Key points:

Bitcoin price saw profit booking near $105,819, signaling that bears remain active at higher levels.

Select altcoins have continued to move higher, indicating increased investor interest.  

The SPX and the DXY are playing catch-up to Bitcoin following the US-China trade deal.

Bitcoin (BTC) has started the new week on a cautious note, falling below $103,000, but the S&P 500 Index (SPX) and the US Dollar Index (DXY) have risen sharply following the announcement of the US-China trade agreement. One of the reasons could be that other assets are trying to play catch up with Bitcoin, and the sharp rally in the US dollar may be acting as headwinds for Bitcoin in the near term.

Bitwise European Head of Research André Dragosch said in a post on X that the firm’s proprietary indicator has reached its highest level since 2024. Historically, high levels of the indicator have resulted in a short-term correction or sideways price action.

Crypto market data daily view. Source: Coin360

The short-term uncertainty has not stopped the long-term bulls from adding more Bitcoin to their portfolio. Michael Saylor’s Strategy acquired 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11. The latest purchase has boosted the firm’s haul to 568,840 Bitcoin.

What are the crucial support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index gapped up sharply on May 12 and rose above the stiff overhead resistance at 5,800.

SPX daily chart. Source: Cointelegraph/TradingView

Time is running out for the bears. If they want to prevent the upside, they will have to fiercely defend the 5,800 level and quickly drag the price below the 20-day exponential moving average (5,570). If they manage to do that, the index could start a deeper correction toward 5,400.

Instead, if the price closes above 5,800, the up move may continue toward the 6,000 level. There could be a minor halt at 6,000, but if the bulls prevail, the index could retest the all-time high at 6,147.

US Dollar Index price prediction

The US Dollar Index pierced the 20-day EMA (100.42) on May 8, indicating that the bears are losing their grip.

DXY daily chart. Source: Cointelegraph/TradingView

Sellers tried to pull the price back below the 20-day EMA on May 9, but the bulls held their ground. The index has reached the 50-day simple moving average (102.08), which is expected to behave as a resistance. 

If the price turns down from the 50-day SMA but finds support at the 20-day EMA, it suggests a positive sentiment. That increases the likelihood of a rally to 103.54 and thereafter to 104.68.

Bitcoin price prediction

Bitcoin has turned down from $105,819, indicating that the bears are defending the $107,000 to $109,588 zone.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The first support on the downside is the $100,000 level, and below that, the 20-day EMA ($97,238). If the price rebounds off the support zone, the bulls will again try to kick the BTC/USDT pair above $109,588. If they can pull it off, the pair could ascend to $130,000.

Conversely, if the price turns down and breaks below the 20-day EMA, it signals that buyers are booking profits at higher levels. That opens the doors for a fall to $93,000 and then to the 50-day SMA ($89,302).

Ether price prediction

Ether (ETH) bulls are trying to sustain the price above $2,550, but the bears have kept up the selling pressure.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

If the price skids below $2,435, the ETH/USDT pair may fall to $2,320. If the price rebounds off $2,320, the bulls will try to resume the up move. There is resistance at $2,850, but if it is crossed, the pair could reach $3,000.

Contrary to this assumption, if the price turns down and breaks below $2,320, it suggests that the bulls are booking profits. The pair may drop to the breakout level of $2,111, which is likely to act as support.

XRP price prediction

XRP (XRP) broke above the resistance line on May 10, and the bulls successfully held the retest of the breakout level on May 11.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The bulls have strengthened their position by pushing the price above the $2.50 resistance. There is minor resistance at $2.65, but if the level is scaled, the rally could reach $3. Such a move signals a potential trend change.

Alternatively, if the price turns down sharply from $2.65 and breaks below the 20-day EMA ($2.27), it signals a possible range formation in the near term. The XRP/USDT pair could swing between $2 and $2.65 for some time.

