The bull market is in full swing, and the future is promising
Bitwise recently released its second quarter comprehensive market insight report. Its core viewpoints are like a shot in the arm, injecting infinite vitality into the cryptocurrency world:
Demand for Bitcoin ETFs exploded: This quarter, the influx of Bitcoin ETF funds exceeded the US$2.4 billion mark, setting a new record. This feat not only demonstrated investors’ unprecedented enthusiasm for crypto assets, but also directly absorbed more than 100% The supply of newly mined Bitcoins has significantly intensified the tension on the supply side of the market, laying a solid foundation for price increases.
Futures feast under regulatory compliance: The regulated Bitcoin futures market has also seen explosive growth. CME Bitcoin open interest soared to a historic high of US$9.8 billion in the second quarter, a year-on-year increase of nearly 400%. This data not only reflects the deep involvement of institutional investors in the cryptocurrency market, but also indicates further improvement in market maturity and effective risk diversification.
Stablecoins: The financial artery of the crypto world: As the "killer application" in the crypto ecosystem, stablecoins are becoming increasingly influential. They have achieved global coverage of the US dollar and instant payment functions, and the scale of asset management and trading activity are approaching historical highs, providing indispensable liquidity and stability support for the cryptocurrency market.
Ethereum Layer 2 Network Innovation: The rapid development of Ethereum Layer 2 solutions has become another highlight of this quarter. With the surge in the number of active addresses and the continuous reduction in transaction fees, the Layer 2 network has greatly improved the expansion capacity and user experience of the Ethereum main network, providing solid support for the prosperity of innovative applications such as decentralized finance (DeFi) and NFT.
Looking ahead, Bitwise confidently pointed out: "As we enter the second half of the year, with the global focus on the US election and the potential launch of a spot Ethereum ETF, we firmly believe that the bull market is in full swing and there is no sign of its end. The cryptocurrency market is entering a new stage of development with both opportunities and challenges. We look forward to witnessing this historic leap with all participants."
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