Bitget Daily Digest (May 21) | U.S. SEC Delays Ruling on XRP and Dogecoin ETFs; Texas Bitcoin Reserve Bill SB 21 Passes Second Reading in House

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远山洞见2025/05/21 01:47

By:远山洞见

Bitget Daily Digest (May 21) | U.S. SEC Delays Ruling on XRP and Dogecoin ETFs; Texas Bitcoin Reserve Bill SB 21 Passes Second Reading in House image 0

Today's Preivew

1.2025 FOMC voting member and St. Louis Fed President Musalem to speak on economic outlook and monetary policy

2.EigenLayer (EIGEN): Unlocking 1.29 million tokens (~$1.65M)

3.Bittensor (TAO): Unlocking 210,000 tokens (~$79.3M)

4.U.S. EIA Weekly Crude Oil Inventories (week ending May 16) to be released today; previous: -14.49M barrels

Macro Key Headlines

1.SEC Chair Paul S. Atkins Testifies Before Congress: Atkins told the House Financial Services Subcommittee that enhancing transparency and accountability at the SEC—especially in the digital assets sector—is a top priority. He emphasized the need for strict cost-benefit analysis in rulemaking to avoid overregulation that could stifle innovation.

2.Blackstone Tiptoes into Crypto: Blackstone disclosed a modest $1.08M investment in BlackRock’s spot Bitcoin ETF (IBIT)—its first official foray into crypto, despite managing over $1T in assets. Notably, CEO Stephen Schwarzman had previously dismissed Bitcoin back in 2019.

3.Texas Bitcoin Reserve Bill SB 21 Advances: On May 20, Texas lawmakers passed the Strategic Bitcoin Reserve and Investment Act (SB 21), allowing the state to invest in Bitcoin. If signed by Governor Greg Abbott, Texas will become the third U.S. state (after New Hampshire and Arizona) to establish an official Bitcoin reserve. The bill limits reserves to digital assets with a market cap exceeding $500B for 12 consecutive months—currently only Bitcoin qualifies.

4.Whale Showdown on Hyperliquid Draws Attention: Notorious whale traders James Wynn and "qwatio" opened opposing BTC leveraged positions overnight. Wynn added to his 40x long position, now totaling 7,764 BTC ($830M)—likely a record for single-position value on Hyperliquid. His entry price: $105,033; liquidation: $100,330. Meanwhile, “qwatio” opened a 40x short on 826 BTC ($88.36M), funded with $2.3M USDC. Entry: $107,192; liquidation: $108,500.

5.SEC Delays Decisions on XRP, DOGE ETFs and Bitwise Ethereum Staking Proposal: The SEC announced it would delay rulings on ETF proposals for XRP and Dogecoin (21Shares Core XRP Trust, Grayscale XRP and Dogecoin Trusts), seeking public input. The agency emphasized that initiating proceedings does not imply any conclusion. Bloomberg’s James Seyffart noted that the SEC tends to exhaust the full decision window, with most deadlines landing in October.

6.Large ETH Transfer Linked to Wilcke Spurs Speculation: After Ethereum co-founder Jeffrey Wilcke transferred 105,737 ETH (~$262M) to Kraken, eight new wallets withdrew the same amount from the exchange. Analysts suggest this may have been an internal transfer or a security protocol rather than a sell-off. The ETH was later reallocated across seven addresses—possibly Kraken’s risk management strategy or Wilcke's attempt to obfuscate movement.

Market Trends

1.BTC Daily Chart: Price ticking upward on reduced volume, following consolidation. $229M liquidated across the market in the past 24H, mainly long positions. Meme tokens like $MUBARAK and $HOUSE led gains; $PROMPT entered the top 10 by volume.

2.U.S. Stocks: S&P 500 ended a six-day winning streak; Google led tech losses. Gold spiked 2% intraday. Wolfspeed plunged over 50% post-market. Trump’s tax bill stalls amid GOP infighting over SALT deductions.

Bitget Daily Digest (May 21) | U.S. SEC Delays Ruling on XRP and Dogecoin ETFs; Texas Bitcoin Reserve Bill SB 21 Passes Second Reading in House image 1

3.Bitget BTC/USDT Liquidation Map: At the current price of ~$107,054:

If BTC drops 2,000 points to $105,054 → $321M in long liquidations

If BTC rises to $109,054 → $855M in short liquidations

Short positions face higher risk; leverage should be used cautiously.

4.BTC On-Chain Flows (24H):

Inflows: $3.027B

Outflows: $3.045B

Net outflow: $18M

5.Top Contract Net Outflows: $ETH, $SOL, $XRP, $DOGE, and $PEPE—all showing leading net outflows, possibly signaling trading opportunities.

Bitget Daily Digest (May 21) | U.S. SEC Delays Ruling on XRP and Dogecoin ETFs; Texas Bitcoin Reserve Bill SB 21 Passes Second Reading in House image 4

Institutional Insights

1.Greeks.live: Market sentiment is mildly bullish; expect volatility to rise soon. Source

2.K33 Research: Global BTC ETP AUM hits ATH; net inflows of 80K BTC since April 10. Source

3.CryptoQuant: Market may be in its third consolidation phase, resembling pre-bull 2018 structure. Source

News Updates

1.Bloomberg: Argentine President Milei shuts down department investigating LIBRA crypto scandal.

2.Elon Musk: Denies conflict of interest between his businesses and government departments.

3.Trump: Warns that failure to pass tax reform could result in massive tax hikes.

4.South Korea: Presidential candidate Lee Jae-myung proposes KRW-pegged stablecoin.

5.India Supreme Court: States outright crypto ban is unwise but stricter oversight is needed.

Project Developments

1.Jeffrey Wilcke’s ETH transfer may be for reallocation, not sale

2. Lido DAO launches Ethereum Auxiliary Proposer Mechanism (APM)

3. Stacks roadmap update includes DeFi growth and STX value strategies

4.Robinhood files proposal with SEC for RWA tokenization framework

5. Bio Protocol proposes delayed, linear vesting for team/advisor tokens

6.FTX repayments to begin May 30, 72.5% payout for claims over $50K

7. MapleStory (Web3 game): Emergency update on NESO supply & cost model optimization

8.Embr.fun, a meme-focused appchain, officially launches mainnet

9.Justin Sun to attend Trump dinner as top TRUMP token holder

10.Pudgy Penguins’ Telegram game “Pengu Clash” goes live

X Trends & Opinions

1. Crypto_Painter: Low liquidity caps BTC upside

Current BTC price approaches ATH, but lacks short-side liquidity for a breakout. Movement likely to remain gradual. Leverage remains high, suggesting any breakout will be liquidity-driven and short-lived. Source

2. MR.JasonC (BlockPhD): Virtuals Points Update: Staking now essential

Virtuals platform now requires active staking to earn "Diamond Hands" points, shifting from passive holding. This change increases platform engagement and reduces token liquidity, but may create sell pressure post-lockup. Strategy: Choose projects with short lockups, active communities, and solid fundamentals. Source

3. Yueya.eth: TradFi is studying DeFi structurally

TradFi institutions are approaching DefiLlama for in-depth protocol risk assessments, signaling long-term interest. Aave and Curve stand out as "structural DeFi assets." These aren't speculative plays but core allocations. Source

4. G | Ethena: USDe supply surges again; $ENA rally brewing

USDe supply spiked by $300M in days, returning to $5B after months of flat growth. Previous cycles show non-linear growth patterns—this rally could be even stronger than last October's $4B surge. Source

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.