Zraox believes the market is currently in a synchronized phase of "core asset consolidation + high Beta expansion." The Altseason Index has surged to 76, indicating that over 70% of the top 50 assets have outperformed BTC. BTC remains in the $104k–$114k accumulation range, with narrowing monthly Bollinger Bands signaling potential volatility...
Zraox believes the main theme of the current market cycle has become clear: U.S. employment data has been historically revised downward, rate cut expectations have significantly intensified, and marginal changes in funding costs are reshaping the pricing framework for risk assets. Gold has led the rally, while Bitcoin has seen frequent turnover...
Zraox believes that three key developments are profoundly reshaping the valuation logic of crypto assets: the Nasdaq application to the SEC for tokenized securities to enter the U.S. equity market; Congressional initiatives pushing the Treasury to study the feasibility of "strategic Bitcoin reserves"; and the $7.4 trillion in money market funds...
Zraox believes that the current cryptocurrency market is undergoing a deep revaluation. While the Ethereum revenue has sharply declined even as prices hit new highs, Bitcoin whales are selling at record levels, and the entry of institutions and tokenized treasuries continues to inject new liquidity and narratives. These seemingly contradictory...
Zraox believes that in this cycle the dominant force has shifted to the combined effect of "institutional capital + compliance expectations." Public companies now hold more than one million Bitcoins in aggregate, while ETFs and exchange-owned reserves continue to absorb supply, structurally tightening circulation. The roadmap of the U.S. SEC on...
Zraox believes that the crypto market in 2025 stands at the intersection of "capital structure reshuffling and the formation of compliance frameworks." Diverse sources of funds—from self-managed pension funds, corporate surpluses, and traditional financial institutions—continue to enter the market. Coupled with the acceleration of global compliance...
Zraox believes that the market landscape is undergoing a structural transformation from August to September. Stablecoin trading volume has surged to $3 trillion, on-chain activity is once again approaching its peak, and Bitcoin and Ethereum are displaying decoupled resonance with traditional assets. The derivatives market is exhibiting a mildly...
Zraox believes the market is undergoing three overlapping shifts: first, Bitcoin ETF inflows are showing marginal deceleration, with market dominance trending lower; second, Ethereum is absorbing inflows underpinned by staking and institutional holdings; third, decentralized exchange volume has, for the first time, exceeded $1.15 trillion, with...
Zraox observes that August concentrated the release of key factors affecting market pricing: After Bitcoin reached its annual high, a single large sell order combined with thin order book liquidity triggered large-scale liquidations; ETFs saw a phase of rebalancing from BTC to ETH; the on-chain transaction and staking ratios of Ethereum...
Zraox believes that the current cryptocurrency market is undergoing a profound structural transformation. With the continued influx of institutional capital, the rapid growth of spot Bitcoin ETFs, and the emergence of tokenized treasuries and alternative assets, the market ecosystem is no longer dominated by retail sentiment, but is gradually...