BNB price prediction

BNB (BNB) turned down from $679 on May 10 but rebounded off the breakout level of $644 on May 12.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

Buyers tried to resume the up move, but the long wick on the candlestick shows selling near the $700 level. If the price stays above $644, the bulls will make another attempt to propel the BNB/USDT pair to $745.

Sellers will have to pull the price below $644 to weaken the bulls. The pair could then fall to the 20-day EMA ($621). Buyers are expected to defend the 20-day EMA because a break below it could tilt the advantage in favor of the bears.

Solana price prediction

Solana’s (SOL) up move has stalled near the $180 resistance, but a positive sign is that the bulls have not given up much ground to the bears. 

SOL/USDT daily chart. Source: Cointelegraph/TradingView

A shallow pullback increases the possibility of the continuation of the rally. If buyers drive the price above $180, the SOL/USDT pair could rally to $210.

The immediate support on the downside is at $168. If the price slides below $168, the pair could descend to the 20-day EMA ($155). A solid rebound off the 20-day EMA suggests the bulls remain in control. That increases the likelihood of a break above $180. Sellers will gain the upper hand on a break below $153.

Related: Bitcoin set for $150K BTC price rally as US, China agree to slash tariffs

Dogecoin price prediction

Dogecoin (DOGE) turned down from $0.26 on May 11, indicating profit booking by short-term buyers.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are expected to aggressively defend the breakout level of $0.21. If the price rebounds off $0.21 with strength, it signals that the bulls have flipped the level into support. The DOGE/USDT pair could then climb to $0.31.

On the contrary, a break and close below the $0.21 level suggests that bears remain active at higher levels. The pair could then drop to the moving averages, pointing to a possible range formation between $0.14 and $0.26 in the near term.

Cardano price prediction

Cardano (ADA) is facing resistance near $0.86, but a positive sign is that the bulls have not ceded much ground to the bears.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($0.72) has started to turn up, and the RSI is near the overbought area, indicating an advantage to buyers. If the price rebounds off the neckline, the bulls will try to propel the ADA/USDT pair above $0.856. If they can pull it off, the pair could travel to the target objective of $1.01.

If sellers want to prevent the upside, they will have to swiftly yank the price below the moving averages. If they do that, the pair could descend to the solid support at $0.58.

Sui price prediction

Sui (SUI) is facing selling at $4.25, but a positive sign is that the bulls have maintained the price above the breakout level of $3.90.

SUI/USDT daily chart. Source: Cointelegraph/TradingView

Both moving averages are sloping up, and the RSI is near the overbought zone, indicating that the path of least resistance is to the upside. If buyers clear the $4.25 level, the SUI/USDT pair could soar to $5.

The first sign of weakness will be a break and close below the $3.90 level. That opens the doors for a fall to the 20-day EMA ($3.48). A bounce off the 20-day EMA signals that the positive momentum remains intact. The bulls will then again try to clear the overhead hurdle at $4.25. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

New York City Mayor Eric Adams announced partnerships between the city and financial firms as part of his crypto plans.

In a May 12 press conference at Gracie Mansion, the city’s official mayoral residence, Adams said June Ou, founder of financial services company Figure, and Richie Hecker, CEO of private equity firm Traction and Scale, would be assisting the city in its crypto efforts. He spoke of Ou and Hecker acting as advisers for New York City’s next steps in “economic development and opportunities to serve the public using digital assets.” 

“We are focused on the long-term values of these technologies for our city and its people, not chasing memes or trends,” said Adams, adding:

“If you’re in the crypto, blockchain, Web3 or the fintech space, New York City is open for business.”Eric Adams addressing reporters on May 12. Source: Yedda Araujo/Cointelegraph

Adams made digital assets a large part of his policy platform after assuming office in January 2022, when he announced plans to accept his first three paychecks in Bitcoin (BTC). In a 2023 financial disclosure, the mayor reported holding between $5,000 and $54,999.99 worth of Bitcoin, but suggested it was worth more in a December 2024 press conference.

