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Key points:
Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue.
Both the latest surge and the bull market itself are on borrowed time, traders say.
Comparisons to previous price cycles remain in use despite the booming institutional investment scene.
Bitcoin (BTC) traders are calling for a pullback after all-time highs and seven “green” weekly candles.
BTC price momentum continues to be met with skepticism as commentators assume that lower levels will come next.
BTC price roadmap prepares for Q4 “cycle peak”
Bitcoin hit its highest-ever levels this week, data from Cointelegraph Markets Pro and TradingView confirmed — but despite being up by a third in Q2 already, BTC/USD remains unconvincing for many.
Long-term analysis suggests that not only is price action due to return lower to consolidate gains, but that the entire bull market is near completion.
Among the latest prognoses calling for a “sanity check” is that of trading resource Stockmoney Lizards.
In one of its latest posts on X, it brought back a bull market roadmap from late 2023.
#Bitcoin
— Stockmoney Lizards (@StockmoneyL) December 31, 2023
This is our personal roadmap for this cycle. The most important key takeway message:
1. Bullish momentum will continue, driven by mass adoption (ETFs, big institutions buying)
2. We expect volatility and a possible correction in the mid-30ks in Q1 2024
3. New ATH in… pic.twitter.com/t9xJYCsUSU
“In December 2023 we posted this BTC roadmap (lower picture). I overlayed the actual chart with the same TF. Price is a bit lower, however, timelines are fairly accurate,” it said.
The chart itself shows Bitcoin’s next “cycle peak” coming in Q4 this year, with the subsequent bear market taking BTC/USD back to 2021 highs of $69,000.
Others referenced historical BTC price action to argue for a more imminent correction.
Trader Crypto Chase noted that the price is now considerably higher than some typical bull market exponential moving averages (EMAs).
“Every time price deviates FAR outside the EMAs (circled areas), we always see a pullback,” he told X followers.
“Even if that pullback if brief before more upside, it's a pullback.”
The post acknowledged the presence of increased institutional buying power this cycle, something which could skew price performance in bulls’ favor.
Bitcoin “looks exhausted”
As Cointelegraph reported, various market participants have been expecting a significant comedown this month.
Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
Support targets include everywhere from $105,000 to $90,000, with proponents seeing little fuel left in the bull market tank.
“This doesn’t mean downside is coming immediately, it just means the bull run is likely coming to an end and I’d rather not take the risk and hold spot here. See 2021 vs now,” fellow trader Roman wrote in an X update on the topic.
Roman described Bitcoin as “looking exhausted” based on relative strength index (RSI) bearish divergences.
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.
What is shilling in crypto?
At its core, shilling is the act of artificially promoting a cryptocurrency or token, often with exaggerated claims, to increase its price or popularity.
But what’s the goal?
Hype it up, get others to buy in, and then cash out, leaving latecomers holding the bag.
Shilling can come from anyone: influencers, anonymous accounts or even high-profile figures with political or financial clout. The common thread is manipulation: It’s not about educating you or building real value but pumping hype for personal gain.
Unfortunately, the line between enthusiastic promotion and outright deception can be thin, and many fall victim without realizing it. That’s why it’s critical to learn how to spot the signs early.
5 red flags you’re being shilled
Beware of crypto red flags like overhyped promises, anonymous teams, influencer shills, missing products and FOMO tactics — if it smells like a scam, it probably is.
1. Overhyped promises
You’ve probably seen posts that scream:
- “100x potential!”
- “Guaranteed returns!”
- “This is your ticket to financial freedom!”
These are classic shill tactics. Real, credible projects don’t promise life-changing profits. Why? Because there are no guarantees in crypto or in any investment.
When a project leads with grandiose financial claims rather than actual product value or utility, it’s likely a ploy to stir FOMO and attract unsuspecting investors. The truth is, if something sounds too good to be true, it almost always is.
Remember: The bigger the promise, the bigger the red flag.
2. Anonymous or suspicious teams
In crypto, anonymity isn’t always bad, but when you’re trusting people with your money, transparency matters.
It’s a major red flag when a project has:
- No identifiable team members
- Fake names or aliases
- Stock photos on its website
- No LinkedIn or professional history.
The simple rule is “No face, no funds.”
Scammers often hide behind anonymity because they know they’ll eventually vanish and there’ll be no one to hold accountable. Even worse, some use fabricated credentials or hire actors to pose as team members.
Before investing, check whether the founders or developers have any verifiable history. Do they have prior experience in blockchain or startups? Have they launched anything successful before?
