Market Update: Bitcoin breaks $117,000, Ethereum returns to $3,000

Market Observation

Recently, the global trade situation has become tense, with the U.S. President announcing high tariffs on most trading partners, leading to fluctuations in the financial markets. Despite this, major U.S. stock indices have still reached new highs, with a certain tech giant's market value surpassing $4 trillion for the first time. A CEO of a large bank warned that the market is underreacting to the threat of tariffs and predicted a 40%-50% probability of interest rate hikes by the Federal Reserve. There are internal disagreements within the Federal Reserve regarding the direction of policy, and inflation data in the coming months will be a decisive factor. Investors are currently focusing on the second quarter earnings season; although overall expectations are cautious, some analysts believe that the pessimism is exaggerated.

In terms of digital asset policy in Hong Kong, the new policy declaration explicitly incorporates digital assets into the global financial center strategy, promoting multiple innovative measures. Industry institutions are actively participating in the transformation, including issuing tokenized fund ETFs and supporting the compliant listing of stablecoins.

Bitcoin maintained its strength after reaching a new high of $112,000 on Wednesday and broke through $117,000 this morning. On-chain data shows a continuous inflow of funds, and analysts expect it to be difficult to see large-scale profit-taking before $130,900. Models indicate that Bitcoin has a 60% probability of continuing to rise by 20% in the next two months. In terms of Ethereum, a large amount of buying yesterday pushed the price above $3,000, with ETF trading volume reaching a recent high. Analysts pointed out that in the past three instances where it broke $2,800, it quickly rose to around $4,000.

The altcoin market is generally rising, with several newly launched tokens performing strongly. On a certain exchange platform, the HYPER token surged over 455% within 24 hours, leading in trading volume. Other popular tokens like AIN and CROSS have also seen significant increases. The NFT project Pudgy Penguins has been actively traded recently, with its price rising by 130% in two weeks.

Key Data (as of July 11, 12:00 HKT)

• Bitcoin: $116,539 (Year-to-date +24.97%), Daily trading volume $61.806 billion
• Ethereum: $2,968.02 (Year-to-date -11.02%), Daily Trading Volume $40.603 billion
• Fear and Greed Index: 72 (Greed)
• Market share: BTC 63.8%, ETH 9.8%
• Total liquidation amount in 24 hours: 1.136 billion USD

ETF Fund Flow (As of July 10)

• Bitcoin ETF: +$1.179 billion, the second highest in history
• Ethereum ETF: +$383 million, the second highest in history

Important Events Today

• A trading platform will launch CROSS and AIN perpetual contracts.
• PUMP will launch its initial token offering on July 12.
• Multiple projects will undergo token unlocks, including IMX, IO, MOVE, and others.

Market Performance

Top 500 market cap gainers today: Omni Network (OMNI) up 195.50%, Hyperlane (HYPER) up 97.00%, CROSS (CROSS) up 70.72%, MemeCore (M) up 64.49%, Banana For Scale (BANANAS31) up 55.88%.

Hot News

• The trading volume of HYPER on a certain trading platform ranks first and is significantly ahead.
• The Shanghai State-owned Assets Supervision and Administration Commission held a study meeting on cryptocurrencies and stablecoins.
• Listed companies increase their holdings of a large amount of Ether
• A cryptocurrency investment firm has updated its asset review list.
• Large trader BTC long positions increase to 347 million USD
• The total assets of a certain public chain foundation reached 659 million USD.
• BNB completed its quarterly burn, worth approximately $1.024 billion.
• Data shows that American buying power drives Bitcoin to new highs.
• Prominent figures pledge to purchase a large amount of TRUMP tokens
• Multiple institutions are laying out BNB ecosystem financial services.