Source: Cointelegraph Original: "{title}"
Last weekend, U.S. President Donald Trump instructed his digital asset task force to establish a cryptocurrency reserve, which includes Bitcoin, Ethereum, Solana, XRP, and Solana, surprising investors. After an epic pump, the cryptocurrency market reversed within 24 hours, with Bitcoin teetering on the edge of a bear market trend reversal. Fear and panic enveloped the market, leading investors to question whether the bull market had ended prematurely.
Despite regulatory tailwinds for cryptocurrencies, Trump's first month in office was disastrous for the market. Bitcoin faced its worst February in a decade, and alternative coins were also severely impacted due to risk-averse sentiment triggered by Trump's trade war threats.
Fear looms over the cryptocurrency market, and analysts and investors cannot help but wonder if the peak of $109,000 reached by BTC on inauguration day was the pinnacle of this cycle. However, according to the Manufacturing Purchasing Managers' Index (PMI), the peak is still far off.
Historically, Bitcoin's price has been closely correlated with the Manufacturing PMI, which is a significant indicator of the business cycle. For instance, in 2017 and 2021, the peaks of Bitcoin's cycles coincided closely with the peaks of the Manufacturing PMI.
Source: TomasOnMarkets
In January of this year, the Manufacturing PMI entered the growth zone for the first time in over two years, indicating that the business cycle is expanding. According to Raoul Pal, founder of Real Vision, the trend in PMI suggests that the peak of the Bitcoin cycle will occur at the end of 2025 or even early 2026.
Despite recent volatility, the Bitcoin bull market is likely not over yet.
Source: Peter Schiff
Japanese investment firm Metaplanet has increased its Bitcoin holdings on its balance sheet, acquiring 497 BTC at an average price of $88,448. This acquisition has once again driven up Metaplanet's stock price, highlighting investor enthusiasm for digital assets. The company currently holds 2,888 BTC, valued at approximately $251 million. According to industry data, only a handful of publicly traded companies hold more Bitcoin than Metaplanet.
Metaplanet is referred to as "Asia's strategy," indicating that Michael Saylor's business intelligence company has transformed into a Bitcoin bank. In January of this year, Metaplanet announced plans to raise over $700 million to fund future Bitcoin purchases.
The extreme volatility of Bitcoin has put pressure on public miners, and last April's network halving event has already stressed public miners significantly. JPMorgan data shows that Bitcoin mining stocks collectively plummeted by 22% in February. The companies analyzed include Riot Platforms, Bitdeer, Marathon Digital, and Core Scientific.
Almost all companies experienced a stock price crash after announcing quarterly earnings in February, including Core Scientific, which reported better-than-expected sales for the last three months of 2024.
JPMorgan's data indicates that since the Bitcoin halving, miners' revenues and gross profits have declined by an average of 46% and 57%, respectively.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
