Key Takeaways:

Analyst predicts a low VIX (

Bitcoin network economist Timothy Peterson raised Bitcoin’s (BTC) chances of hitting a new high in 100 days, and he maintains an optimistic outlook in 2025. 

In an analysis shared on X that ties BTC’s price action to the CBOE Volatility Index (VIX) —an indicator that measures 30-day market volatility expectations — the analyst pointed out that the VIX index has dropped from 55 to 25 over the past 50 trading days. A VIX score below 18 implied a “risk-on” environment, favoring assets like Bitcoin. 

Peterson’s model, which had a 95% tracking accuracy, predicted a $135,000 target within the next 100 days if the VIX remains low. This aligns with Bitcoin’s sensitivity to market sentiment, as a low VIX reduces uncertainty, encouraging investment in riskier assets.

Speaking on Bitcoin’s volatility, Fidelity’s director of global macro, Jurrien Timmer, compared Bitcoin’s nature to “Dr.Jekyll and Mr.Hyde.” Timmer believed Bitcoin’s ability to act as both a store of value (Dr. Jekyll) and a speculative asset (Mr. Hyde) differentiates it from gold, which remains a consistent “hard money” asset. Timmer emphasized the dynamics between Bitcoin and the global money supply and said, 

“Note that when M2 has grown and the stock market is rallying, Bitcoin has been off to the races because it has both attributes working for it. But when M2 has grown and equities are correcting, not so much.”Bitcoin price against global money supply. Source: X.com

This underscores Bitcoin’s sensitivity to macroeconomic conditions, making its performance less predictable than gold’s.

Related: Crypto ‘decoupling’ story ends as stocks follow Bitcoin’s rally

Stablecoin market cap hits record $220 billion

Data from CryptoQuant highlighted that the stablecoin market capitalization hit a record $220 billion, signaling a liquidity surge in the crypto market. This marks Bitcoin’s exit from a bearish phase as capital flows return, and with stablecoins representing crypto liquidity, new BTC highs could be a likely outcome in the coming weeks. 

While BTC continues its uptrend, lower-time frame (LTF) charts reveal a shift in market dynamics. The funding rate for BTC futures has turned negative again, indicating a rise in short positions as traders bet against the rally.

Bitcoin 4-hour chart and funding rate. Source: Velo.chart

The 4-hour chart’s funding rate has reached its most negative level in 2025, indicating that short-side liquidity significantly exceeds long-side liquidity. This creates a condition for a potential short squeeze.

This imbalance could propel BTC toward the $100,000 level. Cointelegraph pointed out that over $3 billion is at risk for a short-side liquidation, which may amplify upward momentum, catching bearish traders off guard. 

Bitcoin short liquidations data. Source: X.com

Related: Bitcoin hodler unrealized profits near 350% as $100K risks sell-off

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ben McKenzie, an actor known for his roles on television shows including Gotham and The OC, will make his directorial debut in a scathing documentary about cryptocurrency.

According to an April 29 Deadline report, McKenzie wrote, directed, and produced the documentary Everyone Is Lying To You For Money, set to premiere at SXSW London in June. The film features footage from 2022 of former FTX CEO Sam “SBF” Bankman-Fried and former Celsius CEO Alex Mashinsky before their respective companies folded. 

“Why is the false story of crypto still spreading?” said McKenzie, according to Deadline. “That’s the question I set out to answer with this film.”

Sam Bankman-Fried (left) with Ben McKenzie (right). Source: Instagram

Working with The New Republic staff writer Jacob Silverman, McKenzie pivoted from a role in Hollywood to speaking out against many of the issues surrounding cryptocurrency in 2021. After the collapse of FTX in November 2022, the actor testified at a US Senate hearing investigating the downfall of the crypto exchange. 

In addition to interviews with SBF and Mashinsky, the documentary will reportedly explore El Salvador President Nayib Bukele’s connections to crypto. Bukele rose to prominence in the industry after proposing that El Salvador recognize Bitcoin (BTC) as legal tender in 2021.

Related: Peter Todd forced into hiding after HBO doc claims he invented Bitcoin

It’s unclear what, if anything, could be revealed in the Bankman-Fried and Mashinsky interviews. Cointelegraph reached out to McKenzie for comment but did not receive a response at the time of publication.

Bankman-Fried in prison, Mashinsky could soon follow

The former FTX CEO has been the subject of other documentaries, interviews, and a Michael Lewis book. Bankman-Fried was found guilty on seven felony charges related to his role in the collapse of FTX and sentenced to 25 years in prison in 2024.

Mashinsky, who pleaded guilty to two felony charges as part of a deal with US prosecutors in December 2024, is scheduled to be sentenced on May 8. Authorities requested that a judge impose a 20-year sentence on the former CEO of Celsius.

Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom

XYO Network has onboarded more than 10 million nodes to its decentralized physical infrastructure network (DePIN), co-founder Markus Levin told Cointelegraph in an interview.

The nodes mostly comprise human users who provide data in exchange for rewards via the network’s mobile application, COIN. “The vast majority of our 10 million nodes are mobile users, but some are IoT devices like smart speakers,” Levin told Cointelegraph. 

Approximately 80% of XYO’s users are non-crypto natives who are participating in Web3 for the first time, he added.

They include truckers, rideshare drivers, delivery people, and nurses among others, Levin said, adding that “95% convert after onboarding through the COIN app.”

XYO launched a layer-1 blockchain network in January. Source: XYO

Related: DePIN XYO launches on Solana

DePIN Tokenomics

In exchange for data, XYO awards its users points that are redeemable for its native XYO token, as well as “BTC, ETH or even gift cards,” he said. 

In October 2024, XYO bridged its native token to Solana (SOL) in a bid to reach more users. The XYO token has a market capitalization of roughly $180 million as of May 2, according to data from CoinMarketCap.

XYO earns revenue by collecting and validating data in sectors ranging from real-world assets (RWAs) to gaming. It then uses a portion of that income to buy back XYO. 

In January, XYO launched its layer-1 blockchain, which collates real-world data from across XYO’s nodes onto a public ledger. 

The network’s validators stake XYO and earn rewards denominated in XL1, the network’s newly-launched gas token. 

XYO has a market capitalization of around $180 million. Source: CoinMarketCap

DePINs are blockchain protocols aimed at decentralizing real-world infrastructure and systems, including communications networks, data warehouses, energy markets, and more.

They are among Web3’s “next big use case[s],” with the potential to onboard “a significant number of new users to the crypto space,” according to a September 2024 report by MV Global, a Web3 investing firm.

According to MV Global, the DePIN ecosystem comprises upward of 1,000 projects and represents roughly $50 billion in total market capitalization.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’