Currently, there is no clear signal for the end of this round of the bull market in the cryptocurrency space. The market is in a phase of volatility characterized by policy sensitivity and key level speculation, rather than a trend reversal.
From the perspective of market fundamentals, long-term Bitcoin holders continue to accumulate, with exchange Bitcoin balances dropping to the lowest level since 2017. Institutional demand through ETF allocations remains strong, creating structural buying support. Meanwhile, the stablecoin market is in a super cycle, and there is sufficient potential buying power in the market. Short-term sell-offs are mainly from traders and short-term holders, rather than long-term capital withdrawal. From a macro policy standpoint, expectations for a deepening interest rate cut cycle by the Federal Reserve continue to provide liquidity support for the cryptocurrency market, though emotional fluctuations before policy implementation have led to short-term volatility.
However, there are also short-term risks in the market. If Bitcoin falls below 75000 USD, it may trigger further sell-offs. The current market is in a bull market correction phase and needs time to complete bottom consolidation. $BTC $ETH $BNB
