After a 10-month approval process, the regulatory authorities have finally agreed to list the BlackRock Bitcoin Options ETF product on Nasdaq as early as Tuesday, allowing investors to trade Bitcoin through derivatives. The Bitcoin bull market is still in its early stages, and the retail FOMO sentiment has not yet appeared. Although Bitcoin has entered the price discovery stage and continues to rise, the market has not yet shown FOMO sentiment. Multiple market indicators show that the growth of Bitcoin on-chain addresses is slow, and retail trading has not shown a significant upward trend. Although the Google search volume for the term "Bitcoin" has increased, it is still lower than the historical peak, indicating that the cryptocurrency market is still in the early stage of the bull market. The Google search trend for Altcoin has reached a new historical high, surpassing the peak in March 2024. Since the US presidential election, the speculative sentiment of retail investors has surged, greatly increasing the spot trading volume of Altcoins. At the same time, the search volume of Altcoins has also been rising rapidly, reaching 70, the highest level since November 2021. Kaiko data shows that the weekly trading volume of the top 50 Altcoins (excluding stablecoins) has exceeded $300 billion for the first time since 2021, indicating a significant increase in market activity. In 2024, the correlation between Bitcoin and traditional markets such as Nasdaq and S&P 500 has dropped significantly, with the directional adjustment being 52% and the 30-day correlation being 0.46, the lowest level in the past five years. Fidelity data shows that the correlation between Bitcoin and the S&P 500 index is only 19%, and the Sharpe ratio is among the highest in major assets, indicating that its market independence is continuously strengthening. The latest chart from Matrixport shows that the demand in the cryptocurrency market has surged, with the amount of new stablecoin minting nearly doubling in 7 days. This upward trend indicates the strong interest of investors in the cryptocurrency field and the influx of more new capital.
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.
