Another Day, Another All-Time High

The bullish momentum continued as Bitcoin posted another all-time high yesterday, coming just shy of $112,000. The new peak stands at $111,980. The broader market saw a sea of green, with altcoins beginning to outperform—finally putting a red day on the board for Bitcoin dominance after an eight-day streak of gains.

Sentiment has surged alongside price, with the Fear & Greed Index entering extreme greed territory at a reading of 78—the first time since January. Bitcoin is showing no signs of slowing down, even as traditional risk-on markets falter. The S&P 500 is down 1.61%, and US 30-year Treasury yields are climbing—conditions that have historically pressured Bitcoin. Yet the digital asset appears resilient, behaving more like a risk-off asset akin to gold. We began to see signs of this shift last month, with both Bitcoin and gold rallying during broader risk-off periods.

In a notable break from historical patterns, Bitcoin continues to push to new highs despite rising yields. The US 30-year Treasury yield has climbed to 5.15%—its highest level since October 2023. Typically, such a move would weigh on crypto by raising borrowing costs and dampening risk appetite. As mentioned above, the S&P 500 dropped yesterday and now appears to be forming a lower high. Historically, Bitcoin has tracked equities closely—but this time, it’s diverging. The decoupling hints at a growing perception of Bitcoin as a hedge against inflation and fiscal instability, rather than just a speculative tech trade.

Cetus Exploited: The Largest DEX on Sui Hacked for over $200m

It wasn’t all green in the crypto space yesterday. Late last night, Cetus—the largest decentralised exchange on the Sui blockchain—was exploited, with over $200 million drained from its liquidity pools. The attacker managed to swap approximately $61 million into Ethereum before Cetus successfully paused the stolen funds. At present, around ~$162 million of the ~$223 million total has been frozen.

The crypto community quickly rallied in response. The Sui Foundation stepped in, and even Binance founder CZ offered support—reminiscent of his backing during the Bybit hack.

Crucially, the exploit was isolated to Cetus; the Sui blockchain itself remains intact and unaffected. Still, the market reaction was swift—SUI dropped 3%, while CETUS fell 30% from $0.25 to $0.16. Most Sui-based memecoins were hit even harder, with many plunging over 90% in value as panic gripped the ecosystem. Yet twelve hours on, prices began to stabilise, and the Cetus team’s transparent communication has helped to calm sentiment. Trust may have been shaken, but Sui proved its resilience—validators coordinated quickly, the chain never paused, and damage control was carried out in real time. No downtime. No panic. Extremely positive signs from the blockchain under pressure.

This isn’t the first major protocol hack the space has endured—Solana, Ethereum, and Fantom (now Sonic) have all faced similar events. Some projects recover, others fade, but the chains themselves continue. The same will be true for Sui. Whether Cetus retains its spot as the dominant DEX or not, Sui remains a premier blockchain that developers and users alike will keep building on.

Stormrake Spotlight: Bittensor (TAO) ($465)

TAO is up another 3.74%, quickly approaching its recent higher high. The bullish structure remains intact, and with Bitcoin’s strength providing tailwinds, TAO looks set to print new highs soon. Momentum remains firmly to the upside.

BTC/USD Key Levels and Price Action:

Bitcoin continues its powerful uptrend, clearing and holding above the prior all-time high. Price is consolidating above the 21 EMA and using it as a springboard to higher levels. The short-term target sits at $114.3K. Trend: extremely bullish—no signs of exhaustion.

BTC Total ETF Flows for 22 May: $ +57.6 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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