Bitcoin Hits $123K ATH, Setting the Tone for Crypto

It was a historic week in the market as Bitcoin surged to a new all-time high of $123,000, setting the tone across the board. Ethereum followed with strength, reclaiming the $3,000 level with conviction, a level not seen since February. Despite mixed macro conditions, crypto continues to push higher with strong momentum and renewed investor confidence, a strong backdrop we’ve been highlighting for weeks.

In the U.S., the much watched “Genius Bill” failed to pass the House, but it wasn’t a hard rejection. Lawmakers have signalled that revisions are underway, with a revote expected tomorrow. Meanwhile, inflation came in hotter than expected, triggering a brief pullback.

The dormant whale we flagged last week, who had held BTC for 14 years, began offloading $2B worth of Bitcoin this week, sparking headlines and momentary fear that contributed to a short lived dip. Altcoins, led by Ethereum, showed impressive resilience, rebounding swiftly and continuing to push higher.

Weekly Price Update

Bitcoin's Rise Is Bigger Than Price

Bitcoin has officially broken through $120,000 and now stands as the 5th most valuable asset in the world, surpassing Amazon. It’s a staggering milestone, not just for the price, but for what it represents. A decade ago, Bitcoin was dismissed as a novelty born out of a financial crisis. Created in response to inflation, bailouts, and broken monetary policy, it offered an alternative, one defined by fixed supply, neutrality, and self-custody. What started as a rebellion against the system is now being adopted by it, with giants like BlackRock and Fidelity onboard, and countries like USA beginning to hold it in reserves.

Bitcoin's Parabolic Curve

Milestones like this are a reminder to zoom out. Over the past decade, Bitcoin has weathered brutal corrections, deep bear markets, and constant skepticism. Yet it has continued to respect an exponential growth curve that few, if any, assets have matched. While others come and go, Bitcoin has remained the best-performing asset of the last ten years, and it’s only gaining momentum. Global adoption is rising, institutional backing is growing, and the Parabolic Curve Chart tells a simple truth: Bitcoin is here to stay.

Ethereum Momentum Turns Real

After spending most of 2024 underperforming majors, the tide has clearly turned. When we flagged the ETH/BTC bottom nearly three months ago, it wasn’t a matter of if ETH would move, but when. That inflection point has now played out. ETH has reclaimed the $3,000 level with strength, and we’re seeing clear signs of sustained interest and structural demand.

What makes this move different is the depth of support behind it. ETF inflows have been consistently strong, with BlackRock accumulating hundreds of millions in ETH daily. We also know a staking ETF isn’t far away, which would further legitimise Ethereum’s yield-bearing qualities. At the same time, several companies are beginning to mirror Bitcoin treasury strategies using ETH, viewing it not just as a growth asset, but a long-term strategic reserve. Most notably, SharpLink Gaming recently purchased $700 million in ETH, making it the largest corporate holder to date.

Ethereum Total Value Locked (TVL)

7 Day Sector Update: Strength Across All Narratives

NFT Applications led the crypto market this week with a massive 76.5% gain, driven by renewed hype and legitimacy following the SEC’s acknowledgment of the PENGU ETF filing. Ethereum’s strong breakout (+13%) helped lift Layer 2s (+26%) and DeFi (+14.6%), as capital rotated deeper into the ecosystem. AI tokens (+16.6%) also saw solid inflows, fuelled by Nvidia hitting a $4T all-time high valuation, reinforcing confidence in decentralised AI narratives.

Memecoins had a mixed week. While stronger names held up, liquidity was partially redirected to the viral Pump.fun token launch, causing weaker projects to lag. Bitcoin (+5.7%) continued to lead the market into the green, setting the stage for altcoin outperformance. Overall, broad momentum has returned to crypto, with sectors like DePIN, Layer 1s, and Gaming also seeing healthy moves.

$PUMP Launch Ignites Memecoin Momentum 

The anticipated $PUMP token from Pump.fun launched this week, raising a staggering $600 million in just 12 minutes, selling out completely. Trading opened with volatility, but momentum has clearly turned bullish, especially after it was revealed that over $16 million has already been deposited into the buyback wallet, funded by the token’s 25% buyback mechanism. While Pump.fun has extracted significant capital from the ecosystem over the past year, this move signals a potential shift in strategy, and the market is starting to take notice. However, the size of the launch has temporarily pulled liquidity away from other Solana tokens, leading to short-term weakness across some coins.

Beyond $PUMP, the broader memecoin sector is heating up fast. PENGU has doubled over the past two weeks, driven by ETF rumours and a surge in its NFT floor price. BONK has also jumped 100%, riding the success of its launchpad and growing ecosystem traction. We flagged early signs of a memecoin revival weeks ago, and it’s now playing out across the board. That said, this remains the most volatile sector in crypto. It can lead aggressively but reverse just as fast. Caution remains essential.

Pump.Fun vs Bonk.Fun Launchpad Revenue Comparison

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