24-hour Cryptocurrency Hotspots
1. South Korean Market Enthusiasm is High: South Koreans, who are keen on trading cryptocurrencies, have recently been aggressively increasing their Bitcoin holdings. In the past 10 days, the 'Kimchi Premium' for Bitcoin has reached a minor climax, with a premium as high as 3% yesterday. When the market price was 84,000, South Korean investors were willing to buy at a high price of 87,000, which is a strong signal of market buying revival. Bitcoin has broken through a nearly half-year descending trend line and may be on the verge of a reversal, coupled with breakthroughs in tariff issues, prompting South Korean investors to rush to buy.
2. On-chain Data is Performing Well: From the Bitcoin on-chain data, the stock of Bitcoin on exchanges continues to decline, which in past bull markets has been a signal for price increases; conversely, if the stock increases, it means people are starting to sell. Meanwhile, the Nasdaq index in the U.S. has dropped 26% from its peak, while Bitcoin, known for its high volatility, has seen a decline similar to that, demonstrating Bitcoin's resilience against downturns. This indicates that there are not significant fundamental issues in the cryptocurrency space; this round of decline is more influenced by U.S. stock and tariff factors.
3. Mining Market is Prosperous: Miners are increasingly investing in mining machines, with the network's computing power soaring to 888 EH and mining difficulty reaching 123 T, both setting historical highs. Although mining tends to favor long-term investments and does not guarantee short-term safety, it also indirectly reflects the long-term potential of the market. Based on cyclical patterns, the peak of Bitcoin prices in this round may occur in November or December 2025.
4. Market Capital Flow Shows Abnormal Activity: In the short term, the upgrade in Prague is gradually fermenting, with a whale using leverage to buy 20,000 ETH, indicating that large holders are optimistic about the market, in stark contrast to retail investors who are cutting losses, as if everyone is preparing for the upgrade on May 7. Currently, SO has risen nearly 50% from its lowest point, approaching the target of 148, and at this time, converting some funds into ETH and Ethereum ecosystem coins that have not yet surged significantly, holding until May 7 may yield good returns.
