Let the data speak:
Is market sentiment reversing or is it an oversold rebound? Liquidity increases and U.S. funds return!
At 9 o'clock this morning, what the market experienced was not a sustained Asian decline, but a clear rebound. Current market sentiment is more optimistic than last week. We analyze this change through data.
Market capitalization and trading volume analysis:
Market capitalization growth: The total market capitalization increased by US$40 billion, and the market capitalization ratios of Bitcoin and Ethereum remained stable. This suggests that the market’s rally is holistic and that optimism is not limited to specific crypto assets.
Trading volume: Although there was a slight decrease compared to last Saturday, today's trading volume was close to 90 billion US dollars, which was much higher than the average trading volume of about 60 billion US dollars in the past two weeks, showing a significant increase in market activity. This shows that last week's selling pessimism has been released and market liquidity has improved.
Stablecoin analysis:
USDT: The market value has decreased by US$22 million. The current official on-chain data is US$1,122.009 billion, a US$14 million decrease compared to last Saturday. Although capital outflows from Asia and Europe continue, the magnitude of the outflows has decreased significantly, and the slowdown in capital outflows is a positive sign.
USDC: Market value increased by US$136 million, an increase of 29% compared to last Saturday. This indicates that U.S. funds may continue to flow back. The official website data updated last Saturday showed that as of July 4, USDC continued to flow back. The resurgence of USDC is a positive sign for market sentiment.
Summarize:
Market sentiment on Monday has now gotten off to a good start in nearly two months. Let’s hope this bullish sentiment continues. Whether Powell's speech on Tuesday night will bring more good news will become one of the key events we pay attention to. Meanwhile, the passage of an Ethereum ETF this week could also be a potential driver of increased market liquidity. Let us continue to pay attention to market dynamics!
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