# Macro Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "Macro", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Tiger Research: The Next Bull Market, Waiting for the Wind

Tiger Research analyzes whether the crypto market is currently in a "crypto winter" and outlines the conditions for the next bull run. Unlike previous bear markets triggered by internal crises (Mt. Gox hack, ICO crackdown, FTX collapse), the current downturn is driven by external factors like macro policies and tariffs, while internal fundamentals remain intact. The market has structurally split into three layers: a regulated sector (stable, institutional), an unregulated sector (speculative, experimental), and shared infrastructure (e.g., stablecoins, oracles). ETF inflows remain confined to Bitcoin and do not trickle down to altcoins. The next bull market requires: 1) a "killer app" emerging from the unregulated sector (e.g., AI agents, InfoFi), and 2) favorable macro conditions like liquidity injections. The era of broad-based rallies is over; growth will be segmented between regulated stability and unregulated volatility.

比推8 h fa

Tiger Research: The Next Bull Market, Waiting for the Wind

比推8 h fa

Tiger Research: How Is This Crypto Winter Different?

Tiger Research analyzes the distinct nature of the current crypto market downturn, arguing it differs fundamentally from past "crypto winters." Previous cycles were triggered by internal industry crises—the Mt. Gox hack, ICO scams, and the FTX collapse—which shattered trust and drove talent away. In contrast, the recent market movement is driven by external factors: the approval of Bitcoin ETFs fueled the bull run, while tariff policies and interest rate shifts caused the decline. Post-regulation, the market has fragmented into three layers: a compliant zone (e.g., tokenized RWA, regulated exchanges), a non-compliant zone (speculative, experimental apps), and shared infrastructure (e.g., stablecoins, oracles). Capital no longer flows between these layers as before; ETF inflows remain largely confined to Bitcoin within the compliant zone and do not trickle down to altcoins. For the next bull market to emerge, two conditions are necessary: a new killer application must originate from the non-compliant zone (similar to how DeFi summer began), and the macro environment must become supportive (e.g., with lower interest rates). The era of a unified "crypto season" where all assets rally together is likely over due to this market segmentation.

marsbit17 h fa

Tiger Research: How Is This Crypto Winter Different?

marsbit17 h fa

Bitcoin Falls Below $77,000 as Selling Pressure Builds Across Crypto Markets

Bitcoin declined sharply, falling roughly 3.1% to trade in the mid-$76,000s amid increased selling pressure across crypto markets. The drop was driven by negative earnings from Galaxy Digital, which reported a $482 million quarterly loss, and broader macro concerns. Hawkish Federal Reserve expectations under Trump’s nomination of Kevin Warsh also weighed on risk assets like Bitcoin. Technically, BTC is trading below key moving averages, with momentum indicators like RSI and MACD reflecting strong bearish momentum. Key support lies near $76,000; a break below could lead to further declines toward $72,000–$70,000.

TheNewsCryptoIeri 18:36

Bitcoin Falls Below $77,000 as Selling Pressure Builds Across Crypto Markets

TheNewsCryptoIeri 18:36

Crypto Spot Trading Slows as Macro Risks Weigh on Bitcoin

Spot crypto trading volumes on major exchanges have dropped significantly, falling from $2 trillion in October 2025 to $1 trillion by the end of January. Bitcoin's price remains 37.5% below its October peak amid reduced liquidity and heightened risk aversion. Analysts attribute the decline to weakening spot demand, influenced by a major liquidation event in October. For instance, Binance’s Bitcoin trading volume fell from $200 billion to $104 billion. Market conditions have retreated to some of the lowest levels since 2024. Experts note that macroeconomic factors—such as potential Fed hawkishness, a stronger dollar, and higher real yields—are pressuring risk assets like Bitcoin. Additionally, a true market bottom may require long-term holders to start realizing losses, which hasn’t yet occurred.

TheNewsCryptoIeri 08:48

Crypto Spot Trading Slows as Macro Risks Weigh on Bitcoin

TheNewsCryptoIeri 08:48

Bitcoin’s Fall Below $77,000 Exposes Market Reality as BTC Still Sets the Crypto Trend

Bitcoin's recent decline below $77,000 revealed the market's continued vulnerability to sentiment, leverage, and macroeconomic forces. After briefly holding above $80,000, BTC dropped to around $74,000, its lowest in about ten months, amid broad risk-off conditions in global markets. The loss of the $80,000 level was a psychological turning point, exposing fragile support and narrative-driven price defense. Weekend volatility and leveraged liquidations further emphasized Bitcoin's short-term instability as a store of value. Macro pressures, including Fed policy concerns and potential U.S. government shutdown, contributed to the sell-off. Technically, BTC faces bearish momentum with key support at $76,000 and resistance at $80,000. Despite diversification talks, altcoins followed Bitcoin’s decline, confirming the market's ongoing dependence on BTC’s direction and macro conditions.

bitcoinist2 giorni fa 02:31

Bitcoin’s Fall Below $77,000 Exposes Market Reality as BTC Still Sets the Crypto Trend

bitcoinist2 giorni fa 02:31

Is Solana’s drop below $100 start of something bigger? THIS data says…

Solana fell below $100 on February 2nd, reaching its lowest level since early April of the previous year, amid a broader crypto market decline driven by geopolitical tensions and macroeconomic uncertainty. Derivatives data showed a shift in trader sentiment, with Funding Rates turning negative, indicating increased short-selling pressure and a bearish bias. This pattern previously preceded a significant price drop in October 2025. However, on-chain data provided a contrasting signal, as daily Active Addresses increased by approximately 870,000 to 4.87 million, suggesting renewed user activity and potential underlying demand rather than widespread selling. SOL is currently caught between these conflicting signals—bearish derivatives positioning and improving network usage—with its near-term direction likely dependent on the persistence of seller control and whether the on-chain activity translates into sustained buying interest.

ambcrypto2 giorni fa 16:02

Is Solana’s drop below $100 start of something bigger? THIS data says…

ambcrypto2 giorni fa 16:02

Why are stablecoin balances falling? Binance outflows, risk-off mood and more…

Stablecoin balances are declining as capital exits crypto markets amid thinning liquidity and fading risk appetite. Following an initial $9.6 billion drop, outflows resumed with Binance accounting for over $3.1 billion, reflecting its role as a key liquidity venue. The reduction is driven by macro uncertainty, ETF outflows, and lower speculative activity. This weakens on-exchange liquidity and price momentum. Binance data shows significant net outflows, indicating a broad withdrawal from risk assets like Bitcoin and Ethereum, while stablecoins such as USDT see inflows, suggesting reallocation rather than full exit. Reversing the trend requires improved macro clarity and renewed incentives for capital deployment.

ambcrypto2 giorni fa 11:02

Why are stablecoin balances falling? Binance outflows, risk-off mood and more…

ambcrypto2 giorni fa 11:02

Delphi Digital Co-founder: Why Am I Bullish on the Cryptocurrency Market Outlook?

Delphi Digital co-founder Tommy outlines five key reasons for his bullish outlook on cryptocurrencies. He argues that if Trump influences the Fed to lower interest rates (especially with Truflation showing 1.2% inflation could accelerate capital rotation from low-risk assets like T-bills into crypto. The surge in gold and silver reflects deeper concerns about dollar debasement and fiscal health, which ultimately benefits crypto as a hedge. He also being optimistic about AI, believes much of the positive news is already priced in, and a shift in focus toward workflows and cost-effective local AI models may reduce hype for centralized AI stocks, freeing up liquidity for crypto. Additionally, he notes declining investor interest in quantum computing stocks, reducing a perceived threat to crypto. Finally, potential U.S. regulatory clarity, including the Clarity Act and supportive moves from the SEC and CFTC under a potential Trump administration, could provide significant tailwinds.

marsbit2 giorni fa 06:24

Delphi Digital Co-founder: Why Am I Bullish on the Cryptocurrency Market Outlook?

marsbit2 giorni fa 06:24

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "Is Crypto Over? Don't Give Up, Liquidity is Coming" by Raoul Pal addresses the current downturn in the crypto market, arguing it is not a sign of the industry's demise but a temporary liquidity crisis. Pal refutes the narrative that crypto has permanently decoupled from other assets by showing that Bitcoin's price chart is nearly identical to that of the SaaS index, indicating a shared, external factor: a shortage of U.S. dollar liquidity. He explains this was caused by a combination of events, including the draining of the Reverse Repo facility, the rebuilding of the Treasury General Account (TGA) without monetary offset, and government shutdowns. This liquidity drain negatively impacted risk assets like crypto and tech stocks, while gold absorbed the marginal liquidity. The key takeaway is that this period of illiquidity is ending. The impending resolution of the U.S. government shutdown is seen as the final obstacle. Once cleared, a significant injection of liquidity is expected from sources like the easing of the SLR rule, TGA drawdowns, fiscal stimulus, and eventual rate cuts. Pal, alongside analysis from Stanley Druckenmiller, suggests the new Fed leadership under a potential Warsh chairmanship would be focused on cutting rates to keep the economy hot, aligning with a pro-growth strategy from the administration. The author admits a mistake in not prioritizing U.S. liquidity as the dominant short-term driver over global liquidity but remains highly bullish on the long-term cycle into 2026. The core advice for investors is patience, emphasizing that in a full cycle, time is more important than price. The message is clear: the liquidity cavalry is on its way.

marsbit02/02 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

marsbit02/02 03:40

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

The article "False Narratives....and Other Thoughts" by Raoul Pal addresses the current downturn in the crypto market, arguing against the mainstream narrative that the crypto cycle is over. Pal explains that the recent price decline in Bitcoin and other cryptocurrencies is not an isolated event but is correlated with a similar drop in SaaS stocks, as shown by comparative charts. He identifies the root cause as a temporary liquidity squeeze in the U.S. financial system, exacerbated by government shutdowns, TGA (Treasury General Account) rebuilding without monetary offset, and gold absorbing marginal liquidity that would otherwise support risk assets like crypto. Pal emphasizes that this liquidity crunch is temporary. He anticipates a resolution to the government shutdown soon, which will remove the last major obstacle to liquidity recovery. Following this, he expects a return of liquidity through measures such as eSLR adjustments, TGA drawdowns, fiscal stimulus, and eventual rate cuts. He advises investors to be patient, stressing that in a full market cycle, time is more critical than price movements. The article also corrects a misperception about potential Fed Chair Kevin Warsh, arguing he is not a hawk and would likely support rate cuts aligned with strategies to boost economic growth. Despite current market conditions, Pal remains highly optimistic about the crypto market's prospects through 2026, driven by anticipated pro-growth policies.

Odaily星球日报02/02 03:31

Is Crypto Over? Don't Give Up, Liquidity Relief Is Coming

Odaily星球日报02/02 03:31

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