ChainCatcher news, Bitwise Chief Investment Officer Matt Hougan expressed his views on X, detailing why he believes the current bullish trend in the cryptocurrency market will continue.Despite the Federal Reserve's latest policy statement causing a short-term shock to the market—reducing next year's rate cut expectations from 4 times to 2 times—Hougan believes this is merely a brief interlude in the bull market process. He pointed out that the cryptocurrency market has developed an endogenous momentum independent of Federal Reserve policy, with four core trends continuously driving industry development:Washington's regulatory attitude has clearly shifted to a more supportive stance.Institutional investors are entering the market at an accelerated pace, with ETF funds continuing to flow in.Government and corporate entities are strategically increasing their Bitcoin holdings.Breakthroughs in programmable blockchain technology.From a technical perspective, Bitcoin's 10-day exponential moving average (approximately $102,000) continues to stay above the 20-day moving average (approximately $99,000). Hougan stated that this classic technical indicator has historically reflected market trends well.Hougan emphasized that the cryptocurrency market is in a new multi-year bull market cycle, and he expects that a 50bps rate cut will not change this.

ChainCatcher news, according to data tracked by Hyblock Capital, market depth (the collection of buy and sell orders, whether close to or far from market prices) has dried up over the weekend. This pattern typically appears at market turning points, indicating that the trend of Bitcoin's decline from the high of over $65,000 at the end of August has ended.Liquidity, represented by market depth, measures the market's ability to absorb large trade orders without affecting prices. It often depends on several factors, including the time of day, current market events, and specific price levels.The characteristic of a market bottom is that traders find it difficult to take decisive action, leading to a reduction in buy and sell orders and a decrease in liquidity.Shubh Verma, co-founder and CEO of Hyblock Capital, stated in an interview with CoinDesk: "By analyzing the aggregated spot order book, particularly the order book depth of 0%-1% and 1%-5%, we found that low order book liquidity often coincides with market bottoms. These low order book levels may be early indicators of price reversals, typically preceding bullish trends."

ChainCatcher message, Trader T posted data on social media stating that Fidelity FBTC's fund behavior in Bitcoin is currently leaning towards bullish.

ChainCatcher message, research institution 10x Research released a report indicating that the bullish trend before the Ethereum ETF listing has ended, and the market is experiencing a "sell the news" trading pattern. The report emphasizes the following points:The Ethereum ETF listing coincides with the start of the Mt. Gox Bitcoin distribution, which may bring selling pressure to the crypto market.The earnings season for U.S. tech stocks has started poorly, with 40% of market cap companies set to announce their results next week, and expectations may be too high.Ethereum's fundamentals (new users, revenue, etc.) are stagnating or declining, which could become a market weakness.Ethereum has dropped 6% since the ETF listing, aligning with the institution's previous bearish expectations.10x Research believes that if this trend continues, the cryptocurrency market may need more positive support to regain its upward momentum.

ChainCatcher news, BitOoda's Managing Director and former Wall Street bond trader Vivek Raman stated that the launch of the Ether ETF will address most of the risks associated with Ether, making the second half of 2024 potentially the most bullish period for Ether.Vivek Raman believes that retail investors only want to invest passively, while institutions only want to invest after regulatory clarity. The ETH ETF will simultaneously unleash new capital inflows from both.

ChainCatcher news, Matrixport indicates that the inflow of fiat to cryptocurrency seems to be returning again, as the recently rising daily minting data suggests.Historically, this kind of growth often signals a bullish market, indicating a shift of funds from traditional financial markets to the cryptocurrency market.This change reflects a positive trend, especially against the backdrop of relatively subdued minting activity since mid-April.

ChainCatcher message, CryptoQuant founder Ki Young Ju stated: "Mt.Gox is preparing to distribute Bitcoin to creditors. The large outflow of funds indicates that retail investors have not yet received their funds. When it happens, CryptoQuant will confirm it through on-chain data. Unlike the German government's sale, Mt.Gox creditors are not forced to sell, so this is not purely seller liquidity. Crypto analyst Alex Krüger estimates this could lead to a maximum Bitcoin price drop of 10%, even if an immediate sell-off occurs. I believe this distribution will not end the bullish trend, as these Bitcoins are expected to react to market sentiment just like the existing supply."

ChainCatcher news, according to Spot On Chain analysis, the German government holds approximately $2 billion in Bitcoin, which was seized from the operators of the movie piracy site Movie2k.to that was active in 2013. They began selling these assets 20 days ago (on June 18, 2024) and have currently recovered 7,106 Bitcoins (approximately $412 million), most of which were recovered from CEX at lower prices. Typically, institutions trade through over-the-counter markets to avoid causing panic and creating a negative impression on the market, but the German government's choice to directly transfer to CEX has led to market panic and significant volatility. The subsequent recovery of BTC from exchanges may indicate that they realized spot sales are not a good idea, thus shifting to over-the-counter sales. Considering the German government has started transferring Bitcoin to Flow Traders and Cumberland, which usually handle over-the-counter transactions, this seems reasonable.However, the continuous inflow and outflow of funds from CEX suggest either an intentional creation of market panic or internal operational chaos within the department of the German government handling the sell-off. In fact, the daily trading volume of BTC reaches as high as $36 billion, so the German government's sell-off volume is relatively small, and the significant price drop may be due to on-chain volatility affecting traders psychologically.Spot On Chain believes this should be a one-time event that will not affect the overall bullish trend of Bitcoin in 2024. According to its AI model predictions, Bitcoin may still reach $100,000 by the end of this year, and the current market volatility is only temporary.

ChainCatcher news, 10x Research stated in its strategic report "The Bitcoin Mining War Intensifies------How to Participate?" that it believes Bitfarms is a major beneficiary of the ongoing consolidation in the Bitcoin mining industry. While cryptocurrency mining stocks (such as Bitfarms) may rise further, there is a greater inclination to invest under the potential bullish trend of Bitcoin. Although MicroStrategy announced plans to privately issue $500 million in convertible senior notes to purchase more Bitcoin, the market reaction has been relatively calm, unlike in the fourth quarter of 2023 and the first quarter of 2024, when such news led to a noticeable increase in retail speculation and rising funding rates.

ChainCatcher news, according to data from brc-20.io, the BRC-20 Token continues its upward trend, with ordi currently priced at $25.3, a 24-hour increase of 52.63%, and a market cap of $530 million; meme is currently priced at $864, a 24-hour increase of 334.78%, with a market cap of $86.39 million.In addition, according to data from OKX, BTC, SUI, and other mainstream cryptocurrencies have all experienced varying degrees of decline, among which: BTC is currently priced at $28,111, a 24-hour decrease of 2.8%; ETH is currently priced at $1,859, a 24-hour decrease of 2.27%; SUI is currently priced at $1.13, a 24-hour decrease of 13.28%; OP is currently priced at $1.77, a 24-hour decrease of 7.67%; APT is currently priced at $8.67, a 24-hour decrease of 6.71%; ARB is currently priced at $1.16, a 24-hour decrease of 6.09%. (Source link)