Yesterday, Bitcoin reached a price of ~$68,970. This marked a new all-time high in terms of deflation-adjusted U.S. monetary base (+overnight reverse repos).

The monetary base is currency in circulation + bank reserves held at the FED. Believe it or not, the most recently reported monetary base is lower now than it was in March when Bitcoin hit its nominal high price of ~$73,790 - hence the need to adjust for deflation. Furthermore, the Overnight Reverse Repurchase Agreements - which are essentially just bank reserves held at the FED that are backed by IOUs from the federal government rather than by the FED itself - is also lower now than it was back in March.

Taken altogether, the high in March was actually ~$68,732 in terms of deflation-adjusted U.S. monetary base (plus overnight reverse repos) - which was just surpassed yesterday: ~$68,970.