Bastion Trading

Bastion Trading is a proprietary trading firm. Leveraging advanced quantitative models and cutting-edge technology, we trade across global financial markets.

[Bastion Trading @BastionTrading]

This week’s biggest news was Strategy’s sale of 32 $BTC, worth roughly $2.5m. The sale was immaterial in size, representing about 0.004% of its total BTC reserves, but it matters more for what it signals about Strategy’s broader product structure. After the recent convertible-bond buyback, Strategy’s USD reserve has fallen, leaving only around six months of dividend coverage at current reserve levels. BTC sales had previously been hinted at as a possible way to support $STRC dividends if needed. Even so, $MSTR’s mNAV remained relatively resilient despite the BTC sale headline and the pullback in BTC spot.

$BMNR continued to add to its $ETH treasury, though at a slower pace. It added 26,497 ETH over the past week, worth around $52m. BMNR’s mNAV moved higher at several points during the week, but ended around similar level as last week.

[Bastion Trading @BastionTrading]

DAT Weekly Update

$MSTR
Main Holdings: 843,706 $BTC
mNAV: 1.2958

$BMNR
Main Holdings: 5,416,901 $ETH
mNAV: 0.8771

[Bastion Trading @BastionTrading]

Over the past week, stablecoins saw broad outflows. The two dominant players, USDT and USDC, both saw their market caps shrink by around 0.8%, contributing to a total stablecoin outflow of about $2.7bn. USDT’s market cap fell particularly sharply over the weekend, dropping by roughly $1.2bn in less than 24 hours.

PYUSD also saw a notable decline, with market cap falling by around $0.5bn to $3.1bn. The token’s market cap has been on a relatively steady downtrend since peaking above $4bn in March.

[Bastion Trading @BastionTrading]

2 June 2026

Stablecoins Weekly Update
$USDT $USDC #USD1 $USDE $PYUSD $USDG $RLUSD $BFUSD #USD0 $FDUSD

Source: @BastionTrading Quant Analytics

[Bastion Trading @BastionTrading]

Last week on @CMEGroup $BTC, $ETH, and $Gold all saw higher volume but lower open interest. In crypto, the May BTC and ETH contracts settled on May 29, so the higher volume likely reflected rolling and repositioning around month-end expiry. News-wise, CME also officially moved into 24/7 crypto trading from May 29, while its Bitcoin Volatility futures are set to launch on June 1.

In metals, gold remained active, with weekly volume nearly double the level seen at the end of April. $Silver, on the other hand, saw volume fall while open interest was almost unchanged. Notably, silver volume was even lower than the post-expiry cooldown we saw in the previous month.

[Bastion Trading @BastionTrading]

25 May - 29 May 2026 #CMEWeekly

[1/4] CME $BTC futures
Avg OI: 105,575 BTC
OI Chg% WoW: -9.17% 📉
Trading volume WoW: +34.82% 📈

[2/4] CME $ETH futures
Avg OI: 1,452,100 ETH
OI Chg% WoW: -8.84% 📉
Trading volume WoW: +5.41% 📈

[3/4] CME $GOLD futures
Avg OI: 34,830,060 GOLD OZ
OI Chg% WoW: -6.89% 📉
Trading volume WoW: +19.13% 📈

[4/4] CME $SILVER futures
Avg OI: 506,324,000 SILVER OZ
OI Chg% WoW: ~0.00% ➖
Trading volume WoW: -9.29% 📉

[Bastion Trading @BastionTrading]

This week, equities continued to lead the market. $KOSPI kept its momentum, helped by semiconductor heavyweights such as SK Hynix and Samsung, and outperformed across the 1D, 3D, 7D, and 1M windows. SK Hynix was the standout, surging more than 9% on Wednesday and reportedly pushing its market cap past the $1 trillion mark, as AI-related memory demand continued to drive investor interest.

U.S. equities were also supported by the tech sector. The rally came despite weak consumer sentiment, with the University of Michigan index falling to 44.8 because of higher gas prices and inflation concerns. At the same time, markets showed broader optimism around a potential U.S.–Iran deal. The S&P 500 and Nasdaq both reached fresh record highs, supported by AI optimism and strong tech earnings. Looking ahead, potential mega-listings from SpaceX and OpenAI are likely to stay on investors’ radar.

[Bastion Trading @BastionTrading]

28 May 2026

World Indices/Major Assets Returns
$KOSPI $S&P $Nikkei $NASDAQ #STAR50

By @BastionTrading Quant Analytics

[Bastion Trading @BastionTrading]

$MSTR did not add any $BTC this week. Instead, it repurchased about $1.5bn of its own convertible bonds at a discount, paying roughly $1.38bn in cash.

$BMNR, meanwhile, added 111,942 $ETH, lifting total holdings to 5,390,404 ETH and moving closer to its target of holding 5% of ETH supply. This marks its largest weekly ETH addition in 2026. News-wise, BMNR is also expected to be added to the Russell 1000, which could support passive demand for the stock.

[Bastion Trading @BastionTrading]

DAT Weekly Update

$MSTR
Main Holdings: 843,738 $BTC
mNAV: 1.2745

$BMNR
Main Holdings: 5,390,404 $ETH
mNAV: 0.8721

[Bastion Trading @BastionTrading]

26 May 2026

Stablecoins Weekly Update
$USDT $USDC #USD1 $USDE $PYUSD $USDG $RLUSD $BFUSD #USD0 $FDUSD

Source: @BastionTrading Quant Analytics

[Bastion Trading @BastionTrading]

In crypto, $ETH saw a sharp 41% increase in volume with open interest adding only modestly, while $BTC volume and open interest were relatively flat. The stronger ETH turnover suggests traders were paying closer attention to ETH risk during the week.

