Analysis: The market lacks new liquidity, and approximately 40% of Altcoin are trading near historical lows.
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Crypto market cap reclaims $3 trillion as Bitcoin, altcoins rally
Bitcoin traded near $86,000 as major altcoins gained, while rising derivatives leverage pointed to growing speculative activity across crypto markets.
Following the "end" of the US-Iran ceasefire, cryptocurrency and stock markets experienced widespread declines.
PANews reported on July 8th that, according to CoinDesk, the US launched airstrikes against Iranian Islamic Revolutionary Guard Corps ships, and Iran subsequently attacked Kuwait and Bahrain. US President Trump announced the "end" of the ceasefire with Iran, calling the negotiations "meaningless," causing a sharp drop in global risk appetite. Bitcoin and Ethereum fell by more than 2%, the CoinDesk 20 index fell by nearly 3%, and Nasdaq 100 and S&P 500 futures fell by about 1.5% at one point. In the crypto derivatives market, BTC futures open interest declined slightly, while ETH triggered approximately $90 million in long position liquidations during the price drop. Overall, the 24-hour crypto market saw approximately $450 million in liquidations, of which approximately $350 million came from Altcoin trading pairs. Altcoins generally fell, and Solana erased all gains since July.
U.S. chip stocks fell broadly in pre-market trading, with SanDisk (SNDK.O) down 6.3%.
According to data from Odaily Odaily, US chip stocks generally fell in pre-market trading. Arm (ARM.O) fell 3.8%, SanDisk (SNDK.O) fell 6.3%, and Qualcomm (QCOM.O) fell 2.2%. Nvidia (NVDA.O) fell 1.9%, Micron Technology (MU.O) fell 5%, AMD (AMD.O) fell 2.5%, and Intel (INTC.O) fell approximately 5%.
Bitcoin bull market ‘confirmed’ but $90K presents profit-taking risk: Analysis
BTC price analysis concluded that onchain signals had “confirmed” the new Bitcoin bull market.
World Liberty Financial launches USD1-denominated RWA perpetual markets for gold, oil, and global equities, backed by 250 million $WLFI and $12.5 million USD1 to drive liquidity |source: Twitter
BWENEWS AI: World Liberty Financial launches USD1-denominated RWA perpetual markets for gold, oil, and global equities, backed by 250 million $WLFI and $12.5 million USD1 to drive liquidity |source: T...
Analysis: Bitcoin may be entering a period of bottoming out; Strategy's sale of Bitcoin did not trigger panic.
According to a recent report by Bitfinex Alpha, as Odaily by Odaily, Strategy recently conducted its first large-scale Bitcoin sale, but the market showed strong resilience and no significant selling pressure emerged. Bitcoin rebounded after hitting a low of $57,803 on July 1st, and its performance in July remains positive, consistent with the views expressed in Bitfinex Alpha's previous report (No. 212), suggesting a potential market correction this month. Data shows that Strategy may have executed a BTC sale between June 29 and July 2, but the price of Bitcoin still saw a positive weekly increase during the same period, rising approximately 10.5% from its cycle low. Furthermore, on the last trading day of last week and the first trading day of this week, Bitcoin spot ETFs recorded inflows exceeding $200 million per day, ending a previous 10-day streak of net outflows, with a cumulative outflow of $2.73 billion. June was a challenging month for Bitcoin ETFs, with net outflows for nine consecutive weeks, reaching nearly $4.06 billion in June alone. However, these redemptions primarily reflect authorized participants (APs) returning ETF units and a decrease in passive funding demand, rather than indicating a large-scale immediate sale of Bitcoin through on-chain markets. The market is currently unable to fully determine whether investors have digested recent changes in fund flows, but spot trading volume does not fully reflect the impact of the previous large-scale outflows. With changes in ETF asset allocation and a return to positive fund flows, the Bitcoin market may face new variables in July. After a brief dip following the announcement of the Strategy sale, BTC prices quickly stabilized and have now returned to the lower end of the first quarter trading range, exceeding pre-announcement levels. ETF fund flows have recorded net inflows for three consecutive trading days, and the $61,000 level has become a crucial dividing line between bullish and bearish forces in the market. Bitcoin is currently in a downtrend on a higher timeframe, but the market structure is changing. Approximately 10.83 million BTC are currently in an unrealized loss state, while about 9.22 million BTC remain profitable, marking the first time that the number of losing BTC has exceeded the number of profitable BTC. Historically, this phase typically indicates significant pressure on spot holders and often approaches the bottoming phase of a bear market. However, a true macro bottom still needs confirmation from key indicators, such as Bitcoin consistently recovering to its current "True Market Mean" of around $71,500. While the current market environment may dampen sentiment in the short term, it also creates conditions for long-term funds to absorb selling pressure. As long-term holders and some whale re-accumulate, Bitcoin is shifting from low-conviction holders to high-conviction investors, and the next two to three months may be a crucial window for confirming a temporary bottom.