Bitcoin experienced a significant increase last night, overcoming the $ 110,000 threshold and approach their maximums of all time, in a context of traditional planes and mixed signals from the macroeconomic front.
The most capitalized cryptocurrency in the world has won 3.7% in the last 24 hoursreaching the highest level of June. Currently, the price is $ 109,795Less than 2% from the historical maximum reached in May.
The analyst Caleb Franzenfounder of Cubic Analytics, has defined this phase as a “Pacific Rally”characterized by a constant progression of higher and higher high ups and downswithout obvious signs of weakness. “Every time a fall arises, buyers intervene to defend the trend,” he explained.
Liquidations and volatility: The market is cleaned “impurities”
The Toro movement caught many merchants with short positions by surprise, causing Liquidations of more than $ 110 million in an hour, according to Caramel data. In total, the day he saw $ 330 million in short positions liquidated In all cryptocurrencies, the highest level in the last month. This phenomenon has contributed to strengthening the thesis that the market is entering a more stable phase, after the recent 10% correction that brought Bitcoin. $ 100,000.
Bitfinex analysts highlighted how the market has “downloaded” excess leverage, with More than $ 1.9 billion in liquidations On cryptographic derivatives last week. However, they warn that Bitcoin is now at a crossroadssuspended between structural support and a Decline the bull’s momentwaiting for new macroeconomic catalysts.
Ethereum and Altcoin: Force signals
Ethereum (eth) has also benefited from the positive climate, with an increase in 3.8%overcoming $ 2,620. The Token showed a solid recovery of recent minimums, with a high purchase volume confirming support of $ 2,580 and paving the way for a possible breakdown above $ 2,590.
Among the Altcoins, the actions of Hyperlichid (hype) and Sui Highlights, having won 7% and 4.5% respectively, overcoming most of the cryptocurrencies of great capitalization.
Ethereum: the institutional change in participation
A key element for the future of Ethereum is the growing institutional interest in the rethinking, promoted by recent protocol updates and an increasingly mature infrastructure. According to Mara Schmiedt, CEO of the alluvial institutional betting platform, a “Mass change” It is happening in the way in which professional investors approach ETH.
He Liquid collective The protocol, co -founded by alluvial, has already raised $ 492 million in eth of institutional investors. Although this figure represents only a small portion of the total of approximately $ 93 billion In Eth Staking, the data is significant for its composition.
He Pectra The update, recently implemented, has been described by Schmiedt as “massive and underestimated”, especially for the introduction of Unleashed retreats from the execution layerthat allow partial outputs directly from the Ethereum execution layer. This functionality is particularly important for institutional investors, since it is aligned with operational needs such as redemption times T+1.
Macro pressures and contrasting signs
Bitcoin’s rally is established within a complex macroeconomic context. He commercial negotiations between the United States and Chinathat takes place in London and the auction of $ 22 billion in Values ​​of the US Treasury. Scheduled for this week, they are feeding uncertainty in global markets. According to Jake O, an OTC merchant in Wintermute, these events could represent the next catalysts for the cryptography market.
However, some analysts, such as QCP Capital, warn of a possible market fatigue. In a recent note, QCP highlighted what the volatility implicit in the annual minimums and how The open interest in perpetual contracts is decreasingWhile they intertwine in Bitcoin ETF Spot They are starting to decrease speed.
“Despite the concentration of US actions and the fall of gold after the solid employment report on Friday, Bitcoin has remained surprisingly motionless,” reads the note. “Without a convincing narrative, signs of fatigue are emerging.”
Trump Media and Semler: New forms of exposure to BTC
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Meanwhile, Trump Media (DJT) and Semler Scientific (SMLR) have been identified by Nydig as the The most undervalued opportunities To gain exposure to Bitcoin in public markets. According to Nydig Cipolaro, the traditional method of traditional assessment based on Modified net asset value (MNAV) It is insufficient. Instead, using the Equity Premium on ChristmasDJT and SMLR are operating with discounts from -16% and -10%respectively, despite keeping BTC in their balances.
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In marked contrast, Strategy (mstr) He won almost 5% on Monday, while DJT and SMLR remained almost unchanged, suggesting that they could be Overlooked vehicles for exposure to Bitcoin.
ETF and traditional finance: the case of the circle
Finally, the stock Circle (CRCL) It has almost quadrupled its value after the opi, attracting the attention of two main ETF emitters: Boxwise and Proshares. Both have submitted proposals for funds linked to CRCL, with Proshares with the objective of an leverage 2x and bit a bit for a covered call background. If the SEC approves it, these ETF could represent one more step towards integration between Traditional finance and cryptography.
An evolving scenario
The cryptocurrency market is in a crucial phase. On the one hand, Bitcoin shows signs of technical force and institutional support, on the other hand, Signs of exhaustion and macroeconomic uncertainty arise. With key events on the horizon, such as US inflation data and international trade negotiations, investors are waiting for a New catalyst that could confirm or reverse the current trend.
Meanwhile, Ethereum is preparing for a New growth phasepromoted by an increasingly concrete institutional adoption and technological updates that strengthen their decentralization and security.
