May Was a Pivotal Month for Crypto Markets

Bitcoin hit a new all-time high of $111,891 on May 22 before consolidating in a $104,000–$105,000 range.

Total crypto market capitalization dropped from nearly $3.6 trillion to $3.28 trillion by month-end, as initial optimism gave way to a more cautious approach.

This pullback was driven by persistent macroeconomic headwinds - notably the Fed’s monetary policy (rates held between 4.25% and 4.50%) and rising global geopolitical tensions.

Despite the challenging backdrop, Bitcoin held strong, closing the month up 11% at $104,778. This move showed resilience, with neutral funding rates (~7.6% annualized), hinting at a likely spot-driven rally, bolstered by growing institutional demand — more on that in our upcoming breakdowns.
Notably, BlackRock’s $IBIT Bitcoin Trust saw a record $6.35 billion in inflows this month 🤯.

Ethereum outperformed, surging 47% 🚀 to reach $2,515. This rally was fueled by the Pectra upgrade, which increased validator staking limits from 32 ETH to 2,048 ETH. Funding rates peaked at 10.5% annualized early in the month, reflecting strong bullish sentiment.

Looking ahead, Bitcoin needs a daily close above $106,500 to confirm a potential bullish continuation. This would be a key technical trigger for a resumed bull run — with targets to be explored in our upcoming analysis.

OUR STRATEGIES IN MAY

🆙 TrenDynamic

We took profits on 50% of the portfolio on May 29, with an average execution price of $105,614. The remaining balance remains exposed to the market. As of this writing, a daily close above $106,500 could pave the way for a full re-entry. We’re closely watching for such a confirmation. In the meantime, gross performance for May stands at +11.62%.

📈 B/Partners

We had the pleasant surprise of seeing one of our partner funds revise its March net asset value (NAV) upward, which improved the overall performance of our strategy. As a result, May closed with a monthly return of +1.70%, bringing year-to-date gross performance to +5.98%.

🏧 Yield Farming

Our strategy continues to perform steadily, with an annualized return exceeding 15%. For those of you more familiar with DeFi, simply head over to our vault hosted on Lagoon and take full advantage of decentralized finance.

*B/Partners is a multi-managers strategy that includes funds whose performances are calculated with a 15-day delay from the closing date. The results published in February reflect those of January. There will always be a one-month lag.