Bitcoin Daily Commentary — 8 May 2025
Bitcoin’s price is up 0.7% over the past 24 hours, trading at $97,200, after seeing a short squeeze above $97,000 on May 6, shortly after US Treasury Secretary Scott Bessent announced that trade talks would commence with China on May 10. While the Fed left interest rates unchanged as widely expected, the central bank also warned of increasing risks of higher unemployment and higher inflation.
Bitcoin’s dominance has risen sharply over the past 24 hours, rising to 64.4%, up from 64.3%. This marks yet another new four year high for Bitcoin dominance.
Sentiment has improved over the past 24 hours with the Bitcoin Fear & Greed Index rising to 67 and moving further into Greed territory.
BTC’s realized capitalization, a metric adding the dollar value of all coins at their last moved price, soared to a new all-time high of $890 billion on May 7, 2025. The surge also marks the metric’s third consecutive week of record-breaking growth.
The realized cap’s rise highlights the total investment held by Bitcoin owners, with long-term holders (LTHs) and short-term holders (STHs) increasing their positions. It reflects investors’ conviction, signalling a potential anticipation for a price breakout.
Recent market trends have supported this optimism. Large Bitcoin holders have been actively accumulating Bitcoin since late March 2025. Data indicates that wallets between 10 and 10,000 BTC added 81,338 BTC over six weeks. This accumulation signals confidence in the current price uptrend and the possibility of BTC returning to $100,000.
Glassnode data revealed a notable rise in Bitcoin whale addresses holding over 1,000 BTC, climbing from 1,945 on March 1 to 2,006 on May 7. This marks the most significant 30-day increase for this cohort in 2025 and the highest surge since Q1 2024, when a similar accumulation trend preceded Bitcoin’s all-time high in March 2024.
Lastly, Vivek Ramaswamy’s asset management firm, Strive Asset Management, is going public through a reverse merger with Asset Entities, a social media marketing company listed on the Nasdaq. The combined entity will operate under the Strive brand and use its access to the public equity markets to finance Bitcoin purchases.