In metals, $Gold volume rose as traders navigated inflation concerns, elevated yields, and a stronger dollar. $Silver saw a reversal: after last week’s strong rebound, both volume and open interest fell. Silver’s volume also declined for five consecutive days. With open interest only slightly lower, the move looks more like normalization after an active rally than a broad exit from silver exposure.

[Bastion Trading @BastionTrading]

18 May - 22 May 2026 #CMEWeekly

[1/4] CME $BTC futures
Avg OI: 116,241 BTC
OI Chg% WoW: -1.56% 📉
Trading volume WoW: +0.28% 📈

[2/4] CME $ETH futures
Avg OI: 1,592,840 ETH
OI Chg% WoW: +1.78% 📈
Trading volume WoW: +41.12% 📈

[3/4] CME $GOLD futures
Avg OI: 37,667,160 GOLD OZ
OI Chg% WoW: -0.94% 📉
Trading volume WoW: +10.68% 📈

[4/4] CME $SILVER futures
Avg OI: 506,350,000 SILVER OZ
OI Chg% WoW: -3.11% 📉
Trading volume WoW: -38.09% 📉

[Bastion Trading @BastionTrading]

#FridayExpiry

[1/3] $BTC Options Notional Value: $1.6b, 5.0% of total OI. Max Pain Point: $78.5k
[2/3] $ETH Options Notional Value: $274m, 5.5% of total OI. Max Pain Point: $2200
[3/3] $SOL Options Notional Value: $13.0m, 12.5% of total OI. Max Pain Point: $91

Source: @DeribitOfficial

[Bastion Trading @BastionTrading]

$MSTR bought 24,869 $BTC for about $2.01b, taking total holdings to 843,738 BTC, while $BMNR added 71,672 $ETH, lifting holdings to 5,278,462 ETH. Despite this, mNAV fell 5.54% for MSTR and 7.43% for BMNR. The compression was inline with the broader global market, as crypto price weakness and risk-off pressure weighed on DAT equities.

For BMNR, investors continued to digest Tom Lee’s comments that BMNR may slow its ETH accumulation pace as it approaches the 5% supply target. For MSTR, the key overhang remains financing: Saylor has said Strategy could “probably sell some Bitcoin” to fund STRC dividends if needed, even though the company is still actively buying BTC. Strategy also has a live retail investor Q&A on May 20 at 5pm ET, so investors may be watching for more clarity on potential BTC sales, STRC dividends, and future pace of treasury accumulation.

[Bastion Trading @BastionTrading]

DAT Weekly Update

$MSTR
Main Holdings: 843,738 $BTC
mNAV: 1.2864

$BMNR
Main Holdings: 5,278,462 $ETH
mNAV: 0.8317

[Bastion Trading @BastionTrading]

$USDG and $USDe were the main movers in stablecoins this week, both gaining around 9% by market cap. USDe is closing the gap with #USD1, while USDG is moving closer to $PYUSD.
$USDG’s expansion appears to be supported by its positioning in the regulated stablecoin ecosystem, with Paxos/GDN continuing to push distribution and @solana becoming an increasingly important venue. USDG surpassing $3b in market cap with close to $700m of new supply added on Solana.

Meanwhile, $USDe’s rebound was more incentive-driven: Solana-based campaigns reportedly lifted USDe supply on the chain by over $450m to around $560m, helping total USDe market cap recover toward the $4.4b level. The key question now is retention: similar incentive campaigns have driven sharp growth before, but balances can leave quickly once rewards fade or risk sentiment weakens.

[Bastion Trading @BastionTrading]

19 May 2026

Stablecoins Weekly Update
$USDT $USDC #USD1 $USDE $PYUSD $USDG $RLUSD $BFUSD #USD0 $FDUSD

Source: @BastionTrading Quant Analytics

[Bastion Trading @BastionTrading]

In crypto, $BTC and $ETH both saw higher volume and open interest. One interesting story last week is CME’s push into new products. @CMEGroup announced the June 8 launch of @Nasdaq CME Crypto Index futures, its first market-cap weighted crypto futures product. CME also announced plans for compute futures based on GPU rental-rate benchmarks, meeting institutional demand for AI-infrastructure hedging.

In metals, $Gold participation rose even as prices came under pressure from higher yields and a stronger dollar. $Silver followed a similar monthly pattern, rebounding from the post-expiry slowdown, but the recovery was much stronger.

[Bastion Trading @BastionTrading]

11 May - 15 May 2026 #CMEWeekly

[1/4] CME $BTC futures
Avg OI: 118,081 BTC
OI Chg% WoW: +2.08% 📈
Trading volume WoW: +26.21% 📈

[2/4] CME $ETH futures
Avg OI: 1,564,970 ETH
OI Chg% WoW: +3.48% 📈
Trading volume WoW: +5.76% 📈

[3/4] CME $GOLD futures
Avg OI: 38,023,160 GOLD OZ
OI Chg% WoW: +2.52% 📈
Trading volume WoW: +9.65% 📈

[4/4] CME $SILVER futures
Avg OI: 522,579,000 SILVER OZ
OI Chg% WoW: +6.18% 📈
Trading volume WoW: +47.13% 📈