Video | Weekly market analysis: Bitcoin has a solid support of $100,000, SharpLink has soared 2,700% in 5 days, and Ethereum is expected to break through $3,000 in the short term?

Bitcoin surpasses $100,000 with strong support, marking a historic milestone as the Las Vegas Bitcoin Conference highlights growing institutional and governmental interest in crypto assets.
US Vice President JD Vance announces the end of "Operation Choke Point 2.0," signaling a shift in crypto policy, while Senator Cynthia Lummis proposes the Strategic Bitcoin Reserve Act to establish Bitcoin as a US sovereign asset.
Stablecoins like USDC and USDT gain traction as potential payment infrastructure in developing economies, reducing transaction costs and reshaping financial systems.
Pakistan joins the trend by planning a national Bitcoin reserve, reflecting global adoption of crypto as sovereign assets, while Paris Saint-Germain (PSG) adds Bitcoin to its balance sheet ahead of the Champions League final.
Trader James Wynn's $85 million loss from leveraged meme coin trading sparks debate on the risks of high-stakes crypto speculation and market manipulation.
Macroeconomic uncertainty persists as US-China trade tensions and legal battles over tariffs impact market volatility, with Bitcoin briefly dipping below $106,000 but maintaining strong support above $100,000.
SharpLink Gaming's $425 million Ethereum investment triggers a 2,700% stock surge, dubbed the "first institutional ETH supply tightening," while Ethereum shows bullish technical patterns, potentially nearing a $3,000 breakout.
Elon Musk exits the Trump administration's DOGE department amid backlash affecting Tesla, highlighting the intersection of politics and crypto influence.
Analysts advise caution in the current macro climate, emphasizing low leverage and secure cold wallet storage amid unpredictable market shifts.

Compiled by: Yuliya, PANews

In an era where encryption and AI intersect, the truly important stories are often hidden outside the hustle and bustle. In order to find these overlooked truths, PANONY and Web3.com Ventures jointly launched the English video program "The Round Trip". Co-hosted by John Scianna and Cassidy Huang, this episode will focus on the market landscape after Bitcoin broke through the $100,000 mark, go deep into the Las Vegas Bitcoin Conference, analyze the policy signals behind the speech of US Vice President JD Vance, and how the Lummis Strategic Bitcoin Reserve Act changes the country's attitude towards digital assets. From Pakistan joining the ranks of global Bitcoin reserves, to SharpLink Gaming's large-scale investment in Ethereum, to stablecoins reshaping payment infrastructure in developing countries, this article will reveal the deep meaning behind these key developments and their potential impact on the global financial landscape.

*Note: This video was released on May 30, and some data and dynamics may differ from the current situation.

Bitcoin Conference in Las Vegas

The 2025 Las Vegas Bitcoin Conference became the most eye-catching focus last week. This is not just an ordinary conference, but an important moment that may rewrite the history of cryptocurrency. U.S. Vice President JD Vance delivered an important speech at the conference. He not only admitted that he holds a considerable amount of Bitcoin (estimated to be about 5 Bitcoins), but also announced that "Operation Choke Point 2.0 is over", indicating that the enforcement policy on cryptocurrency during the Biden administration has ended.

This is the first Bitcoin conference held against the backdrop of a Bitcoin price exceeding $100,000, and it is also the largest ever, showing the booming cryptocurrency market.

Stablecoins: Future Payment Infrastructure

Another topic that attracted much attention at the Bitcoin Conference last week was stablecoins. As the Genius Act advances in Congress, stablecoins such as USDC and USDT are expected to assume a new financial role for the US dollar in the world. Especially in some economies without their own legal currencies, stablecoins may become daily payment infrastructure, and their design based on debit logic has also greatly reduced payment costs. Currently, many regions, including Bermuda, have used USDC for daily settlements because it is much cheaper than credit cards and is based on a debit card system.

Strategic Bitcoin Reserve Act

U.S. Senator Cynthia Lummis proposed the Strategic Bitcoin Reserve Act, proposing that Bitcoin be used as a sovereign reserve asset of the United States. This reserve will not use taxpayer funds, but will be financed by revaluing gold certificates and confiscated assets. Lummis also promoted the Bitcoin Act, suggesting that the government be allowed to hold up to 1 million Bitcoins in the next five years, accounting for nearly 5% of the global total supply. Once this proposal is promoted, it will reshape the Bitcoin market landscape.

Currently, 19% of the U.S. population holds or has had contact with crypto assets, and most of them supported the Republican Party in the last election. This provides a public opinion basis for Lamis's policy proposals. At the same time, podcast host David Sacks pointed out that the U.S. Department of Commerce and the Treasury Department may use part of the tariff revenue to purchase Bitcoin, which is the first time in U.S. history.

