Just a few days ago, Bitcoin’s price soared to over $35,000 due to a misleading tweet and subsequent speculation that the United States may approve a Bitcoin spot ETF. Despite the basic caution due to speculative trading and regulatory uncertainty, the bullish sentiment in the market remains.
The market's positive reaction to the court's support for Grayscale Investments' ETF application and the SEC's decision not to appeal, as well as BlackRock's ETF application progress, highlights the increase in expectations and its impact on investor sentiment. Despite the market rebound, Bitcoin blockchain trading activity has declined significantly in a month, and derivatives trading has dominated spot trading, indicating that the rebound is more based on speculation than on fundamental economic activity within the Bitcoin network. The trend of a large amount of funds shifting from holding stablecoins to buying Bitcoin indicates that market participants are showing a desire for risk, which indicates the early stages of a possible bull market (see my previous article on the flow of whale funds)
Here I would like to introduce another coin, Chainlink.
Chainlink is always doing things.
Despite the recent sudden rise of its token, the protocol has partnered with some of the world’s largest financial institutions this year, including ANZ Bank, DTCC, Citibank, BNY Mellon, and many more.
What’s the reasoning behind these collaborations, and why should you care? Tokenization of real-world assets could bring trillions of dollars to the capital markets and DeFi sectors. More importantly, it could fulfill the original goal of cryptocurrency — improving our outdated financial system by making it more accessible and efficient to the masses.
