After a few days of green shoots, Bitcoin is slowly retracing to its range low. 

But did Bitcoin hit the bear market bottom already? An on-chain indicator says so. Net Unrealized Profit shows some variations in the movement that historically has pointed to a local bottom. Market forces are back to normal levels. When the bullish momentum and the bearish activity fade together, we get confirmations of organic price discovery. 

The market may have been slow this week, but conditions are heating up. Ethereum opened at around $1,355 and touched a high of $1,785. This marks five consecutive weeks of green candles. With this in mind, July’s NFT volume looks to close higher than June’s. In terms of volume, much of July has remained above $30 million per day. Market cap is also making higher highs in line with Ethereum's recent run of green candles. Everyone seems to be in a buoyant mood. Some collectors are hoping for NFT August, with a view of a re-run of last year's NFT hype. We will have to wait and see whether the volume can come in.

However, current macro factors can affect Bitcoin as well. Revenue and Profit Reports of major tech companies and GDP growth rate with Inflation data can give us more clarity in the coming weeks.

• On any pullback, adding some quality high caps and mid caps might be a good idea. 

• It is better to stay away from low caps because the extent of the bear market can be brutal to low caps. 

• Either way, having some Ethereum exposure, be it ETH itself or scaling solutions looks attractive now, as the mainnet is approaching.

• On the other hand, as ETH 2.0 might not be able to solve the high gas requirements of Ethereum, Layer-1 alts can once again come to the center of attraction!** **

After a few days of green shoots, Bitcoin is slowly retracing to its range low. 

But did Bitcoin hit the bear market bottom already? An on-chain indicator says so. Net Unrealized Profit shows some variations in the movement that historically has pointed to a local bottom. Market forces are back to normal levels. When the bullish momentum and the bearish activity fade together, we get confirmations of organic price discovery. 

The market may have been slow this week, but conditions are heating up. Ethereum opened at around $1,355 and touched a high of $1,785. This marks five consecutive weeks of green candles. With this in mind, July’s NFT volume looks to close higher than June’s. In terms of volume, much of July has remained above $30 million per day. Market cap is also making higher highs in line with Ethereum's recent run of green candles. Everyone seems to be in a buoyant mood. Some collectors are hoping for NFT August, with a view of a re-run of last year's NFT hype. We will have to wait and see whether the volume can come in.

However, current macro factors can affect Bitcoin as well. Revenue and Profit Reports of major tech companies and GDP growth rate with Inflation data can give us more clarity in the coming weeks.

• On any pullback, adding some quality high caps and mid caps might be a good idea. 

• It is better to stay away from low caps because the extent of the bear market can be brutal to low caps. 

• Either way, having some Ethereum exposure, be it ETH itself or scaling solutions looks attractive now, as the mainnet is approaching.

• On the other hand, as ETH 2.0 might not be able to solve the high gas requirements of Ethereum, Layer-1 alts can once again come to the center of attraction!** **