This Late-Stage Bitcoin Bull Run Signal Hasn’t Shown Up Yet

By: bitcoin ethereum news|2025/05/16 15:00:13
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. On-chain data shows the Bitcoin Binary CDD is yet to reach the same peak as during the last few tops in the cryptocurrency’s price. 30-Day MA Of Bitcoin Binary CDD Is Currently Sitting Around 0.6 In a CryptoQuant Quicktake post, an analyst has talked about the latest trend in the Binary CDD for Bitcoin. The “Coin Days Destroyed” (CDD) refers to an on-chain indicator that keeps track of the total number of ‘coin days’ being reset across the network. A coin day is a quantity that one token of the cryptocurrency accumulates after having stayed dormant on the blockchain for one day. When a coin that was previously still for some number of days is moved across the network, its coin days counter naturally resets back to zero, and the coin days that it had accumulated are said to be ‘destroyed.’ Related Reading Whenever the CDD registers a large spike, it’s a sign that dormant hands on the network are on the move. Generally, the long-term holders only break their silence when they plan to sell, so this kind of trend can prove to be bearish for BTC. The Binary CDD, the actual indicator of interest in the current discussion, makes it easier to identify whether the current HODLer transaction activity is significant or not when compared to the past. As its name already suggests, this metric can take on two values: 0 and 1. The Binary CDD is equal to 0 when the CDD is below the historical average and 1 when it’s above. Note that since the indicator is making a historical comparison, it adds another weighting factor to the CDD: an adjustment with respect to the total circulating supply at the time. This is done because the asset’s supply is going up with time. Now, here is the chart shared by the quant that shows the trend in the 30-day moving average (MA) of the Bitcoin Binary CDD over the last few years: As is visible in the above graph, the 30-day MA Bitcoin Binary CDD has been following an upward trajectory recently, implying long-term holders are potentially becoming more active. The increase in the indicator has come as BTC has started on a fresh rally that has taken its price near the all-time high (ATH). While the long-term holders tend to be resolute entities, they do still come out to take their profits during significant runs. As such, the recent trend in the 30-day MA of the Binary CDD may not be too surprising. Following the latest continuation to the rise, the metric has hit the 0.60 mark (if the fact that this value is different from the 0 and 1 of the Binary CDD is confusing, consider that this is just an average over 30 days, which would almost always be between these two extremes). Related Reading As the analyst has highlighted in the chart, this value is still below the 0.80 level that the indicator breached during both the rally highs from last year, as well as during the euphoria phase of the 2021 bull run. Given this pattern, it’s possible that the current Bitcoin rally could still have room to grow, at least from the perspective of HODLer distribution. BTC Price At the time of writing, Bitcoin is floating around $102,300, up over 3% in the last seven days. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com Source: https://www.newsbtc.com/bitcoin-news/late-stage-bitcoin-bull-run-hasnt-shown-up-yet/

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Before using Musk's "Western WeChat" X Chat, you need to understand these three questions

The X Chat will be available for download on the App Store this Friday. The media has already covered the feature list, including self-destructing messages, screenshot prevention, 481-person group chats, Grok integration, and registration without a phone number, positioning it as the "Western WeChat." However, there are three questions that have hardly been addressed in any reports.


There is a sentence on X's official help page that is still hanging there: "If malicious insiders or X itself cause encrypted conversations to be exposed through legal processes, both the sender and receiver will be completely unaware."


Question One: Is this encryption the same as Signal's encryption?


No. The difference lies in where the keys are stored.


In Signal's end-to-end encryption, the keys never leave your device. X, the court, or any external party does not hold your keys. Signal's servers have nothing to decrypt your messages; even if they were subpoenaed, they could only provide registration timestamps and last connection times, as evidenced by past subpoena records.


X Chat uses the Juicebox protocol. This solution divides the key into three parts, each stored on three servers operated by X. When recovering the key with a PIN code, the system retrieves these three shards from X's servers and recombines them. No matter how complex the PIN code is, X is the actual custodian of the key, not the user.


This is the technical background of the "help page sentence": because the key is on X's servers, X has the ability to respond to legal processes without the user's knowledge. Signal does not have this capability, not because of policy, but because it simply does not have the key.


The following illustration compares the security mechanisms of Signal, WhatsApp, Telegram, and X Chat along six dimensions. X Chat is the only one of the four where the platform holds the key and the only one without Forward Secrecy.


