Today's must-see highlights:

1. Since the approval of the spot Bitcoin ETF, cryptocurrencies have become "more legalized"

2. Altcoin season may appear in a few weeks

3. Trump once asked whether Bitcoin could help solve the $35 trillion U.S. national debt problem

4. Russian companies turn to cryptocurrencies for commodity trading

5. Brazilian companies are already using cryptocurrencies to pay Chinese suppliers

The cryptocurrency market is still in a bull market, and BTC may rise further in early June

Cryptoquant analyst CryptoDan wrote that the cryptocurrency market is still in a bull market, and the price of Bitcoin has not yet reached its peak, predicting that it can rise further. In the past bull market, the MVRV peaks were 4.83 and 3.97, respectively, and currently only reached 2.78, which has not yet entered the overvalued area, and is expected to rise further. After entering the overheating stage in March 2024, Bitcoin has experienced more than two months of sideways and adjustment, and is likely to rise further in early June.

Cryptocurrency has become “more legitimate” since spot Bitcoin ETF approval

Chainlink Labs co-founder Sergey Nazarov was interviewed by CNBC Crypto World to discuss the collaboration between DTCC, Chainlink and ten financial institutions to bring net asset value (NAV) data on-chain. He also discussed the tokenization of real-world assets and financial and political progress in the crypto space. Nazarov also said that cryptocurrencies have become "more legitimized" since the approval of the spot Bitcoin ETF.

Bitcoin and Ethereum ETF Market Size Expected to Grow to $450 Billion

Brokerage firm Bernstein said in a research note on Tuesday that according to its cryptocurrency price forecast, the Bitcoin and Ethereum exchange-traded fund market is expected to grow to $450 billion. "This implies that inflows into cryptocurrency ETFs will exceed $100 billion over the next 18-24 months," analysts Gautam Chhugani and Mahika Sapra wrote. Bernstein predicts that the Bitcoin cycle high will reach $150,000 in 2025, with a year-end target price of $90,000.

Ethereum options open interest is dominated by call options

Analysts said that Ethereum options open interest is dominated by call options, reflecting traders' expectations for ETF trading. The implied volatility of Ethereum call options has been higher than that of Bitcoin recently, indicating that derivatives market participants expect Ethereum prices to rise. QCP Capital analysts added: "Ethereum front-end trading volume may still be 15-20 times higher than Bitcoin, and Ethereum's tilt may still favor call options. But the potential breakthrough in Ethereum prices will have to wait until the S-1 approval becomes clearer.

BlackRock's IBIT Bitcoin Holdings Surpass Grayscale's GBTC

According to HODL15Capital statistics, BlackRock's spot Bitcoin ETF IBIT's Bitcoin holdings surpassed Grayscale's GBTC. Yesterday, BlackRock's IBIT had a net inflow of $101.9 million, while GBTC had a net outflow of $105.2 million.

The transaction volume of 6 Hong Kong virtual asset ETFs on the 28th was approximately HK$29.18 million

Hong Kong stock market data showed that as of the close, the trading volume of the six Hong Kong virtual asset ETFs on the 28th was approximately HK$29.18 million, of which: the trading volume of Hua Xia Bitcoin ETF (3042.HK) was HK$13.65 million, and the trading volume of Hua Xia Ethereum ETF (3046.HK) was HK$4.15 million; the trading volume of Harvest Bitcoin ETF (3439.HK) was HK$3.17 million, and the trading volume of Harvest Ethereum ETF (3179.HK) was HK$4.42 million; the trading volume of Bose HashKey Bitcoin ETF (3008.HK) was HK$1.68 million, and the trading volume of Bose HashKey Ethereum ETF (3009.HK) was HK$2.10 million.

Altcoin season could be here in a few weeks

Jamie Coutts, a former Bloomberg analyst, said that the best time to allocate altcoins is when both the Smart Contract Platform (SCP) Index and the Altseason Index are on an upward trend. Current situation: 1. The SCP index trend is bullish and may soon exceed the March high. The first condition is met. 2. The Altseason Index has dropped to 26%. The second condition is not met. 3. BTC dominance continues, and ETH's recovery has not yet been transmitted to the broad SCP field. Depending on the cryptocurrency, presidential and liquidity cycles, the Altseason signal may appear within a few weeks, and you can arrange in advance or pay attention to assets that are currently performing well, such as SOL, NEAR, and TON.

Trump Asked If Bitcoin Could Help Solve $35 Trillion U.S. National Debt

David Bailey, CEO of Bitcoin Magazine and a cryptocurrency assistant for the Trump campaign, revealed that Trump had asked if Bitcoin could be used to solve the U.S. national debt problem. In an X space on Sunday night, Bailey said that when he first met Trump, Trump asked him if Bitcoin could do something about the $35 trillion debt. But Bailey replied that he had some ideas but was not ready to discuss the topic when they first met.

