Cryptocurrency investment platform Matrixport released a text and image post on social platform X yesterday evening, indicating that although the funding rate of Bitcoin is currently decreasing, suggesting a pessimistic market sentiment, the current market holdings are still at a high level. Therefore, Bitcoin is expected to reach a new historical high after a brief decline.
Matrixport: Bitcoin may reach new high after a brief dip
Facing the sideways market of Bitcoin, cryptocurrency investment platform Matrixport released a text and image post on social platform X yesterday evening, pointing out that although the current market sentiment is not optimistic, the current market holdings are still at a high level. Therefore, Bitcoin is expected to reach a new historical high after a brief decline.
Bitfinex Analyst: Bitcoin entering consolidation phase
According to a report by “The Block,” analysts at Bitfinex believe that the current decline of Bitcoin may be due to long-term holders selling off, indicating that the market is entering a consolidation phase.
What potential market positives are there?
Despite the current downturn in the cryptocurrency market, the market could still see a quick rebound due to the following positive factors:
1. Bloomberg analysts predict Ethereum spot ETF to launch on 7/2
After the US Securities and Exchange Commission (SEC) approved multiple Ethereum spot ETF applications on May 24th, SEC Chairman Gary Gensler revealed on June 13th that the SEC is expected to approve the registration application for an Ethereum spot ETF at some point this summer.
In light of this, Bloomberg ETF analyst Eric Balchunas decided to move up the launch date of the Ethereum spot ETF to July 2nd on June 16th, as the SEC provided brief comments to the issuers with no major issues, requesting a response within a week.
2. Expert: Fed may adjust rate cut expectations to twice in September
While the Fed’s dot plot expects only one rate cut this year, it is subject to change over time. Therefore, Inflation Insights analyst Omair Sharif stated on the day of the Fed’s rate decision that the Fed may adjust rate cut expectations to twice in September.
3. Cryptocurrency becomes a crucial battleground in the US election
The US presidential election will take place in early November this year, with former US President Trump actively seeking votes to challenge incumbent President Biden. The Biden administration may continue to relax regulations on the cryptocurrency industry in the US to attract cryptocurrency-supporting voters.