Hyperliquid data show bearish market consolidation
Mainstream data observations
BTC core liquidation positions:
Long positions at $107,428 with a liquidation amount of $968 million.
Short positions at $110,732 with a liquidation amount of $1.545 billion
The current BTC price: $109,007. The short position liquidation intensity is high and concentrated, with strong liquidation pressure around $110,700.
ETH core liquidation positions:
Long positions at $2,515.4 with a liquidation amount of $216 million.
Short positions at $2,588.2 with a liquidation amount of $434 million
The current Ethereum price: $2,560.1. The short position liquidation intensity is high, with significant liquidation amounts around $2,590, making it a key price point to monitor.
Total stablecoin market cap: $247.483 billion
The total market cap saw a slight increase on May 27. USDS issued an additional 11.25%, and Ethereum saw an increase of 12.76%. The current total market cap is over $3.4 billion.
BTC market share: 64.31%
TOTAL 3 market cap: $893.29 billion
BTC's market share has returned above 64%, with a low risk appetite in the market. Altcoins are currently not highly valued and have not yet entered the full breakout phase.
Current core miner shutdown price: $60,866
Miner shutdown coin prices are currently below BTC's current price. The average shutdown price for mainstream mining rigs is $60,000, which can be used as a key price point for observation.
Bitcoin MVRV-Z score: 2.63
MVRV is the ratio of the minimum market value (current market cap) to realized value (the total value of all BTC at their last movement). While it has not yet reached the extreme zones of historical peaks, it has entered a neutral-to-overheated range, so caution is needed for potential market pullbacks.
Bitcoin BVIV score: 48.50
The BVIV score has fallen below 50 and is fluctuating. There is a low probability of significant price fluctuations for Bitcoin.
[Market rating]
On the night of May 26, BTC quickly surged from $106,600 to above $110,000, reaching a high of $110,450, indicating a strong market. On the morning of May 27, it retraced, currently fluctuating above $109,000. Additionally, $107,000 can be considered a key support level. The current bull/bear sentiment score is 90 (Bullish).
[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]
Market overview
BTC dipped to 107,438 during intraday trading, continuing to maintain a sideways trend. High-leverage whale James, who previously made a profit of $85 million at the peak, has now retraced to $8.5 million, indicating that market transaction friction costs are rising rapidly. Currently, there are no major bearish signals for BTC in this cycle. The core trend for BTC will be consolidation and the eventual choice of direction. From a cost perspective, BTC's core Point of Control (POC) is around 103,550, which serves as the key defensive level for bulls. If BTC chooses to consolidate downward, this range could be a good accumulation zone. ETH remains in a sideways range around 2,550, not yet showing enough momentum to approach the upper bound of 2,750. BTC's market dominance has slightly risen to 64.4%, with volatility decreasing.
Macro overview
On May 27, The Block reported that, according to six anonymous sources, the Financial Times claimed that Trump Media & Technology Group (TMTG) is planning to raise $3 billion through stock sales to invest in cryptocurrencies, including Bitcoin. On May 27, the company strongly denied this news. Regardless of the authenticity of the news, more and more companies will adopt the "Bitcoin hoarding" model in the future. With the expectation of inflation due to fiat currency oversupply, various companies holding BTC indirectly through ETFs like IBIT will become mainstream. Similarly, the method of continuously increasing BTC holdings through fundraising will become more common, especially with the gradual improvement of legal and regulatory frameworks. As a core asset, BTC's allocation in institutions, publicly listed companies, and private companies will rapidly increase.
Key events
- Stablecoin issuer Circle has denied its potential sale to crypto companies Ripple Labs or Coinbase.
- According to Reuters, Trump Media and Technology Group is planning to raise $3 billion for cryptocurrency investment.
- Sui ecosystem memecoin HIPPO has launched a token buyback and burn mechanism.
- DeFi protocol Huma Finance has opened the claim for its HUMA token airdrop.
- Strategy (formerly MicroStrategy) has increased its Bitcoin holdings by 4,020 BTC at an average price of $106,237 per BTC.
- Crypto trader James Wynn has withdrawn 28 million USDC from Hyperliquid, earning a Profit of $25.2 million.
Hot projects
Exchange updates
- Binance has introduced a trading live stream feature on Binance Square, launched the HUMA/USDT perpetual contract with up to 75x leverage on Binance Futures, and announced that users who accumulate 200 Alpha points can claim the HUMA token airdrop. Additionally, Binance Wallet has revealed its next TGE project, Elderglade (ELDE), and Binance Alpha has launched Puffverse (PFVS), with an airdrop claim available for eligible users.
- Coinbase has opened trading for eight tokens to German users, including Rocket Pool (RPL), Reserve Rights (RSR), Pudgy Penguins (PENGU), Renzo (REZ), Aethir (ATH), Syrup (SYRUP), Pendle (PENDLE), and Layer3 (L3).
- Bitget has launched the HUMA/USDT and ZBCN/USDT perpetual contracts with up to 20x leverage, and Bitget Onchain trading has introduced the Solana ecosystem memecoin Shitcoin.
- Binance Futures has launched the HUMA/USDT perpetual contract with up to 75x leverage, and Binance has announced that users who accumulate 200 Alpha points can claim the HUMA token airdrop.
- Bybit has launched the HUMA/USDT perpetual contract with up to 50x leverage, along with Aptos Network native USDC and over 20,000 APT prize pool events.
- OKX has launched HUMA/USDT perpetual contract with up to 20x leverage.
Industry landscape
- YZi Labs (formerly Binance Labs) has invested in Avalon Labs, a company focused on Bitcoin-backed financial services, to advance Bitcoin-powered finance.
- Stablecoin project Hyperdrive has completed a $6 million Series A funding round, led by Hack VC.
Emerging projects
Hyperliquid smart money tracking
Most major accounts continue to hold existing positions, but the return on equity (ROE) is worsening, indicating the market has not yet bottomed out.
BTC and SOL show clear signs of pullback, especially BTC, which is seen as a benchmark asset. If major players continue to incur losses, it could lead to a shift in capital to a wait-and-see stance.
There are no clear signs of position increases, reflecting that capital has not yet entered at lower prices, with the overall market showing weak and sideways consolidation.
Summary:The market tends to consolidate with a bearish bias. Short-term long positions carry high risk and may wait for a reversal from major funds before positioning.
SOL remains in a strong position but shows clear signs of pullback. Set proper risk controls to avoid profit loss.
BTC is a key observation target: whether 0x50…db6 continues to hold or cuts losses will determine whether the market trend strengthens or breaks down.
In short-term strategy, focus on defense, observing more and acting less, waiting for new entry signals or funds to consolidate in a clear direction.
Other opportunities
On-chain DeFi mining yield products:
Risk: Users should exercise caution when investing and conduct their own research.
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