🍕 ATH on Pizza day, Battle for USDC & Parabolic Yields

📆 Week of May 19, 2025

🛰️Hey Nebulites,

It finally happened. On Bitcoin Pizza Day — the holy grail of crypto memes — BTC smashed through $111,000 like it was 2017 again. Institutions are diving in, whales are going 40x long, and Bitcoin just flipped Amazon in market cap. 🍕📈

Meanwhile, Circle’s IPO rumors sparked a potential showdown between Coinbase and Ripple (aka stablecoin Game of Thrones), Japan’s bond market flashed red warning lights, and Texas went full Bitcoiner with its own BTC reserve bill.

Here’s what it all means — without the fluff.

📬 This Week’s Lineup

1. 🍕Bitcoin Breaks $111K on Pizza Day — Coincidence? We Think Not

2. 🪙Circle’s IPO? Or a Crypto Power Grab Between Ripple and Coinbase?

3. 🇯🇵Japan’s Yields Spike to Record Highs — Why Crypto Should Care

4. 🤠Texas Goes Full Bitcoiner

🎁 CHECK OUT OUR REFERRAL PROGRAM (Details at the end👇)

🍕 Chapter 1: Bitcoin Breaks $111K on Pizza Day — Coincidence? We Think Not

On May 22, 2025 — exactly 15 years after Laszlo Hanyecz traded 10,000 BTC for two pizzas — Bitcoin celebrated the anniversary by hitting a new all-time high of $111,900.

Symbolic? Sure.
Inevitable? Also yes.

Bitcoin didn’t just spike because of nostalgia. It ripped through resistance thanks to $7 billion in ETF inflows since April, a growing institutional appetite, and a wave of whale leverage betting big on the next leg up.

💰 Institutional Demand Hits Overdrive

• Spot Bitcoin ETFs are swallowing BTC at a record pace.

• BlackRock’s IBIT alone now manages over $56B.

• On May 21, spot Bitcoin ETFs saw $608.99M in daily inflows, 6th day in a row.

Even JPMorgan joined the party, loading up $1.7 billion worth of Bitcoin ETF exposure.

And then came the hyper-leveraged whales:

• One bet $1B on 40x long positions.

• Another dropped 900 BTC ($99.6M) at ~$110K — already up $1.3M.

• These aren't degen meme traders. These are whales with a thesis.

📈 According to Fibonacci levels:

• Resistance: $120,452

• Flag breakout target: $117,000

• Immediate support: $106,000 zone

Translation? Volatility ahead, but the trend remains 🔼

🌐 Bitcoin Now Bigger Than Amazon

With this rally, BTC also just:

• Passed Amazon in market cap

• Hit $2.18 trillion in total valuation

• Took the #5 spot globally, right behind gold, Apple, Saudi Aramco, and Microsoft

Meanwhile, total crypto market cap crossed $3.6 trillion, with BTC dominance at 61.1%. The king is flexing.

🔥 Altcoins Riding the Wave

• Ethereum: Up 40% in two weeks, with DeFi activity rebounding on low gas fees.

• Solana: +16%, thanks to $67.5M in Seeker pre-orders and the incoming Alpenglow upgrade.

• XRP: At $2.40 (+10%), rumors of a spot ETF are fueling momentum post-futures launch.

• BNB, ADA, DOGE — all green.

Institutions are buying the majors. Retail is piling into everything else.
Welcome to that part of the cycle.

🧠 Nebular Take

Bitcoin just printed a new ATH on Pizza Day while whales are YOLO’ing with 40x leverage.

This isn’t just bullish.
It’s symbolic — like the market’s way of saying:
“We’ve come a long way since two pizzas cost 10,000 BTC.”

Liquidity is flowing. Institutions are finally playing the long game.

🪙 Chapter 2: Circle’s IPO? Or a Crypto Power Grab Between Ripple and Coinbase?

Circle might be eyeing Wall Street, but behind the scenes, two crypto heavyweights may have other plans — and they involve a takeover.

The Setup

Circle — issuer of USDC, the second-largest stablecoin behind Tether’s USDT — confirmed in early April that it filed for an IPO. The rumored valuation? Around $5 billion.

But while Circle preps for its Wall Street debut, informal talks with Ripple and Coinbase have reignited speculation of a buyout.
One source close to the matter put it bluntly:

Ripple’s Shot (and Miss)

Ripple reportedly made an offer in the $4B–$5B range. Circle said “no thanks,” citing a regulatory quiet period and insisting its long-term goals haven’t changed.

Translation: We’re not ruling it out — just not now.

Still, Ripple’s got the firepower:

• Over $11.7B in XRP tokens

• Another $37B+ in escrow
  They could easily fund a bid, partially backed by XRP. But good luck convincing regulators that paying for the #2 stablecoin with volatile assets is a good idea right now.

The Coinbase Complication

Now here’s the twist: Coinbase isn’t just a potential buyer.
They’re already deeply entangled with Circle:

• They co-manage USDC revenue.

• Coinbase has rights to Circle’s IP in a bankruptcy scenario.

• And any major deal impacting USDC revenue needs Coinbase’s blessing.

One insider joked:

And Coinbase has the cash to act:

• Market cap? $56B+

• Cash on hand? $8B

• Oh — and they joined the S&P 500 on May 19, which only boosts their firepower (and Wall Street clout).

