Bitcoin consolidates near US$105k

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State of crypto

• Bitcoin consolidates near US$105k as momentum slows and volatility eases
• Asia takes the lead in crypto spot trading as US share slips
• JPMorgan to accept BlackRock Bitcoin ETF shares as loan collateral
• Strategy adds US$75m in Bitcoin, launches US$250m stock offering to buy more
• 61 public companies now hold over 3% of total Bitcoin supply

Bitcoin consolidates near US$105k as momentum slows and volatility eases

Bitcoin has maintained a steady position around the US$105k mark, showing continued resilience despite recent market fluctuations and economic uncertainties. After reaching its new all-time high price, it has entered a consolidation phase. Currently trading within a narrow range between US$103,400 and US$108,900 over the past week.

According to data from Glassnode, Bitcoin’s price has remained steady even as many investors have been locking in profits. With realised gains topping US$500 million per hour on multiple occasions within a 24-hour period. Meanwhile, a drop in the Relative Strength Index (RSI) to around 20,indicates fewer buyers are chasing the rally, pointing to a slowdown in short-term momentum.

Institutional interest has shown some signs of cooling, with US-listed spot Bitcoin ETFs experiencing net outflows exceeding US$157 million between May 27th and May 30th, following six weeks of strong inflows. Despite these outflows, however, some institutions have continued to accumulate Bitcoin, which shows a divergence in investment strategies among crypto-friendly.

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Asia takes the lead in crypto spot trading as US share slips

The global crypto market is seeing a significant shift in spot trading activity. Asian trading hours now accounting for almost 30% of all the spot trading volume for Bitcoin, Ethereum, and Solana, while the US share has declined to less than 45%. This change comes despite a 40% surge in Bitcoin's price since early April, showing a redistribution of trading activity toward Asia. US-listed spot Bitcoin ETFs have concurrently seen a substantial increase in volume, now representing about 45% of the global spot Bitcoin market volume.

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JPMorgan to accept BlackRock Bitcoin ETF shares as loan collateral

JPMorgan Chase is set to allow its clients to use shares of cryptocurrency ETFs, such as BlackRock's iShares Bitcoin Trust, as collateral for loans. This move is in line with their newly adopted approach to digital assets, treating crypto holdings similarly to traditional assets like real estate when assessing a client's net worth and loan eligibility. The decision also aligns with the growing institutional acceptance of crypto among major financial institutions, following the Securities and Exchange Commission's initial approval of Bitcoin and Ethereum ETFs last year, which have since seen substantial investor interest.

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Strategy adds US$75m in Bitcoin, launches US$250m stock offering to buy more

Michael Saylor’s Strategy (formerly MicroStrategy) continues its aggressive Bitcoin accumulation approach, purchasing 705 BTC for US$75.1 million between May 26 and 30 at an average price of US$106,495 per coin. This acquisition brings Strategy’s total holdings to 580,955 BTC, valued at over US$61 billion, and increases its year-to-date Bitcoin yield to 16.9%. Additionally, to fund further Bitcoin purchases, the firm also announced a US$250 million offering of 2.5 million shares of its 10% Series A Perpetual Stride Preferred Stock (ticker: STRD) at US$100 per share. The proceeds will be used to acquire additional Bitcoin and provide working capital.

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61 public companies now hold over 3% of total Bitcoin supply

According to a recent report by Standard Chartered, 61 publicly listed companies collectively hold 673,897 BTC, accounting for over 3% of Bitcoin's total supply. These firms have doubled their Bitcoin holdings in the past two months, surpassing the accumulation pace of Michael Saylor’s Strategy. However, the report cautions that as market inefficiencies diminish, corporate Bitcoin treasuries could become a source of downside price pressure and volatility, especially since 50% of these companies have average purchase prices above $90,000 per BTC. New entrants like Canada's SolarBank and France's Blockchain Group have recently adopted Bitcoin treasury strategies, indicating a growing trend among corporations.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Ausbiz: Investors betting on Bitcoin amid trade war

In his recent interview with ausbiz, BTC Markets’ Head of Finance Charlie Sherry analysed Bitcoin’s recent price movements and its growing appeal as a safe-haven asset amid global uncertainty. He also discussed Ethereum’s lagging momentum, rising interest in altcoins like Solana and Sui, and what Circle’s IPO could mean for the market, all while awaiting long-promised regulatory clarity in Australia.

Watch the full interview.

The Block: Bitcoin trades at US$105,500 'pivot point' but long-term outlook remains optimistic, analyst says

Rachael Lucas, crypto analyst at BTC Markets, told The Block that bitcoin price is at a psychological and technical "pivot point" that could make or break the next bull run.

"The longer-term outlook still leans optimistic. There's growing conviction among analysts and market participants (say) that we could be in the early stages of a new super cycle."

Read the full article.

Livewire: Crypto beyond bitcoin: 3 ways it could change the financial world

In his latest Livewire article, Charlie Sherry, Head of Finance at BTC Markets, looked beyond Bitcoin to highlight three major developments in crypto: scalable Layer 1 networks like Ethereum and Solana, the real-world utility of stablecoins, and the growing momentum behind tokenising traditional assets. These trends could redefine how we think about payments, investing, and financial infrastructure.

Read the full article.

