# Сопутствующие статьи по теме ETF

Новостной центр HTX предлагает последние статьи и углубленный анализ по "ETF", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Analyzing 10 Key BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

"Analysis of 10 Key Bitcoin Top Indicators: Why the Current Bull Run Differs from the Past" This analysis examines 10 classic on-chain and technical indicators to assess whether Bitcoin has reached its cycle top. Historically, market peaks were marked by multiple indicators flashing extreme overbought signals simultaneously. However, the current bull run (as of Q4 2025) shows notably divergent, more moderate readings. Key findings include: The Pi Cycle Top indicator has not yet triggered a crossover signal. The Puell Multiple remains in a moderate 1-2 range, indicating miner selling pressure is not extreme. The Bitcoin Rainbow Chart shows price is in the yellow-orange zone, not the red "sell" bubble territory. The MVRV Z-Score sits in a neutral 2-4 range, far from previous cycle peaks of 7-10. The Altcoin Season Index remains low (30-40), showing no major capital rotation from BTC to altcoins. Long-Term Holder (LTH) supply shows a slow distribution, but Short-Term Holder (STH) supply, while rising, did not peak concurrently with the price high on October 6th. Net Unrealized Profit/Loss (NUPL) has declined to 0.34 from a high of 0.64 in March 2024. The analysis concludes that the market's structure has fundamentally changed. The explosive, retail-driven peaks of 2017 and 2021 are being replaced by a more gradual, institutional-led market, largely attributed to Bitcoin ETF inflows providing stability. This suggests Bitcoin is transitioning from a cyclical asset to a mainstream reserve, making historical indicator thresholds less reliable and requiring adjusted analysis frameworks for future cycles.

深潮12/22 08:16

Analyzing 10 Key BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

深潮12/22 08:16

Analyzing 10 Major BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

This analysis examines 10 classic Bitcoin top indicators to assess why the current bull market (as of Q4 2025) differs from previous cycles. Key metrics like the Pi Cycle Top Indicator, Puell Multiple, Bitcoin Rainbow Chart, 2-Year MA Multiplier, 4-Year Moving Average, MVRV Z-Score, Altcoin Season Index, Long-Term Holder (LTH) Supply, Short-Term Holder (STH) Supply, and Net Unrealized Profit/Loss (NUPL) all show subdued or neutral readings compared to historical extremes observed at past market tops (e.g., 2017 and 2021). Unlike previous cycles, these indicators suggest a lack of typical overheating signals, such as extreme miner profitability, excessive valuation deviations, or rampant altcoin speculation. The price peak on October 6, 2025, did not align with classic top patterns, indicating structural shift in Bitcoin’s market behavior. This moderation may stem from increased institutional participation via Bitcoin ETFs, which has stabilized supply dynamics, as well as broader macroeconomic factors like global liquidity changes and geopolitical events. The declining peak values of indicators like MVRV (from 10 in 2017 to ~3 in 2025) suggest Bitcoin is maturing from a cyclical asset to a mainstream reserve, reducing volatility and extending cycles. Investors may need to adapt traditional indicators with adjusted thresholds or combined metrics for future decision-making.

marsbit12/22 07:49

Analyzing 10 Major BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

marsbit12/22 07:49

Deciphering Messari's 100,000-Word Annual Report (Part 1): Why Did Market Sentiment Collapse Completely in 2025?

This article analyzes the 2025 crypto market sentiment collapse, as detailed in Messari's extensive annual report. Despite no major exchange failures, systemic collapses, or regulatory crises, the Crypto Fear & Greed Index hit a historic low of 10. The report argues this extreme pessimism stems not from industry failure, but from a structural shift in market participation and rewards. Key insights include: - Institutional investors thrived due to ETFs, regulated custody (DATs), and clearer frameworks, while retail traders suffered from vanishing alpha, ineffective narratives, and underperformance against Bitcoin. - The emotional crash reflects an identity mismatch: the market now rewards long-term holders and institutional capital, not short-term speculators. - The root cause is the failure of the traditional monetary system, where soaring global government debt forces savers to bear the cost via inflation, financial repression, or negative real rates. Crypto, especially Bitcoin, offers a predictable, non-sovereign alternative. - Bitcoin’s dominance rose to 57.3%, as it became recognized as "money" due to its stability, predictability, and institutional adoption (ETFs, corporate treasuries), not technical superiority. - Layer-1 blockchains (excluding Bitcoin) struggled, with valuations disconnected from declining revenues. They can no longer rely on "becoming money" narratives now that Bitcoin occupies that role, forcing a revaluation based on utility and cash flows, not speculation. In summary, 2025's sentiment crash signals a maturation of crypto into a financial system, ending the era of easy speculative returns and forcing a reassessment of how to participate.

深潮12/22 06:53

Deciphering Messari's 100,000-Word Annual Report (Part 1): Why Did Market Sentiment Collapse Completely in 2025?

深潮12/22 06:53

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