The Pakistan government is preparing to launch a strategic Bitcoin (BTC) reserve to ensure long term economic prosperity. The announcement was made at the Bitcoin 2025 Conference on Wednesday at the Venetian Convention Center in Las Vegas by Bilal Bin Saqib, the special assistant to the Pakistani prime minister on blockchain and cryptocurrency.
Saqib announced that Pakistan will establish a strategic Bitcoin reserve and never sell its BTC trove in future. Furthermore, Pakistan wants to follow in the footsteps of the United States, which intends to implement a strategic Bitcoin reserve to deal with the high debt burden.
“We are getting inspired by the U.S. government. We will be holding these Bitcoins and we will never, ever sell them,” Saqib stated.
What Next For Bitcoin Price Action?
Bitcoin price experienced a significant resistance level above $110k in the past few days, thus resulting in the ongoing market correction. The flagship coin dropped over 2 percent in the past 24 hours to trade about $107k on Wednesday, May 29, during the late North American trading session.
Bitcoin price has experienced relentless bearish pressure since last Friday, despite the notable accumulation by institutional investors. Furthermore, more institutional investors, led by GameStop, have joined Strategy in acquiring more BTCs as a hedge against inflation.
https://x.com/techcharts/status/1927791497090363555?s=46 According to market analyst, Aksel Kibar, Bitcoin price must clear the resistance hurdle around $109k, in the weekly timeframe, to invalidate a potential retrace towards $76k. Moreover, BTC price could be forming a potential double top coupled with bearish divergence of the weekly Relative Strength Index (RSI).
In a convoluted and dramatic scandal, HyperLiquid was rocked today by a massive JELLY short squeeze. It was forced to assume one trader’s liabilities, leaving it on the hook for $230 million.
As this situation developed, major CEXs like Binance and OKX listed JELLY perpetuals in what looks like a direct attack. HyperLiquid delisted the token, sparking extreme controversy.
Essentially, massive JELLY whales managed to manipulate the meme coin price, causing losses in HyperLiquid’s HLP vault.
“A massive whale with 124.6 million JELLYJELLY ($4.85 million) is manipulating its price to make Hyperliquidity Provider (HLP) face a loss of $12 million. He first dumped the token, crashing the price and leaving HLP with a passive short position of $15.3 million. Then he bought it back, driving the price up—causing HLP to suffer a loss of nearly $12 million,” LookonChain claimed via social media.
So, essentially, JELLY JELLY initially surged nearly 500% today. This dramatic jump was sparked by what’s called a “short squeeze.” It occurs when someone bets heavily that a coin’s price will fall (known as “shorting”), but instead, the price unexpectedly rises.
In this case, a trader borrowed a massive amount of JELLY tokens and sold them immediately. He expected the price to drop, buy the tokens back cheaper, and keep the difference as profit.
Unfortunately for the trader, the price didn’t fall—it skyrocketed, forcing them to buy back the coins at much higher prices, creating massive losses.
This sudden forced buying pushed the price even higher, catching the attention of traders and investors who jumped in to ride the wave. In under an hour, JELLY’s market cap rapidly increased from $10 million to $43 million.
This frenzy also left Hyperliquid, the exchange involved, holding a big loss of $6.5 million from the trader’s failed short position, sparking speculation about potential financial stress on the platform.
Meanwhile, Binance and OKX listed JELLY perpetuals, further driving its price up. So the potential loss became even larger for Hyperliquid. Some users even urged Binance and other competitors to list the token and deal a ‘death blow’ to Hyperliquid.
Binance Users Urging Officials to List JELLY JELLY and Trigger Losses for Hyperliquid. Source: X (formerly Twitter)
Binance is Apparently Trying to Liquidate HyperLiquid
In a very interesting twist, it looks like these competitors are heeding the call. Binance, the world’s largest crypto exchange, was hit with a wave of requests to list JELLY JELLY, thereby causing big losses for HyperLiquid.
Yi He, one of its co-founders, said she would consider a listing, and crypto sleuth ZachXBT claimed that the original whale was funded via Binance.
Shortly after these developments happened, Binance announced that it would begin offering perpetuals contracts for JELLY.
OKX also jumped on the bandwagon with perpetuals trading of its own. After this, HyperLiquid announced that it would delist JELLY JELLY, seemingly erasing its unrealized losses.
“After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps. All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement,” HyperLiquid’s statement claimed.
This radical action immediately caused an explosion on social media. HyperLiquid’s supporters expressed unease over the JELLY JELLY incident, while its detractors accused the firm of criminal activity.
The firm’s validators confirmed that they unanimously took the decision, partially rebutting rumors that its CEO acted alone.
Still, there are no mincing words here. If HyperLiquid can simply declare its JELLY JELLY liabilities null and void, that’s a highly destabilizing act.
The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…
Canada is set to launch the world’s first spot Solana ETFs after receiving regulatory approval from the Ontario Securities Commission (OSC). The green light allows several issuers, including Purpose, Evolve, CI, and 3iQ, to list their Solana ETFs.
The new financial products will be available to investors starting April 16, 2025, marking an important development in the cryptocurrency investment space.
Canada Approves Multiple Spot Solana ETFs
According to Bloomberg analyst Eric Balchunas, the OSC approved multiple SOL ETFs today. These ETFs will hold actual Solana tokens rather than relying on futures contracts, offering investors direct exposure to the cryptocurrency.
Purpose, Evolve, CI, and 3iQ are among the firms that have secured approval to launch these innovative products.
