Crypto morning: Bitcoin's bullish surge, Fidelity's Ethereum leap, Trump-backed WLF's $3M MNT buy
- Bitcoin eyes a return to $90,000 as traders digest Federal Reserve’s move towards quantitative easing.
- Fidelity files with the SEC to launch its ‘OnChain’ US Treasury Fund on Ethereum, set to go live on May 30.
- Trump-backed World Liberty Financial spent $3 million to buy Mantle’s MNT tokens.
Bitcoin traders are reacting positively to the United States (US) Federal Reserve’s (Fed) policy shift. As BTC hovers around the $88,000 level on Monday, analysts are optimistic about Bitcoin price gains this week. Technical analysis supports Bitcoin’s bullish thesis.
With $5.8 trillion assets under management, Fidelity filed with the US Securities and Exchange Commission (SEC) for a US Treasury Fund, ‘OnChain’, to be rolled out on the Ethereum blockchain., This product could hit the market as early as May 30, 2025 if approved.
Trump-backed World Liberty Financial spent $3 million on MNT token purchase. The move follows a major network upgrade in the project.
Bitcoin eyes return above $90,000
Bitcoin’s bullish outlook is currently supported by the improvement in trader sentiment, technical analysis and the Federal Reserve’s move towards quantitative easing. As traders turn bullish on the token, BTC hovers close to $88,000 and eyes a re-test of resistance at $90,000.
Bitcoin price is 3% away from the resistance at the time of writing. Both key momentum indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support the likelihood of BTC price gains.
The RSI is sloping upwards and reads 51, which is above neutral. MACD flashes green histogram bars above the neutral line, showing an underlying positive momentum in the Bitcoin price trend.
BTC/USDT price chart
Why this matters
Bitcoin sentiment tracker shows that traders remain fearful, but less so relative to last week. The sentiment is improving according to the Fear & Greed Index. This is also supported by a nearly 9% increase in the Open Interest (OI) in Bitcoin derivatives in the last 24 hours.
What to expect
Bitcoin could test resistance at $90,000, and a daily candlestick close above this level could pave the way for a return to the $100,000 milestone in the coming weeks.
Fidelity awaits SEC approval for big moves on the Ethereum blockchain
Fidelity remains optimistic about the Ethereum blockchain and plans to bring its US Dollar-backed Treasury Fund on-chain as early as May 30, 2025, if the SEC allows it. The $5.8 trillion asset manager eyes better transparency and efficiency by leveraging Ethereum’s blockchain infrastructure and does not involve tokenizing US Treasury securities.
Why this matters
Fidelity’s plan signals another positive step in Real-world Asset Tokenization (RWA), following in the footsteps of BlackRock and Franklin Templeton. With a fund backed 99.5% by US Treasury and cash, secured on the Ethereum blockchain, it could set a precedent for tokenized treasuries or the secondary market.
Investors with a blockchain wallet could benefit from the transparency, which could drive higher adoption among web3 and crypto-first users.
What to expect
SEC nod could allow Fidelity to move the plan forward to make RWA a relevant narrative in crypto. Traders can expect more asset management giants to follow Fidelity in the coming months, and the narrative and RWA tokens could gain relevance.
US President Donald Trump’s WLF buys MNT
Donald Trump backed WLF’s $3 million MNT token purchase is making headlines. The project completed a major network upgrade and is now on the radar of crypto traders and large wallet holders, as WLF adds $3 million worth of the token to its portfolio, tracked by on-chain firms like Arkham Intel.
The Mantle Network is preparing for Ethereum’s Pectra upgrade as part of the process the project integrated EigenDA last week to enhance scalability and ensure better compatibility.
Why this matters
WLF’s MNT purchase increases holdings to over $340 million; these include Ethereum (ETH), Wrapped Bitcoin (WBTC), Tron (TRX), Chainlink (LINK), AAVE, Ethena (ENA), among others.
What to expect
MNT gained 6.37% on Monday, as traders react to the upgrade and WLF’s purchase. The token is up nearly 4% in the last seven days and bullish technical indicators on the daily price chart support further gains in MNT this week.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
