The structural changes behind Bitcoins new highs, what are the XBIT cryptocurrency trading platforms?
On the evening of May 21, on the eve of Trumps dinner, Bitcoin broke its all-time high again after 121 days, with the price reaching $109,432, up 46.35% from the low on April 9. XBIT historical data shows that since May, Bitcoin has repeatedly exceeded the $100,000 mark, and has broken through historical barriers amid the resonance of global policy benefits and capital flows, showing a resilience that is completely different from 2021.
Twitter : @XBITDEX
The core feature of this round of market is structural transformation. Unlike the roller coaster speculative frenzy in 2021, the current rise is dominated by spot funds, with open interest reaching US$34 billion, but the funding rate has been close to zero for a long time, suggesting low leverage operation. The low leverage and high transaction pattern reduces the risk of speculative bubbles, and volatility has been significantly moderated. According to the data from Bijie.com, although the number of active addresses has increased, large transfers are mostly concentrated in exchanges, custodial wallets and ETF custodial addresses. The tendency of retail investors to speculate in the short term has weakened, and medium- and long-term allocation funds have dominated. XBIT (dex Exchange) traders bet on a target of US$120,000 to US$150,000 through options, and the implied volatility has not soared significantly, indicating that the market has formed a more rational consensus on the rise.
Behind this transformation is the reconstruction of market roles. Institutional investors have steadily increased their positions through CME futures, and large long positions have continued to increase. Traditional capital is incorporating Bitcoin into the asset allocation system. The options market is bullish, but investors are more concerned about long-term trends rather than short-term arbitrage. XBIT (dex Exchange) analysts said: The market is shifting from cryptocurrency speculation to capital allocation, marking the gradual establishment of Bitcoins position in mainstream assets.
Twitter : @XBITDEX
However, there are hidden concerns about differentiation behind the surge in Bitcoin. Unlike historical trends, the correlation between mainstream altcoins and Bitcoin collapsed in this round of gains. The 14-period rolling correlation has dropped sharply since late April. Most altcoins show zero or negative correlation. The market heat map of Coin World shows that most currencies have entered a cooling state. Although Bitcoins dominance has rebounded to nearly 70% (including the impact of stablecoins), its changes have frequently turned negative, reflecting the hesitant mood of capital rotation the demand for risk aversion has driven funds to concentrate on top assets, and it also suggests that the market has differences in the momentum for further gains.
XBIT (dex Exchange) analysts said: It is worth noting that Bitcoins recovery is often accompanied by the return of risk-averse behavior. The participation of stablecoins shows that some investors are waiting and waiting for clearer trend signals. Although the price has repeatedly set new highs and broken historical records, the frequent fluctuations in dominance expose potential vulnerabilities. If altcoins continue to be sluggish, a rebound led by a single asset may find it difficult to maintain long-term momentum.