Bitcoin achieves a new market capitalization high of 934.8 billion USD: Why is market confidence soaring?
Trump stated: The appointment result of the next Federal Reserve chair will be announced soon, and he has a fairly clear understanding of the candidate. A good Federal Reserve chair will lower interest rates. Citigroup expects the Federal Reserve to cut rates by 75 basis points this year, with cuts of 25 basis points in September, October, and December; and cuts of 50 basis points in January and March 2026.
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Journalist Eleanor Terrett said that a replacement amendment to the CLARITY Act, a clear bill for the U.S. digital asset market, has been released. This replacement amendment is an updated version of a bill that has already been filed, incorporating recent amendments and additions. The text will be the basis for Republicans in the Financial Services Committee of the US House of Representatives on Tuesday. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, said that the underlying of stablecoins is legal tender, which can be used as payment functions in the form of electronic assets through blockchain and other technologies in the future. Stablecoin issuers are regulated by the Hong Kong Monetary Authority, and the general principles of regulation are similar to those of traditional financial assets, and the relevant issuers are required to comply with the requirements of reserve asset management and redemption, and when stablecoin holders make redemption requests, they must be completed within one working day to meet user requirements. U.S. Republican Rep. Tim Burchett introduced H.R. 3798, which aims to establish a U.S. national strategic BTC reserve and write it into federal law. The UK's Financial Conduct Authority (FCA) said it lifted the ban on cryptocurrency notes (ETNs) to support the UK's growth and competitiveness. The Blockchain Group, a European BTC reserve company, said it has signed a €300 million capital increase agreement with asset manager TOBAM to accelerate its BTC reserve company strategy.
CryptoQuant analyst Oro said that BTC has achieved a new all-time high of $934.88 billion in market capitalization, reinforcing the market's long-term confidence. This metric reflects the total amount of capital that has entered the BTC market through real on-chain activity. Dominick John, an analyst at Kronos Research, said: BTC can regain its foothold above $105,000 to show strength, but the market structure is still fragile, the fear and greed index is now at 55, and the wait-and-see sentiment dominates the market, waiting for macro catalysts or trend confirmation. 10x Research said: US spot BTC ETFs recorded $9 billion inflows in five weeks, and institutional demand remained strong, however increased profit-taking by long-term holders weighed on prices. Crypto stocks are moving away from BTC's lackluster performance, with increased regulatory clarity creating strong market demand, and the total market capitalization of publicly listed crypto companies now exceeding $300 billion, with institutional capital making directional bets. In response to a Member's question, the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, said that the HKEx is considering introducing virtual asset derivatives trading for professional investors and will formulate robust risk management measures. Alex Thorn, head of research at Galaxy, said concerns that BTC finance companies and their debt could be a problem are overblown, given the size of the company's debt as a whole, and that most of the debt will not mature for more than 2 years. The majority of BTC treasury companies' debts will mature between 2027 and 2030, including Strategy (formerly Microstrategy).
U.S. BTC spot ETFs saw net outflows of $131.6 million last week; Last week, the US ETH spot ETF saw a net inflow of $281.3 million, a net inflow for 15 consecutive trading days, setting the longest net inflow cycle since November 2024, including: BlackRock ETHA net inflow of $249.3 million and grayscale ETH net inflow of $25.2 million. BlackRock's ETH spot ETF ETHA has seen net inflows for 10 consecutive days, with a cumulative inflow of $507 million. Analyst Min Jung said that the price support above $105,000 is mainly due to the institutional increase in corporate BTC reserves, which is supported by the narrative of corporate allocation to BTC, and more and more US companies are beginning to follow Strategy's approach. Eric Balchunas, senior ETF analyst at Bloomberg, said: "Expect to see a series of actively managed crypto ETFs in the winter of 2025, with the potential for star fund managers to emerge. On Monday, Tether issued an additional $1 billion stablecoin. Last week, Strategy added 1,045 BTC to an average price of $105426. Citi expects the Fed to cut rates by 75 basis points this year and 25 basis points each in September, October and December; 50bp rate cuts in January and March 2026. Trump said that the appointment of the next Fed head will be announced soon, and he has a fairly clear idea of who will be, and a good Fed head will cut interest rates. If you don't cut interest rates, you will "change people", Trump called Powell "Mr. Too Late", and called on Powell to cut interest rates by 100 basis points; Powell was unmoved. Fed's Waller said that inflation is moving closer to the 2% target, and if tariffs remain stable, it may support a rate cut later in the year. Fed's Goolsbee: If trade policy no longer brings uncertainty, there is room to continue to cut interest rates.
U.S. stock indexes closed last week at their highest level since February, with the Dow up 1.17%, the S&P 500 up 1.5%, and the Nasdaq up 2.18% above the 6,000-point mark, for the first time since Feb. 21. Bank of America believes that geopolitical uncertainty will support gold prices, which could reach $4,000 per ounce by the end of the year. Da Mo believes that the dollar will continue to weaken in the next 12 months, and the Fed will cut interest rates more than the market expects. Important macro data this week are inflation CPI (previous 2.3% vs. 2.5% expected) and core CPI (2.8% prior, 2.9% expected) on Wednesday. Nonfarm payrolls recorded 139,000 in May, the lowest since February; The unemployment rate remained unchanged at 4.2%. U.S. stock indexes opened on Monday, with the Nasdaq up 0.4% and the S&P 500 up 0.01%; BTC rose 2% to $108,000; ETH rose 1%. Unlike traditional companies in previous years, with Circle's listing on the New York Stock Exchange, it rose 340% in three days, with a market value of $30 billion. It is hoped that liquidity will return in the next stage and interest rate cuts will be smooth. #比特币走势观察