Bitcoin Roars Back: On-Chain Data and Macro Conditions Fuel Bullish Surge

Realized Market Cap Soars to $889 Billion

Listen up, crypto fans! Bitcoin is back with a vengeance, and the numbers don't lie. According to the latest scoop from the Bitfinex Alpha blog on May 13, Bitcoin's realized market cap has skyrocketed to a staggering $889 billion after a 2.1% jump in the last month. What's the deal with realized cap? It's the real deal, valuing each coin at its last move price, unlike the regular market cap that just multiplies the current price by total supply. This gives us a clearer picture of the actual cash flowing into the market.

Institutional Money Floods In

And guess what? The money's pouring in like never before. Spot exchange-traded funds are seeing massive inflows, with Bitcoin ETFs raking in over $920 million in the last two weeks alone. That's right, the big players are betting big on Bitcoin, showing just how much institutional interest is heating up.

On-Chain Data Turns Green

But wait, there's more! On-chain data is painting a rosy picture too. The number of coins held at a loss has plummeted, and over 3 million BTC have bounced back into profit territory. That's a huge shift, folks, signaling that the market's feeling good and the pressure to sell is easing up.

BTC Smashes Through $100K After 32% Dip

After taking a 32% nosedive from its record high earlier this year, Bitcoin has staged an epic comeback, breaking the $100,000 barrier for the first time in over three months. Bitfinex's analysts are pointing fingers at the cooling of international trade tensions and the Federal Reserve's softer approach as the catalysts behind this rally.

Outperforming the Market

While the broader market's been loving this macro vibe, Bitcoin's been outshining them all, solidifying its status as the go-to high-conviction asset for investors.

Legislative Battles Continue

On the policy front, it's a mixed bag. The U.S. is still wrestling with digital asset laws. The Genius Act, a key crypto bill, bit the dust in the Senate by a hair, showing just how divided they are on regulating the space. But it's not all doom and gloom; states like New Hampshire are making moves, passing new laws that let folks invest in digital assets like Bitcoin.

Bullish Outlook Ahead

So, what's the bottom line? With Bitcoin's realized cap on the rise and institutional money flooding in, this rally's got some serious legs. Buckle up, because it looks like we're in for a wild ride!