Market Snapshot: May 29, 2025
The crypto market reacted positively overnight after a U.S. court struck down former President Donald Trump’s broad-based tariff policy. Coupled with upbeat earnings from Nvidia, the ruling sparked a surge in risk assets, including Bitcoin and Ether.
Top Movers
- Bitcoin (BTC) rose to $108,812.19, up 1.15% from Wednesday afternoon. Despite the rally, on-chain data shows large wallets are selling, and exchange deposits have increased, hinting at upcoming selling pressure.
- Ether (ETH) jumped to $2,780, the highest since Feb. 24, driven by derivatives market momentum and institutional demand via U.S.-listed spot ETFs, which recorded $84.89M in net inflows on Wednesday.
Market Metrics
| Metric | Value |
|---|---|
| BTC Funding Rate (Binance) | 0.0057% (6.3% annualized) |
| ETH CESR Staking Rate | 3.1% (unchanged) |
| BTC ETF Daily Net Flow | $432.7M |
| ETH ETF Daily Net Flow | $84.9M |
Caution Flags in Derivatives Market
- Volatility Expected: Friday’s monthly options settlement looms.
- BTC Skew Flips Bearish: Demand rising for short-dated puts.
- ETH Call Skew Softening: Slight pullback in bullish options flow.
DeFi Exploits Continue
- Cork Protocol suffered a $12 million smart contract exploit on Ethereum.
- Attacker manipulated exchange rates, stealing ~3,762 wrapped staked ETH (wstETH).
- Comes days after Cetus Protocol’s $223 million loss on Sui.
Token & DeFi Highlights
- Sol Strategies files to raise $1B to invest in Solana ecosystem.
- TON Futures OI surged 33% to $190M — highest since Feb.
- Circle froze wallets linked to Libra token over USDC concerns.
- Metaplanet issues $21M in bonds to buy more BTC.
Upcoming Events to Watch
Crypto & Macro
- May 30: FTX creditor repayments (Round 2).
- May 30: U.S. Personal Income/Spending + Core PCE report.
- May 31: Mezo Mainnet launch (TBC).
- June 6: SEC DeFi Roundtable.
- June 10: Ether.fi analyst call and Q&A.
Unlocks
- May 31: Optimism unlocks $24.43M.
- June 1: Sui unlocks $160.58M, ZetaChain unlocks $11.18M.
- June 12: Aptos & Ethena unlock a combined $76M+.
Community & Governance
- Arbitrum DAO Vote ends May 29: Upgrade to ArbOS 40.
- Sui DAO Vote ends June 3: Recover $220M from Cetus hack.
- Wormhole, NEAR, and Synthetic host key community calls this week.
Final Thought
The invalidated Trump-era tariffs have sparked optimism in global markets, particularly crypto. Still, institutional flows are diverging — large BTC holders are cashing out, while ETH gains momentum with ETF inflows and derivative strength.
Stay alert: Friday’s options expiry could bring significant volatility.