Trump DOJ dismissed the corruption case against Adams

Adams had been facing corruption charges over alleged illegal donations from the Turkish government, but Justice Department officials appointed by US President Donald Trump stepped in and directed local authorities to intervene.

The case was dismissed with prejudice, meaning it cannot be reopened, in April, and Adams traveled to the White House on May 9 to reportedly thank Trump for his “words of support” during his 2024 campaign.

Related: 8 major crypto firms announce US expansion this year

It’s unclear whether Adams’ May 12 announcement was related to his meeting with the president, who has also pushed significant policies related to digital assets since taking office. Cointelegraph reached out to the mayor’s office for comment, but had not received a response at the time of publication.

Adams announced in April that the city would be hosting its own crypto summit on May 20.

Magazine: Crypto City: Guide to New York

Key takeaways:

Bitcoin lags as investors shift toward stocks after the US and China strike a deal that could end the current trade war.

Macroeconomic conditions are swinging away from gold investing and back to stocks. 

Bitcoin (BTC) reached its highest price in over three months at $105,720 on May 12, but was unable to maintain its bullish momentum. Interestingly, the drop to $102,000 came after a temporary easing in the US-China tariff conflict. This has left traders puzzled as to why Bitcoin reacted negatively to what seemed like positive developments.

The 90-day truce reduced import tariffs, and US Treasury Secretary Scott Bessent noted that the agreement could be extended, provided there is a genuine effort and constructive dialogue. According to Yahoo Finance, the topics under discussion include “currency manipulation,” “steel price dumping,” and restrictions on semiconductor exports.

Bitcoin/USD (orange) vs. S&P 500 futures (red) and gold (blue). Source: TradingView / Cointelegraph

Part of Bitcoin’s recent lack of momentum can be attributed to its 24% gains over the previous 30 days, during which S&P 500 futures rose 7% and gold remained flat. Investors see little reason for further divergence between Bitcoin and traditional markets, especially since the 30-day correlation with the stock market remains high at 83%. 

Additionally, Bitcoin has now surpassed the market capitalization of both silver and Google, making it the world’s sixth-largest tradable asset.

World’s largest tradable assets, USD. Source: 8marketcap

News that Strategy acquired another 13,390 BTC between May 5 and May 11 has also raised concerns among investors. With BlackRock and Strategy together holding 1.19 million BTC, about 6% of the circulating supply, some traders worry that Michael Saylor’s company is largely responsible for supporting the price.

Critics, such as Peter Schiff, predict that Strategy’s ever-increasing average purchase price could eventually lead to losses and force the company to sell some of its holdings to cover borrowing costs. However, this scenario seems unlikely, as the company has doubled its capital increase limit by $21 billion in stocks and another $21 billion in debt.

Bitcoin stalls as macroeconomic events favor stocks over gold

While traders often focus on Bitcoin-specific events, the most likely reason for the weakness near $105,000 is broader macroeconomic conditions. Although the pause in tariffs directly benefits the stock market, the effect on scarce assets like Bitcoin is somewhat negative. For example, gold fell 3.4% on May 12 as the demand for safe-haven assets declined.

Gold/USD (left) vs. DXY US Dollar Index (right). Source: TradingView / Cointelegraph

Gold has typically shown an inverse correlation with the US Dollar Index (DXY), which climbed to its highest level in 30 days on May 12. The strengthening US dollar signals investor confidence, despite a 0.3% decline in US first-quarter Gross Domestic Product (GDP) and a 6.1% jump in pending home sales in March compared to the previous month.

Related: Bitcoin short-term ‘technical sell-off’ under $100K possible ahead of May 13 CPI print

The lack of conviction among Bitcoin investors when prices traded near $105,000 is at least partly due to reduced demand for scarce assets, as investors view the stock market as a more immediate and direct beneficiary of the US-China trade deal. Lower import duties suggest higher revenues and potentially improved profit margins for companies.

