Dan Morehead, CEO of Pantera Capital, emphasized that after the bear market cycles of 2013-15 and 2017-18, selling sentiment continued to decline, and pointed out that the decline in the future bear market will be "smaller." He explained: "I have always believed that as the market becomes broader, more valuable, and more institutionalized, the magnitude of price fluctuations will ease." These statements came as Bitcoin resumed its bullish momentum and retested its current record high of close to $65,000. Following the approval of the first Bitcoin exchange-traded fund (ETF) after the U.S. Securities and Exchange Commission (SEC) has rejected similar investment products for several years, BTC/USD exceeded $60,000 for the first time since the beginning of May. ProShare's Bitcoin strategy ETF was approved, raising expectations that it will make it easier for institutional investors to gain exposure to the Bitcoin market. As the price of Bitcoin doubled and returned to a level above $60,000, this also helped Bitcoin erase almost all losses in the bear market cycle from April to July.

Dan Morehead, CEO of Pantera Capital, emphasized that after the bear market cycles of 2013-15 and 2017-18, selling sentiment continued to decline, and pointed out that the decline in the future bear market will be "smaller." He explained: "I have always believed that as the market becomes broader, more valuable, and more institutionalized, the magnitude of price fluctuations will ease." These statements came as Bitcoin resumed its bullish momentum and retested its current record high of close to $65,000. Following the approval of the first Bitcoin exchange-traded fund (ETF) after the U.S. Securities and Exchange Commission (SEC) has rejected similar investment products for several years, BTC/USD exceeded $60,000 for the first time since the beginning of May. ProShare's Bitcoin strategy ETF was approved, raising expectations that it will make it easier for institutional investors to gain exposure to the Bitcoin market. As the price of Bitcoin doubled and returned to a level above $60,000, this also helped Bitcoin erase almost all losses in the bear market cycle from April to July.