Americas Crypto Daybook: Bitcoin's Market Value Surpasses $2.2 Trillion Amid Rising Derivatives and Bullish Sentiment

By James Van Straten (All times ET unless otherwise stated) Bitcoin, currently priced at $85,283.49, is advancing in the asset hierarchy. This week's rally has propelled its market capitalization to $2.2 trillion for the first time, overtaking Amazon and Google to become the world's fifth-largest asset. It now trails behind Apple, Microsoft, and Nvidia, which are valued at over $3 trillion, and gold, estimated at $22 trillion. The No. 5 ranking underscores Bitcoin's growing appeal among traditional and institutional investors, accompanied by a decisive shift in market sentiment towards bullishness. Strong buying activity is observed across all investor groups, with the BTC price stabilizing around $110,000 and experiencing minimal pullbacks. As the end-of-May options expiry approaches, the options market indicates significant activity, with most call options positioned at the $110,000 strike price and a max pain level at $96,000. Looking ahead to June, there is a notable clustering of high-strike call options at $200,000 and $300,000, signaling traders' bets on sustained upward momentum. Despite Bitcoin's strength, Strategy, the largest corporate Bitcoin holder, has underperformed in share price compared to its peers. The company has announced a $2.1 billion at-the-market offering of its new perpetual preferred stock to fund additional Bitcoin acquisitions. BlackRock's iShares Bitcoin Trust continues to dominate the institutional market, with $877 million in inflows on Thursday and a total net inflow of $47.6 billion, according to Farside data. On the macroeconomic front, Bitcoin is diverging from traditional equities, rising 5% over the past five days while the S&P 500 has declined by more than 1%. This uncorrelated performance reinforces Bitcoin's appeal as a macro hedge. Investors are closely watching Federal Reserve Chair Jerome Powell's upcoming speech, which could significantly influence next week's market trajectory. Key Areas to Watch Upcoming Token Events Conferences Token Talk By Shaurya Malwa Derivatives Positioning Market Trends: Bitcoin Statistics: Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether