K33 Research: The market is healthy and gradually accumulating, and BTC is expected to rise further

According to a recent report from K33 Research, BTC is not showing signs of the frenzy seen in March, suggesting that prices have further room to rise. Despite a more than 8% increase in Bitcoin trading volume over the past week, trading volumes remain sluggish. Daily trading volume averaged $2.6 billion, almost half of the level seen in the first quarter of this year. Relatively calm market activity suggests healthy, gradual accumulation in the market, rather than FOMO buying. In addition, the ETH/BTC exchange rate reached a multi-year low, reflecting a shift in focus in the cryptocurrency space to BTC. According to the report, BTC's rally near all-time highs lacked the typical excitement, suggesting that it is a mature asset that is expected to continue to grow under favorable market conditions and the impact of the upcoming election. Compared to March and April, when speculative trading surged, current market conditions for futures contracts show a more balanced, less leveraged environment. Bitcoin's annualized funding rate currently averages 10.83%, well below the high rate of 32.17% in the first quarter. This suggests that investors have taken a calmer and more cautious approach, and CME futures contracts also reflect this stability. The report added that Bitcoin ETF inflows indicate strong interest from institutional investors, and that this demand supports expectations for continued gains, especially as retail investors have shown far less urgency than expected in the current rally. (CryptoSlate)