Will There Be Enough BTC for Everyone?

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This Week’s Top Stories

“Trump Tariffs” – This week 

• Last Friday, President Trump communicated that talks with the EU regarding a potential trade deal had stalled, and he proposed a 50 percent tariff on all EU imports starting on June 1, 2025.  On the same day, he posted that Apple would have to pay a 25 percent tariff on each iPhone if production is not carried out in the U.S. 
• On Monday, Trump announced that he had agreed to extend the implementation of the 50 percent EU tariff from June 1 to July 9, 2025, the date when the pause on all other tariffs worldwide is also set to end. 
• Thursday, a U.S. federal court issued a sweeping ruling that blocked most of Trump’s tariffs, declaring that the president had exceeded his authority by imposing them on nearly all U.S. trading partners. The court invalidated all tariff orders issued since January, effective immediately. 
• Today Friday (early morning), the U.S. Court of Appeals for the Federal Circuit in Washington temporarily suspended the lower court’s ruling to review the government’s appeal. As a result, the tariffs are temporarily reinstated pending further judicial review.

“Strategy, Semler Scientific, the Blockchain Group, GameStop and the football club PSG are buying BTC en masse…” – This week 

• The U.S. company Semler Scientific announced a new purchase of 455 BTC for $50 million at an average price of $109’801. The firm now holds 4’264 BTC, with a total acquisition cost of $390 million and a current estimated value of $450 million. 
• Strategy has also acquired 4’020 BTC for $427.1 million at $106’237 per bitcoin. It has now bought almost 20’000 BTC in May alone, scooping up BTC’s entire net new monthly issuance – and even more. 
• The Blockchain Group announced the completion of a €63.3 million convertible bond issuance through its Luxembourg subsidiary to advance its Bitcoin treasury strategy. 
• Also this week, Trump Media (DJT) announced a $2.5 billion BTC treasury deal. The company intends to use the proceeds to create a Bitcoin treasury. 
• GameStop communicated the purchase of 4’710 BTC this week.  
• Yesterday, Paris Saint-Germain (PSG) announced at the Bitcoin 2025 conference that it began allocating Bitcoin to its treasury last year and continues to hold it. PSG is owned by Qatar Sports Investment, a Qatari government-operated shareholding organization with AuM of over $500 billion.

A Quick Crypto Overview: A Calm Week with Big News

While the news surrounding Bitcoin and the companies announcing their new Bitcoin reserve strategies was largely positive, the price action did not reflect much of this sentiment this week. Bitcoin is currently down more than 2 percent since Sunday, while Ethereum is up more than 2 percent over the same period. Interestingly, Solana is down almost 10 percent since Sunday morning, while the total market cap is generally following Bitcoin’s price action. 

We must not forget that Bitcoin reached a new all-time high last week, and the price action for the broader crypto market has been very positive since the beginning of April. At some point, the market will likely take a breather and correct slightly to the downside, which would be a natural and constructive development. Interestingly, funding rates and market sentiment surveys are not showing any signs of real overheating yet, suggesting that the price action for crypto assets could also continue to the upside, maybe after this period of cooling down?

Chart of the Week: SharpLink Gaming up 1’000 Percent  

This week, SharpLink Gaming announced a $425 million private placement to launch an Ethereum treasury strategy. The company plans to issue almost 70 million shares and intends to use the proceeds to purchase Ether as its primary treasury reserve asset. ConsenSys is the lead investor, along with other notable crypto investment funds such as Pantera Capital. The stock price of SharpLink Gaming jumped by over 1’000 percent following the announcement, as seen in our chart below.

What’s Happening On-Chain? The Saga of James Wynn, OpenSea Launch & BNP Paribas Moves On-Chain 

Maybe you’ve heard people talking or tweeting about a Hyperliquid whale over the past few weeks and months. We’ve mentioned the whale in past Weekly Wraps, for example when he or she longed tens of millions of TRUMP tokens right before a major announcement, profiting millions within minutes. 

Well, the whale turns out to be James Wynn, an anonymous trader on X who turned $500’000 into $90 million within a span of two months. But guess what? He lost it all again this week, as he is currently down $96 million on the week. 

Thanks to the transparency of the blockchain and the decentralized trading platform Hyperliquid, everything can be verified on-chain, as seen in the screenshot below.

