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The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $58.68 million liquidated (61.58% longs) - ETH: $60.68 million liquidated (83.11% longs) - ZEC: $8.34 million liquidated (75.55% shorts)

Bitcoin's apparent demand has fallen to its lowest level this year, on-chain analyst Darkfost reported. He noted that current apparent demand is approaching -147,000 BTC, adding that market sentiment has not been this bearish since last December. Apparent demand is calculated as the difference between new BTC supply and the supply from long-term holders that has been dormant for over a year, which helps estimate how effectively buying pressure is absorbing available volume. Darkfost interpreted the current trend as a signal of gradually contracting BTC demand. He emphasized that it is difficult to maintain a sustained rally on futures market momentum alone without a recovery in spot demand, concluding that while futures can support short-term price increases, a long-term bull market requires spot buying pressure.

International oil prices are declining amid news that the U.S. and Iran have reached a principled agreement to open the Strait of Hormuz and dispose of Iran's highly enriched uranium. The drop is also influenced by an OPEC+ production increase and downward revisions to oil demand forecasts. Traders on Polymarket are pricing in a 72.5% probability that U.S. West Texas Intermediate (WTI) crude futures (CL) will fall to $85 per barrel by the end of June, a level up approximately nine percentage points from yesterday. Meanwhile, the price of CLUSDT, an on-chain WTI crude perpetual future on Aster, is currently trading at $91.81.

CoinMarketCap's Altcoin Season Index currently stands at 33. The index measures whether 75% of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, have outperformed Bitcoin over the past 90 days. When this threshold is met, it is considered an Altcoin Season; otherwise, it is a Bitcoin Season. A score closer to 100 indicates a stronger trend toward an altcoin season.

An insider at the U.S. Commodity Futures Trading Commission (CFTC) was dismissed after raising concerns about cryptocurrency firms linked to President Donald Trump's family, The New York Times reported. Then-acting CFTC Chair Caroline Pham and Senior Counsel Bridgett Weiles reportedly intervened to help these companies—which include Polymarket, Crypto.com, and a Gemini affiliate—secure regulatory approval or evade oversight. Pham and Weiles later took positions at MoonPay and Gemini Titan, respectively. The insider's concerns reportedly included issues with retail investor protection at Crypto.com, inadequate anti-fraud systems at Polymarket, and the failure of Gemini Titan to complete mandatory checks.

Bitcoin has entered a bearish phase, according to an analysis by 10x Research. In a post on X, the firm cited a potential shift in MicroStrategy's long-term holding strategy, noting that around $2.7 billion has flowed out of spot Bitcoin ETFs since May 7 after Michael Saylor mentioned the possibility of selling some BTC. This suggests institutional investors are beginning to rebalance their positions, the firm said. Macroeconomic headwinds include a negative correlation between inflation and Bitcoin's returns, with rising oil prices expected to affect future Consumer Price Index (CPI) data. 10x Research also noted that the bond market is already pricing in a potential further rate hike from the Fed this year. With implied volatility for BTC and ETH options near all-time lows amid low trading volume and leverage, the market is susceptible to high volatility from minor catalysts. The firm identified $76,088 as a key pivot point, calling this week's market movement critical.

Garrett Jin, founder of the fraudulent cryptocurrency exchange BitForex, has purchased 145,050 HYPE (approximately $9.05 million) over the past four days, Lookonchain reported. He has also set up a TWAP order to buy an additional 39,940 HYPE, valued at $2.44 million.

tea Protocol (TEA), an open-source contribution verification project, announced on May 24 that it has joined "Aero Ignition," an on-chain liquidity boosting mechanism on the Base-based decentralized exchange (DEX) Aerodrome (AERO). As a result, the Aerodrome community will begin voting on May 28 to determine the size of liquidity and incentives. A higher number of votes will allow the TEA liquidity pool on Aerodrome to receive greater liquidity support, thereby increasing its ecosystem exposure and market activity. Meanwhile, tea Protocol's native token, TEA, is scheduled for its Token Generation Event (TGE) on June 4.

According to CoinMarketCap, HYPE's market capitalization has reached $15.86 billion, surpassing DOGE at $15.83 billion. This makes HYPE the ninth-largest cryptocurrency by market capitalization.

A crypto wallet believed to belong to BitMEX founder Arthur Hayes has withdrawn 85,714 HYPE, worth approximately $5.37 million, from Bybit, Onchain Lens reported. Withdrawals from exchanges are often interpreted as a move to hold assets.

Two wallet addresses that had been dormant for a year deposited 1,650 BTC, worth approximately $127 million, to FalconX six hours ago, Lookonchain reported. Such deposits to exchanges are typically interpreted as an intention to sell.

Ethereum founder Vitalik Buterin has addressed the Ethereum Foundation's recent personnel departures, according to The Block. He explained that Bastian Aue, who took over as co-interim executive director from Tomasz Stańczak earlier this year, is leading the reorganization. Buterin noted that the board is expanding and his own influence within the foundation will gradually decrease. He acknowledged community criticism that the foundation's operations do not align with the values of decentralization and privacy, calling these points a "great burden and pain" for him. Buterin emphasized that the foundation should be understood as a single node with a defined purpose, not the center of Ethereum. He pointed out that the foundation holds only about 0.16% of all ETH—less than some individual holders and far below the 10-50% typical for other blockchain foundations. The foundation is choosing to use its funds to ensure long-term sustainability, he added. Going forward, it will focus on long-term viability and network resilience over ecosystem expansion, dedicating its resources only to core roles that other organizations do not perform.

