The Bitcoin Monthly: May 2025 Report
May
2025
2025
By: Raye Hadi, David Puell, Will Scherer, Dan White, CFA

Research Associate, Digital Assets
Raye Hadi joined ARK in April 2025 as a Research Associate, where he focuses on identifying and analyzing cryptoassets that are disrupting legacy financial systems– ranging from L1 and L2 networks to DeFi protocols, RWAs, DePIN, etc.
Prior to ARK, Raye worked as a Strategy Analyst at Horizen Labs Ventures, a token advisory firm specializing in tokenomics design. He also held research roles at Sazmining, a Bitcoin mining-as-a-service provider, and The Mechanism Institute, a research group advancing onchain mechanism design. Raye began his crypto journey by co-founding his university’s blockchain club, where he served as President and Research Lead for over a year.
Raye graduated with honors from the University of Virginia, earning a Bachelor’s degree in Economics with a minor in Computer Science.

Research Trading Analyst/Associate Portfolio Manager, Digital Assets
As Digital Assets Trading Analyst, David focuses on Bitcoin and cryptoasset on-chain and market research.


Associate Portfolio Manager
As Associate Portfolio Manager, Dan assists Cathie in managing investment strategies in non-discretionary positions that, over time, could lead to discretionary control.
Considering the market’s fast pace of change, ARK publishes The Bitcoin Monthly, an earnings report that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data.
Topics Addressed in The Bitcoin Monthly May 2025 Report include:
- Market Summary
- Bitcoin Price Hits A New High
- Price Elasticity Hits Housing, Autos, And Services
We hope you find this commentary useful.
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