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BTC has hit a new all-time high hashrate of 938 EH/s.

Bit of a slow weekend, but I got my eye on $SPURDO / @eth_spurdo here👀. Posted about them pre-launch and so far its looking solid. It has no fees, ownership renounced & LIQ fully burnt🔥. Lets see how it will do this week!. 📊Chart:. 💬TG:

What are your ATH targets for $ETH in 2025⁉️.

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Bottom line:. • Halving cycle → mid-expansion phase (ATH printed, but metrics not screaming top). • Altseason → early rotation, not full send. • ETH peak → depends on $BTC dominance. Either 2017 (lagged peak) or 2021 (parallel peak). The switch flips when ETH/BTC.

How much room is left?. If we analyze Macro + on-chain = still room:. • MVRV ~2.4 (not a top).• Puell ~1.38 (not overheated).• Supply low.• Regulation friendly.• ETF inflows alive. $ETH is still ~22% below ATH with record institutional positioning.

Bullish path:. $BTC ranges $110k–$125k. Dominance falls. ETH leads. TOTAL2 climbs > $1.5T → mid-caps/small caps go vertical. Sideways path:. ETF flows cool. BTC chops $105k–$125k. Dominance hovers 58–62%. Alt runs happen sector by sector (AI, DePIN, RWAs) but no broad altseason.

Cycle clock check:. We’re ~15 months post-halving and have already printed a $BTC ATH. Bitcoin has historically peaked at 12-18 months post-halving. That leaves room for a late-cycle surge into late 2025, if liquidity stays friendly.

Historically two paths are possible:. 2017 model → BTC peaks first, ETH/altseason rip after. 2021 model → BTC + ETH peak together, altseason overlaps. Right now? Both paths are still open. If the 2017 pattern repeats → $ETH peaks after BTC dominance collapses and ETH/BTC.

ETH/BTC bounced back above 0.03, sitting at 0.032 (at the same level it was in Feb 2025). A breakout toward 0.035–0.04 historically sparks alt mania. We’re not there yet… but we’re close. $ETH is still 21.8% below its ATH ($4,878). That’s what makes this interesting. ETFs

TOTAL3 (alts ex-BTC & ETH) looks early too. If BTC dominance breaks and ETH leads, some analysts see room for a $2T–$5T alt market. ETH has started to see huge liquidity. Spot $ETH ETFs are exploding:.• $453M in a single day(on Friday).• 16-day inflow streak.• $9.3B net.

What about the Altseason Index?. It is still at 49(needs 75+ to call it altseason). But… TOTAL2 (alts ex-BTC) reclaimed $1.5T for the first time after Jan 2025.

So where’s altseason?. Right now, Bitcoin Dominance sits at 61.2%. Altseason doesn’t fully send until that dominance cracks and bleeds lower. We’re still in the early rotation stage not the full fireworks.

Liquidity check:. Only ~15% of $BTC is left on exchanges. 30% hasn’t moved in 5+ years. 70% hasn’t moved in 1+ year. OTC Bitcoin balances hit all-time lows. Galaxy Digital literally dumped 80,000 BTC (~$9B) for a Satoshi-era investor and the market absorbed it. That’s real

On-chain says we’re not overheated yet:. • MVRV Z-Score ~2.4 (tops happen near 7).• Puell Multiple ~1.38 (hot tops are 3–5). Translation: Still room to grow if demand holds.

The policy backdrop flipped too. • The GENIUS Act? Signed. First federal stablecoin framework. • The CLARITY Act? .Passed by the U.S. House of Representatives. For once, Washington isn’t trying to slam the brakes; it’s paving roads.

This cycle is different, though. The U.S. spot $BTC ETFs are a vacuum sucking supply off exchanges. Even with billions flowing in and out each day, Bitcoin managed to print ATH and push total crypto near $4T. Regulation isn’t killing it; it’s fueling it.

Look back at past halving:. • 2012 → ATH 13 months later.• 2016 → 17 months.• 2020 → 18 months. This cycle? ~15 months to ATH. Pattern intact, returns smaller, but still on schedule.

Bitcoin halving was 15 months ago. Block rewards dropped in half, supply tightened, and once again, history repeated. $BTC broke to a new ATH in July at $123K. Now it’s chilling around $119K. This is exactly what it’s designed to do. 🧵👇

Heard $SPURDO / @eth_spurdo is launching today at 6 PM UTC⏰. Might be good; classic meme culture figure with a decent team backing it. You know the drill☝️; wait for taxes to be lowered, snipers to exit & LIQ to be locked or burnt. 💬TG: . 🌐Web: