Crypto market dynamics: Bitcoin is poised to challenge historical highs, alts are rising all around.

The market capitalization of Crypto Assets approached $3.4 trillion at the close on Wednesday, with a nearly 3% rise in 24 hours. The price movement of Bitcoin remains strong, heading towards the $110,000 mark, creating greater pump potential for alts: Ethereum surged 6%, while DOGE and ADA both rose over 7%.

Market Sentiment and Technical Analysis

The market Crypto Assets sentiment indicator has risen to 73, returning to the upper limit of the range it has been in for nearly three months. This is seen as an important preparatory phase for Bitcoin bull market further advancing.

Bitcoin broke through $109,500 last night. Although there was a slight technical pullback (about $1,000) in the Thursday morning session, it quickly regained lost ground, returning to the early June peak level. Given the high global market crypto assets risk appetite, the historical high price (ATH) of about $112,000 for Bitcoin set at the end of May is likely to be challenged or refreshed before this weekend. However, caution is needed as the U.S. monthly non-farm payroll report released later on Thursday could serve as both a catalyst and a significant resistance.

On-chain Data and Institutional Dynamics

• Glassnode on-chain data shows: Currently, 96.7% of Bitcoin supply is in profit, which indicates that the market Crypto Assets volatility risk is relatively high.
• QCP Capital analysis points out: The listed company has exceeded ETF in Bitcoin purchasing power for the third consecutive quarter, which supports the stability of BTC prices.
• Crypto Assets Regulatory Dynamics: The U.S. Securities and Exchange Commission (SEC) is accelerating the approval of crypto assets ETFs. The regulatory agency has approved a Solana ETF with staking functionality and has approved Grayscale's diversified fund that includes BTC, ETH, XRP, SOL, and ADA.

Price Prediction and Market Structure Changes

• Bitcoin Future Price Prediction: Standard Chartered predicts that Bitcoin will rise to $135,000 in the third quarter and reach $200,000 by the end of the year. The main Crypto Assets growth momentum will come from the influx of funds from spot ETFs and ongoing purchases by corporations.
• Rise of Decentralized Exchanges (DEX): According to The Block, in June, DEX accounted for a record 29.65% of the global spot crypto assets trading volume (compared to centralized exchanges CEX). The monthly trading volume of CEX has dropped to its lowest level since September 2024.
• Kronos Research Analysis Reasons: Traders are turning to DEX due to declining trust in CEX, lower DEX fees, and an increased demand for self-custody of Crypto Assets (autonomous control of assets).