Bitcoin ALL TIME HIGHS! 🚀

We've witnessed a new peak of $111,891.30 which is INCREDIBLE considering the global environment we're still in.

But the question on everyones mind... is there more to come?

Macro Overview

• Liquidity is healthy: Volumes are up even as prices cool, hinting at rotation rather than broad risk-off.
• Dominance tilt: BTC’s > 63 % share underscores the “flight to quality” theme; alts still cling to $1 T round-number line.
• Sentiment sits in the optimistic zone: A 67 print is bullish but far from the 80+ euphoria levels that typically precede blow-off tops.
• Take-away: The market is digesting last week’s high, not panicking—still plenty of dry powder judging by volume and sentiment gauges.

On Chain Metrics

Bitcoin’s network activity is kicking back into gear. Daily active addresses (orange) have climbed from the post-Capitulation trough near 500 k in late-2022 to roughly 800 k–900 k—their most persistent run since the 2021 cycle top, when they briefly spiked past 1.2 million. Price (black) could already be in discovery mode, but note that in prior cycles the address curve topped before price rolled over; today the two lines are converging, not diverging. That tightening gap signals that fresh wallets are once again chasing block-space just as BTC grinds to new highs.

Ethereum tells a different story. While price (black) is not performing so well, base-layer usage (blue) has stalled at ≈ 300k active addresses a day—barely half the 2021–22 peaks that brushed 700 k+. The divergence underscores how user activity is leaking to roll-ups and side-chains after Dencun: the network’s value accrual still flows to ETH holders via L2 sequencer fees, but the headline “active address” count on L1 no longer tracks the full picture.

Whale Activity

Mega-Whales ( > 10 k BTC )

The orange line tracks the ultra-heavy cohort—wallets holding at least 10,000 BTC (≈ $1 bn each). Around 95 such addresses today, controlling 2.9 million BTC (~15 % of supply)—a club that has thinned only modestly since its 2021 peak but is not dumping. In fact, some of the latest “accumulation-trend scores” sits near 0.95, signalling net inflows to this tier even as price explores all-time highs.

Classic Whales ( 1 k – 10 k BTC )

The second image shows the broader whale belt. Addresses with ≥ 1,000 BTC have climbed from 2,037 in late-Feb to 2,107 by 15 Apr, the highest count in four months and a sharp reversal from last year’s distribution phase. That 70-address bump translates to roughly +70,000 BTC migrating into cold storage—text-book accumulation while exchange balances hit cycle lows.

Who Is Actually Buying?

Institutions are writing the biggest cheques right now, but retail is far from idle.

• ETF demand: BlackRock’s IBIT soaked up $877 million (~8 k BTC) in a single session on 23 May, part of a record $934 million daily flow into U.S. spot-BTC ETFs.
• Corporate treasuries:
  • MicroStrategy added 1,895 BTC for $180 million in early May, pushing its stack above 555 k BTC.
  • Tether-backed Twenty One Capital purchased 4,812 BTC for $458.7 million on 13 May, vowing to challenge MicroStrategy’s crown.
• Sovereigns & states: El Salvador’s stash grew to 6,181 BTC after fresh buys in May, while New Hampshire and Arizona have just signed bills allowing their treasuries to begin accumulating (no on-chain buys yet, but mandates are in place).

Bottom line: mega-whales are steady, classic whales are re-accumulating, ETF pipes are gushing, and retail is still quiet for now. Supply is flowing from exchanges into long-term hands across every cohort—fuel for the next leg higher.

GENIUS Act: Stable 'CBDC' oins

Now, we've been warning you for quite some time now that they've replaced the CBDC narrative with Stablecoins.

For the most part they are the same thing, with the same characteristics that we DO NOT want: controlled, regulated, privacy invading.

Now banks are even teaming up to create their own, thanks to the GENIUS act which is looking like it may pass through and it's an absolute nightmare for privacy and control.

The GENIUS Act wraps every dollar-backed stablecoin in a permanent surveillance blanket. To stay in business, issuers must park reserves in banks or at the Fed, file monthly public attestations, and open their books to on-demand regulatory audits.

They’re going to be able to see where every single dollar is and freeze it at a moments notice.

Flip a switch and they can freeze a specific user, blacklist an entire protocol, or mandate transaction filters across a handful of mega-issuers. You can see it as a “private-sector CBDC” by stealth: cash-like on the surface, but fully programmable—and stoppable—whenever policymakers decide to tighten the screws.

It will be interesting to see how they target projects like DAI going forward.