The launch of these ETFs coincides with an upward surge in the price of Solana. Over the past week, the price of Solana has seen a notable increase of 25%. Experts suggest that the growing institutional interest in Solana, further bolstered by these ETF products, could soon lead to even greater price appreciation. As the world’s first spot Solana ETFs hit the market, the launch is a critical step forward for altcoin-based investment products.
Staking Features and Yield Benefits
The newly approved SOL ETFs will engage in staking, which offers potential benefits for ETF investors, including enhanced returns compared to traditional investments.
Staking can improve yields and offset holding costs, making these ETFs more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it.
Staking could provide an edge for SOL ETFs over other cryptocurrency ETFs, such as Ethereum-based ETFs, especially with US SEC delaying Grayscale’s ETH Spot ETF staking proposal. The yield from staking and the token’s performance could offer additional incentives for investors looking to diversify their portfolios.
Solana Whale Moves and Growing ETF Expectations in the US
The approval of spot SOL ETFs in Canada comes during heightened activity in the Solana market. Amid the market activity, a whale moved 762,416 SOL, worth approximately $101 million, according to Whale Alert.
In another instance, 790,427 SOL, valued at over $105 million, was moved between unknown wallets. These large-scale transactions suggest that whales, or large holders of Solana, are preparing for future moves, possibly in anticipation of the market momentum the new ETFs could trigger. The approval of the first spot Solana ETFs in Canada follows the recent launch of the first-ever XRP ETF, Teucrium 2x Long Daily, in the U.S.
Concurrently, several major firms have already filed for approval to offer SOL ETFs in the United States. These firms include Grayscale, 21Shares, Bitwise, VanEck, and Franklin Templeton. In addition to the Canadian approval, market expectations for the approval of SOL ETFs in the United States are rising. Polymarket traders now assign an 81% probability to approving a Solana ETF by the end of 2025, up from just 65% in early 2025.
Bitcoin (BTC) clings to $94,350 ahead of tomorrow’s high-stakes FOMC meeting, with traders bracing for wild price swings as the Fed weighs stubborn inflation against White House pressure for rate cuts. The CME FedWatch Tool shows a 98.2% probability of rates remaining unchanged, while technical indicators suggest a potential $100K breakout thesis.
Fed Chai Powell’s Dilemma: Inflation Persistence vs. White House Pressure
Trump’s tariffs and his comments show that the White House has been increasingly vocal about the need for rate cuts, However, Fed Chair Jerome Powell remains unconvinced and has stuck to his “wait-and-see” stance.
“Powell won’t cut rates based on economic forecasts alone. The Fed needs to see actual deterioration in employment data before making its move,” notes a former high-ranking Fed official who worked alongside him.
Despite the tension between political desires and economic reality, the Fed Watch Tool currently shows overwhelming consensus (98.2% probability) that rates will remain unchanged at 425-450 basis points tomorrow. This shows that Powell is ready to wait it out. It also highlights the disconnect between market expectations and political pressures.
On the other hand, stubborn inflation data continues to complicate the Fed’s decision-making process, which will be a key topic to observe in the FOMC meeting on May 7.
Treasury Buybacks & Recession Signals: Mixed Messages for Bitcoin
In a significant yet underreported development, the Fed announced a $5 billion monthly Treasury buyback program that effectively maintains its position as a net buyer. This technical adjustment caps long-end yields even as short-term rates edge higher, creating a complex yield curve dynamic that Bitcoin traders are still coming to terms with.
The economic outlook remains precarious. Recession probabilitymodels now show a 57% chance of economic contraction in 2025 – better than last week’s 63% reading, but still alarmingly high. This uncertainty, coupled with potential tariff impacts from the Trump administration, creates a challenging backdrop for risk assets like Bitcoin.
After getting firmly rejected from the $97.1k to $98.1k resistance zone over the weekend, BTC slid nearly 4.5% before finding support.
The $93k to $102.5k is the range where 70% of Bitcoin’s trading volume occurred during its lengthy consolidation between November 2024 and February 2025. This high-volume zone typically provides strong support and resistance levels where buyers and sellers are in agreement, creating a sideways movement.
The $93k level is a key demand zone that requires traders to pay close attention to. A show of strength from buyers here could catalyze an explosive 10% rally toward the range high of $102.5k. However, blindly buying at these key support levels is dangerous.
Ideally, investors should wait for clear confirmation of support formation – specifically, the formation of a series of higher lows and increasing buy volume near the $93k threshold or a huge spike in selling volume without a price follow-through.
BTC/USDT 4-hour Chart
If Bitcoin can’t hold $93,000, it will most likely slide lower to test the next value area between $81k to $88.4k. Here, Bitcoin consolidated throughout March 2025 and early April 2025. This zone could provide exceptional buying opportunities, hinting at a bullish Bitcoin price forecast for those patient enough to wait for them.
Critical Flashpoints Ahead of Tomorrow’s FOMC & Interest Rate Decision
As traders prepare for tomorrow’s announcement, several key variables will determine Bitcoin’s next major move:
Powell’s Forward Guidance: While the rate decision itself is largely priced in, Powell’s post-meeting comments will be scrutinized for any shift in tone regarding inflation persistence or labor market concerns.
Jobs Data Emphasis: Investors need to closely watch for how prominently Powell features employment statistics in his assessment. Increased focus here could signal the Fed’s willingness to consider easing if labor markets deteriorate further.
Support/Resistance Validation: The $93,000 level represents the immediate battleground, with the $97,100-$98,100 zone providing the first major resistance if bulls regain control.
To conclude, the convergence of these technical and macroeconomic factors creates a perfect environment for heightened volatility that could potentially propel Bitcoin price higher or lead to steep corrections. Either way, traders need to be prepared for an opportunity.
