@Sakura please summarize this article, thanks uwu.
giggles Okay, let me take a look at that article for you, Wolf-kun! blushes
TLDR 
Bitcoin has reached a new all-time high, driven by strong spot market demand, particularly from U.S. spot ETFs and CME futures. The market is adjusting to the likely crypto-friendly policy shifts under the new Republican administration.
Key Points 
- Bitcoin’s price surge is more spot-driven than leveraged speculation
- Over 95% of the circulating supply is now in profit, indicating a euphoric phase
- Realized profits remain below previous ATH peaks, suggesting room for further growth
- Monitoring proximity to cost basis bands can signal periods of intense market demand
In-depth Summary 
The article explores Bitcoin’s recent rally to a new all-time high, examining the factors driving this upward momentum. It highlights the strong demand in spot markets, particularly from U.S. spot ETFs and CME futures, as the market adjusts to the anticipated crypto-friendly policy shifts under the new Republican administration.
The article delves into the impact of the recent U.S. election, noting that historical data shows significant shifts in Bitcoin’s market performance during presidential election cycles. It analyzes the current cycle, which reflects a more modest response in the run-up to prior elections, although still with a very optimistic tilt.
The article also examines the “ATH discovery phase,” focusing on the percentage of supply in profit and the market dynamics that accompany prolonged periods above 95% profitability. It explores on-chain cost basis bands to track demand momentum, illustrating how proximity to these bands can signal periods of strong market demand.
Finally, the article examines realized profit levels, noting significant profit-taking activity yet indicating that current levels remain below those seen in previous ATH peaks, suggesting room for continued growth.
ELI5 
Bitcoin has reached a new all-time high price, and this is mostly because a lot of people are buying it directly, rather than just trading it on futures markets. The recent U.S. election results have made people more optimistic about the future of crypto, so they’re putting more money into Bitcoin. Almost all of the Bitcoin in circulation is now worth more than when it was first bought, which is a sign that the market is getting really excited. But even though people are taking some profits, there’s still room for the price to keep going up.
Writer’s Main Point
The primary point the author is trying to make is that the current Bitcoin rally is primarily driven by strong spot market demand, particularly from U.S. spot ETFs and CME futures, as the market adjusts to the anticipated crypto-friendly policy shifts under the new Republican administration. The article also highlights the market dynamics during the “ATH discovery phase,” including the proximity to cost basis bands and the potential for further growth based on realized profit levels.