In other news, BNP Paribas Asset Management announced the launch of natively tokenized money market fund shares to explore using blockchain-based systems to enhance operational efficiency and provide real-time information on subscriptions and redemptions. 

Yesterday, OpenSea officially launched its new platform, OS2, as they removed the “beta” tag from it this week. While they still have not launched their SEA token, they once again teased it and said they are still working on the much-anticipated TGE, but that certain feature releases must be in place before the token launch. 

With OS2 now out of beta and live for all users, it fully replaces the legacy OpenSea platform. It also includes the launch of "Voyages," a new ongoing quest-based system designed to let users earn XP for completing simple actions across the platform. 

Digital Asset Fund Flows: Circle Announces IPO and $3.3 billion of Inflows Last Week 

Last week, digital asset investment products saw a net inflow of $3.3 billion, with Bitcoin accounting for the largest portion at $2.9 billion. Ethereum, however, saw surprisingly high net inflows of $326 million, a significant jump from the moderate levels seen in previous weeks. 

This week, the trend has continued, as the Ethereum spot ETFs have recorded $200 million in net inflows so far, compared to roughly $450 million for the Bitcoin spot ETFs. Looking at ETHBTC, Ethereum is currently up roughly 30 percent relative to Bitcoin over the past month.

Circle has officially filed for a public listing on the New York Stock Exchange this week, planning to issue 24 million Class A shares, with over 14.4 million of those shares coming from existing shareholders. The stock will trade under the ticker CRCL and is expected to launch at a price between $24 and $26 per share. Interestingly, BlackRock is planning to purchase approximately 10 percent of the shares offered by Circle as part of the IPO, at least according to Bloomberg. 

Market Sentiment: Quiet Markets Without Overheating

Market sentiment is aligning with the relatively quiet price action this week, with the Fear and Greed Index from Coinmarketcap showing moderate greed levels of 61, down from 76 last week. The CNN Fear and Greed Index for the stock market is also in greed territory (64) and has held steady in this range since the beginning of the month. 

While Bitcoin has already reached a new all-time high, the S&P 500 and the Nasdaq are still trading below their respective highs. Bitcoin appears to be the outlier, as most altcoins are also still trading below their historical peaks. 

It is an interesting observation that Bitcoin reached a new all-time high last week without market sentiment overheating into extreme greed levels. This could potentially mean there is still some room for the market to trend higher. Alternatively, it might be a sign of a shift in the holder structure, as institutions and sovereigns have entered the space, and their sentiment is not reflected in the calculations of the indices mentioned above. 

Other Relevant News

Cantor Fitzgerald, the Wall Street investment bank, has announced the launch of a Gold-Hedged Bitcoin Fund. – Link 

Federal Reserve Chair Jerome Powell met with the President at the White House to discuss economic developments, including growth, employment, and inflation. – Link 

The Bank of Russia has announced it will allow financial institutions to offer crypto-linked derivatives, securities, and digital financial assets to qualified investors. – Link 

Solana Seeks 150ms Finality with Alpenglow Upgrade, made in Switzerland. – Link 

Looking Ahead: Will There be Enough BTC for Everyone?

With all the news about companies scooping up BTC for their treasuries, one must ask: are there enough BTC for everyone? Saylor and Strategy bought more than the net new monthly issuance in May. Together with GameStop, they purchased almost twice the monthly issuance, and the spot ETFs are not even included in this calculation. 

This dynamic is clearly visible in the charts. As mentioned, Bitcoin is an outlier, already trading at new all-time highs again. Bitcoin dominance also shows no signs of slowing down, as seen in the chart below, and the news continues to support this price action. With the announcement from SharpLink Gaming, this dynamic could shift, but that remains to be seen. For now, the trade remains “Bitcoin dominance up.”

Below, you can find some of the key data releases and events to watch out for next week. 

Monday, 2 June 2025 

Switzerland – GDP 

Tuesday, 3 June 2025 

Switzerland – CPI 

Eurozone – CPI, Core CPI 

Thursday, 5 June 2025 

Switzerland – Unemployment Rate 

USA – Initial Jobless Claims 

Friday, 6 June 2025 

Eurozone – GDP 

USA – Unemployment Rate, Nonfarm Payrolls