Given the impressive $2 billion in inflows into US spot Bitcoin exchange-traded funds (ETFs) between May 1 and May 9, the likelihood of a price drop below $100,000 remains low. The steady demand for Bitcoin following a 24% monthly gain points to institutional adoption rather than retail-driven FOMO, which is a very positive sign for the price.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Key takeaways:

Bitcoin lags as investors shift toward stocks after the US and China strike a deal that could end the current trade war.

Macroeconomic conditions are swinging away from gold investing and back to stocks. 

Bitcoin (BTC) reached its highest price in over three months at $105,720 on May 12, but was unable to maintain its bullish momentum. Interestingly, the drop to $102,000 came after a temporary easing in the US-China tariff conflict. This has left traders puzzled as to why Bitcoin reacted negatively to what seemed like positive developments.

The 90-day truce reduced import tariffs, and US Treasury Secretary Scott Bessent noted that the agreement could be extended, provided there is a genuine effort and constructive dialogue. According to Yahoo Finance, the topics under discussion include “currency manipulation,” “steel price dumping,” and restrictions on semiconductor exports.

Bitcoin/USD (orange) vs. S&P 500 futures (red) and gold (blue). Source: TradingView / Cointelegraph

Part of Bitcoin’s recent lack of momentum can be attributed to its 24% gains over the previous 30 days, during which S&P 500 futures rose 7% and gold remained flat. Investors see little reason for further divergence between Bitcoin and traditional markets, especially since the 30-day correlation with the stock market remains high at 83%. 

Additionally, Bitcoin has now surpassed the market capitalization of both silver and Google, making it the world’s sixth-largest tradable asset.

World’s largest tradable assets, USD. Source: 8marketcap

News that Strategy acquired another 13,390 BTC between May 5 and May 11 has also raised concerns among investors. With BlackRock and Strategy together holding 1.19 million BTC, about 6% of the circulating supply, some traders worry that Michael Saylor’s company is largely responsible for supporting the price.

Critics, such as Peter Schiff, predict that Strategy’s ever-increasing average purchase price could eventually lead to losses and force the company to sell some of its holdings to cover borrowing costs. However, this scenario seems unlikely, as the company has doubled its capital increase limit by $21 billion in stocks and another $21 billion in debt.

Bitcoin stalls as macroeconomic events favor stocks over gold

While traders often focus on Bitcoin-specific events, the most likely reason for the weakness near $105,000 is broader macroeconomic conditions. Although the pause in tariffs directly benefits the stock market, the effect on scarce assets like Bitcoin is somewhat negative. For example, gold fell 3.4% on May 12 as the demand for safe-haven assets declined.

Gold/USD (left) vs. DXY US Dollar Index (right). Source: TradingView / Cointelegraph

Gold has typically shown an inverse correlation with the US Dollar Index (DXY), which climbed to its highest level in 30 days on May 12. The strengthening US dollar signals investor confidence, despite a 0.3% decline in US first-quarter Gross Domestic Product and a 6.1% jump in pending home sales in March compared to the previous month.

Related: Bitcoin short-term ‘technical sell-off’ under $100K possible ahead of May 13 CPI print

The lack of conviction among Bitcoin investors when prices traded near $105,000 is at least partly due to reduced demand for scarce assets, as investors view the stock market as a more immediate and direct beneficiary of the US-China trade deal. Lower import duties suggest higher revenues and potentially improved profit margins for companies.

Given the impressive $2 billion in inflows into US spot Bitcoin exchange-traded funds (ETFs) between May 1 and May 9, the likelihood of a price drop below $100,000 remains low. The steady demand for Bitcoin following a 24% monthly gain points to institutional adoption rather than retail-driven FOMO, which is a very positive sign for the price.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing. 

On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows.

