Bitget Daily Digest (May 20)｜SEC Delays Decision on Solana ETF Applications; Strategy Acquires 7,390 BTC Last Week

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远山洞见2025/05/20 01:22

By:远山洞见

Bitget Daily Digest (May 20)｜SEC Delays Decision on Solana ETF Applications; Strategy Acquires 7,390 BTC Last Week image 0

Today’s Preview

1.G7 Finance Ministers and Central Bank Governors Meeting continues through May 22.

2.CoW Protocol begins testing today for its shift to a fair batch auction mechanism.

3.New York City hosts its first Crypto Summit at Gracie Mansion; the Mayor reiterates his goal to make NYC the global crypto capital.

4.FIFA Collect begins migration to the exclusive FIFA EVM chain today; users must reclaim assets in time.

Macro & Market Highlights

1.SEC Chairman Paul Atkins announced at an SEC conference that the agency will promote the drafting of crypto-related regulatory frameworks and support unified custody mechanisms for both securities and non-securities. FinHub, previously tasked with crypto innovation, will be merged into other departments to improve efficiency and pivot from enforcement to innovation support.

2.Public Companies Accumulate BTC:

Strategy purchased 7,390 BTC between May 12–18 at an average price of $103,498.

Metaplanet, as part of its BTC treasury strategy, acquired an additional 1,004 BTC for ¥15.195 billion JPY (average ~¥15.13M per BTC), bringing its total holdings to 7,800 BTC at a historical average purchase price of ¥13.51M per BTC.

3.Arthur Hayes, via Fortune, stated that the altcoin season won’t begin until BTC surpasses $110K, potentially rising to $150K–$200K around summer or Q3 2025, at which point capital may rotate into altcoins. He holds ~20% gold in his portfolio and predicts ETH could outperform SOL in the next 18–24 months. Hayes believes BTC will hit $1 million before Trump’s second term ends (2028), with a year-end target of $250K.

4.The SEC has delayed decisions on multiple Solana ETF proposals (21Shares, Bitwise, VanEck, Canary Capital), citing the need for more time to consider legal and policy concerns. The delay is not an indication of approval or denial.

5.Sonic SVM introduces a new value accrual model for its $SONIC token, replacing token burns with strategic buy-and-lock mechanisms. 50% of former burn fees will now be used to buy $SONIC on the open market and lock them for 24 months in a dedicated vault. The 12.5% $SONIC fee component from transactions will be converted into staked SOL on the Solana mainnet. Staking rewards will be paired with monthly-vesting SONIC tokens to form liquidity pools on Sonic SVM. LPs on Sonic SVM will receive additional incentives.

Market Trends

1.BTC showed sharp intraday swings, rebounding strongly from a low of ~$102K. Total liquidations hit $123M, mostly long positions. Meme tokens like $RIF, $URO led gains, with $PSTAKE topping Bitget’s gainers list.

2.U.S. markets opened lower but closed higher; S&P posted a rare six-day winning streak after initially dropping over 1%. U.S. Treasuries saw a V-shaped rebound, and gold futures spiked over 2%.

Bitget Daily Digest (May 20)｜SEC Delays Decision on Solana ETF Applications; Strategy Acquires 7,390 BTC Last Week image 1

3.According to Bitget’s BTC/USDT liquidation heatmap,

A drop to $103,795 could trigger $552M in long liquidations.

A rise to $107,795 could trigger $819M in short liquidations.

Short positions are far more vulnerable, suggesting the need for prudent leverage control.

Bitget Daily Digest (May 20)｜SEC Delays Decision on Solana ETF Applications; Strategy Acquires 7,390 BTC Last Week image 2

4.Over the past 24 hours, BTC spot markets saw $2.3B in inflows and $3.9B in outflows, resulting in $1.6B net outflows.

Bitget Daily Digest (May 20)｜SEC Delays Decision on Solana ETF Applications; Strategy Acquires 7,390 BTC Last Week image 3

5.Net outflows in perpetual contracts over the past 24 hours were led by $BTC, $ETH, $SOL, $XRP, and $DOGE, signaling potential trading opportunities.

Institutional Insights

1.Matrixport: BTC’s Market Cap / Realized Cap ratio has returned to bullish territory. Link

2.Glassnode: BTC’s 30-day correlation with gold has dropped to -0.54, the lowest since February 2024. Link

3.CoinShares: Digital asset investment products saw $785M in net inflows last week, marking the fifth consecutive week of inflows. Link

News Updates

1.Trump: Post-war, Russia aims to initiate large-scale trade with the U.S.

2.Putin: Russia is ready to engage with Ukraine on a peace memorandum.

3.SEC Chair: Reaffirms a return to an innovation-supportive stance in crypto regulation.

4.Fed’s Williams: QT still has a long way to go; it will not affect market pricing.

5.Australia: Judge rules that Bitcoin is currency, not an asset— potentially exempting it from capital gains tax.

Project Updates

1.Berachain discloses a transparent redemption plan for $HONEY collateral assets.

2.Sonic SVM launches a revamped $SONIC buy-and-lock mechanism to enhance token value capture.

3.Cardano founder denies embezzlement allegations involving $600M, promises to release audit report.

4.Circle: Sony Singapore’s online store now accepts USDC payments.

5.Tether CEO: U.S. Treasury holdings now exceed those of Germany.

6.SOON founder announces livestream copy trading with airdrop links.

7.Bitget launches live streaming, supporting real-time content sharing and trading interaction.

8.Vitalik proposes a new "partial stateless node" model to optimize scalability.

9.Virtuals introduces proxy staking, allowing users to earn points via delegation.

10.Top active L1s (7-day trend): Solana maintains the top spot.

X Highlights

1. Yifei Y: Why Is Genesis Generating 50x–100x Returns Everywhere?

Three forces are driving the surge on Virtuals’ Genesis launchpad:

AI narrative + market sentiment: Projects like @aixbt_agent and @AIxVC_Axelrod attract speculative capital betting on unique AI applications in crypto, not just current functionality.

On-chain fair launches: Genesis allows individuals to access early-stage tokens directly, creating a new norm compared to traditional TGE models.

Curation by the Virtuals team: While decentralized, the platform filters out poor-quality tokens and supports promising projects with real resources and coordinated launch strategies.

This is not chaos—it’s an early AI-native capital accumulation phase for the few who understand the game. Link

2. Phyrex: BTC’s 4-Stage Rollercoaster Clears Weak Hands

BTC saw four major price swings in 24 hours, hitting nearly $107K high and almost dropping below $102K, driven by Moody’s U.S. downgrade fears and rising U.S.-China chip tensions. However, both BTC and equities rebounded, indicating market resilience. Key support remains between $93K–$98K, with accumulation near $102K. No systemic risks are currently evident. Link

3. Norman | 0xU: When to Strike on Meme Coins (Degen Guide)

Optimal time to enter meme coins on Pump.fun (Solana):

Wait for platform volume to exceed $1B and graduation rate to surpass 1%.
Golden window: $3B+ volume & 1.5%+ grad rate.
Best times: Fridays & Sundays, 8 PM–3 AM and 5 AM–8 AM.

Real on-chain hunters don’t trade all day—they wait for the perfect moment. Link

4. Murphy: BTC Accumulation Pauses – Volatility Incoming

BTC’s concentration of holdings dropped from 15.5% to 8.2% recently, a bullish sign. However, since May 14, the downtrend stalled—suggesting shifting momentum. If BTC falls back into the high-concentration range, volatility may spike. While direction remains uncertain, trading volatility over direction is currently the more rational play. Link

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.