CEO Brian Armstrong? Staying vague:

🧠 Nebular Take

This isn’t just boardroom drama.
Whoever controls USDC controls a key piece of crypto’s future — stablecoin settlement rails, institutional integrations, and regulatory leverage.

And as stablecoins become more embedded in global finance (hello Mastercard), the USDC throne is suddenly worth fighting over.

Stay tuned. This power struggle is just getting started.

🇯🇵 Chapter 3: Japan’s Yields Spike to Record Highs — Why Crypto Should Care

Japan just set a new record — but not the kind you cheer for.

This week, Japan’s super-long government bond yields (30-year at 3.14%, 40-year at 3.6%) hit all-time highs. That’s the highest borrowing cost Tokyo has faced in decades.

What triggered this? A botched auction for 20-year bonds that flopped harder than most meme coins. The message? Investors aren’t biting.

Let’s break down what this means — and yes, it matters for crypto.

🔍 What’s Driving Japan’s Bond Chaos?

• 🇺🇸 U.S. Yields Set the Pace: Japanese bonds are tracking U.S. Treasury yields, which are rising as markets brace for “higher for longer” interest rates globally.

• 💸 Fiscal Fears: Japan’s planning more stimulus (again) ahead of July’s elections. More debt + political fog = jittery bondholders.

• 🔄 BOJ’s Tightrope Walk: The Bank of Japan wants to dial back its massive bond buying. But that’s pouring gasoline on yields just as the government wants cheaper debt. Awkward.

📉 Market Fallout: Not Just Japan’s Problem

Traditional Markets:

• Higher borrowing costs = stress on Japan’s already-massive debt pile.

• Equities may wobble as investors chase bond yields over stocks.

• Yen might finally strengthen, especially if the BOJ starts hiking rates.

• Yen carry trade unwinds = ripple effect in global markets.

Crypto Markets:

• Risk-off mode: Japanese investors may bring cash home, ditching risk assets — including crypto.

• Selling pressure from whales repatriating capital = short-term pain.

• Volatility spike: Uncertainty always finds its way to Bitcoin’s chart.

• Liquidity crunch: If yen carry trades unravel, global liquidity takes a hit — and so does crypto.

🧠 Nebular Take

Everyone loves to dunk on Japan’s economy… until its bond yields start spooking global markets.

If the yen carry trade begins to unwind — that’s trillions in borrowed capital potentially flowing back into Japan. That move doesn’t just hit equities.

It hits Bitcoin. It hits altcoins. It hits your favorite “undervalued” L1.

🤠 Chapter 4: Texas Goes Full Bitcoiner

Texas just passed a law to build its own Bitcoin reserve — and no, this isn’t some fringe bill from a random state senator. It’s called Senate Bill 21, and it’s heading to Governor Greg Abbott’s desk right now.

If signed (and let’s be honest, it likely will be), Texas becomes the third U.S. state to adopt Bitcoin as part of its official investment strategy — right after New Hampshire and Arizona.

And this isn’t some PR stunt. It’s strategic.

💼 What’s in the Bill?

• The Texas Strategic Bitcoin Reserve will operate outside the state treasury — so it has its own funding and rules.

• Only assets with a $500B+ market cap (avg. over 12 months) are eligible. That’s BTC and maybe ETH (on a good day).

• Assets will be stored in cold storage to reduce hacking risks.

• The state can use staking and derivatives (yep, Texas is about to get pretty DeFi-native).

• It can accept donations from Texans (bullish BBQ-fueled treasury?), and funds can be temporarily liquidated if needed for cash flow.

🎯 Why It Matters

• The bill says the reserve provides "enhanced financial security" for Texans.

• The State Treasurer runs the show — with power to acquire, manage, and stake digital assets.

• This isn’t about speculation. It’s about diversifying reserves, future-proofing budgets, and tapping into the most secure monetary network on Earth.

And Governor Abbott? He’s been pro-Bitcoin since the early days:

Translation: Texas is betting that Bitcoin is inevitable — and wants to be the first to build policy rails around it.

🧠 Nebular Take

Three states down, 47 to go.

First New Hampshire, then Arizona, now Texas — and all of them followed a playbook drafted by Satoshi Action. This isn’t random. It’s coordinated.

In a world of fiscal uncertainty, states are starting to ask themselves a simple question:
Why hold treasuries… when you can hold Bitcoin?

💡 Crypto Tip of the Week: Track the Rotation — Don’t Get Left Behind

Crypto doesn’t pump in unison — it moves in rotations. Think of it like capital flowing through the market in organized chaos:

➡️ BTC leads the charge (as the safe haven and first stop for institutional money)
➡️ ETH follows as confidence builds and traders start hunting alpha
➡️ Then we see Large Caps (like SOL, AVAX, ADA) gain traction
➡️ Eventually, Mid/Low Caps and Meme Coins go full casino mode

Right now, Ethereum is showing strength against Bitcoin on the ETH/BTC chart — a classic early signal that we’re moving from Phase 1 (BTC dominance) to Phase 2 (ETH/majors picking up steam).

📊 Translation: Smart money might be rotating. If ETH continues to gain on BTC, expect a wave of capital to start flowing into large caps and eventually spill over into riskier plays.

🤡Memes of the week:

✅ Wrap-Up

Bitcoin is making new highs, US states are literally buying BTC, and traditional finance is racing to keep up.

We’re not just witnessing adoption.
We’re watching the monetary revolution go mainstream.

If you're reading this — you're not late.
You're in the front row.

Until next week,

– Daniel
Founder, Nebular

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.