Crypto Recap: Bitcoin’s Break Above $111K
Crypto Recap: Bitcoin took center stage this week, not only for breaking above the 111K USDT mark for the first time ever but also for what that milestone signals. According to the chart data, BTC has now cleared its previous resistance near 109,000 USDT and is holding above 107,000 USDT. Prediction markets like Kalshi are starting to project extreme optimism, with some seeing a 43% chance that BTC might pass 150k by year’s end.
Source | Kalshi
There’s more than just speculation fueling this momentum. Institutional interest continues to grow. BlackRock, for instance, disclosed that its Bitcoin ETF now holds over 23,000 shares and is part of a portfolio exceeding $1 trillion in managed assets. On another front, new data from River’s Nakamoto Project revealed a historic flip: over 50 million Americans now own Bitcoin, surpassing the 37 million who hold gold, a seismic shift in retail preference.
The macroeconomic backdrop may be playing a role here, too. The US M2 money supply has reached an all-time high of $22.03 trillion.
Amid this inflationary pressure, Bitcoin’s digital scarcity appears increasingly attractive. Even politicians are taking note: a survey highlighted that 4 in 5 Americans support converting 1–30% of US gold reserves into Bitcoin, with Senator Cynthia Lummis championing the idea as part of modernizing the nation’s financial strategy.
Altcoins and Infrastructure: Moving Parts Behind the Scene
While Bitcoin surged, altcoins and blockchain infrastructure news didn’t slow down. Ethereum and Sui, for example, have been integrated into Microsoft’s Fabric platform through a data partnership with Space and Time DB. This could increase access and tooling for developers building with Bitcoin and Ethereum, indirectly supporting the broader ecosystem.
SUI was also in the spotlight for less fortunate reasons. A major exploit on the CetusProtocol DEX led to a reported loss of over 220 million USDT, with nearly 75% of SUI/USDC liquidity pools drained. Though 160 million USDT was frozen and recovery efforts were announced, the incident sparked fresh concerns about decentralized finance (DeFi) security.
Majority of tokens, down bad on Cetus Protocol
Meanwhile, OndoFinance launched “Ondo Global Markets,” enabling traditional securities like stocks to trade on Solana while integrating with DeFi, a bold step toward merging TradFi and blockchain. On the stablecoin front, Aptos saw its supply skyrocket from 430 million to 1.13 billion USDT year-to-date, signaling record adoption. And VanEck announced a new Web3 fund launching in June via Avalanche, which is also rumored to be partnering with an unnamed entity (“Vena”) to expand its infrastructure.
Source | Token Terminal
Policy and Regulation: Legal Structures Are Catching Up
In a rare show of speed, the US Senate passed the GENIUS Act, a legal framework for stablecoins, with a decisive 60–29 vote. It marks a major turning point for regulation, giving digital assets a clearer path within traditional finance. Senator Lummis emphasized the role of digital assets in shaping the “future of money,” echoing public sentiment revealed in recent surveys.
The SEC, however, has delayed decisions on 21 Solana ETF applications, leaving firms like January Capital in limbo. Nevertheless, the broader theme remains unmistakable. In fact, rather than resisting, governments are gradually preparing for digital currency integration. As a result, we’re seeing a shift in policy direction that favors long-term adoption.
Geopolitics and Economics: Old Fears, New Faces
Markets were rattled by a new wave of geopolitical tension. President Donald Trump reignited trade war talk, threatening 50% tariffs on EU imports and 25% on Apple starting June 1. The announcement came just as US 10-year bond yields topped 4.6%, only to later fall to 4.5% amid recession fears. US Treasury Secretary Besent hinted at upcoming trade agreements during the 90-day tariff delay, tying monetary policy to geopolitical maneuvering.
Source | TruthSocial @realDonaldTrump
Trump’s financial ties added fuel to the fire: Eric Trump and Donald Trump Jr. each hold $8 million in shares of Dominari Bank, which pivoted from cancer research to Bitcoin mining. This backdrop adds volatility and urgency to all asset markets. Over 567 million USDT in leveraged positions were liquidated in 24 hours post-tariff threats, mostly long bets.
Corporate Moves and Drama
Beyond price charts and politics, the corporate side of crypto delivered surprises. Coinbase and Ripple are reportedly competing to acquire Circle in a deal valued between $9–11 billion. The winner would likely gain significant leverage in the stablecoin market, especially with USDC and XRP’s ongoing rivalry.
Charles Hoskinson, founder of Cardano, found himself defending against accusations tied to misuse of 600 million ADA tokens from a 2021 NFT deal. He denied wrongdoing and promised a full audit.
In a sobering move, investor Michael Burry, famous for predicting the 2008 crash, revealed he had sold nearly all his stock holdings (including Alibaba, Baidu, and JD.com) except Estee Lauder, warning of a financial crisis “bigger than 2008.” His drastic portfolio shift underscores growing institutional unease.
Final Thoughts
This weekly crypto recap underscored how deeply intertwined crypto has become with everything else: policy, money supply, tech infrastructure, corporate M&A, and global politics. And for Bitcoin, it’s not just about the price anymore, it’s about what it represents.
This crypto recap article is for informational purposes only and does not constitute financial advice. For deeper insights and regular updates, visit blog.millionero.com and explore spot and perpetual trading on Millionero.