3. Influencer spam and paid promotions
One day, no one’s talking about a particular coin — the next, your feed is flooded with influencers hyping it up. Sound familiar?
This sudden burst of attention is often coordinated with a paid promotion campaign disguised as “genuine enthusiasm.”
Many influencers fail to disclose sponsorships, even though it’s required by law in many countries. The US Securities and Exchange Commission and the Federal Trade Commission (FTC) have cracked down on this in recent years.
Take, for example:
- Kim Kardashian, who was fined $1.26 million in 2022 for promoting EthereumMax without proper disclosure.
- Floyd Mayweather Jr., who was sued for endorsing the same project at a paid event.
- BitBoy (Ben Armstrong), who faced legal action in multiple lawsuits for promoting scam tokens to his audience.
If you notice multiple influencers promoting the same project in a short time, especially without using labels like #ad or #sponsored, it’s a strong indicator of a shill campaign.
Don’t mistake volume for value. Hype doesn’t equal legitimacy.
4. No real product or roadmap
If you visit the project’s website, it looks sleek, maybe even impressive. But where’s the product? Where’s the code?
Shilled tokens often rely on flashy marketing but have no working application, no GitHub code and no actual use case. Everything is either “coming soon” or buried behind vague promises.
Ask yourself:
- Can I use the platform or app today?
- Is there a white paper that makes sense?
- Do they have public repositories or open development?
If all you’re seeing is a landing page and a vague roadmap that’s been “coming soon” for months, that’s a major red flag.
5. Pressure tactics and FOMO
Time pressure is a psychological weapon, and shillers know how to use it.
Watch out for lines such as:
- “Presale ends in 2 hours!”
- “Only 1,000 spots left!”
- “If you don’t buy now, you’ll miss out forever!”
These tactics prey on your fear of missing out (FOMO) and push you into making impulsive decisions without research.
But crypto isn’t a sprint; it’s a long-term game. Anyone trying to rush you into buying likely has something to hide. Solid investments don’t need fake urgency.
Take a breath, step back, and ask yourself: Am I buying because I believe in this project or because I’m being manipulated?
Did you know? The Commodity Futures Trading Commission (CFTC) secured a $128-million judgment against Ryan Mitchell Pope, Daniel Samuel Bishop and their company EmpiresX for operating a fraudulent forex and cryptocurrency investment scheme that defrauded over 12,500 victims.
Is shilling illegal in crypto? Can influencers be sued?
Shilling isn’t just unethical in many cases — it’s also illegal.
In the world of crypto, undisclosed promotions are a major legal risk. If someone is paid to promote a token or project but fails to reveal that financial connection, they could face fines, lawsuits or even criminal charges. This is especially true if the promoted token is later classified as a security under US law.
Regulators like the SEC, FTC and CFTC have all cracked down on this behavior.
Their targets have included:
- Influencers who failed to disclose paid promotions
- Promoters who misled investors with false claims
- Individuals who ran pump-and-dump schemes using social media.
Francier Obando Pinillo, a pastor from Miami, was indicted on 26 fraud counts for running a crypto scam through “Solano Fi,” defrauding investors of millions from 2021 to 2023. He allegedly used his church, social media and false promises of 34.9% monthly returns to lure victims. The platform showed fake gains but blocked withdrawals, while funds were diverted for personal use. Pinillo was arraigned in Richland, Washington and faces up to 20 years in prison if convicted.
As crypto becomes more mainstream, expect stricter regulations and more consequences for shillers.
Did you know? Argentine President Javier Milei has dissolved the special task force investigating the LIBRA cryptocurrency scandal, a project he promoted in February 2025 that surged to a $4.5-billion valuation before crashing by over 97%. The task force, created by Milei himself, was disbanded via Decree 332/2025, citing that it had fulfilled its purpose. However, critics argue that no official findings were released, and judicial investigations into Milei and his associates continue.
How to protect yourself from shilling scams
Do your own research, verify the team and utility, ignore hype and influencers, and stay alert to pump-and-dump schemes to avoid crypto shilling traps.
Let’s understand how you can protect yourself from shilling scams in crypto:
- Do your own research (DYOR): Always research the project, the team behind it and the data supporting the claims. Don’t rely solely on hype or influencer recommendations. Look into onchain data, GitHub activity and the project’s utility to make informed decisions.
