$BTC Can the rebound continue?
In the past two days, the US stock market and the cryptocurrency market have both seen slight rebounds, and market sentiment has improved somewhat.
From on-chain data, the BTC turnover rate is declining, indicating that the number of sellers is decreasing and selling pressure is gradually easing.
In the mining sector, Shen Yu predicts that when Bitcoin drops to $75,000, mining machines with a power consumption of 23.3W/T will reach their shutdown price, meaning mining costs can no longer be sustained.
According to Antpool's data, Bitcoin once dropped to around $78,500, and the vast majority of mining machines are already in a state of loss.
Currently, only the Antminer S23 series can still make a profit, earning about $18.53 per unit per day, while many older models have started to incur daily losses.
On the policy front, Trump publicly stated: “I am a staunch supporter of cryptocurrency and the person who has contributed the most to crypto because I truly believe in it.
He also expressed a clear desire for the “Bitcoin and Cryptocurrency Market Structure Bill” to be legislated as soon as possible so that he can sign it into effect. This statement has a stabilizing effect on market sentiment.
Institutional actions have also not stopped; last week MicroStrategy purchased 855 Bitcoins for $75.3 million, with an average buying price of $87,974.
So far, MSTR holds a total of 713,502 BTC, with an average cost of $76,052, remaining in a profitable state overall.
Binance has also started to fulfill its commitment to buy $1 billion worth of Bitcoin, having already purchased 1,315 BTC yesterday, amounting to about $10 million, and currently has around $900 million USDT left to use, likely continuing to buy slowly in the future.
The pressure on ETH is relatively greater.
BMNR added 41,788 ETH last week, now holding a total of 4,285,125 ETH, with an average cost of $3,837, and the current unrealized loss has reached $6.5 billion, showing significant pressure.
However, it is worth noting that ETH founder Vitalik Buterin sold 493 ETH in the past 8 hours for about $1.16 million, and he still has an authorization limit of 5,000 ETH on CoW Swap, so further sales cannot be ruled out.
From a funding perspective, the overall sentiment is relatively positive. The market capitalization of USDT increased by $110 million, and USDC by $268 million, indicating that funds are flowing back into both the Asian and US markets.
The willingness of capital to re-enter the market essentially means that some are beginning to seek bottom prices, which is a good signal for BTC and the entire market.
In the past two days, the US stock market and the cryptocurrency market have both seen slight rebounds, and market sentiment has improved somewhat.
From on-chain data, the BTC turnover rate is declining, indicating that the number of sellers is decreasing and selling pressure is gradually easing.
In the mining sector, Shen Yu predicts that when Bitcoin drops to $75,000, mining machines with a power consumption of 23.3W/T will reach their shutdown price, meaning mining costs can no longer be sustained.
According to Antpool's data, Bitcoin once dropped to around $78,500, and the vast majority of mining machines are already in a state of loss.
Currently, only the Antminer S23 series can still make a profit, earning about $18.53 per unit per day, while many older models have started to incur daily losses.
On the policy front, Trump publicly stated: “I am a staunch supporter of cryptocurrency and the person who has contributed the most to crypto because I truly believe in it.
He also expressed a clear desire for the “Bitcoin and Cryptocurrency Market Structure Bill” to be legislated as soon as possible so that he can sign it into effect. This statement has a stabilizing effect on market sentiment.
Institutional actions have also not stopped; last week MicroStrategy purchased 855 Bitcoins for $75.3 million, with an average buying price of $87,974.
So far, MSTR holds a total of 713,502 BTC, with an average cost of $76,052, remaining in a profitable state overall.
Binance has also started to fulfill its commitment to buy $1 billion worth of Bitcoin, having already purchased 1,315 BTC yesterday, amounting to about $10 million, and currently has around $900 million USDT left to use, likely continuing to buy slowly in the future.
The pressure on ETH is relatively greater.
BMNR added 41,788 ETH last week, now holding a total of 4,285,125 ETH, with an average cost of $3,837, and the current unrealized loss has reached $6.5 billion, showing significant pressure.
However, it is worth noting that ETH founder Vitalik Buterin sold 493 ETH in the past 8 hours for about $1.16 million, and he still has an authorization limit of 5,000 ETH on CoW Swap, so further sales cannot be ruled out.
From a funding perspective, the overall sentiment is relatively positive. The market capitalization of USDT increased by $110 million, and USDC by $268 million, indicating that funds are flowing back into both the Asian and US markets.
The willingness of capital to re-enter the market essentially means that some are beginning to seek bottom prices, which is a good signal for BTC and the entire market.