Polygon’s native cryptocurrency, POL, is trading around $0.258 as of May 13, 2025 — still far from its all-time highs and struggling to gain strong upward momentum. Despite broader market volatility, Polygon (POL) has been busy building. The network is…

Polygon crypto price: Can Polygon’s tech push revive the token’s price?

A simple observation of the state of the Bitcoin mempool and its low 
utilization sparked a debate on the current state of bitcoin adoption and how 
the retail and self-custody use case have languished in the face of the 
digital gold narrative. Is Bitcoin as a Retail Instrument Gone? Enthusiasts 
Ponder The current utilization, or […]

The Bitcoin Mempool Is a Ghost Town: Is Retail Gone?

Bitgo has announced that it has received a Markets in Crypto-Assets Regulation 
(MiCA) license from Germany’s Federal Financial Supervisory Authority (BaFin), 
allowing the company to offer regulated digital asset services across the 
European Union. This regulatory approval marks a significant expansion for 
Bitgo Europe GmbH, which was established in Frankfurt in 2023 as the company&#8217;s 
[…]

Bitgo Secures MiCA License in Germany to Expand Digital Asset Services Across Europe

A growing chorus of Bitcoin commentators is raising the alarm over the recent 
boom in publicly traded companies adopting Bitcoin-centric treasury 
strategies. The debate ignited this week after pseudonymous investor Stack 
Hodler (@stackhodler) described the trend as a speculative mania disguised in 
corporate form, writing on X that “Bitcoin treasury companies are this cycle’s 
shitcoins.” His argument: these companies are “creating shares out of thin air 
to sell to people hoping to outperform Bitcoin,” with little more than 
exposure to BTC as their core product. “It’s just TradFi shitcoinery,” he 
warned. “And many will get rekt.” Stack Hodler allowed that these companies 
are currently soaking up speculative liquidity that might otherwise chase 
illiquid altcoins. “But the bad news is that many of these businesses will 
inevitably be forced to dump their stacks one day,” he added, pointing to the 
moment when short-term investors realize that holding equity in a Bitcoin 
proxy may be less efficient than self-custody. “Fiat shenanigans with the 
potential to unwind” was how he framed the model. In contrast, he celebrated 
companies that generate real economic value and use their profits to 
accumulate Bitcoin—something he views as a sustainable force in Bitcoin’s 
monetization arc. Related Reading: Bitcoin Faces Key Resistance After 10% 
Weekly Rally – Confirmation Or Rejection Next? Bitcoin podcaster Stephan 
Livera entered the conversation by referencing MicroStrategy’s Q1 2025 
earnings call, where Michael Saylor laid out the rationale for the company&#8217;s 
persistent premium to net asset value. “Saylor outlined some reasons for MSTR 
being at a multiple to NAV,” Livera said. While acknowledging the cyclical 
nature of that premium—comparing it to the GBTC discount blowout in the 
previous cycle—he argued there’s a broader structural context. “Bitcoin is a 
$2 trillion asset in a world of $1,000 trillion in assets,” Livera noted, 
emphasizing that many large capital allocators remain unable to directly hold 
Bitcoin due to regulatory, tax, or mandate-related restrictions. “There’s a 
case for some treasury companies to exist long-term, so long as they’re 
managed prudently.” The Bitcoin Treasury Copy-Cat Surge But Stack Hodler 
wasn’t referring to MicroStrategy. “I’m talking about the copycats that are 
popping up at an accelerating pace,” he responded. “They’re trying to draft 
off MSTR’s success, similar to how shitcoins drafted off of BTC’s success.” He 
said he doesn’t deny that regulatory arbitrage might support a few of these 
firms in the short to medium term, but questioned the viability of companies 
whose primary activity appears to be printing shares and using the proceeds to 
buy Bitcoin. “I love seeing companies with real profitable businesses stack 
BTC. Fiat engineering seems shakier to me long-term.” Scott Melker, host of 
“The Wolf of All Streets” podcast, added to the discussion: “I hate to even 
think this, because I’m a huge fan—but Bitcoin treasury companies raising debt 
to buy Bitcoin could be the next bubble.” Market structure analyst Dave 
Weisberger agreed that risk is present, but took a more measured stance. 
“Sure. But bubbles have to inflate before we worry about them… spoiler, 
Bitcoin is NOT near bubble territory.” Technical analyst FiboSwanny, a 25-year 
market veteran, focused on leverage and market structure. “If there’s a bubble 
forming, it’s likely in the financial instruments and leverage around 
Bitcoin,” he said, citing debt-funded treasury purchases, ETFs, and 
derivatives. “Not in actual Bitcoin itself.” Lark Davis took a more bearish 
tone: “This is our GBTC leverage this cycle that will have a horrific unwind 
with devastating consequences later. Especially the companies buying 
altcoins.” Related Reading: Sovereigns Are Buying Billions Of Bitcoin, Says 
Anthony Scaramucci Swan CEO Cory Klippsten didn’t mince words either. “Already 
jumped the shark,” he wrote. “Have been predicting it for a year, but it’s 
inevitable now.” The current landscape includes dozens of public companies 
with direct Bitcoin holdings, some of which are drawing intense retail 
speculation. MicroStrategy remains the dominant force, with well over half a 
million Bitcoin on its books. Other names include Metaplanet in Japan, Semler 
Scientific, KULR Technology, and various new entrants who have reoriented 
their corporate missions entirely around Bitcoin accumulation. Many of these 
firms are now trading at multi-billion-dollar valuations, far above what their 
underlying business models would suggest. But the sustainability of the model 
remains in question. Most of these companies rely on issuing new equity at 
inflated valuations to finance further Bitcoin purchases, creating a reflexive 
cycle where rising BTC prices inflate share prices, which in turn enable more 
buying. That dynamic works beautifully in a bull market but can reverse 
quickly in a downturn. The debate over how institutional exposure is 
structured becomes increasingly relevant. Stack Hodler framed it simply: 
“Bitcoin is and always will be the best risk-return asset to hold in this 
space. Part of successfully holding Bitcoin is being able to resist all the 
‘better Bitcoins’ that inevitably arise during your journey.” Whether the new 
class of treasury companies represents innovation, opportunism, or simply a 
bubble waiting to burst, remains one of the key questions of this cycle. At 
press time, BTC traded at $103,709. Featured image created with DALL.E, chart 
from TradingView.com

