Bitcoin, like, totally showing off some renewed strength, you know? It’s like on-chain data and macro conditions are totally aligning to support, like, a bullish outlook. So, according to this post on the Bitfinex Alpha blog from May 13, the realized market cap of Bitcoin has, like, reached a whopping $889 billion after, like, rising 2.1% in the past 30 days. The realized cap, like, values each coin at the price at which it was last moved, not like the regular market cap, which multiplies the current price by the total supply. This approach, like, better captures ongoing buying interest and, you know, more accurately represents the actual capital that has entered the market. Spot exchange-traded funds activity, like, totally reflects that inflow. Net inflows into Bitcoin ETFs have, like, exceeded $920 million over the last two weeks, indicating, like, strong institutional interest, you know?
On the other hand, on-chain data shows, like, that the number of coins held at a loss has, like, drastically decreased, and over 3 million BTC have, like, returned to profit territory. These changes, like, suggest that market sentiment has, you know, improved and that sell-side pressure has, like, decreased. After dropping 32% from its record high set earlier in the year, Bitcoin has, like, made a strong comeback, regaining the $100,000 mark for the first time in more than three months. Bitfinex analysts, like, credit the rally to a cooling of international trade tensions and the Federal Reserve’s more dovish stance, you know? While broader risk markets have, like, responded favorably to this macro backdrop, Bitcoin has, like, outperformed equities, further confirming its status as a high-conviction asset for many investors, you know?
So, on the policy front, the U.S. is, like, totally struggling with digital asset legislation. A key crypto bill, the Genius Act, like, failed in the Senate by a narrow vote, reflecting, like, continued division on how to regulate the space. States like New Hampshire, on the other hand, are, like, making progress with new legislation that permits investment in digital assets like Bitcoin. All things considered, Bitcoin’s, like, increasing realized cap and growing institutional presence suggest that this rally has, like, deeper roots than many others and may, like, still have room to grow, you know? Not really sure why this matters, but, like, Bitcoin seems to be gaining some serious traction lately. Maybe it’s just me, but I feel like this could be a sign of some exciting times ahead. Who knows, right? Just something to keep an eye on.
