In this episode of the Fere AI Morning Alpha Show, we break down Bitcoin’s explosive rally to $123K, the PENGU ETF chaos cycle, and the liquidity reshuffling that’s redefining this bull market.
Bitcoin smashed to $123K, overtaking Amazon in market cap and securing its spot as the top-performing global asset of 2025. Institutional inflows surged to $3.7B, the second-highest ever, as players like MicroStrategy added 4,225 BTC and Bhutan offloaded $62M in BTC to Binance.
On the liquidity front, “Numbers & Narratives” reports flagged capital rotation into deep-liquidity assets, Sonnet + Rorschach merged into an $888M crypto treasury, and SharpLink stacked $49M in ETH. Even Grayscale filed for a confidential IPO, while ARK offloaded COIN shares into strength.
It wasn’t just macro. PENGU soared post-ETF news, but crypto firms abandoned their PENGU PFPs within 24 hours — the meme cycle now compresses into 18-hour windows. Meanwhile, BONK jumped 12%, DOGE and SHIB rallied, and Pump.fun raised $500M in 12 minutes, solidifying its casino-tier grip on Solana culture.
On-chain, Aave crossed $50B in deposits, Kamino Finance enabled tokenized stocks as collateral, and Hyperliquid’s L1 crossed $2B in TVL while announcing treasury diversification. Filecoin, ICP, and Aptos are all setting up for continuation.
Globally, the CLARITY Act could finally unlock institutional capital. Hungary loosened penalties, the Czech central bank bought $18M in COIN, and MoonPay integrated Revolut for 1-click fiat-to-crypto.
Meme ETFs, treasury mergers, sovereign buys, and new L1 TVL highs — the lines between retail, institutional, and meme liquidity are gone.