According to CryptoQuant, Bitcoin's conviction levels have never been higher, at least according to one indicator.
Yes, Bitcoin reached $100,000. It was around 7 AM (EST). We were reviewing the charts when it happened. But around 9 AM (EST), Bitcoin had settled near $99,200, losing 0.3% in the previous hour, suddenly moving away from a key psychological level, but possibly still on the verge of new advances, bullish analysts insist.
For example, Geoff Kendrick from Standard Chartered (always very optimistic) predicts that the $120,000 mark will be in sight by the end of the second quarter, according to Decrypt.
BTC is on a roll. Yesterday, ETF inflows worth $142 million were recorded. BTC has gained 3% since last week at this same time. "Global institutions are increasingly viewing BTC as a way to diversify their dollar assets," Decrypt stated.
It is expected that at 10 AM (EST), Trump will reveal an agreement with the UK, which has a trade deficit with the United States or a surplus, depending on the statistical measure that grabs the country's attention.
By the end of this week, U.S. Treasury Secretary Scott Bessent will travel to Switzerland to talk with his Chinese counterparts. Bessent has suggested that the talks will begin with an emphasis on "de-escalation," according to Decrypt. However, Trump publicly stated yesterday that he would not consider reducing the 145% tariffs on China as a way to boost negotiations.
Now, putting aside macroeconomic turmoil and focusing on observable trends on-chain, there is new data showing that BTC's realized capitalization has reached a new record, according to CryptoQuant. Realized capitalization refers to the total acquisition cost of all circulating BTC. The market capitalization of BTC, based on current prices, is $1.97 trillion as of today. Yesterday, realized capitalization reached a record of $891 billion, reflecting the "value at which the existing supply last moved on-chain," as Cointelegraph explained.
This realized capitalization figure has reached record levels since mid-last month, reflecting a sustained shift among a broad spectrum of investors, according to Carmelo Alemán, a collaborator at CryptoQuant. "It reflects a growing conviction in the long-term potential of BTC as a financial asset," he added.
