Mooners and Shakers: After Bitcoin’s all-time high in May, June catalysts emerge

A fair chunk of the way into June and crypto sentiment is strong as specific catalysts for the market materialise.

"I hear the moon's delightful in June." Pic via Getty Images

Stockhead’s monthly crypto wrap, Mooners and Shakers, is brought to you by

• May was an important turnaround month for crypto, with Bitcoin reaching an all-time high 
• A fair chunk into June and sentiment is strong as specific catalysts for the market materialise
• Macroeconomics (we're looking at you, Fed) will likely have the major say on market direction

Annnd… we're back. Did you walk away from all things crypto in May? That might not have been the best call, but now is definitely the time to be paying attention if you've ever had interest in this hectic corner of the financial market. 

It was a landmark month for cryptocurrency, specifically Bitcoin (BTC), which hit a personal best all-time high of $111,814 on May 22, driven by increased institutional adoption and optimism. (Note: BTC is now changing hands for about US$107k at the time of writing.)

Macroeconomic conditions have still been more volatile than Elon Musk in a White House spat hepped up on Diet Coke and an ego the size of a Tesla stock bubble. But with chatter surrounding increasingly likely Fed rate cuts, crypto hopium has been rising. 

The total crypto market capitalisation grew by 10.3% in May, reflecting increasing bullish sentiment across the sector.

After the doldrums of March and April, Ethereum (ETH) finally got off its butt and did something notably positive, rallying into areas around $2,583 by mid-May, signalling renewed investor interest in the important layer 1 crypto. 

XRP, another mega-cap (US$132 billion) crypto stalwart, meanwhile gained more than 12% year-to-date in May, outperforming many other top 50 altcoins.

And when ETH and XRP move, the words "altcoin season" usually aren't far behind. That said, we're not making that call (yet), only the fact we're seeing it pop up willy nilly by hopium peddlers the crypto world over. We won't post anything specific, but if you go to X and type "altcoin season" or "crypto supercycle", you'll see what we mean.

Here's how BTC fared in May in visually pleasing chart form…

Bitcoin’s May monthly return

Source: Coinglass

Significant investments from firms like Strategy, headed by Bitcoin Bull in Chief Michael Saylor, underscored the growing institutional confidence in crypto and helped give BTC its double-digit monthly lift. Strategy increased its Bitcoin holdings to 580,250 BTC, valued at roughly US$64 billion.

And, if you needed any confirmation that bullish sentiment has resumed for Bitcoin and indeed the crypto market broadly, then the market's go-to sentiment gauge has it…

Source: alternative.me

May according to Binance

Binance Australia’s latest monthly report meanwhile pinned Bitcoin’s May surge to fresh ETF-driven momentum and growing institutional conviction.

According to the report…

• As BTC hit almost US$112k, US spot ETFs pulled in US$5.25bn – the biggest inflows since Nov 2024.

• 809,000 BTC now sit on public company balance sheets, up 100,000 in just two months.

• DeFi tokens outpaced BTC, however, rising ~19% for the month.

“Seeing Bitcoin hit an all-time high off the back of these inflows shows just how much mainstream capital is now shaping the market,” said Binance Australia and NZ director of community engagement James Quinn-Kumar.

"It also underscores just how strong a link there is between ETF investment and the price movement. ETF flow data is
increasingly becoming a key barometer for gauging market sentiment and its likely trajectory.

“More businesses see Bitcoin as a strategic asset… and Aussie traders are starting to explore altcoins with real utility.”

The top crypto exchange's research shows that while Bitcoin remains the top choice for institutional investors, a handful of firms are cautiously diversifying into other tokens including Ethereum,  Solana and XRP in niche cases.

"Analysts project this trend to continue, with some forecasts suggesting corporate BTC treasuries could exceed 1 million BTC
by 2026," noted the research.

Meanwhile, local Aussie traders stuck to familiar ground according to Binance data. The five most-traded cryptocurrencies on Binance Australia remained unchanged in May, led by Bitcoin, followed by Ethereum, Solana, XRP and BNB, showing continued preference for established assets.

What's been happening in June? 

This month is also shaping up as a positive one for Bitcoin and pals, although things have calmed down a tad since May's peak. Here's a summary of key happenings so far and potential catalysts.

• As of mid-June, the crypto market is in a spot of consolidation with Bitcoin trading around $107,000, while Ethereum hovers near $2,720. A "healthy" market correction? Let's hope so.

• The US Securities and Exchange Commission (SEC) is expected to make a decision on Franklin Templeton's proposed Spot XRP ETF by June 17. Needless to say, this could be a major catalyst for the XRP token.

• According to the US Bureau of Labor Statistics' latest data, the US Consumer Price Index (CPI) rose 0.1% in May, below the forecasted 0.2%. Core CPI, which strips out food and energy, increased by 0.1%, against expectations of 0.3%. Year-over-year, CPI hit 2.4%, versus 2.5% expected, and core CPI hit 2.8%, versus 2.9% expected. This soft data contributed to sending Bitcoin back up over US$110k earlier in the week.

• Also earlier in the week, two committees in the US House of Representatives advanced the Digital Asset Market Clarity Act of 2025, with strong vote counts for the positive. The Clarity Act defines crypto regulatory roles for the SEC and CFTC, and provides general oversight and consumer protections for the crypto market in the US. A lack of regulatory clarity has been a crypto industry bugbear in the US (and Australia for that matter) ever since crypto was a thing.

• Then there's the so-called Genius Act, which looks to have bipartisan support. This week the US Senate made some final revisions to this, a bill that would bring stablecoins into the US traditional finance fold and general legal framework. Would it be bullish for crypto? In short, yes – especially as the US government has indicated it needs stablecoin issuers to keep buying US treasuries.

• The next Federal Reserve FOMC meeting is happening on June 18. This should provide some clarity on the Fed's interest rate policies. Volatility? Likely incoming. Crypto traders/investors, take note. 

Binance Australia sponsored this article. Nothing in this article should be construed as financial advice. At the time of writing, the author held Bitcoin and a handful of other cryptocurrencies.