Bitcoin users have utilized the Ordinals protocol to record over 10 million inscriptions on the Bitcoin blockchain, with the majority being recorded in the past month alone. Ordinals founder Casey Rodarmor recently stepped down as the project's lead maintainer. While the primary use case for Ordinals inscriptions was initially for producing non-fungible tokens (NFTs), users have since leveraged the technology to issue fungible crypto tokens, including the first Bitcoin-based stablecoin Stably USD. The transition in Ordinals' dominance from NFTs to BRC-20 tokens is visible on the blockchain, with text-based inscriptions now surpassing image-based ones.

Bitcoin miners experienced a surge in transaction fee revenue in May, reaching a level not seen in over two years. The share of mining revenue from transaction fees rose to 14.3% as of May 29, an increase of over 11% from April.

According to a recent post by CryptoQuant, the SOPR ratio for Bitcoin has been above 1, indicating that the average holder is currently moving their coins at a loss. This suggests that the shift towards a bull market may have occurred, as historically, a breakout above the 1 level implies a shift in market dynamics. The 30-day SMA Bitcoin SOPR ratio has managed to break above the 1 mark during the recent rally, but present values are still not as high as past rallies, indicating potential for the rally to continue. 

Arthur Hayes, former head of BitMEX, has predicted that Bitcoin's climb to an all-time high of $70,000 is unlikely to happen this year. Instead, he suggests that the 2024 halving event will play a crucial role in determining the market's direction, and that crossing the $70,000 barrier will likely happen during that time. However, Hayes raises concerns about an impending "blow-off top" in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls "Armageddon." Despite recent price gains, Hayes warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a "tinderbox" that could trigger a period of immense volatility for Bitcoin.

According to on-chain data from Glassnode, the supply of Bitcoin held by small investors with less than 1 BTC, known as "shrimps," has reached an all-time high. In the past month alone, the shrimp supply has increased by 24,600 BTC. This trend suggests that retail investors are aggressively accumulating Bitcoin. The increase in shrimp supply during events such as the 3AC bankruptcy and FTX collapse may be due to larger holders withdrawing from centralized platforms and moving their coins into smaller wallets. The recent aggressive accumulation by retail investors is a positive sign for Bitcoin adoption.

Bitcoin's surge above $28,000 resulted in approximately $130 million worth of liquidations in the crypto market, with short traders losing $104.45 million and long traders experiencing $25.46 million in liquidations. The majority of the liquidations occurred on OKX, Binance, and ByBit, with Bitmex recording the most significant liquidation at $7.29 million. Despite the liquidations, Bitcoin briefly broke the $28,000 level barrier, peaking at $28,432, before retracing to $27,960. The rally was attributed to news of the U.S. government reaching an agreement on its debt ceiling, which could reduce market skeptics' bearish outlook.

The cryptocurrency market has seen net inflows of $47.2 billion since last Friday's wMarket report, bringing its total value to $1.16 trillion, a 4.2% increase from $1.12 trillion. Bitcoin and Ethereum's market caps grew 5.5% and 5%, respectively, over the weekend, with all of the top 10 cryptocurrencies recording gains in the last 24 hours. The top 5 gainers include FantasyGold, TomoChain, ARAWA, Open Campus, and Global Currency Reserve, while the top 5 losers are inSure, RenderToken RNDR, Polymath Network BGB, Aptos, and EOS.

Bitcoin, the world's largest cryptocurrency, briefly surpassed US$28,000 before dropping below that mark on Monday afternoon in Hong Kong. Ethereum led gains among the top 10 non-stablecoin cryptocurrencies, rising by 2.8% in the 24 hours leading up to 4 p.m. in Hong Kong. U.S. stock futures and European bourses gained while Asian markets were mixed, following a tentative agreement between U.S. President Joe Biden and House Speaker Kevin McCarthy to raise the debt ceiling. The total crypto market volume rose by 56.34% to US$33.67 billion, with total crypto market capitalization gaining 2.04% to US$1.16 trillion in the last 24 hours.

Blockchain data suggests that short-term holders of Bitcoin are moving their coins at a profit, with the seven-day moving average of the short-term holder's spent output profit ratio (SOPR) recently moving above 1. This is seen as a bullish sign for near-term price action, as it shows capitulation from short-term holders. The short-term holder SOPR is calculated by dividing the realized dollar value of a spent output by the value at output creation to reflect the degree of realized profit for all coins moved on-chain. Bitcoin has rallied over 68% this year and is currently trading near $27,900.

Bitcoin (BTC) surged by over $1,000 to reach a three-week high after the US government announced a deal on the debt ceiling. Ethereum (ETH) also saw gains, reaching $1,900 for the first time since early May. BTC had been trading sideways for most of the previous week, but jumped on Monday to near $28,500, its highest price since May 8. The total crypto market cap exceeded $1.170 trillion, with gains seen across the top 10 altcoins.