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Analysts: DAT Close Position and ETF outflows lead to weakness in the crypto market, Bitcoin still expected to reach new highs.
According to Mars Finance, crypto assets analyst Miles Deutscher pointed out that the current weakness in the crypto market is mainly influenced by three major factors: the Close Position operations on Bitcoin and Ethereum are causing pressure, the depletion of ETF demand leading to consecutive net outflows, and the serious psychological and substantial impact on the market from the events of October 10. Despite this, he believes that the strong Rebound in Bitcoin prices could completely change the market dynamics and is expected to reach new highs. Deutscher suggests that investors take advantage of the market downturn to focus on researching potential areas such as smart agents, Bots technology, RWA, and prediction market, while closely monitoring on-chain Liquidity changes to be prepared for a market improvement.