Pakistan joins ranks of Bitcoin reserves

Not only the United States, Pakistan also announced plans to create a national strategic reserve of Bitcoin, which was announced live on stage by the country's special advisor on blockchain, Bilal Bin Saqib. This marks a major shift in Pakistan's attitude towards cryptocurrencies, and also shows that the idea of Bitcoin as a sovereign asset is spreading rapidly around the world.

It is worth noting that Pakistan was ahead of the curve in Bitcoin development back in 2015-2016 when it had an exchange called Urdu Bit, but it was forced to shut down due to the country’s opaque banking regulations. Pakistan’s renewed embrace of Bitcoin is encouraging.

PSG’s Bitcoin Holdings

The sports world is also embracing cryptocurrencies. Paris Saint-Germain football club (PSG) holds Bitcoin on its balance sheet, just one week before the Champions League final. The football giant's Bitcoin investment shows mainstream institutional recognition of crypto assets, and people expect this move to bring them good luck in the competition last weekend.

James Wynn's $85 million loss

However, not all stories in the crypto space are success stories. The experience of trader James Wynn became a hot topic on Twitter last week. The trader allegedly started with $7,000 and pushed his portfolio value to $90 million by trading meme coins such as Pepe and Baby Pepe. But his highly leveraged trading strategy, including 40x leverage on long Bitcoin, led him to hold a $1.2 billion position and ultimately lost about $85 million in a week.

Although he announced on X that he would stay away from perpetual contract trading, he returned to trading less than 24 hours later, demonstrating the addictive and dangerous nature of leveraged trading. More worryingly, there are allegations that Wynn participated in a pump and dump scheme, using his influence to drive up the price of certain tokens and then sell them for a profit, leaving his followers to bear the losses.

Impact of the macro environment: tariffs and market volatility

Despite the enthusiastic atmosphere at the Bitcoin Conference in Las Vegas, the macroeconomic environment was not optimistic. A federal court ruled that Trump's "Liberation Day Tariffs" were illegal, causing a brief rise in Bitcoin prices, but then the government appealed, the tariffs remained unchanged, and the market fell again.

The court’s ruling that Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) could have a knock-on effect on global markets and cryptocurrency sentiment. In addition, news that U.S.-China trade talks have stalled and require direct dialogue between the highest levels of the two countries to advance caused markets to fall 2% overnight.

Musk exits DOGE

Elon Musk officially quit the Trump administration's Department of Government Efficiency (DOGE), which also made headlines last week. Musk originally joined DOGE to cut federal waste and modernize the bureaucracy, but due to restrictions in the Congressional Budget and Impoundment Control Act of 1974, the president and the executive branch have limited power to cut federal spending, making Musk's role more symbolic.

Musk's departure is also related to the negative impact Tesla has suffered, as his work for Trump has led to some consumers boycotting Tesla products, and even Tesla dealerships have been burned down and vehicles have been deliberately damaged. Despite this, Tesla's stock price has rebounded 50% after the decline.

Ethereum’s “Microstrategy” Moment: SharpLink Gaming’s Transformation

Another major news last week was the strategic transformation of SharpLink Gaming. The company, which was on the verge of delisting, successfully raised $425 million in funds and turned to Ethereum investment, becoming the first large-scale investment in Ethereum among Nasdaq-listed companies, which was called the "first institutional ETH supply tightening" by analysts.

SharpLink has a strong lineup of investors, including Joseph Lubin's Consensus (he is also the chairman of the board), Pantera, Galaxy Digital, ParaFi, Electric Capital and Arrington. The company's stock price rose a staggering 2,700% in five days.

Meanwhile, SOL Strategies has also applied for $1 billion in funding to expand its Solana investment, but its stock price has only risen by 1% in the past month, far less than the performance of Ethereum-related stocks.

Although Bitcoin briefly fell below $106,000 last week, it has remained above $100,000 for 20 consecutive days, showing strong support. Ethereum and XRP are more stable than most mainstream currencies. Many analysts point out that ETH is forming a bullish pattern on the technical chart and is expected to break through $3,000 in the short term. Sharp Link's entry may become a trigger point.

In the current uncertain macro environment, investors should keep leverage low and keep their cold wallets safe. Although the cryptocurrency market is showing exciting development trends, policy changes and market fluctuations still need to be vigilant. As industry insiders said: "Keep leverage low and keep your cold wallets cool because you don't want to move those funds when it's not necessary. In today's macro environment, you never know what will happen."