“[I]f quantum computing technology is able to advance […] it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin,” BlackRock said.

It is the first time the asset manager has explicitly flagged this risk in its IBIT disclosures. The IBIT ETF is the largest spot Bitcoin (BTC) ETF, with approximately $64 billion in net assets, according to its website. 

Quantum computing is an emergent field that seeks to use the principles of quantum mechanics to greatly enhance computers’ processing capabilities. 

Source: James Seyffart/Bloomberg Intelligence

Related: Quantum computing will bring lost Bitcoin ‘back in circulation’ — Tether CEO

Record-breaking inflows

James Seyffart, an analyst for Bloomberg Intelligence, cautioned that risk disclosures such as IBIT’s are required to highlight every possible risk to an asset, even those that are extremely unlikely. 

“They are going to highlight any potential thing that can go wrong with any product they list or underlying asset that’s being invested in,” Seyffart said in a May 9 X post. “It’s completely standard. And honestly [it] makes complete sense.”

Since launching in January, Bitcoin ETFs have collectively attracted more than $41 billion in net inflows, according to data from Farside Investors. 

Bitcoin ETF inflows reached all-time highs on May 8. Source: Eric Balchunas/Bloomberg Intelligence

On May 8, Bitcoin ETF net inflows surpassed all-time highs of around $40 billion, according to Bloomberg Intelligence. 

“Lifetime net flows is #1 most imp metric to watch IMO, very hard to grow, pure truth, no bs,” Bloomberg Intelligence analyst Eric Balchunas said in a May 9 X post. “Impressive, they were able to make it to a new high water mark so soon after the world was supposed to end.”

In February, Tether CEO Paolo Ardoino predicted that quantum computing would eventually enable hackers to break into inactive Bitcoin wallets and recover the dormant coins. 

“Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation,” Ardoino said in a Feb. 8 X post.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

Tether’s USDt (USDT) surpassed a $150 billion market capitalization for the first time on May 12, marking a new milestone amid growing stablecoin adoption.

USDt’s circulating supply has expanded by over 36% in the past year, with growth accelerating in November following the election of US President Donald Trump.

USDt’s market cap growth over the past year. Source: CoinMarketCap

At its current supply, Tether accounts for 61% of the global stablecoin market, according to CoinMarketCap data. It’s followed by Circle’s USDC (USDC), which accounts for nearly 25% of the stablecoin market. 

As the world’s largest stablecoin, Tether is widely viewed as a barometer for cryptocurrency demand, given its central role in providing liquidity and funding for crypto trading.

Tether is part of a broader trend toward digital fiat currencies, with recent data from Dune and Artemis showing that the number of active stablecoin wallets has surged more than 50% over the past year, from 19.6 million to 30 million.

Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

Tether eyes US reboot

Despite its large presence globally, Tether’s usage is restricted in the United States, a country now at the forefront of pro-crypto legislation.

Against this backdrop, Tether is planning to enter the US with a new dollar-backed stablecoin later this year.

“A domestic stablecoin would be different from the international stablecoin,” Tether’s CEO, Paolo Ardoino, reportedly said on the sidelines of the Token2049 conference in Dubai, United Arab Emirates. 

According to a CNBC report, Tether is increasing lobbying efforts in Washington as US lawmakers consider several stablecoin-related bills, including the STABLE Act, introduced by House Financial Services Committee Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil.

Former CFTC Chair Timothy Massad delivers remarks at a Feb. 11 House committee meeting. Source: GOP Financial Services

However, the STABLE Act has drawn criticism. As reported by Cointelegraph, former Commodity Futures Trading Commission Chair Timothy Massad argued the bill would do little to rein in Tether.

Speaking during a Feb. 11 hearing of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, Massad said the proposal poses “far too much risk of weak state standards” and suffers from “an inadequate review process,” noting the lack of “ongoing federal supervision of state issuers.”

