BREAKING: 🇯🇵 Metaplanet has purchased an additional 106.976 bitcoin for ¥1 billion at an average price of ¥9,347,891 per $BTC 🔥

As of October 15, Metaplanet holds ~855.478 bitcoin acquired for ¥7.965 billion at an average price of ¥9,310,061 per $BTC.

It's been 1051 days since the global crypto market cap peaked on November 15, 2021.

The longest-ever crypto market cap drawdown lasted for 1,106 days from Dec 15, 2013, to Dec 25, while past cycles drawdown lasted for 1096 days from Jan 7, 2018, to Jan 7, 2021.

The 30-day correlation between BTC and the S&P 500 has surged to levels not seen since Oct 2022.

This regime may last until the Sep 18 FOMC, as traders remain conservative upon the rate cut confirmation.

The US announced that the unadjusted CPI annual rate in May was 3.3%, which was expected to be 3.4% and the previous value was 3.4%. The unadjusted core CPI annual rate in May was 3.4%, which was expected to be 3.5% and the previous value was 3.6%. The core CPI annual rate was the lowest since April 2021.

The top memecoins as of May 29, 2024, combine for $57 billion in value, up 3.5 times from the same day a year prior and 4.8 times from the bear market low.

Throughout April, Bitcoin spot ETF funds experienced outflows. However, since last week, ETF funds have seen net inflows of $242M per day, indicating that buyer demand is back on track!

Institutional Moves:

- BlackRock's two funds purchased IBIT in Q1.
- IBIT now holds 288,670 BTC, surpassing Grayscale's GBTC holdings.

- A total of 414 institutions have invested in IBIT, highlighting a growing positive trend in institutional involvement!

Daily active users (unique fee-paying addresses) for Bitcoin, Tron, BNB Chain, Ethereum, and Solana.

Tron (45%) and Solana (17%) have gained market share over the past two years, whereas Bitcoin, Ethereum, and BNB Chain have lost.

Bitcoin holdings of BTC investment vehicles has reached a new all-time high, surpassing 1.1m BTC.

May has seen solid net inflows of 32,690 BTC, offsetting the net outflows from April.

As the price approaches the end of the distribution phase, we see that about 15.9% of the coin supply is just below the current price, creating a strong support level.

On the flip side, only 1.1% of the coins are above the current price. This means if demand keeps increasing, we could see the price rise quickly as we enter a new phase of price discovery.

Currently, the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak as the market digests the recently distributed supply.

According to Glassnode, small Bitcoin (BTC) holders, known as "shrimps," who own less than 1 BTC, hold about 7% of the total circulating supply.

This highlights their significant role in the ongoing trend of accumulating BTC.

Before a Halving event, the unrealized profit in the Bitcoin supply is at its highest ever, measured by MVRV. This means investors are sitting on big paper gains compared to what they paid. With the MVRV Ratio at 2.26, the average BTC unit has a +126% paper gain at the halving event. Bitcoin top when MVRV is above 3.5 level.

According to Glassnode, the inflation rate of bitcoin (0.83%) has been significantly lower than that of gold (2.3%) since the last halving.

Meme tokens have experienced significant gains in Q1, with weekly trade volume hitting a multi-year high of nearly $80 billion in early March.

We are still very early as compared to the previous bull rallies. This rally is still early and we may see some big waves in the coming months. There may be some small dumps in the way also so be prepared.

Bitcoin ETFs hold 851k BTC, 4.3% of circulating Bitcoin, showcasing their market influence. With the recent inflow slowdown since March and BTC at $60k post-drop, market is stabilizing.

If we compare the Bitcoin ATH break in prior cycles, it could be argued that current Euphoria phase (market in price discovery) is still relatively young.

Previous Euphoria phases have seen numerous price drawdowns exceeding -10%, with the majority being much deeper, with 25%+ being commonplace. The current market has seen just two ~10%+ corrections since the ATH was broken.

We compare spot trade volumes 🟧 with ETF trade volumes 🟦. There's a clear correlation between these markets, with ETFs typically trading at around 30% of the size of global spot markets. Additionally, the impact of seasonality, particularly during weekends when ETF markets are closed, is evident as spot trade volumes noticeably decrease during these times.

Glassnode data shows an interesting trend: when profitable trades exceed the 95th percentile, two phases emerge:

1. "Pre-Euphoria" rally: Prices aim for previous highs.
2. "Euphoria" phase: Prices break those highs.

This suggests extended periods of high profitability indicate market strength, possibly leading to new highs. Keeping an eye on these metrics could offer valuable insights for navigating the market.

Analyzing Long-Term Holders, we observe a rapid and significant increase in their Realized Profit/Loss Ratio, depicted as exponential and vertical. This trend emerges due to the absence of Long-Term Holders experiencing losses, particularly as the market recently surpassed previous all-time highs. Moreover, there's notable activity of Long-Term Holders capitalizing on profits, contributing to this exponential rise.