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Bitcoin Surpasses 28K Again, Large Institutions Enter the Crypto Market, Nansen Says Bad News Already Priced In

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Bitcoin Surpasses 28K Again, Large Institutions Enter the Crypto Market, Nansen Says Bad News Already Priced In

Last night, Bitcoin once again rose above 28,000 USD. Some believe it was driven by the recent influx of many large institutions into the crypto market. Crypto research firm Nansen also released a report stating that the shallow sell-offs of Bitcoin and the continued decline in implied volatility of cryptocurrencies indicate that many regulatory and macroeconomic negative news have already been priced in!

Market Trends Yesterday

Yesterday, the cryptocurrency market showed a different trend from traditional finance. While the US stock market fell, Bitcoin and Ethereum saw 24-hour gains of 5.48% and 3.19% respectively. This marks Bitcoin's return to above $28,000 since June.

Asset management giant BlackRock applies for a Bitcoin spot ETF! Coinbase and BNY Mellon to serve as custodians

Wall Street giants Citadel, Fidelity, and Susquehanna back exchange EDX, set to launch this week

Nansen Claims Bad News Has Been Priced In!

Cryptocurrency research firm Nansen has also released a report stating that the shallow sell-off of Bitcoin and the ongoing decrease in implied volatility of cryptocurrencies indicate that many regulatory and macroeconomic bad news have already been priced in!

Nansen believes that the narrative from central banks and the market is "once again" changing: the scenario of a recession is being postponed, but the "stubborn" inflation is surprising. This will lead to nonlinear effects, whereby monetary policy, apart from Asia, will maintain stricter restrictions for a longer period, becoming a resistance to the rise of risk assets. The recovery of the cryptocurrency bull market may require

  • Clear regulation in the US
  • Evidence that core inflation is decreasing

Despite facing significant regulatory pressure since May, Nansen's statistics show incredible results, with a significant increase in on-chain active addresses in May:

  • BNB Chain: 12.4 million (+14%)
  • TRON: 12.1 million
  • Solana: 9.5 million (+86%)
  • Ethereum: 4.7 million (-4%)