Bitcoin consolidates near $110,000 as traders anticipate a summer breakout, while Ethereum gains momentum on fresh institutional support.
Bitcoin (BTC) hovered around $109,000 early Wednesday, with market participants optimistic about new highs in the near future. Ethereum (ETH) rose over 3%, fueled by growing confidence in its long-term roadmap and renewed institutional interest.
The U.S. stock market bounced back following the Memorial Day holiday, with the Nasdaq climbing 2% amid easing labor concerns and progress in U.S.-China trade relations. Stabilizing Treasury yields and improved shipping logistics further boosted risk appetite across global markets.
“Institutional investors are turning to crypto as a reliable long-term reserve asset,” said Kay Lu, CEO of HashKey Eco Labs. “Ethereum’s treasury plan reflects the broader trend of companies treating crypto as part of their strategic holdings.”
Ethereum co-founder Joseph Lubin and ConsenSys unveiled a $425 million treasury reserve plan through SharpLink’s public equity raise. The proceeds will be used to acquire ether as the company’s primary treasury asset. The deal, expected to close May 29, will position Lubin as chairman of SharpLink’s board.
Meanwhile, bitcoin ETFs saw inflows exceeding $385 million, confirming robust institutional demand for BTC exposure.
Ahead of the Bitcoin Conference in Las Vegas, caution is palpable. High-profile speakers including JD Vance, Michael Saylor, and members of the Trump family could inject volatility into the market.
“Bitcoin remains range-bound between $107K and $110K, with volatility poised to increase,” said Singapore-based QCP Capital. “Last year’s Trump keynote triggered a massive volatility spike and a sharp BTC correction, so traders remain wary.”
QCP also noted a decline in perpetual futures open interest and normalized funding rates, with some retail traders reducing risk exposure.
Despite short-term uncertainties tied to political and economic developments, sentiment remains positive.
“The market structure is sound,” said Augustine Fan, head of insights at SignalPlus. “Favorable macro conditions and technical setups point toward a gradual push to new summer highs for Bitcoin.”
