Bitfinex Alpha #163 - Community Summary

Bitfinex Alpha: Bitcoin Gets Re-Priced as It Surges to New ATH

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Or explore the key highlights from this edition below:

Bitcoin Surges Past $120,000, Reasserting Macro-Resilience Amid Global Uncertainty

Bitcoin has surged to a new all-time high at $123,120, breaking out of its prolonged consolidation range between $100,000 and $110,000. This marks a 12.2% gain beyond January’s peak and a 65% rally from the lows seen in April, driven by aggressive bidding from short-term holders. The sharp rebound from the tariff-induced panic in April has reasserted Bitcoin’s status as a macro-resilient asset, outperforming traditional hedges such as gold and equities. Despite a recent 5% correction, retail investors remain price-agnostic, reinforcing Bitcoin’s strength as a high-beta safe haven.

Now the fifth-largest asset globally with a $2.43 trillion market capitalisation, Bitcoin has surpassed silver and Amazon in valuation. Demand from US spot Bitcoin ETFs remains dominant, with inflows exceeding $2.7 billion last week — significantly outpacing mined supply. BlackRock’s IBIT ETF has reached $80 billion assets under management faster than any ETF in history. Additionally, grassroots accumulation by wallets holding under 100 BTC is outpacing new issuance, easing supply pressure.

Bitcoin’s ascent in global asset rankings reflects its recognition as a digitally native monetary asset by sovereign and balance sheet investors. This price action represents a fundamental repricing of Bitcoin’s role within institutional portfolios and macroeconomic frameworks.

Macroeconomic Strains Mask Broader Stability as Digital Assets Gain Momentum

While headline economic indicators in the US suggest relative stability, deeper issues persist. Labour market dynamics are weakening, with rising continuing jobless claims signalling workforce reintegration challenges, especially in entry-level positions. Consumer sentiment is cautiously optimistic but pressured by structural strains such as elevated credit costs, essential living expenses, and geopolitical uncertainties.

Small businesses face sluggish sales, rising input costs, and hiring mismatches, forcing reductions in investment and hiring plans despite stable business survey readings. On Wall Street, signs of fragility are evident with a depreciating dollar, rising Treasury yields, and widening credit spreads, reflecting investor anxiety over US fiscal and monetary policy.

In this uncertain macroeconomic environment, the digital asset sector is gaining momentum. Nasdaq-listed BioSig secured up to $1.1 billion in financing to lead tokenised commodities efforts, beginning with gold-backed blockchain-based products. Tether has enhanced its compliance by investing in blockchain analytics firm Crystal Intelligence, improving fraud detection and transparency amid rising crypto-related illicit activity.

Globally, governments are signalling stronger support for digital asset innovation. South Korea proposes reclassifying crypto firms as “venture companies,” qualifying them for tax incentives and startup programmes, aligning with President Lee Jae-myung’s pro-crypto agenda and marking a significant step towards institutionalising digital assets within the country’s technology and finance sectors.

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