Driven by the potential benefits of Bitcoin spot ETF, BTC quickly rose to around $30,000, and then experienced two weeks of volatility, failing to break through the previous high. Before the ETF gets an official response, the market will not end, Bitcoin will fluctuate and rise, and popular altcoins will also have opportunities to perform. Regulatory risks may still come back, and the market outlook is cautiously optimistic.
In the overall correction in June, USDT de-anchoring confirmed the short-term bottom of BTC, and the chips were changed hands during the decline, laying the foundation for a new round of rise. Old Wall Street institutions such as Blackrock applied for Bitcoin spot ETFs, which pushed the market to rise rapidly. BTC returned to the previous high and is expected to fluctuate upward in the next month. The leading altcoin BCH rose by more than 200% in two weeks. The market risk appetite has rebounded, and popular altcoins will have performance opportunities.
The application of the Bitcoin ETF by the old Wall Street institutions seems to be well prepared. In terms of time, the SEC will make a decision on the ARK Bitcoin spot ETF on August 13 at the latest, which means that we may have a hot market for about a month. During this period, smart money is willing to buy the bottom of every Bitcoin callback, so it is difficult for Bitcoin to fall sharply, and it will continue to rise after experiencing shocks.
Although $BCH has performed very well, its market value has exceeded 5 billion US dollars, and further growth requires huge funds. Many altcoins are still at a relatively low position, and once a new narrative emerges, they will perform well. With the recovery of market risk appetite, as long as BTC remains volatile, popular altcoins have great hope of outperforming the market.
The emergence of RWA is expected to change the dilemma of continuous capital outflow in the Crypto market. RWA brings real benefits to Crypto by tokenizing real-world assets, such as bonds, stocks and other financial assets. Currently, the yield of short-term US Treasury bonds exceeds 5%. If DeFi users can be provided with exposure to US Treasury bonds, that is, investment channels for US Treasury bonds can be provided to global investors, this asset alone is expected to bring in tens of billions of dollars in capital inflows.
Although the BTC's callback in this rise is not large and the current situation is also favorable to bulls, we should also note that macro and regulatory risks are still not negligible and may cause unexpected disturbances to the market. Therefore, we remain cautiously optimistic that the rise of BTC will not be smooth sailing, and the volatility may last longer than expected.