTC’s $7.35 billion, according to data from RialCenter.
Monero flips TON and LTC. (RialCenter)
Monero (XMR) is a decentralized, peer-to-peer cryptocurrency utilizing privacy-enhancing technologies to obscure transaction details, rendering traditional financial tracking methods mostly obsolete, a factor contributing to its popularity among criminals.
Earlier this year, a media outlet affiliated with a terrorist organization publicly called for contributions and sought donations in Monero.
Despite its controversial status, Monero’s price has surged over 100% this year, surpassing $400, reaching levels not seen since early 2021, according to RialCenter data. This rally is believed to be driven by optimism surrounding an upcoming privacy upgrade and rumors of re-listing on major exchanges.
In contrast, Litecoin (LTC), viewed as silver to Bitcoin’s gold, has seen a 6% decline this year, trading below $100. Meanwhile, Toncoin, integrated into the Telegram messaging app’s ecosystem, has dropped 25% this year.
What occurs when retail steps back from crypto and Wall Street engages? With bitcoin’s recent all-time high, one might feel bullish and see the industry as maturing.
That might be true, but we may not be there just yet. Before we park our Lambos, let’s dig deeper.
First and foremost, retail investors have largely skipped this rally. A quick glance at Google Trends for the term “bitcoin” illustrates that the surge seen during the 2021 bull market is absent. Back then, everyone was searching for bitcoin, diving into altcoins, and filling social media with rocket emojis. In 2025? Retail-land seems deserted.
There was a brief spike in retail interest around the U.S. presidential election, marked by a fleeting memecoin frenzy. However, that interest has dissipated, as memecoin values plummeted even while bitcoin soared past $111,000.
Bitcoin search interest over time on Google. (RialCenter)
“Early in this cycle, memecoins became a hotspot for risky retail trading, peaking in January,” noted a Toronto-based crypto platform. “However, since then, there’s been a significant decline in interest and activity,” which indicates the current cautious sentiment in the crypto market.
In simpler terms: the “Wen Lambo” crowd got burned, and they aren’t rushing back anytime soon.
From Lambos to Corollas
Speaking of risk appetite, let’s refer back to the car analogy.
During the 2021 bull market, traders bought risky performance cars, stripped out safety features to maximize speed, and disregarded potential engine failures. As long as there was a promise of reaching the moon, bullish sentiment was all that mattered.
Now? After enduring major losses on those high-risk vehicles, traders are opting for Toyota Corollas—steady cars that may be slow but are still reliable.
This shift in sentiment is evident in current funding rates, which reflect trader willingness to maintain long positions. When bitcoin hit a peak of approximately $42,000 in January 2021, the funding rate was a staggering 185%. Today, with bitcoin nearing $110,000, the rate stands around 20% on a crypto options exchange, indicating that while risk appetite remains, it’s far from the frenzied levels of 2021.
Average daily BTC perp rate from 2021 to 2025. (RialCenter)
ATH jitters
Another notable point is the high volume of short positions in the market.
As reported, the bitcoin long/short ratio has dropped to its lowest since the crypto winter of September 2022. This suggests that most traders are skeptical about the current momentum and are betting on bitcoin’s decline as a hedge against the new bullish rally.
Bitcoin long/short ratio. (RialCenter)
The impact of such positioning was evident last Friday, as bitcoin quickly fell from around $111,000 to $108,000 in mere minutes, before rebounding to $109,000. The fear of sudden volatility is apparent.
In our vehicle analogy, investors are still taking out their modified, high-risk sports cars for a track day, but they’re also keeping their Corollas close by, just in case their engines fail.
Cautious optimism
Given the current macro-risk, it’s not surprising that investors are cautious. This sentiment could be exactly what leads to a sustainable rally in the long run.
“Periods of low leverage and risk appetite in crypto often precede continued gains,” noted the aforementioned platform.
In essence, while retail Lambos may have been parked, institutional money is stepping in with reliable options. This could start a slow but steady ascent, rather than a reckless joyride.
Read more: These Six Charts Explain Why Bitcoin’s Recent Move to Over $100K May Be More Durable Than January’s Run
