Bitcoin’s manic Monday 🎢

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📝 What you need to know

Bitcoin was recently trading above $105,500, up slightly over the last day after a topsy-turvy stretch in which it seemed headed for a record high before retreating.

The largest cryptocurrency by market value topped $106,500 briefly during early Asia trading hours before losing steam, as nearly $700 million in crypto options positions were liquidated and investors weighed concerns about a U.S. budget deal that many analysts say will balloon the country’s deficit.

They also mulled the latest news involving Strategy, which added $765 million in Bitcoin to its coffers but also faces a class-action lawsuit from an investor alleging the company was misleading in statements about potential risks.

BTC has risen 24% over the past month. That surge has come amid President Trump’s rollback of his global trade war and last week’s encouraging inflation reports that have buoyed risk-on assets, although BTC has also acted increasingly as a safe-haven investment immune to macroeconomic uncertainties that have roiled wider markets.

Investors ploughed $557 million into Bitcoin funds last week to bring their year-to-date total to a hefty $7.2 billion, according to data provider CoinShares. Ethereum was also a winner, with funds tracking the second largest digital asset adding $205 million—a sign of the ongoing optimism about the potential benefits of the Pectra network upgrade.

Bitcoin Taps $106,000 Before Tumbling as Ethereum Dips

Bitcoin has had a choppy start to the week tapping $106,000 before falling to $102,450 in a matter of hours.

Investors Snap Up $200M in Ethereum Funds as Interest Grows After Pectra Upgrade

Digital asset investment products generated $785 million worth of inflows last week, marked by renewed investor optimism toward Ethereum.

Strategy and Metaplanet Bought Combined $870 Million Worth of Bitcoin

Bitcoin treasury juggernaut Strategy and Metaplanet, the Japanese firm borrowing its playbook, bought a combined $870 million worth of BTC.

Michael Saylor's Strategy Hit With Lawsuit Following $5.9B Bitcoin Loss

An investor has accused Strategy and its executives of violating federal securities laws by making false and misleading statements.

WalletConnect’s Smart Sessions ‘Redefine’ Wallet UX for Future of AI Agents: Founder

The new standard will “fundamentally reshape” WalletConnect’s economic dynamics alongside native token WCT, said Pedro Gomes.

(Sponsored post by WalletConnect)

📊 Myriad Market of the Day

Bitcoin price above $105,000.00 on May 21, 2025, at 11:59pm UTC?

Trade “Bitcoin price above $105,000.00 on May 21, 2025, at 11:59pm UTC?” on Myriad

From our partner

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💬 Quote of the Day

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“This isn’t just a technical upgrade. To offer an ETH ETF that includes staking, fund managers need infrastructure that mirrors traditional finance with clear redemption timelines, reliable liquidity, and flexible control over assets.”

CF Benchmarks CEO Sui Chung on the benefits of Ethereum’s Pectra upgrade

🌐 From Our Hubs

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🤖 EMERGE: Nvidia to Build AI Supercomputer and New HQ in Taiwan

The chip manufacturer is set to power Taiwan’s next-gen sovereign AI projects as it deepens its global research footprint.

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📚 Watch and Learn

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Allo.Capital's Kevin Owocki and Rena O'Brien challenge political labels, arguing that DAOs transcend communism and capitalism by creating new governance models prioritizing collaboration, transparency, and technological innovation.