1. Market Observation
Keywords: BTC, Starknet, DOGE
Bitcoin has recently continued to show market resilience, with prices soaring by 5.05% to $96,286, disregarding market doubts about its overvaluation. Driven by ongoing institutional demand, analysts predict that Bitcoin could reach a peak of $146,000. Several institutions have shown a keen interest in Bitcoin: MARA has increased its holdings of Bitcoin, Vancouver Mayor Ken Sim has proposed using Bitcoin as a reserve asset, and Chinese company SOS Limited has announced an investment of $50 million to purchase Bitcoin, highlighting the increasingly strategic position of Bitcoin.
As Bitcoin's price approaches the $100,000 threshold, market sentiment is generally positive. Data shows that the likelihood of Bitcoin breaking into six figures by the end of the year has reached 45%, a significant increase from 34% a week ago. Other major cryptocurrencies are also showing an upward trend, with Ethereum reaching a 5-month high and Dogecoin (DOGE) also recording gains.
Nevertheless, there is still a cautious sentiment in the market, with some experts warning that Bitcoin may face a 30% pullback. However, analyst Rekt Capital holds a different view, arguing that price adjustments could actually be beneficial for maintaining a bull market trend. Currently, despite significant short-term price fluctuations, the market remains strongly confident in Bitcoin's ability to break through the psychological barrier of $100,000.
The cryptocurrency market has also witnessed diversification in investment strategies, such as Rumble's plan to allocate its $20 million excess cash reserves to Bitcoin. Another significant development is that the Ethereum L2 project Starknet has launched the first phase of its staking plan on the mainnet, marking an important milestone in the decentralization process. Overall, Bitcoin shows a strong recovery momentum, with investors tending to actively buy when prices pull back, but breaking through the $100,000 resistance level still faces challenges.
2. Key Data
- S&P 500: 5,998.74 points (+25.76% YTD);
- Nasdaq: 19,060.48 points (+26.97% YTD);
- 10-year U.S. Treasury yield: 4.245% (+36.71 basis points YTD);
- U.S. Dollar Index: 106.494 (+4.89% YTD);
- Bitcoin: $95,568.63 (+126.12% YTD), with a daily spot trading volume of $51.11 billion;
- Ethereum: $3,557.29 (+55.92% YTD), with a daily spot trading volume of $31.28 billion.
3. ETF Flows
- Bitcoin ETF: Net outflow of $0
- Ethereum ETF: Net outflow of $0
4. Important Dates
- Core PCE Price Index month-over-month: Actual 0.3% / Previous 0.3% / Expected 0.3%
- GDP growth rate month-over-month: Actual 2.8% / Previous 3.0% / Expected 2.8%
- Personal Income: Actual 0.6% / Previous 0.3% / Expected 0.3%
- Personal Spending: Actual 0.4% / Previous 0.6% / Expected 0.3%