Bitcoin Hits $104,000; $750M+ in Crypto Short Liquidations
Key Takeaways
- Bitcoin briefly hit $104,000 on May 9, driven by a UK trade deal.
- Crypto rally caused over $750M in short liquidations in 24 hours.
- MicroStrategy holds 2.6% of future Bitcoin supply, plans to increase it.
- Standard Chartered suggests $120K Bitcoin target may be too low.
- Metaplanet issues $21.25M debt to EVO FUND for more Bitcoin purchases.
Top Stories
Bitcoin hits $104,000 on UK trade deal news
On May 9, 2025, Bitcoin's price briefly reached $104,000, a surge of over 3% to $102,500, triggered by President Trump's announcement of a comprehensive trade deal with the U.K. This rally also liquidated nearly $400 million in bearish BTC bets.
Crypto rally causes $750M+ short liquidations
On May 9, 2025, a broad crypto rally, led by Ether's 20% surge and Bitcoin surpassing $100,000, resulted in over $750 million in short liquidations within 24 hours, marking the highest level since 2023. Bitcoin short positions liquidated nearly $400 million, the highest single-day total since at least November, while $22 million in long positions were also wiped out.
MicroStrategy holds 2.6% of future Bitcoin supply
On May 8, 2025, MicroStrategy (MSTR) increased its holdings to 555,450 BTC, representing 2.6% of the total future supply of 21 million BTC. The company's plan to raise $84 billion to buy more Bitcoin could increase its holdings to over 6%.
Standard Chartered: $120K Bitcoin target too low?
On May 8, 2025, Standard Chartered indicated that its second-quarter bitcoin price target of $120,000 may be too low, while maintaining a year-end target of $200,000. Geoff Kendrick apologized that his $120,000 second quarter target may be too low.
Metaplanet issues $21.25M debt for more Bitcoin
On May 9, 2025, Tokyo-based Metaplanet agreed to issue $21.25 million in debt to EVO FUND to fund further bitcoin (BTC) purchases, marking its third such sale in a week. Metaplanet shares closed 2.75% higher at 524 yen ($3.61), outperforming the Nikkei 225 which gained 1.56%.
Adoption News
US Bitcoin ETFs see $5.3B inflows in weeks
On May 8, 2025, U.S. spot bitcoin exchange-traded funds (ETFs) have seen $5.3 billion in inflows over the past three weeks.
Abu Dhabi sovereign fund holds BlackRock's Bitcoin ETF
On May 8, 2025, it was reported that Abu Dhabi’s sovereign fund already holds BlackRock's bitcoin ETF (IBIT).
Swiss and Norwegian banks disclose MSTR positions
On May 8, 2025, it was reported that both the Swiss National Bank and Norges Bank have disclosed positions in MSTR.
Expert Take
'Rich Dad Poor Dad' author warns of crash
On May 8, 2025, the author of ’Rich Dad Poor Dad’ stated that Bitcoin is a defense in the current global insanity and advised to prepare for a crash.
Price Watch
Bitcoin price soars, nearing $104k amid optimism
On May 8, 2025, Bitcoin's price surged close to $104,000, driven by optimism surrounding Trump's trade policies and its growing appeal as a safe-haven asset. Bitcoin also broke its all-time high for the third consecutive week.
Regulation Front
New Hampshire passes Strategic Bitcoin Reserve bill
On May 8, 2025, New Hampshire passed a Strategic Bitcoin Reserve bill this week, becoming the first U.S. state to do so, signaling growing policy alignment.
Market Pulse
Altcoins surge, market cap hits $1.14 trillion
On May 9, 2025, the total market capitalization of all cryptocurrencies excluding Bitcoin surged by 10% to $1.14 trillion, reaching its highest level since March 6, according to TradingView data.
Bitcoin's dominant story is now about flows
Published on 2025-05-08, according to Standard Chartered's Geoff Kendrick, the dominant story for bitcoin has changed again to being all about flows.
Tech Advancements
Onramp launches institutional Bitcoin trading platform
On May 8, 2025, Bitcoin News announced the launch of Onramp Trade, an institutional-grade trading platform dedicated exclusively to bitcoin, offering industry-leading liquidity, a bitcoin-only focus, and low fees.