André Dragosch, Head of Research Europe at Bitwise, maintains his bullish outlook for Bitcoin and the crypto market despite the BTC correction, the rejection of the CLARITY Act in the US Senate, and the Fed’s monetary tightening. According to him, the market has entered a new bull cycle, as indicated by several on-chain indicators such as MVRV, which had returned to levels comparable to previous market bottoms. In June, long-term holders controlled approximately 14.8 million BTC, representing 74% of the circulating supply, while ETFs and companies were sometimes buying more bitcoins than the network was producing through mining. Dragosch is also counting on the debasement trade and a potential easing of financial conditions to support BTC. He anticipates a gradual rotation toward Ethereum, tokenization, stablecoins, and decentralized exchanges such as Hyperliquid.
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