On September 25, the cryptocurrency market shook and fell, $Bitcoin (BTC.CC)$ slightly down to $63,768, $Ethereum (ETH.CC)$ reporting $2,616.
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Today, the fear and greed index rose to 59, changing from neutral to greedy.
Today, the fear and greed index rose to 59, changing from neutral to greedy. Note: The fear index threshold is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media popularity (15%) + market surveys (15%) + bitcoin's proportion in the whole market (10%) + Google trend analysis (10%).
Reflexivity founder: Bitcoin needs to break through the $65,000 level to confirm the continuation of the bull market.
Cryptocurrency analyst and Reflexivity Research founder Will Clemente stated on social media that it is psychologically very difficult to shift from trying to cut profits during rebounds in a choppy market to letting winners continue to rise. In my view, Bitcoin confirming a change in market structure above $65,000 is the threshold for risk preference and bias transformation.
Nominal value of approximately $5.8 billion in BTC options and $1.896 billion in ETH options will expire and settle on Friday.
Deribit data shows that approximately $5.8 billion worth of bitcoin options and $1.896 billion worth of ethereum options contracts will expire and be settled on Friday (September 27th).
Blackrock's head of cryptocurrency business: Bitcoin has become "Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve."
Blackrock's Cryptos business director Mitchnick believes that bitcoin is already a "safe-haven asset".
Analysts: Bitcoin is expected to see a breakthrough in Q4, with institutional demand and innovation driving the rise of cryptos.
As the fourth quarter of 2024 approaches, some analysts predict that both Bitcoin and the broader crypto market will continue to rise, mainly driven by institutional adoption and macroeconomic factors. Gabriel Selby, Chief Research Analyst at CF Benchmarks, stated in a report that with macro changes and institutional adoption background, digital assets are expected to continue growing in Q4, as sovereign balance sheets face pressure and investors seek long-term hedging tools like Bitcoin. Selby mentioned that after the U.S. presidential election on November 5th, there may be significant changes in the regulatory landscape, creating a favorable environment for crypto innovation. We have seen conditions that enhance investor confidence and drive capital formation. Ryan Lee, Chief Analyst at Bitget Research, also has a bullish view on Bitcoin's performance in the last quarter. He expects Bitcoin's performance in October to exceed that of September, with a target price range of $58,000 to $72,000. Lee pointed out several notable signs in the derivatives market, including multiple occurrences of negative funding rates in Bitcoin futures in September, and the fear and greed index still lingering in the extreme fear zone. Historically, these factors often herald the arrival of a significant rebound.
Analysis: Large-scale transfers of BTC occurred in multiple holding periods from September 18 to 24.
CryptoQuant analyst XBT Manager's report shows that in the recent uptrend in Bitcoin prices, network activity has significantly increased, potentially bringing new selling pressure. Data shows that from September 18 to 24, large-scale transfers of Bitcoin occurred in multiple holding periods. On September 18, 4,924 BTC held for 2-3 years and 16,707 BTC held for 1 week to 1 month were transferred; on September 23, a further 29,292 BTC held for 6-12 months were transferred. XBTManager pointed out that the significant movement of coin amounts in each stage during this period reflects continued transfer activity on the Bitcoin network. Analyzing whether these Bitcoins are being transferred to exchanges will help evaluate the potential depth of selling pressure. As network transfer activity increases, the upward momentum of Bitcoin is starting to slow down.
CryptoQuant: Bitcoin's 'Profit Supply' level indicates further potential for an uptrend.
CryptoQuant points out that Bitcoin's price rose nearly 8% after a 50 basis point rate cut by the U.S. Federal Reserve. Its 'profit supply' indicator has crossed the 365-day moving average, suggesting further potential for an uptrend. The indicator shows that more Bitcoin holders are in profit, which may alleviate selling pressure and boost market confidence. However, analysts at Bitfinex caution and point out that the initial rise in Bitcoin was driven by spot market purchases, but the slowdown of this activity could lead to consolidation or some retracement in the short term.
Blackrock has acquired approximately 354,173 BTC worth around $22.5 billion since January this year.
According to data disclosed on X platform by Cointelegraph, Blackrock has been continuously accumulating Bitcoin and has acquired 354,173 BTC worth $22.49 billion since January this year.
Binance CEO: Binance's historical total trading volume exceeded $100 trillion in early September.
Binance CEO Richard Teng wrote on the X platform that Binance's historical total trading volume exceeded $100 trillion in early September.
13. QCP: Global loose policies provide short-term support for asset prices, ETHImplied volatility9% higher than BTC
QCP Capital's analysis indicates that driven by the stimulation measures of the People's Bank of China, the Shanghai Composite Index (SSE) rose by 4.15% today, marking a crucial moment for the global market. Global loose policies will continue to provide strong support for asset prices in the short term. In the cryptocurrency sector, this prevailing bullish trend has caused ETH to rise more significantly compared to BTC, with ETH/BTC increasing from 0.038 last Friday to 0.0415 today. ETH's implied volatility is 9% higher than BTC's, indicating a positive market sentiment and higher expected volatility.
Editor/Somer