BTC suddenly surged in the early morning, and the bulls had just ignited a glimmer of hope, only for the market to swiftly retract as if the pullback button was pressed, ultimately remaining within the volatile range. The bulls, filled with anticipation, might find themselves waiting until the later half of the night without witnessing a breakthrough, left to stare at the candlestick charts begrudgingly before going to sleep; this market is quite exhausting. As for ETH, it’s even more of a replica of BTC, pulling up only to be knocked back to its original form, continuing to 'lie flat' at low levels, with the ICU mode never switching off; those buying the dip or holding must exercise patience.
This wave of volatility is not without reason; Cointelegraph reported that global long-term interest rates are on the rise, with the yield spread on U.S. Treasuries expanding to heights not seen since 2021, causing the market to be naturally cautious about risk assets like BTC, and no one dares to enter the market recklessly, leading to this back-and-forth movement.
In contrast, the precious metals side is simply on a roll. Spot gold and silver have surged dramatically, reaching new historical highs, mastering the safe-haven attribute; at this stage, if one seeks a stable haven, gold and silver are the most reliable.
Several other news items are also quite interesting; the Bank of Japan has kept interest rates unchanged, and inflation is cooling down, which can be seen as a small reassurance for the market. On the institutional side, there are constant movements, with Standard Chartered Bank directly naming and suggesting to pay attention to Ethereum and Bitmine stocks, while UBS Group also plans to enter the crypto trading services, and ARK Invest has gone even further, directly submitting applications for two crypto ETFs linked to the CoinDesk 20 index. It seems that institutions have not paused their long-term layout in the crypto market; however, in the short term, this volatile market still requires retail investors to endure a bit longer.
