Bitcoin (BTC) Overtakes Amazon (AMZN) and Google (GOOG) to Become the World's Fifth-Largest Asset

It's already overtaken Amazon (AMZN) and Google (GOOG) to become the world's fifth-largest asset and now sits behind iPhone maker Apple (APPL)

Bitcoin (BTC) has now overtaken Amazon (AMZN) and Google (GOOG) to become the world's fifth-largest asset, according to an estimate by Factor Analysis. It is now valued at an estimated $2.04 trillion, placing it behind iPhone maker Apple (APPL), software developer Microsoft (MSFT) and chipmaker Nvidia (NVDA), all of which are valued at over $3 trillion. Way ahead is hard-to-produce, store-of-value gold at an estimated $22 trillion.

Bitcoin’s No. 5 ranking reflects its growing status among traditional and institutional investors and comes as market sentiment turns decisively bullish, with strong buying action across all investor cohorts —from whales to minnows — and the BTC price holding steady around the $110,000 level with minimal pullbacks.

As the end-of-May options expiry approaches next Friday, the options market reveals significant activity, with the bulk of call —or bullish — options positioned at the $110,000 strike price and a max pain level at $96,000. Looking into June, there's a clustering of high-strike call options at $200,000 and even $300,000. That's a solid sign of traders betting on continued upward momentum.

Despite bitcoin’s strength, Strategy (MSTR) has lagged in share price performance relative to its peers. The company recently announced a $2.1 billion at-the-market offering of its new perpetual preferred stock, STRF, which is intended to fund additional bitcoin acquisitions.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate the institutional market, pulling in $877 million in net out of which $766 million came on Thursday alone and bringing its total to $47.6 billion, according to Farside data.

On the macroeconomic front, the largest cryptocurrency is showing clear divergence from traditional equities, rising 5% over the past five days while the S&P 500 has slipped by more than 1%. This uncorrelated performance is reinforcing bitcoin’s appeal as a macro hedge. Investors are now closely watching for Federal Reserve Chair Jerome Powell’s speech on Sunday, which could prove pivotal in shaping next week’s market trajectory.

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Last 24 Hour Volume (CoinGecko) : $68 Billion

Exchange Rates:

BTC/USD : $109,568

ETH/USD : $2,146

LTC/USD : $177

XRP/USD : $0.86

ADA/USD : $0.6

Market Movements:

Bitcoin has risen by 5% over the past five days, while the S&P 500 has fallen by more than 1%.

The bulk of the call options are at the $110,000 strike price, and the max pain level is at $96,000.

For June, there is a cluster of high-strike call options at $200,000 and even $300,000.

Bitcoin Stats:

Hash Rate : 394 PH/s

Blocks per day : 720

Nodes : 17,066

Mempool : 6,777

Technical Analysis

"A promising bullish divergence is forming in the RSI indicator on the 4-hour chart, suggesting a potential reversal of the short-term downtrend."

Crypto Equities

CompanyTickerLastPriceChange

Strategy(MSTR) $198.02-0.66%

Square(SQ) $112.08-0.45%

Advanced Micro Devices(AMD) $123.7-0.37%

Nvidia(NVDA) $503.03-0.16%

Coinbase(COIN) $75.4-0.08%

ETF Flows

Institutions channelled a staggering $1.86 billion into crypto products on Thursday, the highest daily inflow since March 2023.

The iShares Bitcoin Trust (IBIT) pulled in the bulk of the funds, with an incredible $877 million in inflows.

This brings IBIT's total net inflow to an astounding $47.6 billion.

The strong inflows into crypto ETFs highlight the growing interest from institutional investors in the digital asset class.

Spot BTC ETFs

The SEC has been sued by several parties for delaying its decision on several spot bitcoin ETFs, including those from WisdomTree (NYSE:WISTR), Fidelity, and Invesco (NYSE:IVZ).

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