- Verify the team: A legitimate crypto project should have a transparent and credible team. If the developers are anonymous or have no professional profiles (like LinkedIn), that’s a red flag. Always check the team’s past projects and credibility before investing.
- Look for real utility: Does this project actually solve a problem? A genuine project should have a working product or solution, not just promises. Avoid projects that lack real-world utility or are still in “coming soon” stages for extended periods.
- Ignore the hype: If a token is suddenly trending on social media or being aggressively promoted, don’t let FOMO influence your judgment. Shillers often rely on emotions to push their agenda, so it’s essential to evaluate projects based on their merits, not just popularity.
- Stay skeptical of influencers: Influencers with large followings may be paid to promote certain tokens. Before taking their advice, ask yourself, What’s their incentive? Verify the promotion is legitimate and disclosed as paid or sponsored. Always cross-check the information with independent sources.
- Watch for pump-and-dump schemes: Be cautious of sudden price spikes followed by rapid drops. These are often signs of pump-and-dump schemes where the token’s value is artificially inflated by coordinated buying and then quickly sold off, leaving investors with losses. Always monitor price trends and be wary of sudden, unexplained increases in value.
The hacker behind the data breach targeting Coinbase users mocked blockchain investigator ZachXBT with an onchain message following a major crypto swap.
On May 21, the hacker used Ethereum transaction input data to write “L bozo,” followed by a meme video of NBA player James Worthy smoking a cigar.
The message came after the attacker swapped about $42.5 million from Bitcoin (BTC) to Ether (ETH) via THORChain.
ZachXBT flagged the message on his Telegram channel, linking it to the same entity responsible for the Coinbase data breach affecting at least 69,400 users.
On May 22, blockchain security firm PeckShield reported that the hacker had continued to move funds, swapping 8,697 ETH for 22 million Dai (DAI). A separate but closely linked address, which received 9,081 ETH via THORChain, also converted the assets into 23 million DAI.
Related: DOJ is investigating Coinbase data breach— Report
Coinbase hit with lawsuits after breach
The Coinbase breach, first reported in a filing with the Maine Attorney General’s office, occurred in December 2024 and was discovered on May 11. The stolen data includes names, home addresses and other personal information.
Following the disclosure, the attackers demanded a $20 million ransom in Bitcoin to prevent the release of the stolen data. Coinbase refused and instead offered a $20 million bounty for information leading to the identification of the hackers.
The company estimates a potential financial impact between $180 million and $400 million due to remediation costs and customer compensation.
Coinbase has also faced a wave of lawsuits following the revelation. At least six legal complaints were filed on May 15 and 16, with plaintiffs accusing the exchange of failing to implement adequate security measures and mishandling its response to the breach.
Related: Coinbase data leak could put users in physical danger: TechCrunch founder
THORChain under scrutiny for criminal use
The Coinbase hacker’s use of THORChain to swap $42.5 million worth of Bitcoin into Ether comes as the protocol faces growing scrutiny over its role in facilitating illicit transactions.
In March, the platform came under fire after its swap volume surged following the $1.4 billion Bybit hack. The protocol generated over $5 million in revenue after processing $5.4 billion in swap volume, with over $1 billion moved in a single day.
Blockchain security firms identified North Korea’s Lazarus Group as the main suspect, using THORChain to launder a significant portion of the stolen funds.
The controversy intensified when a THORChain developer, known as “Pluto,” resigned after a vote to block transactions linked to Lazarus was overturned.
Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
Tech giant Microsoft says it has taken legal action against the information-stealing malware Lumma Stealer and has blocked thousands of websites related to the software.
Microsoft said in a May 21 blog post that a federal court in Georgia allowed the firm’s digital crimes unit to take down, block or suspend nearly 2,300 websites critical to Lumma’s operations, and it has collaborated with local and international law enforcement agencies to dismantle the project’s infrastructure.
The company said the US Department of Justice seized Lumma’s central command structure and disrupted marketplaces where the tool was sold to other cybercriminals.
Microsoft says that Lumma has been sold via underground forums since 2022 and that it has undergone multiple upgrades since its launch.
Europol’s European Cybercrime Center and Japan’s Cybercrime Control Center also facilitated the suspension of locally based Lumma infrastructure.
Lumma is a malware tool that allows malicious actors to steal everything from passwords, credit card information, bank account details, and crypto wallet information.
Between March 16 and May 16, Microsoft said it identified over 394,000 Windows computers infected by the Lumma malware and worked with law enforcement agencies and cybersecurity firms to sever communications between the tool and the infected devices.
