Six

CryptoQuant CEO: The Bitcoin bull market cycle has ended, and it usually takes about six months to reverse

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on the X platform that the Bitcoin bull market cycle has ended, for the following reasons:There is a concept in on-chain data called realized market cap. It works as follows: when BTC enters a blockchain wallet, it is considered a "buy," and when it leaves, it is considered a "sell." Using this idea, the average cost basis of each wallet can be estimated by multiplying it by the amount of BTC held, resulting in the total realized market cap, which is generally seen as the total capital that has entered the Bitcoin market through actual on-chain activity, while the market cap is based on the latest trading prices on exchanges.When selling pressure is low, even small purchases can drive up the price, thereby increasing the market cap. Strategy has taken advantage of this by issuing convertible bonds and using the proceeds to buy Bitcoin, resulting in the book value of their held Bitcoin growing far beyond the actual capital invested. However, when selling pressure is high, even large purchases cannot change the price; for example, when the Bitcoin trading price approaches $100,000, the market trading volume is huge, but the price hardly changes.The realized market cap shows how much actual money has entered the market, while the market cap reflects how prices respond. If the realized market cap is growing but the market cap is stagnant or declining, it indicates that capital is flowing in, but prices are not rising—this is a typical bearish signal. On the other hand, if the realized market cap is flat while the market cap soars, it suggests that even a small amount of new capital is pushing prices up—this is a bullish signal. What we are currently seeing is the former, where capital is entering the market, but prices are not responding, which is a typical characteristic of a bear market.In short: when small capital drives prices up, it is a bull market. When large capital cannot push prices up, it is a bear market. Current data clearly points to the latter. Selling pressure could ease at any time, but historically, a true reversal takes at least six months—therefore, a short-term rebound seems unlikely.

Six members of Trump's cabinet hold cryptocurrencies, with a total value of millions of dollars

ChainCatcher news reports that according to Fortune magazine, after reviewing the financial disclosures of President Trump's cabinet members in January, it was found that among the 22 listed Bitcoin wallets, six members of Trump's cabinet indirectly held Bitcoin through other financial instruments or invested in cryptocurrencies, with a total value of several million dollars.The six members who invested in Bitcoin and their holdings include:Secretary of Health and Human Services Robert Kennedy Jr. disclosed a Bitcoin Fidelity cryptocurrency account valued between $1 million and $5 million.Office of Management and Budget Director Russell Vought disclosed Bitcoin in a Coinbase wallet valued between $1,001 and $15,000, stating he would divest.Director of National Intelligence Tulsi Gabbard reported that she owns a Bitwise Bitcoin ETF trust fund valued between $15,001 and $50,000, as well as Bitcoin valued between $15,001 and $50,000, stating she would divest.Secretary of Defense Pete Hegseth disclosed his holdings of Bitcoin valued between $15,001 and $50,000.Secretary of the Treasury Scott Bessent's financial disclosure shows he holds an iShares Bitcoin Trust ETF valued between $250,000 and $500,000, and he will divest no later than 90 days after confirmation.Secretary of Transportation Sean Duffy disclosed Bitcoin valued between $250,000 and $500,000, Bitcoin held in a Gemini wallet valued between $250,000 and $500,000, and the Fidelity Wise Origin Bitcoin Fund valued between $50,000 and $100,000.

Solana network transaction fees hit a six-month low, with activity down 85% compared to the TRUMP issuance period

ChainCatcher news, according to The Block, the total transaction fees generated by the Solana network last week were only 53,800 SOL, marking the lowest weekly figure since September 2024.Data shows that the total transaction fees last week decreased by 10% compared to the previous week, an improvement over the past six weeks' average weekly decline rate of 25%. Notably, Solana's weekly transaction fees have dropped by 85% from the historical peak of 361,000 SOL in the fourth week of January (during the $TRUMP and $MELANIA meme coin launches).Since the issuance of $TRUMP, Jito validator tips have also significantly decreased, averaging only $11,300 per day last week, compared to $62,000 per day during the week of $TRUMP's issuance. Similarly, the 7-day moving average of active addresses on the Solana network also fell by 35% during this period. The decline in these fundamental indicators has affected the price of the SOL token, which has dropped by about 50% since January 20.As a major revenue and token generation platform for Solana, Pump.fun has also experienced a similar decline. Last week, an average of only 0.89% of tokens created on Pump.fun "graduated" to Raydium daily, compared to 1.6% in the third week of January. Considering the hundreds of thousands of tokens created daily on Pump.fun, this 0.71% drop is relatively significant.
ChainCatcher Building the Web3 world with innovators