Recently, the Bitcoin market and related cryptocurrencies have shown a complex and diverse development trend. According to the XBIT report, since breaking through $85,450 on April 11, the price of Bitcoin has risen by about 16%, breaking through $100,000 again. After Bitcoin broke through the 21-week moving average and the Fibonacci resistance level, ETF fund inflows accelerated, forming a robust upward signal framework.
Twitter : @XBITDEX
The current market value of Bitcoin has risen to 64.5%, the highest since the DeFi boom in 2021. Altcoins have performed poorly, and social media discussions have fallen by more than 40% since December 2024. The XBIT report recommends holding long positions in Bitcoin and hedging with altcoin perpetual futures. XBIT (dex Exchange) analysts said that the selling pressure in the Bitcoin market has eased, and although they had predicted the end of the bull market cycle, their judgment was wrong. The influx of new funds has made the market complex and unpredictable. In the past, it was dominated by whales, etc., but now ETFs and institutional investors have joined to change the landscape. There are no obvious bull or bear market signals yet.
In terms of project dynamics, Upbit will launch PENGU in the won, BTC, and USDT markets; Moonshot will launch Solana chain new coin Dupe; Binance supports DOOD airdrops; Camp Network launches its first public testnet “K2”, focusing on intellectual property management; Acurast will launch token sales on CoinList at 1 a.m. on May 16.
Twitter : @XBITDEX
XBIT important data shows that a whale shorted 97,500 SOL with 20x leverage, with a liquidation price of $172.96; Abraxas Capital increased its holdings by more than 61,400 ETH in two days, worth about $116.3 million. XBIT (dex Exchange) order flow analysts pointed out that on May 9, a total of 26,000 BTC options and 165,000 ETH options expired, and the biggest pain point of BTC options was $94,000; a whale shorted ETH with 25x leverage and lost more than $2.6 million, with a liquidation price of $2,343.4.
XBIT on-chain data and market dynamics: Bitcoin spot ETFs had a net inflow of $117 million yesterday, with IBIT dominating; Ethereum spot ETFs had a net outflow for three consecutive days, with a net outflow of $16.11 million on May 8. BTC broke through $104,000, with a daily increase of 3.46%; in the past 4 hours, the entire network had a liquidation of $253 million, and the liquidation volume of ETH was about 3.28 times that of BTC; Ethereum’s market share exceeded 8%, hitting a new high since April 6 last year, and is now at 8.8%; ETH broke through $2,400, with a daily increase of 17.40%.
Bitcoin breakthrough of $100,000 marks the entry of the market into a new stage. XBIT (dex Exchange) strategist believes that institutional funds dominate liquidity and technical support is strengthened, but altcoins are weak and highly volatile. In the short term, attention should be paid to the sustainability of ETF funds and the momentum of mainstream currencies such as ETH, while in the long term, it depends on ecological innovation (such as the integration of AI and blockchain) and regulatory adaptability.
Twitter : @XBITDEX
XBIT (dex Exchange) analysts said: “Investors should strengthen their awareness, balance spot allocation with risk hedging, and seize structural opportunities. XBIT focuses on core services such as strategic investment and optimized asset allocation, and supports the management of a variety of crypto assets, including Bitcoin, Ethereum, DeFi tokens, and NFTs. This allows high-net-worth investors to manage diversified assets on the same platform without having to spread them across multiple platforms, thereby improving management efficiency.”
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
