In recent market dynamics, Bitcoin's supply shock has become a focus. According to the latest data from CryptoQuant, Bitcoin reserves on major exchanges have plummeted by about 133% since the beginning of this year, with only 2.62 million BTC left. This phenomenon has attracted widespread attention from market analysts, especially in the context of Bitcoin's price about to usher in a major breakthrough. As more and more investors transfer their assets to cold storage, Bitcoin's liquidity has further decreased. This long-term holding trend has undoubtedly laid a solid foundation for future price increases.
The power of supply shocks
The concept of supply shocks is not new, but the current market situation has given it new meaning. As Bitcoin reserves on major exchanges such as Coinbase and Binance continue to dwindle, the risk of large-scale sell-offs is significantly reduced and the market is significantly more resilient to stress. This dynamic is not just a short-term impact on the market, but may trigger a long-term bull market cycle. Marty Party pointed out on the
Ethereum ETF: The next darling of institutional investors?
The Ethereum market cannot be ignored either. With the launch of the Spot Ethereum ETF, the ETF received $5.9 million in inflows on August 28, the first significant increase since mid-August. This inflow not only indicates the growing interest of institutional investors in Ethereum, but also indicates that the market may enter a new upward cycle. BlackRock’s Ethereum ETF led the market with $8.4 million in single-day inflows, further solidifying Ethereum’s status as a mainstream asset. Although Grayscale’s Ethereum ETF saw $3.8 million in outflows, overall market sentiment remains positive, with investors generally believing that Ethereum will continue to strengthen in the coming months.
The rise of blockchain technology in East Asia: Kakao, Line and Naver’s ambitions
In the Asian market, the application of blockchain technology is accelerating. The Kaia blockchain mainnet jointly launched by Kakao and Line aims to revolutionize the Web3 user experience through extremely low gas fees, 1-second finality, and deep integration with its huge user base. With more than 250 million users, Kakao and Line will undoubtedly inject new vitality into the entire industry by introducing blockchain technology into their ecosystems.
Meanwhile, South Korean tech giant Naver’s collaboration with Chiliz is also eye-catching. The Naver Pay Wallet they launched targets more than 33 million users and aims to enable seamless holding and trading of cryptocurrencies and NFTs through practicality and loyalty design. This is not only an important step in the expansion of blockchain technology to mainstream applications, but also provides users with more opportunities to enter the cryptocurrency market.
TON’s tenacity and the power of the community
Despite the legal challenge to Telegram CEO Pavel Durov, TON Coin has performed surprisingly well. While the price has dropped by 20%, analysts believe this is more due to the volatility of the Bitcoin market than TON's fundamentals. Thanks to strong community support and minimal negative sentiment, TON has performed well amid market turmoil. Prominent venture capitalists such as Alex Felix of CoinFund and Matthew Graham of Sino Global Capital continue to be bullish on TON, highlighting its growing user base (now over 50 million) as the key to its success. Market analysts generally believe that TON is expected to slightly outperform the overall cryptocurrency market with a target price of between $6.50 and $7.
September: The bellwether of the crypto market
In summary, September 2024 will undoubtedly be a critical month for the cryptocurrency market. Bitcoin's supply shock, the rise of Ethereum ETFs, the accelerated adoption of blockchain technology in Asia, and the resilient performance of TON Coin are all important indicators of the future development of the market. At this uncertain moment, market participants need to pay close attention to these developments to seize the opportunity of the next bull market. Are you ready? Feel free to share your views in the comments section.
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