BlockBeats news, on June 8th, 10x Research published an article stating that Bitcoin is below the 7-day moving average (bearish) but above the 30 day moving average (bullish), with a weekly price change of 2.5%, partly due to the public dispute between Musk and Trump leading to the liquidation of a long position of $308 million. The uncertainty of US trade policy and the cooling of the labor market have also put pressure on Bitcoin, keeping its price flat at $105100. Institutional demand remains strong, with US spot Bitcoin ETFs recording $9 billion in inflows within five weeks. However, the increase in profit taking by long-term holders has put pressure on prices. The market is beginning to realize that cryptocurrency stocks are breaking away from the lackluster performance of Bitcoin, with the total market value of publicly traded cryptocurrency companies now exceeding $300 billion, and institutional capital making directional bets. Circle's highly anticipated IPO and Robinhood's surge in cryptocurrency revenue are both pointing to structural shifts, as retail investors abandon direct buying due to the high price of Bitcoin and instead pursue holding Bitcoin exposure through cheaper cryptocurrency stocks. Although Circle's valuation may seem high, the success of its IPO reflects a strong demand for increased regulatory clarity. Simple regression analysis shows that Coinbase's stock price is currently 18% lower than fair value. Robinhood maintains a strong upward trend, while Galaxy Digital may also be underestimated.
