After the bitcoin fell again by $60,000, 21 Shares stated that the market was not out of the four-year cycle, which was anchored in halving. According to the Agency, although part of the judgement had not materialized at the beginning of the year, the pattern of the down-round was different from that of Bear City in the past.

The retreat is still less than any other bear city.

According to Shares, the current market structure has changed and the institutional share of ETF holders has increased, making this round different from the previous cycle. Bitcoin has fallen by about 52 per cent from its historical height of $12.608 million, according to the figures in the text, the latest edition of the newspaper, $59,781.

Citing Glassnode data, the agency stated that the cost line on the Bitcoin chain was approximately $54,000. Current prices remain above this level, suggesting that the market has not yet entered the “full surrender” phase. Compared to the depth bear market, where more than 80 per cent of the previous cycles were in the past, the fall in this cycle is still relatively moderate.

ETF Continued net outflow of funds

21 Shares had previously predicted that the encryption of ETF management would rise to $400 billion this year. To date, however, the financial performance has not supported this determination. It is mentioned that more funds have been flowing out of the encrypted ETF since this year.

  • In the last quarter, encrypted ETF net outflows were close to $3 billion.
  • Since the beginning of the year, encrypted ETF net outwards are close to $5 billion.
  • Bitcoin and the tavern price went back up.

According to the article, this financial change increased market pressure and frustrated 21 Shares ' judgement at the beginning of the year about the pace of ETF expansion.

Stabilized coins and DeFi are lagging behind.

In addition to ETF, 21 Shares had forecast at the beginning of the year that the total market value of the stable currency would rise to $1 trillion, that the total warehouse capacity of DeFi would reach $300 billion, and that the managed assets of the encrypted treasury would reach $250 billion. None of these goals have been achieved at this time.

The causes are attributed to several factors, including the continuing uncertainty of the regulatory environment, the recurrence of DeFi security incidents and the overall weakening of the price of encrypted assets. Together, these factors suppress the pace of expansion of the chain of activity and finance.

However, the forecast of market transactions remains a small, fast-paced block. Shares states that, led by Polymarket and Kalshi, by the end of May, the cumulative volume of trading on market platforms had been projected to exceed $57.5 billion, and there was still a chance to break $100 billion this year.