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Bernstein: The structural strengthening of the cryptocurrency market suggests that Bitcoin is likely to enter a longer-term bull market

According to The Block, analysts at research firm Bernstein stated in their latest report that the fundamentals of the crypto market are continuously improving. The recent low of $60,000 for Bitcoin has formed a clear bottom, and the current price is approaching $80,000. Driven by institutional demand, a longer structural bull market is expected.Bernstein analyst Gautam Chhugani pointed out the following core driving factors:Institutional channels continue to expand: Morgan Stanley's Bitcoin ETF and Charles Schwab's spot Bitcoin/Ethereum trading platform have been launched one after another, with about 60% of Bitcoin supply not having moved for over a year, indicating a stable holder structure;Strategy continues to increase holdings: its STRC perpetual preferred stock product attracts income-focused investors, with current holdings reaching 818,334 Bitcoins;Demand for stablecoins reaches an all-time high: stablecoin supply has surpassed $30 billion, decoupling from the price cycle of the crypto market, showing that real payment and settlement demand continues to grow;Tokenization of real assets accelerates expansion: the scale of tokenized assets such as private credit and government bonds has reached $345 billion, a year-on-year increase of 110%.Bernstein also noted that quantum computing poses a long-term potential risk, but the blockchain ecosystem is expected to have ample time to complete the post-quantum security transition.

Analysis shows that Bitcoin is strengthening alongside the US stock market, but the options market still bets on downside risks

Bitcoin rose to about $74,935 during the Asian session, up 0.7% in the last 24 hours and 5.4% for the week. However, the derivatives market is sending mixed signals. Institutional firm QCP Capital pointed out that this round of increase is mainly driven by spot trading, rather than a broad recovery in risk appetite.Currently, the funding rate for Bitcoin perpetual contracts remains negative, and open interest has decreased, indicating that short sellers are still increasing hedges rather than passively closing positions. The options market is also leaning towards caution: short-term implied volatility is sluggish, with one-month volatility lower than three-month volatility, and the risk reversal indicator shows that the market's demand for downside protection is higher than for upside bets, indicating that traders are more inclined to pay for potential declines rather than chase upward movements. QCP believes this is more of a "bounce" rather than a trend reversal.On a macro level, long-term U.S. Treasury yields and gold prices have not confirmed a recovery in risk appetite, with gold still near high levels, indicating that safe-haven demand remains. Institutions point out that the current market is more driven by expectations of a ceasefire and "emotional repair," rather than a core risk being alleviated. Additionally, Ethereum has shown relatively strong performance, with the ETH/BTC ratio rising to about 0.0315, combined with on-chain transaction volumes and stablecoin supply reaching all-time highs, indicating signs of capital rotating towards high β assets. However, the market still needs to observe the evolution of subsequent risk events to confirm the sustainability of this round of increase.

The Gate monthly report shows that wealth management and security are both strengthening, with transparency ranking second globally

Gate released its latest transparency report, with a simultaneous strengthening of its financial management and security systems. Against the backdrop of market fluctuations, Yu Bi Bao and on-chain earnings have achieved dual growth in user and fund scale, with on-chain earnings holding 3,084 BTC and 175,700 ETH, both reaching historical highs; the ETF business's trading volume in March exceeded 18 billion USDT, with continuous improvement in ecological participation.In terms of security and transparency, the platform's latest overall reserve coverage rate reached 122%, with a BTC reserve rate as high as 147%, and various assets maintaining excess reserves, further enhancing risk resistance capabilities. Additionally, in the RootData exchange transparency ranking, Gate ranked second globally, with its comprehensive strength continuously validated by the market. Furthermore, Gate continues to expand its global influence, partnering with the F1 Red Bull Racing team to host an F1 Japan Grand Prix viewing event in March, deepening brand connections and user engagement through high-profile collaborations. Gate has formed a synergistic effect in the growth of financial management scale, continuous improvement in transparency, and global brand expansion, further consolidating its leading position in the industry.
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