The significance of Forward Secrecy is that even if a key is compromised at a certain point in time, historical messages cannot be decrypted because each message has a unique key. Signal's Double Ratchet protocol automatically updates the key after each message, a mechanism lacking in X Chat.


After analyzing the X Chat architecture in June 2025, Johns Hopkins University cryptology professor Matthew Green commented, "If we judge XChat as an end-to-end encryption scheme, this seems like a pretty game-over type of vulnerability." He later added, "I would not trust this any more than I trust current unencrypted DMs."


From a September 2025 TechCrunch report to being live in April 2026, this architecture saw no changes.


In a February 9, 2026 tweet, Musk pledged to undergo rigorous security tests of X Chat before its launch on X Chat and to open source all the code.



As of the April 17 launch date, no independent third-party audit has been completed, there is no official code repository on GitHub, the App Store's privacy label reveals X Chat collects five or more categories of data including location, contact info, and search history, directly contradicting the marketing claim of "No Ads, No Trackers."


Issue 2: Does Grok know what you're messaging in private?


Not continuous monitoring, but a clear access point.


For every message on X Chat, users can long-press and select "Ask Grok." When this button is clicked, the message is delivered to Grok in plaintext, transitioning from encrypted to unencrypted at this stage.


This design is not a vulnerability but a feature. However, X Chat's privacy policy does not state whether this plaintext data will be used for Grok's model training or if Grok will store this conversation content. By actively clicking "Ask Grok," users are voluntarily removing the encryption protection of that message.


There is also a structural issue: How quickly will this button shift from an "optional feature" to a "default habit"? The higher the quality of Grok's replies, the more frequently users will rely on it, leading to an increase in the proportion of messages flowing out of encryption protection. The actual encryption strength of X Chat, in the long run, depends not only on the design of the Juicebox protocol but also on the frequency of user clicks on "Ask Grok."


Issue 3: Why is there no Android version?


X Chat's initial release only supports iOS, with the Android version simply stating "coming soon" without a timeline.


In the global smartphone market, Android holds about 73%, while iOS holds about 27% (IDC/Statista, 2025). Of WhatsApp's 3.14 billion monthly active users, 73% are on Android (according to Demand Sage). In India, WhatsApp covers 854 million users, with over 95% Android penetration. In Brazil, there are 148 million users, with 81% on Android, and in Indonesia, there are 112 million users, with 87% on Android.



WhatsApp's dominance in the global communication market is built on Android. Signal, with a monthly active user base of around 85 million, also relies mainly on privacy-conscious users in Android-dominant countries.


X Chat circumvented this battlefield, with two possible interpretations. One is technical debt; X Chat is built with Rust, and achieving cross-platform support is not easy, so prioritizing iOS may be an engineering constraint. The other is a strategic choice; with iOS holding a market share of nearly 55% in the U.S., X's core user base being in the U.S., prioritizing iOS means focusing on their core user base rather than engaging in direct competition with Android-dominated emerging markets and WhatsApp.


These two interpretations are not mutually exclusive, leading to the same result: X Chat's debut saw it willingly forfeit 73% of the global smartphone user base.


Elon Musk's "Super App"


This matter has been described by some: X Chat, along with X Money and Grok, forms a trifecta creating a closed-loop data system parallel to the existing infrastructure, similar in concept to the WeChat ecosystem. This assessment is not new, but with X Chat's launch, it's worth revisiting the schematic.



X Chat generates communication metadata, including information on who is talking to whom, for how long, and how frequently. This data flows into X's identity system. Part of the message content goes through the Ask Grok feature and enters Grok's processing chain. Financial transactions are handled by X Money: external public testing was completed in March, opening to the public in April, enabling fiat peer-to-peer transfers via Visa Direct. A senior Fireblocks executive confirmed plans for cryptocurrency payments to go live by the end of the year, holding money transmitter licenses in over 40 U.S. states currently.


Every WeChat feature operates within China's regulatory framework. Musk's system operates within Western regulatory frameworks, but he also serves as the head of the Department of Government Efficiency (DOGE). This is not a WeChat replica; it is a reenactment of the same logic under different political conditions.


The difference is that WeChat has never explicitly claimed to be "end-to-end encrypted" on its main interface, whereas X Chat does. "End-to-end encryption" in user perception means that no one, not even the platform, can see your messages. X Chat's architectural design does not meet this user expectation, but it uses this term.


X Chat consolidates the three data lines of "who this person is, who they are talking to, and where their money comes from and goes to" in one company's hands.


The help page sentence has never been just technical instructions.


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