Bitcoin Treasury Firms Are This Cycle’s Bubble, Experts Warn

Twenty One Capital announced Tuesday that Tether Investments purchased 4,812 
bitcoin for $458.7 million at an average price of $95,319.83 per BTC, part of 
a business combination agreement involving multiple entities. Tether Acquires 
4,812 Bitcoin at $95.3K Each for Cantor-Led Business Deal The Cayman Islands- 
based firm disclosed in a U.S. Securities and Exchange Commission (SEC) […]

Twenty One Capital Secures $458.7M Bitcoin Purchase Ahead of Merger

**Key Takeaways:**
 * Bitcoin price holds above $100,000, driven by &#8220;risk-on&#8221; sentiment after the CBOE Volatility Index (VIX) dropped to 20. 
 * The Bitcoin Bull Score Index surged to 80, and the Fear &amp; Greed Index suggests growing optimism, with historical patterns indicating potential for further price gains.
Bitcoin (BTC) price continues to consolidate higher above $100,000 after the 
CBOE Volatility Index (VIX) dropped to its 30-year average of 20, down from a 
peak of 60 earlier in 2025. This decline follows a US-China trade deal on May 
12, which introduced a 90-day tariff pause and a 115% reduction on both sides.
_CBOE Volatility Index chart. Source: X.com_
The agreement has fueled a &#8220;risk-on&#8221; sentiment, boosting Bitcoin and equities 
as investors lean into higher-risk assets, according to Bitcoin network 
economist Timothy Peterson. The analyst said,
&gt; &#8220;$VIX dropped substantially yesterday on news of a potential China trade 
&gt; deal. It is now at &#8216;normal&#8217; levels. This will be a &#8216;risk on&#8217; environment for 
&gt; the foreseeable future.&#8221;
Adding to the bullish sentiment, the US Consumer Price Index (CPI) inflation 
rate dropped to 2.3% year-over-year in April 2025, the lowest since February 
2021, down from 2.4% in March and below consensus forecasts of 2.4%. This 
softer-than-expected CPI reading signals easing inflationary pressure, 
potentially increasing the likelihood of Federal Reserve interest rate cuts in 
2025, assuming other economic indicators align.
With respect to the current macroeconomic dynamics&#8211;lower volatility, cooling 
inflation, and a trade war truce- it creates favorable market conditions for 
Bitcoin.
Earlier this month, Peterson noted that BTC could reach $135,000 within 100 
days, citing a drop in the CBOE Volatility Index (VIX) from 55 to 25, 
signaling a &#8220;risk-on&#8221; environment. With 95% accuracy, his model links low VIX 
levels to increased investor confidence in riskier assets like Bitcoin.
_**Related: Bitcoin shrugs off US CPI win as Binance CEO says BTC &#8216;leading 
pack&#8217;**_
## Bitcoin bull score index reaches yearly high
After posting one of its least bullish phases in two years during April, 
Bitcoin sentiment flipped drastically to its highest reading in 2025. Data 
from CryptoQuant indicated a dramatic rise in the Bitcoin Bull Score Index, 
soaring from 20 to 80, a level historically associated with significant price 
surges.
_Bitcoin: bull score index. Source: CryptoQuant_
This shift, driven by rising spot demand outpacing supply, reflects patterns 
observed after the April 2024 halving, suggesting Bitcoin could be poised for 
further gains.
Likewise, Bitcoin researcher Axel Adler Jr noted that while the Bitcoin Fear &amp; 
Greed Index is climbing, currently at 53.3%, it remains below the &#8220;overloaded&#8221; 
zone above 80%. The analyst discussed the possibility of a market &#8220;upswing,&#8221; 
expressing hope for a successful test and surpassing Bitcoin&#8217;s all-time high 
near $110,000.
_Bitcoin &#8216;s Fear &amp; Greed Index. Source: X.com_
 _**Related: Bitcoin profit taking at $106K the first stop before new all-time 
BTC price highs**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.