Reports from Matrixport suggest Bitcoin may be preparing for a new bullish cycle, although August-September is expected to be a period of correction and accumulation according to historical patterns.
Cautious market sentiment
Bitcoin funding rate is only 15%, indicating that investors remain cautious, although Ethereum benefits from ETF capital flows and expectations of SEC approval for staking.
The lack of policy momentum and the FOMC not meeting until mid-September keeps capital temporarily on the sidelines.
Macroeconomics and the US debt ceiling are catalysts
The US's expansion of the $5 trillion debt ceiling creates fiscal risks, driving capital towards hard assets like Bitcoin.
Total Treasury debt increased by more than 10% after the new policy, reinforcing Bitcoin's position as a safe haven against inflation and financial instability.
"Fiscal instability is the catalyst that makes Bitcoin stand out amidst the global macroeconomic shift."
— Linda Zhang, financial expert
Conclusion
Bitcoin is likely to accumulate in the short term, but is gradually building momentum for the next bullish cycle.
Macroeconomic factors like the US debt ceiling and monetary policy adjustments will be key to leading capital back into the crypto market.
Quick summary:
BTC funding rate: 15% → sentiment has not exploded
Ethereum: Strongly supported by ETFs & staking
FOMC: No new momentum until mid-September
US Debt Ceiling: Expanded by $5 trillion → increased demand for safe havens
Bitcoin: Building a foundation for a new bullish cycle in Q4