Main takeout:
The rally about Bitcoin’s new price’s highest point occurred with abnormal conquest of funding rate and transaction sentiment.
The increase in stablecoin supply and global M2 growth indicates the possibility of liquidity and additional price hikes.
Long -term holders are not actively sold and reflect expectations for continuous Bitcoin prices.
Bitcoin (BTC) reached a record high on May 21, with the price rose to $ 111,860 in Binance on May 21, but the market lacked a new high -related craze. Economist and encryption commentator Alex Krüger pointed out a calm fund for Bitcoin over encryption exchange, and pointed out that “this is the minimum new all -time high of Bitcoin.”
The chart has shown that the current BTC funding rate is much lower than the previous market observed in March and November 2024. The financing rate was six times higher than Q1 last year and three times higher.
This low ratio represents a minimum speculative activity in the futures market. The rally is rather than a leverage trader, which is led by spot buyers, reducing the risk of excessive modifications.
These scenarios also indicate that Bitcoin may not have reached a sense of happiness yet.
In the encryption ecosystem, the availability of unexplored liquidity emphasizes the possibility of further growth. Stablecoin market capitalization, the main indicator of capital in 2025, rose to 14%in 2025. TETHER (USDT) market cap has increased from $ 139 billion in January to $ 150 billion, while Circle’s USDC supply has increased to $ 5.8 billion, up 35%.
Stablecoins often acts as a bridge of new capital that often enters the Crypto market, and their growth suggests significant liquidity pools that are not yet fully deployed to Bitcoin and other encryption assets.
In addition, global liquidity trends provide additional tail winds. The global M2 currency supply, which measures the total circulation funds of major economies, increased by 5% in the first quarter of 2025 and caused by the US, EU and Japan’s monetary policy adjustment.
Cointelegraph has a strong correlation between 80%between Bitcoin’s price and global liquidity, and in general, he pointed out to buy more pressure for the next few months due to a 60 -day delay.
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The creation of “Muted” profit reflects the confidence in Bitcoin
GlassNode Data adds another insight into Bitcoin’s current market epidemiology. Despite the new highs, the interests among Bitcoin holders are still limited. The data analysis platform mentioned.
“When $ BTC recorded a record high yesterday, the total profit was about $ 1.00B. #BTC recorded less than half of the amount realized when #BTC exceeded $ 100,000 for the first time in December.
This muted activity does not rush to cash in cash, which usually reflects confidence in additional price audits.
Bitcoin’s rally is not a crowded trade due to the lack of extensive participation, leaving room for new capital to enter the market. Limited profits combined with low speculative activities in the futures market draw a picture of a market far from overheating or “happiness”.
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This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.