Trading Desk Insights
BTC continues to consolidate between $101,000 and $105,000, with altcoins showing mixed performance across the board. While broader sentiment remains constructive, momentum is fading as BTC approaches key resistance levels—both technically and psychologically. RSI has started to retreat from overbought territory, echoing the recent slowdown in flows into U.S.-listed spot BTC ETFs. In the options space, near-term skews have flipped bearish for both BTC and ETH, with notable activity including put buying financed by call selling.
On the equity side, Coinbase dropped 7% following confirmation of an ongoing SEC probe into potentially overstated user metrics from 2021. Meanwhile, FTX creditors are set to begin receiving distributions on May 30, with over $5 billion to be paid out—returning between 54% and 120% of claim value based on November 2022 pricing.
Looking ahead, CME is set to launch cash-settled XRP futures on Monday, and Coinbase will replace Discover Financial Services in the S&P 500 before the opening bell. Traders should also brace for elevated volatility Friday, as Goldman Sachs estimates over $2.8 trillion in notional options exposure is set to expire—the largest May expiry on record.
Markets closed higher Friday, supported by dovish inflation prints and a temporary de-escalation in U.S.-China trade tensions. Beijing described recent trade talks with Washington as "good," and President Trump hinted at direct communication with President Xi—injecting cautious optimism into global risk assets. Still, some U.S. corporates are flagging rising input costs and lingering macro uncertainty.
The News Room
Abu Dhabi sovereign wealth fund Mubadala expands Bitcoin exposure via IBIT while Wisconsin fund exits crypto ETF
In the first quarter of 2025, Abu Dhabi's Mubadala Investment Company increased its stake in BlackRock's iShares Bitcoin Trust (IBIT), acquiring over 491,000 additional shares and bringing its total holdings to approximately 8.7 million shares, valued at around $408.5 million as of March 31. This move underscores Mubadala's commitment to Bitcoin, even amid market volatility. Conversely, the State of Wisconsin Investment Board (SWIB) fully liquidated its position in IBIT during the same period, selling all 6 million shares it held at the end of 2024. This contrasting behavior highlights differing institutional strategies toward Bitcoin exposure in a fluctuating market environment.
Coinbase resists $20 million Bitcoin ransom demand after insider-led data breach
Coinbase has disclosed a significant data breach involving the theft of sensitive customer information by cybercriminals who bribed overseas support staff. The compromised data includes names, contact details, partial Social Security numbers, and government-issued IDs. Although customer funds and login credentials remain secure, the attackers demanded a $20 million ransom, which Coinbase refused to pay. Instead, the company has offered a $20 million reward for information leading to the perpetrators' arrest. The breach affects less than 1% of users, and Coinbase estimates the incident could cost between $180 million and $400 million in remediation and reimbursements. The company is cooperating with law enforcement and has terminated the involved employees. This incident comes as Coinbase prepares for its inclusion in the S&P 500 index.
Central Bank of Russia rates Bitcoin the top global investment since 2022
The Central Bank of Russia has identified Bitcoin as the top-performing global investment since 2022, with cumulative returns of 121.3%, surpassing traditional assets like gold, equities, and fixed-income instruments. Despite an 18.6% decline in early 2025, Bitcoin rebounded with an 11.2% gain in April, outpacing other major asset classes. The bank acknowledged Bitcoin's volatility but noted its strong performance amid broader market challenges, highlighting a growing interest in cryptocurrencies within Russia's financial landscape
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