Malicious activity on the rise
Crypto drainers are software designed to steal the contents of crypto wallets and are common on phishing sites, malicious extensions, fake airdrops and more.
Earlier this week, Chinese printer manufacturer Procolored had reportedly distributed Bitcoin-stealing malware alongside its official drivers, resulting in the loss of around $953,000 worth of crypto.
Related: Beware of ‘cracked’ TradingView — it’s a crypto-stealing trojan
Last month, an AMLBot report said that crypto drainers are now being sold as a SaaS product, allowing unsophisticated bad actors to rent the service for as little as $100.
A Feb. 7 report from blockchain analytics firm Chainalysis said that almost $51 billion worth of crypto was lost in 2024 due to fraudulent activity and that professional crime networks, fraud cartels, nation-state-sponsored hackers and AI-powered scams have taken center stage.
The FBI’s cyber arm reported that Americans lost around $9.3 billion in 2024 through crypto scams and frauds. The most vulnerable age group was above the age of 60.
Meanwhile, North Korean hackers have stolen nearly $3 billion worth of cryptocurrencies between 2017 and 2023, which crypto firm Paradigm said have become more sophisticated over the years.
Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs
Pakistan’s Ministry of Finance has reportedly endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.
The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing, regulate exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized finance applications, according to a May 21 report from the state-owned broadcaster, PTV.
Muhammad Aurangzeb, federal minister for finance and revenue, told the broadcaster, “Pakistan must regulate not just to catch up, but to lead” in the industry.
“With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” he said.
The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.
The new regulatory body was part of a recommendation from the Pakistan advisory body, the Cryptocurrency Council, which was launched on March 14 and has former Binance CEO Changpeng Zhao as an adviser.
“This is not just about crypto — it’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance and Web3 innovation,” said Bilal Bin Saqib, CEO of Pakistan's Crypto Council.
Pakistan’s Federal Investigation Agency previously proposed a regulatory framework for digital assets designed to address terrorism financing, money laundering provisions, and Know Your Customer concerns, according to am April 10 report from local newspaper, The Express Tribune.
Pakistan crypto market rises despite early skepticism
In May 2023, former Minister of State for Finance and Revenue Aisha Ghaus Pasha said that Pakistan would never legalize cryptocurrencies due to the potential for digital assets to circumvent regulations created by the Financial Action Task Force, the supranational organization that polices finance for money laundering.
Related: Pakistan Crypto Council proposes using excess energy for BTC mining
However, the following year, Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.
Meanwhile, the online data platform Statista shows Pakistan’s crypto market is “experiencing rapid growth” and estimates the number of crypto users is expected to amount to over 27 million by 2025, out of a population of 247 million.
At the same time, revenue in the Pakistan crypto market is projected to reach $1.6 billion in 2025. The United States still leads the pack, with its crypto market generating an estimated revenue of over $9.4 billion, according to Statista data.
Magazine: How crypto laws are changing across the world in 2025
A US grand jury has indicted the founder of blockchain startup Amalgam Capital Ventures over allegations he defrauded investors out of over $1 million with a fake blockchain.
Jeremy Jordan-Jones was arrested and indicted on May 21 and charged with wire fraud, securities fraud, making false statements to a bank, and aggravated identity theft, the Department of Justice said on May 21.
Manhattan US Attorney Jay Clayton claimed Jordan-Jones “touted his company as a groundbreaking blockchain startup,” but alleged that, in reality, the “company was a sham, and investors’ funds were siphoned off to bankroll his lavish lifestyle.”
FBI Assistant Director Christopher Raia alleged that Jordan-Jones defrauded investors of more than 1 million dollars through “misrepresentations of his purported company's capabilities, partnerships, and investment intentions.”
Raia claimed the Amalgam founder’s “blatant lies” funded his personal lifestyle at the expense of unknowing victims.
According to an indictment filed in a Manhattan federal court, from January 2021 to November 2022, Jordan-Jones deceived investors and financial institutions using fabricated documents, fake sports partnerships, and misleading claims, ultimately misappropriating over $1 million for personal use.
Related: Ex-Cred execs plead guilty to wire fraud over $150M crypto collapse
Amalgam claimed to offer point-of-sale systems and blockchain-based payment and security solutions, the filing states.
The indictment alleged the firm had “no operable products, few, if any, customers, and zero legitimate business partnerships.”
The filing alleged that instead of channeling the funds into tech development and crypto exchange listings as promised, Jordan-Jones spent the money on luxury vehicles, high-end vacations, clothing and fancy restaurants in Miami.
