Breaking through 64,000 US dollars!
Since the Federal Reserve announced the rate cut, financial markets have started to rise across the board, and the price of Bitcoin (BTC) has continued its recent bullish sentiment. In the past 24 hours, the price of Bitcoin has risen by more than 3%, breaking through the $64,000 range. At the time of writing, the price of Bitcoin is $63,768.
The Fed’s rate cuts signal the beginning of an economic turnaround, which has already encouraged Bitcoin bulls. Moreover, the cryptocurrency industry expects further bullish rallies in October and the following months.
Institutions are no longer actively shorting Bitcoin
Flows into U.S. spot bitcoin exchange-traded funds (ETFs) were mixed this week, with new data suggesting a shift in institutional stance.
Data uploaded to X by Ki Young Ju, founder of on-chain analysis platform CryptoQuant, showed that institutional BTC shorting has slowed sharply.
“Institutions are no longer actively shorting Bitcoin,” he commented alongside a chart of CME Group’s bitcoin futures net positions.
“Over the past 5 months, net CME futures positions have fallen 75%.”
Has the bull market rebounded? I dare not say. But we must be prepared for which coins to invest in when the bull market rebounds.
The copycat season is about to begin. $SUI, $SAGA, and $FTM on the L1 track have broken through the bottom oscillation range and started to rise strongly.
After the Federal Reserve started its interest rate cut cycle and cut interest rates by 50 basis points in September, the macro uncertainties in the crypto market have decreased, liquidity will also improve, and market sentiment has begun to turn positive.
After the L1 track takes the lead in starting the upward trend, it is expected that other tracks will gradually follow suit.
The launch of the second half of the bull market will be dominated by new public chains, and the growth of Bitcoin will lag behind that of mainstream currencies. This time, the growth of the new public chains Sui and Sei is very eye-catching.
The public chain mainly focuses on SOLONA, the son of Wall Street, and Sui, the daughter of Wall Street.
New layer public chains such as SUI, APT, SEI, and TON.
New second-layer public chains such as STRK, OP, and ARB.
Lao Yu has selected several coins with high cost performance:
» Solar（￥SXP）
Market value: $204 million
24-hour volume: $431 million
SXP surged 80% in two days, attracting much attention.
Solar (SXP) is a decentralized open source blockchain developed by the Swipe project that uses a delegated proof-of-stake mechanism with 53 delegates validating transactions.
As a community-driven payment layer 1 blockchain, Solar aims to compete with Ethereum and Solana and realize its development blueprint by exploring NFT, Metaverse and Launchpad, striving to become a leader in decentralized applications.
» Dymension （￥DYM ）
Market value: $441 million
24-hour trading volume: $34,155,800
Dymension (DYM) has gained attention for its adoption of the IBC protocol to implement standardized rollups, and its RollApps combine the efficiency of rollups with high speed and scalability.
DYM is attempting to break out of the downward trend line, and analysts predict that it could see a mid-term gain of 350%, making it attractive to investors seeking high returns.
If you have any questions, please follow me for the specific points of the currency.
Finally, Lao Yu wishes everyone to become rich soon!
