Yet, the decline was but a fleeting shadow in the grand ballet of recovery. Juan Carlos Zuleta, a man whose charts are as reliable as a village clock, noted that lithium carbonate spot prices still clung to their year-to-date gains of 53%, and a staggering 215% rise from their previous nadir. Even the most recent dip could not erase the memory of such triumph.
Bitcoin is still facing strong selling pressure, but a small but important change is happening in the market. The recent price drops suggest that demand for Bitcoin is starting to weaken.
A lawsuit filed in Manhattan claims that Jane Street profited from the collapse of TerraUSD. The firm is accused of using a private Telegram group to sell off $192 million worth of the token before it crashed in May 2022, and reportedly made around $134 million by betting against it as the Terra ecosystem failed.
Institutional investors, they say-corporations, ETF issuers, fund managers, and even pension funds-are the knights in shining armor, cushioning Bitcoin’s fall. CryptoQuant’s charts, with their steady lines and promising curves, paint a picture of growth, especially post-2024. Oh, the irony! The very institutions once skeptical of Bitcoin now hold it dear, with BlackRock’s iShares Bitcoin Trust clutching 817,138.2 BTC like a miser hoarding gold.
In the most thrilling crash course in economic philosophy yet, the April 28-29 meeting left bankers trembling with the taste of bitter chocolate, suggesting that enthusiasm for interest‑rate easing has formally retired to the archives.
On May 20th, a key indicator wasn’t the price change, but rather a shift in who was losing money. For the first time since the market downturn began on May 12th, data from CoinGlass showed that more short positions (57.5%) were being closed due to losses than long positions (42.5%). This is a significant change from Monday, when long positions accounted for 88% of the $814 million in liquidations. By Wednesday, short positions led liquidations at $178.82 million, indicating a fundamental change in how traders are positioned. As a result, Bitcoin rose to $77,184, a 0.73% increase and its first positive session in six days. The total value of the crypto market recovered to $2.57 trillion, with $71.26 billion traded.
Ryan Berckmans-an eight‑year devotee of the Ethereum cause-delivers one of the few measured accounts of the foundation’s current course since the first set of exits began to accrue.
Welcome to our institutional newsletter, Crypto Long & Short. This week:
On May 20th, action was taken after the Senate Banking Committee voted 15-9 on May 14th to move the Digital Asset Market Clarity Act of 2025 forward. This puts the bill one step closer to a vote by the full Senate.
Key Takeaways (or as we like to call them, the CliffsNotes for the impatient):
