Bitget CEO: Bitcoin will face short-term "cash out" pressure at the $100,000 mark

According to Foresight News, Bitget CEO Gracy Chen said in an interview with Bloomberg TV that Bitcoin's fluctuations around the $100,000 mark reflect a strong "arbitrage" sentiment in the short-term market. She pointed out that, especially for some whale users who have been building positions since 2022, their average holding cost is only about $20,000. Although the future cryptocurrency regulation in the United States may tend to be relaxed, the relevant uncertainty is still an important consideration for investors, and some investors choose to take profits at the current price.

At the same time, Bitcoin's recent performance has provided more opportunities for altcoins. However, regarding the news circulating in the market that "altcoin ETFs such as DOGE and SOL may be approved soon", she believes that there are still multiple challenges: First, the order of approval. Based on the experience of Bitcoin and Ethereum ETFs, the mainstream market usually passes futures ETFs first, and then passes spot ETFs of related assets, and these altcoin futures ETFs have not yet been approved; second, regulatory differences. Some regulators still have disputes over whether tokens such as SOL are securities, which may affect the relevant approval process. Third, there is the risk of market manipulation. Most altcoins are not as decentralized as BTC and ETH, and the possibility of market manipulation is relatively higher.