Video | Weekly Market Interpretation: Bitcoin's $100,000 solid support, SharpLink's 2700% big pump in 5 days, is Ethereum expected to break through $3000 in the short term?

Original text: The Round Trip

Organizer: Yuliya, PANews

In the age of crypto and AI, the stories that really matter are often hidden from the hustle and bustle. In search of these overlooked truths, PANANY has teamed up with Web3.com Ventures to launch The Round Trip, an English-language video show. Co-hosted by John Scianna and Cassidy Huang, this episode will focus on the market landscape after Bitcoin broke through the $100,000 mark, delve into the Las Vegas Bitcoin Conference, analyze the policy signals behind US Vice President JD Vance's speech, and how the Lummis Strategic Bitcoin Reserve Act is changing the country's attitude towards digital assets. From Pakistan joining the ranks of global bitcoin reserves, to SharpLink Gaming's massive investment in Ethereum, to stablecoins reshaping payment infrastructure in developing countries, this article will reveal the deeper 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 may differ from current dynamics or information.

! Video | Weekly Market Interpretation: Bitcoin $100,000 Solid Support, SharpLink Soars 2,700% in 5 Days, Ethereum Is Expected to Break $3,000 in the Short Term?

Las Vegas Bitcoin Conference

The Las Vegas Bitcoin Conference 2025 was the highlight of last week. This is not just an ordinary meeting, but an important moment that could rewrite the history of cryptocurrency. U.S. Vice President J.D. Vance delivered an important speech at the conference, in which he not only admitted that he holds a considerable amount of bitcoin (estimated to be about 5 bitcoins), but also announced that "Operation Suffocation Point 2.0 has ended", indicating that the enforcement policy on cryptocurrencies during the Biden administration has ended.

This is the first Bitcoin conference held against the backdrop of Bitcoin prices exceeding $100,000, and it is the largest ever, showcasing the thriving development of the cryptocurrency market.

Stablecoins: The Future of Payment Infrastructure

Another topic that attracted much attention at last week's Bitcoin Conference was stablecoins. With the Genius Act advancing 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 that do not have a national fiat currency, stablecoins may become a daily payment infrastructure, and their design based on debit logic also greatly reduces payment costs. Currently, several regions, including Bermuda, have used USDC for day-to-day 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 introduced the Strategic Bitcoin Reserve Act, proposing Bitcoin as a sovereign reserve asset in the United States. This reserve is not financed by the use of taxpayer funds, but through the revaluation of gold certificates and confiscated assets. Ramis also pushed for the Bitcoin Act, which proposes to allow governments to hold up to 1 million bitcoins over the next five years, representing nearly 5% of the total global supply. The proposal, once advanced, will reshape the Bitcoin market landscape.

Currently, 19% of the population in the United States holds or has been exposed to cryptocurrency 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 Department of the Treasury may use part of the tariff revenue to purchase Bitcoin, which would be the first time in U.S. history.

Pakistan joins the ranks of Bitcoin reserves

Not only the United States, but also Pakistan announced plans to create a national strategic reserve of bitcoin, the news was announced live on stage by the country's special adviser on blockchain, Bilal Bin Saqib. This marks a major shift in Pakistan's approach to cryptocurrencies and shows that the idea of Bitcoin as a sovereign asset is spreading rapidly across the globe.

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

PSG's Bitcoin holdings

The sports world is also embracing cryptocurrency. Paris Saint-Germain Football Club ( PSG ) holds Bitcoin on its balance sheet, coinciding with the week before the Champions League final. The Bitcoin investment by this football giant shows mainstream institutions' recognition of crypto assets, and people hope this move will bring them good luck in their match last weekend.

James Wynn's $85 million loss

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

Despite having announced on X that he would stay away from perpetual contract trading, he returned to trading in less than 24 hours, showcasing the addictive and dangerous nature of leveraged trading. Even more concerning is the allegation that Wynn participated in a pump-and-dump scheme, using his influence to drive up the prices of certain tokens before selling them for profit, leaving his followers to bear the losses.

Impact of Macro Environment: Tariffs and Market Volatility

Despite the excitement at the Bitcoin Conference in Las Vegas, the macroeconomic environment is not promising. A federal court ruled that Trump's "Liberation Day tariffs" were illegal, causing the price of Bitcoin to rise briefly, but then the government appealed, the tariffs remained unchanged, and the market fell again.

The court believes that Trump has exceeded the authority granted by the International Emergency Economic Powers Act ( IEEPA ), which could create a ripple effect on global markets and cryptocurrency sentiment. Additionally, the stagnation of US-China trade negotiations requires direct dialogue between the top levels of the US and China to move forward, and this news caused the market to drop by 2% overnight.

Musk exits DOGE

Elon Musk has officially stepped down from the Trump administration's government efficiency unit (DOGE), which also became important news last week. Musk originally joined DOGE to cut federal waste and modernize the bureaucracy, but due to the restrictions of the 1974 Congressional Budget and the Seizure Control Act, 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 suffered by Tesla, as his work for Trump has led some consumers to boycott Tesla products, and there have even been incidents of Tesla dealerships being burned down and vehicles being deliberately damaged. Despite this, Tesla shares have rebounded 50% after the decline.

Ethereum's "MicroStrategy" Moment: SharpLink Gaming's Transformation

Another major news last week was SharpLink Gaming's strategic transformation. The company, which was on the brink of delisting, successfully raised $425 million in funding and shifted its focus to Ethereum investments, becoming the first major publicly traded company on NASDAQ to make significant investments in Ethereum, referred to by analysts as "the first institutional ETH supply crunch."

SharpLink has a strong investor lineup, including well-known VCs such as Joseph Lubin's Consensus (where he is also chairman of the board), Pantera, Galaxy Digital, ParaFi, Electric Capital, and Arrington. The company's share price has risen by a staggering 2,700% in five days.

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

Despite Bitcoin briefly dropping below $106,000 in the past week, it has remained stable above $100,000 for 20 consecutive days, demonstrating strong support. Ethereum and XRP have shown more resilience compared to most mainstream cryptocurrencies, and many analysts point out that ETH is forming a bullish pattern on the technical chart, likely to break above $3,000 in the short term. The entry of Sharp Link may become a catalyst.

In the current uncertain macro environment, investors should keep leverage low and ensure the safety of cold wallets. While the cryptocurrency market is showing an exciting trend, policy changes and market volatility are still something to be aware of. As industry insiders put it: "Keep leverage low and keep your cold wallet cool because you don't want to transfer those funds unnecessarily." In today's macro environment, you never know what's going to happen. "