Metrics Ventures Market Observation: Adorn this mountain pass, it looks even better today.

Crypto Market Secondary Fund Metrics Ventures May Market Overview

1/ Following our April view, Bitcoin and global risk asset prices have clearly bottomed out this month as expected, and Bitcoin has become the best-performing dollar asset after the recovery from the liquidity crisis for the first time in years, which is gratifying. As of the date of this report, the actual operating price center of Bitcoin has already broken through the consolidation range of March.

2/Looking at the entire month, after a massive trading volume over the past 3 months, Bitcoin has actually entered a state of supply exhaustion, with the trading volume of long and short positions remaining gentle. From the perspective of market sentiment, a large number of on-site traders are shorting the market and altcoins, which aligns with the peak judgment made by many old cryptocurrency investors based on fundamental chip theory and trading habits related to sentiment.

3/There is no need to say much about altcoins. Although some newly listed tokens and the old controlled strong altcoins represented by SUI have attempted price increases, their overall performance is still unsatisfactory. It is hard to say that the profit effect will return again before new liquidity and emotional peaks arrive. We are also seeing more and more crypto-related assets choosing to embrace SPACs and various liquidity acquisition channels such as listings in trading venues like Nasdaq. It can be anticipated that the funding flow path of the next liquidity cycle is quietly changing, and the existing old altcoins are facing more severe challenges.

Overview and commentary on the overall market conditions and market trends.

This month’s market situation can be described as important. During the process of volatility convergence after significant fluctuations, the strength relationship of assets often represents trend changes. The strength of Bitcoin has exceeded the expectations of many participants. However, we believe that this period precisely illustrates several very important matters: 1/ Bitcoin still does not have a central selling pressure issue, and the current clearing mainly involves old coins and trading floating chips. Therefore, the end of the cycle should be predicated on liquidity exhaustion and turning points, which is contrary to the actual trend of global liquidity at present;

2/MicroStrategy’s Q1 2025 report revealed a miracle in the history of capital markets, which we believe the market does not understand. In brief, MicroStrategy raised $7.7 billion in Q1 2025 through various means such as direct issuance, issuing convertible bonds, and convertible debt, surpassing the $4.4 billion raised in Q4 2024. During the same period, despite a significant decline in the U.S. stock market, MicroStrategy became one of the strongest dollar-denominated risk assets, consistently ranking among the top ten in trading volume in U.S. stocks, which is astonishing. Even more surprising is that, from the results, this is a stock that the entire market welcomes for its reduction in issuance, truly a miracle in the history of human capital. The market has significantly underestimated MicroStrategy’s actual financing and purchasing power, and the existing arrogance and prejudice may lead to a greater emotional reversal in the future.

3/ If we previously thought that the pricing power was only “transferring” in 2024, we can now conclude that the handover of pricing power has been completed. The so-called old crypto market analysis framework will largely be eliminated, and research on asset attributes, the dollar cycle, and asset operating rules will receive more rewards from the market. The liquidity circulation path in the crypto market will also confirm the aforementioned conclusion during the next surge in sentiment.

Overall, we are very optimistic about the future trend of BTC, which is based on the inevitability of the increasing slope of liquidity growth on one hand, and on the other hand, the divergence between the actual trend and the understanding of market participants.

When it comes to shanzhai, we also believe that the current new shanzhai operating model, which is linked to the US stock market, will be a key highlight in the next emotional overflow cycle and deserves the attention of all peers.

Finally, let’s briefly discuss our views on Renminbi assets. The impressive turnaround of the Renminbi from a fundamental perspective will, like the J-10 CE shining in the India-Pakistan conflict, gradually make the whole world recognize it. This will step by step support Renminbi assets to enter a new upward channel, with the bottom constantly rising. The divergence between the price here and the fundamentals is caused by the long-term bearish inertia, which is precisely the best layout range. Global easing is already on the horizon, and the recently concluded high-level financial statements are an important signal. Do not get lost in the chaotic American drama; global central banks have effectively made their choices.

To some extent, BTC in the eyes of people in the encryption industry is akin to A-shares in the eyes of the vast Chinese populace. What we want to express is precisely connected; we use a poem as a concise reflection of the past market trends of the two major MVC heavily invested industries and our outlook for the future:

Red, orange, yellow, green, cyan, blue, purple, who holds the colorful ribbons dancing in the sky? After the rain, the slanting sun reappears, the mountains are a deep blue. In the fierce battle of that year, the bullet holes marked the village wall. Decorate this mountain and river, it looks even better today.

About Us

Metrics Ventures is a data and research-driven liquidity fund for the secondary market of encryption assets, led by a team of experienced crypto professionals. The team has expertise in primary market incubation and secondary market trading, and plays an active role in industry development through in-depth on-chain/off-chain data analysis. MVC collaborates with senior influencers in the crypto community to provide long-term empowerment support for projects, such as media and KOL resources, ecological collaboration resources, project strategy, and economic model consulting capabilities.

Welcome everyone to DM, let’s share and discuss insights and ideas about the crypto market and investment.

Our research content will be simultaneously published on Twitter and Notion. Feel free to follow us:

Twitter:

Notion:

We are hiring! We are sincerely looking for traders, with generous compensation and flexible work location.

If you: have bought sol below 40, or ordi below 25, or inj below 14, or rndr below 3.2, or tia below 10, and meet any two of the above conditions, please contact us at admin@metrics.ventures, ops@metrics.ventures.