Yeliz Akmaca 
Today Bitcoin (BTC) surged to $106,548, just 1.86% away from its all-time high of $110,000. This rise is supported by institutional investor interest and market data. Similarly, as of May 2025, the total cryptocurrency market capitalization surpassed $3.3 trillion.
What’s the Situation with Futures and Long/Short Ratio?
Open interest in Bitcoin futures markets hit a record high, reaching a total of $72 billion. This indicates strong participation from major investors. Notably, open interest on CME increased to $16.9 billion. Another notable metric is the long/short ratio. According to Coinalyze data, as of May 21, 2025, this ratio is 0.85, meaning 45.84% of investors hold long positions while 54.16% hold short positions. This suggests a cautious short-term outlook, though the ratio can shift rapidly during sudden price surges.
Where Are the Whale Wallets Moving?
Large investors known as whales have made significant moves recently. A wallet named “bc1qc” bought 4,611 BTC in one week at an average price of $103,075, amounting to roughly $475 million. This wallet’s total holdings reached 22,223 Bitcoin, ranking it among the top 40 Bitcoin holders. Whale activity reflects strong investor confidence. Another whale opened a 40x leveraged long position worth $838 million, earning $22 million in profit. The liquidation price for this position is $100,000, indicating the investor’s confidence that prices won’t drop below this level.
Stablecoin Volume Rising, Supported by Macroeconomics
The combined market cap of stablecoins like USDT and USDC reached $151 billion, the highest ever recorded. Considering new capital inflows, this is a significant metric. The U.S. Dollar Index (DXY), which was around 109 in January 2025, dropped 9% to 99.60, showing investors are turning to alternative assets instead of the dollar.
Meanwhile, 10-year U.S. Treasury yields have fallen from 4.8% to 4.52%, boosting interest in riskier assets. Market data suggests BTC could challenge the $110,000 level. Record open interest in futures and large whale purchases support this outlook. The growing stablecoin market and falling yields add further backing.
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