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Golden Ten Data, May 20 – The United Arab Emirates' Fujairah refined oil product inventories have risen week-on-week for the first time after ten consecutive weeks of decline, but remain near the record low of 6 million barrels. During what the International Energy Agency called the most severe energy crisis in history, these inventories fell below 10 million barrels in the week of April 13 and have maintained a downward trend since. According to data released Wednesday by S&P Global Commodity Insights, total refined oil inventories at the Fujairah Oil Industry Zone stood at 6.593 million barrels for the week ending May 18 (an increase of 96,000 barrels week-on-week), of which light distillate inventories were 2.496 million barrels (a decrease of 35,000 barrels week-on-week), middle distillate inventories were 1.189 million barrels (an increase of 60,000 barrels week-on-week), and residual fuel oil was 2.908 million barrels (an increase of 71,000 barrels week-on-week).

The stablecoin supply has reached over 323 billion US dollars, setting a new all-time high. (Cointelegraph)

BlockBeats News, May 20 — A new market intelligence report released by institutional digital asset trading firm Wintermute reveals that global financial markets are experiencing a large-scale macroeconomic repricing, with the market narrative shifting from discussions of interest rate cuts to preparing for potential rate hikes. This structural shift, driven by stronger-than-expected economic data and renewed inflationary pressures, has created significant headwinds for digital assets. The report states that after briefly breaking above $83,000, Bitcoin experienced a sharp pullback, erasing substantial gains within a week, and major alternative tokens saw double-digit percentage declines. Global wealth managers, facing macroeconomic constraints, have been actively de-risking, highlighting the vulnerability of digital asset expansion. On-chain trading indicators show that the earlier price rally was not driven by genuine spot market demand or organic retail accumulation, but primarily resulted from a short squeeze in the perpetual futures market. The open interest in Bitcoin derivatives rapidly expanded by $10 billion to $58 billion within a month, while spot trading volume hit a two-year low. When Bitcoin surged past $80,000, a large number of short positions were forcibly liquidated, sparking a brief buying frenzy, but this failed to establish a lasting structural bottom. The primary drivers of the current market reversal are global CPI data consistently exceeding expectations, reigniting widespread concerns about rate hikes. Meanwhile, ongoing uncertainty surrounding the nomination of the next Federal Reserve Chair has injected further policy unpredictability into the market. Despite some long-term positive signs, including $623 million in recent net inflows to spot ETFs and Bitcoin reserves on trading platforms dropping to a seven-year low, Wintermute emphasizes that these long-term trends are not sufficient to offset recent structural risks. As international asset managers allocate capital toward short-term sovereign debt instruments, digital platforms are struggling to maintain momentum. The near-term outlook for the tokenized market will depend on whether genuine spot buyers return to stabilize a fragile liquidity gap.