Bitcoin Reaches New Heights, But Bulls Should Exercise Caution

Bitcoin has surged to record highs, with its dominance rate also increasing, indicating a fresh bias towards the top cryptocurrency. However, this isn't the only significant event - Japan's new prime minister has openly backed 'Abenomics', meaning the world's three largest economies are now leaning towards easing policies, creating a strong tailwind for asset prices. On-chain data reveals whales are slowing their coin spending, with mid-sized holders accumulating strongly. This points to emerging structural demand despite continued large holder selling, rebutting fears of a year-long bear market. Meanwhile, altcoins are maturing, with ether treasuries now owning more circulating supply than bitcoin treasuries. Digital asset products have recorded a record $5.95 billion of inflows, and individual tokens like Tron's TRX are aiming to break above their 50-day SMA. However, traders should be cautious of major single unlocks ahead for tokens like APT and ATH. In traditional markets, the Japanese yen has slipped against the US dollar, while S&P 500 futures have inched up despite the ongoing US government shutdown.