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Bitcoin Pulls Back to $107K, but NYDIG Analysis Suggests Market Far From Overheated
A number of indicators suggested the bull market has more room to run, said NYDIG.
Updated May 28, 2025, 5:46 p.m. Published May 28, 2025, 3:46 p.m.
What to know:
- The selloff in crypto accelerated somewhat during U.S. Wednesday morning trading hours.
- The bitcoin miners led declines in crypto-related stocks.
- NYDIG suggested this current bull move has plenty of room to run.
Wednesday morning U.S. hours saw a modest acceleration in crypto's pullback from the recent big move higher, with bitcoin stumbling nearly 2% to just above the $107,000 level.
Altcoins fared worse, with XRP , solana and dogecoin among those sporting declines in the 3%-5% range.
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Among crypto-related stocks, the bitcoin miners were hardest hit, with MARA Holdings (MARA), Riot Platforms (RIOT) and Hut 8 (HUT) each lower by nearly 10%.
Bitcoin treasury companies were also showing sizable losses, led by GameStop (GME), down 11% after announcing the purchase of just over 4,710 bitcoin (or about $500 million at the current price) — to some a rather underwhelming amount considering the company raised $1.3 billion for bitcoin acquisition several weeks ago.
Cycle over?
Bitcoin's roughly 50% rally from the post-early April bottom to a new record high of $112,000 last week has more than a few market participants suggesting 2021-like signs of froth.
Not so fast, said the research team at NYDIG.
First off, they note, bitcoin has rallied about 7X from the November 2022 low in the $15,000 area — a nice move for sure, but far behind peak-to-trough moves of 452X in 2013, 112X in 2017 and 20X in 2021. While bitcoin is a far more mature asset today than in the past and even a 20X move might seem a bit steep, the numbers still suggest a decent amount of further upside.
The team also looked at Market Value to Realized Value (MVRV), which compares the current total market cap of all bitcoins to their aggregated value based on the last time each coin moved. It's current at 2.4X, far below prior peaks, including 2021's top of 4.0X.
"While these are all just rough benchmarks, they suggest there’s still meaningful upside potential for bitcoin," concluded NYDIG.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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