Scan to download
BTC $76,603.28 -1.31%
ETH $2,275.38 -1.88%
BNB $622.95 -0.56%
XRP $1.39 -2.03%
SOL $83.85 -2.05%
TRX $0.3235 -0.05%
DOGE $0.0993 +1.53%
ADA $0.2460 -0.62%
BCH $445.56 -0.43%
LINK $9.23 -1.00%
HYPE $40.40 -4.80%
AAVE $97.26 +1.20%
SUI $0.9259 -0.20%
XLM $0.1645 -2.41%
ZEC $335.89 -5.41%
BTC $76,603.28 -1.31%
ETH $2,275.38 -1.88%
BNB $622.95 -0.56%
XRP $1.39 -2.03%
SOL $83.85 -2.05%
TRX $0.3235 -0.05%
DOGE $0.0993 +1.53%
ADA $0.2460 -0.62%
BCH $445.56 -0.43%
LINK $9.23 -1.00%
HYPE $40.40 -4.80%
AAVE $97.26 +1.20%
SUI $0.9259 -0.20%
XLM $0.1645 -2.41%
ZEC $335.89 -5.41%

new

Report: The new round of Bitcoin bull market may be more enduring, the industry's "best stage is still ahead"

Research institution Bernstein's latest report states that as Bitcoin approaches the $80,000 mark, the cryptocurrency market is entering a new phase of structural growth. This cycle may last longer than previous ones and has "asymmetric upside potential." The report points out that the previous drop to $60,000 has formed a temporary bottom, and the market is being driven by the integration of institutional funds and the traditional financial system.Analyst Gautam Chhugani stated, "The best times for the crypto industry are still ahead, which will be reflected in a higher and more sustained bull market cycle." In terms of supply structure, about 60% of Bitcoin has not been transferred for over a year, indicating an increase in the proportion of long-term holders; at the same time, ETFs and corporate balance sheet allocations continue to absorb supply. Strategy currently holds approximately 818,000 BTC, and its yield-generating products are attracting more traditional funds.On the institutional channel front, Morgan Stanley and Charles Schwab are expanding Bitcoin ETF and spot trading access, further lowering investment thresholds. Fundamentally, the supply of stablecoins has surpassed $300 billion, and the demand for real payments and settlements has increased; the tokenization scale of real-world assets (RWA) has reached $345 billion, a year-on-year increase of 110%. Additionally, platforms like Hyperliquid are driving increased activity in on-chain stock and commodity trading.The report also warns that quantum computing poses a long-term potential risk to crypto security, but it is manageable in the short term, and the industry has ample time to transition to quantum-resistant standards.

first_img Chief Economist of New Fire Group, Fu Peng: The essence of Bitcoin perpetual contracts is that large holders earn rent from long-term positions, while retail investors pay for leverage to go long

The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.
app_icon
ChainCatcher Building the Web3 world with innovations.