As Bitcoin reaches a new historical high, with the price hitting $123,000, the market remains unusually calm. There are no special positive news or overwhelming media coverage. The steady rise over consecutive weeks raises questions about whether the crypto market still has room for growth or has already reached its peak. DeFi researcher Ignas and data analyst Murphy have provided explanations for this.
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ToggleBitcoin Repeatedly Hits New Highs, Yet Crypto Market Lacks Attention?
Bitcoin continues to break historical highs, but unlike the previous crazy and FOMO buying sentiment, the current market mood appears unusually calm. Ignas pointed out that several typical retail investor entry signals have not yet appeared:
Mainstream media has not extensively reported, Coinbase has not dominated the App Store rankings, and there have been no warm inquiries from non-crypto friends.
Additionally, major tokens like ETH and SOL are still significantly below their historical peaks, with 37% and 42% gaps respectively. The Federal Reserve (Fed) has not yet begun to cut rates, indicating that the macroeconomic environment has not fully turned loose. These factors create a subtle atmosphere that "the bull market has not ended and has not yet reached its peak".
(Bitcoin Reaches New High of $119,488, Arthur Hayes Calls for Ethereum Target Price of $10,000)
Two Data Points Clarify Market Situation: Not Overheated, Peak Not Reached
According to Delphi Digital's Bitcoin Top Indicator, the current index is at 62, while historically, the overheated zone is usually above 75. This indicator combines on-chain activity, technical aspects, sentiment, and macro data to reflect market overheating.
CryptoQuant's bull and bear cycle indicator also shows that Bitcoin is still in the "bull market zone (orange)" and has not entered the "market overheated zone (red)" representing high-risk turning points. These data support the view that "Bitcoin's rise not only has momentum but is not yet irrational".
BTC Indicators Reveal: Fake Rebound or New Upward Trend?
On the other hand, on-chain indicator analyst Murphy pointed out two important on-chain indicators showing breakthrough signals. The Short-Term Holder MVRV Index (STH-MVRV) has reached 1.18, level with the previous high point, and historically, a weaker rebound would typically not return to the previous high. Another volatility indicator AVIV has also exceeded the historical average by 1 standard deviation, indicating a trend is forming.
He believes that Bitcoin's current trend is not a simple rebound but has characteristics of a structural breakthrough, with potential for trend continuation. However, he also warns of the need for strict position management and stop-loss mechanisms to address potential risks, and to continue tracking long-term holder (LTH) chip distribution and exchange fund flows to assess subsequent changes.
Upward Trend May Have Just Begun, Are Retail Investors Entering?
When most people are still waiting, news has not exploded, and FOMO has not yet fermented, this might be the most precious brewing stage of an upward trend. Ignas frankly admits that this cycle is very different from previous ones, and the biggest resistance now is that retail investor interest has not yet returned, which may become the main reason for lacking sufficient price momentum.
In summary, whether for long-term holders or swing traders, the future trend is worth close attention while maintaining cautious approach.
Risk Warning
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
The Non-Fungible Token market, which has been dull for a long time, has recently stirred up waves again. Data shows that the overall Non-Fungible Token trading volume broke through $140 million last week, reaching a new high since the beginning of this year. Ethereum performed most brilliantly. Meanwhile, a large investor buying CryptoPunks for millions of dollars has also sparked market discussion. Is this revival a short-term rebound or a prelude to a new Non-Fungible Token bull market?
ToggleNon-Fungible Token Market Trading Volume Hits Half-Year High, Ethereum Most Active
After several months of low performance, the Non-Fungible Token market welcomes a long-awaited highlight. Data from The Block shows that the past week's cross-chain Non-Fungible Token trading volume reached $143.5 million, returning to January's level this year.
Ethereum led with a weekly trading volume of $75 million, accounting for over half the market, a surge of over 300% compared to the previous two weeks' $18.3 million. Simultaneously, BTC Non-Fungible Tokens increased from $11 million to $25.6 million, showing a recovery trend.
NFTGO data clearly shows that the overall market has seen significant increases in floor prices, 24-hour trading volume, and transaction volume, with projects like CryptoPunks, Squiggle, and Moonbirds performing most notably.
ETH Surge Drives NFT Market Recovery, CryptoPunks Whales Sweep Tokens
The NFT market's recovery is closely related to the recent ETH price increase. Since early July, ETH's price has risen nearly 50%. The price recovery has also prompted the NFT market to become active again. Yesterday, a whale's new wallet suddenly bought 45 CryptoPunks in a short time, spending 2,082 ETH (approximately $5.87 million).
(Heading towards the art's endpoint: Legendary Non-Fungible Token CryptoPunks transferred to NODE Foundation)
This move not only pushed CryptoPunks' floor price to 46 ETH (approximately $175,000) but also sparked market attention, triggering discussions from BAYC's co-founders like Garga.eth and Blockworks co-founder Yano about recent hot topics and Non-Fungible Token reserve company news.
Blue-Chip Stabilization: Yuga Labs Strategically Reshapes, PENGU Actively Markets IP
Changes in the Non-Fungible Token field are not just in data. Large blue-chip projects are also adjusting strategies. BAYC's parent company, Yuga Labs, recently sold IP ownership of Moonbirds, Meebits, CryptoPunks, and is focusing on developing their metaverse platform Otherside, symbolizing resource reallocation.
(Yuga Labs' big sale: Moonbirds transferred to game startup, refocusing on BAYC and Otherside)
On the other hand, the recently popular Pudgy Penguins not only invested heavily in marketing exposure but also had their official token PENGU submit an ETF application to SEC through Canary Capital. If approved, it will become one of the first funds directly linked to the Non-Fungible Token ecosystem.
(Fat Penguins become crypto enterprises' favorite avatars, VanEck explains why not BAYC: Not discussing Web3 is key)
Bubble Rebound or New NFT Cycle's Starting Point?
Although the Non-Fungible Token market trading volume shows a -50.9% decline over a year, recent signals like ETH fund spillover, data recovery, and project strategic adjustments indeed show potential market recovery. Whether this rebound is a short-term hot money effect or the start of a Non-Fungible Token bull market remains worth watching.
Risk Warning
Crypto investment carries high risk, with potentially dramatic price volatility. You may lose all principal. Please carefully assess risks.