The Spot CVD chart analyzes the order book for the BTC/USDT spot pair. The top section displays a Volume Heatmap, while the bottom shows the Cumulative Volume Delta (CVD). - The top Volume Heatmap tracks the volume of trades at specific price levels. The background color brightens when the price lingers in a certain range or moves significantly. Brighter areas may act as potential support or resistance levels. - The bottom Cumulative Volume Delta (CVD) indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line tracks orders between $100 and $1,000, while the brown line tracks large orders between $1 million and $10 million.

The following are the key global macroeconomic events for the fourth week of May: - May 25: U.S. stock market closed for Memorial Day. - May 27: Fed Governor Lisa Cook speaks (7:55 p.m. UTC). - May 28: South Korea's interest rate decision (1:00 a.m. UTC). - May 28: U.S. April Core Personal Consumption Expenditures (PCE), preliminary Q1 GDP, and initial jobless claims data released (12:30 p.m. UTC). - May 29: Federal Open Market Committee (FOMC) member Michelle Bowman speaks (1:10 p.m. UTC).

The 'Fear & Greed Index' from cryptocurrency data provider CoinMarketCap is currently at 39, indicating a continued state of fear in the market. The index measures market sentiment on a scale of 0 to 100, where 0 signifies extreme fear and 100 represents extreme optimism. CoinMarketCap's index is calculated based on several factors, including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data like the put-call ratio, the Stablecoin Supply Ratio (SSR), and the platform's own search data.

Oil prices and the U.S. dollar are falling while risk appetite is strengthening amid growing optimism that a deal to reopen the Strait of Hormuz and normalize crude oil shipments is imminent. WTI crude oil plunged more than 5% in early trading on May 25, while risk-sensitive currencies such as the Australian dollar and the South African rand gained against the U.S. dollar. S&P 500 futures also rose, after the index closed near an all-time high on May 23. A senior U.S. official said on May 25 that the United States and Iran are close to an agreement on reopening the strait, but noted that negotiations on key wording are ongoing and final approval could take several days. In contrast, Iran's semi-official Tasnim news agency warned that the draft agreement could collapse, alleging the U.S. is creating obstacles on key provisions, including Iran's demand to unfreeze its assets. Tony Sycamore, an analyst at IG's Sydney office, wrote in a client report that the market's upward momentum from last Friday appears set to continue. He added that while a deal could still fall through, financial markets currently seem inclined to trust the reports.

Michael Saylor, founder of MicroStrategy (MSTR), stated that he expects Bitcoin's returns to outperform the S&P 500, projecting 30% growth. He explained that converting BTC investment returns into an 11.5% tax-deferred credit dividend offers higher yields than traditional money market products. Saylor also predicted that credit funds within the market will absorb most of the BTC supply held by miners. Furthermore, he noted that tokenization can create free capital markets, break banking monopolies, and increase the velocity of asset circulation.

According to the CME FedWatch Tool, the probability of the U.S. Federal Reserve holding interest rates steady at its June meeting is 97.3%, while the chance of a 25 bp hike is 2.7%. For the July meeting, the probability of rates remaining unchanged is 84.8%. The cumulative probability of a 25 bp increase by then is 14.8%, with the chance of a cumulative 50 bp hike at 0.3%.

Kevin Hassett, Chairman of the U.S. White House National Economic Council (NEC), said an agreement between the United States and Iran would cause a sharp drop in energy prices, creating room for the Federal Reserve to cut interest rates. Hassett stated that he expects energy prices to plummet if a deal is reached, which would give the Fed sufficient space to take appropriate action and lower rates. While emphasizing his respect for the Fed's independence, Hassett praised Fed Chairman Kevin Warsh, who was sworn into office on May 23. His comments come as rising U.S. fuel prices, driven by Iran's blockade of the Strait of Hormuz, are creating a political burden for President Donald Trump and the Republican Party ahead of the November midterm elections. Hassett diagnosed that the recent acceleration in inflation has been primarily triggered by energy prices. He noted that while energy prices are a clear concern in recent data releases, core inflation has remained almost unchanged, adding that a drop in energy prices could even lead to negative inflation.

Major exchanges have seen $209 million worth of futures liquidated in the past hour. In the past 24 hours, $814 million worth of futures have been liquidated.

Whale Alert reported that 308,269,342 USDT has been transferred from OKX to an unknown wallet. The transaction is valued at about $308 million.

According to CoinNess market monitoring, BTC has risen above $77,000. BTC is trading at $77,091.71 on the Binance USDT market.

Major exchanges have seen $104 million worth of futures liquidated in the past hour. In the past 24 hours, $702 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has risen above $76,000. BTC is trading at $76,005.57 on the Binance USDT market.

According to the Financial Times (FT), mediators said the U.S. and Iran are close to an agreement to extend their ceasefire for 60 days.