Charges carry decades in prison
Jordan-Jones was also accused of submitting a fake bank statement claiming Amalgam held over $18 million in order to secure a company credit card, but prosecutors claimed there were no funds in the bank account and it had been closed in late 2021.
Wire fraud and security fraud carry potential penalties of up to 20 years in prison per count, while making false statements to a bank carries up to 30 years.
Jordan-Jones was also charged with one count of aggravated identity theft, which carries a mandatory sentence of two years in prison.
The government is seeking forfeiture of any property or money traceable to the fraud, including substitute assets if the original funds are unavailable.
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 billion on the decentralized exchange Hyperliquid, which has stunned the crypto community and is believed to be the first-ever position exceeding $1 billion on the platform.
The X account “James Wynn” claims to be behind the position, which is now up $36 million on the trade, data from Hypurrscan’s block explorer shows.
A $28.4 million margin position was used across several trades to increase the Bitcoin (BTC) position, now worth $1.13 billion. The average Bitcoin entry price was $108,065.
“He did it fellas,” crypto analyst Sigma^2 wrote on X. “First position [on Hyperliquid] to exceed $1B.”
Wynn’s long position was at a loss of about $16.3 million before it shot back up as Bitcoin broke through $110,000 on May 21. The position sits comfortably above its liquidation price of $103,790, as Bitcoin has well surpassed $110,000 and neared $112,000 in early trading on May 22.
HyperDash data shows the crypto whale started closing some Bitcoin long positions when Bitcoin was trading around $106,000 on May 20.
“That mfer has nerves of steel,” crypto influencer Follis wrote, while others called the trader an “absolute mad man” or questioned his sense in making the trade.
Who is “James Wynn”?
Wynn describes himself as a high-risk leverage trader and memecoin maxi who supposedly called Pepe (PEPE) a buy when its market cap was at $600,000.
Related: Is Bitcoin price close to a cycle top? — 5 indicators that help traders decide
The crypto whale started using Hyperliquid two months ago, depositing $4.65 million worth of the stablecoin USDC (USDC) onto the platform, Hypurrscan data shows.
They’ve completed 32 trades since then, which have included long positions on XRP (XRP), the Official Trump (TRUMP) token, Fartcoin (FARTCOIN) and Toncoin (TON).
Hyperliquid’s DEX is the flagship product on the Hyperliquid layer 1 blockchain, which also offers spot trading and borrowing and lending services, among other things.
Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
BlackRock’s iShares Bitcoin Trust (IBIT) has seen its largest inflow in the past two weeks as traders allocate to US spot Bitcoin exchange-traded funds (ETFs) to scoop up the rocketing cryptocurrency.
IBIT’s May 21 net inflows hit $530.6 million, its biggest single-day net inflow since it took in $531.2 million on May 5, according to Farside Investors. The ETF hasn’t had an outflow since April 9.
In one day alone, IBIT has accumulated over 10 times the amount of Bitcoin (BTC) mined over the same timeframe, with it scooping up 4,931 BTC against just 450 BTC produced for the day.
IBIT also saw its largest volume day since January, according to the ETF tracking X account Trader T.
“Given trading volume today, expect these inflow numbers to increase,” said ETF Store president Nate Geraci.
The total inflow figure for all 11 spot ETFs was $607.1 million, with the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing the second-most inflows for the day at $23.5 million.
Related: BlackRock’s Bitcoin ETF posts $356 million inflows, marking the longest streak of 2025
Bloomberg ETF analyst Eric Balchunas called the ETF inflows a “classic feeding frenzy” caused by Bitcoin’s recent price rally, which has seen it extend to nearly $112,000 in early May 22 trading.
Balchunas added that the last time ETF trading volumes soared to current levels was in January, around Bitcoin’s then all-time high. “All the Bitcoin ETFs are elevated, most are gonna see 2x their average flows incoming,” he said.
The big ETF inflow and volume day came as Bitcoin notched a new all-time high above $110,000 late on May 2, and it has continued to rally to a top of just under $111,897 on Coinbase, according to TradingView.
Bitcoin ETF pile in to continue
Jeff Mei, operations chief at the crypto exchange BTSE, told Cointelegraph in a note that investors are “crowding into Bitcoin ETFs,” which saw $3.6 billion in net inflows in May.
“We believe this trend will continue as long as companies continue to tap public markets for more capital,” he added. “This could even accelerate if the Fed decides to cut interest rates in the coming months.”
