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VIPBitget VIP Weekly Research InsightsThe uncertainty surrounding macroeconomic conditions and market reactions makes it challenging to predict short-term and mid-term market trends, with both black-swan and white-swan events possible at any time. Therefore, a rational approach would be to maintain a balanced position and reserve funds for potential dip-buying opportunities. In our last issue, we recommended several passive income products on Bitget. Now, we will introduce additional products based on USDT/USDC, BTC, and SOL, available both on Bitget and their respective blockchains. (While ETH-related LST and restaking projects have shown the highest potential returns lately, they are not included in our recommendations this time due to the high uncertainty of LST projects and their lack of flexibility in unstaking.)
VIPBitget VIP Weekly Research InsightsAs global market risks intensified this week, crypto assets across sectors experienced significant corrections and poor performance. Passive income products from centralised exchanges can offer low-risk returns despite market volatility by utilising diversified portfolios to mitigate downside risks. This week, we recommend Bitget Earn's passive income products for our key clients.
VIPBitget VIP Weekly Research InsightsOn 27 July (local time), the current Republican presidential candidate Donald Trump attended the Bitcoin Conference. Essentially, the purpose of his appearance was to rally the mining community in the United States. The conference announced positive news for the mining industry, with a 12% increase in KAS over the past seven days and a noticeable net inflow of funds and traffic, indicating a certain wealth effect.
VIPBitget VIP Weekly Research Insights (26 July)Over the past three weeks, SOL's price has rebounded strongly from a low of $120 to a high of $185 on July 21. This represents a robust recovery of over 50%, surpassing the rebound seen in BTC, ETH, and most other high-cap altcoins, making it a strength eco-project worth focusing on.
- 10:00Analysis: The Correlation Between Bitcoin and US Stocks Continues to Weaken, Gold May Become a Leading Indicator for BTCCryptoQuant analyst Timo Oinonen released a report stating that the most important current trend for Bitcoin is its decoupling from US stock indexes. Over the past seven days, Bitcoin has significantly diverged from the S&P 500 and the Nasdaq Composite Index, with its correlation to traditional stocks and tech stocks weakening. The correlation coefficient between Bitcoin and the S&P 500 has decreased from 0.88 at the end of 2024 to 0.77, and its correlation with the Nasdaq has also dropped from 0.91 in January to 0.83. Notably, the correlation between Bitcoin and gold is strengthening, with the coefficient rising from -0.62 at the beginning of the month to the current -0.31. Historically, Bitcoin has often lagged behind gold's performance by several months. If the current decoupling trend from stock indexes continues, with other conditions remaining unchanged, gold may become a leading indicator for Bitcoin.
- 10:00Suspected Sale of 100 WBTC to Take Profit by a Cyclical Long Position WBTC Whale 40 Minutes Ago, Equivalent to $9.19 MillionAccording to on-chain analyst Ai Yi's monitoring, "the whale that has been in a cyclical long position on WBTC at an average price of $69,079 since July 2024" is suspected to have sold 100 WBTC to take partial profit 40 minutes ago, equivalent to $9.19 million. Currently, the whale still has 1,053.79 WBTC (approximately $97.36 million) as collateral and has borrowed 43.68 million USDT, with the remaining portion still having a floating profit of $24.47 million.
- 09:49Kuwait Issues Warning Against Illegal Cryptocurrency MiningAccording to Bitcoin.com, on April 22, the Kuwaiti Ministry of Interior issued a statement declaring cryptocurrency mining an illegal activity, citing violations of several national laws and pressure on the country's power infrastructure. The ban involves the 1970 Amendment No. 31 to the Criminal Law, the 2014 Regulation of Communications and Information Technology Law No. 37, the 1996 Industrial Law No. 56, and the 2016 Municipal Regulations No. 33, among other laws. The Kuwaiti Ministry of Interior pointed out that unauthorized cryptocurrency mining leads to "excessive energy consumption, increasing the load on the public power grid," which causes power outages in residential, commercial, and industrial areas and affects essential service supplies. The warning was jointly issued by the Ministry of Electricity, Water and Renewable Energy, the Communications and Information Technology Regulatory Authority, the Public Authority for Industry, and the Municipal Department. Authorities have requested involved mining entities to "rectify immediately" and emphasized that legal actions, including referral to investigative departments, will be taken against violators.