Trading Desk Insights
Here we go again — geopolitical noise is back in the driver's seat.
Risk assets were hit early Friday as President Trump reignited trade tensions, targeting Apple and the EU. In a Truth Social post, Trump stated that all iPhones sold in the U.S. must be domestically manufactured or face a minimum 25% tariff — a direct shot at Apple’s global supply chain. He also took aim at the EU, citing stalled trade talks and recommending a 50% blanket tariff on EU imports starting June 1, 2025.
Equities, already on the back foot this week amid spiking bond yields, extended losses on the news. But while traditional markets are flashing red, BTC continues to decouple, gaining 3% over the past five sessions even as the Nasdaq slipped 2%. Bitcoin’s outperformance is further bolstering its case as a macro hedge in risk-off environments.
The options market is flashing bullish sentiment — we’re seeing large call positioning around $200K and $300K strikes for the June expiry, a clear bet on continuation to the upside. On the ETF front, BTC spot products saw $934.8M in inflows yesterday alone, while ETH pulled in $110.5M, well above its daily average.
On-chain data tells a similar story: accumulation is back in full force. Whales with over 10,000 BTC led the charge starting in early May, and now smaller wallets are following suit. This is a sharp reversal from the January-April period, when broader selling pressure dominated as BTC fell from $109K to $75K.
Looking at altcoins, FET is ripping — up over 30% on the week. The turnaround started after its April 8th bottom, when negative funding flipped and both volume and open interest began trending higher. TAO has emerged as a serious contender, outperforming FET by over 40% YTD and cementing itself as one of the top AI trades on the board.
The market is rotating — and traders are leaning in.
The News Room
Solana Memecoin Trading Volume Surges 46% in May
Solana's memecoin market experienced a significant uptick in activity, with average daily trading volumes increasing by 46% from April to May. As of May 21, monthly trading volume reached $58.7 billion, surpassing April's total by over $1 billion. This surge aligns with Bitcoin's recent recovery, suggesting a renewed investor appetite for riskier assets and highlighting Solana's growing role in the memecoin ecosystem.
Wall Street Banks Collaborate on New Stablecoin to Challenge Tether
Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly in early discussions to develop a joint stablecoin. The initiative aims to streamline transactions like cross-border payments and address growing competition from existing stablecoins such as Tether. The project is still in the conceptual phase and would depend on forthcoming regulations, including potential legislation like the GENIUS Act.
TRUMP Token Holders Sell Off After Gala Dinner Amid Price Drop
Following a gala dinner hosted by former President Donald Trump for the top 220 holders of his $TRUMP memecoin, nearly half of the attendees had liquidated their positions before the event. The token's price dropped over 7% to $13.70 shortly after the dinner. The event, intended to celebrate the token's success, faced protests and raised ethical concerns, especially given the significant control Trump-affiliated entities have over the token's supply.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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