Bitcoin Hits All-Time High, Institutional Demand Surges 

According to Binance Research, the crypto market grew by 10.3% in May. This growth was driven by Bitcoin (BTC) reaching a new all-time high (ATH) and strong capital inflows into ETFs. Although Ethereum (ETH) lagged in this bull run, it still gained 43.9% in May, continuing its upward trend from April. 

Meanwhile, increasing tariff tensions between the U.S., China, the European Union, and the United Kingdom caused uncertainty in the markets. Although tariffs were temporarily halted by a court ruling, the U.S. government later reinstated them. 

Despite ongoing macroeconomic uncertainty, institutional interest in Bitcoin accelerated. Companies began to view BTC as a long-term store of value. In total, 116 publicly traded companies hold 809,100 BTC in their treasuries. With increasing regulatory clarity, more companies have announced plans to purchase Bitcoin. Some firms diversified their holdings into assets such as ETH, XRP, and Solana (SOL). 

Binance Research stated: 

“The direction of institutional crypto assets will depend on macro conditions, regulatory developments, and market cycles. However, current momentum is strong. Bitwise projects that institutional treasuries could reach 1 million BTC by 2026.” 

DeFi Rises by 19%, Gaming Sector Lags Behind 

In May, the crypto sectors experienced capital rotation and structural divergence. The DeFi sector grew by 19%, fueled by new product launches and yield opportunities. Meme coins rose by 9.3%, AI-themed tokens gained 4.7%, and real-world assets (RWA) increased by 3.6%. However, the gaming sector and Layer-2 solutions showed weak performance. 

On the other hand, U.S. spot Bitcoin ETFs saw at least $5.2 billion in inflows—marking the highest level since November 2024. Toward the end of the month, rising uncertainty and profit-taking led to approximately $962 million in outflows. 

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 Altcoin ETF Approval Expectations Are Rising

Firms that already manage Bitcoin and Ethereum ETFs are now focusing on altcoins like Solana, XRP, and Cardano. Currently, the SEC has more than 72 altcoin ETF applications under review. Some of these still lack the necessary documentation. 

Although short-term delays are expected, the first altcoin ETF approvals are anticipated in the last quarter of 2025. However, SEC procedures can take time. Recent postponements include Franklin Templeton’s XRP and DOGE spot ETFs, as well as Ethereum staking ETFs. Five more applications have been delayed for further evaluation. 

Approval Timeline for ETFs Remains Uncertain

Among altcoin ETF applications, Solana and XRP stand out. There are currently 19 applications focused on XRP. However, they are at different stages in the approval process, and no clear timelines have been set. Despite recent delays, XRP continues to trade around $2.24. 

READ: Circle Has Rejected Ripple’s $5 Billion Purchase Offer! 

The likelihood of ETF approval is lower for more niche projects such as Polkadot and Hedera Hashgraph (HBAR). One of the biggest developments could be the inclusion of staking in ETF models. This could apply to assets like Ethereum and Solana. 

According to Polymarket predictions, the likelihood of approval remains low for the summer months. However, by the end of the year, the probability of Solana ETF approval is forecasted at 83%. While slightly below Bloomberg’s 90% projection, this figure is still considered strong. The market remains highly volatile, with current trading volumes reaching approximately $142,000. 

Cardano (ADA), Litecoin (LTC), and XRP also stand out with approval odds climbing up to 87%. While the ETF narrative is no longer as strong as it was during Ethereum’s approval process, investor interest remains. These funds could reignite recovery hopes for altcoins that have been trading at low levels for years. 

The impact of ETFs on crypto prices remains unpredictable. Both BTC and ETH experienced prolonged flat price action following their ETF launches. 

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