OVERVIEW

Institutional FOMO Has Begun 😲

Green, green, and more green on the screen! Are the meme stonk traders flipping those wins into crypto? It’s impossible to know for sure, but a good chunk of this market is breaking out above key resistance levels. 🟢

In today’s Litepaper, some big names and big money throwing their wallets at the spot Bitcoin ETFs. A sign of early institutional FOMO? 📰

Also on deck: we’re looking at a ton of charts today that are at, near, or close to key breakout levels: Ethereum, Cardano, Floki, Shiba Inu, and Tezos.

Additionally, we’ve got a good chunk of some NFT, Web3, and GameFi updates: Cross the Ages launches a new token, Nyan Heroes preps for its token debut, and Mercedes-Benz NXT rolls out a sleek NFT collection. 🌐

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

BITCOIN
Institutional FOMO: The New Bitcoin Gold Rush

The institutions are here and throwing money around like it's 1999. The Boston-based hedge fund, Bracebridge Capital, just made a splash in the crypto pool with a $363 million dive into Bitcoin ETFs. 😲 

They've snapped up $262 million worth of ARK 21Shares Bitcoin ETF ($ARKB), $81 million in BlackRock's iShares Bitcoin Trust ($IBIT), and $20 million in Grayscale Bitcoin Trust ETF ($GBTC). 

But Bracebridge isn't the only big player at the table. JPMorgan's latest Form 13F filing shows they're holding $760,000 in Bitcoin ETFs for their clients, including BlackRock's IBIT, ProShares’ $BITO, Fidelity’s $FBTC, and others. Wells Fargo is in the game, too, holding 2,245 shares of GBTC, valued at about $123,000.

Not to be outdone, Pine Ridge Advisers has invested $205 million in Bitcoin ETFs, which make up a hefty 23% of their $890 million AUM. 

If you thought that was impressive, Boothbay Fund Management is flexing with $5.20 billion in Bitcoin ETFs, making them the largest reported holder of BlackRock, Fidelity, and Bitwise ETFs. 🤯 

And let's not forget, from yesterday's Litepaper, the State of Wisconsin Investment Board, first U.S. public pension fund to jump on the Bitcoin ETF bandwagon. They have $160 million between GBTC and IBIT.

The message is clear: institutional investors are no longer just flirting with crypto; they're in bed with it. 🛏️ 

WEB3
NFT & GameFi Frenzy: DICE Presale Soars, Cross the Ages Expands

Cross the Ages: New Token, Fresh Funds 🪟 

Cross the Ages (CTA), an Ethereum ($ETH) card battler, is upping its game with a new CTA token and a $3.5 million equity round led by Animoca Brands. 

Backed by Ubisoft ($UBI) and Square Enix ($SQNXF), CTA is making a big push and plans to stick around blockchain gaming for the long haul. The CTA token is currently available on Bybit and KuCoin.

CEO Sami Chlagou sees the Animoca partnership as a huge win, aiming to expand CTA's universe. The game's take on digital ownership is drawing serious attention, aligning perfectly with Animoca's vision. 🃏 

Nyan Heroes: Cat-Themed Shooter's Token Launch 😺 

Nyan Heroes, a shooter inspired by Overwatch, is launching its NYAN token on Solana ($SOL). Developed by 9 Lives Interactive, it's already made waves with over 200,000 pre-alpha downloads. The NYAN token launch on Bybit comes with airdrops for play-to-earn campaign participants.

NYAN keeps crypto optional, focusing on gameplay. With successful funding and a growing player base, Nyan Heroes is set to make a big splash in GameFi, offering both Web2 and tokenized items.

It's available on Epic Games. 🕹️ 

Mercedes-Benz NXT: New NFT Collection 🏎️ 

Mercedes-Benz NXT is back with 'The Era of Technology' NFT collection, partnering with Mojito. This collection, part of the seven-era 'Icon' series, features 780 collectibles priced at 0.08 $ETH. Only collectors from selected regions can participate, with discounts for previous core collection holders.

Showcasing six iconic Mercedes models, this collection celebrates the brand's design legacy. Mojito's tech integration makes it smooth, blending blockchain, NFTs, and user-friendly interfaces. 🚗 

TECHNICAL ANALYSIS
The Breakout Is Happening?!

A metric crap ton of cryptocurrencies are testing some major breakouts today. Some we’ve been looking at before, others we haven’t. Let’s see what’s going on. 😲 

Let’s start with Ethereum. In the charts below, the top is from the May 10 Litepaper, and the bottom is today’s.

Ethereum was getting very close to a possible breakout below the falling wedge, but thankfully, for the bulls, that didn’t happen. Fast forward to today, and the concerns for $ETH from May 10 seem to be negated for now. The next major test for bulls is $3,240. 😅 

Moving onto Cardano, the top chart is from the May 8 Litepaper, and the bottom is from today.