Related: US crypto bills compared: STABLE Act vs GENIUS Act

Tether’s USDt (USDT) surpassed a $150 billion market capitalization for the first time on May 12, marking a new milestone amid growing stablecoin adoption.

USDt’s circulating supply has expanded by over 36% in the past year, with growth accelerating in November following the election of US President Donald Trump.

USDt’s market cap growth over the past year. Source: CoinMarketCap

At its current supply, Tether accounts for 61% of the global stablecoin market, according to CoinMarketCap data. It’s followed by Circle’s USDC (USDC), which accounts for nearly 25% of the stablecoin market. 

As the world’s largest stablecoin, Tether is widely viewed as a barometer for cryptocurrency demand, given its central role in providing liquidity and funding for crypto trading.

Tether is part of a broader trend toward digital fiat currencies, with recent data from Dune and Artemis showing that the number of active stablecoin wallets has surged more than 50% over the past year, from 19.6 million to 30 million.

Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

Tether eyes US reboot

Despite its large presence globally, Tether’s usage is restricted in the United States, a country now at the forefront of pro-crypto legislation.

Against this backdrop, Tether is planning to enter the US with a new dollar-backed stablecoin later this year.

“A domestic stablecoin would be different from the international stablecoin,” Tether’s CEO, Paolo Ardoino, reportedly said on the sidelines of the Token2049 conference in Dubai, United Arab Emirates. 

According to a CNBC report, Tether is increasing lobbying efforts in Washington as US lawmakers consider several stablecoin-related bills, including the STABLE Act, introduced by House Financial Services Committee Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil.

Former CFTC Chair Timothy Massad delivers remarks at a Feb. 11 House committee meeting. Source: GOP Financial Services

However, the STABLE Act has drawn criticism. As reported by Cointelegraph, former Commodity Futures Trading Commission Chair Timothy Massad argued the bill would do little to rein in Tether.

Speaking during a Feb. 11 hearing of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, Massad said the proposal poses “far too much risk of weak state standards” and suffers from “an inadequate review process,” noting the lack of “ongoing federal supervision of state issuers.”

Related: US crypto bills compared: STABLE Act vs GENIUS Act

Key takeaways:

Possible de-risking ahead of the May 13 CPI print could be playing a role in today’s BTC price correction.

Bitcoin market structure and qualitative fundamentals remain bullish, suggesting today’s correction could be short-lived.

Bitcoin (BTC) price briefly stumbled on May 12, falling to $102,388 after hitting an intraday high at $105,819 during the US trading session. At first glance, the abrupt correction seemed unexpected given the positive news of the day.

Since Sunday evening (May 11), mainstream media headlines reported on the positive headway made in the US-China trade talks occurring in Switzerland, and throughout the evening, US President Donald Trump ran his victory lap via Truth Social posts heralding the positives of the deal. 

BREAKING: U.S. Announces China Trade Deal in Geneva pic.twitter.com/JjgvYAvAGe

— The White House (@WhiteHouse) May 11, 2025

As news of the tentative deal broke, US equity futures markets soared, and these gains materialized into a 1,000-point rally in the Dow at the opening bell. Looking beyond the temporary resolution of the US-China trade war, Bitcoin has racked up back-to-back wins over the past two weeks. On May 12, Strategy CEO Michael Saylor announced that the company had acquired 13,390 Bitcoin, bringing its total balance to 568,840 BTC. 

On the same day, shares of healthcare company KindlyMD surged up to 600% after announcing the merger with Nakamoto Holdings, a Bitcoin investment company founded by David Bailey, who is Trump’s current crypto adviser. The month of April followed a similar trajectory to today, where frequent Bitcoin treasury creation announcements were made by an assortment of US-based and international companies. 

Related: US real estate asset manager launches $100M tokenized fund with institutional backing

Profit taking and de-risking drive the current Bitcoin price correction

While Bitcoin’s mass adoption appears to be accelerating, data from Glassnode suggests that BTC price could be in for a brief period of consolidation after gaining 9% in the last week.

