Ah, Monsieur Bitcoin! Once again, you rise from the ashes like my beloved Monsieur Jourdain realizing he’s been speaking prose his whole life—except here, the prose is pure profit, and the ashes are the shattered hopes of short sellers.
Let us consult the oracles at Bitfinex Alpha—who, despite sounding like a fashionable fragrance, assure us with utmost gravitas that Bitcoin’s realized market cap has swelled to the plump and comely sum of $889 billion, thanks to a 2.1% lift in just 30 days. What a feat! Truly, this realized cap, which values each coin not by wishful thinking but by its most recent flirtation on the marketplace, provides, dare I say, a truer mirror of our collective greed than the usual “let’s multiply and pretend” method.
These numbers are far from superficial, dear friends. Nay! They bespeak a veritable romantic avalanche of buying interest, rivaled only by Don Juan’s own record. Spot ETFs—the “maîtresses” of the financial world—have welcomed over $920 million in net love letters (also known as inflows) over the past two weeks. One must wonder if investors wish to marry Bitcoin outright or simply relish the thrill of a tryst.
Meanwhile, the on-chain apothecaries reveal a transformative shift. The number of coins languishing in despair (that is, at a loss) has plummeted, while over 3 million BTC now bask in capitalist sunshine once more. Sell-side pressure has melted away like a foppish suitor before the sharp wit of Célimène. Sentiment, once the moody Alceste of markets, now beams with confidence.
And let’s not ignore the drama! After tumbling a most ignoble 32% from its grandest heights, Bitcoin has stormed the stage anew, reclaiming the $100,000 mark with the flourish of a returning exiled prince. The machinations behind this? A cooling of trade tempers and a Federal Reserve now playing the part of gentle nurse rather than stern governess.
Other markets may take a polite bow, but Bitcoin steals the spotlight, eclipsing equities and inspiring even the napping ghosts of speculative fervor. It now enjoys the reputation of “high-conviction asset” amongst those whose convictions generally sway with the wind—or the scent of profit.
Yet the comedy continues at the policy front, where the United States bumbles along like Sganarelle without a script. The great Genius Act was tragically struck down in the Senate by little more than a raised eyebrow. And yet, in New Hampshire (forgive me, I struggle to say it without chuckling), legislators stride forth, heroically permitting investments in digital assets like Bitcoin. Vive la révolution—at least in tax-friendly states!
In sum, mes amis, as Bitcoin’s realized cap burgeons and the parade of institutional suitors grows ever longer, one cannot help but suspect this rally, unlike so many others, actually has “de la profondeur”—depth, substance, and perhaps, the last laugh. 🥳💰
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2025-05-14 10:39