Bitcoin recently reached multiple new all-time highs after significant events such as its halving and the approval of new ETFs. Despite bullish on-chain data, macroeconomic conditions like tight liquidity and interest rates have hindered its price movement. The popularity of meme coins diluted liquidity and attracted attention from the same investors, complicating market dynamics. Broader economic factors, including oil shocks and political instability, contribute to a choppy environment. Regulation is developing as crypto transitions from its earlier, unregulated phase.
This cycle started strong, then something weird happened: meme coins exploded and they soaked up a ridiculous amount of investor capital and attention.
The on-chain data has been flashing bull-mode for months, but macro conditions such as tight liquidity and sticky interest rates have made this climb unusual.
We've got oil shocks, trade scuffles, and a political backdrop that looks like a badly written reboot of 2020, creating choppy waters for crypto.
Crypto is no longer the Wild West; it has been growing up and encountering regulation, which is coming slowly and awkwardly.
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