$150B and Counting: USDT Hits a New High

Week of May 13 - 19, 2025

A report by MacroScope citing documents filed with the U.S. Securities and Exchange Commission (SEC) revealed that Goldman Sachs is now the largest global holder of IBIT, BlackRock’s Bitcoin ETF, holding 30.8 million shares valued at approximately $1.4 billion. This marks a 28% increase compared to Q1 2025.

BlackRock recently met with the SEC’s Crypto Task Force to discuss two key topics: integrating staking into crypto exchange-traded products (ETPs) and the tokenization of securities under federal regulations.

Paul Atkins, Chairman of the SEC, announced a new crypto policy framework aimed at clarifying regulations around the issuance, custody, and trading of digital assets. This policy supports brokers offering crypto trading services and advocates for the development of asset tokenization technology.

According to CryptoQuant, institutional strategy firms are buying Bitcoin at a pace that exceeds the daily mining supply, resulting in a technical deflation rate of -2.33% per year for Bitcoin. This rate could rise as institutional accumulation continues.

USDT (Tether) hit a new all-time high in market capitalization, surpassing $150 billion. Over the past year, the circulating supply of USDT has grown by more than 36%, with the pace accelerating following Donald Trump’s election win. USDT now holds over 61% of the global stablecoin market, followed by Circle’s USDC at 25%.

On May 8, the GENIUS Act—a proposed stablecoin regulation—failed to pass a cloture vote in the U.S. Senate, delaying further progress. The bill aimed to position the U.S. as a global leader in stablecoin issuance to reinforce the U.S. dollar’s role in global finance.

Technical Analysis

Bitcoin (BTC)

Bitcoin (BTC) continues its upward trend, but the RSI indicator is approaching the overbought territory, signaling a potential short-term pullback. The key support level lies around $96,000, which could present a buying opportunity. A retest of the previous high of $110,000 remains possible within this month.

Support: 3,200,000 THB / 96,000 USD
Resistance: 3,700,000 THB / 110,000 USD

Ethereum (ETH)

Ethereum (ETH) has shown stronger upward momentum compared to Bitcoin, with a resistance target at $2,900. However, a short-term pullback is also possible. Look for a buying opportunity around the $2,100 level, as the overall trend remains positive.

Support: 70,000 THB / 2,100 USD
Resistance: 96,000 THB / 2,900 USD

Moo Deng (MOODENG)

Moo Deng (MOODENG) posted an impressive 573.65% return over the past week following a sharp price surge. Caution is advised against chasing the current price. It may be better to wait for a correction before entering. A suitable entry point is around $0.1644, with the resistance target set at the previous high of $0.3215.

Support: 5 THB / 0.1644 USD
Resistance: 11 THB / 0.3215 USD

Peanut The Squirrel Price (PNUT)

Peanut The Squirrel Price (PNUT) delivered a 164.22% return last week. Given the sharp increase, it is advisable to wait for a price pullback before considering entry. The key support level is $0.3032, while the resistance target remains at $0.4934. Caution is essential due to the high volatility.

Support: 10 THB / 0.3032 USD
Resistance: 16 THB / 0.4934 USD

Investment Trends

The Federal Open Market Committee (FOMC) voted to keep interest rates unchanged at 4.5%, as expected, signaling that a rate cut is unlikely in the near term. Despite this, the market remained resilient, driven by developments in New Hampshire and Arizona, where legislation was passed to establish strategic Bitcoin reserve funds.

Additionally, a recent trade tax agreement between the United States and China boosted confidence in risk assets, pushing Bitcoin back above the $100,000 level.

Interest is also returning to altcoins, especially Ethereum, which has been outperforming Bitcoin. The decline in the Bitcoin Dominance Index suggests a resurgence in speculative interest, particularly in meme coins, which have shown strong momentum recently.

This week, the focus shifts to the U.S. Consumer Price Index (CPI) release on May 13, 2025. The market anticipates a 2.4% reading, consistent with the previous month. If the figure comes in lower, it could spark a market rally, driven by expectations of a potential rate cut at the next FOMC meeting.

Investment Strategy

Continue to accumulate altcoins, particularly large-cap assets that could benefit from pro-crypto policies by the U.S. SEC. For meme coins, it is advisable to wait for pullbacks before entering speculative positions. Bitcoin’s potential to reach a new all-time high this month also remains on the radar.

References

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