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Bitcoin Rebounds as Trump Extends EU Tariff Deadline, US Futures Tick Higher

Bitcoin climbed back to $109,714 in late Sunday trading as investors digested President Donald Trump’s decision to delay a proposed 50% tariff on European Union goods, offering markets a reprieve from ongoing global trade tensions.

The move followed a call with European Commission President Ursula von der Leyen on Sunday, during which the bloc requested more time to finalize a trade agreement.

Spot Bitcoin ETFs Log Highest Volume Week of 2025 as BlackRock's IBIT Reaches 30-Day Streak

U.S.-based spot bitcoin ETFs saw their largest weekly trading volume yet in 2025 last week, as the rising price of brought new inflows to the exchange-traded products. 

The funds saw $25 billion in value change hands last week, according to SoSoValue data, making it the highest-volume week since late December, 2024. The funds logged a total net inflow of $2.75 billion over that period, making it the second-highest inflow week since the funds began trading near the start of 2024. 

BlackRock's IBIT fund, the leading fund in the market, continues to draw large inflows, with a streak of 30 trading days without significant outflows. (On May 12, the fund saw essentially zero inflows or outflows, according to the SoSoValue data.) IBIT now holds 3.3% of all BTC, with a net asset value over $71 billion — more than triple Fidelity's FBTC, the second-largest such fund. 

Hyperliquid Whale Turns Bearish, Flipping $1 Billion BTC Position from Long to Short

A crypto trader on the platform Hyperliquid has opened one of the largest on-chain short bets in history, putting nearly $50 million on the line to open a $1 billion short position on BTC with 40x leverage, just hours after closing a similarly-sized long bet on the world's most valuable cryptocurrency. 

James Wynn, also known as "moonpig" on the DEX, opened the 40x short cross-margin position — meaning his entire wallet, worth nearly $50 million, is on the line — shortly after closing a $1.2 billion BTC long position and reducing his historical profit by $17.5 million, according to CoinGlass data. 

Wynn, who had previously predicted BTC would reach $110,000 on Saturday, said he cut his losses in closing the position in a post on X. BTC rose only modestly on Saturday, from about $107,300 to about $108,000, according to The Block's Bitcoin Price page. 

Most Trump Crypto Dinner VIPs Have Moved or Dumped Their Coins

The majority of TRUMP meme coin holders that earned VIP status for President Trump’s exclusive gala dinner held none of the tokens in those wallets by the time they arrived for dinner at Trump National Golf Course on Thursday night. 

On-chain data gathered from Solana block explorer Solscan shows that just eight of the top 25 VIPs maintain a balance of the president’s official Solana meme coin the day after the dinner, with the bulk of registered addresses having transferred tokens to centralized exchanges just days after the May 12 snapshot.

One of those eight wallets belongs to Justin Sun, the Tron network founder who confirmed he held the top spot on the Get Trump Memes leaderboard days before the event. Sun’s wallet, which held 1.43 million TRUMP at the time of the dinner snapshot, still holds just under 1.4 million TRUMP tokens valued at around $18.8 million. 

Pakistan Allocates 2,000-MW Capacity to Power Bitcoin Mining

Pakistan has allocated 2,000 megawatts of electricity in the first phase of a national push to support Bitcoin mining and AI data centers, as the country moves to legalize cryptocurrency and attract foreign investments.

The initiative, led by the Pakistan Crypto Council, will also help monetize surplus energy and create high-tech jobs, the finance ministry said in a statement. Coal-based power projects like Sahiwal, China Hub, and Port Qasim, currently operating at 15% capacity, are among those expected to be repurposed for this effort, the ministry said.

Pakistan’s federal government is seeking investments to bolster an economy that narrowly avoided default in 2023. With an estimated 15-20 million crypto users, the country aims to establish a regulatory framework to boost its local ecosystem and attract global capital.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Friday was $211.74 million. The total net asset value of Bitcoin spot ETFs is $131.39 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.11%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on May 23 was iShares Bitcoin Trust ETF (IBIT), with a net inflow of $430.77 million. Following that was VanEck Bitcoin ETF (HODL), with a net inflow of 17.72 million, according to SoSoValue.

Source: SoSoValue