CoinEx Research May 2025 Report: Bitcoin ATH Ain’t Altseason

HONG KONG, June 04, 2025 (GLOBE NEWSWIRE) -- CoinEx Research's May 2025 Report: Bitcoin hit a record $112K in May, fueled by institutional demand and ETF inflows, though signs of volatility and slowing stablecoin activity suggest caution. Ethereum’s Pectra upgrade boosted scalability and usability, while the AI Agent sector advanced with Model Context Protocols (MCP), hinting at smarter on-chain apps. Solana's Believe launchpad surged, then quickly consolidated. Despite Bitcoin's dominance, mixed signals point to a more balanced June outlook.

Bitcoin Hits $112K as Institutional Inflows Take the Lead
May 2025 saw Bitcoin climb to a historic all-time high of $112,000, driven by robust institutional demand and renewed corporate interest. The month opened at $94,000 and peaked on May 22 before retracing to $104,500 amid profit-taking. Trump Media & Technology Group played a key role by announcing plans to raise $2.5 billion to build a large public Bitcoin treasury. Simultaneously, Bitcoin ETFs brought in $5.2 billion in net inflows for the month, pushing cumulative inflows to $44.3 billion.

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Bitcoin Dominance Hits 65%
Despite Bitcoin's rally, altcoins failed to gather momentum. Bitcoin dominance rose to 65%, reflecting strong capital concentration in BTC and limited rotation into alternative assets. Technical patterns suggest the dominance trend remains strong, with no reversal signals in sight. Market conditions continue to favor Bitcoin, sidelining many smaller tokens and delaying the much-anticipated altseason.

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Ethereum Pectra Upgrade Enhances Scalability and Efficiency
On May 7, Ethereum activated its Pectra upgrade at Epoch 364032, introducing sweeping changes across both execution and consensus layers. The upgrade merged the Prague and Electra aiming to enhance the Ethereum network's scalability, security, efficiency, and user experience.

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The Second-half of AI Agents: The Force Awakens
The cryptocurrency market has entered a quieter phase entering 2025, however, the AI Agent sector is building momentum beneath the surface. CoinEx published the research report “The Second-Half of AI Agent: The Force Awakens” to examine the burgeoning developments within this space. Innovations such as Model Context Protocols (MCPs) are creating smarter blockchain-native applications by enabling large language models to access and interpret on-chain data. Projects like ElizaOS and Virtuals Protocol have emerged as early movers in this space, experimenting with intelligent infrastructure for blockchain-native applications. In this review, we take a closer look at these two ecosystem pioneers for their role in exploring what the future of on-chain AI agents could look like.

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Believe Ecosystem: Post-Explosion Consolidation
The Believe launchpad on Solana captured market attention on May 13th with a burst of token launches, over 500 per day, and $700 million in trading volume at its peak. However, Believe's launch model subsequently faced scrutiny, leading to a decline in business data. The platform is currently undergoing improvements and iterations, and its future remains promising.

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The Weakening of Stablecoin Inflows Warrants Market Observation
Despite Bitcoin’s price success, a notable warning sign emerged. Stablecoin inflows declined for a second consecutive month. This contrasts sharply with past bull runs in November, where capital inflows into stablecoins surged alongside price action.

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Outlook for June
As the market enters June, investors will watch closely for Bitcoin’s retest outcomes, Ethereum’s post-upgrade traction, and further developments in U.S. crypto regulation, especially around stablecoins. The maturation of AI protocols and performance of altcoins will also help define whether May's momentum carries forward or marks a local top.

About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange designed with users in mind. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one of the earliest crypto exchanges to release proof-of-reserves to protect 100% of user assets. CoinEx provides over 1300 cryptocurrencies, supported by professional-grade features and services, for its 10+ million users across 200+ countries and regions. CoinEx is also home to its native token, CET, which incentivizes user activities while empowering its ecosystem.

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