Announcements

Meld Gold (MCAU) delisting notice

BTC Markets will be delisting Meld Gold (MCAU) from its trading platform. From 10:00am (AEST) on June 24, 2025, you will no longer be able to buy, sell or deposit MCAU via BTC Markets.

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The week ahead: economic events

Thursday, June 5th

• Canada Interest Rate & Balance of Trade
• United States ISM Services PMI
• Australia Balance of Trade
• Euro Area Deposit Facility Rate, Interest Rate Decision & Press Conference

Friday, June 6th

• Canada Ivey Purchasing Managers Index
• Germany Balance of Trade
• Canada Unemployment Rate
• United States Non-Farm Payrolls & Unemployment Rate

Monday, June 9th

• China Inflation Rate, Balance of Trade, Exports YoY & Imports YoY

Tuesday, June 10th

• Australia Consumer Confidence MoM & Business Confidence
• United Kingdom Unemployment Rate

Wednesday, June 11th

• United States Core Inflation Rate MoM, Core Inflation Rate YoY, Inflation Rate MoM & Inflation Rate YoY

Source: Trading economics

Market reflections

• Australia: Economic growth stalls as consumers save and government spending slows
• United States: Growth contracts as tariffs continue to fuel inflation and uncertainty
• China: Tariffs slow growth, but drive more efficient business spending
• Japan: Japan’s central bank confident in economy despite tariff and inflation pressures
• Canada: Bank of Canada holds rates steady as trade tensions cloud outlook

Australia: Economic growth stalls as consumers save and government spending slows

Australia’s economy grew just 0.2% in the March quarter of 2025, marking a significant slowdown from the previous quarter's 0.6% growth and falling short of the expected 0.4%. Annual growth remained at 1.3%, well below the long-term average of 2.5%. This sluggish performance was largely due to flat government spending, the largest drag on growth since 2017, and cautious consumer behavior, as the household savings ratio increased to 5.2%. Adverse weather further hindered the mining, tourism, and shipping sectors.

In response to these economic headwinds, the Reserve Bank of Australia (RBA) has cut interest rates twice since February, bringing the cash rate down to 3.85%. Financial markets are anticipating further easing, with a potential rate cut to 3.60% in July. Despite these measures, household consumption remained muted, rising only 0.4%, while inflationary pressures eased, and productivity growth remained stagnant. Treasurer Jim Chalmers acknowledged that any positive growth is a welcome outcome amid global uncertainty.

United States: Growth contracts as tariffs continue to fuel inflation and uncertainty

The US economy shrank by 0.2% in Q1 2025, its first contraction in three years, due to weaker consumer spending, a growing trade deficit, and lower government outlays. US President Trump’s sweeping tariff policies are beginning to bite: while aimed at reducing the federal deficit, they’ve pushed inflation higher and triggered a downward revision in US growth forecasts. As a result, the OECD now expects US GDP to grow just 1.6% in 2025, down from 2.8% last year, citing rising trade costs and uncertainty. Sectors like automotive are already feeling the whiplash, with a sharp May slump following a pre-tariff sales rush.

China: Tariffs slow growth, but drive more efficient business spending

The Organisation for Economic Co-operation and Development (OECD) has revised China's 2026 GDP growth forecast downward to 4.3%, citing the impact of new tariffs and persistent domestic consumption challenges. Despite government stimulus efforts, high precautionary savings and a sluggish real estate sector continue to dampen consumer spending. According to recent research, Chinese firms have begun to respond to these trade shocks by investing more efficiently. A study analyzing data from over 2,700 listed companies found that trade defense instruments, such as anti-dumping duties, have prompted firms to allocate capital more effectively, particularly among cash-rich companies with weaker governance structures.

Japan: Japan’s central bank confident in economy despite tariff and inflation pressures

Japan's inflation continues to rise, with Tokyo's core consumer price index (CPI) reaching 3.6% in May 2025 due to surging food prices, including a 93.2% increase in rice costs. This level is the highest it has been in over two years and marks the third consecutive year that inflation has exceeded the Bank of Japan's (BOJ) 2% target, intensifying pressure on the central bank to consider further rate hikes.

Despite these inflationary pressures, BOJ Governor Kazuo Ueda has expressed confidence in the economy's ability to withstand external shocks, such as US tariffs, citing strong corporate profits and a tight labor market as buffers. However, the BOJ remains cautious, balancing the need to manage inflation with concerns about potential impacts on exports and investment due to global trade uncertainties.

For now, the central bank continues to closely monitor economic indicators and global developments to determine the appropriate timing and extent of future rate adjustments.

Canada: Bank of Canada holds rates steady as trade tensions cloud outlook

The Bank of Canada held its benchmark interest rate at 2.75% this week, citing ongoing uncertainty around inflation and trade policy. While the economy has shown signs of softening, core inflation climbed to 3.15% in April. The temporary suspension of the carbon tax helped bring headline inflation down to 1.7%, but underlying price pressures remain sticky.

Compounding the challenge are escalating trade tensions with the US, which have disrupted key export channels and added volatility to Canada's economic outlook. Bank of Canada Governor Tiff Macklem voiced caution, noting the potential spillover effects of US tariffs. With the labour market under pressure and growth teetering, economists remain divided on whether rate cuts or further tightening lie ahead.

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