The latest market outlook analysis released by CryptoQuant shows that in the past three weeks, the price of Bitcoin has risen by more than 23% from $52,500 to over $65,000. The momentum of this wave of rise is mainly due to the sharp increase in demand for Bitcoin spot ETFs. In the last week alone, large institutions such as BlackRock, Fidelity and Ark reported that a total of $324 million of funds flowed into the market, reflecting the strong interest of American investors in Bitcoin.

Short-term holders have returned to profitability after purchasing Bitcoin at an average price of $63,000 in the past 155 days, and this price is expected to become a strong support level.

However, the futures market has shown signs of overheating, with the current total open interest reaching about $19.1 billion. This is the seventh time since March 2024 that the open interest has exceeded $18 billion, and the previous six similar situations have led to a decline in the price of Bitcoin.

In addition, as the supply of Bitcoin spot ETFs gradually shifts to long-term holders, the market has shown typical signs of the late stage of a bull market. This means that while there may be room for gains in the short term, the overheated market may lead to a greater risk of a correction.

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