Mt. Gox Won't Sell Bitcoin Immediately

Former Mt. Gox CEO Mark Karpelès said on X that, as far as I know, Mt. Gox is operating normally, the trustee is transferring tokens to another wallet in preparation for possible distributions this year, and there will be no immediate sale of Bitcoin.

77% of voters think US presidential candidates should know about cryptocurrencies

A new Harris Poll survey of likely American voters shows that one-third of American voters consider a political candidate’s stance on cryptocurrency before making a voting decision, and 77% of voters believe that U.S. presidential candidates should understand cryptocurrency. And many people reportedly believe that cryptocurrency will affect their financial future.

Russian companies turn to cryptocurrencies for commodity trading

On May 28, at least two of Russia's top metal producers have begun using Tether Holdings' stablecoin and some other cryptocurrencies to settle some of their cross-border transactions with suppliers. The company's executives said they refused to reveal their identities because the information was not public. In some cases, settlements were completed through Hong Kong. Ivan Kozlov, a digital currency expert and co-founder of Resolv Labs, said that in countries facing dollar liquidity problems and capital controls, cross-border settlements through cryptocurrencies, especially stablecoins pegged to the dollar, is a relatively common practice, and not only in the commodity sector.

Brazilian Companies Already Using Crypto to Pay Chinese Suppliers

Sebastian Serrano, CEO of Ripio, said Brazilian companies are already using cryptocurrencies to pay Chinese suppliers. Serrano claimed in an interview that Latin American countries are using cryptocurrencies in different ways, and Argentinian companies are using cryptocurrencies to hedge against severe inflation.

US medical company Semler Scientific purchased 581 BTC as its treasury reserve assets

Semler Scientific, Inc. (Nasdaq: SMLR), a medical risk assessment company in Oregon, USA, announced today that its board of directors has adopted Bitcoin as its primary treasury reserve asset. In addition, Semler Scientific announced that it has purchased 581 Bitcoins for a total value of $40 million, including fees and expenses. According to reports, Semler Scientific is a company that develops and sells technology products and services to help medical providers cope with chronic diseases.

Metaplanet Board Authorizes Additional Purchase of Approximately $1.6 Million in BTC

Japanese listed company Metaplanet said on the X platform that the Metaplanet board of directors authorized the purchase of an additional 250 million yen ($1,595,862.5) worth of BTC.

Investment giant Vanguard Group may reconsider its stance on cryptocurrencies and has submitted a special fund mentioning digital currencies to the US SEC

According to Coingape, the US investment giant Vanguard Group may be reconsidering its stance on cryptocurrencies. The company has applied to the US Securities and Exchange Commission (SEC) for a new "Vanguard Specialized Funds" designed to track the performance of a benchmark index. In the filing, Vanguard mentioned digital currencies and also provided some key definitions related to cryptocurrencies. Vanguard describes "digital currencies" as digital assets that serve as a store of value, medium of exchange, or unit of account, and further classifies them as digital assets that are not issued or guaranteed by any jurisdiction, central bank, or public institution, involving transactions recorded on a decentralized network or distributed ledger. In addition, Vanguard also mentioned "digital security tokens" and "digital utility tokens." According to the report submitted to the US Securities and Exchange Commission, Vanguard believes that the value of digital security tokens usually comes mainly from or represents the rights and interests of a separate asset or asset pool, and digital utility tokens are described as a digital asset that can be used to access a specific network, product, or service, etc. Vanguard has previously expressed an anti-crypto stance, and its new CEO Salim Ramji claimed that it would not launch a Bitcoin spot exchange-traded fund (ETF).

El Salvador's GDP could grow 10-fold in the next five years, boosted by Bitcoin and AI

Cathie Wood posted on social media that she had a meeting with the President of El Salvador, and that by using Bitcoin and AI to promote its economic and educational reforms, the President could expand El Salvador's GDP 10 times in the next 5-year term. Cathie Wood said that currently, El Salvador's GDP base is low, about $30 billion, and the average monthly income is only $450. President Bukele clearly understands the Laffer curve, and Arthur Laffer can see many ways to take advantage of the momentum created by his tax incentives, and so do I. The President also readily accepted the idea of ​​introducing ARK Educate's technology innovation courses (robotics, energy storage, artificial intelligence, blockchain, and multi-omics) into Salvadoran schools. President Bukele is determined to turn El Salvador into an oasis for the Bitcoin and AI communities, two of the largest economic and technological revolutions in history, which is why I believe its real GDP could grow 10 times in the next five years.