Is this where Bitcoin tops out?

Plus: Trump bans “woke” AI tools

GM. Life gave us lemons, so we made… whatever this is. Idk bro just drink it.

🍍 Is the rally over?

🍋 Donald Trump vs. woke AI, Kraken vs. Coinbase + more

🍍 Market flavor today

Crypto Market Cap: $3.88T -0.61% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$118,169.04	0.13%	-0.26%
	Ethereum ETH	$3,672.54	1.89%	7.41%
	XRP XRP	$3.19	-3.44%	-1.65%
	BNB BNB	$768.85	-2.31%	6.33%
	Solana SOL	$186.60	-2.26%	6.96%

If you sprint, you're gonna get tired.

Same goes for the market - it’s been running hard, and now it's catching its breath.

... But is it just a short water break, or are we looking at a my legs aren't working anymore type of situation?

Well, CryptoQuant contributor Gaah pointed out that the IBCI dipped into the Distribution zone.

But! It only reached 80% on the scale.

Everyone who isn't a nerd reading this:

Lemme explain:

The IBCI, aka Index Bitcoin Cycle Indicators, tells you whether the market is calm, heating up, or close to burning out.

It uses a 0 - 100% scale to track where we are in the Bitcoin cycle:

• 0% = market is quiet, early bull phase;

• 50% = things are heating up;

• 80 - 100% = high risk of a top, lots of hype;

• 100% = full euphoria, likely market peak.

So hitting 80% means we’re in a heated zone, but not at full euphoria yet. Past tops didn’t happen until we were right near 100%.

Two of the main indicators that feed into the IBCI help explain why it’s only at 80%:

1/ STH-SOPR

Full government name: short-term holder spent output profit ratio.

This indicator tracks how quickly short-term traders are taking profits - and it's still low.

Translation: retail investors aren’t rushing to take profits yet.

2/ Puell Multiple

This one looks at how profitable Bitcoin miners are.

It’s still near its “cheap” zone - even though Bitcoin just hit a new all-time high.

If the market were truly overheated, miner revenue would be way above average by now. So this suggests there’s still room for upside.

So what does it all mean?

The market is heating up, but the usual signs of peak hype just aren’t here yet.

The IBCI is climbing, but it's being held up by solid fundamentals - not speculation.

And while there’s definitely more risk now than a few months ago, especially for short-term pullbacks, the indicators suggest we’re not at the end of the cycle.

🥝 Memecoin harvest

The unhinged side of crypto is doing numbers again. We stopped asking why.

Data as of 09:40 AM EST.

Check out these memecoins and plenty more here.

🍋 News drops you can't miss

🚫 No woke AI

Donald Trump dropped an executive order that bans any AI tool the government thinks is too “woke.”

If your model talks too much about diversity or inclusion (DEI), it’s out.

Read the full story

🕵️‍♂️ Tax man vs. Tornado man

An IRS agent told the court that Tornado Cash co-founder Roman Storm had control over some crypto sent to Tornado Cash via Binance.

But Storm’s legal team wasn’t buying it - they said the agent might be great with taxes but had no business tracing crypto.

Basically, they’re calling BS on both the claim and his qualifications.

Read the full story

🐵 Bored Apes go back to court

Yuga Labs sued Ryder Ripps and Jeremy Cahen over a copycat BAYC NFT collection and won $9M... or so we thought.

That ruling got overturned.

The appeals court said it’s not clear the fake Bored Ape NFTs misled buyers, so the case is heading back to trial.

Read the full story

🤔 Ethereum hack or just smart trading?

Two MIT grads are being sent to trial for allegedly tricking Ethereum trading bots out of $25M.

Prosecutors say they used a carefully planned strategy and 16 validators to pull it off in just 12 seconds.

The brothers argue they followed Ethereum’s rules, but the judge says wire fraud laws still apply either way.

Read the full story

👀 Who's got the better crypto game?

Trying to figure out which exchange deserves your crypto stash?

We put Kraken and Coinbase head-to-head in an 8-category showdown so you don’t have to guess.

Check out our comparison

🍌 Juicy memes