$110,000 Tug of War: The Whales Behind a $15.86M Liquidation, Four Hidden Catalysts Hold the Key

Original Article Title: "Four Major Catalysts That Could Ignite a New Bull Market Rally?"

Original Article Author: 1912212.eth, Foresight News

After Bitcoin broke through $110,000 to achieve a new all-time high, it has recently experienced a pullback. On the evening of May 25, BTC even dropped to around $106,000, then slowly climbed back up, now once again approaching the $110,000 level. Some coins have turned from a decline to an increase, according to Coinglass data, about $208 million in total has been liquidated in the past 24 hours, with long liquidations amounting to $114 million and short liquidations to $93.59 million. Bitcoin accounted for $42.01 million in liquidations, and Ethereum accounted for $49.05 million.

Renowned whale James Wynn closed his $1 billion BTC short position this morning between 6:09 and 6:15, totaling 9,402 BTC, with an average opening price of $107,069 and an average closing price of $108,757, resulting in a loss of approximately $15.86 million. Since early April this year, Bitcoin has seen a seven-week uptrend on the weekly chart, with a very rare display of fund momentum. Historically, after a 7-week or 7-month uptrend, the price often experiences a pullback and consolidation. Will it be the same this time? However, there are still catalysts worth paying attention to in the subsequent market.

Bitcoin and Ethereum Spot ETF Data Showing Extremely Strong Performance

Since May of this year, Bitcoin spot ETF data has shown very strong inflows. From May 1 to the present, there have only been two days of small net outflows, with all others recording significant inflows. There have been four occasions where daily net inflows exceeded $600 million, with only four instances of net inflows less than $200 million for the entire month.

The total net inflow of Bitcoin spot ETFs has now reached $44.53 billion.

Ethereum spot ETFs have also shown relatively positive performance. Since May 12, there have only been 2 instances of small net outflows, with the rest being net inflows. It is worth mentioning that on May 22, there was a rare daily net inflow of over $1.1 billion, setting a new high since February of this year.

The strong fund inflows into Bitcoin and Ethereum spot ETFs have injected optimism into the future price trends.

The Bitcoin 2025 Conference will be held from May 27 to 29

The annual Bitcoin 2025 Conference will be held in Las Vegas from May 27 to 29, 2025.

Featured speakers include:

· U.S. Vice President JD Vance

· Silk Road founder Ross Ulbricht

· Eric Trump, son of Donald Trump

· Donald Trump Jr

· Strategy founder Michael Saylor

· U.S. Senator Cynthia Lummis

Notably, Trump expressed strong support for Bitcoin at the Bitcoin 2024 Conference, including endorsing a Bitcoin reserve strategy, promoting U.S. leadership in Bitcoin mining, and the crypto industry. During the conference on July 26-27, Bitcoin reversed its downward trend to surge, breaking $70,000 on July 29. The influential guests participating in this event are expected to drive Bitcoin's development in commercial applications and policy.

FTX Repayment to Begin on May 30, With Total Allocation Funds Exceeding $5 Billion

Main FTX repayments will begin on May 30, marking the second distribution to creditors, with total allocation funds exceeding $5 billion. This marks a significant milestone following the initial reimbursement to small creditors with claims under $50,000 in February 2025. FTX had previously made the first payout to Convenience Classes, a low-value creditor category under the Chapter 11 restructuring plan.

FTX creditor representative Sunil recently confirmed in a post that the FTX repayment distribution will occur on May 30, with Step 9 now updated to "Allow Claims":

· Users with amounts over $50,000 will receive a 72.5% reimbursement;

· The remaining reimbursement (up to 100%) and interest will be distributed in subsequent allocations.

The inflow of $5 billion into the market may boost liquidity in the short term. Additionally, as the repayments are in cash, this amount of funds may convert into buying pressure for mainstream cryptocurrencies like Bitcoin.

Trump Reopens 90-Day Negotiation Window with EU

In May 2025, the tension in tariff negotiations between the EU and the US continued. At the beginning of the year, the Trump administration imposed tariffs of 20% to 50% on the EU, covering various sectors such as steel, aluminum, and cars. In response, the EU imposed retaliatory tariffs on US goods. On May 23, Trump stated, "The EU was mainly formed to take advantage of the US in trade. The US has made no progress in negotiations with them and suggested imposing a direct 50% tariff on EU products starting from June 1, 2025." This statement briefly caused a decline in the US stock market and Bitcoin.

However, on May 26, Trump stated that the EU had requested an extension to the trade negotiation window and had agreed to extend the deadline until July 9. Earlier, after a phone call with Trump on Sunday, EU Commission President von der Leyen stated that the EU was prepared to "swiftly and decisively" advance trade negotiations with the US but needed Trump to return to his originally set 90-day negotiation period.

After this announcement, Bitcoin briefly rebounded above $109,000. Additionally, this month, US tariffs on Chinese goods were reduced from 145% to 30%, and Chinese tariffs on US goods were reduced from 125% to 10%, initiating a 90-day cooling-off period (May 14 to August 12). This cooling-off period aims to provide time for both sides to continue negotiations, attempting to alleviate the impact of the trade war on the global economy. The brief pause in the global tariff trade war allowed risk assets to temporarily continue their upward trend under stable expectations.

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