Bitcoin RSI of cumulative support per cohort. Source: Glassnode

The onchain analytics firm posted the above chart and warned that: 

“BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week. But Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation.” 

At major crypto exchanges, there was an uptick in selling in perpetual futures markets, and selling was also seen in spot markets as BTC price rallied into a sell wall near $106,000.

From a trader’s point of view, a portion of the selling could be possible derisking ahead of the May 13 Consumer Price Index (CPI) inflation report, along with the view that the Trump trade deal with China is now priced in after BTC failed to rally and hold above $104,000 on such momentous news. 

BTC/USD spot and futures CVD. Source: TRDR.io 

Leading into the trade war news, the US Dollar Index (DXY) rallied and stock indexes soared. Seeing Bitcoin failing to break and hold $104,000 to $105,000 prior to stock futures opening and then BTC being unable to follow equities opening bell gains in the NY session suggests some traders elected to close profitable longs ahead of tomorrow’s CPI or before the current bid appetite shifts to lower price levels. 

BTC/USDT futures 1-hour chart. Source: Velo

This view can be interpreted by the chart above, showing open interest rising hour-over-hour, along with an abrupt spike in the funding rate as short positions opened and longs were liquidated. 

Spot purchasing played a significant role in last week’s Bitcoin price rally, and the May 12 announcement from Strategy and spot BTC ETF inflows of the past 7 days raises more immediate concerns of whether the type of buying appetite seen since late April will spill over into another week. 

Spot Bitcoin ETF net inflows (weekly). Source: SoSoValue

Considering the accelerating pace of Bitcoin adoption within traditional finance and the rapidly improving crypto regulatory environment, the current price action appears to be a short-term technical correction. Perhaps, dependent upon tomorrow’s CPI print, spot and margin longs will return in force once the market digests the details of the report.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Patel Real Estate Holdings (PREH) has launched a $100 million tokenization fund on the Chintai blockchain, aiming to give accredited investors access to institutional-grade real estate opportunities.

The new PREH Multifamily Fund is a tokenized investment vehicle focused on vintage Class A multifamily units across the top 20 US growth markets, the company told Cointelegraph on May 12.

“The entire structure is digital-native from the start — compliant onboarding, reporting, capital calls, and (potential) secondary market transfers,” a PREH spokesperson said.

The fund is part of a broader $750 million investment vehicle co-developed by PREH and several institutional firms, including Carlyle, DRA Advisors, Walton Street Capital, RPM and KKR. Initially, the company said that $25 million of the $100 million allocation would be tokenized on Chintai. 

According to PREH, the tokenization structure helps alleviate many transparency and liquidity constraints investors typically face in private market placements.

Founded in 2010, PREH is a national real estate asset manager that oversees a portfolio of Class A multifamily properties. The company owns and operates real estate investments, overseeing the acquisition, financing and management of properties. 

Since its inception, PREH has completed more than $500 million in real estate transactions.

Chintai is a tokenization-focused layer-1 blockchain that also powers the R3 Sustainability Fund for environmental, social, and governance (ESG) investing. Its native token, CHEX, is currently valued at $0.24, with a total market capitalization of $244 million, according to CoinMarketCap.

Chintai (CHEX) token price. Source: CoinMarketCap

“We chose Chintai because they offer a fully regulated, institutional-grade platform purpose-built for tokenizing real-world assets,” PREH’s president, Tejas Patel, told Cointelegraph in a written statement, adding:

“Their technology allows us to maintain the highest standards of compliance and investor protections while introducing the efficiencies and access advantages of blockchain.”

Related: RWA tokenization trends and market outlook for 2025: Report

Tokenizing real estate

Tokenizing real estate has long been seen as a way to modernize property investment, but until recently, real-world examples were rare. 

