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What to know:

By James Van Straten (All times ET unless indicated otherwise)

Bitcoin (BTC) started the week on a positive note, rising above $107,000 — the highest since Jan. 24, according to CoinDesk data —before pulling back to $102,000 during the Asian morning.

Despite the retracement, the largest cryptocurrency continues to trend upward, forming higher highs and higher lows within an ascending consolidation channel, while its market dominance rose above 64%.

There's a bullish bias in the options market, too. Deribit data shows a heavy concentration of call open interest above $100,000, particularly at the $110,000, $115,000 and $120,000 strike prices for May 30, when $8 billion in notional value expires. Call options, which give holders the right to buy BTC at a specific price, are typically used to bet that the price will rise to or above that level.

Another sign of strong demand comes from Glassnode data showing widespread accumulation across all wallet cohorts from holders of less than 1 BTC to over 10,000 BTC. The accumulation trend score rose to 0.87; the maximum value is 1.

For a note of caution, take a look at the U.S. 30-year Treasury yield, which topped 5% as Moody’s Ratings downgraded the debt to Aa1 from Aaa, citing fiscal concerns in the U.S. The last time the yield rose that high, April 9, bitcoin dropped to a monthly low of $75,000.

Meanwhile, the U.K. overtook China as the second-largest holder of U.S. debt, and Tether’s U.S. Treasury holdings are poised to surpass Germany’s, potentially placing it among the top 20 foreign holders. At a time when the U.S. is actively seeking buyers for its bonds, none may be more critical than the issuer of the largest stablecoin. Stay alert!

Galaxy Now Trading on Nasdaq — Ticker: GLXY

Bringing digital assets and AI infrastructure to the forefront of U.S. markets

Galaxy (Nasdaq: GLXY) is trading on Nasdaq, marking a milestone for a company operating at the forefront of digital assets and artificial intelligence.

Founded in 2018 by billionaire investor Mike Novogratz, Galaxy has grown into a global platform offering institutional trading, asset management, lending, tokenization, and crypto ETFs. Its derivatives desk recorded over $20 billion in volume last year, and it ranks among the largest crypto lenders worldwide.

Galaxy is also expanding into AI infrastructure. Its Helios data center in West Texas is being repurposed from supporting BTC mining to high-performance compute, with a 15-year partnership to host CoreWeave’s AI workloads that will create a diversified source of predictable revenue that is uncorrelated to the prices of digital assets.

Find us on Nasdaq under the ticker GLXY and learn more about how Galaxy is building the future of finance and AI at www.galaxy.com.

Important Disclosures

This announcement shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. In addition, this announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Reorganization or the accuracy or adequacy of this communication.

Certain statements in these materials constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of Galaxy Digital Inc.’s (the “Company”) future financial performance or results, our anticipated growth strategies, anticipated trends in our business or future events and circumstances. These statements are only predictions based on the Company's current expectations, estimates, forecasts and projections about future events and trends that may affect the business, results of operations, financial condition and prospects. And as a result, these statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. For a further discussion of these risks, uncertainties and assumptions, please see the section titled “Risk Factors” in Part II, Item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Forward-looking statements speak only as of the date they are made. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to such forward-looking statements or any change in events, conditions or circumstances on which any such statement is based.

Crypto:

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Bitcoin long-term holder supply is approaching a one-year high of 14,326,823 BTC.

That's an increase of 400,000 BTC from this year’s lows as long-term holders show growing conviction in price increases.

📉 Gold Set for Worst Week in Six Months as Trade Calm Dents Appeal(Reuters): Gold faced pressure from easing U.S.-China tensions, though the price dips are attracting buyers amid lingering uncertainty over global growth and inflation.

🇯🇵 Japan’s Economy Shrinks for First Time in a Year (Wall Street Journal): Japan’s GDP shrank 0.2% in the first quarter, worse than the expected 0.1% drop, raising recession fears as concerns mount that U.S. tariffs could curb exports and hinder investment.

⛷ XRP Slides 4% as Bitcoin Traders Cautious of $105K Price Resistance (CoinDesk): XRP led declines among the biggest cryptocurrencies and, after a week of steady trading, bitcoin appears to be signaling a correction amid equity weakness and gold profit-taking, according to FxPro’s Alex Kuptsikevich.

🎯 Bitcoin Bulls Face $120M Challenge in Extending 'Stair-Step' Uptrend (CoinDesk): Bitcoin’s climb from $75,000 to $104,000 has slowed near heavy sell walls, though analysts expect bullish momentum to eventually absorb the resistance and push prices higher.

💰 FTX to Pay Over $5B to Creditors as Bankrupt Estate Gears Up for Distribution (CoinDesk): Disbursements beginning May 30 will return between 54% and 120% of claims based on November 2022 valuations, with BitGo and Kraken handling transfers in one to three business days.

🇶🇦 Qatari Cybertrucks, Elite Camels and Trillion-Dollar Vows: Why Gulf Countries Are Going All Out for Trump’s Visit (CNBC): The Gulf’s record investment pledges were less about competing with one another and more about strengthening U.S. ties and securing advanced technologies, said economist Ahmed Rashad.

CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.

L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.

Edited by Sheldon Reback

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