Looking at $ADA’s chart today, two things have happened since May 8.

1. Consistent rejection against the trendline.

2. Fell below the $0.442 level.

Bears were unable or unwilling to capitalize on the fall below $0.442; now it’s time for the bulls to try their hand at a move. That trendline near $0.446 is tough, and even if the price does move above it, the 50% Fibonacci retracement at $0.465 is just above. Bulls will need a lot of oomph to move back to $0.50 and higher. 🤷 

Now, let’s look at $FLOKI. You’ll see the daily chart from the May 13 Litepaper and today’s daily in the image below:

It looks like the fakeout south was, indeed, a fakeout. But man, the price action and swings here are the absolute suck. Let’s see if FLOKI can pull off a close above the triangle. 🙏 

Shiba Inu’s chart below is one of the major cryptocurrencies near a major resistance level.

It’s a fairly simple explanation - $SHIB needs a daily close at or above $0.00002543 to really get the bulls moving.

Next on the list is Tezos ($XTZ).

It’s testing a breakout above the trendline at $0.904, but the biggest challenge it'll face on any run higher is the psychological $1.00 level and another major trendline at $0.1015. 😕 

The last one we’ll look at today is Avalanche ($AVAX).

Avalanche is testing a breakout above its nearest major trendline at $34.17. The next is just above it at $41.00. It’s been congested for a little while, so let’s see if there’s enough momentum to drive it higher.

But watch out for the fakeout - this is the kind of setup some short sellers are frothing at the mouth over. 🐕️ 

STOCKTWITS “CHART ART”
MicroStrategy Soars Amid Bitcoin’s Fresh Breakout 🤑

If you like this chart and commentary, you’ll love our “Chart Art” newsletter. We’ll deliver you the best trade ideas and analysis from the Stocktwits community every evening by 8 pm ET.

And if you need another reason to join, you’ll receive a welcome email with a list of the top Stocktwits chartists to follow for real-time posts like this.

NEWS
Crypto News In Three Sentences 📰

🔥 Crypto Market Surges on Lower Inflation Data 

U.S. inflation data showed a modest 0.3% rise in April, slightly below expectations, sparking market optimism. Stock futures soared, and Treasury yields dropped as traders bet on potential Fed rate cuts. Economists warn, though, that it's not a game-changer for inflation. Full story at CryptoGlobe.

🪓 Congress Must Protect Crypto from the SEC 

SEC Chair Gary Gensler is aggressively targeting crypto, threatening the industry while Congress slowly crafts new regulations. Lawmakers need to act fast to curb Gensler's overreach and establish clear rules for crypto. If they don’t, the U.S. crypto market might be gutted. From Blockworks.

🚀 IOTA Launches IOTA 2.0 Public Testnet 

$IOTA hit a milestone with its IOTA 2.0 Public Testnet, moving toward a fully decentralized network. This upgrade ditches proof of work for a novel consensus mechanism and removes the centralized coordinator. IOTA's eco-friendly approach hopes to attract green tech developers. More at U.Today.

🔒 Court Decision Against Tornado Cash Developer Sparks Outrage Adam Cochran blasted the court's decision against Tornado Cash developer Alexey Pertsev, calling it a "bastardization of justice." The court ruled Pertsev guilty of criminal intent for not preventing the misuse of his privacy tool. Cochran argues this sets a dangerous precedent for privacy rights. From CoinEdition.

🤔 Is Roaring Kitty Really Back? 

Meme stock influencer Keith Gill, aka Roaring Kitty, reappeared on Twitter, causing stocks and crypto to skyrocket. However, the lack of personal posts has fueled speculation about the authenticity of his return. Some believe it's a prank, while others see it as a market-moving comeback. Decrypt has more.

🌐 Stellar Activates Major Testnet Upgrade 

Stellar's ($XLM) Soroban smart contract platform launched on Mainnet after a successful vote in February. Validators will vote on June 18 to upgrade the network to Protocol 21, introducing new features like passkey signing. If accepted, these changes will further enhance Stellar's blockchain capabilities. Full story from Stellar.org.

Links That Don’t Suck 🔗

🤷‍♀️ Google is reinventing itself for the AI age

⛓️ Degen Chain back online after 50-hour outage

🔑 Oklahoma passes law to protect Bitcoin self-custody

😀 Crypto trader turns $155,000 to $1.16 million in two days

🐔 Virginia man stops to buy chicken, wins $500,000 lottery prize

🚀 NASA details plan to build a levitating robot train on the moon

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Disclaimer: Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. Read the full terms & conditions here. 🔍