LATEST: Bitcoin Open Interest Hits Over $80 Billion as Price Drops Under $111K

Bitcoin futures open interest has soared to an all-time high signaling growing confidence in a major price rally. On May 23 open interest crossed $80 billion on crypto derivatives platforms marking a 30% rise since the start of the month. Traders are heavily betting on Bitcoin reaching new peaks with large positions placed using borrowed funds.

Analysts believe the surge reflects strong market optimism fueled by spot Bitcoin ETF inflows which added over $2.5 billion this week. This could help stabilize the market against the risk of mass liquidations from high leverage positions. Bitcoin options markets show similar excitement with over $1.5 billion in bets at $110,000 and $120,000 strike prices on Deribit and over $1 billion more at higher levels.

About $2.76 billion in contracts are set to expire on May 23 with a put to call ratio of 1.2% suggesting more short bets than long. The max pain point is at $103,000 where most losses will be concentrated.

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15 Years Since 10,000 BTC Bought Two Pizzas And Changed Everything

On May 22, 2010, Bitcoin became more than just an idea—it became real money. Laszlo Hanyecz, a developer and early contributor to Bitcoin’s codebase, posted a casual offer: “I’ll pay 10,000 bitcoins for a couple of pizzas.” Five days later, someone took him up on it. Two Papa John’s pizzas were delivered. A screenshot was posted. Bitcoin had entered the real world. 

That 10,000 Bitcoin, worth about $41 at the time, is now valued at over $1.1 billion. And with Bitcoin hitting a new all-time high of $111,999 on the 15th anniversary of the transaction, the story of the “Bitcoin Pizza” carries more weight than ever.

It wasn’t just about the pizza. This was the moment…

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The Freedom Issue: Letter From The Editor

Bitcoin is freedom money, a censorship-resistant form of digital cash allowing anyone with an internet connection to send money to anyone else, regardless of nationality, borders, or other arbitrary restrictions.

I personally first heard about Bitcoin in early 2013, through friends who were buying… stuff from Silk Road, the darknet marketplace helmed by the mysterious Dread Pirate Roberts. Although Silk Road was controversial (the “stuff” most people bought and sold was, of course, illegal drugs), it represented a radical example of the form of freedom that Bitcoin provides.

Later in 2013, Silk Road was shut down by the FBI, and Ross Ulbricht was revealed as the…

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H100 Group Became The First Publicly Listed Bitcoin Treasury Company In Sweden

H100 Group AB has announced it has become Sweden’s first publicly listed health technology company to adopt Bitcoin as a treasury reserve asset, announcing the purchase of 4.39 BTC for 5 million NOK (approximately $475,000) as part of its long-term Bitcoin Treasury Strategy.

The Stockholm-based company, which provides AI-powered automation and digital solutions for healthcare providers, joins a growing roster of public companies adding Bitcoin to their balance sheets in 2025. The purchase was executed at an average price of 1,138,737 NOK per Bitcoin (roughly $108,200).

“This addition to H100’s Bitcoin Treasury Strategy follows an increasing number of tech-oriented…

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Michael Saylor’s Strategy (MSTR) Opens $2.1B ATM Program For Strife Preferred Stock

Strategy has launched a $2.1 billion At-The-Market (ATM) equity program for its Strife (STRF) preferred stock, marking another step in the firm’s long-term strategy to build a Bitcoin-backed financial architecture.

The announcement was made by CEO and President Phong Lee during an investor update alongside Executive Chairman Michael Saylor. According to Lee, strong year-to-date results from the firm’s Bitcoin-linked securities Strike (STRK) and Strife (STRF) gave Strategy the confidence to expand its fundraising strategy. 

“We’re currently at 16.3% BTC yield for the year, against a 25% target,” Lee said. “BTC dollar gain is $7.7 billion so far, on track toward…

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Bitcoin celebrates Pizza Day with price record, Hall of Fame induction

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.

Today’s Bitcoin Pizza Day is shaping up to be a special one.

Yes, it’s the first Pizza Day where the two pies in question are worth over $1 billion, but that’s not what I’m talking about here. 

No, sometime today, in the heart of New York City, in the back of a humble bar room, Laszlo Hanycez’s heroic contribution is going to be honored with something else — a simple metal plaque that represents his induction into the Bitcoin Hall of Fame.

Officially launching at Pubkey Bar and Restaurant, it’s a small addition to the 500 or so Hall of Fames estimated to have been established…

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Nigel Farage To Speak At Bitcoin 2025 Conference

We are pleased to announce that Nigel Farage will join the speaker lineup at the Bitcoin Conference 2025 in Las Vegas. A defining figure in modern European politics, Farage led the Brexit movement that took the United Kingdom out of the EU, reshaping global conversations around national sovereignty. He is the founder and current leader of Reform UK, a rising political force now polling competitively, positioning him as a serious contender for to be the next UK Prime Minister.

A former Member of the European Parliament for over 20 years, Farage built his reputation challenging supranational institutions and unelected power—values that resonate deeply with the Bitcoin community. He…

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Spark Partners With Breez To Launch Bitcoin-Native SDK For Lightning Payments

Today, Breez and Spark have announced a new implementation of the Breez SDK, built on Spark’s Bitcoin-native Layer 2 infrastructure. According to a press release sent to Bitcoin Magazine, the update is intended to make it easier for developers to integrate self-custodial Bitcoin Lightning payments into everyday apps and services.

“This is what the future of Bitcoin looks like — fast, open, and embedded in the apps people use every day. By teaming up with Breez, we’re expanding the ecosystem and giving developers powerful, Bitcoin-native tools to build next-generation payment experiences. Together, we’re building the standard for global, peer-to-peer transactions,” said the…

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Bitcoin Liquid Network Surpasses $3.27 Billion In Total Value Locked

Today, the Liquid Federation has announced that the Liquid Network has surpassed $3.27 billion in total value locked (TVL), according to a press release shared with Bitcoin Magazine. 

“Surpassing the $3 billion threshold marks a pivotal moment for both Liquid and Bitcoin, signaling the evolution of Bitcoinʼs ecosystem into a full-fledged platform for global financial markets,” said the CEO and Co-Founder of Blockstream Dr. Adam Back. “As Bitcoin gains mainstream acceptance, and demand for regulated asset tokenization accelerates, Liquid is better positioned than ever to bridge Bitcoin with traditional finance and drive the next wave of capital markets innovation.”

The…

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How Zeus Is Redefining Bitcoin With Cashu Ecash Integration

The U.S.-based Bitcoin and Lightning mobile wallet Zeus recently announced an alpha-release integration of Cashu. The move marks the first integration of ecash into a popular Bitcoin wallet, breaking new ground for potential user adoption to Bitcoin.

Cashu is a hot new implementation of Chaumian ecash, a form of digital cash invented by David Chaum in the ’90s that has incredible privacy and scalability properties, with the trade-off of being fundamentally centralized, requiring a significant amount of trust in the issuer. 

In a counterintuitive move for Zeus, known as the go-to tool for advanced Lightning users seeking to connect to their home nodes, the integration of Cashu…

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