News

ChainCatcher reports, citing The Block, that Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that after the recent sharp drop, Bitcoin has "almost bottomed," and the current range around $63,000 is a "buy zone." He pointed out that since February, U.S. spot Bitcoin ETF holdings have remained basically flat overall, with no feared mass redemptions, indicating that capital is now "structurally more stable." Kendrick expects that after the recent selling pressure caused by Strategy selling 32 BTC, there may be a buyback of 10 times or even 100 times the scale, following historical patterns, which could signal confirmation of a short-term low. He also warned that Bitcoin still faces downside risk of falling below $60,000, but argued that buying in batches is better than trying to time the exact bottom. The bank maintains its year-end targets for Bitcoin at $100,000 and Ethereum at $4,000.

ChainCatcher reports, according to Coinglass data, if BTC surpasses $65,563, the cumulative short liquidation intensity on major CEX will reach $1.314 billion. Conversely, if BTC falls below $59,371, the cumulative long liquidation intensity on major CEX will reach $789 million.

Odaily reports that, according to 8marketcap data, Bitcoin's market capitalization has dropped to 16th place among global mainstream assets, currently at $1.26 trillion. Ethereum's market capitalization has fallen to 104th place, currently at $211.6 billion.