Matrixport: Bitcoin May Have Entered a Minor Bear Market Phase
Jinse Finance reported that Matrixport stated, "Relative to market size, cryptocurrency trading volume remains weak. Over the past 12 months, total market capitalization has risen from $2.4 trillion to $3.7 trillion, while daily trading volume has dropped from $352 billion to $178 billion, a decrease of 50%. This divergence may indicate more limited market participation and reduced upward momentum. If this situation persists, a cautious stance may be necessary. According to recent on-chain indicators, bitcoin may have entered a minor bear market phase. Although there are several potential catalysts, their ability to drive a sustained upward trend remains uncertain. In a low-liquidity environment, reported trading activity and fee income on major exchanges remain sluggish."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Overseas capital is aggressively buying US stocks! Net inflows reached $942 billions over the past 12 months, marking a record since 1985.
According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.
RootData: BIO will unlock tokens worth about $1 million in one week
Grayscale Files Zcash ETF That Pays Every 2 Weeks: What's the Catch?
Crypto prices
More
