Fueled by policy clarity in Washington and record ETF inflows, total digital-asset capitalization punched through the $4 trillion mark for the first time. Bitcoin reclaimed $123K; Ethereum retested $3.7K; Solana, XRP and smaller cap narratives followed in lockstep.
Skeptics point to funding rates that have crept into double-digit annualized territory—an early warning that leveraged traders are crowding long exposure. Optimists counter that sovereign wealth funds have only begun to allocate and that spot ETFs in Hong Kong and London are weeks from launch. Historically, broad-market tops coincide with retail search spikes and meme-coin euphoria, neither of which has reached 2021 levels.
A balanced post should map both cases. Chart three macro triggers—ETF flow, CPI prints and regulatory progress—against dominance rotations from Bitcoin to layer-ones to memes. Readers appreciate frameworks that show where we stand on the hype cycle and how to size positions if volatility spikes.
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