Bitcoin’s Market Outlook
Michael Novogratz, the CEO of Galaxy Digital Holdings Ltd., has shared his insights on Bitcoin’s market movements. In a recent interview with Bloomberg TV, Novogratz discussed the potential for a upcoming dip in Bitcoin’s value followed by a surge to new heights. He expressed,
“I wouldn’t be surprised to see some corrections and some consolidation,”
indicating a correction to the mid-$50,000s before reaching new highs.
Market Dynamics and Miners’ Behavior
Novogratz also highlighted the issue of market leverage, noting a shift in the role of institutional and retail investors. He mentioned,
“I think the market is too leveraged right now. There will be a wash out. People can’t sustain this much leverage,”
reflecting on the risks associated with leveraged positions. Concurrently, Bitcoin miners have been selling their holdings in anticipation of the upcoming halving event, as indicated by Glassnode’s analysis, showing a reduction of 8,426 BTC since the beginning of the year.
Despite the market uncertainties, as of now, Bitcoin is trading at $61,528, an increase of 20.22% from a week ago. Galaxy Digital, a contender for an Ethereum exchange-traded fund (ETF) spot, expects the Securities and Exchange Commission (SEC) to approve Ethereum ETFs within the year.
Spot Trading Volume and Leading Exchanges
According to Kaiko’s statistics, Bitcoin’s spot trading volume on centralized exchanges has hit a record high of $34.05 billion. Binance led the way with a trading volume of $17.09 billion, followed by Bybit, Coinbase, OKX, and Kraken with significant contributions to the trading volume.