By early 2025, real estate tokenization had gained traction across North America and the United Arab Emirates, while efforts are underway in Europe to establish regulatory frameworks that support its growth.

One of the biggest catalysts for tokenization is the “ability to eliminate the illiquidity discount on real estate,” Polygon CEO Mark Boiron told Cointelegraph in March.

The growth of liquid secondary markets for fractional real estate could significantly strengthen that advantage.

This motivation also drove RWA platform DigiShares to launch the REX marketplace on Polygon earlier this year, featuring two luxury property listings in Miami, Florida.

Efforts are also underway to tokenize commercial real estate, with Blocksquare and Vera Capital recently partnering to offer fractional ownership of more than $1 billion worth of properties.

Deloitte expects global tokenized real estate value to more than quadruple between 2030 and 2035. Source: Deloitte

Against this backdrop, consultancy firm Deloitte has forecast that $4 trillion worth of real estate will be tokenized on the blockchain over the next decade.

Magazine: Have your stake and earn fees too: Tushar Aggarwal on double dipping in DeFi

Patel Real Estate Holdings (PREH) has launched a $100 million tokenization fund on the Chintai blockchain, aiming to give accredited investors access to institutional-grade real estate opportunities.

The new PREH Multifamily Fund is a tokenized investment vehicle focused on vintage Class A multifamily units across the top 20 US growth markets, the company told Cointelegraph on May 12.

“The entire structure is digital-native from the start — compliant onboarding, reporting, capital calls, and (potential) secondary market transfers,” a PREH spokesperson said.

The fund is part of a broader $750 million investment vehicle co-developed by PREH and several institutional firms, including Carlyle, DRA Advisors, Walton Street Capital, RPM and KKR. Initially, the company said that $25 million of the $100 million allocation would be tokenized on Chintai. 

According to PREH, the tokenization structure helps alleviate many transparency and liquidity constraints investors typically face in private market placements.

Founded in 2010, PREH is a national real estate asset manager that oversees a portfolio of Class A multifamily properties. The company owns and operates real estate investments, overseeing the acquisition, financing and management of properties. 

Since its inception, PREH has completed more than $500 million in real estate transactions.

Chintai is a tokenization-focused layer-1 blockchain that also powers the R3 Sustainability Fund for environmental, social, and governance (ESG) investing. Its native token, CHEX, is currently valued at $0.24, with a total market capitalization of $244 million, according to CoinMarketCap.

Chintai (CHEX) token price. Source: CoinMarketCap

“We chose Chintai because they offer a fully regulated, institutional-grade platform purpose-built for tokenizing real-world assets,” PREH’s president, Tejas Patel, told Cointelegraph in a written statement, adding:

“Their technology allows us to maintain the highest standards of compliance and investor protections while introducing the efficiencies and access advantages of blockchain.”

Related: RWA tokenization trends and market outlook for 2025: Report

Tokenizing real estate

Tokenizing real estate has long been seen as a way to modernize property investment, but until recently, real-world examples were rare. 

By early 2025, real estate tokenization had gained traction across North America and the United Arab Emirates, while efforts are underway in Europe to establish regulatory frameworks that support its growth.

One of the biggest catalysts for tokenization is the “ability to eliminate the illiquidity discount on real estate,” Polygon CEO Mark Boiron told Cointelegraph in March.

The growth of liquid secondary markets for fractional real estate could significantly strengthen that advantage.

This motivation also drove RWA platform DigiShares to launch the REX marketplace on Polygon earlier this year, featuring two luxury property listings in Miami, Florida.

Efforts are also underway to tokenize commercial real estate, with Blocksquare and Vera Capital recently partnering to offer fractional ownership of more than $1 billion worth of properties.

Deloitte expects global tokenized real estate value to more than quadruple between 2030 and 2035. Source: Deloitte

Against this backdrop, consultancy firm Deloitte has forecast that $4 trillion worth of real estate will be tokenized on the blockchain over the next decade.

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