Bitcoin has surged to 102,000 again, with long-term whales continuing to sell off. Can it break 120,000 in the short term? The price increase of Bitcoin is not only due to these institutional actions but is also closely related to the internal supply and demand changes in the market. Data shows that long-term holders have sold off 800,000 Bitcoins, and this selling pressure has directly increased market volatility. Interestingly, the supply brought by these sell-offs has not been fully absorbed, with most being picked up by intermediate investors (holding 100-500 BTC) and some short-term retail investors.
Despite ETFs and institutions (including MicroStrategy) accumulating a total of 234,000 Bitcoins, nearly 487,000 Bitcoins are still flowing to retail investors and short-term speculators. This indicates that the price volatility of the market will be more driven by retail sentiment rather than stable institutional demand. The future trend of Bitcoin will depend on several core factors. First, the sustainability of market demand. If institutional and ETF demand remains strong in the coming months, Bitcoin's price is likely to break the $120,000 mark. Second, the internal differentiation of the market will still determine the extent of volatility. If the trend of long-term holders selling off continues, it may lead to sharp short-term price fluctuations, but it also provides opportunities for new entrants to build positions at lower levels.
Shiba Inu (SHIB) has had a memorable year in the market. Although it started at a low point at the beginning of 2024, it later rebounded and soared to a high of $0.00004534. During this period, the network announced its roadmap. Additionally, the Layer-2 scaling solution Shibarium, aimed at improving transaction speed and reducing costs, shone brightly throughout the year. Shiba Inu has evolved from a meme coin into a mature cryptocurrency, indicating its commitment to long-term development. Could this further push up the price of meme coins?
As of the time of writing, the trading price of Shiba Inu is $0.00002805. The token has declined by 2% in the past 24 hours. Additionally, this meme token has dropped by 6.60% this week.
At the beginning of this month, the meme coin soared to a high of $0.00003329. Despite this increase, the trading price of SHIB is still 68% lower than its historical high of $0.00008845. The community has been eager to reach the 1 cent mark. However, the latest surge in this asset has prompted the Shiba Inu community to set larger goals and make ambitious bets.
Bluefin has skyrocketed twofold in a single day.
Bluefin has already become one of the top 3 cryptocurrencies by market capitalization in the Sui ecosystem, with the other two being Sui's own DEEP and Cetus, which is listed on Binance. However, I now feel that surpassing Cetus is a very certain thing. Especially with the crazy price surges in recent days, the market does not dislike VC coins but rather dislikes projects without a vision. Bluefin has undoubtedly proven its strength and potential to the market through its price surge.
Bluefin is the largest DEX by trading volume on Sui, with the total trading volume of the Sui ecosystem (perps + spot) around $70 billion, of which Bluefin accounts for $40 billion. In recent years, the fee income has exceeded $9.9 million, so is all the fee income being used to pump the price, which is why it is so strong?
The AMM Spot TVL, which just launched a few weeks ago, has already reached over $30 million, and the LP mining returns on it should be the highest in the Sui ecosystem. The barriers to Dex are not that deep, and Bluefin's high annualized returns are undoubtedly a challenge to Cetus for market share.
The combination of order book and AMM gives Bluefin the best liquidity in the entire market, the largest trading volume, and the most rewards. The growth flywheel has already started, and Bluefin's growth rate on Defilama is the fastest, with protocol revenue second only to Cetus.