Bitget Daily Digest (May 19)｜Texas Bitcoin Reserve Bill Set for Second Reading on May 20; Solana Q1 App Revenue Hits $1.2B

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远山洞见2025/05/19 01:32

By:远山洞见

Bitget Daily Digest (May 19)｜Texas Bitcoin Reserve Bill Set for Second Reading on May 20; Solana Q1 App Revenue Hits $1.2B image 0

Today's Preview

1.The U.S. Conference Board Leading Economic Index (MoM) for April is scheduled for release today. Previous: -0.70%.

2.President Donald Trump is expected to hold talks with Russian President Putin, Ukrainian President Zelensky, and NATO member states today.

3.CME announces plans to launch XRP futures today, pending regulatory approval.

4.Pyth Network (PYTH) will unlock 2.13 billion tokens today, worth approximately $399 million, accounting for 58.62% of the circulating supply.

5.Echo Protocol kicks off its "Neko Odyssey" airdrop campaign today, running for a month. Users can earn points by completing basic tasks and locking in rewards before TGE.

Macro & Hot Topics

1.Texas Advances Bitcoin Reserve Bill SB21 The Texas legislature is moving forward with SB21, a bill proposing the establishment of a “Texas Strategic Bitcoin Reserve.” The bill has already passed the state Senate and is scheduled for its second reading in the House on May 20. If passed, Texas will become the third U.S. state to establish a government-held Bitcoin reserve, following New Hampshire and Arizona. The bill empowers the state comptroller to create a dedicated fund outside the treasury to acquire digital assets—currently limited to Bitcoin—with sources of funding including legislative appropriations, airdrops, forks, investment returns, and public or private donations. Assets will be held in cold wallets and overseen by an advisory committee.

2.Michael Saylor Hints at More BTC Accumulation Strategy founder Michael Saylor posted a new Bitcoin Tracker update, stating, “Never betray those who buy orange ink by the barrel.” Historically, such posts are followed by MicroStrategy announcing BTC purchases the next day.

3.TRUMP Token Plans NFT Drop and Rewards Program TRUMP token announced an exclusive NFT drop for users who register for the TRUMP Dinner Leaderboard. The top 220 users will receive special NFTs, which will be distributed after the event. Additionally, holders who match their TRUMP holdings with their leaderboard rank will receive a limited edition “TRUMP DIAMOND HAND” Solana NFT. A new points reward system has also been launched, allowing holders to connect their wallets and earn points. A leaderboard and badge system are coming soon. The team also hinted that a single lucky participant will be selected for a meme-based interaction spot at the dinner.

4.Panama City Mayor Hints at Bitcoin Reserve Plans After meeting with El Salvador Bitcoin policy leaders, Panama City Mayor Mayer Mizrachi posted about a potential Bitcoin reserve. Mizrachi discussed Bitcoin mining with Max Keiser and Stacy Herbert and announced that Panama City will include El Salvador’s financial education book “What is Money?” in its online library system. The city has already approved the use of crypto for public payments, including taxes and fines.

5.Solana Q1 App Revenue Hits $1.2B, Best in a Year According to Messari’s Q1 2025 Solana report, Solana posted its strongest quarterly performance in a year. Total revenue jumped 20% QoQ from $970.5M to $1.2B, with January alone accounting for 60%. The memecoin launch platform Pump.fun led with $257M in revenue, followed by Phantom ($164M), Photon ($122M), Bullx ($87M), and Jupiter ($80M).

Market Overview

1.BTC briefly surpassed $107K, ETH briefly dipped to $2,323. Total liquidations in the past 12 hours reached $462M. Meme coins like $MOODENG and $NEIROCTO surged, while Believe's platform token $LAUNCHCOIN rallied strongly.

2.On Friday, the S&P 500 extended its winning streak to five sessions, Dow erased its year-to-date losses, and gold recorded its worst week in six months.

3.Bitget BTC/USDT liquidation heatmap:

If BTC drops to $105,377, long liquidations may exceed $215M.

If BTC rises to $107,377, short liquidations may exceed $318M.

Short-side liquidations outpace long-side; caution on leverage is advised.

Bitget Daily Digest (May 19)｜Texas Bitcoin Reserve Bill Set for Second Reading on May 20; Solana Q1 App Revenue Hits $1.2B image 2

4.Over the past 24 hours, BTC spot inflows reached $2.2B, with $2B outflows, resulting in a net inflow of $200M.

Bitget Daily Digest (May 19)｜Texas Bitcoin Reserve Bill Set for Second Reading on May 20; Solana Q1 App Revenue Hits $1.2B image 3

5.Notable net outflows from ETH, SOL, XRP, ADA, and SUI futures contracts suggest potential trading opportunities.

Institutional Insights

CryptoQuant: Bears are building positions more cautiously this cycle—typically a bullish signal. Source

Galaxy Digital: Predicts BTC could rise to the $130K–$150K range in the next phase. Source

Grayscale: Expects BTC dominance to stabilize at 60–70%, rather than triggering an altcoin season. Source

News Updates

1.U.S. Treasury Secretary Yellen: Tariff negotiations now focused on 18 key partnerships.

2.Texas Bitcoin Reserve Bill heading for second reading.

3.Ukrainian court orders Binance-seized crypto assets transferred to national asset management.

4.Trump: Fed should cut rates, but Powell may "mess it up again."

5.UK mandates crypto firms to fully report user and transaction data starting 2026, with penalties up to £300 per user.

Project Updates

1.Michael Saylor may continue BTC accumulation following new tracker post.

2.TRUMP Dinner likely to have mostly non-U.S. citizen attendees.

3.Ethereum ACDC #157: Pectra upgrade completed; potential restructure of ACD framework discussed.

4.NFT trading volume up 17% last week, totaling $130.7M.

5.SOON may have completed its snapshot.

6.Jeffrey Huang (Machibigbrother) added another 1M USDC to buy 36,759 HYPE tokens.

7.Argentine court freezes assets tied to LIBRA meme coin; lifts bank secrecy for President Milei and his sister.

8.Raydium LaunchLab has created over 119K tokens with a graduation rate of 0.21%.

9.BUILDon on BNB Chain accounts for over 52% of USD1 chain trading volume.

10.CUDIS: Users must register Solana wallet by May 25 to claim airdrop.

X Highlights

1. Crypto_Painter: BTC surged above 106K, fulfilling the "liquidation then pullback" scenario. If BTC spikes above 106K and quickly drops, this may confirm a local top and trigger a larger correction—first support at 104K. If BTC consolidates at highs, it could gather fuel for another breakout. Source

2. ash: Guide to identifying strong secondary plays on Believe:

ATH > $7M

High wallet retention

Reacts strongly to LAUNCHCOIN

Prior wipeout and major pump (possible insider manipulation)

Focus on strength, avoid low-quality bottoms

Buy below gake’s average holding cost Source

3. Chaos: Virtuals Launch Guide: Prioritize two key launches—May 20’s buzzingdotclub and May 21’s baibysitter. Other projects in the Virtuals Hackathon may have potential but are still in early stages. Focus on early airdrop tokens and clear ACP narratives. Source

4. Naive_BNB: Web3 Airdrop Warriors are now grinding harder than ever. The new meta:

Alpha Tasks: zk/L2 interactions with many wallets and chains.

Kaito Model: High-output tweeting (manual only), engagement + content quality matter.

Galxe/Wallet Tasks: Still viable for small players; low-risk path to $100s/month. Takeaway: Consistent on-chain activity, content creation, and social engagement are all potential airdrop anchors. Source

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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