Digital asset analysis firm Into the Block said certain factors could signal “speculative overheating” in the crypto market.
into the block memo On social media platform
“Such high costs indicate a growing bullish sentiment among traders.While still below the peak of the first quarter, continued demand at this level is a sign of speculative overheating. It may suggest…
The main factor is probably the US government's approach to cryptocurrencies under the Trump administration. A “strategic Bitcoin reserve” is just around the corner, and many feel incredibly bullish on Bitcoin's valuation well above $100,000.
People really want $100,000 of BTC. Past cycles have seen multiple significant drawdowns. Wouldn't be a bad place for a setback like this. ”
At the time of writing, Bitcoin is trading at $98,783. The top cryptocurrency by market cap briefly hit a new all-time high of $99,645 on Friday morning, rising nearly 1% in the past 24 hours and more than 8% over the past week.
Into the Block too memo This week, BTC reportedly witnessed a net outflow of $4.5 billion from the exchange. analysis company define Net outflows are the number of coins outflowed from a cryptocurrency exchange minus inflows, or withdrawals minus deposits.
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