Jupiter Zheng, HashKey Capital partner, anticipated more volatility once Bitcoin breaks above $110,000, telling Cointelegraph that it was “entering uncharted price discovery territory, while unstable geopolitical and macroeconomic factors lead investors to consider the long-term value of Bitcoin.”
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest
Decentralized finance platform Synthetix has axed its $27 million plan to acquire crypto options platform Derive after negative community feedback.
A Synthetix spokesperson told Cointelegraph on May 22 that its acquisition proposal, pitched to its community and to Derive’s, “did not resonate,” and both projects agreed to “step back from the proposed acquisition.”
Synthetix said on May 14 that it would acquire Derive in a token exchange deal, pricing 1 SNX token to 27 DRV tokens, which would value Derive at around $27 million, pending approval from both communities.
Synthetix strategy lead Ben Celermajer told Cointelegraph that other community concerns were the three-month token lock-up period and the deal’s price, part of which Synthetix tried to address with no lock-up for holders of less than 1 million DRV.
“While we understand the commercials did not resonate with all community members, a number of holders from both communities believed the deal was fair and acceptable,” he said.
“However, we acknowledge that the response fell short of expectations, and we have no intention of moving forward with something that was intended to be a collaborative and constructive endeavor.”
Celermajer said Synthetix will continue evaluating opportunities for building a decentralized derivatives platform on the Ethereum mainnet.
Derive community concerned on deal’s benefits
Derive community members expressed concerns over the deal on the project's forum, particularly around the token exchange rate and the deal's overall benefit to the platform.
Derive user “Ramjo” wrote on May 14 that the token exchange rate is “a poor reflection of the value of derive as a platform,” and the “equivalent of selling the bottom and locking in lows.”
Related: Synthetix founder threatens SNX stakers with ‘the stick’ to fix SUSD depeg
Another user, “AlvaroHK,” called the deal “difficult to justify,” as they claimed that Derive generates more revenue than Synthetix, and there was no clause in the agreement to stop Synthetix from “printing millions of new tokens and keep diluting us.”
“I have found the guidance that Synthetix plans to issue an additional 170 million SNX to increase its supply to 500 million from 330 million,” AlvaroHK added in a follow-up post.
“Why this information is not disclosed when asked about it? It will dilute an additional 60% off the value of the offer made to Derive,” they added.
Derive, which Synthetix started in 2021 as Lyra, operated as a decentralized options protocol but remained part of the Synthetix ecosystem.
It eventually rebranded to Derive and took steps to operate independently from Synthetix, such as moving away from using Synthetix’s sUSD stablecoin and liquidity.
Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets
Bitcoin has topped $110,000 for the first time in a recent rally that has seen it gain 3% over the past day to break through past price highs from earlier this year.
Bitcoin (BTC) hit a new all-time high of $110,788.98 on Coinbase late on May 21, just before 11:30 pm UTC, according to TradingView.
Bitcoin has gained around 3% over the last 24 hours, surpassing its all-time high of $109,458 that it hit earlier in the day, which was the first time it traded above its previously long-held Jan. 20 peak.
The world’s largest cryptocurrency has now gained 17.5% so far this year and is up 47% since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.
Bitcoin’s new peak comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21. The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day.
Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoin’s new high “reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles.”
“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has shifted decisively, reflecting institutional-style allocations,” she added.
According to Google Trends, searches for Bitcoin have been trending down since November and are at lows typical of crypto bear markets, indicating a low retail interest in the cryptocurrency.
Meanwhile, the Crypto Fear & Greed Index, which tracks market sentiment, was at a score of 72 out of 100 on May 22, indicating “greed.” The index is down from its 2025 high of 84 on Jan. 22, which came two days after Trump’s inauguration.
Related: How high can Bitcoin price go?
Edward Carroll, head of global markets and corporate finance at MHC Digital Group, told Cointelegraph in a note that growing demand driving the price higher in the medium-term could push Bitcoin to at least $160,000 by the fourth quarter of this year and $1 million by 2030.
Trader’s leveraged Bitcoin bet tops $1.1B
Meanwhile, leverage trader James Wynn’s Bitcoin long position on the crypto platform Hyperliquidity has become the largest onchain margin trade when it exceeded $1.1 billion amid Bitcoin’s price peak.
The entry point for the 40x leveraged position was $108,065 and it has an unrealized profit of $20 million. It will be liquidated if Bitcoin’s price falls to $103,800.
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest