Bitcoin Retreats Below $108K as Ethereum Leads Altcoin Rally – May 29 Market Wrap
The cryptocurrency market showed mixed performance on May 29, 2025, with Bitcoin trading at $107,710.72 (-1.15%) and the broader market experiencing selective strength in altcoins while major tokens consolidated after recent highs.
The market remains in a post-rally adjustment phase following Bitcoin’s all-time high of $111,814 reached on May 22, 2025.
Bitcoin (BTC): Currently trading at $107,710.72, down 1.15% in 24 hours. Bitcoin failed to sustain momentum above $110,000 and is showing signs of short-term exhaustion after hitting an intraday high of $110,407 before declining. Technical indicators suggest Bitcoin is in a consolidation phase between $108,200 and $110,400.
Ethereum (ETH): Showing resilience at $2,731.41, up 3.52%, making it the only major coin in the top 10 to post gains. Ethereum benefited from recent Pectra upgrade improvements and renewed institutional confidence.
XRP: Trading at $2.2863, down 0.85%, maintaining relative stability despite broader market weakness.
Solana (SOL): At $172.41, down 1.42%, facing headwinds despite strong fundamentals. Solana crypto funds recorded $890,000 in net outflows last week, contrasting with broader market momentum.
Extraordinary Performance Highlights
Top Performer: SOPH token exploded with an extraordinary +12,582% gain, representing one of the most significant single-day moves in the crypto market.
Strong Altcoin Moves:
- UNI: +7.84% to $7.231
- TON: +9.35% to $3.276
- DMAIL: +18.69% to $0.1607
- A token: +47.51% to $0.7376
Notable Declines:
- HUMA: -6.06% to $0.05253
- HYPE: -5.63% to $33.7
ETF Flows and Institutional Activity
Bitcoin ETFs experienced mixed flows with Fidelity recording a $14 million outflow on May 29, 2025. However, May has been exceptionally strong for Bitcoin ETFs overall, with cumulative inflows exceeding $3.6 billion for the month.
BlackRock‘s IBIT continues to lead with $46.15 billion in cumulative net inflows. Ethereum ETFs are having their best month of 2025, recording $108.58 million in May inflows, with BlackRock’s ETHA leading at $4.32 billion in cumulative inflows.
Technical Analysis
Bitcoin Technical Setup:
- RSI on 4-hour chart at 62, indicating room for upward movement
- Price action shows bearish divergences on shorter timeframes
- Key support at $108,200, with resistance at $110,400
- 50-day moving average providing support at $67,800
Ethereum Technical Position:
- Trading near $2,630 after failing to sustain above $2,700 resistance
- RSI cooling to 42, showing weakening bullish momentum
- Key support cluster at $2,575-$2,600
Market Drivers and Sentiment
The overnight and previous day’s action was influenced by several factors:
1. FTX Distribution Impact: Over $5 billion in stablecoins will be distributed to FTX creditors around May 30th, representing nearly 2% of the entire stablecoin supply, with expectations this capital will remain in the crypto ecosystem.
2. Institutional Accumulation: Coinbase saw significant Bitcoin outflows of 7,883 BTC on May 26, suggesting institutional buying and long-term storage moves.
3. Cross-Market Correlations: Bitcoin maintains a 0.75 correlation with the Nasdaq, with stock market movements continuing to influence crypto sentiment.
On-Chain Metrics
- Bitcoin 24-hour transaction volume fell 8% to 450,000 transactions
- Active Bitcoin addresses increased 12% since May 25
- Ethereum gas fees spiked 20% over 24 hours, indicating heightened network activity
- 15% increase in Bitcoin wallet addresses holding over 1 BTC, reflecting accumulation
Market Outlook
Analysts are positioning for potential “altseason” as Bitcoin approaches key resistance levels and capital rotation accelerates. The combination of FTX distributions, continued ETF inflows, and technical setups across major altcoins suggests increased volatility and opportunity in the coming days.
Key Levels to Watch:
- Bitcoin: Support at $108,200, resistance at $110,400
- Ethereum: Support at $2,575, resistance at $2,700
- Market awaiting resolution of current consolidation phase
The market structure remains constructively bullish despite short-term weakness, with institutional flows and on-chain metrics supporting medium-term upside potential across major cryptocurrencies.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-1.64%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,981 | -1.64% | -45.61% | 65,045 | 64,108 | 63,950 | 25,351,378,944 |
| ETH | 1,858 | -1.02% | -50.16% | 1,877 | 1,862 | 1,857 | 8,439,749,632 |
| SOL | 74.05 | -2.39% | -60.35% | 75.86 | 74.15 | 73.88 | 1,595,003,520 |
| XRP | 1.09 | -1.29% | -65.22% | 1.11 | 1.09 | 1.09 | 1,014,618,368 |
| BNB | 565.70 | -0.22% | -27.99% | 566.95 | 565.70 | 563.96 | 1,019,683,968 |
| ADA | 0.16 | -2.63% | -79.90% | 0.17 | 0.16 | 0.16 | 184,009,712 |
| DOGE | 0.07 | +0.68% | -70.61% | 0.07 | 0.07 | 0.07 | 632,755,968 |
| AVAX | 6.25 | -0.19% | -73.92% | 6.26 | 6.31 | 6.24 | 245,922,208 |
| LINK | 8.33 | -1.57% | -54.45% | 8.46 | 8.35 | 8.32 | 174,611,696 |
| DOT | 0.81 | -0.78% | -80.21% | 0.82 | 0.81 | 0.81 | 66,251,116 |
| LTC | 46.38 | -1.17% | -59.25% | 46.93 | 46.40 | 46.23 | 226,546,400 |
| BCH | 210.50 | -0.75% | -62.20% | 212.09 | 211.01 | 210.08 | 83,351,488 |
| TRX | 0.33 | +0.68% | +4.36% | 0.33 | 0.33 | 0.33 | 440,451,488 |
| XLM | 0.18 | -1.79% | -58.52% | 0.18 | 0.18 | 0.18 | 134,522,640 |
| HBAR | 0.07 | -0.90% | -72.72% | 0.07 | 0.07 | 0.07 | 48,366,404 |
| NEAR | 1.80 | -4.44% | -37.00% | 1.88 | 1.81 | 1.79 | 147,759,328 |
| ATOM | 1.39 | -2.26% | -70.55% | 1.42 | 1.40 | 1.39 | 20,362,424 |
| AAVE | 91.02 | -4.23% | -69.06% | 95.04 | 93.05 | 91.01 | 169,652,640 |
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